ANI Pharmaceuticals (NASDAQ:ANIP) announced stronger-than-expected first-quarter financial results on Friday, reporting earnings and revenue that surpassed Wall Street forecasts.
The Baudette, Minnesota-based drugmaker posted a net income of $15.7 million for the quarter.
This translated to earnings of 69 cents per share.
On an adjusted basis, excluding one-time gains and costs, the company's earnings came in at $1.70 per share.
These results significantly beat analyst expectations.
A survey of six analysts by Zacks Investment Research had an average estimate of $1.37 per share for adjusted earnings.
ANI Pharmaceuticals also reported robust revenue for the period, reaching $197.1 million.
This figure also exceeded Street predictions, as seven analysts surveyed by Zacks had projected revenue of $179.5 million.
Looking ahead, ANI provided its full-year guidance.
The company expects full-year earnings to be in the range of $6.27 to $6.62 per share, with anticipated revenue between $768 million and $793 million.