ANI Pharmaceuticals Reports First Quarter 2026 Financial Results and Raises 2026 Financial Guidance
Rhea-AI Summary
ANI Pharmaceuticals (Nasdaq: ANIP) reported Q1 2026 net revenue of $237.5M (+20.5% YoY) and adjusted non-GAAP EBITDA of $63.0M (+24.1% YoY). Cortrophin Gel net revenue was $75.1M (+42.1% YoY). GAAP diluted EPS was $1.28; adjusted non-GAAP diluted EPS was $2.05. The company raised 2026 guidance to $1.08B–$1.14B revenue and $285M–$300M adjusted EBITDA, and authorized a $100M share repurchase program.
Q1 liquidity included $311.2M cash and $625.0M principal debt; management cited Rare Disease growth and continued generics contribution.
AI-generated analysis. Not financial advice.
Positive
- Total net revenue $237.5M (+20.5% YoY)
- Cortrophin Gel revenue $75.1M (+42.1% YoY)
- Adjusted non-GAAP EBITDA $63.0M (+24.1% YoY)
- Raised 2026 revenue guidance to $1.08B–$1.14B
- Board authorized $100M share repurchase program
Negative
- Brands revenue down 50.9% to $12.3M
- GAAP gross margin declined ~230 basis points to 60.6%
- Non-GAAP SG&A increased 12.1% to $71.4M
- Principal outstanding debt of $625.0M as of March 31, 2026
News Market Reaction – ANIP
On the day this news was published, ANIP declined 2.44%, reflecting a moderate negative market reaction. This price movement removed approximately $48M from the company's valuation, bringing the market cap to $1.91B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ANIP slipped 0.18% while close peers showed mixed moves (e.g., ALVO -3.32%, INDV -2.49%, SUPN +1.61%, AMRX +0.22%). This points to company-specific factors rather than a broad sector swing.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 24 | Earnings call notice | Neutral | +0.7% | Announced timing and access details for Q1 2026 earnings call. |
| Feb 27 | Q4 and FY results | Positive | -4.2% | Reported record Q4 and 2025 results and reaffirmed 2026 guidance. |
| Feb 13 | Earnings call notice | Neutral | +0.9% | Set date and time for Q4 and full-year 2025 earnings call. |
| Nov 07 | Q3 results, guidance | Positive | +0.2% | Reported record Q3 2025 results and raised full-year 2025 guidance. |
| Oct 24 | Earnings call notice | Neutral | -0.7% | Announced schedule and access for Q3 2025 earnings call. |
Earnings-related news has produced mixed reactions: strong fundamental beats and guidance raises sometimes coincided with share price declines, while simple scheduling announcements often saw modest gains.
Over the past few quarters, ANI has repeatedly reported record results and raised or reaffirmed guidance. Q3 and Q4 2025 earnings highlighted robust Rare Disease growth and higher adjusted EBITDA, yet the stock reaction was not consistently positive, including a -4.21% move after record Q4 2025 results. Earnings call scheduling releases in Oct 2025, Feb 2026, and Apr 2026 produced only small moves. Today’s Q1 2026 report and guidance raise extend this pattern of strong operating execution.
Historical Comparison
In the past year, ANIP’s earnings-related headlines produced an average move of -0.62%, with strong fundamental reports not always translating into positive share reactions.
Recent earnings releases show a progression of record net revenues, expanding Rare Disease contribution led by Cortrophin Gel, and repeated guidance raises, building toward a revenue target above $1.0B and higher adjusted EBITDA in 2026.
Market Pulse Summary
This announcement highlights solid Q1 2026 momentum, including $237.5M in revenue, strong Cortrophin Gel growth, and a guidance raise to $1.08B–$1.14B in 2026 sales. A new $100M share repurchase program and healthy liquidity provide additional flexibility. Historically, earnings releases have produced mixed share reactions, so investors may focus on monitoring Rare Disease growth, execution on the expanded sales footprint, and delivery against the higher adjusted EBITDA and EPS targets.
Key Terms
adjusted non-gaap ebidta financial
gaap financial
rule 10b5-1 regulatory
rule 10b-18 regulatory
senior convertible notes financial
phase 4 medical
AI-generated analysis. Not financial advice.
