ANI Pharmaceuticals (ANIP)
Market Price (4/25/2026): $78.65 | Market Cap: $1.6 BilSector: Health Care | Industry: Pharmaceuticals
ANI Pharmaceuticals (ANIP)
Market Price (4/25/2026): $78.65Market Cap: $1.6 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Attractive yieldFCF Yield is 9.3% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Oncology Treatments, Diabetes Management, and Geriatric Care. | Weak multi-year price returns2Y Excs Rtn is -24% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% | Key risksANIP key risks include [1] a significant financial dependence on key products like Cortrophin Gel that rely on vulnerable single-source suppliers and [2] heightened vulnerability to competitive pricing pressures due to its product concentration and a thin pipeline. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Attractive yieldFCF Yield is 9.3% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Oncology Treatments, Diabetes Management, and Geriatric Care. |
| Weak multi-year price returns2Y Excs Rtn is -24% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% |
| Key risksANIP key risks include [1] a significant financial dependence on key products like Cortrophin Gel that rely on vulnerable single-source suppliers and [2] heightened vulnerability to competitive pricing pressures due to its product concentration and a thin pipeline. |
Qualitative Assessment
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1. ANI Pharmaceuticals reported strong fourth-quarter and full-year 2025 financial results and issued robust 2026 guidance.
The company announced record quarterly net revenues of $247.1 million for Q4 2025, a 29.6% increase year-over-year, surpassing consensus estimates by $16.1 million. Adjusted non-GAAP diluted earnings per share reached $2.33, beating analyst expectations by $0.35 or 27.32%. For the full year 2025, net revenues were $883.4 million, up 43.8% year-over-year. The company projects total net revenues for 2026 to be between $1.055 billion and $1.115 billion, representing 19% to 26% year-over-year growth, with adjusted non-GAAP EBITDA forecast between $275 million and $290 million.
2. The company's strategic focus on the high-growth Rare Disease segment, particularly Cortrophin Gel, provides a significant long-term growth driver.
ANI Pharmaceuticals is undergoing a transformation to become a leading rare disease company. Its flagship product, Cortrophin Gel, achieved net revenues of $111.4 million in Q4 2025, an 87.6% increase over the prior year, and $347.8 million for the full year 2025, representing a 75.6% year-over-year improvement. Cortrophin Gel net revenues are projected to climb 60% to $557.5 million in fiscal year 2026 and the Rare Disease business is expected to represent approximately 60% of total revenue in 2026. To support this growth, ANI is expanding its rare disease organization with a new 90-person sales team targeting acute gouty arthritis flares.
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Stock Movement Drivers
Fundamental Drivers
The -0.4% change in ANIP stock from 12/31/2025 to 4/24/2026 was primarily driven by a -46.8% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.94 | 78.64 | -0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 827 | 883 | 6.8% |
| Net Income Margin (%) | 4.9% | 8.9% | 80.7% |
| P/E Multiple | 39.1 | 20.8 | -46.8% |
| Shares Outstanding (Mil) | 20 | 21 | -3.0% |
| Cumulative Contribution | -0.4% |
Market Drivers
12/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| ANIP | -0.4% | |
| Market (SPY) | 4.2% | 17.7% |
| Sector (XLV) | -6.9% | 14.9% |
Fundamental Drivers
The -14.1% change in ANIP stock from 9/30/2025 to 4/24/2026 was primarily driven by a -24.2% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.60 | 78.64 | -14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 747 | 883 | 18.2% |
| P/S Multiple | 2.4 | 1.8 | -24.2% |
| Shares Outstanding (Mil) | 20 | 21 | -4.1% |
| Cumulative Contribution | -14.1% |
Market Drivers
9/30/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| ANIP | -14.1% | |
| Market (SPY) | 7.0% | 21.4% |
| Sector (XLV) | 4.0% | 13.9% |
Fundamental Drivers
The 17.5% change in ANIP stock from 3/31/2025 to 4/24/2026 was primarily driven by a 43.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.95 | 78.64 | 17.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 614 | 883 | 43.8% |
