Ani Pharmaceuticals Inc (ANIP)

Price$71.23Cached quoteAs of 2026-09-05 16:07 UTC

AI: Undervalued

Price checkThe shares look undervalued if recent cash generation proves mostly repeatable.

With 23.0 million shares outstanding, the market value is about $1.61 billion. The latest four reported quarters produced about $108 million of net income and $173 million of free cash flow, meaning cash left after running and investing in the business. That is roughly 15 times reported earnings and nine times cash flow. Adding about $621 million of debt and subtracting $360 million of cash values the operations near 6.4 times management’s midpoint for 2026 adjusted operating profit. Those are undervalued signals, although 2026 includes $23 million of upfront and milestone revenue that will not repeat; recent cash must persist.

Big pictureA rare-disease drug now drives growth, while older products remain less dependable.

Revenue climbed from $208 million in 2020 to $883 million in 2025, while second-quarter 2026 revenue rose 25.9% to $266 million. Cortrophin contributed $117.1 million, up 43.5%, and management expects $520–$540 million for 2026—almost half of total guided sales. That concentration makes results less cyclical than a pure generic-drug seller, yet more dependent on one medicine. Generic sales still face price and launch cycles; older branded products fell 10.5% in the quarter. Cortrophin’s perpetual royalty to Merck also rises with sales and should average in the high-twenties percentage range this year.

Business strengthCash generation improved sharply, but debt and share growth limit balance-sheet comfort.

First-half operating cash was $115.0 million and equipment spending was only $9.1 million. Cash reached $360.2 million, exceeding current liabilities of $283.7 million, so near-term liquidity is strong. However, the company also owed $304.7 million on its term loan and $316.3 million of convertible notes, both due in 2029. Shares outstanding rose from 21.1 million at 2024 year-end to 22.5 million a year later and 23.0 million by June. A $100 million buyback authorization offers flexibility, but $21.6 million of first-half stock pay and continued share growth show dilution remains real.

What could change the storyGout adoption could unlock upside, while slower demand or rising royalties would erase it.

The clearest upside test is whether the new gout sales team turns an estimated 285,000-patient market into repeat prescriptions while Cortrophin still reaches the revised $520–$540 million 2026 range. The case strengthens if total adjusted operating profit reaches $285–$300 million and cash pays down debt without new shares. It weakens if Cortrophin guidance falls again, if its high-twenties royalty burden prevents profit from following sales, or if single-source manufacturing interrupts supply. ILUVIEN’s full trial results could help, but its second-quarter sales declined 16.1%, so it is not yet a dependable second growth engine.

AI: News

Guidance Cut Despite GrowthQuarterly growth stayed strong, but lower drug guidance showed the expansion is ramping more slowly.

On August 7, ANI reported second-quarter revenue of $266.0 million, up 25.9%, and Cortrophin sales of $117.1 million, up 43.5%. Management retained companywide revenue and adjusted operating-profit guidance but reduced Cortrophin’s 2026 range from $540–$575 million to $520–$540 million. Shares closed 5.3% lower that day on roughly triple the previous session’s volume. The timing suggests investors focused on the product forecast, but it does not prove that the revision alone caused the decline.

Eye Study Met GoalsThe eye implant improved sight and swelling measures, supporting its value to retina doctors.

On July 13, ANI reported six-month results from 108 patients receiving its fluocinolone eye implant. Participants gained an average 3.6 vision-chart letters, while the retinal-thickness measure fell 157.5 microns; both met the study’s preset statistical tests. Eye-pressure increases of at least 25 millimeters of mercury affected 18%, and 7% needed a pressure-lowering procedure. The results may support ILUVIEN use, but the open-label study lacked a comparison group, limiting conclusions until detailed results appear.

Royalty Appeal ContinuesA court setback reduced the odds of a valuable future royalty, though an appeal remains.