- Quarterly net revenues of
$237.5 million, an increase of20.5% year-over-year - Purified Cortrophin® Gel net revenues of
$75.1 million, an increase of42.1% year-over-year - Quarterly GAAP net income available to common shareholders of
$29.5 million; Quarterly adjusted non-GAAP EBITDA of$63.0 million, an increase of24.1% year-over-year - Diluted GAAP income per share of
$1.28 and adjusted non-GAAP diluted earnings per share of$2.05 - Raised 2026 total net revenue guidance to
$1,080 million to$1,140 million , adjusted non-GAAP EBITDA to$285 million to$300 million , and adjusted non-GAAP diluted earnings per share to$9.19 t o$9.69 ; reaffirmed 2026 Cortrophin Gel net revenue guidance of$540 million to$575 million $100 million share repurchase program authorized by Board of Directors
PRINCETON, N.J., May 08, 2026 (GLOBE NEWSWIRE) -- ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) (ANI or the Company) today announced financial results and business highlights for the first quarter ended March 31, 2026.
“We delivered a strong first quarter, generating
Mr. Lalwani continued, “Based on our performance, we are raising our financial guidance which reflects more than
First Quarter and Recent Business Highlights:
Rare Disease
- Cortrophin Gel:
- Cortrophin Gel net revenues were
$75.1 million for the first quarter of 2026, an increase of42.1% over the same period in 2025. As previously discussed, the first quarter of 2026 reflected seasonality related primarily to the impact of insurance re-verifications. In the first half of the quarter, insurance re-verifications took slightly longer to clear as compared to the prior year due to increased Cortrophin patient volume in the physicians’ offices and, in some parts of the country due to weather-related physician office closures that temporarily delayed the re-verification process. - Year-over-year growth in the first quarter of 2026 was driven by momentum across target indications, the expanded sales force for neurology, rheumatology and nephrology, and synergies from the combined ophthalmology sales force.
- ANI’s Rare Disease organization expansion to capture the opportunity for Cortrophin Gel in acute gouty arthritis flares is proceeding as planned. The Company has recently hired and onboarded the majority of the commercial team who will begin to reach HCPs in Podiatry and Primary Care in the back half of the second quarter.
- Cortrophin Gel net revenues were
- ILUVIEN:
- ILUVIEN® net revenues were
$19.3 million for the first quarter of 2026, an increase of19.5% over the same period in 2025, driven by the continued execution of commercial and patient access initiatives established in 2025. - The results from the NEW DAY clinical trial involving ILUVIEN for use in appropriate patients with diabetic macular edema were published in Ophthalmology, the journal of the American Academy of Ophthalmology.
- The Company is on track to announce results from the Phase 4 SYNCHRONICITY clinical trial in NIU-PS at a medical conference in the third quarter of 2026.
- ILUVIEN® net revenues were
Generics
- Generics net revenues were
$105.4 million in the first quarter of 2026, an increase of6.8% over the same period in 2025, driven by contribution from new product launches, including the partnered generic launch that commenced in the third quarter of 2025. - Launched six new Generics products year-to-date and on track to deliver cadence of 10-15 new product launches in 2026.
Brand Royalties and Other Revenues
- In January 2026, Novitium Pharma LLC (Novitium), a subsidiary of the Company, entered into an IP license agreement (Harmony Agreement) with Harmony Biosciences LLC (Harmony), under which we out-licensed intellectual property that will expand Harmony’s intellectual property estate, as well as a co-exclusive license, with which Harmony and Novitium intend to develop a novel formulation of pitolisant in broad CNS indications outside of sleep/wake. Under the Harmony Agreement, the Company received an upfront license fee of
$15.0 million and will receive$10.0 million upon achievement of certain development milestones, which is expected to be achieved in the second and third quarters of 2026. In addition, we will earn low single digit royalties on net sales of pitolisant-based products.
Brands
- Brands net revenues were
$12.3 million for the first quarter of 2026, a decrease of50.9% over the same period in 2025, reflecting a normalization in demand for certain products.
