Elite Pharmaceuticals, Inc. Reports Financial Results for the Second Quarter of Fiscal Year 2023 Ended September 30, 2022 and Provides Conference Call Information

Rhea-AI Summary

Elite Pharmaceuticals (OTCQB:ELTP) announced its financial results for the second quarter of fiscal year 2023, ending September 30, 2022, with consolidated revenues reaching $16.3 million, a 4% increase year-over-year. This growth is primarily due to revenues from generic Adderall. However, operating profits fell to $2.1 million, a decrease of $0.28 million compared to the previous year, while net income was reported at $1.82 million. A conference call is scheduled for November 15, 2022, to discuss results and updates.

Positive

• Consolidated revenues increased by $0.64 million (4%) to $16.3 million compared to the prior year.
• Net income for the quarter was $1.82 million.

Negative

• Operating profits decreased by $0.28 million to $2.1 million compared to the prior year.

Conference Call Scheduled for Tuesday, November 15 at 11:30 AM EST

NORTHVALE, NJ / ACCESSWIRE / November 15, 2022 / Elite Pharmaceuticals, Inc. ("Elite" or the "Company")(OTCQB:ELTP), a specialty pharmaceutical company developing niche generic products, announced results for the second quarter of fiscal year 2023 ended September 30, 2022 ("Second Quarter").

Consolidated revenues for the six-month period ended September 30, 2022, were $16.3 million, an increase of $0.64 million or 4% as compared to the comparable period of the prior fiscal year. The increase was primarily attributed to revenues from generic immediate-release Adderall® and generic extended-release Adderall®. Operating profits were $2.1 million, a decrease of $0.28 million from the comparable period of the prior year, and net income was $1.82 million.

Conference Call Information

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

Date:	November 15, 2022
Time:	11:30 AM EST
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, November 14, 2022
Audio Replay:	https://elite.irpass.com/events_presentations

The financial statements can be viewed for Elite's Second Quarter of Fiscal Year 2023 on Form 10-Q 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/724562/Elite-Pharmaceuticals-Inc-Reports-Financial-Results-for-the-Second-Quarter-of-Fiscal-Year-2023-Ended-September-30-2022-and-Provides-Conference-Call-Information

FAQ

What are Elite Pharmaceuticals' financial results for Q2 2023?

Elite Pharmaceuticals reported consolidated revenues of $16.3 million, a 4% increase year-over-year.

When will Elite Pharmaceuticals hold its conference call?

The conference call is scheduled for November 15, 2022, at 11:30 AM EST.

What is the net income for Elite Pharmaceuticals for Q2 2023?

The net income for Q2 2023 was reported at $1.82 million.

How did Elite Pharmaceuticals' operating profits change in Q2 2023?

Operating profits decreased by $0.28 million to $2.1 million compared to the previous year.