Elite Pharmaceuticals, Inc. Reports Financial Results for the Third Quarter of Fiscal Year 2025 ended December 31, 2024 and Provides Conference Call Information

Rhea-AI Summary

Elite Pharmaceuticals (OTCQB: ELTP) reported financial results for Q3 FY2025 ended December 31, 2024. The company saw consolidated revenues of $14.4 million, representing an 8% decrease ($1.2 million) compared to the same period last year. Operating profits declined by 69% to $1.1 million, a $2.4 million decrease from the previous year.

The company attributed the performance decline to timing differences during the December holiday period, which resulted in shipment delays into the first week of January 2025. Elite Pharmaceuticals, which specializes in developing, manufacturing, and distributing niche generic products, has scheduled a conference call for February 14, 2025, at 11:30 AM EST to discuss these results and provide business updates.

Positive

• Maintained profitability with $1.1 million in operating profits
• Strong revenue base of $14.4 million for the quarter

Negative

• 8% decrease in consolidated revenues (-$1.2 million) year-over-year
• 69% decline in operating profits (-$2.4 million) year-over-year
• Shipment delays affecting Q3 performance

News Market Reaction – ELTP

-3.99%

1 alert

-3.99% News Effect

On the day this news was published, ELTP declined 3.99%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Conference Call Scheduled for Friday, February 14 at 11:30 AM EST

Northvale, New Jersey--(Newsfile Corp. - February 13, 2025) - Elite Pharmaceuticals, Inc. (OTCQB: ELTP) ("Elite" or the "Company"), a specialty pharmaceutical company engaged in the development, manufacture, and distribution of niche generic products, announced results for the three months ended December 31, 2024, which is the third quarter of the Company's fiscal year ending on March 31, 2025 ("Third Quarter").

Consolidated revenues for the three months ended December 31, 2024, were $14.4 million, a decrease of $1.2 million or approximately 8% as compared to the comparable period of the prior fiscal year. Operating profits were $1.1 million, a decrease of $2.4 million or approximately 69%, as compared to the comparable period of the prior fiscal year. Results of operations for the Third Quarter were effected by timing differences at the end of December holiday period which resulted in shipments being delayed into the first week of January 2025.

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 14, 2025
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 Thursday, February 13, 2025
Audio Replay:	https://elite.irpass.com/events_presentations

 

The financial statements can be viewed for Elite's Third Quarter of Fiscal Year 2025 on Form 10-Q here.

About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops and distributes niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products, some of which are licensed to Prasco, 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240670

FAQ

What was Elite Pharmaceuticals (ELTP) revenue for Q3 FY2025?

Elite Pharmaceuticals reported consolidated revenues of $14.4 million for Q3 FY2025 ended December 31, 2024.

How much did ELTP's operating profits decline in Q3 FY2025?

Operating profits declined by 69% to $1.1 million, a decrease of $2.4 million compared to the same period in the previous fiscal year.

What caused the revenue decline for ELTP in Q3 FY2025?

The revenue decline was attributed to timing differences during the December holiday period, which resulted in shipments being delayed into the first week of January 2025.

When is Elite Pharmaceuticals (ELTP) Q3 earnings conference call?

Elite Pharmaceuticals scheduled their Q3 FY2025 earnings conference call for February 14, 2025, at 11:30 AM EST.