Corporate Highlights
- Effective on May 8, 2026, ANI’s board of directors authorized a new share repurchase program to repurchase up to
$100.0 million in common stock through May 2029. Under the Share Repurchase Program, the Company is authorized to repurchase shares from time to time, at management’s discretion, through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The specific timing and amount of repurchases, if any, will vary based on available capital resources and other financial and operational performance, market conditions, securities law limitations, and other factors. The repurchases will be made using the Company’s cash resources. The Company is not obligated to repurchase any shares under the Share Repurchase Program.
First Quarter 2026 Financial Results
| Three Months Ended March 31, | |||||||||||||
| (in thousands) | 2026 | 2025 | Change | % Change | |||||||||
| Rare Disease and Brands | |||||||||||||
| Cortrophin Gel | $ | 75,119 | $ | 52,850 | $ | 22,269 | 42.1 | % | |||||
| ILUVIEN and YUTIQ(1) | 19,255 | 16,109 | 3,146 | 19.5 | % | ||||||||
| Rare Disease total net revenues | $ | 94,374 | $ | 68,959 | $ | 25,415 | 36.9 | % | |||||
| Brands | 12,328 | 25,123 | (12,795 | ) | (50.9)% | ||||||||
| Brand royalties and other revenues | 21,540 | — | 21,540 | 100.0 | % | ||||||||
| Rare Disease and Brands total net revenues | $ | 128,242 | $ | 94,082 | $ | 34,160 | 36.3 | % | |||||
| Generics and Other | |||||||||||||
| Generic pharmaceutical products | 105,402 | 98,678 | 6,724 | 6.8 | % | ||||||||
| Other generic revenues | 3,818 | 4,362 | (544 | ) | (12.5)% | ||||||||
| Generics and Other total net revenues | $ | 109,220 | $ | 103,040 | $ | 6,180 | 6.0 | % | |||||
| Total net revenues | $ | 237,462 | $ | 197,122 | $ | 40,340 | 20.5 | % | |||||
(1) There were no sales of YUTIQ in Q1 2026 as the Company transitioned promotional efforts in the U.S. from YUTIQ to ILUVIEN, which has a combined label of DME and NIU-PS during the second quarter of 2025.
All comparisons are made versus the same period in 2025 unless otherwise stated.
Total net revenues for the first quarter of 2026 were
Net revenues for Rare Disease, which includes Cortrophin Gel and ILUVIEN, increased
Net revenues for Brands decreased
Net revenues from Brand royalties and other revenues includes a
Net revenues for Generic pharmaceutical products increased
On a GAAP basis, gross margin decreased from
On both a GAAP and non-GAAP basis, research and development expenses were essentially flat year over year.
On a GAAP basis, selling, general, and administrative expenses decreased
On a GAAP basis, the Company reported net income attributable to common shareholders of
Adjusted non-GAAP EBITDA for the first quarter of 2026 was
For reconciliations of adjusted non-GAAP metrics, including non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, adjusted non-GAAP EBITDA and adjusted non-GAAP diluted earnings per share to the most directly comparable GAAP financial measures, please see Table 3 and Table 4 below, respectively.
Liquidity
As of March 31, 2026, the Company had
Full Year 2026 Financial Guidance
| Revised Full Year 2026 Guidance | Previous Full Year 2026 Guidance | 2025 Actual | Growth | ||
| Net Revenue (Total Company) | |||||
| Cortrophin Gel Net Revenue | |||||
| ILUVIEN Net Revenue(2) | |||||
| Adjusted Non-GAAP EBITDA | |||||
| Adjusted Non-GAAP Diluted EPS | |||||
(2) Full year 2026 guidance does not include sales of YUTIQ, as the Company transitioned promotional efforts in the U.S. from YUTIQ to ILUVIEN, which has a combined label of DME and NIU-PS during the second quarter of 2025.
ANI expects full year total company adjusted non-GAAP gross margin between
Conference Call
The Company’s management will host a conference call and webcast today, Friday, May 8, at 8:00 a.m. ET to discuss its first quarter 2026 results.
