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ANI Pharmaceuticals
ANI Pharmaceuticals (ANIP) investor relations material
ANI Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved record 2025 revenue of $883.4M, up 44% year-over-year, and adjusted non-GAAP EBITDA of $229.8M, up 47% year-over-year, driven by Rare Disease and Generics segments.
Rare Disease segment, led by Cortrophin Gel, grew revenues 84% year-over-year and now represents ~60% of total revenues.
Generics business delivered 28% year-over-year revenue growth in 2025, supported by strong R&D and operational execution.
Ended 2025 with $285.6M in cash and net leverage of ~1.5x.
Net income available to common shareholders was $77.2M for the full year.
Financial highlights
Q4 2025 revenues: $247.1M, up 30% year-over-year; full-year 2025 revenues: $883.4M, up 44%.
Cortrophin Gel Q4 revenues: $111.4M, up 88% year-over-year; full-year: $347.8M, up 76%.
ILUVIEN Q4 revenues: $19.8M; full-year: $74.9M.
Generics Q4 revenues: $100.8M, up 28%; full-year: $384.1M, up 28%.
Adjusted non-GAAP diluted EPS: $2.33 in Q4; $7.89 for 2025, up 52% year-over-year.
Adjusted non-GAAP EBITDA: $65.4M in Q4, up 31%; $229.8M for 2025, up 47%.
Ended Q4 with $285.6M in unrestricted cash; $629.1M in outstanding debt.
Generated $185.2M in cash flow from operations in 2025.
Outlook and guidance
2026 net revenue guidance: $1.055B–$1.115B, representing 19%–26% year-over-year growth.
Cortrophin Gel net revenue expected at $540M–$575M, up 55%–65% year-over-year.
ILUVIEN net revenue guidance: $78M–$83M, up 4%–11% year-over-year.
Adjusted non-GAAP EBITDA forecast: $275M–$290M, up 20%–26% year-over-year.
Adjusted non-GAAP EPS guidance: $8.83–$9.34, up 12%–18% year-over-year.
Adjusted gross margin expected at 59.3%–60.3%, down from 2025 due to higher royalty-bearing product sales and lower brand sales.
Rare Disease revenues projected to comprise ~60% of total revenue in 2026.
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Next ANI Pharmaceuticals earnings date
47th Annual Raymond James Institutional Investor Conference3 Mar, 2026
ANI Pharmaceuticals
Next ANI Pharmaceuticals earnings date
47th Annual Raymond James Institutional Investor Conference3 Mar, 2026
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Frequently asked questions
ANI Pharmaceuticals Inc. is a specialty pharmaceutical company focused on developing, manufacturing, and marketing branded and generic prescription products. The company operates in therapeutic areas such as rare diseases, oncology, and hormones, offering solutions across multiple dosage forms. The company is headquartered in Baudette, Minnesota, and its shares are listed on the NASDAQ.
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