ANI Pharmaceuticals Inc (ANIP)
NASDAQ:ANIP
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ANI Pharmaceuticals
(NASDAQ:ANIP)
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Rating:67Neutral
Price Target:
$84.00
▲(7.27% Upside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by improved financial performance and a strong, confident 2026 growth outlook from management. These positives are partially offset by weak technical momentum (below key moving averages with negative MACD) and a relatively expensive valuation (high P/E with no dividend yield provided).
Positive Factors
Cash generation
Strong trailing-twelve-month operating cash flow and free cash flow create durable financial flexibility. This level of cash generation supports reinvestment in commercial expansion, manufacturing capacity, and M&A optionality, and helps absorb near-term working capital swings while funding the rare-disease buildout.
Negative Factors
Royalty and margin pressure
A materially higher blended royalty burden is a structural headwind to gross margins and EBITDA conversion; persistent royalty obligations require higher revenue growth to sustain free cash flow. Over months this compresses operating leverage, reduces reinvestment capacity, and raises sensitivity to product mix shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Strong trailing-twelve-month operating cash flow and free cash flow create durable financial flexibility. This level of cash generation supports reinvestment in commercial expansion, manufacturing capacity, and M&A optionality, and helps absorb near-term working capital swings while funding the rare-disease buildout.
Read all positive factors
ANI Pharmaceuticals (ANIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.76B
Dividend YieldN/A
Average Volume (3M)382.77K
Price to Earnings (P/E)14.4
Beta (1Y)0.50
Revenue Growth48.87%
EPS GrowthN/A
CountryUS
Employees897
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)2.33
Shares Outstanding22,414,104
10 Day Avg. Volume384,516
30 Day Avg. Volume382,766
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)2.93
Price to Sales (P/S)1.79
P/FCF Ratio9.24
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue2.03
Enterprise Value/Gross Profit2.94
Enterprise Value/Ebitda7.95
Forecast
1Y Price Target
$116.25Price Target Upside48.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)9.13
Revenue Forecast (FY)$1.09B
ANI Pharmaceuticals Business Overview & Revenue Model
Company Description
ANI Pharmaceuticals, Inc., a biopharmaceutical company, develops, manufactures, and markets branded and generic prescription pharmaceuticals in the United States and Canada. It focuses on producing controlled substances, oncology products, hormone...
How the Company Makes Money
ANI Pharmaceuticals generates revenue through the sale of its prescription drugs, which include both branded and generic medications. The company's revenue model is primarily based on the direct sales of its pharmaceutical products to wholesalers,...
ANI Pharmaceuticals Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Positive
The earnings call conveyed strong positive momentum: record 2025 financials, rapid Cortrophin Gel and generics growth, robust cash generation, and clear 2026 guidance with continued top- and bottom-line expansion. Management acknowledged margin pressure from product mix and higher royalty rates, elevated near-term SG&A to fund a 90-person gout expansion, and access-seasonality headwinds in Q1. However, the magnitude and number of positive operating and financial outcomes (substantial revenue and EBITDA growth, cash flow, and confident guidance) outweigh the challenges, which management presented as known, manageable, and tied to growth investments and temporary access/seasonal factors.Positive Updates
Record Financial Performance in 2025
Full year revenues of $883.4M, up 44% year-over-year; adjusted non-GAAP EBITDA of $229.8M, up 47% YoY; adjusted non-GAAP diluted EPS $7.89 vs $5.20 prior year.
Negative Updates
Gross Margin Pressure from Product Mix and Royalties
Q4 non-GAAP gross margin was 59.6%, down ~400 basis points YoY; full-year non-GAAP gross margin 61.6% (down ~10 bps YoY). 2026 gross margin guidance (59.3%–60.3%) indicates continued pressure from higher sales of royalty-bearing products and lower brand revenues.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Performance in 2025
Full year revenues of $883.4M, up 44% year-over-year; adjusted non-GAAP EBITDA of $229.8M, up 47% YoY; adjusted non-GAAP diluted EPS $7.89 vs $5.20 prior year.
