ANI Pharmaceuticals Reports Record First Quarter 2025 Financial Results and Raises 2025 Guidance
- Record quarterly revenues of $197.1M, up 43.4% YoY
- Strong Cortrophin Gel performance with 43.1% YoY revenue growth to $52.9M
- Generics business grew 40.5% to $98.7M
- Record adjusted EBITDA of $50.7M, up 34.9%
- Raised 2025 guidance for revenue and earnings
- FDA approval received for Cortrophin Gel prefilled syringe
- Strong U.S. manufacturing footprint with minimal China exposure
- U.S. retina assets faced Medicare-related market access challenges
- Turnover in ophthalmology sales team affecting performance
- Brands revenue decreased 2.2% YoY to $25.1M
- Gross margin declined from 64.2% to 62.9% due to product mix
- Uncertainty around potential pharmaceutical industry-specific tariffs
Insights
ANI Pharma delivered exceptional Q1 results with 43.4% revenue growth and raised 2025 guidance, driven by Cortrophin and generics momentum.
ANI Pharmaceuticals has delivered an exceptionally strong first quarter with revenue reaching
The company's generics business was equally impressive, achieving record quarterly revenue of
Profitability metrics were robust with adjusted EBITDA of
There were some challenges with their retina assets (ILUVIEN and YUTIQ), which were impacted by Medicare-related market access issues and sales force turnover. Despite these headwinds, management expressed confidence that demand is accelerating in Q2.
Most significantly, ANI raised its full-year 2025 guidance, now projecting total revenue between
The company maintains a solid financial position with
- Generated record quarterly net revenues of
$197.1 million , representing year-over-year growth of43.4% - Total Rare Disease quarterly net revenues of
$69.0 million , which includes:- Purified Cortrophin® Gel net revenues of
$52.9 million , an increase of43.1% year-over-year, and - ILUVIEN® and YUTIQ® net revenues of
$16.1 million
- Purified Cortrophin® Gel net revenues of
- Record Generics net revenues of
$98.7 million , an increase of40.5% year-over-year - Delivered record quarterly adjusted non-GAAP EBITDA of
$50.7 million , an increase of34.9% year-over-year - Diluted GAAP income per share of
$0.69 and record adjusted non-GAAP diluted earnings per share of$1.70 - Increased 2025 guidance with expected net revenues of
$768.0 million to$793.0 million , adjusted non-GAAP EBITDA of$195.0 million to$205.0 million , and adjusted non-GAAP diluted earnings per share of$6.27 t o$6.62 - Rare Disease net revenues expected to represent
47% to48% of total Company net revenues in 2025, including:- Purified Cortrophin Gel net revenues of
$265.0 million to$274.0 million , representing year-over-year growth of33.8% to38.3% , and - ILUVIEN and YUTIQ net revenues of
$97.0 million to$103.0 million
- Purified Cortrophin Gel net revenues of
BAUDETTE, Minn., May 09, 2025 (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, 2025.
“We are pleased to report another strong quarter, with record revenue, adjusted EBITDA and adjusted EPS driven by continued strong demand for Cortrophin Gel, exceptional performance for our Generics business, and increased demand for our Brands portfolio,” said Nikhil Lalwani, President and CEO of ANI. “Our lead Rare Disease product Cortrophin Gel continued to perform well delivering a record number of prescriptions and new patient starts in the first quarter.”
Mr. Lalwani continued, “While our core franchises outperformed, demand for our retina assets ILUVIEN and YUTIQ was impacted by Medicare-related market access challenges, turnover in our ophthalmology sales team, and seasonality. We remain focused on growing our retina franchise and are pleased to report that demand has accelerated in the second quarter.
Based on our first quarter performance and favorable demand trends for Cortrophin Gel and our Generics and Brands portfolio, we are raising our 2025 guidance for total revenues, adjusted non-GAAP EBITDA, and adjusted non-GAAP EPS. While we await more visibility on potential pharmaceutical industry-specific tariffs, we believe we are well positioned based on our strong U.S. footprint with over
First Quarter and Recent Business Highlights:
Rare Disease and Brands
Revenues for ANI’s lead Rare Disease asset Cortrophin Gel totaled
In February, ANI received U.S. Food and Drug Administration (FDA) approval for a prefilled syringe presentation of Cortrophin Gel. The prefilled syringe provides enhanced convenience by reducing the steps required for patients to administer Cortrophin Gel. The Company launched the prefilled syringe in April and early feedback has been positive.
