ELTP - Earnings call transcript Q1 2020 | Elite Pharmaceuticals, Inc.

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Operator

Good morning, ladies and gentlemen. And welcome to Elite Pharmaceuticals Conference Call. At this time, all lines have been placed on listen-only mode.

Before management begins, the Company has the following statements.

This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including 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 conference call.

or by such Elite's ingredients factors involve performance approval inability may ability transfers the that including, and of to materially be cautioned different such of limitations, the the results, of without not to ANDAs obtain are necessary forward-looking delays, risks statements forward-looking control may that Elite, uncertainties which these the approval Listeners processes, timings to and uncertainties, the obtain actual of results, implied Elite other other or be expectations cause performance under of or statements. achievements FDA from

of NDA. forward-looking actions at may at approval, CRL, approval forward-looking obtain the of actions regarding and FDA all, SequestOx statements the and the obtain statements require to may the by the if of Elite of SequestOx of result approval approval, FDA, of the of take the all, These These the timing of of may statements the if order steps NDA. in the expected in regarding the include require of order Elite to FDA Elite FDA expected timing a the statements include by as

its Forms XX-Q, reviews, guarantees is obligation results its defenses, otherwise. and of the whether not or funding and pending and Elite's limitation, to with or are forward-looking Elite approvals action regulatory statements future clinical or authorities These LPC the Securities on under future and a Agreement, are protections of and XX-K, regulatory risks including discussed Commission, update events by other Drug the under result Administration intellectual new forward-looking in These ability to performance. sources, other X-K. as no other alter and information, timing and the property statements, or and without Exchange including filings Food reports sufficient factors, of Elite's obtain or and trials, from future

over yours. floor now to Nasrat my Chief the of the pleasure President your and Officer it to floor Executive is Mr. Hakim, turn Sir, covered, that is With host, Pharmaceuticals. Elite

Nasrat Hakim

Thank Nasrat floor. Carter Elite's you, through Mr. finances call and come our ladies Q&A. will Chief good after Mr. Officer gentlemen. walk the and am is have CEO. I earnings us back name This some is and the Financial President Ward morning, so which comments Ward, Paul My with I'll you our Hakim. and

Carter Ward

you, today. in is day. actually available XXth, date was which fiscal provide Friday everyone the quarter links Last the is June to we XXst the so we're It's due Thank quarter for website, fiscal XXst, quarter, XXXX Investor year XXXX. Nasrat. year. a calling due Section days The so our many the close are The filings. websites the XXth at ending quarter of XX-Q's filed our That's first our Q on Friday, the of and XX-Q XX after ended sec.gov Thanks is our our on XXXX. available the June March also other of year, fiscal elitepharma.com. that March

or elitepharma.com the the providing financials, other of If to please analysis, use. going of parts any get sites and some the through of I'm insight context you from haven't the take a gone through you yet, copy that some you into key Q the briefly numbers.

those As do that I'll from we've well. best financials followers. comments my always, questions And as received Elite and related shareholders and our address to

they're quite interesting. financials these So

$X.X compared for June the ended P&L start where So $X.X quarter million. with of million XXth, Revenues That's most revenues to June let's XXXX XXXX. the for quarter were interesting. the are the

it's So increase. a XX% year-on-year

-- March March more did is XXXX Those at this You quarter-to-quarter from than quarter. $X.X revenues look the the we quarter XXXX June double million.

