ANI Pharmaceuticals (ANIP) 47th Annual Raymond James Institutional Investor Conference summary

Strategic transformation and growth outlook

• Projecting over $1 billion in sales for 2026, with rare disease expected to represent 60% of revenues.

• Achieved 44% year-over-year revenue growth in 2025, with rare disease segment growing 84%.

• Cortrophin Gel, the lead asset, is forecasted to grow 55%-65% in 2026, reaching $540-$575 million.

• Generics business delivered 28% growth in 2025, driven by R&D and operational execution.

• 2026 guidance includes adjusted non-GAAP EBITDA of $275-$290 million and continued deleveraging.

Rare disease business and product focus

• Cortrophin Gel targets multiple under-penetrated indications, including neurology, nephrology, rheumatology, ophthalmology, and pulmonology.

• ACTH market grew 45% in 2025, with Cortrophin capturing prescribers new to the category.

• Significant opportunity in acute gouty arthritis, with a dedicated 90-person team launching mid-2026.

• Phase IV trial underway for Cortrophin in acute gouty arthritis; investments in commercial and clinical initiatives continue.

• ILUVIEN, the second asset, targets DME and chronic non-infectious uveitis, with growth supported by new clinical data and expanded access.

Generics business performance and strategy

• Generics portfolio includes 125 product families, with low revenue concentration risk.

• 10-15 new product launches planned annually, supported by high single-digit % of revenue reinvested in R&D.

• U.S.-based manufacturing footprint with three sites and over 2.5 billion doses produced in the last 12 months.

• Less than 5% of revenues rely on China, emphasizing supply chain resilience.

• Generics cash flows fund rare disease investments, supporting the transformation strategy.