ANI Pharmaceuticals at Leerink Conference: Strategic Growth Insights

On Tuesday, 11 March 2025, ANI Pharmaceuticals (NASDAQ: ANIP) presented at the Leerink Global Healthcare Conference 2025, offering a strategic overview of its financial performance and future outlook. The company highlighted growth in its rare disease segment while acknowledging challenges in market access for recent acquisitions. Despite these hurdles, ANI Pharmaceuticals remains optimistic about its strategic direction and financial health.

Key Takeaways

• ANI Pharmaceuticals expects significant growth in its rare disease segment, driven by Cortrophin gel.
• The company raised its 2025 guidance due to strong trends in Cortrophin and the launch of a new generic.
• ANI is focusing on organic growth and potential acquisitions to expand its rare disease portfolio.
• Operational challenges include market access for newly acquired franchises ILUVIEN and YUTIQ.
• The company aims to shift its focus towards the rare disease segment, leveraging its generics and brands.

Financial Results

• 2025 Guidance:

- Revenue: $756 million - $776 million

- Adjusted Non-GAAP EBITDA: $190 million - $200 million

- Adjusted Non-GAAP EPS: $6.12 - $6.49

• Rare Disease Segment:

- Cortrophin Gel 2024 Sales: $200 million

- 2025 Guidance: $265 million - $274 million (35%+ growth)

- ILUVIEN & YUTIQ 2025 Guidance: $97 million - $103 million

• Generics:

- 2024 Sales: $301 million

- Expected to deliver low double-digit growth in 2025

Operational Updates

• Cortrophin Gel:

- Experienced strong momentum in Q4 with the highest number of new patient starts.

- February marked the peak in new case initiations, with 40% of prescribers new to ACTH therapy.

- Acute gouty arthritis indication accounts for approximately 15% of usage.

- Approval received for the prefilled syringe presentation.

• ILUVIEN and YUTIQ:

- Consolidating indications under the ILUVIEN label.

- Expanding agreement with Siegfried to increase capacity.

- Addressing market access challenges with patient assistance programs.

• Generics:

- Launched a first-to-file generic Procalopride.

Future Outlook

• Rare Diseases:

- Focus on organic growth and potential M&A to expand the portfolio.

- ILUVIEN has significant market potential, with a 10x headroom for growth.

• Generics:

- Anticipating low double-digit growth driven by R&D and U.S.-based manufacturing.

• Overall Strategy:

- Shifting focus towards the rare disease segment.

- Emphasizing a "virtuous cycle of growth" where generics and brands support rare diseases.

Q&A Highlights

• M&A Strategy:

- Currently focused on organic execution, with no immediate plans for transactions.

• Long-term Vision:

- Aiming to center the business around rare diseases while leveraging the strengths of generics and brands.

For a more detailed analysis, please refer to the full transcript below.

Full transcript - Leerink Global Healthcare Conference 2025:

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Thank you for joining us today. My name is Fazil Kashid. I’m one of the senior biotech analysts at Learning Partners, and we’re here in Miami at the two twenty two thousand twenty five Learning Partners Global Healthcare Conference. Really pleased to have with us today, Nikhil Nikhil Lalwani. Nikhil is the CEO of ANI Pharmaceuticals, really interesting company that kind of, you know, straddles a few different business segments and has an interesting growth story ahead of it.

So Nikhil, why don’t you start by sort of, you know, introducing yourself and the company. Maybe you can lay out a little bit for us, like, the different business the different business segments and the role that these each play in the future of the company.

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Great. So thank you, Faisal. Thank you for having us and good afternoon everybody and thank you for joining. So ANI operates in three business segments. Overall as a company, our guidance for 2025 was to deliver $756,000,000 to $776,000,000 in revenues and $190,000,000 to $200,000,000 in adjusted non GAAP EBITDA and $6.12 to $6.49 in adjusted non GAAP EPS.

