10-Q · May 8, 2026
ANI Pharmaceuticals reported a strong performance for Q1 2026 with revenue of $237.5 million, exceeding estimates and reflecting a 20.5% year-over-year increase. Additionally, EPS came in at $1.28, surpassing the…
Earnings analysis · 10-Q
ANIP earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
ANI delivered a strong third quarter, with revenue of $290.8 million versus $266 million in 2026 Q2 and $228 million in 2025 Q3, while GAAP diluted EPS rose to $1.51 from $1.05 and $1.13, respectively. Adjusted EPS and…
Read full summary
ANI delivered a strong third quarter, with revenue of $290.8 million versus $266 million in 2026 Q2 and $228 million in 2025 Q3, while GAAP diluted EPS rose to $1.51 from $1.05 and $1.13, respectively. Adjusted EPS and EBITDA outlooks were raised, but total revenue guidance was narrowed and Cortrophin Gel guidance was reduced to $480-$500 million from $520-$540 million. The pending Egetis acquisition introduces substantial execution, foreign-exchange, and financing risk, including a potential $676.0 million bridge facility.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.51
What stood out
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Revenue beat with strong year-over-year growth
Third-quarter revenue was $290.8 million, up $24.8 million, or 9.3%, from $266 million in 2026 Q2 and up $62.8 million, or 27.5%, from $228 million in 2025 Q3. Revenue also exceeded the $280.2 million consensus estimate by $10.6 million.
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EPS increased sequentially and year over year
GAAP diluted EPS was $1.51, up from $1.05 in 2026 Q2 and $1.13 in 2025 Q3. Adjusted diluted EPS was $2.70, exceeding GAAP diluted EPS by $1.19.
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Adjusted profitability outlook improved
Management raised adjusted EBITDA guidance to $290-$300 million from $285-$300 million and adjusted diluted EPS guidance to $9.37-$9.71 from $9.19-$9.69.
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ILUVIEN outlook was raised
ILUVIEN guidance increased to $80-$85 million from $78-$83 million, indicating improved expectations for that product despite a reduction in Cortrophin guidance.
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Share repurchases continued
The company repurchased 102,492 shares under its repurchase program in September 2026 at an average price of $72.82, leaving $92.529 million available under the authorization.
What to watch
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Cortrophin outlook was lowered
Cortrophin Gel guidance was reduced to $480-$500 million from $520-$540 million, a $40 million reduction at both the low and high ends, signaling a material commercial headwind despite reported growth in Cortrophin.
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Egetis transaction faces closing risk
The pending Egetis offer is valued at approximately SEK 5.6 billion, or $560.0 million, and requires at least 90% of fully diluted shares to be tendered plus regulatory approvals. Failure to close could leave ANI with significant transaction costs and no acquisition benefits.
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Acquisition financing increases leverage risk
ANI entered into a 364-day senior bridge facility with borrowings of up to $676.0 million to fund the Egetis transaction. The company stated that insufficient operating cash flow could require asset sales, debt restructuring, or additional financing on unfavorable terms.
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Unhedged Swedish krona exposure
The Egetis consideration is payable in Swedish krona at SEK 11.25 per share, and ANI stated it has not hedged the exposure. A stronger Swedish krona could increase the effective purchase price above the approximately $560.0 million stated value.
Management's outlook
The related November 5, 2026 outlook was mixed: total-company revenue guidance was narrowed to $1.085-$1.125 billion from $1.080-$1.140 billion; Cortrophin Gel guidance was lowered to $480-$500 million from $520-$540 million, while adjusted EBITDA guidance rose to $290-$300 million from $285-$300 million and adjusted diluted EPS guidance rose to $9.37-$9.71 from $9.19-$9.69. The 10-Q excerpt does not provide separate numeric quarterly segment revenue or margin guidance.
Earlier filings 4
10-K · February 27, 2026
ANI Pharmaceuticals strengthened its Rare Disease footprint in 2025 via the Alimera acquisition (ILUVIEN/YUTIQ) and an expanded ILUVIEN label (March 2025), while growing top-line sales (FY2025 revenue approx. $883.0M)…
10-Q · August 6, 2024
ANI reported Q2 net revenues of $138.04M (up $21.49M or ~18.4% YoY from $116.55M) but recorded a Q2 net loss of $(2.287)M (basic/diluted loss per share $(0.14)). Six‑month results improved: operating income for the six…
10-Q · August 9, 2023
ANI reported materially stronger Q2 results versus prior-year Q2 with net revenues of $116,547,000 (up from $73,855,000) and a return to operating profit of $12,402,000 versus an operating loss of $(12,913,000) in Q2…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.