Elite Pharmaceuticals, Inc. Reports Financial Results for the Third Quarter of Fiscal Year 2023 ended December 31, 2022 and Provides Conference Call Information

Rhea-AI Summary

Elite Pharmaceuticals, Inc. (OTCQB:ELTP) reported financial results for the third quarter of fiscal year 2023, ending December 31, 2022. The company achieved consolidated revenues of $9.3 million, up 3% year-over-year, primarily driven by sales of generic Adderall products. Operating profits increased to $2.0 million, while net income rose to $2.96 million. For the nine-month period, revenues totaled $25.5 million, reflecting a 4% increase, but operating profits decreased to $4.1 million. A conference call is scheduled for February 15, 2023 to discuss these results and future updates.

Positive

• Third quarter revenues of $9.3 million increased by 3% year-over-year.
• Net income for the quarter rose to $2.96 million.
• Strong performance attributed to sales of generic immediate-release and extended-release Adderall products.

Negative

• Operating profits for the nine-month period decreased by $0.10 million compared to the prior year's period.

Conference Call Scheduled for Wednesday, February 15 at 11:30 AM EST

NORTHVALE, NJ / ACCESSWIRE / February 14, 2023 / Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCQB:ELTP), a specialty pharmaceutical company developing niche generic products, announced results for the third quarter of fiscal year 2023 ended December 31, 2022 ("Third Quarter").

Consolidated revenues for the three-month period ended December 31, 2022, were $9.3 million, an increase of $0.30 million or 3% 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 $2.0 million, an increase of $0.12 million from the prior year's comparable period, and net income was $2.96 million.

Consolidated revenues for the nine-month period ended December 31, 2022, were $25.5 million, an increase of $0.90 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 $4.1 million, a decrease of $0.10 million from the comparable period of the prior year, and net income was $4.79 million.

Conference Call Information

Elite's management will host a conference call to discuss the Third 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:	February 15, 2023
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 Tuesday, February 14, 2023
Audio Replay:	https://elite.irpass.com/events_presentations

The financial statements can be viewed for Elite's Third 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/739342/Elite-Pharmaceuticals-Inc-Reports-Financial-Results-for-the-Third-Quarter-of-Fiscal-Year-2023-ended-December-31-2022-and-Provides-Conference-Call-Information

FAQ

What were the revenue figures for Elite Pharmaceuticals in Q3 2023?

Elite Pharmaceuticals reported third quarter revenues of $9.3 million, a 3% increase from the previous year.

What is the net income for Elite Pharmaceuticals for Q3 2023?

The net income for Elite Pharmaceuticals in Q3 2023 was $2.96 million.

When is the conference call for Elite Pharmaceuticals scheduled?

The conference call for Elite Pharmaceuticals is scheduled for February 15, 2023, at 11:30 AM EST.

How much did operating profits decline for the nine-month period for Elite Pharmaceuticals?

Operating profits for the nine-month period decreased by $0.10 million compared to the prior year.