Cortrophin Gel Guidance Slashed, ANI Pharma Tumbles 6%
ANIP sits 15% above its 52-week low of $67.98.
Summary
ANI Pharmaceuticals cut its full-year revenue outlook for Cortrophin Gel, its key growth driver, to $520M-$540M from $540M-$575M. The stock fell 6% as the reduction overshadows an otherwise strong Q2: revenue of $266M beat estimates, and adjusted EPS of $2.21 topped the $2.04 consensus. The company reaffirmed total company guidance of $1.08B-$1.14B and adjusted EPS of $9.19-$9.69, but the Cortrophin cut signals headwinds in its most important product. This follows the Q2 8-K filed earlier today that highlighted Cortrophin's 43.5% revenue jump, making the guidance cut a sharp reversal. Watch for management commentary on the earnings call to clarify whether this is a temporary setback or a longer-term demand issue.
At the time of this announcement, ANIP was trading at $78.46 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.8B. The 52-week trading range was $67.98 to $99.50. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.