ANIP

MKT CAP:$2B

ANI Pharmaceuticals, Inc.

Market Cap

$2B

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$78.81+$0.38 (+0.48%)

Apr 23, 2026

Company Details

ANI Pharmaceuticals, Inc., a biopharmaceutical company, develops, manufactures, and markets branded and generic prescription pharmaceuticals in the United States and Canada. It focuses on producing controlled substances, oncology products, ...

CEO

Nikhil Lalwani

IPO Date

May 5, 2000

Website

www.anipharmaceuticals.com

Key Metrics TTM

Revenue

$846M

+52.3% YoY

Net Income

$41M

EPS (Diluted)

$1.67

Free Cash Flow

$104M

Revenue / Share

$39.86

Gross Margin

71.9%

Operating Margin

9.9%

Net Margin

4.9%

FCF Margin

12.3%

P/S

2.1x

P/E

41.9x

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Feb 27, 2026

$883M+43.8%EPS $3.32

Q4 2025

Feb 27, 2026

$247M+29.6%EPS $1.17

Q2 2025

Aug 8, 2025

$211M+53.1%EPS $0.36

Q1 2025

May 9, 2025

$197M+43.4%EPS $0.69

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$61M	$27M	-$24M
Q1 22	$64M	$30M	-$19M
Q2 22	$74M	$39M	-$13M
Q3 22	$84M	$51M	-$5M
Q4 22	$94M	$58M	$2M
Q1 23	$107M	$69M	$10M
Q2 23	$117M	$74M	$12M
Q3 23	$132M	$84M	$18M
Q4 23	$132M	$78M	$7M
Q1 24	$137M	$88M	$20M
Q2 24	$138M	$80M	$5M
Q3 24	$148M	$85M	-$21M
Q4 24	$191M	$110M	-$4M
Q1 25	$197M	$124M	$26M
Q2 25	$211M	$137M	$14M
Q4 25	$247M	$238M	$48M

Valuation

Quarter	P/S	P/E
Q4 21	8.0x	—
Q1 22	7.7x	—
Q2 22	6.9x	—
Q3 22	6.1x	—
Q4 22	5.5x	—
Q1 23	4.8x	—
Q2 23	4.3x	—
Q3 23	3.9x	129.8x
Q4 23	3.6x	92.5x
Q1 24	3.4x	48.9x
Q2 24	3.2x	64.3x
Q3 24	3.1x	—
Q4 24	2.8x	—
Q1 25	2.6x	—
Q2 25	2.3x	—
Q4 25	2.1x	41.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$12M	-$13M
Q1 22	-$19M	-$21M
Q2 22	-$11M	-$13M
Q3 22	$4M	-$6M
Q4 22	-$4M	-$8M
Q1 23	$21M	$19M
Q2 23	$21M	$14M
Q3 23	$32M	$28M
Q4 23	$45M	$40M
Q1 24	$18M	$14M
Q2 24	$17M	$13M
Q3 24	$12M	$8M
Q4 24	$16M	$13M
Q1 25	$35M	$15M
Q2 25	$76M	$69M
Q4 25	$30M	$7M

Capital Expenditures

Quarter	CapEx
Q4 21	$368.0K
Q1 22	$2M
Q2 22	$1M
Q3 22	$10M
Q4 22	$3M
Q1 23	$2M
Q2 23	$7M
Q3 23	$5M
Q4 23	$5M
Q1 24	$5M
Q2 24	$4M
Q3 24	$5M
Q4 24	$2M
Q1 25	$20M
Q2 25	$7M
Q4 25	$24M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+6.4%	+48.7%
Q1 22	+18.3%	+62.5%
Q2 22	+51.9%	+35.2%
Q3 22	+61.0%	+59.7%
Q4 22	+54.7%	+9.2%
Q1 23	+65.6%	+15.8%
Q2 23	+57.8%	+20.0%
Q3 23	+57.3%	+28.2%
Q4 23	+39.7%	+35.2%
Q1 24	+28.7%	+20.9%
Q2 24	+18.4%	+27.6%
Q3 24	+12.5%	+48.3%
Q4 24	+44.8%	+56.1%
Q1 25	+43.4%	+45.9%
Q2 25	+53.1%	+48.6%
Q4 25	+66.6%	+17.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	4.9%
Q1 22	$3M	5.0%
Q2 22	$4M	5.1%
Q3 22	$4M	4.6%
Q4 22	$4M	4.0%
Q1 23	$4M	4.1%
Q2 23	$5M	4.5%
Q3 23	$5M	4.1%
Q4 23	$6M	4.3%
Q1 24	$7M	5.0%
Q2 24	$8M	5.7%
Q3 24	$7M	5.0%
Q4 24	$7M	3.7%
Q1 25	$9M	4.5%
Q2 25	$10M	4.5%
Q4 25	$10M	4.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$3M	$31M
Q1 22	$5M	$29M
Q2 22	$4M	$32M
Q3 22	$8M	$30M
Q4 22	$5M	$33M
Q1 23	$6M	$36M
Q2 23	$7M	$39M
Q3 23	$11M	$42M
Q4 23	$10M	$44M
Q1 24	$11M	$48M
Q2 24	$7M	$53M
Q3 24	$10M	$79M
Q4 24	$17M	$70M
Q1 25	$11M	$77M
Q2 25	$17M	$82M
Q4 25	$12M	$83M

