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what it is
ANI Pharmaceuticals makes Rare Disease, Generics, and Brands products and sells them through typical U.S. pharma channels.
how it gets paid
FY2025 net revenue ~$883.4M (+43.8%). Largest lines: Rare Disease ~$422.6M (+84.1%), Generics ~$384.1M (+27.6%), Brands ~$61.3M (−5.3%) — EX-99.1.
why it's growing
FY revenue growth was 43.8%. Q4 revenue grew 29.6% vs. prior year; diluted GAAP EPS was $1.18 vs. $(0.55) in Q4 2024. FY2025 diluted GAAP EPS $3.32 vs. $(1.04) FY2024.
what just happened
Q4 2025: ~$247.1M revenue; $1.18 diluted GAAP EPS / $2.33 adjusted non-GAAP diluted EPS. Company reaffirmed 2026 guidance: total net revenue $1,055M–$1,115M, Adj. non-GAAP EBITDA $275M–$290M, Adj. non-GAAP diluted EPS $8.83–$9.34.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
~23× trailing P/E illustrative ($77 / $3.32 FY2025 GAAP diluted) · verify
return on capital — not verified on this page
$3.32 FY2025 GAAP diluted EPS
xvary composite: 66/100 — average
What they do
ANI Pharmaceuticals makes Rare Disease, Generics, and Brands products and sells them through typical U.S. pharma channels.
Breadth across Rare Disease (Cortrophin Gel, ILUVIEN), a growing Generics business, and Brands — not a one-asset lottery, but Cortrophin Gel is still the dominant growth driver (~$347.8M FY2025). Scale (~$883M revenue) sits alongside meaningful leverage: ~$629M debt principal (incl. convertible, per release) and ~$617M debt on the Dec 31, 2025 balance sheet (current + non-current, net of deferred costs).
How they make money
~$883.4M
FY2025 net revenue · +43.8% vs. prior year · 2026 guide $1,055M–$1,115M (EX-99.1)
total net revenue
~$883.4M
+43.8%
Rare Disease (Cortrophin + ILUVIEN)
~$422.6M
+84.1%
Generics
~$384.1M
+27.6%
Brands
~$61.3M
−5.3%
Other (reconciles to reported total)
~$15.4M
—
Rare Disease + Generics + Brands from EX-99.1 narrative; ~$15.4M is the remainder to ~$883.4M total (rounding).
The products that matter
Rare Disease · ACTH gel
Cortrophin Gel
~$347.8M FY2025 (+75.6% vs. prior year); Q4 ~$111.4M (+87.6%)
Largest single product line in the filing. Management cites acute gouty arthritis flares as a growth driver (>15% of use in Q4 narrative) and plans a larger Rare Disease org (~90 roles) for mid-2026 — EX-99.1.
growth engine
Rare Disease · ophthalmology
ILUVIEN
~$74.9M FY2025; Q4 ~$19.8M
Second Rare Disease leg; YUTIQ/label merger noted in release. Smaller dollars than Cortrophin but part of the ~$422.6M Rare Disease total.
complement
Generics
generic portfolio
~$384.1M FY2025 (+27.6%); Q4 ~$100.8M (+28.2%)
Partnered generic launch (H2 2025) and new launches drove FY growth — diversifies revenue vs. Rare Disease alone.
scale
Key numbers
~$883.4M
FY2025 net revenue
+43.8% vs. prior year; 2026 guide $1,055M–$1,115M reaffirmed Feb 27, 2026.
~$629M
debt (principal)
~$629.1M principal outstanding incl. convertible (release); BS debt ~$617M current+non-current net of deferred costs — EX-99.1.
~12.6%
operating margin FY2025
Operating income ~$111.1M / net revenue ~$883.4M (GAAP, Table 1). Adj. non-GAAP EBITDA ~$229.8M — different lens.
