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ANI Pharmaceuticals Inc (ANIP) stock

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NASDAQ: ANIP Nasdaq Pharmaceuticals Next results ~November 5, 2026

C+ Fundamentals grade

ANI Pharmaceuticals Inc is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($314.08) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($314.08) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

ANI Pharmaceuticals Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 12 selling0 purchases and 50 sales by directors and officers, last 12 monthsInsider trades
  • Funds166 adding, 112 cuttingOf 58 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter ANI Pharmaceuticals files

Where ANI Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $978m, up 30.9% on a year earlier, slower than the 37.0% growth a quarter earlier. That growth ranks 4 of 34 among the pharmaceuticals companies we cover. Free-cash-flow margin held at 17.7%. Operating margin widened to 15.4% from 2.0%. The diluted share count is up 11.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks.

Our model value for ANI Pharmaceuticals is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

ANI Pharmaceuticals Inc's trailing-twelve-month revenue grew 30.9% year on year, with a free-cash-flow margin of 17.7%. Where it stands out: revenue growth of 30.9% ranks 15 of 74 pharmaceuticals companies we cover. Where it lags: change in share count of 11.6% ranks 50 of 62 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$310 per share in the base case (~$240–$410 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin expanding: TTM net margin reached 11.1%, up 12.4pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 30.9% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.
  • Margins widening. Operating margin is up 13.3 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth slowing. The growth rate is 6.1 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 11.6% in a year.
  • Insiders selling. 12 insiders sold $16M of stock over the past 365 days and none bought (39% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 5.5 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 102 days ranks 45 of 59 pharmaceuticals companies we cover (median 72 days).
  • Heavily shorted. 18.4% of the shares available to trade are sold short (8.2 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$2.21 against an average estimate of $2.04: beat by 8.2%
Revenue
$266m, up 25.9% on a year earlier
Share reaction
-8.3% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Guidance given
net Revenue (Total Company) $1,080m to $1,140m (Full Year 2026); cortrophin Gel Net Revenue $520m to $540m (Full Year 2026)
Next report
November 5, 2026; average EPS estimate $2.18

ANI Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.8%
  • 1 week-2.7%
  • 1 month-2.1%
  • This year-10.5%
  • 1 year-22.0%
  • 5 years+24.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$978M
Operating margin
15.4%
Net margin
11.1%
EPS (TTM, diluted)
$4.92

Growth

Revenue growth
+30.9%
Change in growth rate
−6.1 pts
Share count change
+11.6%

Cash

Free cash flow (TTM)
$173M
FCF margin
17.7%
Stock pay % of revenue
4.2%

Earnings

Last results
August 7, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ANI Pharmaceuticals Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($314.08) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of ANI Pharmaceuticals Inc's free cash flow after stock-based pay ( $163M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value ANI Pharmaceuticals Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.74 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$310 ~$240–$410 Left out: far from the other models (more than 3x away from their median)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$73 ~$54–$88 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$90 ~$94–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$3.3 ~$1.3–$6.9 Left out: out of range vs price (0.05x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ANI Pharmaceuticals Inc with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$45.13$60.62$64.45$45.02$61.67$29.04$46.08$40.23$55.14$55.28$78.94$70.67
Market value$522m$702m$744m$530m$743m$347m$580m$654m$1.0bn$1.1bn$1.7bn$1.6bn
+ Net debt (− = net cash)−$41m$116m$113m$137m$123m$178m$187m$238m$65m$173m$24m−$59m
Enterprise value$480m$818m$857m$667m$866m$525m$767m$892m$1.1bn$1.2bn$1.7bn$1.5bn
Multiples
Price / sales 6.8x5.5x4.2x2.6x3.6x1.7x2.7x2.1x2.1x1.7x1.9x1.6x
Price / earnings 33.9x178.3x—34.2x121.8x———53.4x—21.4x14.4x
Price / free cash flow 34.6x30.6x25.6x8.6x19.0x38.0xn/m—9.1x22.3x9.8x9.0x
EV / EBITDA 12.1x19.3x15.2x9.6x14.2x18.4x102.9x41.1x10.0x18.2x8.4x6.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Weak moat

How hard ANI Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.9% of total assets over 8 years.

  • Pricing power 12 / 20

    Gross margin has been a median 65.5%, moving by 11.6 percentage points (standard deviation) across 9 years.

