Elite Pharmaceuticals Inc

elitepharma.com

What Do They Do?

Develops and manufactures generic oral medicines, including controlled-release drugs, for pharmaceutical wholesalers that supply pharmacies and institutions.

How Do They Make Money?

Pharmaceutical wholesalers pay for generic medicines and manufacturing work; Elite also earns license fees and royalties from pharmaceutical companies. Revenue is counted when customers obtain the promised goods or services.

revenue

Segment	Share	Revenue	How money arrives
Manufacturing Sold outright	99%		Sold outright
Licensing Licensed	0.7%		Licensed

Who Are Their Customers?

Pharmaceutical wholesalers buy Elite's products through both direct and indirect sales channels; its medicines are for pharmacies and institutions.

Customers above 10% of revenue, FY2026

of revenue from two customers (64%, 10%)

FY2025: 58% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 30 cents of every revenue dollar as net income in FY2026 and turned 15 cents into free cash flow.

Operating income, FY2026

33% of revenue

▲ +151% vs FY2025 ($19.6M, 23%)

Net income, FY2026

30% of revenue

▲ Now profitable vs FY2025 (−$4.3M, −5%)

Free cash flow, FY2026

15% of revenue

▲ +291% vs FY2025 ($5.8M, 7%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▼ −20%; vs $40.2M in Q1 FY2026
Net income: ▲ Now profitable; vs −$5.9M in Q1 FY2026

Aug 4, 2026 Launched generic extended-release ropinirole tablets under the Elite label The product is marketed and sold under the Elite Laboratories label.

Growing. Revenue grew 4.6x in 4 years, from $32.3M in FY2022 to $148.9M in FY2026, about 47% a year.

Move to own-label sales The older report described phentermine and naltrexone products distributed by TAGI under a licensing agreement; the latest says that agreement expired and Elite retained the sales and marketing rights, as it shifts from licensing products to marketing its own label.

Broader commercial product range The latest report lists methotrexate, combination pain medicines, lisdexamfetamine and methadone among its commercial products; these do not appear in the older report's product list.

Revenue over time

Manufacturing Licensing

$200M$100M$0

FY2024 FY2025 FY2026

Comments