Elite Pharmaceuticals, Inc. Reports Financial Results for the Fiscal Year Ended March 31, 2022 and Provides Conference Call Information

Rhea-AI Summary

Elite Pharmaceuticals, Inc. (OTCQB:ELTP) reported significant financial results for the fiscal year ended March 31, 2022. Consolidated revenues grew by 27% to $32.3 million, largely driven by sales of generic Adderall and Naltrexone Tablets. Operating profits increased to $5.1 million, up $3.0 million year-over-year, while net income reached $8.9 million. The company is set to discuss these results in a conference call scheduled for June 30, 2022, at 11:30 AM EDT. For more details, stakeholders are encouraged to submit questions ahead of the call.

Positive

• Revenue increased by 27% to $32.3 million.
• Operating profits rose to $5.1 million, an increase of $3.0 million.
• Net income was reported at $8.9 million.

Negative

• None.

Conference Call Scheduled for Thursday, June 30 at 11:30 AM EDT

NORTHVALE, NJ / ACCESSWIRE / June 29, 2022 / Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCQB:ELTP), a specialty pharmaceutical company developing niche generic products, announced results for the fiscal year ended March 31, 2022 ("Fiscal 2022").

Consolidated revenues for Fiscal 2022 were $32.3 million, an increase of $6.9 million or 27% as compared to the comparable period of the prior fiscal year. The increase was primarily attributed to revenues from generic immediate-release Adderall®, generic extended-release Adderall®, generic Loxapine Capsules, and strong revenues relating to Naltrexone Tablets sales. Operating profits were $5.1 million, an increase of $3.0 million from the comparable period of the prior year, and net income was $8.9 million.

Conference Call Information

Elite's management will host a conference call to discuss the year-end 2022 financial results and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.

Date:	June 30, 2022
Time:	11:30 AM EDT
Dial-in numbers:	1-800-346-7359 (domestic) 1-973-528-0008 (international)
Conference number:	98840
Questions:	dianne@elitepharma.com Financial questions by 7:00 PM EST on Wednesday, June 29, 2022
Audio Replay:	https://elite.irpass.com/events_presentations

The financial statements can be viewed for Elite's Year 2022 on Form 10-K here.

About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products which have been licensed to Lannett Company, Prasco, LLC, Epic Pharma, LLC, and TAGI Pharma. Elite operates a cGMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. For more information, visit www.elitepharma.com.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, those related to the effects, if any, on future results, performance or other expectations that may have some correlation to the subject matter of this press release. Readers are cautioned that such forward-looking statements involve, without limitation, risks, uncertainties and other factors not under the control of Elite, which may cause actual results, performance or achievements of Elite to be materially different from the results, performance or other expectations that may be implied by these forward-looking statements. These forward-looking statements may include statements regarding the expected timing of approval, if at all, of products by the FDA, and the actions the FDA may require of Elite in order to obtain such approvals. These forward-looking statements are not guarantees of future action or performance. These risks and other factors are discussed, without limitation, in Elite's filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q, and 8-K. Elite is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations, 518-398-6222
Dianne@elitepharma.com
www.elitepharma.com

SOURCE: Elite Pharmaceuticals, Inc.

View source version on accesswire.com:
https://www.accesswire.com/706937/Elite-Pharmaceuticals-Inc-Reports-Financial-Results-for-the-Fiscal-Year-Ended-March-31-2022-and-Provides-Conference-Call-Information

FAQ

What were Elite Pharmaceuticals' revenues for fiscal 2022?

Elite Pharmaceuticals reported revenues of $32.3 million for the fiscal year ending March 31, 2022.

When is the conference call scheduled by Elite Pharmaceuticals?

The conference call is scheduled for June 30, 2022, at 11:30 AM EDT.

What drove the revenue growth for Elite Pharmaceuticals?

The revenue growth was primarily driven by sales of generic immediate-release and extended-release Adderall, along with strong sales of Naltrexone Tablets.

What was the net income reported by Elite Pharmaceuticals for fiscal 2022?

Elite Pharmaceuticals reported a net income of $8.9 million for fiscal 2022.