Revenues for ILUVIEN and YUTIQ were
ANI made substantial progress towards enhancing supply security for the ILUVIEN and YUTIQ franchise. In March, the Company received FDA approval for an expanded label for ILUVIEN that includes YUTIQ’s indication of chronic non-infectious uveitis affecting the posterior segment of the eye (chronic NIU-PS). ANI plans to begin marketing ILUVIEN under the combined label for diabetic macular edema (DME) and chronic NIU-PS this quarter.
Revenues for Brands decreased
Generics and Other
ANI’s Generics revenues increased
First Quarter 2025 Financial Results
| Three Months Ended March 31, | |||||||||||
| (in thousands) | 2025 | 2024 | Change | % Change | |||||||
| Rare Disease and Brands | |||||||||||
| Cortrophin Gel | $ | 52,850 | $ | 36,937 | $ | 15,913 | 43.1 | % | |||
| ILUVIEN and YUTIQ | 16,109 | - | 16,109 | n/m | |||||||
| Rare Disease total net revenues | $ | 68,959 | $ | 36,937 | $ | 32,022 | 86.7 | % | |||
| Brands | 25,123 | 25,679 | (556 | ) | (2.2 | )% | |||||
| Rare Disease and Brands total net revenues | $ | 94,082 | $ | 62,616 | $ | 31,466 | 50.3 | % | |||
| Generics and Other | |||||||||||
| Generic pharmaceutical products | 98,678 | 70,217 | 28,461 | 40.5 | % | ||||||
| Royalties and other pharmaceutical services | 4,362 | 4,597 | (235 | ) | (5.1 | )% | |||||
| Generics and Other total net revenues | $ | 103,040 | $ | 74,814 | $ | 28,226 | 37.7 | % | |||
| Total net revenues | $ | 197,122 | $ | 137,430 | $ | 59,692 | 43.4 | % | |||
| n/m - not meaningful percentage due to the acquisition of ILUVIEN and YUTIQ in the third quarter of 2024. | |||||||||||
All comparisons are made versus the same period in 2024 unless otherwise stated.
Total net revenues for the first quarter of 2025 were
Net revenues for Rare Disease, which includes Cortrophin Gel, ILUVIEN and YUTIQ, increased
Net revenues for Brands decreased
Net revenues for Generic pharmaceutical products increased
On a GAAP basis, gross margin decreased from
On a GAAP basis, research and development expenses increased
On a GAAP basis, selling, general, and administrative expenses increased
On a GAAP basis, the Company reported net income attributable to common shareholders of
Adjusted non-GAAP EBITDA for the first quarter of 2025 was
For reconciliations of adjusted non-GAAP EBITDA and adjusted non-GAAP diluted earnings per share to the most directly comparable GAAP financial measure, please see Table 3 and Table 4 below, respectively.
Liquidity
As of March 31, 2025, the Company had
Full Year 2025 Guidance:
| Full Year 2025 Guidance | Previous Full Year 2025 Guidance | 2024 Actual | Growth | |
| Net Revenue (Total Company) | ||||
| Cortrophin Gel Net Revenue | ||||
| ILUVIEN and YUTIQ Net Revenue | n/m | |||
| Adjusted Non-GAAP EBITDA | ||||
| Adjusted Non-GAAP Diluted EPS | ||||
| n/m - not meaningful percentage due to comparison of only a partial year of ILUVIEN and YUTIQ Net Revenue in 2024. | ||||
ANI expects total company adjusted non-GAAP gross margin between
The Company anticipates approximately 20.1 million and 20.4 million shares outstanding for the purpose of calculating adjusted non-GAAP diluted EPS and expects its annual U.S. GAAP effective tax rate to be approximately
Upcoming Events
ANI plans to participate in the following investor event:
Jefferies Global Healthcare Conference
June 4, 2025
New York, NY
Conference Call
The Company’s management will host a conference call today to discuss its first quarter 2025 results.
| Date | Friday, May 9, 2025 |
| Time | 8:00 a.m. ET |
| Toll free (U.S.) | 800-225-9448 |
| Conference ID | 4921902 |
This conference call will also be webcast and can be accessed from the “Investors” section of ANI’s website at www.anipharmaceuticals.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
A replay of the conference call will be available within two hours of the call’s completion and will remain accessible for two weeks by dialing 800-753-8591 and entering access code 4921902.
