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ANI Pharmaceuticals
(NASDAQ:ANIP)
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Rating:70Outperform
Price Target:
$91.00
▲(17.19% Upside)
Action:Reiterated
Date:08/07/26
ANIP scores highest on improving financial performance and a positive earnings-call outlook driven by reaffirmed 2026 guidance and strong Cortrophin momentum, supported by a healthier leverage profile and solid margins. The score is held back by mixed technical signals (MACD negative and price only slightly above clustered moving averages), moderate valuation without dividend support, and lingering historical earnings/cash-flow variability.
Positive Factors
Cortrophin-led revenue growth
Cortrophin is scaling rapidly across multiple specialties, while total revenue growth remains strong. Reaffirmed 2026 guidance and expanded commercialization capacity support continued product adoption over the next several quarters.
Negative Factors
Historical earnings and cash-flow variability
ANI’s improving trajectory has not yet eliminated earnings volatility. Prior losses and a recent decline in free-cash-flow growth indicate sensitivity to one-time items, working capital, and operating costs, which could reduce the consistency of future results.
Read all positive and negative factors
Positive Factors
Negative Factors
Cortrophin-led revenue growth
Cortrophin is scaling rapidly across multiple specialties, while total revenue growth remains strong. Reaffirmed 2026 guidance and expanded commercialization capacity support continued product adoption over the next several quarters.
Read all positive factors
ANI Pharmaceuticals (ANIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.75B
Dividend YieldN/A
Average Volume (3M)301.85K
Price to Earnings (P/E)15.7
Beta (1Y)0.48
Revenue Growth30.90%
EPS GrowthN/A
CountryUS
Employees970
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)4.83
Shares Outstanding22,959,488
10 Day Avg. Volume270,360
30 Day Avg. Volume301,853
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$110.83Price Target Upside42.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)9.29
Revenue Forecast (FY)$1.11B
ANI Pharmaceuticals Business Overview & Revenue Model
Company Description
ANI Pharmaceuticals, Inc., a biopharmaceutical company, develops, manufactures, and markets branded and generic pharmaceutical products in the United States and internationally. The company provides injectables, softgel capsules, and Cortrophin ge...
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:Aug 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational execution with record Q2 revenue, record adjusted EBITDA, robust Cortrophin momentum, a major sales force expansion, continued generics execution and a healthy balance sheet. Near-term headwinds include timing-related adjustments (modest Cortrophin guidance revision), higher cost of sales and increased SG&A from the gout expansion, and a Q3 EBITDA sequential dip tied to milestone timing and fully loaded expansion costs. Management emphasizes continued confidence in multi-year Cortrophin growth and reaffirmed full-year company guidance, indicating that the positives (growth, margin expansion outlook, cash generation and strategic progress) meaningfully outweigh the short-term operational and timing challenges.Positive Updates
Record Quarterly Revenue
Total net revenues of $266.0 million in Q2 2026, representing 26% year-over-year growth and a sequential acceleration vs Q1.
Negative Updates
Cortrophin Guidance Trim/Timing Impact
Cortrophin full-year guidance was modestly revised to $520M–$540M to reflect first-half results (management and analysts referenced roughly a ~$30M downward adjustment), signaling some timing variability despite continued confidence in 50%–55% year-over-year growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Total net revenues of $266.0 million in Q2 2026, representing 26% year-over-year growth and a sequential acceleration vs Q1.