The rare disease business is the primary driver of growth for ANI, and in 2025 will account to almost half of the company’s revenues. Our rare disease business has Cortrophin gel, our lead rare disease asset, which we launched in 2022, and will do and delivered about 200,000,000 in sales last year and not third year since launch. And for 2025, our guidance for rare disease for cortrophin gel is $265,000,000 to $274,000,000, you know, another 35% plus of growth. ILUVIEN and YUTIQ are the other franchise that we have in our rare disease business. We our guidance for 2025 has them doing 97,000,000 to 103,000,000 in sales and this franchise came to us through the acquisition of Alimera as we expanded the scope and scale of our rare disease business.

So rare disease, primary driver of growth, about half the company. We also have a growing generics business that has been delivering high single digit to low double digit growth, in fact, has delivered low double digit growth for the last three years and is on our guidance for this year is for it to also deliver low double digit growth. Last year, we did about $3.00 $1,000,000 in sales in generics and will have low double digit growth. This grows really on the back of a strong R and D capability and execution, a U. S.

Based manufacturing footprint and operational excellence. And then the third business line is our brands portfolio, formerly known as Established Brands. And our brands portfolio is a very high margin, strong cash flow generation business. So across these three businesses, we have a virtuous cycle of growth, right? We have the rare disease business, which will be the primary driver of growth and that’s fueled by the generics business, which is also a growing business and the brands business, which generates high profitability and strong cash flows.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. That’s a helpful overview, and kind of good to see a healthy growing cash flow generating company in this environment. So you recently upped your 2025 guidance. I think there’s the numbers you just ran through. Can you explain kind of what happened that led you to kind of have the confidence to up the guidance like already within Q1?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Yeah. No, thank you. So I think three things. One, we saw strong trends in Cortrophin, our lead rare disease asset, driven both by positive impact from IRA, again early in the story, but we saw a slightly more positive impact from IRA. But also and probably more importantly, the fact that our sales force expansion, we had thought would take a little longer to do, but we were able to add about 20 reps early into the first quarter.

And so we have the impact of that for the for a longer period of time. So that’s the first reason. The second is we launched a first to file generic Procalopride, which is generic to the brand Motegriti. And the first couple of months performance give us a strong orientation towards generic performance for the year. And then the third is, we saw increased demand in our brands portfolio in Q4 and you know, we saw two months of that continuing into Q1.

So these three things helped us, these three factors helped us raise our guidance from the preliminary guidance that we had given in early January.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. That’s helpful. So let let’s talk about Cortrophin Gel. Like, as you mentioned, it’s kind of the crown jewel of the growth story over the next few years, at least. So your 2025 guidance implies, like, you know, year over year growth in the mid 30%.

Can you talk about sort of, like, what under or what’s kind of leading to that level of growth? What underscores your confidence there?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure. So Corforofin saw very strong momentum in the fourth quarter where we had the highest number of new patient starts and new cases initiated. And that momentum continued in the first quarter where we in February, we saw the highest number of new cases initiated. We see growth for Krotofen across the therapeutic areas that we operate in, which is rheumatology, neurology, nephrology, ophthalmology and pulmonology. And when we think about the opportunity for Cortrophin, right, I would anchor it in a couple of things.

I think we believe it has a strong multiyear growth trajectory and that you know, I guess two data points or three data points to give you on that. I think first is, the ACTH category was at its peak in 2017, when there was only one competitor in the market and that market decline. And when you look at and then we launched in 2022 and since we’ve launched, the deceleration has slowed. And then in 2024 for the first time, you know, if you add the competitors guidance given in November plus our actuals, that’s about a 25% growth to around $660,000,000 versus the peak percent growth to around $660,000,000 versus the peak sales of 1,200,000,000.0 in 2017. So the headroom from that perspective is significant.

Second is when you look at the number of patients, when you look at claims data, the number of patients on therapy today are almost half the number of patients on therapy, in 2017. So again, that’s another sort of, you know, clear indicator of the significant headroom that there is to serve the appropriate patients. And third, when you step back and look at it even from an epidemiological perspective, in 2017, number of patients that were being treated versus you’d look at patient pools, you know, that Cortrophin is appropriate for, which is treatment for exacerbations and flares in folks in patients with chronic autoimmune diseases where they would benefit from an additional line of treatment or a treatment alternative, then that number is much larger than even was being treated in 2017. So that gives us a high degree of confidence that, Cortrophin has is on a strong multiyear growth trajectory. And then the last and very important point to, to share with you is that forty percent of prescribers that have written for Cortrophin gel had never written an ACTH prescription or naive to ACTH at least for the last ten years, right, when we look at our the claims data that’s available.