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 (loss) income, excluding tax provision or benefit, interest expense, net, other expense, net, loss on extinguishment of debt, depreciation and amortization expense, non-cash stock-based compensation expense, M&A transaction and integration expenses, contingent consideration fair value adjustments, unrealized gain on our investment in equity securities, gain on sale of the former Oakville, Ontario manufacturing site, litigation expenses related to certain matters, amortization of certain purchase price adjustments, severance expense, 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 2025 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 on our investment in equity securities, gain on sale of the former Oakville, Ontario manufacturing site, litigation expenses related to certain matters, loss on extinguishment of debt, amortization of certain purchase price adjustments, 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 (loss) 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 on our investment in equity securities, gain on sale of the former Oakville, Ontario manufacturing site, litigation expenses related to certain matters, loss on extinguishment of debt, amortization of certain purchase price adjustments, 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 on our investment in equity securities, gain on sale of the former Oakville, Ontario manufacturing site, litigation expenses related to certain matters, loss on extinguishment of debt, amortization of certain purchase price adjustments, 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.
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 2025 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, contingent consideration fair value adjustments, unrealized gain on our investment in equity securities, gain on sale of the former Oakville, Ontario manufacturing site, litigation expenses related to certain matters, amortization of certain purchase price adjustments, 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, M&A transaction and integration expenses, 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 impact of Canada operations, non-cash stock-based compensation expense, M&A transaction and integration expenses, litigation expenses related to certain 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 unaffected by non-cash stock-based compensation expense, M&A transaction and integration expenses, contingent consideration fair value adjustments, unrealized gain on our investment in equity securities, gain on sale of the former Oakville, Ontario manufacturing site, litigation expenses related to certain matters, amortization of certain purchase price adjustments, severance 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 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, those relating to the commercialization and potential sales of the product and any additional product launches from the Company’s generic pipeline, 2025 guidance, 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 our approved products, including Cortrophin Gel, ILUVIEN and YUTIQ, to achieve commercialization at levels of market acceptance that will continue to allow us to achieve continued profitability; our ability to complete or achieve any, or all of the intended benefits of acquisitions and investments, including the acquisition of Alimera, in a timely manner or at all; the limitation of our cash flow as a result of the indebtedness and liabilities incurred from the acquisition of Alimera; the risks that our acquisitions and investments, including the acquisition of Alimera, could disrupt our business and harm our financial position and operating results; delays and disruptions in production of our approved products, increased costs and potential loss of revenues if we need to change suppliers due to the limited number of suppliers for our raw materials, active pharmaceutical ingredients, expedients, and other materials; delays and disruptions in production of our approved products as a result of our reliance on single source third party contract manufacturing supply for certain of our key products, including Cortrophin Gel, ILUVIEN and YUTIQ; delays or failure in obtaining and maintaining approvals by the FDA of the products we sell; changes in policy or actions that may be taken by the FDA, United States Drug Enforcement Administration and other regulatory agencies, and the focus of the current U.S. presidential administration, including among other things, drug recalls, regulatory approvals, facility inspections and potential enforcement actions; risks that we 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 our products from both domestic and overseas sources due to supply chain disruptions or for any other reason, including increased costs due to tariffs; the ability of our manufacturing partners to meet our product demands and timelines; the impact of changes or fluctuations in exchange rates; our ability to develop, license or acquire, and commercialize new products; our obligations in agreements under which we license, develop or commercialize rights to products or technology from third parties and our ability to maintain such licenses; the level of competition we face and the legal, regulatory and/or legislative strategies employed by our competitors to prevent or delay competition from generic alternatives to branded products; our ability to protect our intellectual property rights; the impact of legislative or regulatory reform on the pricing for pharmaceutical products; the impact of any litigation to which we are, or may become, a party; our ability, and that of our suppliers, development partners, and manufacturing partners, to comply with laws, regulations and standards that govern or affect the pharmaceutical and biotechnology industries; our ability to maintain the services of our key executives and other personnel; and general business and economic conditions, such as inflationary pressures, geopolitical conditions including but not limited to the conflict between Russia and the Ukraine, the conflict in the Middle East, conflicts related to the attacks on cargo ships in the Red Sea, and the effects and duration of outbreaks of public health emergencies, and other risks and uncertainties that are described in ANI’s Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other periodic reports filed with the Securities and Exchange Commission.
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 Contact Lisa M. Wilson, In-Site Communications, Inc.
