ANI Pharmaceuticals (ANIP) AI Stock Analysis

• Market Cap: $1.66B
• Dividend Yield: N/A
• Average Volume (3M): 355.50K
• Price to Earnings (P/E): 45.3
• Beta (1Y): 0.53
• Revenue Growth: 48.87%
• EPS Growth: N/A
• Country: US
• Employees: 897
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 2.33
• Shares Outstanding: 22,458,168
• 10 Day Avg. Volume: 252,905
• 30 Day Avg. Volume: 355,495
• PEG Ratio: -0.05
• Price to Book (P/B): 2.93
• Price to Sales (P/S): 1.79
• P/FCF Ratio: 8.55
• Enterprise Value/Market Cap: 1.02
• Enterprise Value/Revenue: 1.92
• Enterprise Value/Gross Profit: 2.78
• Enterprise Value/Ebitda: 7.53
• 1Y Price Target: $115.00
• Price Target Upside: 55.62% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 8.76
• Revenue Forecast (FY): $1.00B

• Rating: 67 Neutral
• Price Target: $84.00 ▲(13.67% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 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.

Generics cadence & manufacturing

A steady pipeline of 10–15 annual generic launches plus in-house manufacturing capability provides recurring, diversified revenue and predictable production control. Over 2–6 months this supports cash flow stability, mitigates single-product risk, and underpins pricing and supply reliability advantages versus pure outsourced peers.

Rare-disease franchise scale

Rapid Cortrophin growth and explicit rare-disease strategy signal a structural shift toward higher-value, specialty markets. Scaling Cortrophin and targeted gout initiatives can sustainably increase revenue concentration in higher-margin niches, strengthen prescribing relationships, and create durable commercial leverage over the medium term.

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.

Earnings and cashflow volatility

Historic swings in profitability and modest net margins undermine predictability of earnings and cash conversion. This makes planning for capex, commercial expansion, and refinancing more difficult, increases earnings risk if product trends reverse, and limits confidence in sustained margin performance.

Material debt outstanding

Despite recent deleveraging, a principal debt load north of $600M leaves the capital structure sensitive to earnings volatility and limits strategic flexibility. Ongoing debt service and covenant considerations could constrain large-scale M&A or require careful cash allocation if revenue or margins soften over the coming quarters.

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, hormones and steroids, injectables, and other formulations. The company manufactures oral solid dose products; semi-solids, liquids, and topicals; and potent products, as well as performs contract development and manufacturing of pharmaceutical products for other companies. It markets its products through retail pharmacy chains, wholesalers, distributors and mail order pharmacies, and group purchasing organizations. The company was incorporated in 2001 and is headquartered in Baudette, Minnesota.

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, pharmacies, and healthcare providers. Key revenue streams include sales from its proprietary branded products and the generic drugs it manufactures. Additionally, ANI Pharmaceuticals benefits from partnerships and collaborations with other pharmaceutical companies, which can include co-development agreements, licensing deals, and supply agreements. These partnerships can provide additional revenue through milestone payments, royalties, and shared profits from jointly developed products. The company also focuses on expanding its product offerings and entering new markets to increase its overall revenue potential.

ANI Pharmaceuticals Financial Statement Overview

Summary

TTM profitability and cash generation improved meaningfully (positive net income, EBITDA margin ~19.8%, operating cash flow ~$185M and free cash flow ~$128M), and leverage metrics improved versus 2024. Offsetting factors are historically volatile earnings/cash flow and relatively thin net margin (~4.6%), which reduces confidence in consistency.

Income Statement

Results improved meaningfully into TTM (Trailing-Twelve-Months), with revenue up 6.8% and profitability turning solid (EBIT margin ~8.7%, EBITDA margin ~19.8%). Net income swung from a loss in 2024 to ~$78M in TTM, signaling better cost control and operating leverage. Offsetting this, net margin remains modest (~4.6%) and profitability has been volatile over the last several years (losses in 2020–2022 and again in 2024), which reduces confidence in consistency.

Balance Sheet

Leverage looks manageable in TTM (debt-to-equity ~0.64) and improved sharply versus 2024 (debt-to-equity ~1.46), alongside stronger returns on equity (~8.3% in TTM). The company also carries a sizable asset base (~$1.44B) relative to equity (~$541M), suggesting meaningful use of financing. Key risk: balance-sheet leverage has swung materially year-to-year, indicating capital structure instability and potential sensitivity to refinancing or earnings volatility.

Cash Flow

Cash generation is a clear strength in TTM (Trailing-Twelve-Months): operating cash flow (~$185M) and free cash flow (~$128M) are strong and comfortably positive, with free cash flow running at a healthy level relative to earnings. However, free cash flow declined ~5.1% versus the prior period, and cash flow history has been uneven (negative operating and free cash flow in 2022 and negative free cash flow in 2020–2021), which is a reminder that conversion can fluctuate.

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	0.00	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	185.22M	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

• Technical Analysis Sentiment: Negative
• Last Price: 73.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIP, the sentiment is Negative. The current price of 73.9 is below the 20-day moving average (MA) of 78.43, below the 50-day MA of 80.39, and below the 200-day MA of 79.64, indicating a bearish trend. The MACD of -1.56 indicates Positive momentum. The RSI at 35.94 is Neutral, neither overbought nor oversold. The STOCH value of 37.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANIP.

ANI Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANIP	67 Neutral	$1.66B	45.32	7.83%	―	48.87%	―
PCRX	67 Neutral	$887.13M	139.47	2.90%	―	3.14%	―
AMPH	60 Neutral	$917.84M	9.95	14.84%	―	-0.03%	-27.66%
SUPN	55 Neutral	$3.14B	-80.03	-3.68%	―	4.54%	-130.59%
HROW	53 Neutral	$2.01B	-355.98	-9.54%	―	47.83%	84.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

ANI Pharmaceuticals Corporate Events

ANI Pharmaceuticals issues strong 2025 preliminary results, 2026 outlook

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 Cortrophin Gel net revenues rising 76% year over year to about $347.8 million and ILUVIEN and YUTIQ contributing $74.9 million. The company, which ended 2025 with roughly $285 million in unrestricted cash, projected further acceleration in 2026 with total net revenues guided to $1.055 billion–$1.115 billion, adjusted non-GAAP EBITDA of $275 million–$290 million, and rare disease products expected to account for about 60% of sales, underpinned by a 55%–65% revenue surge in Cortrophin Gel. To support this growth and reinforce its transition into a leading rare disease player, ANI plans a roughly 90-person expansion of its rare disease organization by mid-2026 to capitalize on the acute gouty arthritis flare opportunity, continue investment in a Phase 4 trial for Cortrophin Gel, return ILUVIEN to growth, maintain 10–15 new generic launches annually, and pursue disciplined capital allocation aimed at scaling its rare disease business while sustaining cash generation from generics.

The most recent analyst rating on (ANIP) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on ANI Pharmaceuticals stock, see the ANIP Stock Forecast page.

ANI Pharmaceuticals Announces Leadership Transition in Board

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 Jeanne A. Thoma replaced him as Chair of the Audit and Finance Committee. This leadership transition is expected to support ANI’s focus on expanding its Rare Disease business and delivering growth for shareholders.

The most recent analyst rating on (ANIP) stock is a Hold with a $93.00 price target. To see the full list of analyst forecasts on ANI Pharmaceuticals stock, see the ANIP Stock Forecast page.