ANI Pharmaceuticals (ANIP)

[Just the facts maam]

Oscar Schafer is projecting Corti sales of $300 to $400 million

According to Schafer:

ANI sells generic and branded drugs to fight cancer, infections, and other conditions. Ebitda has grown by 79% a year since 2010. The company’s short- to medium-term goal is to generate $100 million a year in Ebitda. If it does so, it could be worth eight times Ebitda, or $800 million. Divide that by 11 million shares, and you get a $75 to $80 stock price, versus $65 a share today.

ANI owns a product for infantile spasms that has already been approved by the Food and Drug Administration. It will compete in a $1.5 billion market owned by Mallinckrodt [MNK]. In the next few years, that will add $300 million to $400 million of sales, and maybe $200 million of Ebitda. It is a call option, for which you are paying nothing.

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