Shares of ANI Pharmaceuticals slipped after the biopharmaceutical company cut its revenue guidance for Cortrophin Gel.

The stock was down 6%, to $77.70, late Friday morning, and has fallen 1.6% since the start of the year.

Chief Executive Nikhil Lalwani said the company lowered its full-year revenue guidance for Cortrophin Gel, a treatment for inflammatory certain inflammatory conditions, to between $520 million and $540 million from $540 million to $575 million.

Lalwani added that the company reaffirmed its full-year guidance of between $1.08 billion and $1.14 billion and adjusted earnings of $9.19 to $9.69 a share. Analysts polled by FactSet are expecting adjusted earnings per share of $9.45 on revenue of $1.12 billion.

For the second quarter, the company reported net income of $24.7 million, or $1.05 a share, compared with $8.5 million, or 36 cents a share, a year earlier.

Adjusted earnings per share were $2.21. Analysts polled by FactSet expected $2.04.

Revenue rose 26%, to $266 million. Analysts polled by FactSet expected $260.1 million. Net revenues from Cortrophin Gel was $117.1 million, up about 44%, in the second quarter.