in a increase had revenues year-on-year. we XX% So

increased had also XXX% quarter-to-quarter. We a

XX look is years at performance that So matter clearly strongest strong I've seen. Elite the you for how and I've this with it's no it. quarter been

been and June great quarter one-time dantrolene shows marketed revenues. newly this during the at making It launched job was revenues namely checked. their were who XXXX they're higher revenues this significant launched They're our immediate-release -- them. earned were large part Drilling but alliance products to due from revenue contributions with launched down that capsules partner with they're and a doing these that into a quarter by streams, milestone were earliest numbers quarter. of in quarter already Adderall They've is which stage products a Lynette commercialization. These of the was, -- XXXX being to There a I just very and different. and is generic

over are Expectations share. increase gains market Lynette as that time this contribution will

far forecasts expectations. So orders growth these hand in support and confirmed

Dantrolene and in that Adderall generic that remember our are they capsules, products are plan. of the strategic two critical Just path squarely

during well launching So quarter, was it significant both a were that's products was it, not what we doing planning this the that end points. but on milestone,

and far with Lynette works, growth tremendous focus to Initial are been profit nine lag products Also and and performance in month they've The a from way forecasts. the initial profit split there's by manufacturing. to there's been that volumes orders Now component the as remember, three revenues so mostly the marketed has achieved these manufacturing. revenues products Lynette. to compared profits splits commercialization, exceeding a have split

future pipeline of volumes the are market. this additional as a having revenues product profit the slowing strong of splits the into into is positive from sold level end-user indicator So

is the they've they our that are are to expectations well and established grow new and as products positively they financials. will become done here they've that But continue they Takeaway impacted products in new market. the more

Orders of launched, just part June quarter products performing steady strong for continuing. most a levels. new With and our Naltrexone continued being by are levels product followed orders and at for by the marketed highest increased to the at well. are lines the they're their rest Phentermine addition In TAGI

Isradipine, Phendimetrazine by exceeding Trimipramine Similarly, Those Glenmark. are also continuing. forecast have sold sales we and and

factors Adderall this pointing adds to future. for Elite was of what levels clearly these with increasing revenue All maintaining the up and in the to strongest

and to P&L, research million $X.X June were about down development as million to So $X.X expenses XXXX which talk let's quarter, the this compared quarter. for moving

X%. $XXX,XXX it's increase just So under

R&D relatively as are but as the unchanged as they on amounts, was the spent it's important amount spent. important was always with that So the just amount that's what

the GDUFA an year. Those is That the $X.X from primarily which fourth quarter. and the million approval, with $X.X above on spent nearing contribution products those. was expected the year provide three are Dantrolene. of products to a just later primarily on which if is product major stage close was million and are more on year and approval launched they but a spent have we this the of Last contribution in this Adderall spent product there's generic will date to pipeline, are this making Nasrat two three contributions approved now wasn't products launched earlier products in development. particular a the say on the to significantly one It

lifeblood actual have stage that a pharma company's products it's to and that's the pipeline, on to the consider in each impact R&D shareholder company product say the than the this But in of commercialization approval is their values. important development, and will the Everyone deeper time and go and true. the that and

part within substantial on XX-months. on takeaway a possible this was in spend near contribution with products is are the quarter our the next R&D So large that the focused commercialization financials that

products. likelihood diversified near So revenues record maintained quarter a revenue for solid a to our newly up, strong revenues of launched and earned quarter had foundation level, from this streams, as revenues Indicating at sum we our well. with and of a potential with strongest increased

potential products the are significant for addition, we the focused near within commercialization that's and on In have that spend next XX-months. an R&D contribution

and Officer So give to Nasrat Chief an would Mr. now Hakim, Chairman Executive and comments. President his and update our like

Nasrat Hakim

products lot ago discussed whole our Thank and start marketing, changed. marketing and We the of updates you, not has products of you for just and of these new a Thank the a the call sales heck expectations sales and weeks and morning, good gentlemen. growth partners Carter. and the again, so product this product. And for us. with sales had conference joining I the I'll of seven the ladies launches. our

expected with are Elite' quarter $X.X $X.X we easily. plan that to track starting And very million on quarter. are have that the million we obviously, on double achieved this obviously, revenues We that before, from executing exceeded the we quarter. this last I said growth we revenues and

million is higher $X.X described year to figures forecasted a lot for strong was issued it by quarter. when the ending than over revenue September XX% projections and current as Definitely exactly to than I firm on XXXX quarter a Carter last expect be same just and partners what I of before. as the sales quarter quarter based it Our this to lot was quarter as orders better in in last this continue you. our and

to the the quarter amend meeting, to triple a I our of and double where fact, I we're said like first $X.X would I gave As that revenues our going during compared to last million. matter then of statement