| P/S Multiple | 2.1 | 1.8 | -13.1% |
| Shares Outstanding (Mil) | 19 | 21 | -6.0% |
| Cumulative Contribution | 17.5% |
Market Drivers
3/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| ANIP | 17.5% | |
| Market (SPY) | 28.1% | 26.5% |
| Sector (XLV) | 0.1% | 22.8% |
Fundamental Drivers
The 98.0% change in ANIP stock from 3/31/2023 to 4/24/2026 was primarily driven by a 179.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.72 | 78.64 | 98.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 316 | 883 | 179.2% |
| P/S Multiple | 2.0 | 1.8 | -10.1% |
| Shares Outstanding (Mil) | 16 | 21 | -21.1% |
| Cumulative Contribution | 98.0% |
Market Drivers
3/31/2023 to 4/24/2026| Return | Correlation | |
|---|---|---|
| ANIP | 98.0% | |
| Market (SPY) | 79.8% | 25.5% |
| Sector (XLV) | 16.6% | 22.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANIP Return | 59% | -13% | 37% | 0% | 43% | -1% | 169% |
| Peers Return | -11% | -28% | 68% | 11% | 7% | 2% | 32% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| ANIP Win Rate | 67% | 50% | 50% | 33% | 50% | 75% | |
| Peers Win Rate | 44% | 42% | 61% | 47% | 47% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ANIP Max Drawdown | -9% | -50% | -7% | -3% | -2% | -11% | |
| Peers Max Drawdown | -22% | -37% | -25% | -14% | -35% | -13% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMRX, VTRS, PRGO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/24/2026 (YTD)
How Low Can It Go
| Event | ANIP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -59.4% | -25.4% |
| % Gain to Breakeven | 146.2% | 34.1% |
| Time to Breakeven | 419 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -64.7% | -33.9% |
| % Gain to Breakeven | 183.4% | 51.3% |
| Time to Breakeven | 1,210 days | 148 days |
| 2018 Correction | ||
| % Loss | -44.8% | -19.8% |
| % Gain to Breakeven | 81.1% | 24.7% |
| Time to Breakeven | 181 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -88.9% | -56.8% |
| % Gain to Breakeven | 803.5% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to AMRX, VTRS, PRGO
In The Past
ANI Pharmaceuticals's stock fell -59.4% during the 2022 Inflation Shock from a high on 11/2/2021. A -59.4% loss requires a 146.2% gain to breakeven.
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About ANI Pharmaceuticals (ANIP)
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Here are 1-3 brief analogies for ANI Pharmaceuticals:
It's like a focused **Viatris** (formerly Mylan), manufacturing and selling both generic and specialized branded prescription drugs, and also acting as a contract manufacturer for other pharmaceutical companies.
Think of it as a highly skilled pharmaceutical manufacturer, similar to **Catalent**, but one that also develops and sells its own portfolio of generic and specialty prescription medicines.
A specialty pharmaceutical company focusing on niche and complex drugs, akin to a more diverse **Jazz Pharmaceuticals** that also produces generics and offers contract manufacturing services.
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- Controlled Substances: Prescription drugs with a high potential for abuse or dependence, produced under strict regulatory guidelines.
- Oncology Products: Pharmaceuticals specifically developed for the treatment of various types of cancer.
- Hormones and Steroids: Medicinal products containing hormonal or steroidal compounds used for therapeutic purposes.
- Injectable Pharmaceuticals: Medications specifically formulated to be administered into the body via injection.
- Oral Solid Dose Products: Pharmaceuticals manufactured in common forms such as tablets and capsules.
- Semi-solids, Liquids, and Topicals: Medications prepared as creams, gels, solutions, or suspensions for various applications.
- Potent Products: Highly effective pharmaceuticals that require specialized handling and manufacturing due to their strong pharmacological effects.
- Contract Development and Manufacturing (CDMO) Services: Providing comprehensive development and manufacturing solutions for pharmaceutical products to other companies.
AI Analysis | Feedback
ANI Pharmaceuticals (ANIP) primarily sells its products to other companies. Its major customers are large pharmaceutical wholesalers and major retail pharmacy chains.
