Ani Pharmaceuticals (ANIP)
NASDAQ:ANIP
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ANI Pharmaceuticals
(NASDAQ:ANIP)
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Rating:74Outperform
Price Target:
$88.00
▲(8.75% Upside)
Action:Reiterated
Date:06/01/26
The score is driven primarily by improving financial performance with strong recent free cash flow and a constructive earnings-call outlook including raised 2026 guidance. These positives are moderated by softer technical positioning (below key moving averages) and some profitability/margin volatility risks, while valuation appears reasonable but not especially cheap.
Positive Factors
Revenue scale-up
ANI has delivered durable top-line expansion over multiple years, demonstrating successful commercialization and portfolio scale. Sustained revenue growth improves operating leverage, funds reinvestment in launches and rare-disease commercialization, and reduces single-product dependency over the medium term.
Negative Factors
Gross-margin pressure
Margin erosion from a higher mix of royalty-bearing products, partnered generics and lost prior-year revenues points to structural margin mix risk. Persistently lower gross margins would compress operating profitability and limit the leverage from revenue growth absent offsetting cost or price improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scale-up
ANI has delivered durable top-line expansion over multiple years, demonstrating successful commercialization and portfolio scale. Sustained revenue growth improves operating leverage, funds reinvestment in launches and rare-disease commercialization, and reduces single-product dependency over the medium term.
Read all positive factors
ANI Pharmaceuticals (ANIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.87B
Dividend YieldN/A
Average Volume (3M)375.43K
Price to Earnings (P/E)19.4
Beta (1Y)0.51
Revenue Growth37.03%
EPS GrowthN/A
CountryUS
Employees897
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)4.11
Shares Outstanding22,734,617
10 Day Avg. Volume297,679
30 Day Avg. Volume375,425
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)2.93
Price to Sales (P/S)1.79
P/FCF Ratio10.49
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue2.06
Enterprise Value/Gross Profit3.13
Enterprise Value/Ebitda8.11
Forecast
1Y Price Target
$115.20Price Target Upside42.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)9.37
Revenue Forecast (FY)$1.12B
ANI Pharmaceuticals Business Overview & Revenue Model
Company Description
ANI Pharmaceuticals, Inc. operates as a biopharmaceutical firm, concentrating on the development, production, and commercialization of both proprietary (branded) and unbranded (generic) prescription medications across the United States and Canada....
How the Company Makes Money
ANI Pharmaceuticals primarily generates revenue by selling prescription pharmaceutical products in the U.S. through two main channels: (1) branded products, where ANI markets proprietary or differentiated medicines under its own brands and earns r...
ANI Pharmaceuticals Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum and material financial progress: consolidated Q1 revenue growth (20% YoY), Cortrophin Gel growth (42% YoY), adjusted EBITDA and EPS expansion, raised 2026 guidance, near-term cash from an IP out-license, an active product launch cadence in Generics, and a sizeable commercial expansion into acute gouty arthritis flares. Offsetting items include margin pressure from a higher mix of royalty-bearing products and new launches, temporary insurance reverification and access headwinds that impacted Q1 timing, increased SG&A from sales expansion, and some reliance on timing of upfront/milestone payments. Overall, positives (revenue/EBITDA growth, guidance raise, strategic investments and M&A optionality, cash position, repurchase program) materially outweigh the lowlights (margin compression, access and timing issues), supporting a constructive outlook for 2026 and into 2027.Positive Updates
Revenue Growth and Raised Guidance
Total net revenues of $237.5M in Q1 2026, up 20% year-over-year. Company raised 2026 net revenue guidance to $1.08B–$1.14B (midpoint implies ~26% growth vs 2025) and expects Rare Disease to represent ~60% of total revenues in 2026.
Negative Updates
Gross Margin Compression and Rising Cost of Sales
Non-GAAP cost of sales increased 28% to $93.1M in Q1 2026. Non-GAAP gross margin was 60.8%, down ~230 basis points YoY, driven by higher sales of royalty-bearing products, partnered generic launches, nonrecurrence of prior-year Prucalopride revenues, and lower brand sales.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth and Raised Guidance
Total net revenues of $237.5M in Q1 2026, up 20% year-over-year. Company raised 2026 net revenue guidance to $1.08B–$1.14B (midpoint implies ~26% growth vs 2025) and expects Rare Disease to represent ~60% of total revenues in 2026.