We'll we next after that doubled company The well. the three us change a triple. going have be the very begun one going orders obviously the with and Lynette is one that Lynette to that is it's as months. next then north And Carter for is the given solid sales in be and of that to for just just products firm described

projections to more for for So what's why will three three of so happened comfortable happen. sharing we first of orders, that's happen regardless at what they visibility we least. are very clear the have entire the months. of now year, it given the And firm you They always can going are us these months take for have with of what but predictions

fiscal $X.X in the plus that $X.X to million To going the I current revenues we're the last projecting am million. in This years our $X.X made we two quarter put million things $X in have perspective, hit been one. million. next and

getting Elite that. in to it of you we we which as from making is as ends two think year be even about from my bigger is it XXXX. all money marketing that sales of of prediction data ends Elite's the which quarters going we're year in December is or the the are made And if QX QX much one XX before year, that fiscal Elite's first before in than the the September and almost So entire

develop, Well, Elite's products. plan Where file is and all coming approve new this from coming from? it's to the

lot ensure Without making two focusing and would of investments, a partners marketing been years, and on the and working have hard we'll past have sell. last sales money We that. be that this something on to spending that on that for the To materialize. three for years all our three the to very not

So sales today, as time. know, the We've working we oldest of very as with a and TAGI partners is been marketing long for TAGI. have you three

of sales products that and addiction. the we three the recently API is used are TAGI we're Naltrexone TAGI of tablets point that And treatment More competitive. to increased working past over the comfortable a sells today. which product with of is years them. more Glenmark couple Lynette. is and an supplier the where has most recent in improved with

we hold that defending have of Bariatrics products these way products. of little my better now. our even for have been has TAGI So It grounds the years And this they from Phentermine that can TAGI selling possibly market in in they capsules, are in these their many two understanding again a is profit. been Phentermine and market sale number two partner and share. effective the

Glenmark our was year. partnership last Glenmark, signed

that previous selling they in weird starting with addiction with going to from good job our enough of happened very to methadone at Glenmark a Glenmark with to clinics, methadone. opioids job product this done and combine Phendimetrazine, such penetration. some products to to what very clinics, we been in very but obtaining also has multi and it Trimipramine be methadone from category is was it that. used product partner just previous at has to larger interestingly effectively good have oxy states it methadone a and sales is is the Lynette been partner who Glenmark, as becoming a Elite distribute closely continue this distributors transitioned now selling are but help monitoring are bariatric four doing distributors transitioned Isradipine. that. a to We and has Glenmark our

products partner stay next quarter it maybe it used early Lynette down is updated. been does our would definitely Two happen going because then to separate sit short-term very if add signed Nothing's even also like are you the to we Lynette, waiting some states to breaking But three approval. we this one and has reevaluate. decide We partnership a partnership are for addictions, we'll keep successful if or and it and them. quarter. for have with to FDA active but it lawsuits

quarter this to quarters. contributor market mixed is the players in remind this partner began expected Epic, an has has and here to that took This We and get growth be years it product already. and with we Dantrolene API, the our a of to Epic but had for done, next other for the for market. supplement, approval SunGen. two tablets, with our file a Amphetamine. transfer pause dantrolene not is and co-developed revenue in products it it also of site everybody, five important only all signed Amphetamine October. sales one makes launched launched The it This product which was back second of capsules, partners just the generic recently. did that We to the found a it change not got few filed

very will Amphetamine, launch An profitable. FDA from for this December over have product as release year. busy the under key the very dantrolene. product on important FDA. revenues company at quarters. site we the This Elite. This I to the a product. continuous Elite SunGen. growth a time. CNS and been it's provide co-developed you is This mix ANDA by to transfer of expected the review is as This with GDUFA of and that Okay with and moved is the couple closely and for is The the with be stabilize on that commercial become the for is the extended would filed generated us being next looking is This December will and that second the us. we of well with product filings, that approvals last is updated the product and recently date

