ANI Pharmaceuticals Reports $18.5 Million Net Loss Despite 26.2% Revenue Growth in 2024

ANI Pharmaceuticals, Inc. reported a net loss of $18.5 million for the year ended December 31, 2024, compared to a net income of $18.8 million in 2023. Net revenues increased by $127.6 million, or 26.2%, to $614.4 million in 2024, primarily driven by a 49% increase in Rare Disease and Brands segment revenue to $294.3 million. This increase was largely due to increased sales of Cortrophin Gel and the inclusion of ILUVIEN and YUTIQ following the acquisition of Alimera Sciences, Inc. on September 16, 2024. The Generics and Other segment also saw revenue growth, increasing by 10.6% to $320 million.

Operating expenses increased significantly in 2024, rising to $613.8 million from $258.3 million in 2023. This increase was primarily attributed to higher selling, general, and administrative expenses ($249.6 million vs. $161.7 million), driven by increased employment costs, investment in Rare Disease sales and marketing, and transaction expenses related to the Alimera acquisition. Research and development expenses also increased to $44.6 million from $34.3 million. Depreciation and amortization expense rose to $67.7 million due to the amortization of acquired intangible assets from Alimera.

The company completed the acquisition of Alimera Sciences, Inc. in September 2024, adding ILUVIEN and YUTIQ to its product portfolio. The acquisition was financed through a new $325 million term loan and a $75 million revolving credit facility with JPMorgan Chase Bank, N.A., as well as a $316.25 million offering of convertible senior notes. The company also completed the sale of its Oakville, Ontario manufacturing facility in March 2024, resulting in a gain of $5.3 million. In May 2023, ANI completed a public offering of common stock, raising $80.6 million in net proceeds. The company's commercial portfolio consists of 125 products as of December 31, 2024.

ANI's strategic focus includes building its Rare Disease and Brands segment through organic growth and acquisitions. The company is conducting clinical trials for ILUVIEN (NEW DAY trial) and YUTIQ (SYNCHRONICITY trial), with data expected in the second half of 2025 and first half of 2025, respectively. The company also highlighted its continued investment in generic research and development, focusing on niche opportunities. As of January 2025, ANI employed 897 people globally, with 720 employees located in the United States.

The company acknowledged numerous risk factors, including the potential for its products to not achieve sufficient market acceptance, reliance on third-party manufacturers, compliance with healthcare fraud and abuse laws, and the impact of healthcare reform legislation. The company also noted risks associated with its debt obligations and the potential for dilution from the conversion of its convertible senior notes. ANI stated that it does not anticipate paying cash dividends in the foreseeable future.