ANI Pharmaceuticals at Jefferies Conference: Strategic Growth in Rare Diseases

On Wednesday, June 4, 2025, ANI Pharmaceuticals (NASDAQ:ANIP) presented at the Jefferies Global Healthcare Conference 2025, highlighting its strategic focus on growth in the rare disease sector. The company showcased its strong financial performance and operational advancements, while addressing potential challenges in supply chain reliance and market dynamics.

Key Takeaways

• ANI Pharmaceuticals projects 2025 revenues between $768 million and $793 million, with significant growth driven by its Rare Disease segment.
• Q1 2025 revenue was robust at $197 million, with Cortrophin Gel accounting for $53 million, reflecting strong market momentum.
• The company is expanding its sales force and investing in clinical trials to support Cortrophin Gel and other products.
• ANI maintains a low reliance on China for API sourcing, with over 90% of finished doses manufactured in the U.S.
• Strategic initiatives include combining ILUVIEN and YUTIQ to enhance supply chain security and simplify inventory.

Financial Results

• 2025 Guidance:

- Revenue: $768 million to $793 million (25% to 29% growth)

- Adjusted Non-GAAP EBITDA: $195 million to $205 million

- Cash on Balance Sheet: $150 million

- Net Leverage: 2.7 turns

• Q1 2025 Performance:

- Total Company Revenue: $197 million

- Rare Disease Revenue: $94.1 million

- Cortrophin Gel Revenue: $53 million

- ILUVIEN and YUTIQ Revenue: $16 million

- Adjusted Non-GAAP EBITDA: $51 million

- Adjusted Non-GAAP EPS: $1.7

Operational Updates

• Cortrophin Gel:

- Achieved highest number of new patient starts in Q1 2025

- Launched prefilled syringe presentation and initiated clinical trial for acute gouty arthritis flares

- Increased ophthalmology volume by 50% quarter-over-quarter

• ILUVIEN and YUTIQ:

- Combined under the ILUVIEN brand for better inventory management

- Extended contract with CMO Sigfried in Irvine until 2029

• Generics:

- Record revenue in Q1 2025, driven by new product launches such as procalopride tablets

- Supplied over 1.8 billion doses in 2024

- Near completion of capacity expansion at the New Jersey site

• Sales Force:

- Increased by 50% to focus on rheumatology, nephrology, and neurology

- Combined sales force detailing Cortrophin, ILUVIEN, and YUTIQ to ophthalmologists

Future Outlook

• Continued focus on growing rare disease and generics businesses
• Expects ACTH market growth to $792 million in 2025
• Awaiting results from New Day and Synchronicity studies for ILUVIEN and YUTIQ

Q&A Highlights

• Guidance revisions driven by strengths in rare disease, generics, and brands
• Potential upside for Cortrophin due to an expanded market
• Addressing sales force turnover and Medicare co-pay support issues

Readers are encouraged to refer to the full transcript for a detailed analysis of ANI Pharmaceuticals’ strategic initiatives and financial outlook.

Full transcript - Jefferies Global Healthcare Conference 2025:

Dennis Ding, Biotech Analyst, Jefferies: Hi, good afternoon. Welcome to the Jefferies Healthcare Conference Day one. My name is Dennis Ding, biotech analyst here at Jefferies. I have the great pleasure of having ANI Pharmaceuticals here with us. Nikhil Lalwani, CEO, here to give us a brief corporate overview.

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Good afternoon, Dennis, thank you for joining us. And thank you, investors, for joining us for this afternoon’s presentation. These are our standard disclaimers on the forward looking statements and a description of the presentation of financial information. This deck is available on our website and was eight ks this morning. ANI Pharmaceuticals, we have three business units, our rare disease business unit, our genetics business unit and our brands business unit.

Rare disease is the primary driver of growth for ANI. It has three growing and durable commercial assets: Cortrophin Gel, Iluvien and YUTIQ. We have our generics business that also drives high single digit, low double digit growth with superior R and D capabilities, operational excellence and new product launches. And then we have a brands business that is high margins, generates strong cash flows. And so we look at these three businesses as a virtuous cycle with generics and brands generating positive EBITDA and cash flows to contribute to continue driving growth in our rare disease business.