  • Durability 1 / 20

    Operating margin has been a median 7.0%; its worst year was -23.6%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 9 of 10 years, at a median 17.2% of revenue.

  • Discipline 7 / 20

    The diluted share count rose 83.0% over five years; stock-based pay has been a median 4.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (50 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $280m and EPS of $2.18 (range $2.02 to $2.33) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.26 +17% $1.1bn +25%
Next $10.13 +9% $1.2bn +11%

Next year's EPS estimate has moved −5.9% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.7% on 90 days ago. In the last 30 days, 1 analyst raised ANI Pharmaceuticals Inc's forecast and 2 cut it.

Consensus EPS forecast ANI Pharmaceuticals Inc, last 90 days
$9.00 $9.50 $10.00 $10.50 $11.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.42 Current fiscal year, 60 days ago: $9.29 Current fiscal year, 30 days ago: $9.29 Current fiscal year, 7 days ago: $9.26 Current fiscal year, Now: $9.26 $9.26 Next fiscal year, 90 days ago: $10.76 Next fiscal year, 60 days ago: $10.54 Next fiscal year, 30 days ago: $10.49 Next fiscal year, 7 days ago: $10.17 Next fiscal year, Now: $10.13 $10.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.42$10.76
60 days ago $9.29$10.54
30 days ago $9.29$10.49
7 days ago $9.26$10.17
Now $9.26$10.13

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.04 $2.21 +8.2%
Mar 2026 $1.30 $2.05 +57.8%
Dec 2025 $1.98 $2.33 +17.8%
Sept 2025 $1.77 $2.04 +15.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 7, 2026
  • Net Revenue (Total Company) Full Year 2026 $1,080m to $1,140m Maintained
    “Net Revenue (Total Company) $1,080 million - $1,140 million $1,080 million - $1,140 million $883 million 22% - 29%” source
  • Adjusted Non-GAAP Diluted EPS Full Year 2026 $9.19 to $9.69 Non-GAAP Maintained
    “Adjusted Non-GAAP Diluted EPS $9.19 - $9.69 $9.19 - $9.69 $7.89 16% - 23%” source
  • adjusted non-GAAP gross margin full year 2026 59.9% to 60.9% Non-GAAP
    “ANI expects full year total company adjusted non-GAAP gross margin between 59.9% and 60.9% and anticipates approximately 21.5 million and 21.8 million shares outstanding for the purpose of calculating full year adjusted non-GAAP diluted EPS.” source
  • Cortrophin Gel Net Revenue Full Year 2026 $520m to $540m Lowered
    “Cortrophin Gel Net Revenue $520 million - $540 million $540 million - $575 million $348 million 50% - 55%” source
  • ILUVIEN Net Revenue Full Year 2026 $78m to $83m Maintained
    “ILUVIEN Net Revenue $78 million - $83 million $78 million - $83 million $75 million 4% - 11%” source
  • Adjusted Non-GAAP EBITDA Full Year 2026 $285m to $300m Non-GAAP Maintained
    “Adjusted Non-GAAP EBITDA $285 million - $300 million $285 million - $300 million $230 million 24% - 31%” source
Show 3 more items
  • shares outstanding for calculating full year adjusted non-GAAP diluted EPS full year 2026 21.5m to 21.8m Non-GAAP
    “ANI expects full year total company adjusted non-GAAP gross margin between 59.9% and 60.9% and anticipates approximately 21.5 million and 21.8 million shares outstanding for the purpose of calculating full year adjusted non-GAAP diluted EPS.” source
  • annual U.S. GAAP effective tax rate full year 2026 26% to 28% GAAP
    “The Company expects its annual U.S. GAAP effective tax rate to be between 26% and 28% and will continue to tax effect non-GAAP adjustments for computation of adjusted non-GAAP diluted earnings per share utilizing a tax rate of 26%.” source
  • tax rate for non-GAAP adjustments full year 2026 about 26% Non-GAAP
    “The Company expects its annual U.S. GAAP effective tax rate to be between 26% and 28% and will continue to tax effect non-GAAP adjustments for computation of adjusted non-GAAP diluted earnings per share utilizing a tax rate of 26%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows ANI Pharmaceuticals Inc's revenue by +19.3% next year and +17.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+18.9%, weight 54%) , management guidance (+19.6%, weight 20%) and the company's own record (+20.0%, weight 26%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy778%
Hold222%
Sell00%

