ANI Pharmaceuticals (ANIP) Q3 2026 & Acquisition earnings summary

Executive summary

• Q3 revenue rose 27.6% YoY to $290.8M; adjusted non-GAAP EBITDA increased 39.8% to $83.3M, supported by Rare Disease and Generics growth.

• A recommended offer for Egetis would add EMCITATE, an approved treatment for MCT8 deficiency, and broaden Rare Disease capabilities.

Financial highlights

• Q3 revenue was $290.8M versus $227.8M YoY; operating income was $52.4M versus $36.2M.

• GAAP net income was $35.1M versus $26.3M; diluted EPS was $1.51 versus $1.13, and adjusted diluted EPS was $2.70 versus $2.04.

• Non-GAAP gross margin was 61.8% versus 59.2%; GAAP gross margin was 61.6% versus 59.0%.

• Q3 operating cash flow was $83.8M; year-to-date operating cash flow was $198.8M. Unrestricted cash and cash equivalents were $420.8M at September 30.

Outlook and guidance

• FY2026 revenue guidance is $1.085B-$1.125B; adjusted non-GAAP EBITDA guidance increased to $290M-$300M from $285M-$300M, and adjusted diluted EPS to $9.37-$9.71 from $9.19-$9.69.

• Cortrophin Gel FY2026 revenue guidance was reduced to $480M-$500M from $520M-$540M; management targets ~40% YoY growth.

• ILUVIEN FY2026 revenue guidance is $80M-$85M; adjusted gross margin guidance is 60.3%-61.0%, with 21.5M-21.8M diluted shares assumed.

• Rare Disease revenue is expected to exceed 50% of FY2026 total revenue; midpoint guidance is $1.1B revenue and $295M adjusted non-GAAP EBITDA.