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ANI PHARMACEUTICALS INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
12.6%Operating margin2
8.9%Net margin2
43.8%Revenue growth, 20252
14.5%Return on equity2
0.54×Debt to equity2
$171.4MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Sales of Generic Pharmaceutical Products brought in 42% of the revenue ANI PHARMACEUTICALS INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Sales of Generic Pharmaceutical Products | $269.4M | $301.0M | $384.1M |
| Sales of Cortrophin Gel | $112.1M | $198.1M | $347.8M |
| Sales of ILUVIEN and YUTIQ | $0 | $31.5M | $74.9M |
| Sales of Established Brands | $85.4M | $64.7M | $61.3M |
| Unapproved Products | $22.4M | $22.4M | $24.1M |
| Sales of Royalties and Other Pharmaceutical Services | $19.9M | $19.0M | $15.3M |
Business segments
Rare Disease and Brands brought in 55% of the revenue ANI PHARMACEUTICALS INC broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Rare Disease and Brands | $197.5M | $294.3M | $483.9M |
| Generics and Other | $289.3M | $320.0M | $399.4M |
Regions
United States brought in 96% of the revenue ANI PHARMACEUTICALS INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $486.3M | $605.0M | $852.4M |
| Outside the United States | $565.0K | $9.4M | $30.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development6¢$51.7M
- Selling, general and admin36¢$317.7M
- Other costs47¢$418.2M
- Income tax2¢$17.5M
- Profit9¢$78.3M
Out of $883.4M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending7¢$13.8M
- Dividends paid1¢$1.2M
- Share buybacks7¢$12.2M
- Kept or used elsewhere85¢$158.0M
Out of $185.2M of cash from operations.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net Revenues | $883.4M | $614.4M | $486.8M |
| Cost of sales (excluding depreciation and amortization) | $341.3M | $250.2M | $181.5M |
| Research and development | $51.7M | $44.6M | $34.3M |
| Selling, general, and administrative | $317.7M | $249.6M | $161.7M |
| Depreciation and amortization | $91.4M | $67.7M | $59.8M |
| Contingent consideration fair value adjustment | -$31.0M | -$619.0K | $1.4M |
| Loss (gain) on disposal of assets | $382.0K | -$5.3M | $0 |
| Restructuring activities | $0 | $0 | $1.1M |
| Intangible asset impairment charge | $767.0K | $7.6M | $0 |
| Total Operating Expenses, net | $772.3M | $613.8M | $439.8M |
| Operating Income | $111.1M | $584.0K | $47.0M |
| Unrealized gain on investment in equity securities | $2.8M | $6.3M | $0 |
| Interest expense, net | -$20.1M | -$17.6M | -$26.9M |
| Other income (expense), net | $1.9M | -$4.0M | -$159.0K |
| Loss on extinguishment of debt | $0 | -$7.5M | $0 |
| Income (Loss) Before Expense (Benefit) for Income Taxes | $95.8M | -$22.2M | $19.9M |
| Income tax expense (benefit) | $17.5M | -$3.7M | $1.1M |
| Net Income (Loss) | $78.3M | -$18.5M | $18.8M |
| Dividends on Series A Convertible Preferred Stock | -$1.2M | -$1.6M | -$1.6M |
| Net Income (Loss) Available to Common Shareholders | $77.2M | -$20.1M | $17.2M |
| Basic Income (Loss) Per Share (in dollars per share) | $3.50 | -$1.04 | $0.86 |
| Diluted Income (Loss) Per Share (in dollars per share) | $3.32 | -$1.04 | $0.85 |
| Basic Weighted-Average Shares Outstanding (in shares) | 20.1M shares | 19.3M shares | 18.0M shares |
| Diluted Weighted-Average Shares Outstanding (in shares) | 21.2M shares | 19.3M shares | 18.2M shares |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $285.6M | $144.9M | $221.1M |
| Restricted cash | $36.0K | $33.0K | $0 |
| Accounts receivable, net of $171,803 and $127,824 of adjustments for chargebacks and other allowances at December 31, 2025 and 2024, respectively | $281.1M | $221.7M | |