To view the webcast, please click here. Links to access the webcast and conference call will also be available on the “Events & Presentations” page of the Company’s website at https://www.anipharmaceuticals.com, under the “Investors” section. A replay of the event will remain accessible for up to one year.
Non-GAAP Financial Measures
Adjusted non-GAAP EBITDA
ANI’s management considers adjusted non-GAAP EBITDA to be an important financial indicator of ANI’s operating performance, providing investors and analysts with a useful measure of operating results unaffected by non-cash stock-based compensation and differences in capital structures, tax structures, capital investment cycles, ages of related assets, and compensation structures among otherwise comparable companies. Management uses adjusted non-GAAP EBITDA when analyzing Company performance.
Adjusted non-GAAP EBITDA is defined as net income, excluding tax expense, interest expense, net, other expense (income), net, depreciation and amortization expense, non-cash stock-based compensation expense, M&A transaction and integration expenses, contingent consideration fair value adjustments, unrealized (gain) loss on our investment in equity securities, expenses incurred and settlement payments received in connection with certain litigation matters, severance expenses, and certain other items that vary in frequency and impact on ANI’s results of operations. Adjusted non-GAAP EBITDA should be considered in addition to, but not in lieu of, net income or loss reported under GAAP. A reconciliation of adjusted non-GAAP EBITDA to the most directly comparable GAAP financial measure is provided below.
ANI is not providing a reconciliation for the forward-looking full year 2026 adjusted EBITDA guidance because it does not currently have sufficient information to accurately estimate all of the variables and individual adjustments for such reconciliation, including “with” and “without” tax provision information. As such, ANI’s management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results.
Adjusted non-GAAP Net Income
ANI’s management considers adjusted non-GAAP net income to be an important financial indicator of ANI’s operating performance, providing investors and analysts with a useful measure of operating results unaffected by the non-cash stock-based compensation, non-cash interest expense, depreciation and amortization, M&A transaction and integration expenses, contingent consideration fair value adjustment, unrealized (gain) loss on our investment in equity securities, expenses incurred and settlement payments received in connection with certain litigation matters, severance expense, and certain other items that vary in frequency and impact on ANI’s results of operations. Management uses adjusted non-GAAP net income when analyzing Company performance.
Adjusted non-GAAP net income is defined as net income, plus the non-cash stock-based compensation, non-cash interest expense, depreciation and amortization, M&A transaction and integration expenses, contingent consideration fair value adjustment, unrealized (gain) loss on our investment in equity securities, expenses incurred and settlement payments received in connection with certain litigation matters, severance expense, and certain other items that vary in frequency and impact on ANI’s results of operations, less the tax impact of these adjustments calculated using an estimated statutory tax rate. Management will continually analyze this metric and may include additional adjustments in the calculation in order to provide further understanding of ANI’s results. Adjusted non-GAAP net income should be considered in addition to, but not in lieu of, net income reported under GAAP. A reconciliation of adjusted non-GAAP net income to the most directly comparable GAAP financial measure is provided below.
Adjusted non-GAAP Diluted Earnings per Share
ANI’s management considers adjusted non-GAAP diluted earnings per share to be an important financial indicator of ANI’s operating performance, providing investors and analysts with a useful measure of operating results unaffected by the non-cash stock-based compensation, non-cash interest expense, depreciation and amortization, M&A transaction and integration expenses, contingent consideration fair value adjustment, unrealized (gain) loss on our investment in equity securities, expenses incurred and settlement payments received in connection with certain litigation matters, severance expense, and certain other items that vary in frequency and impact on ANI’s results of operations. Management uses adjusted non-GAAP diluted earnings per share when analyzing Company performance.
Non-GAAP Adjusted Diluted Weighted-Average Shares Outstanding excludes certain dilutive shares related to the senior convertible notes as they are intended to be covered by our capped call transactions. Our outstanding capped call transactions are intended to offset the dilutive effect of the senior convertible notes recognized in the calculation of GAAP diluted EPS in this reporting period in full, and therefore 239,000 shares for the three months ended March 31, 2026 have been excluded from the calculation of the Non-GAAP Adjusted Diluted Weighted-Average Shares outstanding.
