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Jun 30, 2025
ANI Pharmaceuticals Q2 2025 Earnings Report
Posted record Q2 2025 results with strong growth in Rare Disease and Generics, raising full-year guidance.
Key Takeaways
ANI Pharmaceuticals delivered record Q2 2025 revenue of $211.4M, up 53% year-over-year, driven by strong performance in Rare Disease, particularly Cortrophin Gel, and solid Generics growth. Adjusted non-GAAP EPS reached $1.80 and adjusted EBITDA rose 63% to $54.1M. The company raised full-year guidance for revenue, adjusted EBITDA, and adjusted EPS.
Total revenue grew 53.1% year-over-year to $211.4M, driven by strong Rare Disease and Generics sales.
Cortrophin Gel revenue rose 66% to $81.6M, supported by growth across multiple specialties and a new pre-filled syringe format.
Generics revenue increased 22.1% to $90.3M, benefiting from new product launches and operational excellence.
Adjusted non-GAAP EBITDA reached $54.1M, a 62.8% increase over Q2 2024.
Revenue by Segment
Forward Guidance
ANI raised its 2025 guidance, expecting strong Rare Disease growth, continued Generics momentum, and record financial results for the year.
Positive Outlook
- Raised total revenue guidance to $818M–$843M.
- Raised Cortrophin Gel revenue guidance to $322M–$329M.
- Adjusted non-GAAP EBITDA guidance increased to $213M–$223M.
- Adjusted non-GAAP EPS guidance raised to $6.98–$7.35.
- Rare Disease revenue expected to represent ~50% of total revenue in 2025.
Challenges Ahead
- ILUVIEN and YUTIQ full-year revenue expected to be lower than prior guidance ($87M–$93M vs. $97M–$103M).
- Reduced Medicare patient access for ILUVIEN due to lack of funding for third-party co-pay assistance.
- Generics growth dependent on successful new product launches.
- Increased R&D spending to support Rare Disease and Generics growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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