ANI Pharmaceuticals (ANIP)

[Just the facts maam]

Even though Prybyl stated that he expected royalties from Teva in the low single digit millions. If Teva is the only one in the market and generics decimate Androgel, just as Tricor was decimated. We could expect royalties closer $5 million per quarter, as long as Anip is the sole generic provider.


According to Abbvie's Q3 earnings report. Tricor revenues dropped 88.3% from the previous year due largely to generic competition.

Abbvie Q3

Androgel sales were $248 million for Q3. If Teva is equally succesful and assuming they introduce Tesneo at 1/3 the price of Androgel, at least until other generic competition approaches, Tesneo sales could easily reach $70 million giving ANIP over $5 million in royalties/ quarter.

For the above reason a conservative estimate of $2.5 million in royalties from Teva per quarter is very realistic.

Note: This does not include any sales that may migrate over from any of Androgel's competitors nor testosterone injections.