ANI Pharmaceuticals Shifts Focus From Generics To High-Margin Brand Assets, Analyst Sees Strong Potential
ANI Pharmaceuticals Shifts Focus From Generics To High-Margin Brand Assets, Analyst Sees Strong Potential
The FDA approved Cortrophin Gel in 2021, which covers several autoimmune diseases. At that time, there was only one other ACTH player, Piper Sandler has initiated coverage on ANI Pharmaceuticals (NASDAQ:ANIP), an integrated specialty pharmaceutical firm that develops and markets branded and generic medicines.
派珀·桑德勒已开始报道ANI Pharmicals（纳斯达克股票代码：ANIP），这是一家开发和销售品牌和仿制药的综合性专业制药公司。
The analyst notes that ANI's business model has significantly transformed, shifting from a primary emphasis on generics to a new focus on integrating high-margin brand assets aimed at rare diseases. Cortrophin Gel (adrenocorticotropic hormone (ACTH)), the company's lead asset, has been the centerpiece of that evolution.
分析师指出，ANI的商业模式已经发生了重大变化，从主要侧重于仿制药转向了整合针对罕见疾病的高利润品牌资产的新重点。该公司的主要资产 Cortrophin Gel（促肾上腺皮质激素（ACTH））一直是这一演变的核心。
Cortrophin gel sales more than doubled to $49.2 million in the second quarter of 2024, driven primarily by increased volume. The company raised the fiscal year 2024 Cortrophin gel outlook from $170 million-$180 million to $185 million-$195 million.
2024年第二季度，Cortrophin凝胶的销售额翻了一番多，达到4,920万美元，这主要是由销量增加所推动的。该公司将2024财年的Cortrophin凝胶展望从1.7亿美元至1.8亿美元上调至1.85亿美元至1.95亿美元。
The FDA approved Cortrophin Gel in 2021, which covers several autoimmune diseases. At that time, there was only one other ACTH player, Mallinckrodt Plc's (OTC:MNKTQ) Acthar Gel. The company and the drug have been associated with payer challenges, negative attention associated with the Medicaid rebate-related litigation and eventual settlement, and pandemic-associated disruption.
美国食品药品管理局于2021年批准了Cortrophin凝胶，该凝胶涵盖多种自身免疫性疾病。当时，只有另外一个ACTH玩家，即马林克罗特公司（场外交易代码：MNKTQ）的Acthar Gel。该公司和该药一直与付款人质疑、与医疗补助返利相关的诉讼和最终和解相关的负面关注以及与大流行相关的中断有关。
When ANI launched in the market, it identified significant promotion sensitivity linked to its relatively high-priced product, typically used after various more affordable immunomodulatory alternatives.
当ANI投放市场时，它发现了与其相对较高价格的产品相关的显著促销敏感性，这些产品通常用于各种更实惠的免疫调节替代品。
To address this, ANI developed a commercial framework concentrating on essential specialty areas, patient support systems, and market access.
为了解决这个问题，ANI开发了一个侧重于基本专业领域、患者支持系统和市场准入的商业框架。
Piper initiated with an Overweight rating and a price target of $68.
派珀最初的增持评级和68美元的目标股价。
Earlier this year, ANI Pharmaceuticals acquired Alimera Sciences for $5.50 per share in cash and one non-tradable contingent value right (CVR) of up to $0.50 per share upon achieving certain net revenue targets in 2026 and 2027.
今年早些时候，ANI Pharmicals在2026年和2027年实现某些净收入目标后，以每股5.50美元的现金和一项不超过0.50美元的不可交易或有价值权（CVR）收购了Alimera Sciences。
With the acquisition, ANI gained Iluvien and Yutiq, both intravitreal implantable forms of the corticosteroid fluocinolone for diabetic macular edema and non-infectious uveitis.
通过此次收购，ANI收购了Iluvien和Yutiq，这两者都是玻璃体内可植入的皮质类固醇氟西诺龙，用于糖尿病黄斑水肿和非感染性葡萄膜炎。
The transaction made sense, the analyst writes, especially since ANI had already established commercial infrastructure aimed at ophthalmologists to promote Cortrophin Gel, which is indicated for various ophthalmic conditions.
分析师写道，这笔交易是有道理的，尤其是因为ANI已经建立了针对眼科医生的商业基础设施，以推广适用于各种眼科疾病的Cortrophin Gel。
By incorporating Alimera's current sales representatives, ANI can reach a broader pool of potential prescribers for Cortrophin Gel, thanks to the overlap with prescribers of Iluvien/Yutiq.
由于与Iluvien/Yutiq的处方者有重叠之处，通过整合Alimera目前的销售代表，ANI可以接触到更多的Cortrophin Gel的潜在处方者。
"ANI is well-positioned to de-lever considerably from the Alimera transaction in the next 12-18 months," the analyst writes.
该分析师写道：“ANI完全有能力在未来12-18个月内大幅削减Alimera交易的杠杆作用。”
Price Action: ANIP stock is up 3.99% at $57.30 at last check Friday.
价格走势：周五最后一次检查时，ANIP股价上涨3.99％，至57.30美元。