with revenues, partner co-developed a As or good Lynette developed made future. continue Carter to to review with as mentioned, and contribution for and both The our commercialization. FDA is that under ANDA our foreseeable to This of CNS, it mentioned. licensed I have extended-release do in will these SunGen the is was

it are We hoping will the approve December. in FDA

We heard on them to have after. other await approval updated asked contrary; their questions. in questions last launch and the anything December any shortly we've not have they we since And their not

co-developed by say the is is our FDA. will by Antibiotic from review and SunGen we ANDA tablets, also with FDA. is this we partner also product under Once let. it FDA, review the FDA The Codeine, labeling. with us Tylenol expecting date hear us recently ask was application give amend back favorable anything except FDA a the about GDUFA that to go to were will We and response. and did not our under

They extra anytime change So labeling. themselves approval. a for to they ask three month the you give

go So the and labeling. the no There it's we're whatsoever on months comments except hoping say substance within was next of ago. of they'll back the application the amend couple

work development Elite the Development, at continues.

$X.X race a have to numerous about in billion SunGen. We data. under products has product in The generic is with next filed an sales be combination It's extended consideration. and product IMS it product

you on that triggering we other of Any milestones. work or update we a is update time will specific definitely continue there those will you. event projects and upon achievements We developments something is on generics to material, differentiating and

you. any update we ago, seven Since about just I spoke have weeks more don't for

So I'm going just summarize. to

pipeline Adderall, Our the and The with by review genetic release includes Codeine. under FDA Tylenol CR CNS extended antibiotic Dantrium three tablets including the product.

a review site of well. And the change outcome and for releasing We is favorable hoping product an API a supplier we're that soon with also FDA, filed transfer now. right and this and a Loxapine very pending as for

we reach after which going the FDA's next the nervous sales December. will of in company. that system we our obviously The We've marketing the GDUFA and the giants Lynette Glenmark quarter, for and date, await improved I the listed that by central is with just reporting of important hopefully now of products continue the the most all quarter ER obviously and shows and are in like life the date

hope $X.X six is expect to Don't million. I we five, growth number forward. to four we And know hit graduate move and My or excited do seven continue. again. overemphasize quarterly the We to not and positive see want we that this. that that everybody's

Okay.

that Diane hit independence a million. sent this of my portions list bigger get exciting is So I we will $X.X this one to presentation. ladder than were me us But that on is really know financial that the success. step news and

thinking So I'll Many categories. can. you're I've I same to as grouped many which we of as And are that's them as try into is redundant, good how so thinking really the address are them actually because well. all

read I make to who been you've just them try many is questions. category is that take And of sure So much a way questions I the if read and I pretty people the and the acknowledge because want to sent. they of redundant send sound that received. this most I'll the it

category financials, questions have So the about is about financing sent and or that first okay. you guys inquired

going and them The to answer first question read is, questions the I'm then I'll all together.

a on the a that's is okay. call there go do question totality and it, I'll If then piece of that. And will our back I of answer

the can is and growing projection needs long continue for concern. cash of current a what how So Elite as Elite

I'll growing opinion Carter everybody wrong; first concern and one me else. if a with part the The answer auditors issue The year. correct I'm

ton it year, They Even going doesn't So it next always if once making do if company changes, even matter. it's be we're a of March. the right. money, to a

Carter Ward

The growing concern is opinion. an actual

no done audit end issue auditors quarterly, at The opinion. which our fiscal year review opinion. an get a and is we get we So an the the of which there

is March auditors the growing be to June, issued. from after qualification hopefully, for we opinion. K But the the remove we opinion such next when their have wait concern in financials time So our will will next do an the that

Nasrat Hakim

any or so, Elite dilution financing you, And that for what place? working Carter. is on? Thank if Elite will Good. take financial-- other options Are there

We the the dilution. but a of the We to talk that actually dilution lots things want We in when are and D about that bring asked address the before the stockholders had dilution is money years issued stocks will on series I authorized shares, value was I joined for and issued. on point When that company. this company spending them had Epic. of you I doing company we to what with warrants, okay. the R&D Okay.

and $X X,XXX XXX do Or have do? that to money. earning another generate share what now partners. to if So that shares so want X,XXX be you're on your partners we're - we earning have you XXX any you to want not shares nothing? But wouldn't you XXX if or XXX And you or per hold share, outstanding produces

Okay.