So that gives us confidence on our ability to go, you know, talk about, talk to new prescribers about the benefit of ACTH therapy, and navigate the discussion with them on what are the appropriate patients that could benefit from ACTH therapy.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. That’s helpful. Remember, when you disclosed that forty percent are very impressive.

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Yep.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: In terms of the, you know, you had this interesting acute gouty arthritis indication that is unique to your label, not the competitor’s label. Can you talk about, you know, why why this is an area of importance and and and what you see that indication kind of being for the brand going forward?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Yeah. So acute gouty arthritis flares is an indication that we have that the competitor does not. And, it accounts for approximately fifteen percent of, Cortrophin gel usage. And interestingly, when we look at acute gouty arthritis flares for fifteen percent of prescribers for which acute gouty arthritis flares is the first prescription, They go on to use it for other indications too. So it ends up becoming a gateway for other indications too.

And therefore, we believe that, you know, acute cardiarthritis flares is a key indication, and it will be an important part of the Cortrophin gel growth in the future. Got it.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: And I think you recently got the or you did recently get the approval for the prefilled syringe presentation of Cortrophin gel. I think that also might have been a little bit ahead of schedule also. Can you talk a little bit about the, you know, the extent to which this is a part of the growth story or part of or the extent to which this is a growth driver for this year? Sure.

Nikhil Lalwani, CEO, ANI Pharmaceuticals: So look, we’re continuing to we believe in the strong multiyear growth trajectory for Cortrophin, and we’re taking several steps to invest in this franchise. You’ll recall that we launched originally the original presentation of Cortrophin is the five ml vial. Many years we launched the sorry, couple of years ago, we launched the one ml vial, which was appropriate for cardiac arthritis flares because that’s the right dosage for that. And then we were launching a prefilled syringe. We got approval on and announced it on March 3.

The prefilled syringes to help patients who can benefit from a one step reduction in the administration process. So rather than having to draw the drug and then administer it, it reduces with the steps in administration by allowing the patient to just inject. And we believe that this will be helpful to continue providing patients an option again for the appropriate patients for their treatment.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. And you mentioned that part of your guidance revision was the IRA changes. Can you talk a little more specifically for the Krotrophin business, how the reimbursement landscape changes with IRA with the Part D redesign for 2025, how that impacts the business?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure. So for ANI, the impact of IRA is the following. First is obviously we have the manufacturer’s rebate that is owed for a portion of the Medicare business. There’s a one portion of it, which is the low income subsidy for which ANI has qualified for the specified manufacturer smoothing. So it sort of it smoothens the path to the levels of the rebate.

So that’s one portion, which is increased sort of rebate expectation from the manufacturer. But on the flip side, patients benefit from which is the whole purpose of the Inflation Reduction Act, they benefit from affordability options where their co pay or the out of pocket max is at $2,000 and there is an option to smoothen the pay paying off the $2,000 And so what we’ve seen early on is that patients have stepped into and taken advantage of these affordability options because then they can use the smoothing of the co pay over the period of the year to bear the burden of the out of pocket. And so net net, at least early days, we think that this may be a bit helpful and for the appropriate patients.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. Interesting. And then can you speak a little bit to the competitive dynamics in the space? Like obviously, there was a incumbent product that reached blockbuster status. You spoke to the trend, you know, over time, how it came down due to turbulence at the manufacturer.

Now it’s kind of back to a growth trajectory. But, you know, kind of from this point forward, can you speak to your kind of track record so far of competing effectively against this competitor and how you see that kind of moving forward?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Yeah. Look, I think at this point, again, I just go back to the number of patients, right? The number of patients that are benefiting from ACTH therapy today is half the number of patients that were benefiting from the therapy in 2017. And the best that we can tell, there has been no reduction from in terms of patient need, right, or there are appropriate patients which are both the addressable market is much larger than even what was being treated in 2017. So what you have is now instead of one player talking about increasing awareness of this therapy, you have two players that are out there increasing awareness of ACTH therapy.