Monthly trend

  1. Oct 20263429
  2. Sep 20263429
  3. Aug 20263418
  4. Jul 20263418

Counts of recommendations published by analysts covering ANI Pharmaceuticals Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
18.4%
of tradable shares
Days to cover
8.21
at average volume
Short interest, 1 month
+39%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
5.4%
of shares
Employees
970
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −22.0%

$90.60 on October 31, 2025 to $70.67

ThenNowEffect
Revenue (last 12 months) $747m $978m +30.9%
P/S multiple 2.4x 1.6x −33.5%
Share count 20m 22m −10.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +8.0%

$65.43 on November 3, 2023 to $70.67

ThenNowEffect
Revenue (last 12 months) $401m $978m +143.8%
P/S multiple 2.7x 1.6x −41.8%
Share count 17m 22m −23.9%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ANIP+59%−13%+37%+0%+43%−11%
Industry peers (median)−20%−52%−14%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ANIP67%50%50%33%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ANIP−31%−51%−26%−23%−22%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 73% from July 30, 2019 to June 16, 2022. Getting back needed a 270% gain, reached on August 12, 2025, 1153 days after the low.

Price behaviour

52-week range
$70.16 – $94.48
From 52-week high
−25.2%
vs 50-day average
−3.0%
vs 200-day average
−8.9%
Volatility (1 year)
32%
Beta vs S&P 500
0.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±6.1%
After a week
4 up, 8 down
typical move ±8.6%
After a month
4 up, 8 down
typical move ±12.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 −8.3% +0.6% −7.4% −15.0%
May 8, 2026 −6.2% +1.1% −7.0% −3.2%
February 27, 2026 −2.5% −0.4% −4.0% −4.5%
January 12, 2026 +7.9% 0.0% +12.4% 0.0%
November 10, 2025 −2.1% +1.8% −9.4% −9.3%
November 7, 2025 −1.4% +1.7% −6.9% −9.5%
September 8, 2025 +3.3% +0.5% +3.6% −3.8%
August 8, 2025 +23.0% +0.6% +26.7% +42.7%
July 23, 2025 +0.6% +0.9% −3.5% +37.4%
June 4, 2025 −2.9% −0.5% +1.8% +5.3%
May 20, 2025 −1.8% −2.0% −3.9% +9.0%
May 9, 2025 −12.9% +3.2% −16.1% −12.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

