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ANIP

ANI Pharmaceuticals, Inc.

ANIP

ANI Pharmaceuticals, Inc. • NASDAQ
$84.85 ▲ 0.58% (+0.49)
Market Cap $1.91 B
52w High $99.50
52w Low $52.50
Dividend Yield 0%
P/E 53.03
Volume 150.28K
Outstanding Shares 22.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $227.813M ▲ $88.96M ▼ $24.134M ▲ 10.594% ▲ $1.19 ▲ $61.159M ▲
Q2-2025 $211.371M ▲ $122.864M ▲ $8.549M ▼ 4.045% ▼ $0.37 ▼ $39.244M ▼
Q1-2025 $197.122M ▲ $97.891M ▼ $15.681M ▲ 7.955% ▲ $0.7 ▲ $48.362M ▲
Q4-2024 $190.574M ▲ $114.672M ▲ $-10.276M ▲ -5.392% ▲ $-0.55 ▲ $14.853M ▲
Q3-2024 $148.332M $105.776M $-24.166M -16.292% $-1.27 $-13.419M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $262.61M ▲ $1.408B ▲ $902.335M ▲ $505.817M ▲
Q2-2025 $223.515M ▲ $1.343B ▲ $881.394M ▲ $461.607M ▲
Q1-2025 $155.188M ▲ $1.292B ▲ $848.958M ▼ $443.47M ▲
Q4-2024 $151.168M ▼ $1.284B ▼ $855.167M ▼ $428.53M ▼
Q3-2024 $153.28M $1.287B $856.579M $430.798M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $26.617M ▲ $44.055M ▼ $-6.163M ▲ $6.345M ▲ $44.813M ▼ $37.892M ▼
Q2-2025 $8.549M ▼ $75.812M ▲ $-6.909M ▲ $-1.747M ▲ $67.997M ▲ $68.903M ▲
Q1-2025 $15.681M ▲ $34.991M ▲ $-19.846M ▼ $-9.906M ▼ $4.942M ▲ $15.145M ▲
Q4-2024 $-10.276M ▲ $15.86M ▲ $-10.681M ▲ $-4.907M ▼ $-123K ▲ $13.38M ▲
Q3-2024 $-24.166M $12.474M $-398.522M $291.03M $-95.093M $7.662M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Sales of Established Brands
Sales of Established Brands
 $0 ▲$30.00M ▲$10.00M ▼$10.00M ▲
Sales of rare disease pharmaceutical products
Sales of rare disease pharmaceutical products
 $0 ▲$70.00M ▲$100.00M ▲$120.00M ▲
Total Sales of Generics and Other
Total Sales of Generics and Other
 $0 ▲$100.00M ▲$90.00M ▼$100.00M ▲
Generics Established Brands and Other
Generics Established Brands and Other
 $90.00M ▲$0 ▼$0 ▲$0 ▲
Rare Disease
Rare Disease
 $60.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown very strongly over the last five years, moving the company from a small niche player toward mid‑sized scale. Gross profitability has improved meaningfully, showing that the product mix and pricing power, especially in rare disease and complex generics, are helping margins. However, operating profit and net income remain choppy: the company has swung between small profits and small losses, with earnings heavily affected by acquisition costs, amortization, and integration spending. Overall, the income statement tells a story of rapid expansion and improving underlying economics, but with still‑uneven bottom‑line results and sensitivity to one‑off items and execution risk.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting acquisitions and growth investments. Total assets have grown, but this has been funded partly by a notable increase in debt, especially recently, while equity has risen more gradually. Cash balances are reasonable but have come down from their peak, likely due to deal activity and integration costs. In simple terms, ANI now carries more financial weight and leverage than a few years ago: it has more resources and more debt, with a solid but not overly thick equity cushion. The structure looks typical for a company using acquisitions to grow, but it does mean higher sensitivity to interest costs and the need for continued disciplined execution.

Cash Flow

Cash Flow Cash generation has moved from mixed and occasionally negative a few years ago to consistently positive in the last couple of years. Operating cash flow has generally trended upward as new products ramp and integration benefits start to show, and free cash flow has turned sustainably positive thanks to modest capital spending and better profitability. That said, the level of cash flow is not yet very large relative to the scale of the balance sheet and debt load, so continued improvement will be important. Overall, cash flow quality is clearly better than in the past, but still in a building phase rather than fully mature and robust.

Competitive Edge

Competitive Edge ANI occupies an attractive niche at the intersection of rare diseases, complex generics, and contract manufacturing. Its focus on difficult‑to‑make products and limited‑competition generics helps avoid the most commoditized parts of the market, while rare disease drugs and ophthalmology assets offer higher margins and stronger pricing power. U.S.‑based manufacturing and vertical integration give it an edge on supply reliability and quality control, valuable in today’s regulatory and geopolitical environment. The CDMO business adds diversification and better utilization of facilities. Key risks are concentration in a handful of flagship products, regulatory scrutiny typical of pharma, potential generic competition over time, and the ongoing need to successfully integrate acquisitions to maintain this edge.

Innovation and R&D

Innovation and R&D Innovation here is driven less by basic science breakthroughs and more by smart product selection, formulation skills, and acquisitions. The company has built a capable R&D engine through Novitium, with strengths in complex generics, injectables, and extended‑release forms, as well as a pipeline of hybrid 505(b)(2) products that can reach market relatively efficiently. The rare disease and ophthalmology portfolios, including Cortrophin Gel and the acquired eye therapies, give room for lifecycle management, label expansion, and geographic or indication growth. Future success will depend on consistently converting the development pipeline and M&A targets into commercial products while managing clinical, regulatory, and reimbursement risks that are inherent to the sector.

Summary

ANI Pharmaceuticals has transitioned from a smaller, unevenly profitable generics player into a diversified specialty pharma focused on rare diseases, complex generics, and U.S.‑based manufacturing. Revenues and gross margins have improved sharply, while earnings and cash flows, though much better than a few years ago, still show some volatility tied to acquisitions and growth investments. The balance sheet is larger and more leveraged, reflecting an acquisitive strategy that raises both opportunity and financial risk. Competitive strengths include niche market focus, technical manufacturing capabilities, and a growing rare disease and ophthalmology franchise, supported by a solid R&D and product‑acquisition pipeline. The main questions going forward are the company’s ability to keep ramping key products, smoothly integrate deals, and steadily grow cash flow enough to comfortably support its higher scale and debt load in a challenging, highly regulated industry.

NEWS

November 25, 2025 · 6:50 AM UTC

ANI Pharmaceuticals to Present at the Piper Sandler 37th Annual Healthcare Conference

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November 11, 2025 · 4:05 PM UTC

ANI Pharmaceuticals to Present at the Jefferies Global Healthcare Conference – London

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November 7, 2025 · 6:50 AM UTC

ANI Pharmaceuticals Reports Record Third Quarter 2025 Financial Results and Raises 2025 Guidance

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October 24, 2025 · 6:50 AM UTC

ANI Pharmaceuticals to Discuss Third Quarter 2025 Financial Results on November 7, 2025, at 8:30 a.m. ET

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October 16, 2025 · 6:50 AM UTC

ANI Pharmaceuticals Announces NEW DAY Clinical Trial Results to be Presented in Late-Breaking Oral Presentation at the American Academy of Ophthalmology 2025 Meeting

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