So is what really form changing the we're equity. of doing

the are put in now. we be cash bringing a getting scrubbing did We per with like the for money company everybody. more into because That low. as in on really is that just they'll And it deal of partners into products because investors the into we R&D share company's generates that company price are put good it we the they're

Okay.

dilution a to I that facility shares, create for extended we and able wouldn't be get and lot we Park system and the SunGen to about the release So that? hear Lincoln we're all work wouldn't approved today nervous going central partnerships issuing be but on the here of with and build and

We'll CC to one it cost? short belt-tightening may their would Is quarters over quarter. What raise this quarter impact in increase Elite's revenues and could term us? there a how is Last to financial cover be And of Okay. with resources the a the following Elite forward? plan it clearer expected capital these surprise said cover chance the is going Elite's revenues increased that. operational and

rest What a of we to forward? going surprises financing Okay. I second. but it the is want for going to in are this do allows this

When the up change cannot you Lincoln it something and be another we SEC but and involves agreement one. expires one, Can that Okay. come with amend current the can is don't No. This FPC Park amended? it. you

close we out are Park to How maxing the agreement? Lincoln

out right not price The expire The per so stock before into low max the will time is that of unless on probably we We're price Okay. now. able that not. appreciates the considerably. share tapping we to that are are

equity No. on a in stake? to take position SunGen Is

Do Jersey for EDA another we New bond? qualify

we And We're not anyways. then interested in access do to that have that.

rights selling and money this we're let's give is them lawsuits different that always opioids on though is we about them. for on open-minded and How say burner to just But That not soliciting that me hear and we that the work That call. that, the every But when companies to do a high to find note from Percocet? Call not our options. anything single I to wants that partner to there our we'll Diane I'm because mean And that doesn't going generate buy out with are meeting even be hey, would somebody relief. happy a you. have Norco working path. on we're we the of okay, with serious back explored. a doesn't not business. explore we liability then say, mean resource If

by exploring the nothing and except lose You for potentially good getting something hit a company. possible

company company approved Does a once approved cash is product flow size positive? and the keep amount considered plan CNS becomes to of be to drug ER the the large under as limit

is comes pay million in going extra And that we're generate an this not it does will have could product XXXX of question. XXXX sacrifice we much to potentially we divesting And our a we evaluate lesser very else to if partner's if to will to risk dollar somebody going we're go revenue? we a Actually name? if or to by the new putting selling stay do Yes, it best and to this do. it product it under and good or

think stuff the that about all of We things which discussing because we call conference change. just this was Okay. something

All right.

the So to raise plans capital.

still during loss once Even we of the being last we the questions approved, reasons. Now potential for with profitable, positive multitude of becoming our are though [Indiscernible] revenues the approval are call. with flow cash increased discussed approaching few I and that. CNSC need the capital the that's capital solve need about for

we us marketing order ourselves need the to product materials. the raw for API. immediate for immediate flow. an need. in We cash need for need make team, the The and is product There is We Okay. the need

