Elite Pharmaceuticals, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $18.9 million for the three months ended September 30, 2024, marking a 33% increase from $14.2 million in the same period of 2023. For the six-month period, total revenue rose to $37.7 million, a substantial 63% increase from $23.1 million year-over-year. This growth was primarily driven by a 35% increase in manufacturing fees, which reached $18.2 million, attributed to higher sales of Elite label products.

Despite the revenue growth, Elite Pharmaceuticals reported a net loss of $11.0 million for the three months ended September 30, 2024, a stark contrast to a net income of $14.9 million in the same period of the previous year. The loss was exacerbated by a $12.8 million expense related to the change in fair value of derivative financial instruments. For the six months, the company recorded a net loss of $10.4 million, compared to a net income of $16.1 million in the prior year.

Operating income for the three months ended September 30, 2024, was $3.5 million, up from $1.9 million in 2023. However, total operating expenses increased by 4% to $4.7 million, driven by a 48% rise in general and administrative expenses. Research and development costs decreased by 25% to $2.0 million.

The company’s total assets increased to $88.2 million as of September 30, 2024, up from $83.7 million at the end of the previous fiscal year. However, total liabilities surged to $40.9 million, compared to $26.1 million in March 2024, leading to a decline in shareholders' equity from $57.6 million to $47.3 million.

Strategically, Elite Pharmaceuticals made notable moves, including an asset purchase agreement with Nostrum Laboratories Inc. for $900,000, acquiring rights to ANDAs for several generic opioid products. The company also announced the commercial launch of its generic Acetaminophen and Codeine Phosphate Tablets and received approval for its generic version of Adderall® in Israel.

As of September 30, 2024, the company had 1,068,273,108 shares of common stock outstanding and reported cash of $9.6 million, an increase from $7.1 million in March 2024. The company continues to focus on its core business of developing and manufacturing generic pharmaceuticals while navigating challenges related to profitability and operational efficiency.