ANI Pharmaceuticals Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ANI Pharmaceuticals Inc
$400M $600M $800M $1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $449.4M Revenue (TTM), FY23 Q4: $486.8M Revenue (TTM), FY24 Q1: $517.5M Revenue (TTM), FY24 Q2: $539M Revenue (TTM), FY24 Q3: $555.5M Revenue (TTM), FY24 Q4: $614.4M Revenue (TTM), FY25 Q1: $674.1M Revenue (TTM), FY25 Q2: $747.4M Revenue (TTM), FY25 Q3: $826.9M Revenue (TTM), FY25 Q4: $883.4M Revenue (TTM), FY26 Q1: $923.7M Revenue (TTM), FY26 Q2: $978.4M $978.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $449.4M
FY23 Q4 $486.8M
FY24 Q1 $517.5M
FY24 Q2 $539M
FY24 Q3 $555.5M
FY24 Q4 $614.4M
FY25 Q1 $674.1M
FY25 Q2 $747.4M
FY25 Q3 $826.9M
FY25 Q4 $883.4M
FY26 Q1 $923.7M
FY26 Q2 $978.4M
Revenue growth, TTM YoY ANI Pharmaceuticals Inc
20% 30% 40% 50% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 58.8% Revenue growth, TTM YoY, FY23 Q4: 53.9% Revenue growth, TTM YoY, FY24 Q1: 44.3% Revenue growth, TTM YoY, FY24 Q2: 34.3% Revenue growth, TTM YoY, FY24 Q3: 23.6% Revenue growth, TTM YoY, FY24 Q4: 26.2% Revenue growth, TTM YoY, FY25 Q1: 30.3% Revenue growth, TTM YoY, FY25 Q2: 38.7% Revenue growth, TTM YoY, FY25 Q3: 48.9% Revenue growth, TTM YoY, FY25 Q4: 43.8% Revenue growth, TTM YoY, FY26 Q1: 37.0% Revenue growth, TTM YoY, FY26 Q2: 30.9% 30.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 58.8%
FY23 Q4 53.9%
FY24 Q1 44.3%
FY24 Q2 34.3%
FY24 Q3 23.6%
FY24 Q4 26.2%
FY25 Q1 30.3%
FY25 Q2 38.7%
FY25 Q3 48.9%
FY25 Q4 43.8%
FY26 Q1 37.0%
FY26 Q2 30.9%
Operating margin (TTM) ANI Pharmaceuticals Inc
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 9.4% Operating margin (TTM), FY23 Q4: 9.6% Operating margin (TTM), FY24 Q1: 11.1% Operating margin (TTM), FY24 Q2: 9.3% Operating margin (TTM), FY24 Q3: 2.1% Operating margin (TTM), FY24 Q4: 0.1% Operating margin (TTM), FY25 Q1: 1.0% Operating margin (TTM), FY25 Q2: 2.0% Operating margin (TTM), FY25 Q3: 8.7% Operating margin (TTM), FY25 Q4: 12.6% Operating margin (TTM), FY26 Q1: 13.4% Operating margin (TTM), FY26 Q2: 15.4% 15.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 9.4%
FY23 Q4 9.6%
FY24 Q1 11.1%
FY24 Q2 9.3%
FY24 Q3 2.1%
FY24 Q4 0.1%
FY25 Q1 1.0%
FY25 Q2 2.0%
FY25 Q3 8.7%
FY25 Q4 12.6%
FY26 Q1 13.4%
FY26 Q2 15.4%
FCF margin (TTM) ANI Pharmaceuticals Inc
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 13.4% FCF margin (TTM), FY23 Q4: 22.6% FCF margin (TTM), FY24 Q1: 20.2% FCF margin (TTM), FY24 Q2: 18.5% FCF margin (TTM), FY24 Q3: 13.8% FCF margin (TTM), FY24 Q4: 7.8% FCF margin (TTM), FY25 Q1: 9.9% FCF margin (TTM), FY25 Q2: 16.8% FCF margin (TTM), FY25 Q3: 18.8% FCF margin (TTM), FY25 Q4: 19.4% FCF margin (TTM), FY26 Q1: 20.7% FCF margin (TTM), FY26 Q2: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 13.4%
FY23 Q4 22.6%
FY24 Q1 20.2%
FY24 Q2 18.5%
FY24 Q3 13.8%
FY24 Q4 7.8%
FY25 Q1 9.9%
FY25 Q2 16.8%
FY25 Q3 18.8%
FY25 Q4 19.4%
FY26 Q1 20.7%
FY26 Q2 17.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar ANI Pharmaceuticals took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $883M
  2. Research and development $51.7M · 5.8%
  3. Selling, general and admin $318M · 36.0%
  4. Other operating costs $403M · 45.6%
  5. Operating income $111M · 12.6%
  6. Income tax $17.5M · 2.0%
  7. Interest and other $15.3M · 1.7%
  8. Net income $78.3M · 8.9%