In aggregate basis, ANI is our guidance for 2025 is $768,000,000 to $793,000,000 in revenues and 195,000,000 to $2.00 $5,000,000 in adjusted non GAAP EBITDA. The revenue growth represented is 25% to 29%, and we have about $150,000,000 of cash on the balance sheet. And from a net leverage perspective, 2.7 turns on a pro form a last twelve months basis. It’s important to highlight that 95% of our revenues come from products that are sold in The U. S.

More than 90% of the products that are sold have finished doses that are manufactured in The US. And we have a less than 5% direct reliance on China for API. ANI is well positioned to continue driving growth in 2025. On this slide, you see both the revenue the strong revenue growth over the years since 2022 of about 35% CAGR and then adjusted non GAAP EBITDA growth of about 53% CAGR going from $56,000,000 to the current year guidance of $195,000,000 to $2.00 $5,000,000 When it comes to Q1, just a few highlights from Q1 performance. Our total company revenues was $197,000,000 with rare disease accounting for $94,100,000 of that.

Cortrophin had about $53,000,000 in revenues. And our two retina assets, ILUVIEN and YUTIQ had $16,000,000 in revenues. The adjusted non GAAP EBITDA was $51,000,000 and adjusted non GAAP EPS was $1.7 And a few highlights, the lead asset, Cortrophin Gel, had strong momentum in Q1 with highest number of new patient starts and highest number of new cases initiated. Acute gouty arthritis flares accounts for approximately eighteen percent of the usage of Cortrophin. And we’ve also seen a 50% increase in ophthalmology volume for Cortrophin quarter over quarter.

ILUVIEN and YUTIQ Q1 revenues were temporarily impacted by first quarter dynamics, lack of Medicare patient support funding and sales force turnover in The U. S, and the ex U. S. Performance was on track. And the demand has accelerated in Q2 twenty twenty five.

Generic revenues reached a new record on superior new product launch execution, including the Q4 CGT launch of procalipride, operational excellence, our US based manufacturing footprint. So a very strong Q1, setting up a strong foundation for the full year. When you look at ANI in this current regulatory situation around tariffs as well as MFN, I think it’s important to highlight three things. 95% of our revenues are from products sold in The US. So the only products that are sold for ANI outside The US are retina products that are sold in Europe and other international countries.

When you talk about country of origin, the finished goods, 93% are manufactured in The US at our own facilities or at CMOs. And from an API perspective, only 5% of our revenues comes from products where the API is sourced from China. So again, looking at full year guidance, we’ve covered a number of these. So I’ll just touch the ones that I didn’t. Rare disease breaks the rare disease guidance breaks up into Cortrophin Gel, which is $265,000,000 to $274,000,000 of revenue guidance, which is a 34% to 38% growth over the previous year.

And then ILUVIEN YUTIQ, which came to us through the Alimera acquisition, having a guidance of 97,000,000 to 103,000,000 That’s the revenue growth projected for sorry, that’s the revenues projected for ILUVIEN and YUTIQ. Rare disease will continue as the primary driver of growth. This shows the trajectory of our rare disease business where we launched Cortrophin in January of twenty twenty two and the growth that we’ve had since then for our rare disease business with the current year guidance being at $362,000,000 to $377,000,000 almost 106% CAGR over the last four years. When ANI thinks of rare disease, we think of it in two areas. One is low prevalence diseases like the chronic non infectious uveitis affecting posterior segment of the eye, or smaller patient populations, underserved patient populations, and high prevalence diseases like multiple sclerosis.

ANI rare disease currently markets three therapeutics with growth and durability. Cortrophin, it’s an FDA approved ACTH option with 22 indications. We focus on a handful of those indications, six of those indications. But the ones that we focus on are rheumatoid arthritis, nephrotic syndrome, acute gouty arthritis flares, multiple sclerosis, sarcoidosis, and chronic and inflammatory processes involving the eye and its indexa. We also have ILUVIEN which is indicated for both diabetic macular edema as well as chronic non infectious uveitis affecting posterior segment of the eye and YUTIQ, which is for chronic NIUPS.

What those have in common is that they all operate in large addressable markets which are underpenetrated at this time. And then they have growth and durability and strong multi year growth. So those are the sort of key features of our three assets in rare disease. Turning to our first asset, Cortrophin Gel. This is a purified Corticotropin, a treatment option for patients with certain chronic autoimmune disorders.

