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Dec 31, 2025
ANI Pharmaceuticals Q4 2025 Earnings Report
ANI Pharmaceuticals reported record fourth quarter 2025 net revenues and earnings, driven by strong Rare Disease and Generics growth.
Key Takeaways
ANI delivered record Q4 2025 revenue of 247060000, up 29.6% year-over-year, with strong Cortrophin Gel and Generics growth driving profitability. Net income available to common shareholders was 27490000 and adjusted non-GAAP EBITDA rose 30.6% to 65356000.
Total net revenues increased 29.6% year-over-year to 247060000.
Cortrophin Gel revenue grew 87.6% to 111431000.
Generics revenue increased 28.2% to 100760000.
Adjusted non-GAAP EBITDA rose 30.6% to 65356000.
Revenue by Segment
Forward Guidance
ANI reaffirmed full year 2026 guidance, expecting continued growth in revenue and adjusted EBITDA driven by Rare Disease expansion and Generics execution.
Positive Outlook
- 2026 total net revenue guidance of 1055000000 to 1115000000.
- Cortrophin Gel 2026 revenue guidance of 540000000 to 575000000.
- Adjusted non-GAAP EBITDA guidance of 275000000 to 290000000.
- Adjusted non-GAAP diluted EPS guidance of 8.83 to 9.34.
- Expected total company adjusted non-GAAP gross margin between 59.3% and 60.3%.
Challenges Ahead
- Brands revenue declined 37.9% year-over-year in Q4.
- Selling, general and administrative expenses increased 18.7% year-over-year.
- Non-GAAP gross margin declined year-over-year due to product mix.
- Litigation expenses impacted adjusted results.
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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