212-452-2793
lwilson@insitecony.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, | ||||||
| 2025 | 2024 | |||||
| Net Revenues | $ | 197,122 | $ | 137,430 | ||
| Operating Expenses | ||||||
| Cost of sales (excluding depreciation and amortization) | 73,037 | 49,157 | ||||
| Research and development | 10,564 | 10,511 | ||||
| Selling, general, and administrative | 76,528 | 48,021 | ||||
| Depreciation and amortization | 22,891 | 14,686 | ||||
| Contingent consideration fair value adjustment | (12,092 | ) | 90 | |||
| Gain on sale of building | - | (5,347 | ) | |||
| Total Operating Expenses, net | 170,928 | 117,118 | ||||
| Operating income | 26,194 | 20,312 | ||||
| Other (Expense) Income, net | ||||||
| Unrealized (loss) gain on investment in equity securities | (921 | ) | 9,655 | |||
| Interest expense, net | (5,484 | ) | (4,600 | ) | ||
| Other income (expense), net | 198 | (32 | ) | |||
| Income Before Income Tax Expense | 19,987 | 25,335 | ||||
| Income tax expense | 4,306 | 7,128 | ||||
| Net Income | $ | 15,681 | $ | 18,207 | ||
| Dividends on Series A Convertible Preferred Stock | (406 | ) | (406 | ) | ||
| Net Income Available to Common Shareholders | $ | 15,275 | $ | 17,801 | ||
| Basic and Diluted Income Per Share: | ||||||
| Basic Income Per Share | $ | 0.70 | $ | 0.84 | ||
| Diluted Income Per Share | $ | 0.69 | $ | 0.82 | ||
| Basic Weighted-Average Shares Outstanding | 19,607 | 19,099 | ||||
| Diluted Weighted-Average Shares Outstanding | 20,046 | 19,422 | ||||
| ANI Pharmaceuticals, Inc. and Subsidiaries | ||||||
| Table 2: US GAAP Balance Sheets | ||||||
| (unaudited, in thousands) | ||||||
| March 31, 2025 | December 31, 2024 | |||||
| Current Assets | ||||||
| Cash and cash equivalents | $ | 149,802 | $ | 144,861 | ||
| Restricted cash | 34 | 33 | ||||
| Accounts receivable, net | 220,334 | 221,726 | ||||
| Inventories | 137,408 | 136,782 | ||||
| Prepaid expenses and other current assets | 23,326 | 17,975 | ||||
| Investment in equity securities | 5,386 | 6,307 | ||||
| Total Current Assets | 536,290 | 527,684 | ||||
| Non-current Assets | ||||||
| Property and equipment, net | 58,179 | 56,863 | ||||
| Deferred tax assets, net of deferred tax liabilities and valuation allowance | 88,489 | 85,106 | ||||
| Intangible assets, net | 538,495 | 541,834 | ||||
| Goodwill | 60,662 | 59,990 | ||||
| Derivatives and other non-current assets | 10,313 | 12,220 | ||||
| Total Assets | $ | 1,292,428 | $ | 1,283,697 | ||
| Current Liabilities | ||||||
| Current debt, net of deferred financing costs | $ | 11,193 | $ | 9,172 | ||
| Accounts payable | 53,058 | 45,656 | ||||
| Accrued royalties | 23,713 | 22,626 | ||||
| Accrued compensation and related expenses | 22,297 | 37,725 | ||||
| Accrued government rebates | 22,644 | 18,714 | ||||
| Income taxes payable | 14,188 | 6,749 | ||||
| Returned goods reserve | 42,464 | 39,274 | ||||
| Current contingent consideration | 229 | 29 | ||||
| Accrued expenses and other | 12,029 | 13,735 | ||||
| Total Current Liabilities | 201,815 | 193,680 | ||||
| Non-current Liabilities | ||||||
| Non-current debt, net of deferred financing costs and current component | 305,294 | 309,108 | ||||
| Non-current convertible notes, net of deferred financing costs | 306,335 | 305,812 | ||||
| Non-current contingent consideration, net of current | 17,426 | 19,825 | ||||
| Accrued licensor payments due | 11,068 | 20,961 | ||||
| Other non-current liabilities | 7,020 | 5,781 | ||||
| Total Liabilities | $ | 848,958 | $ | 855,167 | ||
| Mezzanine Equity | ||||||
| Convertible Preferred Stock, Series A | 24,850 | 24,850 | ||||
| Stockholders’ Equity | ||||||
| Common Stock | 2 | 2 | ||||