Read all positive updates
Company Guidance
ANI raised its 2026 guidance, now expecting total net revenues of $1.08–$1.14 billion (over $1B and ~26% growth vs. 2025 at the midpoint), adjusted non‑GAAP EBITDA of $285–$300 million (up $10M from prior guidance), and adjusted non‑GAAP diluted EPS of $9.19–$9.69 (based on ~21.5–21.8M shares and a ~26–28% GAAP tax rate); Cortrophin Gel revenue is reaffirmed at $540–$575 million (company expects ~60% of total revenue to be Rare Disease, Cortrophin to grow roughly 60% YoY and management cites a 55–65% growth range, with Q2 Cortrophin expected to represent ~21–23% of full‑year Cortrophin and stronger sequential gains in Q3–Q4), ILUVIEN guidance is $78–$83 million, adjusted gross margin is guided to 59.9–60.9% (up ~60 bps), and management expects Q2 EBITDA to be roughly in line with Q1 (Q1 adjusted EBITDA was $63M and adjusted EPS $2.05) while noting the nonrecurrence of a $15M upfront license fee; balance sheet/other metrics include $311.2M unrestricted cash at quarter end, $58.4M cash from operations in Q1, trailing‑12‑month adjusted EBITDA of $242M, gross leverage 2.6x and net leverage 1.3x, and a new $100M three‑year share repurchase program.ANI Pharmaceuticals Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 923.71M | 883.37M | 614.38M | 486.82M | 316.38M | 216.14M |
| Gross Profit | 609.07M | 450.64M | 364.17M | 305.30M | 177.60M | 115.53M |
| EBITDA | 234.71M | 207.27M | 63.12M | 106.60M | 25.04M | 3.12M |
| Net Income | 89.67M | 78.34M | -18.52M | 18.78M | -47.90M | -42.60M |
Balance Sheet | ||||||
| Total Assets | 1.42B | 1.44B | 1.28B | 904.42M | 760.09M | 771.60M |
| Cash, Cash Equivalents and Short-Term Investments | 311.18M | 285.58M | 151.17M | 221.12M | 48.23M | 100.30M |
| Total Debt | 327.76M | 325.19M | 624.09M | 285.67M | 286.52M | 287.37M |
| Total Liabilities | 859.67M | 899.65M | 855.17M | 446.82M | 421.55M | 412.86M |
| Stockholders Equity | 562.30M | 540.72M | 428.53M | 457.60M | 338.54M | 358.74M |
Cash Flow | ||||||
| Free Cash Flow | 160.35M | 150.90M | 47.06M | 100.45M | -47.66M | -20.32M |
| Operating Cash Flow | 208.61M | 185.22M | 64.02M | 118.96M | -31.20M | 3.32M |
| Investing Cash Flow | -25.80M | -34.32M | -404.72M | -18.51M | -15.74M | -105.48M |
| Financing Cash Flow | -21.65M | -9.94M | 264.94M | 67.44M | -5.13M | 194.59M |
ANI Pharmaceuticals Technical Analysis
Positive
80.92
Price Trends
80.11
Positive
78.44
Positive
83.20
Negative
Market Momentum
0.61
Negative
58.78
Neutral
83.30
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIP, the sentiment is Positive. The current price of 80.92 is above the 20-day moving average (MA) of 80.47, above the 50-day MA of 80.11, and below the 200-day MA of 83.20, indicating a neutral trend. The MACD of 0.61 indicates Negative momentum. The RSI at 58.78 is Neutral, neither overbought nor oversold. The STOCH value of 83.30 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANIP.
ANI Pharmaceuticals Risk Analysis
ANI Pharmaceuticals disclosed 74 risk factors in its most recent earnings report. ANI Pharmaceuticals reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ANI Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.87B | 19.36 | 17.32% | ― | 37.03% | ― | |
68 Neutral | $869.07M | 11.42 | 10.23% | ― | -1.39% | -41.70% | |
65 Neutral | $894.48M | 179.70 | 0.73% | ― | 4.57% | ― | |
63 Neutral | $2.55B | -86.58 | -2.73% | ― | 16.29% | -145.12% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.45B | -95.56 | -33.65% | ― | 26.22% | 34.06% |
* Healthcare Sector Average
ANIP
ANI Pharmaceuticals
83.00
19.65
31.02%
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AMPH
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HROW
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38.40
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26.27%
ANI Pharmaceuticals Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
ANI Pharmaceuticals Shareholders Approve Amended 2022 Incentive Plan
Positive
May 21, 2026
ANI Pharmaceuticals, Inc. held its 2026 Annual Meeting of Stockholders on May 21, 2026, where shareholders approved an Amended and Restated 2022 Stock Incentive Plan, reinforcing the company’s equity-based compensation framework. This move i...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
ANI Pharmaceuticals Updates Investor Presentation, Highlights Non-GAAP Metrics
Neutral
May 13, 2026
On May 13, 2026, ANI Pharmaceuticals, Inc. published an updated investor presentation on its website for use in future meetings with investors and analysts, following earnings guidance it discussed on May 8, 2026. The materials detail the company&...
Business Operations and StrategyFinancial Disclosures
ANI Pharmaceuticals Highlights Updated Non-GAAP Metrics to Investors
Neutral
Mar 3, 2026
On March 3, 2026, President and CEO Nikhil Lalwani and ANI Pharmaceuticals’ executive team were scheduled to present at Raymond James’ 47th Annual Institutional Investors Conference in Orlando, Florida, using an updated investor presen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.