ANI Pharmaceuticals (BSFA) AI Stock Analysis

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.