~$285.6M
cash & equivalents
Unrestricted cash Dec 31, 2025; CFO from operations ~$185.2M in 2025 — liquidity section, EX-99.1.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 30 / 100
- long-term debt ~$629M principal / ~$617M on BS · verify ratios
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ANIP right now.
source: n/a — verify total return vs. benchmark independently
What just happened
reported results
Q4 2025: net revenue ~$247.1M (+29.6% vs. prior year). Diluted GAAP EPS $1.18 vs. $(0.55) prior-year Q4; adjusted non-GAAP diluted EPS $2.33 vs. $1.63.
FY2025: net revenue ~$883.4M (+43.8%); GAAP diluted EPS $3.32; adjusted non-GAAP diluted EPS $7.89. Q4 GAAP gross margin 59.4% (non-GAAP 59.6%). 2026 guidance reaffirmed — see basics card.
~$247.1M
Q4 net revenue
$1.18
Q4 GAAP diluted EPS
$2.33
Q4 adj. diluted EPS
the number that mattered
The 2026 revenue guide ($1,055M–$1,115M) and Adj. EBITDA ($275M–$290M) frame the next year — set against FY2025 revenue ~$883M and Adj. EBITDA ~$230M.
source: SEC Form 8-K EX-99.1, filed Feb 27, 2026 (FY2025 / Q4 2025)
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What could go wrong
The risk is execution against 2026 guidance ($1,055M–$1,115M revenue, $275M–$290M Adj. EBITDA) while integrating a larger Rare Disease footprint and managing leverage.
med
growth can slow faster than the multiple can forgive
FY2025 revenue grew 43.8%; Q4 grew 29.6%. The burden of proof is whether that cadence holds into the guided ~19–26% revenue step-up for 2026.
A guidance miss would force a reset on Rare Disease + Generics assumptions, not just one product.
med
Cortrophin concentration risk is explicit in the numbers
Cortrophin Gel was ~$347.8M FY2025 — a large share of Rare Disease and of total company revenue. ILUVIEN and Generics help diversify, but Cortrophin execution still moves the needle.
When one product anchors the story, a stumble can hit revenue expectations and valuation support at the same time.
med
~$629M debt principal matters if EBITDA growth stalls
Release cites ~$629.1M principal (incl. convertible); balance sheet debt ~$617M. Interest and refinancing conditions bite harder if cash generation weakens.
Guided Adj. EBITDA $275M–$290M for 2026 is the cushion story — track each quarter.
Each ~1 percentage point of operating margin on ~$883M revenue is ~$8.8M of operating income — material vs. FY2025 operating income ~$111M (illustrative sensitivity, not a forecast).
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
does $1,055M–$1,115M 2026 revenue guidance survive each quarter
Reaffirmed Feb 27, 2026. Watch Rare Disease (~60% of 2026 revenue expected) vs. Generics cadence.
product risk
Cortrophin Gel has to stay boring in the best possible way
When a flagship product anchors the story, you want clean commercial execution and fewer surprises. This snapshot is thin on product-level dollars, which makes future disclosure more important, not less.
growth
one strong quarter needs company, not applause
Q4 +29.6% vs. prior year revenue needs follow-through into 2026 — especially with planned Rare Disease headcount expansion (~90 roles, mid-2026 per release).
capital
watch whether ~$629M debt principal stays secondary to cash generation
~$185M CFO in 2025 and ~$286M unrestricted cash (year-end) bought flexibility — track 2026 conversion.
Analyst rankings
earnings predictability
10 / 100
low score. in human-speak, quarterly numbers can swing and you should expect more surprise than smoothness.
risk rank
1
highest safety bucket on this measure. translation: the operating profile screens better than the tape feels.
price stability
30 / 100
this stock does not trade like a bunker. if you own it, expect the ride to feel choppier than the risk rank implies.
xvary composite
66 / 100
middle of the pack overall. there is enough here to pay attention, not enough to pretend the story is low-drama.
source: institutional data
Institutional activity
institutional ownership data for ANIP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$77.36
current price
n/a
target midpoint · n/a from current
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