Read all positive updates
Company Guidance
ANI reaffirmed 2026 guidance for total net revenue of $1.08–$1.14 billion (≈26% YoY at midpoint) while modestly revising Cortrophin Gel to $520–$540 million (50–55% growth vs. 2025; Q3 Cortrophin guide $143–$153M), and forecasting adjusted non‑GAAP EBITDA of $285–$300 million (≈27% YoY) and adjusted non‑GAAP EPS of $9.19–$9.69; management expects adjusted gross margin of 59.9%–60.9%, ~21.5–21.8 million shares outstanding and a GAAP tax rate of ~26%–28%. They said Q3 total revenue should be modestly higher than Q2 (Q2 total net revenue was $266M, up 26% YoY) with Q3 EBITDA down sequentially (but above Q1) reflecting a $2M Harmony milestone and the first fully loaded quarter of the gout sales‑force expansion, and Q4 EBITDA expected to be the highest of the year. Key Q2 and operational metrics cited include Cortrophin Gel $117.1M in Q2 (up 43% YoY and 56% vs Q1), ILUVIEN $18.7M (down 16% YoY), Generics $99.1M (up 10% YoY), Q2 adjusted EBITDA $71.6M (up 32% YoY), adjusted Q2 diluted EPS $2.21, unrestricted cash $360.2M, cash from operations $56.7M in Q2 ($115M YTD), $620.9M principal debt, gross leverage 2.4x and net leverage 1.0x on trailing‑12‑month EBITDA of $259.6M; operationally ANI has expanded its rare disease sales force ~50% to ~180 reps, launched 12 generics YTD (target ≥15), and expects Rare Disease to approach ~60% of total revenues.ANI Pharmaceuticals Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 978.38M | 883.37M | 614.38M | 486.82M | 316.38M | 216.14M |
| Gross Profit | 638.20M | 450.64M | 364.17M | 305.30M | 177.60M | 115.53M |
| EBITDA | 255.83M | 207.27M | 63.12M | 106.60M | 25.04M | 3.12M |
| Net Income | 105.83M | 78.34M | -18.52M | 18.78M | -47.90M | -42.60M |
Balance Sheet | ||||||
| Total Assets | 1.49B | 1.44B | 1.28B | 904.42M | 760.09M | 771.60M |
| Cash, Cash Equivalents and Short-Term Investments | 360.21M | 285.58M | 151.17M | 221.12M | 48.23M | 100.30M |
| Total Debt | 330.34M | 325.19M | 624.09M | 285.67M | 286.52M | 287.37M |
| Total Liabilities | 896.90M | 899.65M | 855.17M | 446.82M | 421.55M | 412.86M |
| Stockholders Equity | 597.21M | 540.72M | 428.53M | 457.60M | 338.54M | 358.74M |
Cash Flow | ||||||
| Free Cash Flow | 159.44M | 150.90M | 47.06M | 100.45M | -47.66M | -20.32M |
| Operating Cash Flow | 189.47M | 185.22M | 64.02M | 118.96M | -31.20M | 3.32M |
| Investing Cash Flow | -21.94M | -34.32M | -404.72M | -18.51M | -15.74M | -105.48M |
| Financing Cash Flow | -24.55M | -9.94M | 264.94M | 67.44M | -5.13M | 194.59M |
ANI Pharmaceuticals Technical Analysis
Negative
77.65
Price Trends
80.56
Negative
79.87
Negative
80.30
Negative
Market Momentum
-1.33
Positive
45.16
Neutral
32.19
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 77.65 is below the 20-day moving average (MA) of 78.21, below the 50-day MA of 80.56, and below the 200-day MA of 80.30, indicating a bearish trend. The MACD of -1.33 indicates Positive momentum. The RSI at 45.16 is Neutral, neither overbought nor oversold. The STOCH value of 32.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.75B | 15.73 | 19.19% | ― | 30.90% | ― | |
69 Neutral | $926.39M | 66.00 | 2.13% | ― | 5.71% | ― | |
67 Neutral | $887.34M | 11.99 | 10.11% | ― | 1.02% | -38.09% | |
57 Neutral | $2.81B | -25.50 | -10.42% | ― | 24.85% | -264.42% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.48B | -39.77 | -103.86% | ― | 21.05% | -244.96% |
* Healthcare Sector Average
ANIP
ANI Pharmaceuticals
78.02
-12.60
-13.90%
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AMPH
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HROW
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41.64
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8.92%
ANI Pharmaceuticals Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
ANI Pharmaceuticals Posts Record Q2 2026 Results
Positive
Aug 7, 2026
ANI Pharmaceuticals reported record second-quarter 2026 results on August 7, 2026, with total net revenues rising 25.9% year-over-year to $266.0 million and GAAP net income to common shareholders reaching $24.7 million. Growth was led by Purified ...
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...
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.