At a glance
ANI Pharmaceuticals Inc is worth $1.65B, about 22 times its fiscal 2025 earnings. Revenue grew 43.8% to $883.4M in fiscal 2025, with 8.9% kept as profit; over 5 years it has grown 33.5% a year. It pays a dividend, and returned $37.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −23.1% over the past year with dividends reinvested and +13.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.7% in the 2020 crash (S&P 500: 33.7%) and 51.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 41 months and 12 months after the lows.
The business in plain English
ANI Pharmaceuticals is a US drug company that develops, makes and markets prescription medicines through three businesses: rare disease, generics and brands. Generics are lower-cost copies of drugs whose patents have run out. Its products reach patients through wholesalers and specialty pharmacies, and insurers and government programs such as Medicaid pay much of the bill. Revenue for the year ended December 31, 2025, was $883 million.
The Rare Disease and Brands segment brought in 54.8% of revenue. Its anchor is Cortrophin Gel, a purified corticotropin (ACTH) hormone injection for flare-ups of conditions such as multiple sclerosis and rheumatoid arthritis. Launched in January 2022, it made up 39.4% of revenue. ILUVIEN and YUTIQ, eye treatments for diabetes-related swelling of the retina and chronic inflammation inside the eye, added 8.5%. The September 2024 purchase of Alimera Sciences brought them, plus sales teams in Germany, the UK, Portugal and Ireland. Acquired branded drugs such as Arimidex, Casodex and Vancocin added 6.9%.
Generics and Other supplied the other 45.2%, nearly all from more than 120 generic drugs. ANI targets niche products with fewer rivals, such as injectables and hormone therapies, and expects 10 to 15 launches a year. It makes most products at three plants in Minnesota and New Jersey but relies on outside makers for key products, including Cortrophin Gel and ILUVIEN.
Price history
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ANIP -23.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Generic pharmaceutical products | $384.1M | 43.5% |
| Cortrophin Gel | $347.8M | 39.4% |
| ILUVIEN and YUTIQ | $74.9M | 8.5% |
| Brands | $61.3M | 6.9% |
| Royalties and other pharmaceutical services | $15.3M | 1.7% |
By business segment
| Rare Disease and Brands | $483.9M | 54.8% |
| Generics and Other | $399.4M | 45.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $266.0M, up 25.9% from a year earlier, and net income was $24.7M (+189.1%).
- For fiscal 2025, revenue was $883.4M (+43.8% year over year; +33.5% a year from FY2020 to FY2025) with a 8.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +33.5% good |
|---|---|
| Operating margin | 12.6% watch |
| Free cash flow margin | 19.4% good |
| Return on equity (FY2025) | 14.5% watch |
| Return on assets (FY2025) | 5.4% watch |
| Net cash (cash minus debt) | $58.7M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $208.5M | $-22.5M | $9.1M |
| FY2021 | $216.1M | $-42.6M | $765K |
| FY2022 | $316.4M | $-47.9M | $-40.1M |
| FY2023 | $486.8M | $18.8M | $110.1M |
| FY2024 | $614.4M | $-18.5M | $47.8M |
| FY2025 | $883.4M | $78.3M | $171.4M |
Valuation snapshot
| Market value | $1.65B |
|---|---|
| P/E ratio | 21.6 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ANIP price data to Oct 28, 2026 | -9.2% | -23.1% | +6.8% | +13.1% | +1.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.2% |
| 2025 | +42.8% |
| 2024 | +0.3% |
| 2023 | +37.1% |
| 2022 | -12.7% |
| 2021 | +58.7% |
| 2020 | -52.9% |
| 2019 | +37.0% |
| 2018 | -30.1% |
| 2017 | +6.3% |
| 2016 | +34.3% |
| 2015 | -20.0% |
| 2014 | +180.8% |
| 2013 | +177.5% |
| 2012 | -58.4% |
| 2011 | -69.4% |
| 2010 | +13.1% |
| 2009 | +45.0% |
| 2008 | -73.5% |
| 2007 | +36.5% |
| 2006 | -24.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 78.4% over that stretch · deepest drop along the way 86%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.2% over that stretch · deepest drop along the way 51.7%, back to its old high 41.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.2% over that stretch · deepest drop along the way 51%, back to its old high 11.5 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 20 sales ($4.6M), 17 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 13, 2026 | Patrick D Walsh Director | sell | $806K |
| Aug 25, 2026 | Nikhil Lalwani PRESIDENT & CEO, Director | sell (plan) | $401K |
| Oct 15, 2026 | Nikhil Lalwani PRESIDENT & CEO, Director | sell (plan) | $388K |
| Sep 15, 2026 | Nikhil Lalwani PRESIDENT & CEO, Director | sell (plan) | $383K |
| May 11, 2026 | Patrick D Walsh Director | sell | $321K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.8% | Jun 30, 2026 |
| Millennium Management LLC | 3.8% | Mar 31, 2025 |
| Integrated Core Strategies (US) LLC | 0.3% | Sep 30, 2025 |
ETFs with the most weight in ANIP
| PJP Invesco Pharmaceuticals ETF | 3.65% |
| BOUT Innovator IBD Breakout Opportunities ETF | 0.81% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.66% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.51% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.33% |
| AFSM First Trust Active Factor Small Cap ETF | 0.33% |
| SEIS SEI Select Small Cap ETF | 0.29% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.25% |
What could go wrong
- Heavy reliance on Cortrophin Gel. Cortrophin Gel produced 39.4% of 2025 revenue. ANI warns that if it and newer products like ILUVIEN fail to win enough market acceptance, the company may struggle to stay profitable.