HR higher to for the they days we win Okay, us. make we we pay that period it product sales of And team. then to then XX and buy first after this. employees a work cost certain our deliver on time That marketing and

flow always lag that So that money you up immediate about, can there is time because cash you do that need for tied where is okay. cash nothing

it, Second, now there is have problem lot to folders I intermediate the a the need. and this It's definitely and Anytime problem need you you my where And a have a bill going also pipeline. cards. may need cost okay, you you need line, more and need equipment oh tablet or need second R&D deal there of electric with the god is have, packaging facility, but product faster you upgrade to a your higher. third press HR are

way higher a described, to a creates for in pipeline the our crash. keep us lifeline. talking order or increasing something where doesn't fundamentals That increasing start our the that continue R&D for if us and about have revenues, Carter only case what delayed rumor much As price is to is filing start profits and in I we

and you earnings on that pipeline get that top you for that per then if fundamentals happen. share have you the to us of order only can you When keep and And in achieve have doesn't level. to R&D

to going really immediate the as stuff. needs, So be it's

the it. at partners our with work somehow And already. some at managing of we're to have that be working help with doing to the the at to day, that to we're And to need is money end good still as very probably we have. capital We and borrow to need the good $ and it burden We not million. million and going $X wise

in said, need as need realistic, able to, have. to that we be be have. us the any buy you to get have to some if problem We hump money API we to and borrowing to I need into through a resources To may it's case tap

The there things of you intermediate do. for are creative can need capital, lot a

can repossess things You can borrow finance only are but and you limited to in to at Not they equipment least happened, it saying is like get be happen, there that in that anything don't not money, if option is -- we finance. it certain I this will do to to It's case piece if of to going . we're well equipment, debt okay. but an want

night in the and you dates going that we're have that and We take covered that long September. It's this. for I that's in timelines not that's long-term The to to though December. it XX-Q. something where ongoing We over it months come because And even a we happening There we regulatory be the go share to single need where to have R&D, do proxy are years it takes two call in. long-term, to proxy initially that shareholder shares, this it a meet the effect thought it's don't and it day projects, things proceeding and with our use happens, you time. the takes want is three will of every meeting to with do

decided we a date the little to therefore And further. push

gets it's proxy able second, of free. this $XX,XXX not be going. The to up to the do to all and It cost

pushed we So it because of all of to that down December.

R&D and have is proxy. shares we to used needed capital for when the asked increasing should first continuing if the support If my A need them. authorized choice will be and is Lincoln capital we're and So these Park We growth. Capital.

I is for raise said way money. us hurtful times, cheapest and financially. the least As best the And many it to really

capital list price support when needed the expensive to assuming the favorably alternative growth as the is to growth. reacts to long use to and grow As continues Park then least Lincoln is our stock

of capital my support high That new be it's expensive. out That would cost alternative. to to of by -- could we is good Elite. very all that don't banks, raised. desperation is And is want it. rights so Wall growth least going We involving favorite. to stockholders. we raising the stockholders only and preferred products. way are very do Lincoln It and all money the propose not explored we're several I talked there. other be would the a raise Park the and It is a a to ways too and money expensive. remains existing get Street source go to offering could to we are We've There extreme creative

So offering. and an the shareholders would advantage receive the opportunity of

shares It from to the that it as outside definitely won't the we shareholders may And is of the potential with would proposing propose move we forward dilution and about. part avoid offer of we a the to it thinking company. something are proxy first the the and profit without stockholders. growth It continuing of

That's the financial part.

future? SunGen. Any look what comments the may about partnership it SunGen comments in on Some like and

and it said, one there. SunGen company. to may Actavis a made continue is is China and to must going CEO He I'm investment. company publically just The of US. own from in billionaire is China. know me. but several I reached companies China relationships the enough and in guy a where made I are money to XXX% a from good may started that He colleagues who clear good, I my entity. his interests them sell get may want decide have to owner He that the he from expand obviously took was out. US-based and the an he's financing not smart The enough he part his point a often I of made

the have discuss what that a I companies. down we partners and product. event the know is another not know that triggering nervous we superior do one central One will or on I once regarding that products But the that for two two that coming event a the material are product future I pipeline. system So holds are are

decisions and with is from very, partnership so but the them China. Okay, very our come relationship positive,