Shares of revenue. Source: ANI Pharmaceuticals's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 2 0 20 30 56 76 129 177 202 207 208 216 316 487 614 883 978
Gross profit — — — 11 20 44 64 80 98 129 143 121 — — — — — —
EBITDA — — — 1 2 24 40 42 56 69 61 29 7 22 107 68 203 236
Operating income — — — −0 1 20 33 20 28 35 16 −16 −40 −35 47 1 111 150
Net income −48 −46 −52 −2 0 29 15 4 −1 15 6 −23 −43 −48 19 −19 78 108
Diluted EPS −$4.20 −$4.21 −$3.15 −$1.27 −$0.92 $2.59 $1.32 $0.34 −$0.09 $1.30 $0.50 −$1.88 −$3.40 −$3.05 $0.85 −$1.04 $3.32 $4.92
Growth (year on year)
Revenue — +96.7% −82.4% +>999% +47.7% +86.1% +36.4% +68.5% +37.5% +14.0% +2.5% +0.9% +3.7% +46.4% +53.9% +26.2% +43.8% +30.9%
EBITDA — — — — +282.5% +>999% +65.8% +7.1% +32.6% +22.8% −11.8% −53.1% −73.9% +190.8% +392.2% −36.0% +196.4% +136.8%
Operating income — — — — — +>999% +63.5% −38.6% +41.1% +24.8% −53.8% −198.0% — — — −98.8% — +889.9%
Net income — — — — — — −46.5% −74.4% −127.4% — −60.7% −470.0% — — — −198.6% — —
Diluted EPS — — — — — — −49.0% −74.2% −126.5% — −61.5% −476.0% — — — −222.4% — —
Margins
Gross margin — — — 55.0% 66.8% 79.5% 83.4% 62.1% 55.3% 63.8% 69.4% 58.2% — — — — — —
EBITDA margin — — — 2.6% 6.7% 42.7% 51.9% 33.0% 31.8% 34.3% 29.5% 13.7% 3.5% 6.9% 21.9% 11.1% 22.9% 24.1%
Operating margin — — — −0.2% 3.0% 35.7% 42.8% 15.6% 16.0% 17.5% 7.9% −7.7% −18.4% −11.2% 9.6% 0.1% 12.6% 15.4%
Net margin <−999% <−999% <−999% −7.4% 1.0% 51.4% 20.1% 3.1% −0.6% 7.7% 3.0% −10.8% −19.7% −15.1% 3.9% −3.0% 8.9% 11.1%
Free-cash-flow margin <−999% <−999% <−999% −2.1% −18.9% 37.4% 19.8% 17.8% 16.4% 30.4% 18.9% 4.4% 0.4% −12.7% 22.6% 7.8% 19.4% 17.7%
Cash flow
Cash from operations −18 −40 −48 −0 −5 22 17 27 39 67 46 15 3 −31 119 64 185 189
Capital spending 0 0 1 0 0 1 2 5 10 6 7 6 3 9 9 16 14 16
Free cash flow −19 −40 −49 −0 −6 21 15 23 29 61 39 9 1 −40 110 48 171 173
Stock-based pay 1 1 1 0 0 3 4 6 6 7 9 13 10 15 21 29 38 41
Free cash flow after stock pay −20 −41 −50 −0 −6 17 11 17 23 55 30 −4 −10 −55 89 18 133 132
Balance sheet
Cash 30 38 0 0 11 169 155 27 31 43 62 8 100 48 221 145 286 360
Total debt 0 19 17 — 0 107 113 144 144 180 186 186 287 287 286 318 309 301
Net debt (negative = net cash) −30 −20 17 −0 −11 −62 −41 116 113 137 123 178 187 238 65 173 24 −59
Diluted shares 11m 11m 16m 22m — 11m 12m 12m 12m 12m 12m 12m 13m 16m 18m 19m 21m 22m
Returned to shareholders
Dividends — — — — — — — — — — 0 0 0 2 2 2 1 0
Buybacks — — — 0 0 0 0 3 0 0 1 2 1 2 5 11 12 22
Total returned — — — 0 0 0 0 3 0 0 1 2 1 4 7 13 13 23

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $1.5bn
Short-term assets $825mLonger-term assets $669m
What it owes, and who funded it · $1.5bn
Short-term liabilities $284mLonger-term liabilities $613mShareholders' equity $597m
  • Short-term assets cover short-term liabilities $825m of assets due within a year against $284m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $825m short-term assets against $613m of longer-dated liabilities.
  • More cash than debt $360m of cash against $301m of debt.
  • Debt below 40% of shareholders' equity Debt is 50% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 86% to 50% over five years.
  • A year's operating cash flow covers at least 20% of debt $189m of operating cash flow against $301m of debt.
  • Operating profit covers interest at least five times over Operating income of $150m against $31m of interest.