Adjusted non-GAAP diluted earnings per share is defined as adjusted non-GAAP net income, as defined above, divided by the diluted weighted average shares outstanding during the period. Management will continually analyze this metric and may include additional adjustments in the calculation in order to provide further understanding of ANI’s results. Adjusted non-GAAP diluted earnings per share should be considered in addition to, but not in lieu of, diluted earnings (loss) per share reported under GAAP. A reconciliation of adjusted non-GAAP diluted earnings per share to the most directly comparable GAAP financial measure is provided below.
ANI is not providing a reconciliation for the forward-looking full year 2026 adjusted diluted earnings per share guidance because it does not currently have sufficient information to accurately estimate all of the variables and individual adjustments for such reconciliation, including “with” and “without” tax provision information. As such, ANI’s management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results.
Other non-GAAP metrics
ANI’s management considers non-GAAP research and development expenses and non-GAAP selling, general, and administrative expenses to be financial indicators of ANI’s operating performance, providing investors and analysts with useful measures of operating results unaffected by non-cash stock-based compensation expense, M&A transaction and integration expenses, expenses incurred and settlement payments received in connection with certain litigation matters, severance expense, and certain other items that vary in frequency and impact on ANI’s results of operations.
Management uses adjusted non-GAAP research and development expenses and non-GAAP selling, general, and administrative expenses when analyzing Company performance. Non-GAAP research and development expenses is defined as research and development expenses, excluding non-cash stock-based compensation expense, severance expense, and certain other items that vary in frequency and impact on ANI’s results of operations.
Non-GAAP selling, general, and administrative expenses is defined as selling, general, and administrative expenses, excluding non-cash stock-based compensation expense, M&A transaction and integration expenses, expenses incurred and settlement payments received in connection with certain litigation matters, severance expense, and certain other items that vary in frequency and impact on ANI’s results of operations.
Each of adjusted non-GAAP research and development expenses and non-GAAP selling, general, and administrative expenses should be considered in addition to, but not in lieu of, research and development expenses, and selling, general, and administrative expenses reported under GAAP, respectively.
A reconciliation of each of non-GAAP research and development expenses and non-GAAP selling, general and administrative expenses to the most directly comparable GAAP financial measure is provided below.
ANI’s management also considers non-GAAP gross margin to be a financial indicator of ANI’s operating performance, providing investors and analysts with a useful measure of operating results unaffected by non-cash stock-based compensation expense, and certain other items that vary in frequency and impact on ANI’s results of operations. Management uses non-GAAP gross margin when analyzing Company performance.
Non-GAAP gross margin is defined as adjusted non-GAAP net revenues less non-GAAP cost of sales (excluding depreciation and amortization) divided by non-GAAP net revenues. Non-GAAP gross margin should be considered in addition to, but not in lieu of, gross margin reported under GAAP.
About ANI
ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) is a diversified biopharmaceutical company committed to its mission of “Serving Patients, Improving Lives" by developing, manufacturing, and commercializing innovative and high-quality therapeutics. The Company is focused on delivering sustainable growth through its Rare Disease business, which markets novel products in the areas of ophthalmology, rheumatology, nephrology, neurology, and pulmonology; its Generics business, which leverages R&D expertise, operational excellence, and U.S.-based manufacturing; and its Brands business. For more information, visit https://www.anipharmaceuticals.com/.
Forward-Looking Statements
To the extent any statements made in this release deal with information that is not historical, these are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding the Company’s strategy; its expectations regarding its future operations, financial position or revenues, including its 2026 financial guidance; its expectations regarding its share repurchase program; the results and timing of the Company’s preclinical studies, clinical trials, regulatory submissions and regulatory approvals; the commercialization and anticipated sales of the Company’s products, including current and planned product launches and any additional product launches from the Company’s generic pipeline; expansion plans for the Rare Disease business, including with respect to the expansion and execution capabilities of the Company’s sales force for acute gouty arthritis; anticipated growth opportunities for Cortrophin Gel and ILUVIEN; anticipated R&D developments and clinical trial advances; and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “plans,” “potential,” “future,” “believes,” “intends,” “continue,” the negatives thereof, or other words of similar meaning, derivations of such words and the use of future dates.
