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Sep 30
ANI Pharmaceuticals Q3 2025 Earnings Report
ANI Pharmaceuticals reported record third quarter 2025 results, led by strong growth in Rare Disease and Generic segments.
Key Takeaways
ANI Pharmaceuticals delivered record Q3 2025 revenue of $227.8 million and adjusted non-GAAP EPS of $2.04. Performance was driven by exceptional Cortrophin Gel sales and continued momentum in Generics. Net income reached $26.3 million, and the company raised full-year guidance on both revenue and earnings.
Record quarterly revenue of $227.8 million, up 53.6% year-over-year
Cortrophin Gel revenue surged 93.8% to $101.9 million
Adjusted non-GAAP EBITDA grew 69.8% to $59.6 million
Raised full-year 2025 revenue and EPS guidance on strong Q3 performance
ANI Pharmaceuticals
ANI Pharmaceuticals
ANI Pharmaceuticals Revenue by Segment
Revenue by Segment
Cortrophin Gel Revenue
CapyFin.comILUVIEN and YUTIQ Revenue
CapyFin.comRare Disease Total Revenue
CapyFin.comBrands Revenue
CapyFin.comGeneric Pharmaceutical Products Revenue
CapyFin.comRoyalties and Other Revenue
CapyFin.comGenerics and Other Total Revenue
CapyFin.com Forward Guidance
ANI raised its full-year 2025 guidance for revenue, EBITDA, and EPS based on strong third quarter performance and continued Rare Disease growth.
Positive Outlook
- Raised full-year 2025 revenue guidance to $854M–$873M
- Raised Cortrophin Gel revenue forecast to $347M–$352M
- Increased adjusted non-GAAP EPS guidance to $7.37–$7.64
- Rare Disease expected to represent ~50% of total company revenue
- Strong momentum in Cortrophin driven by expanded prescribing and demand
Challenges Ahead
- ILUVIEN revenues impacted by reduced Medicare access
- Lower gross margin on new partnered generics
- Ongoing investment needed to support Rare Disease growth
- SG&A costs rose due to sales force expansion and legal expenses
- Revenue mix contributed to a slight decline in non-GAAP gross margin
Revenue & Expenses
Visualization of income flow from segment revenue to net income