From ANI Pharmaceuticals Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$22.2M
Dividends (TTM)
$344,000
Returned to shareholders
13%
of free cash flow
Buybacks, last 3 fiscal years
$28.2M
Diluted share count
+11.6%
year over year
Total shareholder yield
1.4%
dividends 0.0% + buybacks 1.4% of market value
Dividend payout ratio
0%
of net income paid out
R&D spending
5.1%
of revenue
Sales & admin spending
33.2%
of revenue
Days sales outstanding
102 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated ANIP HRMY PBH AXSM SUPN TRLV Median
Revenue, last 12 months $978m $960m $1.1bn $865m $865m $1.1bn $276m
Revenue growth, last 12 months 30.9% 24.3% −1.4% 54.2% 26.9% −3.9% 9.9%
Revenue growth, 3-year average 34.6% 24.4% −0.7% 57.0% 12.3% −0.6% 5.5%
Revenue growth, latest quarter 25.9% 30.3% 6.5% 51.9% 18.0% −10.3% 6.5%
Gross margin 60.0% 75.4% 53.5% — 87.6% 59.5% 62.0%
Operating margin 15.4% 24.0% 26.3% −17.5% −5.7% −24.3% −5.9%
Operating margin, 3-year average 8.9% 26.6% 28.6% −48.6% −0.7% −1.4% −7.4%
Net margin 11.1% 18.9% 15.6% −18.2% −5.1% −41.6% −7.3%
Cash from operations / revenue 19.4% 37.0% 22.6% −9.5% 10.2% 21.5% 10.2%
Free-cash-flow margin 17.7% 37.0% 21.3% −9.5% 10.1% 17.1% 8.6%
Free-cash-flow margin, 3-year average 17.6% 34.3% 22.4% −22.3% 15.6% 19.0% 7.4%
Stock pay / revenue 4.2% 4.3% 1.0% 11.5% 4.1% 1.8% 3.6%
Change in share count 11.6% 0.6% −3.6% 4.7% 2.8% 1.4% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 30.9% 10.0% 15 of 74
Change in growth rate Growth -6.1pp -0.3pp 53 of 74
Operating margin Profitability 15.4% -5.9% 15 of 67
Net margin Profitability 11.1% -7.3% 21 of 75
Free-cash-flow margin Cash generation 17.7% 10.1% 25 of 74
Stock pay as % of revenue Cash generation 4.2% 3.6% 40 of 69
Long-term debt as % of assets Balance sheet 18.8% 23.8% 23 of 53
Change in share count Balance sheet 11.6% 1.5% 50 of 62
Days sales outstanding Balance sheet 102 days 72 days 45 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Rare Disease and Brands $484M 54.8% ▲ 64.4%
Generics and Other $399M 45.2% ▲ 24.8%
Products and services
Line of business Revenue YoY
Total Sales of Rare Disease and Brands $484M ▲ 64.4%
Total Sales of Rare Disease Pharmaceutical Products $423M ▲ 84.1%
Total Sales of Generics and Other $399M ▲ 24.8%
Sales of Generic Pharmaceutical Products $384M ▲ 27.6%
Sales of Cortrophin Gel $348M ▲ 75.6%
Sales of ILUVIEN and YUTIQ $74.9M ▲ 137.6%
Sales of Established Brands $61.3M ▼ 5.3%
Unapproved Products $24.1M ▲ 7.6%
Sales of Royalties and Other Pharmaceutical Services $15.3M ▼ 19.6%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $852M 96.5% ▲ 40.9%
Outside the US $30.9M 3.5% ▲ 229.4%

From ANI Pharmaceuticals Inc's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.9B
Institutions reporting
303
Shares held vs prior quarter
▼ 1.9%
Positions opened / closed
46 / 24