It’s approved for multiple indications, 22, but we have call points into neurology, nephrology, rheumatology, and also we’ve subsequently expanded into ophthalmology and pulmonology. We’ve launched multiple presentations. We see strong multi year growth in this asset. And we’ve launched multiple presentations of five ml vial, which is what we started with, which is meant for self administration in January 2022. Then we then subsequently launched a one ml vial to bring a presentation that was more appropriate for acute gouty arthritis flares and for buy and bill in October of ’twenty three, and then a prefilled syringe, which we just launched in April to enhance patient and HCP convenience.

We launched into a limited competition. There was only one other ACTH product in the market for multiple decades, and it has long term sustainability driven by high barriers to entry. The ACTH market was about $600,000,000 when we launched in 2022. It grew to $684,000,000 in 2024 and is poised to grow to $792,000,000 in 2025 based on our guidance and the competitors’ guidance. So there’s really potential for significant multi year growth, both by new and returning prescribers serving appropriate patients across indications.

This shows the ACTH market trajectory. There was a decline until we entered in 2022. The market at its peak with just one competitor was $1,200,000,000 And as I said, there is an opportunity for strong multi year growth. The number of patients being treated today are almost half the number of patients being treated when the ACTH market was at its peak. Very importantly, the epidemiology work that we’ve done suggests, or that we’ve understood, suggests that the patient population that can benefit from ACTH therapy across indications is significantly higher than even what were being treated at its peak.

And importantly, our ability to capture newer patients and convince newer prescribers is highlighted by the fact that forty percent of our Cortrophin prescribers currently are folks who were naive to ACTH before we had entered. Some more highlights on Cortrophin performance. We see continued growth across the initially targeted specialties of neurology, nephrology, and rheumatology. There’s prescribing momentum across existing and new prescribers. And the momentum in Q1 twenty twenty five continued with record cases initiated and record new patient starts.

We’re also gaining traction in the newer therapeutic areas. We expanded into ophthalmology with the acquisition of Alimera and an expanded sales team of 46. Ophthalmology saw a 50% increase in volume quarter on quarter. Acute Gaudi arthritis flares, also a newer indication, an indication that only we have, the competitor does not have, has grown to eighteen percent of Cortrophin Gel usage and is the only approved ACTH for this indication. And then this focused smaller pulmonology sales force is also gaining traction.

Seeing the strong multi year growth potential of this asset, we are continuing to invest to strengthen the franchise. We’re investing in research to provide additional support for the use of Cortrophin. We’ve also launched we announced at our prior earnings, first quarter earnings, we announced the start of a clinical trial in gout, in acute gouty arthritis flares, again to generate data that will hopefully support additional Cortrophin Gel in the treatment guidelines. From a presentation perspective, as we had highlighted, we’ve launched a prefilled syringe in addition to the one ml vial and the five ml vial and are also looking at other ways to enhance the convenience for patients and providers. And we continue to think of high ROI commercialization investments such as expansion of the sales force for the portfolio team, which we did recently for So again, we believe in the strong multi year growth trajectory for Cortrophin, our lead asset in rare disease.

A bit more about acute guardian arthritis. This is an indication we have. The competitor doesn’t. When you think of acute guardian arthritis, there are nine million patients in The US suffering from gout. But the patient population that we think of as our addressable patient population is the three hundred thousand patients, approximately eight percent of the broader population that currently receive some form of injectable medication for acute gouty arthritis flares.

And one other interesting sound bite is that when you look at 2024, gout represented the first patient on therapy for almost fifteen percent of HCPs using Cortrophin Gel for the first time. So they also went on to using, once they used it for gout, those prescribers also used it for other indications. So an important indication for us. Moving next to our retina assets, ILUVIEN and YUTIQ. These are novel long acting implants for serious eye disease.

ILUVIEN, the active for both ILUVIEN and YUTIQ is fluocinol and acetonide. They’re in slightly different concentrations. ILUVIEN is indicated for DME, which is diabetic macular edema, impacting vision loss in diabetic patients, and also for chronic non infectious uveitis, which is affecting the posterior segment of the eye. ILUVIEN and YUTIQ are very similar products with slightly different implanters. And so going forward, starting the middle of this month, we will be combining both by adding the FDA has approved the addition of chronic NI UPS as an indication into the ILUVIEN asset.