Uncertainties and risks may cause the Company’s actual results to be materially different than those expressed in or implied by such forward-looking statements. Uncertainties and risks include, but are not limited to: the ability of the Company’s approved products, including Cortrophin Gel and ILUVIEN, to achieve commercialization at levels of market acceptance that will allow the Company to maintain profitability; the Company’s ability to complete or achieve any or all of the intended benefits of acquisitions and investments, in a timely manner or at all; delays and disruptions in the production of the Company’s approved products; increased costs and potential loss of revenues if the Company needs to change suppliers due to the limited number of suppliers for its raw materials, active pharmaceutical ingredients, expedients, and other materials; delays and disruptions in the production of the Company’s approved products as a result of its reliance on single source third party contract manufacturing supply for certain of its key products, including Cortrophin Gel and ILUVIEN; delays or failure to obtain or maintain approvals by the FDA of the Company’s products; changes in policy or actions that may be taken by the FDA, United States Drug Enforcement Administration and other regulatory agencies; risks that the Company may face with respect to importing raw materials and delays in delivery of raw materials and other ingredients and supplies necessary for the manufacture of the Company’s products from both domestic and overseas sources due to supply chain disruptions or for any other reason, including increased costs due to tariffs or macroeconomic disruptions; the ability of the Company’s manufacturing partners to meet its product demands and timelines; the impact of changes or fluctuations in exchange rates; the Company’s ability to develop, license or acquire, and commercialize new products; the Company’s obligations in agreements under which it licenses, develops or commercializes rights to products or technology from third parties and its ability to maintain such licenses; the level of competition the Company faces and the legal, regulatory and/or legislative strategies employed by its competitors to prevent or delay competition from generic alternatives to branded products; the Company’s ability to protect its intellectual property rights; the impact of legislative or regulatory reform on the pricing for pharmaceutical products; the impact of any litigation to which the Company is, or may become, a party; the Company’s ability, and that of its suppliers, development partners, and manufacturing partners, to comply with laws, regulations and standards that govern or affect the pharmaceutical and biotechnology industries; the Company’s ability to maintain the services of its key executives and other personnel; and general business and economic conditions, such as inflationary pressures, geopolitical conditions.
More detailed information on these and additional factors that could affect the Company’s actual results are described in the Company’s filings with the Securities and Exchange Commission (SEC), including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, and other periodic reports, as well as other filings with the SEC. All forward-looking statements in this news release speak only as of the date of this news release and are based on the Company’s current beliefs, assumptions, and expectations. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor Relations:
Irina Koffler, Vice President, Investor Relations
T: 917-734-7387
E: Irina.koffler@anipharmaceuticals.com
Courtney Mogerley, Argot Partners
T: 646-368-8014
E: ani@argotpartners.com
Media Relations:
Argot Partners
T: 212-600-1494
E: ani@argotpartners.com
SOURCE: ANI Pharmaceuticals, Inc.