- Outside suppliers, often a single source. Cortrophin Gel and ILUVIEN are made by third parties, sometimes a single source, and usually only one supplier of each active ingredient is qualified. Switching can cause lengthy delays in supply.
- Patents on eye treatments are expiring. Patents protecting key aspects of ILUVIEN and YUTIQ expire in the near to medium term. Losing that protection could invite competition for products that brought in 8.5% of 2025 revenue.
- Four products lack formal FDA approval. Four products, under 10% of 2025 revenue, are marketed without approved FDA applications. The FDA could force ANI to seek approval or withdraw them, and safety labeling comes without FDA guidance.
- Medicaid rebates and pricing rules. ANI owes rebates and discounts to Medicaid and Medicare programs, and these set-asides have grown with branded sales. The estimates can change, and mistakes in complex price reporting can bring penalties.
- Significant debt and convertible notes. In 2024 ANI took a $325 million bank loan and issued $316.25 million of convertible notes (bonds that can turn into shares), both due 2029. Conversion could dilute shareholders; some debt carries variable rates.
Recent events
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Change of auditor
- Investor presentation or announcement
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
ANI is not an income stock. Its dividend payments came to about $1.2 million in 2025, roughly 5 cents a share, equal to 1.5% of earnings and 0.7% of free cash flow (cash left after running and investing in the business). The per-share amount fell each year from 2022 to 2025, and there is no streak of increases. Buybacks were modest: $31 million over 2021–2025, including $12.2 million in 2025, against a market value of about $1.6 billion as of October 28, 2026. An income investor would collect almost nothing in cash payouts.
Downturns have hit hard. The stock fell 86% in the 2008 financial crisis and had not regained that peak as of October 28, 2026. It dropped 52% in the 2020 COVID crash, taking about 41 months to recover, and 51% in the 2022 bear market, recovering in about 12 months. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does ANI Pharmaceuticals make money?
ANI makes money mainly from prescription drug sales. Revenue was $883 million in the year ended December 31, 2025. Generic drugs, from a portfolio of more than 120 products, brought in 43.5%. Cortrophin Gel, a corticotropin injection for autoimmune flare-ups, brought in 39.4%. The ILUVIEN and YUTIQ eye treatments added 8.5%, other branded drugs 6.9%, and royalties and other services 1.7%. By segment, Rare Disease and Brands made up 54.8% and Generics and Other 45.2%.
Is ANI Pharmaceuticals profitable?
Yes, based on its latest annual results. ANI earned $78.3 million in 2025, or $3.32 per diluted share, on revenue of $883.4 million, a net margin of 8.9%. That followed net losses in 2020, 2021, 2022 and 2024. In the quarter ended June 30, 2026, revenue rose 25.9% from a year earlier to $266.0 million, and net income was $24.7 million. At the October 28, 2026 share price, the stock traded at about 21.6 times 2025 earnings (its price-to-earnings ratio).
Does ANI Pharmaceuticals pay a dividend?
Only a token amount. ANI's dividend payments totaled about $1.2 million in 2025, roughly 5 cents per share and 1.5% of earnings. The per-share figure fell each year from 2022 to 2025, so there is no record of yearly increases. ANI repurchased $12.2 million of its shares in 2025. For income-focused investors, the stock offers very little cash, so any return depends almost entirely on the share price.
Does ANI Pharmaceuticals have a lot of debt?
Yes, a meaningful amount, mostly taken on in 2024. In August 2024 it issued $316.25 million of convertible notes (bonds that can be swapped for shares) due September 1, 2029. In September 2024 it drew a $325 million term loan, arranged with JPMorgan Chase as agent, to fund the Alimera Sciences purchase; it matures September 16, 2029. Some debt carries variable interest rates, and conversion could dilute shareholders. ANI held $360.2 million in cash and investments as of June 30, 2026.
How has ANI Pharmaceuticals stock performed?
Unevenly. As of October 28, 2026, the shares were down 23.1% over one year and 9.2% for the year to date, but up 85% in total over five years, or about 13.1% a year. Over ten years the gain was only 19% in total, about 1.7% a year, and over about 21 years the price fell 3.3%. Calendar years swing widely, from a 42.8% gain in 2025 to a 52.9% loss in 2020. These figures reflect the share price only.