And so what we’ll be doing now is commercializing and selling one asset, which is ILUVIEN. Obviously, YUTIQ retains the label that it has, and physicians will be able to continue using the YUTIQ inventory that is available. But we’ll gradually move starting this quarter, starting this month really, to using just ILUVIEN for both indications and commercializing one. And what that does, really two main benefits. One is supply chain security.

We’ve struck a long term contract with or extended the long term contract with our CMO Sigfried in Irvine to expand that till 2029. We’ve also co invested with them to add another manufacturing line to support the volume expansion, And we believe that drives enhanced supply chain security. And secondly, it also simplifies it for the prescriber offices because it allows them to now just order, keep one product on inventory and use the same implanter and the product for both indications, NIUPS as well as DME. Both NIUPS and DME have significant addressable markets. I’ll show you the example for DME where there are nine hundred thousand patients.

Of them, about half are treated. And then even from that, the standard of care are anti VEGFs. So two hundred and sixty thousand patients are treated with anti VEGFs with two plus anti VEGFs. And then there’s about seventy five thousand patients, right? Seventy five thousand out of the nine hundred thousand patient pool that show suboptimal response to multiple anti VEGFs.

And that’s the addressable market for ANI. Of that seventy five thousand, fifty three thousand show positive response to steroid trial and low IOP risk, which is a side effect of steroid use. And currently, ILUVIEN is being used for less than five thousand patients per year. So five thousand out of fifty three thousand. So significant headroom for growth for Iluvien and multi year growth.

And we have a similar situation with NI UPS where there is about one hundred thousand patients and less than which we consider as the addressable market and less than five thousand patients on therapy each year for YUTIQ and now going forward on ILUVIEN. The reason for the Alimera acquisition, which we closed in September 2024, was a combined sales force, synergistic with Cortrophin. So we now have a combined sales force of 46 reps that go out to ophthalmologists where there’s a high degree of overlap between ophthalmologists that are targets for both Iluvien as well as Cortrophin. And so having Callpoint Synergy and having this sales force of 46 persons going out and selling both Cortrophin, Iluvien and YUTIQ into the ophthalmology community. That was the rationale for the deal and just wanted to lay that out.

The acquisition of Alimera also provided ANI with an international footprint. As a reminder, 95% of sales comes from The US, but 5% of sales comes from outside The US in international markets. We have direct commercial operations in Germany, The UK, Portugal and Ireland, and then partnered high quality partnerships in another 18 countries. And 30% of our ILUVIEN and YUTIQ revenues approximately are generated outside The US. So total ILUVIEN and YUTIQ revenue guidance is 97% to 103%.

Approximately 30% of that comes from outside The US. And this is an international footprint that we really got commercial footprint that we got through the Alimera acquisition and didn’t have it before, the commercial footprint. We’re continuing to do long term clinical studies to support the real world use. There are two ongoing trials for ILUVIEN and YUTIQ. We obviously talked about the clinical trial we just initiated for gout for Cortrophin.

But on Iluvien, there’s New Day, which is investigating the earlier utilization of Iluvien in combination with anti VEGF for the treatment of DME, so earlier in that patient funnel that we talked about. And so it was three zero six treatment naive or almost naive DME patients that were split into two arms and being treated with anti VEGFs in one arm and then ILUVIEN plus anti VEGFs in the other arm. That study has been completed. We’re in the process of analyzing the data and look forward to sharing an update on the results in the near term. In addition to that, we have a synchronicity study, which is a multicenter, open label studies evaluating the use of a YUTIQ, now Iluvien, across patients with NIUPS.

That study will complete last patient, last visit in end of ’twenty five. But we have a six month readout that we’re planning to do in the near term and are again analyzing the data. And we’ll provide the results of both studies in the near term. Turning now to our generics business. There are strong R and D capabilities and operational excellence that really drives our growth in generics.

We launched 17 new products in 2024, including two with competitive genetic therapy designation with one hundred eighty day exclusivity. Q1 twenty twenty five was the largest generics call quarter ever at $98,700,000 up 41% year on year and 26% Q on Q. It was driven by strong launch execution, including the first to market procalopride tablets launched with one hundred and eighty days of exclusivity. We also have a strong operational backbone and US based manufacturing footprint with three plants in The US. During 2024, we supplied over 1,800,000,000 doses of therapeutics to patients in need.