On July 16, a Delaware trial court denied ANI’s requests for a new trial and judgment in its dispute with CG Oncology. ANI said it would appeal to the Delaware Supreme Court and continue seeking a 5% royalty on future worldwide sales of cretostimogene grenadenorepvec. The claim represents possible future upside rather than current operating income. Shares fell 3.3% in the next session, although timing alone cannot establish that the legal update caused the move.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$883.4M	$614.4M	$486.8M	$316.4M	$216.1M	$208.5M	$206.5M	$201.6M	$176.8M	$128.6M	$76.3M	$56.0M	$30.1M	$20.4M	$435,160	$2.5M	$1.3M
Gross profit	$542.1M	$364.2M	$305.3M	$177.6M	$115.5M	$121.3M	$143.4M	$128.6M	$97.8M	$79.8M	$63.6M	$44.5M	$20.1M	$11.2M	—	—	—
Gross margin	61.36%	59.27%	62.71%	56.13%	53.45%	58.19%	69.42%	63.77%	55.31%	62.07%	83.37%	79.50%	66.84%	55.00%	—	—	—
Research & development	$51.7M	$44.6M	$34.3M	$22.3M	$11.4M	$16.0M	$19.8M	$15.4M	$9.1M	$2.9M	$2.9M	$2.7M	$1.7M	$1.2M	$44.2M	$39.7M	$13.7M
Operating expenses	$772.3M	$613.8M	$439.8M	$351.7M	$255.9M	$224.5M	$190.2M	$166.2M	$148.5M	$108.5M	$43.6M	$36.0M	$29.2M	$20.4M	$51.4M	$46.1M	$48.7M
Operating income	$111.1M	$584,000	$47.0M	−$35.3M	−$39.8M	−$16.0M	$16.4M	$35.4M	$28.3M	$20.1M	$32.7M	$20.0M	$898,000	−$42,000	−$50.9M	−$43.6M	−$47.4M
Operating margin	12.58%	0.10%	9.65%	−11.15%	−18.41%	−7.68%	7.92%	17.54%	16.02%	15.61%	42.84%	35.74%	2.99%	−0.21%	−11,703.01%	−1,762.50%	−3,769.76%
EBITDA	$202.5M	$68.3M	$106.8M	$21.7M	$7.5M	$28.6M	$61.0M	$69.1M	$56.3M	$42.4M	$39.6M	$23.9M	$2.0M	$525,000	−$50.8M	−$43.4M	−$47.3M
EBITDA margin	22.92%	11.12%	21.93%	6.86%	3.45%	13.73%	29.52%	34.28%	31.81%	32.98%	51.89%	42.67%	6.68%	2.58%	−11,668.95%	−1,755.71%	−3,758.84%
Net income	$78.3M	−$18.5M	$18.8M	−$47.9M	−$42.6M	−$22.5M	$6.1M	$15.5M	−$1.1M	$3.9M	$15.4M	$28.7M	$301,000	−$1.5M	—	—	—
Net profit margin	8.87%	−3.01%	3.86%	−15.14%	−19.71%	−10.82%	2.95%	7.69%	−0.61%	3.06%	20.14%	51.36%	1.00%	−7.39%	—	—	—
Basic EPSper basic share	$3.50	-$1.04	$0.86	-$3.05	-$3.40	-$1.88	$0.51	$1.31	-$0.09	$0.34	$1.34	$2.61	-$0.92	-$1.27	-$3.15	-$4.21	-$1.40
Diluted EPSper diluted share	$3.32	-$1.04	$0.85	-$3.05	-$3.40	-$1.88	$0.50	$1.30	-$0.09	$0.34	$1.32	$2.59	-$0.92	-$1.27	-$3.15	-$4.21	-$1.40

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of ANIP
Holder	Shares held
BlackRock, Inc.	2.96M
Soleus Capital Management, L.P.	867.76K
VANGUARD CAPITAL MANAGEMENT LLC	838.22K
STATE STREET CORP	831.65K
TANG CAPITAL MANAGEMENT LLC	707.5K
DIMENSIONAL FUND ADVISORS LP	623.46K
AMERICAN CENTURY COMPANIES INC	574.47K
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	562.02K
Global Alpha Capital Management Ltd.	558K
Shanmugam Muthusamy	537.98K
GEODE CAPITAL MANAGEMENT, LLC	536.41K
MILLENNIUM MANAGEMENT LLC	507.21K
Nuveen, LLC	415.02K
VANGUARD PORTFOLIO MANAGEMENT LLC	407.28K
Lalwani Nikhil	349.89K
Ranger Investment Management, L.P.	343.15K
DEUTSCHE BANK AG\	323.44K
Invesco Ltd.	309.23K
UBS Group AG	297.54K
KENNEDY CAPITAL MANAGEMENT LLC	295.94K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)89$57.82M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	CAREY STEPHEN P.SVP & CFO	SellCommon Stock	2.9K	$84.12	$239.7K	177.5K
Jun 12, 2026Form 4 · 10b5-1	Cook MeredithSR. VP, GENERAL COUNSEL & SEC.	SellCommon Stock	500	$82.03	$41.0K	77.9K
Jun 8, 2026Form 4 · 10b5-1	HAUGHEY THOMASDirector	SellCommon Stock	2.0K	$80.88	$161.8K	38.9K
Jun 5, 2026Form 4 · 10b5-1	CAREY STEPHEN P.SVP & CFO	SellCommon Stock	3.3K	$80.00	$265.0K	180.4K
May 13, 2026Form 4 · 10b5-1	Cook MeredithSR. VP, GENERAL COUNSEL & SEC.	SellCommon Stock	500	$78.16	$39.1K	78.4K

Review ownership filings at SEC.gov ↗

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Ani Pharmaceuticals Inc (ANIP)

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