Ani Pharmaceuticals (ANIP)
NASDAQ:ANIP
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ANI Pharmaceuticals
(NASDAQ:ANIP)
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Rating:76Outperform
Price Target:
$93.00
▲(14.93% Upside)
Action:Reiterated
Date:05/22/26
ANIP’s score is driven primarily by improving fundamentals (strong revenue scaling, profitability recovery, and robust free cash flow) and a positive earnings outlook with reaffirmed 2026 growth guidance. Valuation is supportive at a ~13.6 P/E, while technicals are only moderately constructive given the stock remains below its 200-day moving average and momentum indicators are neutral-to-mildly positive.
Positive Factors
Revenue Scale-Up
Sustained multi-year revenue growth reflects successful commercialization across branded and generics franchises and demonstrates durable demand and scale. This expansion supports fixed-cost absorption, funds reinvestment, and reduces single-product concentration risk as the company broadens its portfolio.
Negative Factors
Gross-margin Pressure
Higher royalty-bearing product mix and shifting channel composition create structural margin headwinds. Unless offset by favorable pricing, lower-cost manufacturing or mix improvement, sustained royalty burdens will compress gross margins and limit incremental operating leverage from revenue growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scale-Up
Sustained multi-year revenue growth reflects successful commercialization across branded and generics franchises and demonstrates durable demand and scale. This expansion supports fixed-cost absorption, funds reinvestment, and reduces single-product concentration risk as the company broadens its portfolio.
Read all positive factors
ANI Pharmaceuticals (ANIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.85B
Dividend YieldN/A
Average Volume (3M)355.00K
Price to Earnings (P/E)13.6
Beta (1Y)0.54
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. Volume397,402
30 Day Avg. Volume355,003
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/Revenue2.05
Enterprise Value/Gross Profit3.11
Enterprise Value/Ebitda8.01
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., 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 primarily makes money by selling prescription pharmaceutical products, generating revenue from (1) branded medicines and (2) generic medicines. Product revenue is earned when ANI sells finished-dose products into U.S. distribut...
ANI Pharmaceuticals Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 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
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 | 236.96M | 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 | 165.60M | 171.39M | 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
78.63
Positive
78.76
Positive
83.90
Negative
Market Momentum
0.74
Negative
54.38
Neutral
75.73
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 80.92 is below the 20-day moving average (MA) of 81.08, above the 50-day MA of 78.63, and below the 200-day MA of 83.90, indicating a neutral trend. The MACD of 0.74 indicates Negative momentum. The RSI at 54.38 is Neutral, neither overbought nor oversold. The STOCH value of 75.73 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.85B | 13.63 | 17.32% | ― | 37.03% | ― | |
69 Neutral | $958.20M | 78.40 | 0.73% | ― | 4.57% | ― | |
64 Neutral | $829.39M | 34.57 | 10.23% | ― | -1.39% | -41.70% | |
63 Neutral | $2.77B | -324.88 | -2.73% | ― | 16.29% | -145.12% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.27B | -11.89 | -33.65% | ― | 26.22% | 34.06% |
* Healthcare Sector Average
ANIP
ANI Pharmaceuticals
81.76
23.95
41.43%
PCRX
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24.04
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SUPN
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46.64
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AMPH
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HROW
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34.43
8.51
32.83%
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.