And I think that that’s a good thing. And the appropriate patients are benefiting from the availability of ACTH therapy, for you know? And, you know, I think that, yeah, I think that’s that’s what I would say. And I guess the other thing to add is patients are also benefiting because both the competitor and us are investing in strengthening their individual franchises, right? So they launched you know, different presentations.

We’ve launched the one ml vial. We’ve launched the pre fill syringe. We’re working on additional research to support the usage of Cortrophin. We’re working on other projects to improve the convenience and enhance the convenience sorry, to enhance the convenience for patients and for prescribers. So I think these are all good things for the patients in need.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. Helpful. And then maybe just one last one on Krotofen. I know you haven’t given long term guidance. Yeah.

Just to the extent that you can speak to it qualitatively, how should investors think about the long range trajectory for Krotofen? I think the class when it was that one product at its peak was I think $1,200,000,000 1 point 3 billion dollars Right? So how should we think about the kind of durability of the growth trend that we’re seeing over the last couple of years?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure. So I would say couple of things. So the first is, these are drugs that are very complex and hard to genericize that derived from the porcine derived. So derived from the pituitary glands of porcines. And that makes it tough to genericize, right.

And companies have tried and it hasn’t worked. Both companies have added IP or strengthened their position by adding IP that goes into the 2040s. So that’s, you know, that’s an important thing. And then look in terms of, you know, how big can this be and, you know, is $1,200,000,000 the right size or is it bigger than that? I mean, again, I just anchored back to number of patients, right?

Number of patients being treated today is nearly half the number of patients that were being treated in 2017 where the market was at its peak, and that number is still a subset of the much larger addressable market of appropriate patients. So, yeah, strong multiyear growth trajectory for Cortrophin.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. So let’s switch gears and let’s talk about ILUVIEN and YUTIQ. These are the two ophthalmology assets that you acquired last year with that position of Alimera. At your recent earnings call, you announced a few kind of moving pieces with these brands across kind of label changes, you know, manufacturing, reimbursement, just for the benefit of investors. Can you just give us a quick recap of these different moving parts associated with these brands?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure, sure. And again, just to anchor, the ILUVIEN and YUTIQ franchise contribute will contribute our guidances 97,000,000 to $103,000,000 out of our total rare disease business of $362,000,000 to $377,000,000 out of a total company revenues of $756,000,000 to $776,000,000 So there’s a couple of changes that we’re working through on ILUVIEN and YUTIQ, the franchise. First is in the near term, you know, with regards to market access, there are a subset of patients that benefit from foundation support or program support for their financial responsibilities towards treatment, and that has run into some headwinds in q one. And so what we’re doing about that is, first of all, for the for the for the right patients, there is a patient assistance program in place to ensure that, you know, patients that need the support can get the the patient assistance and can get the therapy they need. Second is we are also working with our HCPs to understand how they’re navigating these changes, and then evolving our commercial strategies to adapt to the new normal.

So that’s on market access changes, right? When you come to the second piece, which is around the Iluvien and the consolidation of the two indications, diabetic macular edema and noninfectious uveitis affecting the posterior segment of the eye, consolidating both indications into the Iluvien label for The U. S. Let me talk about that next. So Iluvien is currently indicated for noninfectious sorry, for diabetic macular edema.

Iluvien and YUTIQ are both substantially similar ophthalmic implants. The active ingredient in both is fluocinol and acetonide and there is a very small difference in the concentration. You know, one is zero point one nine milligram and the other is zero point one eight. It’s really a rounding error difference. And the clinical study was actually done on the same product.

So what we did is we went to the FDA, and then this is being done to enhance the supply security. We went to the FDA and try to understand from them what will it take to add the noninfectious uveitis for the posterior segment of the eye, which is the indication for YUTIQ onto Iluvien so that we can only be commercializing one label, one product with two indications. The FDA was very clear. Obviously, the Department of Ophthalmology has reviewed and approved both applications. They were very clear when they asked us to do, and then we did exactly what they asked us to do.

