ANI Pharmaceuticals (ANIP) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of $883.4M, up 44% year-over-year, and adjusted non-GAAP EBITDA of $229.8M, up 47% year-over-year, driven by Rare Disease and Generics segments.

• Rare Disease segment, led by Cortrophin Gel, grew revenues 84% year-over-year and now represents ~60% of total revenues.

• Generics business delivered 28% year-over-year revenue growth in 2025, supported by strong R&D and operational execution.

• Ended 2025 with $285.6M in cash and net leverage of ~1.5x.

• Net income available to common shareholders was $77.2M for the full year.

Financial highlights

• Q4 2025 revenues: $247.1M, up 30% year-over-year; full-year 2025 revenues: $883.4M, up 44%.

• Cortrophin Gel Q4 revenues: $111.4M, up 88% year-over-year; full-year: $347.8M, up 76%.

• ILUVIEN Q4 revenues: $19.8M; full-year: $74.9M.

• Generics Q4 revenues: $100.8M, up 28%; full-year: $384.1M, up 28%.

• Adjusted non-GAAP diluted EPS: $2.33 in Q4; $7.89 for 2025, up 52% year-over-year.

• Adjusted non-GAAP EBITDA: $65.4M in Q4, up 31%; $229.8M for 2025, up 47%.

• Ended Q4 with $285.6M in unrestricted cash; $629.1M in outstanding debt.

• Generated $185.2M in cash flow from operations in 2025.

Outlook and guidance

• 2026 net revenue guidance: $1.055B–$1.115B, representing 19%–26% year-over-year growth.

• Cortrophin Gel net revenue expected at $540M–$575M, up 55%–65% year-over-year.

• ILUVIEN net revenue guidance: $78M–$83M, up 4%–11% year-over-year.

• Adjusted non-GAAP EBITDA forecast: $275M–$290M, up 20%–26% year-over-year.

• Adjusted non-GAAP EPS guidance: $8.83–$9.34, up 12%–18% year-over-year.

• Adjusted gross margin expected at 59.3%–60.3%, down from 2025 due to higher royalty-bearing product sales and lower brand sales.

• Rare Disease revenues projected to comprise ~60% of total revenue in 2026.