Elite Pharmaceuticals Inc (ELTP)

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Elite Pharmaceuticals' (ELTP) FY24 Earnings Up, Gross Margin Down
Elite Pharmaceuticals, Inc. (ELTP Quick QuoteELTP - Free Report) delivered earnings per share (EPS) of 2 cents in fiscal 2024 compared with break-even EPS at the fiscal 2023-end.

Revenues in Detail
Elite Pharmaceuticals registered revenues of $56.6 million in fiscal 2024, up 65.8% from the comparable fiscal 2023 period. primarily resulted from robust revenues from Manufacturing fees.

Segment Details
Elite Pharmaceuticals’ derives revenues from two sources — Manufacturing fees and Licensing fees.

In fiscal 2024, revenues from Manufacturing fees were $54.1 million, up 85.4% from the fiscal 2023-end. This primarily resulted from the launch of the Elite label during the current fiscal year, which achieved increased sales for the year ended Mar 31, 2024, compared with the prior fiscal year, which did not include any sales of Elite label products.

Revenues in the Licensing fees segment totaled $2.5 million in fiscal 2024, down 49.6% from fiscal 2023. The decrease was primarily due to the expiration of the marketing alliance agreements between the company and Lannett Company, Inc. (the Lannett Agreements) on Mar 31, 2023.

The revenue streams that were generated during periods ending on or prior to Mar 31, 2023, and attributed to the Lannett Agreements included profit splits on the sale by Lannett of Amphetamine IR and Amphetamine ER. Since Apr 1, 2023, these products have been sold by Elite Pharmaceuticals under its label, with revenues being recorded as manufacturing revenues instead of licensing fees....

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