Top buyers and sellers, Q2 2026: 166 institutions bought and 112 sold ; the biggest buyer was American Century Companies Inc (+383K shares) and the biggest seller Goldentree Asset Management LP (−668K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $245M 3.0M 12.9% ▲ 7.7%
Soleus Capital Management, L.P. $71.8M 868K 3.8% ▲ 5.8%
Vanguard Capital Management LLC $69.4M 838K 3.7% ▲ 1.8%
State Street Corp $68.9M 832K 3.6% ▲ 7.8%
Tang Capital Management LLC $58.6M 708K 3.1% 0.0%
Dimensional Fund Advisors LP $51.6M 623K 2.7% ▲ 17.4%
American Century Companies Inc $47.6M 574K 2.5% ▲ 199.9%
Arrowstreet Capital, Limited Partnership $46.5M 562K 2.4% ▼ 0.4%
Global Alpha Capital Management Ltd. $46.2M 558K 2.4% ▲ 54.5%
Geode Capital Management, LLC $44.4M 536K 2.3% ▲ 9.6%
Millennium Management LLC $42M 507K 2.2% ▼ 14.3%
Nuveen, LLC $34.4M 415K 1.8% ▲ 3.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ANI Pharmaceuticals Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15.7M 50 trades by 12 insiders · 39% under pre-set plans
Net ▼ $15.7M net selling
Insider Date Trade Shares Price Value
Carey Stephen P. SVP & CFO October 29, 2026 Sell pre-set plan 2,850 $72.87 $207,680
Lalwani Nikhil PRESIDENT & CEO October 15, 2026 Sell pre-set plan 5,400 $71.89 $388,206
Cook Meredith SR. VP, GENERAL COUNSEL & SEC. October 13, 2026 Sell pre-set plan 500 $73.59 $36,795
Carey Stephen P. SVP & CFO September 29, 2026 Sell pre-set plan 2,850 $73.00 $208,050
Lalwani Nikhil PRESIDENT & CEO September 15, 2026 Sell pre-set plan 5,400 $71.00 $383,400
Cook Meredith SR. VP, GENERAL COUNSEL & SEC. September 14, 2026 Sell pre-set plan 500 $70.79 $35,395
Thoma Jeanne Director September 11, 2026 Sell pre-set plan 1,000 $71.53 $71,530
Carey Stephen P. SVP & CFO August 31, 2026 Sell pre-set plan 2,850 $72.80 $207,480
Lalwani Nikhil PRESIDENT & CEO August 25, 2026 Sell pre-set plan 5,400 $74.30 $401,220
Cook Meredith SR. VP, GENERAL COUNSEL & SEC. August 13, 2026 Sell pre-set plan 500 $75.48 $37,740
Gutwerg Ori SVP, GENERICS August 10, 2026 Sell 3,162 $77.00 $243,474
Carey Stephen P. SVP & CFO July 29, 2026 Sell pre-set plan 2,850 $81.36 $231,876

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 7, 2026
  • May 8, 2026
  • February 27, 2026
  • January 12, 2026
  • November 10, 2025
  • November 7, 2025

Recent SEC filings

Data status

When each part of this page on ANI Pharmaceuticals Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ANI Pharmaceuticals Inc in brief

What does ANI Pharmaceuticals Inc do?
ANI Pharmaceuticals Inc is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is ANI Pharmaceuticals Inc's stock ticker?
ANI Pharmaceuticals Inc trades under the ticker ANIP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ANI Pharmaceuticals Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, ANI Pharmaceuticals Inc reported revenue of $978M, 30.9% higher than a year earlier, according to its SEC filings.
What is ANI Pharmaceuticals Inc's free cash flow?
ANI Pharmaceuticals Inc's free-cash-flow margin is 17.7% of revenue over the trailing twelve months, ranking 25 of the 74 pharmaceuticals companies we cover.
Who are ANI Pharmaceuticals Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Soleus Capital Management, L.P. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is ANI Pharmaceuticals Inc buying back stock, and does it pay a dividend?
ANI Pharmaceuticals Inc spent $22.2M on share repurchases over the trailing twelve months, and its diluted share count still rose 11.6% over the year.
What is ANI Pharmaceuticals Inc's market cap?
On November 2, 2026, ANI Pharmaceuticals Inc's market capitalisation was about $1.6B, with a price-to-earnings ratio of 14.4 and net debt of -$58.7M. Market figures come from third-party market data and may be delayed.
Does ANI Pharmaceuticals Inc pay a dividend?
Yes: ANI Pharmaceuticals Inc paid $344,000 in dividends over the trailing twelve months, a dividend yield of 0.02% and a payout ratio of 0.3%.
How much debt does ANI Pharmaceuticals Inc have?
ANI Pharmaceuticals Inc's debt-to-equity ratio is 50.5%, from its latest balance sheet (85.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are ANI Pharmaceuticals Inc's competitors?
In our Pharmaceuticals peer group, the companies closest to ANI Pharmaceuticals Inc are Harmony Biosciences Holdings, Inc., Prestige Consumer Healthcare Inc., Axsome Therapeutics, Inc., Supernus Pharmaceuticals, Inc. and Trulieve Cannabis Corp. The side-by-side comparison below sets their revenue, margins and growth against ANI Pharmaceuticals Inc's.
Are insiders buying or selling ANI Pharmaceuticals Inc stock?
Over the last 12 months, ANI Pharmaceuticals Inc's directors and officers reported 0 open-market purchases and 50 sales on Form 4. The insider trading page charts every trade.
When is ANI Pharmaceuticals Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ANI Pharmaceuticals Inc announces its own schedule.