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S&P turns ANI outlook to stable
S&P said it revised its outlook for ANI Pharmaceuticals Inc. to stable from positive and affirmed its B- issuer and issue ratings.
“The stable outlook reflects our expectation for adjusted debt to EBITDA to be in the 4x-5x range on average over the next three years. This incorporates significant Cotrophin Gel launch costs, particularly this year, which we do not reverse from EBITDA resulting in adjusted debt to EBITDA of 7x-8x in 2022. However, we expect that leverage will significantly reduce in 2023 to about 4x as Cotrophin Gel sales ramp up,” S&P said in a press release.
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