On August 14, 2024, Elite Pharmaceuticals Inc (ELTP, Financial) released its 8-K filing detailing the financial results for the first quarter of fiscal year 2025, which ended on June 30, 2024. Elite Pharmaceuticals Inc is a specialty pharmaceutical company engaged in the development, manufacture, and distribution of niche generic products, focusing on oral, controlled-release products.
Performance Overview
Elite Pharmaceuticals Inc reported consolidated revenues of $18.8 million for the three-month period ended June 30, 2024. This marks a significant increase of $9.8 million, or approximately 109%, compared to the same period in the previous fiscal year. The company's operating profits also saw a substantial rise, reaching $3.9 million, an increase of $2.3 million or approximately 144% year-over-year. Net income attributable to common shareholders was reported at $0.6 million.
Key Financial Metrics
The increase in operating profits was primarily driven by higher sales levels achieved by the Elite label product line during the quarter. This performance is crucial for the company as it underscores the effectiveness of its product line and market strategy.
| Metric | Q1 FY2025 | Q1 FY2024 | Change (%) |
|---|---|---|---|
| Revenue | $18.8 million | $9.0 million | 109% |
| Operating Profit | $3.9 million | $1.6 million | 144% |
| Net Income | $0.6 million | Not Reported | N/A |
Company Insights
Elite Pharmaceuticals Inc's focus on developing pain management products and manufacturing a line of generic pharmaceutical products with approved Abbreviated New Drug Applications (ANDA) has been a key driver of its revenue growth. The company also continues to develop additional generic pharmaceutical products and other products in its pipeline, including those with its partners.
Challenges and Future Outlook
Despite the impressive financial performance, Elite Pharmaceuticals Inc faces challenges typical of the pharmaceutical industry, such as regulatory hurdles and market competition. The company's ability to navigate these challenges will be crucial for sustaining its growth trajectory.
Conference Call Information
Elite Pharmaceuticals Inc's management will host a conference call to discuss the first quarter financial results and provide an update on recent business developments. The call is scheduled for Thursday, August 15, 2024, at 11:30 AM EDT. Stockholders are encouraged to submit their questions in advance.
For more detailed financial information, readers can view the full financial statements for Elite’s First Quarter of Fiscal Year 2025 on Form 10-Q here.
Explore the complete 8-K earnings release (here) from Elite Pharmaceuticals Inc for further details.