Based on their latest public filings, the following companies represent their major customers:
- Cardinal Health, Inc. (Symbol: CAH)
- McKesson Corporation (Symbol: MCK)
- Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
- CVS Health Corporation (Symbol: CVS)
- Walgreens Boots Alliance, Inc. (Symbol: WBA)
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Nikhil Lalwani, President and Chief Executive Officer
Nikhil Lalwani has served as ANI's President and Chief Executive Officer and a member of its Board since September 2020. Before joining ANI, Mr. Lalwani was at Cipla Ltd, a global pharmaceutical company, from May 2012 to August 2020, where he held various leadership positions including CEO of Cipla USA, CEO of InvaGen, Head of US Strategy, M&A & Integration, and Head of Cipla's Global Respiratory business. In these roles, he developed and executed multi-year strategic growth plans for key products and facilitated acquisitions as Cipla entered the specialty pharmaceutical space. Prior to Cipla, he was an Associate Partner with McKinsey & Company, advising global pharmaceutical and healthcare companies, and an engineer with Medtronic. He holds a B.S. in Electrical Engineering from Georgia Institute of Technology and an M.B.A. from the Wharton School at the University of Pennsylvania.
Stephen P. Carey, Senior Vice President, Finance and Chief Financial Officer
Stephen P. Carey has served as ANI's Senior Vice President, Finance and Chief Financial Officer since May 2016. He brings over 30 years of experience as a financial executive, with more than 25 years in the pharmaceutical industry. Before ANI, Mr. Carey held various executive financial positions at Par Pharmaceutical Companies, Inc. from June 2007 to October 2015, including Senior Vice President, Controller and Principal Accounting Officer. During his tenure at Par, he supported the company during its $1.9 billion leveraged buyout with TPG Capital in 2012 and its subsequent sale to Endo International plc for $8 billion in 2015. Prior to Par, he held financial and accounting positions at Schering-Plough Corporation. Mr. Carey began his career at PricewaterhouseCoopers.
Chad Gassert, Senior Vice President, Corporate Development & Strategy
Chad Gassert joined ANI in November 2021 following the acquisition of Novitium Pharma, where he was a Co-Founder and CEO. At Novitium, he led the establishment of a fully integrated generic pharmaceutical company. Before Novitium, Mr. Gassert worked at Par Pharmaceuticals from 2005 to 2016, holding various positions of increasing responsibility, including Senior Vice President of Business Development.
Christopher Mutz, Senior Vice President, Head of Rare Disease
Christopher Mutz joined ANI in February 2021 and serves as the Head of its Rare Disease business. He has over 25 years of experience in the pharmaceutical industry. Prior to joining ANI, Mr. Mutz provided consulting services to pharmaceutical and biotechnology companies on pre-launch commercial strategy and life cycle management, with a focus on rare diseases. His experience includes eight years at Alexion Pharmaceuticals and ten years at Merck and Co.
Muthusamy Shanmugam, Head of Research & Development and Chief Operating Officer of New Jersey Operations
Muthusamy Shanmugam joined ANI's Board in November 2021 in connection with the company's acquisition of Novitium Pharma, where he was the President and Founder. He possesses over three decades of experience in the pharmaceutical industry. Mr. Shanmugam began his career as a formulation scientist at Kali Laboratories, Inc. and rose to become a leading formulation development scientist in the generic drug industry.
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Key Business Risks for ANI Pharmaceuticals (ANIP)
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Regulatory and Product Liability Risks: ANI Pharmaceuticals operates within a heavily regulated pharmaceutical industry, making it subject to stringent FDA requirements and guidelines. Ensuring continuous compliance with these regulations is crucial for maintaining manufacturing operations and product approvals. The company also faces inherent risks of product liability litigation, which could lead to significant financial losses and reputational damage.
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Competitive and Pricing Pressures, and Reliance on Key Products: The pharmaceutical market in which ANIP operates is highly competitive, posing challenges from both established companies and new entrants. This intense competition can significantly impact ANI's pricing strategies, market share, and overall profitability, particularly within its generic product segments. Furthermore, ANI Pharmaceuticals is increasingly relying on its rare disease segment, especially products like Cortrophin Gel, to drive revenue growth. This concentration of revenue on a few key products exposes the company to risks associated with payer pushback on pricing and access, as well as broader market acceptance and potential new competition for these specific therapies.