Revenue Segments

Quarter	Other	Product development services	Royalties from licensing agreements	Sales of branded pharmaceutical products	Sales of contract manufactured products	Sales of generic pharmaceutical products	Generics, Established Brands, and Other	Rare Disease	Sales of rare disease pharmaceutical products	Sales of Established Brands	Total Sales of Generics and Other
Q4 21	$289.0K	$978.0K	$585.0K	$15M	$3M	$42M	—	—	—	—	—
Q1 22	—	—	—	—	—	—	$63M	$1M	—	—	—
Q2 22	—	—	—	—	—	—	$64M	$10M	—	—	—
Q3 22	—	—	—	—	—	—	$71M	$13M	—	—	—
Q4 22	—	—	—	—	—	—	$77M	$18M	—	—	—
Q1 23	—	—	—	—	—	—	$90M	$16M	—	—	—
Q2 23	—	—	—	—	—	—	$92M	$24M	—	—	—
Q3 23	—	—	—	—	—	—	$102M	$30M	—	—	—
Q4 23	—	—	—	—	—	—	-$180M	$199M	$112M	—	—
Q1 24	—	—	—	—	—	—	$100M	$37M	—	—	—
Q2 24	—	—	—	—	—	—	$89M	$49M	—	—	—
Q3 24	—	—	—	—	—	—	$92M	$56M	—	—	—
Q1 25	—	—	—	—	—	—	—	—	$69M	$25M	$103M
Q2 25	—	—	—	—	—	—	—	—	$104M	$13M	$94M
Q4 25	—	—	—	—	—	—	—	—	$131M	$12M	$103M

Revenue by Geography

Quarter	Canada	United States	Non-US
Q4 21	$1M	$60M	—
Q1 22	$717.0K	$64M	—
Q2 22	$1M	$73M	—
Q3 22	$970.0K	$83M	—
Q4 22	$1M	$93M	—
Q1 23	$565.0K	$106M	—
Q2 23	—	$117M	—
Q3 23	—	$132M	—
Q4 23	—	$132M	—
Q1 24	—	$137M	—
Q2 24	—	$138M	—
Q3 24	—	$147M	$1M
Q4 24	—	$182M	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$77M	$0	$77M
Q2 22	$63M	$0	$63M
Q3 22	$56M	$0	$56M
Q4 22	$48M	$0	$48M
Q1 23	$68M	$0	$68M
Q2 23	$162M	$0	$162M
Q3 23	$193M	$0	$193M
Q4 23	$221M	$0	$221M
Q1 24	$229M	$10M	$238M
Q2 24	$240M	$7M	$247M
Q3 24	$145M	$8M	$153M
Q4 24	$145M	$6M	$151M
Q1 25	$150M	$5M	$155M
Q2 25	$218M	$6M	$224M
Q3 25	$263M	$0	$263M
Q4 25	$286M	$0	$286M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	14M	+17.2%	+18.3%
Q1 22	16M	+13.8%	+34.3%
Q2 22	16M	+0.8%	+34.6%
Q3 22	16M	+0.2%	+34.7%
Q4 22	16M	+0.1%	+15.1%
Q1 23	17M	+1.3%	+2.4%
Q2 23	18M	+8.0%	+9.7%
Q3 23	19M	+7.1%	+17.3%
Q4 23	19M	+0.5%	+17.7%
Q1 24	19M	+1.1%	+17.5%
Q2 24	19M	-0.5%	+8.2%
Q3 24	19M	+0.4%	+1.5%
Q4 24	19M	+0.2%	+1.2%
Q1 25	20M	+3.1%	+3.2%
Q2 25	20M	+1.3%	+5.1%
Q4 25	21M	+4.5%	+9.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$101.4K	601
Q1 22	$107.3K	601
Q2 22	$122.9K	601
Q3 22	$139.5K	601
Q4 22	$157.1K	600
Q1 23	$178.0K	600
Q2 23	$194.2K	600
Q3 23	$219.7K	600
Q4 23	$205.1K	642
Q1 24	$214.1K	642
Q2 24	$215.0K	642
Q3 24	$231.0K	642
Q4 24	$212.5K	897
Q1 25	$219.8K	897
Q2 25	$235.6K	897
Q4 25	$254.7K	970

Revenue / Employee