Read all positive updates
Company Guidance
ANI reaffirmed 2026 guidance targeting net revenue of $1.055–$1.115 billion (≈19%–26% YoY, midpoint ≈23%), with rare disease representing ~60% of revenues and Cortrophin Gel net revenue of $540–$575 million (55%–65% YoY; company also referenced ~60% YoY growth at the midpoint); ILUVIEN net revenue is guided to $78–$83 million (≈4%–11% YoY). They forecast adjusted non‑GAAP EBITDA of $275–$290 million (≈20%–26% YoY), adjusted non‑GAAP diluted EPS of $8.83–$9.34 (≈12%–18% YoY) calculated using ~21.5–21.8 million diluted shares, adjusted gross margin of 59.3%–60.3% (down versus 2025), and a U.S. GAAP tax rate of ~26%–28%; management expects Q1 Cortrophin to represent ~13%–14% of 2026 revenue (versus ~15% in 2025), anticipates Q1 EBITDA to be down sequentially with sequential growth thereafter (Q4 as the largest quarter) and noted the planned mid‑year deployment of a 90‑person gout team driving material Cortrophin volume contribution in Q3–Q4 (full productivity expected in 2027).ANI Pharmaceuticals Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
67
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 883.37M | 614.38M | 486.82M | 316.38M | 216.14M |
| Gross Profit | 450.64M | 364.17M | 305.30M | 177.60M | 115.53M |
| EBITDA | 207.27M | 63.12M | 106.60M | 25.04M | 3.12M |
| Net Income | 78.34M | -18.52M | 18.78M | -47.90M | -42.60M |
Balance Sheet | |||||
| Total Assets | 1.44B | 1.28B | 904.42M | 760.09M | 771.60M |
| Cash, Cash Equivalents and Short-Term Investments | 285.58M | 151.17M | 221.12M | 48.23M | 100.30M |
| Total Debt | 325.19M | 624.09M | 285.67M | 286.52M | 287.37M |
| Total Liabilities | 899.65M | 855.17M | 446.82M | 421.55M | 412.86M |
| Stockholders Equity | 540.72M | 428.53M | 457.60M | 338.54M | 358.74M |
Cash Flow | |||||
| Free Cash Flow | 171.39M | 47.06M | 100.45M | -47.66M | -20.32M |
| Operating Cash Flow | 185.22M | 64.02M | 118.96M | -31.20M | 3.32M |
| Investing Cash Flow | -34.32M | -404.72M | -18.51M | -15.74M | -105.48M |
| Financing Cash Flow | -9.94M | 264.94M | 67.44M | -5.13M | 194.59M |
ANI Pharmaceuticals Technical Analysis
Positive
78.31
Price Trends
76.63
Positive
79.22
Negative
81.64
Negative
Market Momentum
0.74
Negative
55.86
Neutral
68.70
Neutral
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 78.31 is above the 20-day moving average (MA) of 75.19, above the 50-day MA of 76.63, and below the 200-day MA of 81.64, indicating a neutral trend. The MACD of 0.74 indicates Negative momentum. The RSI at 55.86 is Neutral, neither overbought nor oversold. The STOCH value of 68.70 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.76B | 14.40 | 15.55% | ― | 48.87% | ― | |
67 Neutral | $963.25M | 163.97 | 0.95% | ― | 3.14% | ― | |
61 Neutral | $924.19M | 12.76 | 12.76% | ― | -0.03% | -27.66% | |
55 Neutral | $2.92B | -72.78 | -3.67% | ― | 4.54% | -130.59% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $1.34B | -350.51 | -10.00% | ― | 47.83% | 84.72% |
* Healthcare Sector Average
ANIP
ANI Pharmaceuticals
78.31
9.59
13.96%
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ANI Pharmaceuticals Corporate Events
Business Operations and StrategyFinancial Disclosures
ANI Pharmaceuticals issues strong 2025 preliminary results, 2026 outlook
Positive
Jan 12, 2026
On January 12, 2026, ANI Pharmaceuticals reported strong preliminary, unaudited results for 2025, highlighting that total net revenues, adjusted non-GAAP EBITDA and adjusted non-GAAP diluted EPS are expected to meet or exceed prior guidance, with ...
Executive/Board ChangesShareholder Meetings
ANI Pharmaceuticals Announces Leadership Transition in Board
Neutral
Dec 1, 2025
On November 24, 2025, Patrick D. Walsh announced he would not seek re-election as a director at ANI Pharmaceuticals‘ 2026 Annual Meeting and stepped down as Chairman of the Board. Thomas J. Haughey was elected as the new Chairman, while Jean...
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.