Elite Pharmaceuticals, Inc. Reports Financial Results for the Fiscal Year Ended March 31, 2024 and Provides Conference Call Information

Rhea-AI Summary

Elite Pharmaceuticals announced its fiscal year-end results for March 31, 2024, showing a significant performance boost. The company reported consolidated revenues of $56.6 million, marking a 65% increase from the previous fiscal year. Operating profits surged by 192% to $10.8 million, largely due to the launch of the Elite label product line. Net income attributable to common shareholders stood at $20.1 million. Elite will host a conference call on July 2, 2024, at 11:30 AM EDT to discuss these results and recent business developments. Stockholders are encouraged to submit financial questions in advance.

Positive

• Consolidated revenues increased by 65% to $56.6 million for Fiscal 2024.
• Operating profits surged 192% to $10.8 million.
• Net income attributable to shareholders was $20.1 million.
• Commercial launch of the Elite label product line contributed significantly to profit growth.

Negative

• None.

Conference Call Scheduled for Tuesday, July 2 at 11:30 AM EDT

Northvale, New Jersey--(Newsfile Corp. - July 1, 2024) - Elite Pharmaceuticals, Inc. (OTCQB: ELTP) ("Elite" or the "Company"), a specialty pharmaceutical company developing niche generic products, announced results for the fiscal year ended March 31, 2024 ("Fiscal 2024").

Consolidated revenues for Fiscal 2024 were $56.6 million, an increase of $22.4 million or approximately 65% as compared to the comparable period of the prior fiscal year. Operating profits were $10.8 million, an increase of $7.1 million or approximately 192% from the comparable period of the prior year, and net income attributable to common shareholders was $20.1 million. The increase in operating profits was primarily attributed to the commercial launch of the Elite label product line during Fiscal 2024.

Conference Call Information

Elite's management will host a conference call to discuss the year-end 2024 financial results and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.

Date:	July 2, 2024
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 Monday, July 1, 2024
Audio Replay:	https://elite.irpass.com/events_presentations

 

The financial statements can be viewed for Elite's Fiscal Year 2024 on Form 10-K here.

About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops and distributes niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products, some of which are licensed to Prasco, 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215156

FAQ

What were Elite Pharmaceuticals' revenues for the fiscal year ended March 31, 2024?

Elite Pharmaceuticals reported revenues of $56.6 million for the fiscal year ended March 31, 2024.

How much did Elite Pharmaceuticals' operating profits increase in Fiscal 2024?

Operating profits for Elite Pharmaceuticals increased by 192% to $10.8 million in Fiscal 2024.

What was Elite Pharmaceuticals' net income attributable to common shareholders for Fiscal 2024?

The net income attributable to common shareholders for Fiscal 2024 was $20.1 million.

What contributed to the increase in Elite Pharmaceuticals' operating profits in Fiscal 2024?

The increase in operating profits was primarily due to the commercial launch of the Elite label product line.

When is Elite Pharmaceuticals' conference call to discuss the year-end 2024 financial results?

The conference call is scheduled for July 2, 2024, at 11:30 AM EDT.