| Inventories | $143.1M | $136.8M | |
| Prepaid income taxes | $11.0M | $772.0K | |
| Prepaid expenses and other current assets | $23.2M | $18.0M | |
| Investment in equity securities | $9.1M | $6.3M | |
| Total Current Assets | $753.1M | $528.5M | |
| Property and equipment, net | $62.5M | $56.9M | |
| Deferred tax assets, net of deferred tax liabilities and valuation allowance | $69.1M | $85.1M | |
| Intangible assets, net | $479.5M | $541.8M | |
| Goodwill | $62.5M | $60.0M | |
| Derivatives and other non-current assets | $13.7M | $12.2M | |
| Total Assets | $1.4B | $1.3B | |
| Current debt, net of deferred financing costs | $17.3M | $9.2M | |
| Accounts payable | $62.6M | $45.7M | |
| Accrued royalties | $48.5M | $22.6M | |
| Accrued compensation and related expenses | $37.9M | $37.7M | |
| Accrued government rebates | $43.2M | $18.7M | |
| Income taxes payable | $1.3M | $5.6M | |
| Income taxes payable - foreign | $948.0K | $1.9M | |
| Returned goods reserve | $49.5M | $39.3M | |
| Current contingent consideration | $167.0K | $29.0K | |
| Accrued expenses and other | $16.8M | $13.7M | |
| Total Current Liabilities | $278.1M | $194.5M | |
| Non-current debt, net of deferred financing costs and current component | $291.8M | $309.1M | |
| Non-current convertible notes, net of deferred financing costs | $307.9M | $305.8M | |
| Accrued licensor payments due | $0 | $21.0M | |
| Non-current contingent consideration, net of current | $9.6M | $19.8M | |
| Other non-current liabilities | $12.2M | $5.8M | |
| Total Liabilities | $899.7M | $855.9M | |
| Convertible Preferred Stock, Series A, $0.0001 par value, 1,666,667 shares authorized; 0 shares issued and outstanding at December 31, 2025 and 25,000 shares issued and outstanding at December 31, 2024 | $0 | $24.9M | |
| Common Stock, $0.0001 par value, 66,000,000 shares authorized; 23,112,577 shares issued and 22,491,281 outstanding at December 31, 2025; $0.0001 par value, 33,333,334 shares authorized 21,537,707 shares issued and 21,108,152 shares outstanding at December 31, 2024 | $3.0K | $2.0K | |
| Class C Special Stock, $0.0001 par value, 781,281 shares authorized; 10,864 shares issued and outstanding at December 31, 2025 and 2024 respectively | $0 | $0 | |
| Preferred Stock, $0.0001 par value, 1,666,667 shares authorized; 0 shares issued and outstanding at December 31, 2025 and 2024, respectively | $0 | $0 | |
| Treasury stock, 621,296 shares of common stock, at cost, at December 31, 2025 and 429,555 shares of common stock, at cost, at December 31, 2024 | -$33.2M | -$21.0M | |
| Additional paid-in capital | $596.0M | $519.7M | |
| Accumulated deficit | -$23.1M | -$100.3M | |
| Accumulated other comprehensive income, net of tax | $1.0M | $5.3M | |
| Total Stockholders Equity | $540.7M | $403.7M | |
| Total Liabilities, Mezzanine Equity, and Stockholders Equity | $1.4B | $1.3B | |
| Adjustments for chargebacks and other allowances | $171.8M | $127.8M | |
| Convertible Preferred Stock, shares outstanding | 25.0K shares | ||
| Common Stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common Stock, shares authorized | 66.0M shares | 33.3M shares | |
| Common Stock, shares issued | 23.1M shares | 21.5M shares | |
| Common Stock, shares outstanding | 22.5M shares | 21.1M shares | |
| Preferred Stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred Stock, shares authorized | 1.7M shares | 1.7M shares | |
| Preferred Stock, shares issued | 0 shares | 0 shares | |
| Preferred Stock, shares outstanding | 0 shares | 0 shares | |
| Treasury stock, shares at cost | 621.3K shares | 429.6K shares |