And we continue to make substantial progress in 2024 with the capacity expansion, which is almost complete at our New Jersey site. In generics, it’s important. Cost excellence is important, and we continue to stay focused on cost excellence in reducing our raw material and finished goods costs as well as optimizing our conversion costs. This slide gives an overview of our three sites, two in Bonnet, Minnesota and one in East Windsor, New Jersey. Our R and D is also listed across these three sites with a center of gravity at the East Windsor, New Jersey site, which came to us through the acquisition of Navidium in 2021.

So in summary, we have a strategic focus on a strong and growing rare disease business with three assets that are growing and durable, Cortrophin Gel and Iluvien and YUTIQ, which we’re merging into Iluvien. We also have a robust foundational generics business delivering high single digit to low double digit growth in 2025. We’re guiding to mid double digit growth, but on an ongoing basis, I think low single sorry, high single digit to low double digit growth. And we have a strong balance sheet with $150,000,000 of and 2.7 turns of net leverage and are focused on growing both these businesses, the rare disease and generics, as we continue with our purpose of serving patients, improving lives. Thank you.

Great, thank you, Nikhil. That was

Dennis Ding, Biotech Analyst, Jefferies: a great overview. Can we talk a little bit about 2025 and just remind us of what happened with guidance that you gave at the beginning of the year. Why what you saw that drove the revised guidance just a few weeks later and then Q1, the updated guidance there. Just tell us about the trajectory of what happened and what’s driving that confidence.

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure, thank you, Dennis. So we gave total company guidance at a conference in January And then we saw strength in our rare disease business, Cortrophin Gel, especially in Cortrophin Gel, and then our brands business and generics, so across three different business lines, and then raised it when we gave the guidance on February 28 at our Q1 earnings, where we gave total company guidance and then also broke it down by the different business lines and then raised it again. So second guidance raise at our Q1 earnings on May 9. And that was based on so going from Feb twenty eight to May 9 was based on the strength that we had seen with the generics as well as the increased demand in our brands business. So overall, in 2025, we are seeing strong momentum with our Cortrophin Gel business, which is the largest driver of growth for the company.

We’re seeing strong growth in our generics business where our guidance is to mid double digit growth, right, where we increased from high single digit, low double digit to mid double digit, and double digit being defined as 11% to 20 not 11% to 99%, just to clarify. And then the third is on our brands business, where we saw increased demand in the first quarter into the beginning of second quarter. So those three things, we see strong momentum. And obviously, we’ve talked about the topics that we’re working to in the near term with the about $70,000,000 of revenues that we have in ILUVIEN and YUTIQ in The US. So that’s an overall picture on 2025.

Dennis Ding, Biotech Analyst, Jefferies: And if we kind of focus in on Cortrova because that’s obviously a growth driver for the company. And I appreciate you guys reiterated the guidance on your first quarter earnings call. But where do you see upside from that guidance as you go through the year? What are you guys are doing? What are you guys doing on the back end that investors may not appreciate that could drive better than expected growth in Cortrophin?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure. So I think the most important thing to know about Cortrophin is across indications, the addressable market is a lot larger than anything that has been addressed. So there are a lot more patients that can benefit from Cortrophin therapy across indications that are being addressed today and even higher than what was being addressed at the peak. And so what we’ve been doing is in a systematic manner investing across both the product by bringing multiple presentations. We launched a prefilled syringe recently.

We obviously have the one ml and the five ml vial. And then in addition to that, we’re also doing evidence generation. So there’s looking into the mechanisms of actions, giving additional evidence to the prescribers for supporting the use of Cortrophin. And then we launched this clinical trial for acute gouty arthritis flares to support the, to hopefully support the introduction of Cortrophin into the treatment guidelines. On top of that, from a commercial perspective, we strengthened our sales force for Cortrophin.

We added about 20 reps in what we call our portfolio team focusing on rheumatology, nephrology and neurology. And these are sales reps that detail across these three indications. So these are multiple steps that we’ve taken. We continue to see strong momentum in Q1, which is seasonally a low quarter for rare disease products given the channel dynamics and actually more importantly, the insurance resets that happen. We saw the largest number of new cases initiated and new patient starts, which bodes really well for follow through and growth on a follow on basis for the rest of the year.