I the So want you because I to don't what's going to honestly know. future tell in don't happen

second SunGen? drug the of status the antibiotic developed with the What's

filing weeks back us filing expect fee the and the hit from from requested That filing? Those and about more That the for requested on time or week we we'll When we we a get dumping. more revisit dumping within tests the CNS are XX/XX/XX. place brakes that completed. equivalency product alcohol on. we're we test raising time was The and The is $XXX,XXX it because this the decided point has capital, $XXX,XXX SunGen FDA on took and it. to two completed is already by this. products one have can the the FDA working that PR product request go within other been where that to by Once important

that's could issue us do don't it's need issue the the do is it, told and tough do that to we The why it, we we it. wasn't didn't FDA test that

So immediately as was wanted said that we time they as and done, we soon ago. did filed a it long

test Is approval? could the delay a further from chance FDA for this ANDA there that this a response

met This criteria. equivalent are or look you the test, results were than and bottomland what we the brand. brand because specific for, better or equivalent those no, they That's

ask but have the FDA the and back is come ask given, is question is come a to I one that cannot predict and far no want but within to shock I this worries specific example that. about different us me, Now going questions as as back that FDA

How soon after ER approval the expect do to you launch product? CNS

product important will Lightning the be we speed. that. We're the Year going New I know Christmas. this don't maybe approval celebrating the most No, around to around corner have. with get

move is with As soon we'll ready, we are Lannett approval, ready, as get we it. forward

the on week question take side I is the going digit. in this hopefully go or to I months, weeks would it's the and So is single

ourselves going the company, the of in are it interest best We do to this okay. because is

call your On previous you opioids. talked on questions about opioids. Some

Same is can in defense least part [Indiscernible] dollars. Ladies for of our is a through be the We and costs millions and the opioids gentlemen, landscape again. Okay. treacherous. afford of which answer interest legal a really lawsuit. barely It best

in another ago, to of of $XX couple addition million Just okay. first and so had the few only or days settlement million like that's Teva $XXX state,

We need to we we products. In these we got strong we my the can't drugs few product. and be that. sell we would focusing are are really lot talking of like be smart nation, as partners. people on abuse a that and different pain. a That's in needed opinion, to to that and We afford love about And they part of forgetting have who the to discussion. the we would X.XXX are political because So

see survive. is who are partner or hint But sued, to on regulatories are sideline the we going rather to get stay we till the not that be going we from and till not that sued be convinced find right and must we we a

a after facility as capacity when large the For CNF? drug example, the currently would The What question ER And of is When fully configured? be it pill the last utilized? approval is facility is about it required? facility. is any

time it all the about Think we question. fine. good but term short are Very

day, let without and a day. of five So you shift of a one only five week, days give we shift flavor lot shift understand a a Elite, ton only one a what We into that going that days are explain I'll me at Today week. one you'll a on to you details. the have so we run can we more. week take

two easily there the have can leaving and you on up be that in a work days five product other XXxX. money is fire a to shifts can Okay, a week, made, off facilities three also When is companies, to weekend. and there you we and day, go can before done the

capacity. running we are at So really low

people things very we people crazy. like company efficient. are a are we Now when small here, be we to are Because need generating and

So the to revenues fixed cost will go down profit. translate the and

Okay.

I have Elite. do And we earlier mentioned capacity at why So equipment. that's the

we to multiple Okay, can can go have We here. people shifts. multiple

can the or capacity the So a foreseeable from space, it central and something, buy it issue foreseeable that future, enough term then facility, okay. is Eventually, we'll discuss in lots do we revenues, for by of we manufacturing we'll nervous we the for it. now shape. are the we then good have There but we'll future, receiving several another either more ER have warehouse have build Right. material, no system, short because products packaging beyond short once very

all. attending Well, that you and you call. thank all concludes our for Thank conference

Operator

- Q

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Q&A of End

Operator

conclude this and call. today's Thank you. Ladies gentlemen, conference does

participation. phone a disconnect lines this your And day. may your for at Thank have wonderful time. you You

Elite Pharmaceuticals (ELTP) 12 Aug 192020 Q1 Earnings call transcript