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $78.3M | -$18.5M | $18.8M |
| Stock-based compensation | $37.9M | $29.3M | $20.7M |
| Deferred taxes | $14.2M | -$21.9M | -$11.7M |
| Depreciation and amortization | $91.4M | $67.7M | $59.8M |
| Unrealized gain on investment in equity securities | -$2.8M | -$6.3M | $0 |
| Non-cash operating lease expense | $1.8M | $1.5M | $1.3M |
| Non-cash interest | $1.4M | $642.0K | $3.9M |
| Contingent consideration fair value adjustment | -$31.0M | -$619.0K | $1.4M |
| Loss (gain) on disposal of assets | $382.0K | -$5.3M | $0 |
| Loss on extinguishment of debt | $0 | $7.5M | $0 |
| Amortization of inventory step up | $0 | $13.6M | $0 |
| Asset impairment charges | $767.0K | $7.6M | $0 |
| Accounts receivable, net | -$58.5M | -$21.1M | $3.4M |
| Inventories | -$6.0M | -$21.3M | -$5.8M |
| Prepaid expenses and other assets | -$5.0M | $2.1M | -$9.0M |
| Accounts payable | $15.2M | $479.0K | $7.6M |
| Accrued royalties | $25.9M | $6.3M | $7.0M |
| Income taxes | -$15.5M | -$1.4M | $12.0M |
| Accrued government rebates | $24.4M | $6.2M | $1.3M |
| Returned goods reserve | $10.2M | $9.1M | -$3.7M |
| Accrued expenses, accrued compensation, and other | $2.2M | $8.4M | $12.3M |
| Net Cash and Cash Equivalents Provided by Operating Activities | $185.2M | $64.0M | $119.0M |
| Acquisition of product rights, intangible assets, and other related assets | -$20.5M | -$717.0K | -$9.6M |
| Acquisition of property and equipment, net | -$13.8M | -$16.2M | -$8.9M |
| Proceeds from the sale of building | $0 | $13.5M | $0 |
| Net Cash and Cash Equivalents Used in Investing Activities | -$34.3M | -$404.7M | -$18.5M |
| Proceeds from convertible notes | $0 | $316.2M | $0 |
| Proceeds from term loan | $0 | $325.0M | $0 |
| Purchase of capped call transaction | $0 | -$40.6M | $0 |
| Proceeds from public offering | $0 | $0 | $80.6M |
| Payments on contingent consideration | -$26.0K | -$12.5M | -$12.5M |
| Principal payments on borrowings | -$10.2M | -$3.5M | -$3.0M |
| Debt issuance costs | $0 | -$17.4M | $0 |
| Repayment on borrowings under credit agreement | $0 | -$292.5M | $0 |
| Payment of accrued licensor payment | $0 | -$3.8M | $0 |
| Series A convertible preferred stock dividends paid | -$1.2M | -$1.6M | -$1.6M |
| Proceeds from stock option exercises and ESPP purchases | $13.6M | $6.5M | $9.0M |
| Treasury stock purchases for restricted stock vests | -$12.2M | -$11.0M | -$5.0M |
| Net Cash and Cash Equivalents (Used in) Provided by Financing Activities | -$9.9M | $264.9M | $67.4M |
| Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | -$233.0K | -$470.0K | $0 |
| Net Change in Cash, Cash Equivalents, and Restricted Cash | $140.7M | -$76.2M | $167.9M |
| Cash paid for interest, net of amounts capitalized | $26.9M | $24.4M | $31.4M |
| Cash paid for income taxes, net of refunds received | $17.7M | $19.1M | $1.2M |
| Right-of-use assets obtained in exchange for lease obligations | $6.6M | $0 | $4.7M |
| Purchase consideration for acquisition of Alimera | $0 | -$8.3M | $0 |
| Conversion of convertible preferred stock into common stock | $24.9M | $0 | $0 |
| Property and equipment purchased and included in accounts payable | $1.1M | $529.0K | $328.0K |
Former names
Recent filings
- Oct 13, 20264
- Sep 30, 20264
- Sep 16, 20264
- Sep 15, 2026144
- Sep 14, 20264
- Sep 14, 20264
- Sep 11, 2026144
- Sep 1, 20264
- Aug 27, 20263
- Aug 27, 20264
- Aug 26, 20264
- Aug 25, 2026144
- Aug 24, 20268-K
- Aug 13, 20264
- Aug 11, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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