And we have since we submitted the application late last year to, you know, to consolidate the NI UPS indication onto the ILUVIEN label and have been going through the review process with the FDA as they’ve and they’ve been engaged with them, answering their questions as they came up. And we look forward to consolidating the label in the second quarter. Right? We look forward to getting the approval and then working through the transition of consolidating the label. So we’ll sell only ILUVIEN going forward after the transition.

Now to support this larger volume at ILUVIEN, we expanded the agreement with Siegfried, which is the CMO for ILUVIEN. Siegfried is a CMO. That’s what they do. EyePoint, which was the CMO for YUTIQ really doesn’t want to be a CMO. You know, they are they have a development program that is going very well.

And so Siegfried has been manufacturing ILUVIEN for ten years. We struck an expansion agreement with them until 2029 and agreed to expand the capacity. There’s a small sort of co investment in CapEx to be able to do that. And look, Siegfried was audited by the FDA in 2023 and had 0483s. So we believe we have enhanced the supply security for the franchise by adding the NI UPS indication onto the Iluvien label and strengthening our partnership with Siegfried to increase their capacity and extend the partnership until 2029.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. That’s helpful. So, you know, you’re kind of sitting here, like, seven months, right, post acquisition close of Alovera. You’re you’re taking the necessary steps to kind of position these, or I guess, the ILUVIEN product well for the future. You know, I know I know the 2025 guidance is what it is, and I know you will not give future year guidance, but just qualitatively, how should investors think about the growth trajectory for these brands as we kind of get on the other side of these changes over the next few years?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure. No. Look, clearly, we have some near term topics to work through, which we are working through. I’ll remind investors that Cortrophin didn’t get to be $200,000,000 with no speed bumps along the way. We navigated some challenges.

So we’ve got this, right? We know what issues we need to work through and we will. Look, again, for both for ILUVIEN and for YUTIQ, the reason we were excited about the acquisition and the main investment thesis remains, which is that ILUVIEN is indicated for diabetic macular edema. There are about fifty three thousand patients in diabetic macular edema, the standard of care is anti VEGFs. There are about seventy seven thousand patients in The U.

S. For whom anti VEGFs stopped showing optimal response. Of those seventy seven thousand, fifty three thousand patients show positive response to steroid trial. That means you try a steroid on them and they show positive response. And these are patients that would be appropriate for Iluvien.

Today, less than five thousand patients a year get Iluvien. So again, there’s a 10 x headroom between addressable market and the number of patients on Iluvien today. And you look at the noninfectious uveitis affecting posterior segment of the eye, which is the other indication. And again, there are less than five thousand patients that are currently being treated for that indication with our product, currently YUTIQ, Portugal will shift to Iluvien. And the number of patients that are the addressable market for that is, you know, forty thousand plus.

So again, the word, you know, we’re still, you know, the headroom, the opportunity is significant. And to remind investors or to tell investors we’re new to the story, when we acquired Alameda, they had about 31, about 30 reps that were going around the country. We’ve expanded that to 46 reps for a combined sales force that details Cortrophin, ILUVIEN and YUTIQ, both all three products. And we believe that that increased awareness and stronger commercial execution will help bring ILUVIEN and YUTIQ, which is the specific question Feisal asked to a lot more of the addressable market than is currently being done.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. Helpful. So I want to transition a little bit. So, like, you know, you bought Alimera last year. You got at a, you know, decent multiple to the revenue run rate that that the products were at.

What is the current appetite and capacity for additional m and a in this branded rare disease segment? And are there a meaningful number of targets out there that are like Alomero like that kind of fit in that sweet spot that are easy plug and play to the really nice commercial machine that you have?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Yeah. So we’re in the near term focused on organic execution with, we have a tremendous amount of growth in Cortrophin, in ILUVIEN and integrating the ILUVIEN and YUTIQ franchise, as well as driving growth in generics. So it’s significant opportunity there organically. Having said that, we are constantly looking and believe that there are opportunities to expand the scope and scale of our rare disease business, and that is what we’re looking to do. We’re looking to move the center of gravity of our company towards rare disease and having and adding more rare disease assets.

