ANI Pharmaceuticals (ANIP) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenues of $266.0 million, up 26% year-over-year, driven by strong Rare Disease (notably Cortrophin Gel) and Generics growth.

• Cortrophin Gel revenues reached $117.1 million, up 43–43.5% year-over-year, with expansion into new specialties and acute gouty arthritis.

• Adjusted non-GAAP EBITDA hit $71.6 million, up 32–32.4% year-over-year; adjusted non-GAAP EPS was $2.21.

• Completed the largest Rare Disease sales force expansion, increasing reps by 50% to 180 and targeting new prescriber segments.

• Acquisition of Alimera Sciences expanded the Rare Disease portfolio with ILUVIEN and YUTIQ.

Financial highlights

• Q2 2026 total net revenues: $266.0 million, up 25.9–26% year-over-year.

• Cortrophin Gel Q2 revenues: $117.1 million (+43–43.5% YoY); ILUVIEN: $18.7 million (-16% YoY, due to shipment timing).

• Generics Q2 revenues: $99.1–100.7 million (+7–10% YoY), driven by new launches and operational outperformance.

• Adjusted non-GAAP EPS: $2.21 (up from $1.80 prior year); non-GAAP gross margin: 62.6% (down 230 bps YoY).

• Cash and cash equivalents at June 30, 2026: $360.2 million.

Outlook and guidance

• 2026 total net revenue guidance: $1.08–$1.14 billion (+22–29% YoY); adjusted non-GAAP EBITDA: $285–$300 million.

• Cortrophin Gel 2026 revenue guidance: $520–$540 million (50–55% YoY growth); ILUVIEN: $78–$83 million.

• Adjusted non-GAAP EPS guidance: $9.19–$9.69.

• Q3 and Q4 expected to show sequential revenue and EBITDA growth, with Q4 benefiting from full impact of gout expansion.

• Financial resources and available credit expected to be sufficient for at least the next 12 months.