| Class C Special Stock | - | - | ||||
| Preferred Stock | - | - | ||||
| Treasury stock | (31,043 | ) | (21,040 | ) | ||
| Additional paid-in capital | 531,055 | 519,653 | ||||
| Accumulated deficit | (85,004 | ) | (100,279 | ) | ||
| Accumulated other comprehensive income, net of tax | 3,610 | 5,344 | ||||
| Total Stockholders’ Equity | 418,620 | 403,680 | ||||
| Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | $ | 1,292,428 | $ | 1,283,697 | ||
| 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, | |||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Net Income | $ | 15,681 | $ | 18,207 | As reported: | $ | 197,122 | $ | 137,430 | $ | 73,037 | $ | 49,157 | $ | 76,528 | $ | 48,021 | $ | 10,564 | $ | 10,511 | ||||||||||
| Add/(Subtract): | |||||||||||||||||||||||||||||||
| Interest expense, net | 5,484 | 4,600 | |||||||||||||||||||||||||||||
| Other (income) expense, net | (198 | ) | 32 | ||||||||||||||||||||||||||||
| Provision for income taxes | 4,306 | 7,128 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 22,891 | 14,686 | |||||||||||||||||||||||||||||
| Contingent consideration fair value adjustment | (12,092 | ) | 90 | ||||||||||||||||||||||||||||
| Gain on sale of building | - | (5,347 | ) | ||||||||||||||||||||||||||||
| Unrealized loss (gain) on investment in equity securities | 921 | (9,655 | ) | ||||||||||||||||||||||||||||
| Stock-based compensation | 8,868 | 6,934 | Stock-based compensation | — | — | (375 | ) | (280 | ) | (7,967 | ) | (6,371 | ) | (526 | ) | (283 | ) | ||||||||||||||
| M&A transaction and integration expenses | 1,793 | 713 | M&A transaction and integration expenses | — | — | — | — | (1,793 | ) | (713 | ) | — | — | ||||||||||||||||||
| Litigation expenses | 2,990 | 245 | Litigation expenses | — | — | — | — | (2,990 | ) | (245 | ) | — | — | ||||||||||||||||||
| Severance | 105 | — | Severance | — | — | — | — | (105 | ) | — | — | — | |||||||||||||||||||
| Adjusted non-GAAP EBITDA | $ | 50,749 | $ | 37,633 | As adjusted: | $ | 197,122 | $ | 137,430 | $ | 72,662 | $ | 48,877 | $ | 63,673 | $ | 40,692 | $ | 10,038 | $ | 10,228 | ||||||||||
| 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, | ||||||
| 2025 | 2024 | |||||
| Net Income Available to Common Shareholders | $ | 15,275 | $ | 17,801 | ||
| Add/(Subtract): | ||||||
| Non-cash interest expense | 259 | (10 | ) | |||
| Depreciation and amortization | 22,891 | 14,686 | ||||
| Contingent consideration fair value adjustment | (12,092 | ) | 90 | |||
| Gain on sale of building | — | (5,347 | ) | |||
| Unrealized loss (gain) on investment in equity securities | 921 | (9,655 | ) | |||
| Stock-based compensation | 8,868 | 6,934 | ||||
| M&A transaction and integration expenses | 1,793 | 713 | ||||
| Litigation expenses | 2,990 | 245 | ||||
| Severance | 105 | — | ||||
| Other expense | (236 | ) | — | |||
| Less: | ||||||
| Estimated tax impact of adjustments | (6,630 | ) | (1,991 | ) | ||
| Adjusted non-GAAP Net Income Available to Common Shareholders (1) | $ | 34,144 | $ | 23,466 | ||
| Diluted Weighted-Average | ||||||
| Shares Outstanding | 20,046 | 19,422 | ||||
| Adjusted Diluted Weighted-Average | ||||||
| Shares Outstanding | 20,046 | 19,422 | ||||
| Adjusted non-GAAP | ||||||
| Diluted Earnings per Share | $ | 1.70 | $ | 1.21 | ||
| (1) Adjusted non-GAAP Net Income Available to Common Shareholders excludes undistributed earnings to participating securities. | ||||||
FAQ
What were ANI Pharmaceuticals' (ANIP) Q1 2025 revenue and earnings?
What is ANI's updated revenue guidance for 2025?
How did Cortrophin Gel perform in Q1 2025?
What were the main challenges for ANI's retina business in Q1 2025?
How much did ANI's Generics business grow in Q1 2025?