But in the near term, we’re focused on organic execution and we’ll keep looking and as opportunities come up, we’ll look to engage. But we’re not looking to transact in the near term.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. And is the gating step to that like deleveraging or is it just waiting for the opportunity set or what is the kind of

Nikhil Lalwani, CEO, ANI Pharmaceuticals: I think it’s a combination of a couple of different things. I think it’s a combination of continuing to execute organically and working through the near term topics on the, you know, on the ILUVIEN and YUTIQ franchise. And, you know, again, there’s a lot of growth that we have to drive organically, so delivering on that, and then just finding the right opportunity, right? There’s one in no hurry to do a deal. We need to find the right deal, to continue to expand scope and scale of our rare disease business.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. That’s helpful. So, you know, it’s it’s been a journey with the company, you know, like, since you took the helm. Yep. You know, it didn’t happen overnight with the companies in a, you know, nice spot today.

You know, that your guidance, I think, implies at roughly fifty fifty split between the, kind of branded rare disease segment, and the generics business. You know, assuming the path you’re on continues, it’ll shift more and more, you know, to the rare disease side. You know, I guess the question I wanna ask is, like, like, what does the company wanna be like when it grows up? Like, you know, like, is this does this become just a branded company? Does the generics business stay with the company?

Does it make sense in the company? Just like, what what does the story look like

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Yeah.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Like, another five years from now? Yeah.

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Yeah. I think, you know, and maybe this is this is one thing that I I know you’re going to ask this question because I heard you asked the prior presenter the same question about what we would think is misunderstood about the company or least understood or, you know, let investor understand a bit less. Can I

Fazil Kashid, Senior Biotech Analyst, Learning Partners: ask yourself my last question?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Just, you know, I heard you ask the last presenter, so I imagine it’s coming my way. I think we are in this virtuous cycle of growth with three businesses, a generics, a high performing generics business that’s driving growth. It’s driven low double digit growth over the last three to four years. But let’s say it’s a high single digit to low double digit grower, so it generates growth, profitability, cash flows. We have a brands business formerly known as Established Brands that’s also generating high profitability and strong cash flows.

And both of these help fuel the rare disease business, right, investments in the rare disease business. You know, we talked about launching a pre filled syringe. We talked about launching, you know, or doing additional research to to support Cortrophin usage and, additional projects to enhance convenience. So convenience for Cortrophin, positions and prescribers. So there’s this virtuous cycle or or even the expansion of our sales force, right, for Cortrophin.

So there’s this virtuous cycle where these three businesses are, the two businesses, the generics and the brands is fueling the growth of, of the rare disease business. And sure, we want to move the center of gravity there, towards the rare disease business and expansion of scope and scale through M and A. But I think that’s an important thing that we have this virtuous cycle and, you know, and, you know, we will shift the shift the center of gravity towards rare disease, but we believe we’re in a strong position by having these three businesses that have this virtuous cycle of growth.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. That makes sense. Alright. So since you since you stole my last question, I have to kinda think of a different one. So I guess, like, as you kinda think about, you know, as as you go through, you know, 2025 and you’re sort of, you know, like, navigating all of these changes, How do you think about where you kind of put emphasis between, you know, like, continuing to execute on Catrophin versus trying to sort of unlock the next opportunity, in Iluvien with regard to, like, you know, the new study that you have reading out and kind of expanding the, the addressable market there?

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Sure. So, the the beauty is we have a very strong organization. We’ve built this, you know, taking this company. I’ve been the CEO for over four and a half years. One of the the best things that we’ve done is build a strong organization that can continue to deliver on growth both, right?

Deliver the, the Cortrophin growth, with the expansion of the portfolio sales team, and capture the opportunities that the new day study will bring, and capture the addressable larger addressable markets both for Cortrophin, ILUVIEN and UT. And so that’s the rare disease organization. And then we have a generics organization fueled by our R and D capability and our operations, right, strong U. S. Manufacturing that will deliver the low double digit growth in generics.

So we really have the capability to end the organizational bandwidth to do both, and build from strength to strength.

Fazil Kashid, Senior Biotech Analyst, Learning Partners: Got it. Great. Well, thank you so much for joining us. I really appreciate it. And that was helpful overview of the story.

Nikhil Lalwani, CEO, ANI Pharmaceuticals: Thank you. Thank you, Faisal. And thank you everyone for joining.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.