FINANCIAL TABLES FOLLOW
| ANI Pharmaceuticals, Inc. and Subsidiaries Table 1: US GAAP Statements of Operations (unaudited, in thousands, except per share amounts) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net Revenues | $ | 237,462 | $ | 197,122 | ||||
| Operating Expenses | ||||||||
| Cost of sales (excluding depreciation and amortization) | 93,582 | 73,037 | ||||||
| Research and development | 10,600 | 10,564 | ||||||
| Selling, general, and administrative | 73,655 | 76,528 | ||||||
| Depreciation and amortization | 20,919 | 22,891 | ||||||
| Contingent consideration fair value adjustment | (182 | ) | (12,092 | ) | ||||
| Total Operating Expenses, net | 198,574 | 170,928 | ||||||
| Operating income | 38,888 | 26,194 | ||||||
| Other Income (Expense), net | ||||||||
| Unrealized gain (loss) on investment in equity securities | 5,753 | (921 | ) | |||||
| Interest expense, net | (3,769 | ) | (5,484 | ) | ||||
| Other (expense) income, net | (651 | ) | 198 | |||||
| Income Before Income Tax Expense | 40,221 | 19,987 | ||||||
| Income tax expense | 10,729 | 4,306 | ||||||
| Net Income | $ | 29,492 | $ | 15,681 | ||||
| Dividends on Series A Convertible Preferred Stock | — | (406 | ) | |||||
| Net Income Available to Common Shareholders | $ | 29,492 | $ | 15,275 | ||||
| Basic and Diluted Income Per Share: | ||||||||
| Basic Income Per Share | $ | 1.31 | $ | 0.70 | ||||
| Diluted Income Per Share | $ | 1.28 | $ | 0.69 | ||||
| Basic Weighted-Average Shares Outstanding | 20,914 | 19,607 | ||||||
| Diluted Weighted-Average Shares Outstanding | 21,544 | 20,046 | ||||||
| ANI Pharmaceuticals, Inc. and Subsidiaries Table 2: US GAAP Balance Sheets (unaudited, in thousands) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 311,176 | $ | 285,585 | ||||
| Restricted cash | 36 | 36 | ||||||
| Accounts receivable, net | 255,432 | 281,082 | ||||||
| Inventories | 143,468 | 143,067 | ||||||
| Prepaid expenses and other current assets | 22,087 | 34,216 | ||||||
| Investment in equity securities | 14,885 | 9,131 | ||||||
| Total Current Assets | 747,084 | 753,117 | ||||||
| Non-current Assets | ||||||||
| Property and equipment, net | 67,115 | 62,476 | ||||||
| Deferred tax assets, net | 66,555 | 69,072 | ||||||
| Intangible assets, net | 467,161 | 479,526 | ||||||
| Goodwill | 62,480 | 62,480 | ||||||
| Other non-current assets | 11,575 | 13,706 | ||||||
| Total Assets | $ | 1,421,970 | $ | 1,440,377 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Current debt, net | $ | 19,298 | $ | 17,268 | ||||
| Accounts payable | 69,694 | 62,583 | ||||||
| Accrued royalties | 33,926 | 48,497 | ||||||
| Accrued compensation and related expenses | 16,091 | 37,897 | ||||||
| Accrued government rebates | 38,417 | 43,154 | ||||||
| Income taxes payable | 5,297 | 2,239 | ||||||
| Returned goods reserve | 43,052 | 49,504 | ||||||
| Accrued expenses and other | 13,735 | 16,970 | ||||||
| Total Current Liabilities | 239,510 | 278,112 | ||||||
| Non-current Liabilities | ||||||||
| Debt, net | 285,996 | 291,840 | ||||||
| Convertible notes, net | 308,466 | 307,927 | ||||||
| Contingent consideration, net | 9,248 | 9,610 | ||||||
| Other non-current liabilities | 16,450 | 12,164 | ||||||
| Total Liabilities | $ | 859,670 | $ | 899,653 | ||||
| Stockholders’ Equity | ||||||||
| Common Stock | 3 | 3 | ||||||
| Class C Special Stock | — | — | ||||||
| Preferred Stock | — | — | ||||||
| Treasury stock | (53,004 | ) | (33,249 | ) | ||||
| Additional paid-in capital | 608,429 | 596,036 | ||||||
| Retained earnings (Accumulated deficit) | 6,393 | (23,099 | ) | |||||
| Accumulated other comprehensive income, net of tax | 479 | 1,033 | ||||||
| Total Stockholders’ Equity | 562,300 | 540,724 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 1,421,970 | $ | 1,440,377 | ||||
| ANI Pharmaceuticals, Inc. and Subsidiaries Table 3: Adjusted non-GAAP EBITDA Calculation and US GAAP to Non-GAAP Reconciliation (unaudited, in thousands) | ||||||||||||||||||||||||||||||||||||||||