And again, just to dimensionalize, we did $198,000,000 in sales last year on Cortrophin, and our guidance for this year is almost 34 to 38% growth to about $270,000,000 in sales.

Dennis Ding, Biotech Analyst, Jefferies: Sure. Can you expand on your comment that you expanded your Salesforce for Kotrophin by an additional 20? What is the base? Is it like 60 going to 80? And why is that so important and how are the territories running?

What is the goal of that in order to drive more touches, Sure,

Nikhil Lalwani, CEO, ANI Pharmaceuticals: right. So we have three sets of sales force that sell Cortrophin. The first is our portfolio sales force which details into neurology, nephrology and rheumatology. And we have about 60 reps in that group. That number was about 40 and then we added about 20.

So let’s call it 42 going to 62, but then there are managers with that. And then we have a smaller team, dedicated team on pulmonology focusing on sarcoidosis. We have two teams, one in the East, 1 in the West detailing but focusing just on pulmonology. And then the third team is really the combined team into ophthalmology, right, which is about 46 reps that are detailing both Cortrophin as well as Iluvia. Right.

So you’re roughly

Dennis Ding, Biotech Analyst, Jefferies: increasing your sales reps at least in the first bucket. First bucket by 40 to 60, that’s essentially 50%. Correct. And now that, and all that was done in Q1, correct?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: That was essentially completed in Q1. So

Dennis Ding, Biotech Analyst, Jefferies: now that we’re in Q2 and practically towards the end of Q2, can you talk a little bit about how those new sales reps have been doing? If there’s any kind of color that you could provide on productivity?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Yeah, think look at Cortrophin is a is a drug that it takes some time for the sales force to get traction and also there’s time from when you get a prescription to the patient actually getting on drug because there’s an enrollment to fulfillment process that takes time prior authorization and other steps that need to be completed. We think of, there’s a, so it takes a few months for a sales rep to get to the productivity level that you’re talking about. But we’re seeing, I think ANI as a company has been able to increasingly attract top talent from leading rare disease players. We’ve been able to get better and better as we’ve grown and have shown that half our sales comes from rare disease. And so we’re able to attract better and better talent as we’ve been able to build on the efforts of our existing top tier sales talent.

And we’ll be able to see that in the results as we go through 2025.

Dennis Ding, Biotech Analyst, Jefferies: Great. And then for your 2025 guidance for Cortrophin, how much like did you account for or consider the incremental 20 new sales reps for Cortrophin into that guidance or

Nikhil Lalwani, CEO, ANI Pharmaceuticals: is it all It was factored into the guidance.

Dennis Ding, Biotech Analyst, Jefferies: It was

Nikhil Lalwani, CEO, ANI Pharmaceuticals: factored into the guidance.

Dennis Ding, Biotech Analyst, Jefferies: That’s helpful. And then lastly in the last minute or two, just maybe talk about ILUVIEN and YUTIQ and just some of the dynamics that we saw in Q1 and what needs to happen for there to be sort of an acceleration to the second half to hit your guidance?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure. So I think we are taking multiple steps. One is we’ve we’re up to essentially one vacancy in our sales force at this point, one open position. So our sales force, the turnover that we’ve seen, we’ve been able to address that and bring new reps on board and have them out there detailing. In addition to that, the second thing is from the issue with Medicare co pay support, we’ve been able to work with physician offices and understand how they’re dealing with the issue and make sure that we’re tailoring our commercial approach from a team perspective and where they’re spending their time to ensure that the appropriate patients get the therapy that they need.

We believe at a time like this, a long acting steroid has an important role to play, which is what ILUVIEN is, has an important role to play in the treatment of DME, especially for patients that have access issues. So we’ve seen, obviously, you saw in our slide, we’ve seen demand acceleration as we’ve been able to get the newer reps into team as well as focus where they spend their time.

Dennis Ding, Biotech Analyst, Jefferies: Perfect. Well, think that’s all the time that we have. But thank you so much, Nikhil. It’s great to see you. It’s great to have you here.

Looking forward looking forward to the exciting path ahead.

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Thank you, Dennis. Thank you for your time. Thank you. Thank you, everybody.

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