| Reconciliation of certain adjusted non-GAAP accounts: | ||||||||||||||||||||||||||||||||||||||||
| Net Revenues | Cost of sales (excluding depreciation and amortization) | Selling, general, and administrative | Research and development | |||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net Income | $ | 29,492 | $ | 15,681 | As reported: | $ | 237,462 | $ | 197,122 | $ | 93,582 | $ | 73,037 | $ | 73,655 | $ | 76,528 | $ | 10,600 | $ | 10,564 | |||||||||||||||||||
| Add/(Subtract): | ||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 3,769 | 5,484 | ||||||||||||||||||||||||||||||||||||||
| Other expense (income), net | 651 | (198 | ) | |||||||||||||||||||||||||||||||||||||
| Income tax expense | 10,729 | 4,306 | ||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 20,919 | 22,891 | ||||||||||||||||||||||||||||||||||||||
| Contingent consideration fair value adjustment | (182 | ) | (12,092 | ) | ||||||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on investment in equity securities | (5,753 | ) | 921 | |||||||||||||||||||||||||||||||||||||
| Stock-based compensation | 10,191 | 8,868 | Stock-based compensation | — | — | (495 | ) | (375 | ) | (9,072 | ) | (7,967 | ) | (624 | ) | (526 | ) | |||||||||||||||||||||||
| M&A transaction and integration expenses | 261 | 1,793 | M&A transaction and integration expenses | — | — | — | — | (261 | ) | (1,793 | ) | — | — | |||||||||||||||||||||||||||
| Litigation expenses and settlement proceeds | (7,079 | ) | 2,990 | Litigation expenses and settlement proceeds | — | — | — | — | 7,079 | (2,990 | ) | — | — | |||||||||||||||||||||||||||
| Severance | — | 105 | Severance | — | — | — | — | — | (105 | ) | — | — | ||||||||||||||||||||||||||||
| Adjusted non-GAAP EBITDA | $ | 62,998 | $ | 50,749 | As adjusted: | $ | 237,462 | $ | 197,122 | $ | 93,087 | $ | 72,662 | $ | 71,401 | $ | 63,673 | $ | 9,976 | $ | 10,038 | |||||||||||||||||||
| ANI Pharmaceuticals, Inc. and Subsidiaries Table 4: Adjusted non-GAAP Net Income and Adjusted non-GAAP Diluted Earnings per Share Reconciliation (unaudited, in thousands, except per share amounts) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net Income Available to Common Shareholders | $ | 29,492 | $ | 15,275 | ||||
| Add/(Subtract): | ||||||||
| Non-cash interest expense | 217 | 259 | ||||||
| Depreciation and amortization | 20,919 | 22,891 | ||||||
| Contingent consideration fair value adjustment | (182 | ) | (12,092 | ) | ||||
| Unrealized (gain) loss on investment in equity securities | (5,753 | ) | 921 | |||||
| Stock-based compensation | 10,191 | 8,868 | ||||||
| M&A transaction and integration expenses | 261 | 1,793 | ||||||
| Litigation expenses and settlement proceeds | (7,079 | ) | 2,990 | |||||
| Severance | — | 105 | ||||||
| Other expense (income) | 662 | (236 | ) | |||||
| Less: | ||||||||
| Estimated tax impact of adjustments | (5,001 | ) | (6,630 | ) | ||||
| Adjusted non-GAAP Net Income Available to Common Shareholders(1) | $ | 43,727 | $ | 34,144 | ||||
| Diluted Weighted-Average | ||||||||
| Shares Outstanding | 21,544 | 20,046 | ||||||
| Adjusted Diluted Weighted-Average(2) | ||||||||
| Shares Outstanding | 21,305 | 20,046 | ||||||
| Adjusted non-GAAP | ||||||||
| Diluted Earnings per Share | $ | 2.05 | $ | 1.70 | ||||
(1) Adjusted non-GAAP Net Income Available to Common Shareholders excludes undistributed earnings to participating securities.
(2) Non-GAAP Adjusted Diluted Weighted-Average Shares Outstanding exclude certain dilutive shares related to the senior convertible notes as they are intended to be covered by our capped call transactions. Our outstanding capped call transactions are intended to offset the dilutive effect of the senior convertible notes recognized in the calculation of GAAP diluted EPS in this reporting period in full, and therefore 239,000 shares for the three months ended March 31, 2026, have been excluded from the calculation of the Non-GAAP Adjusted Diluted Weighted-Average Shares outstanding.