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Execution and Timing Risks of Growth Initiatives and Reimbursement Issues: ANI Pharmaceuticals' growth strategy heavily depends on the successful execution of sales expansion initiatives, particularly for Cortrophin Gel, and the effective launch of new product indications (e.g., for gout). There are identified "execution and timing risks" that could impact the realization of anticipated revenues, especially if sales expansion efforts or new indications underperform relative to increased spending on sales and research and development. Additionally, the company faces risks related to reimbursement challenges for its products, which have been noted to directly limit sales for some offerings.
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ANI Pharmaceuticals, Inc. (ANIP) operates in several addressable markets for its main products and services, primarily within the United States. The key addressable markets for ANI Pharmaceuticals' offerings include: * Hormone Replacement Therapy (HRT): The U.S. Hormone Replacement Therapy market was valued at approximately $6.9 billion in 2022 and is projected to reach $13.4 billion by 2032. Other estimates place the U.S. market at $8.69 billion in 2024, expected to reach $12.47 billion by 2030. The U.S. market also reached $2.2 billion in 2024 and is expected to reach $4.1 billion by 2033. Additionally, the global steroid hormone API market size was estimated at $3.54 billion in 2024 and is projected to reach around $6.06 billion by 2034. * Oncology Drugs: The U.S. oncology market was valued at $85.64 billion in 2024, estimated to reach $93.54 billion in 2025, and is projected to reach $189.55 billion by 2033. Another source states the U.S. oncology drugs market size reached $95.69 billion in 2024 and is projected to hit around $246.85 billion by 2034. Globally, the oncology drugs market size is estimated at $204.39 billion in 2024, projected to grow to $217.18 billion in 2025, and is expected to reach around $360.79 billion by 2034. * Injectable Drugs: The U.S. injectable drug delivery market was valued at $285.81 billion in 2025 and is projected to advance at a compound annual growth rate (CAGR) of 8.5% from 2026 to 2031, culminating in a forecasted valuation of $465.15 billion. The U.S. generic injectables market size reached $23.6 billion in 2025 and is expected to reach $48.0 billion by 2034. The global injectables market is estimated to reach $836.6 billion in 2026. * Controlled Substances: The U.S. controlled substance market size is estimated at $52.3 billion in 2024 and is expected to reach around $84.95 billion by 2034. The global controlled substance market size was $94.86 billion in 2024 and is expected to grow to $133.97 billion in 2029. * ACTH (Adrenocorticotropic Hormone) Market (relevant to Cortrophin Gel): The ACTH market, which includes ANI's Cortrophin Gel, was $1.2 billion in 2017, reduced to about $600 million in 2021, and by the end of 2025, it is essentially back at its previous peak in the U.S. Specifically for Cortrophin in acute gouty arthritis, ANI estimates a total addressable market of approximately 285,000 patients in the U.S. * Contract Development and Manufacturing Organization (CDMO) Services: The global pharmaceutical CDMO market size was valued at approximately $258.88 billion in 2025 and is expected to reach $374.68 billion by 2031. The North America active pharmaceutical ingredient (API) CDMO market held the largest share of 36.92% of the global market in 2024.AI Analysis | Feedback
```htmlExpected Drivers of Future Revenue Growth for ANI Pharmaceuticals (ANIP)
Over the next 2-3 years, ANI Pharmaceuticals (ANIP) is expected to drive future revenue growth through several key initiatives and product performances:
- Continued Expansion of Cortrophin Gel: ANI Pharmaceuticals' lead rare disease asset, Purified Cortrophin Gel, is anticipated to be a primary driver of revenue growth. The company has provided significant guidance for its growth, with projected net revenues increasing to $185 million to $195 million in 2024, representing 65% to 74% year-over-year growth, and further to $540 million to $575 million in 2026 from $347 million in 2025. This growth is supported by an expanded sales force, increased prescriber adoption across targeted specialties like acute gouty arthritis flares, and market expansion by attracting new prescribers to the ACTH category. Additionally, the FDA approval and anticipated Q2 2025 launch of a prefilled syringe version of Cortrophin Gel are expected to enhance ease of use and drive further adoption.
- Strategic Acquisition and Growth of Ophthalmology Products (ILUVIEN and YUTIQ): The acquisition of Alimera Sciences has added the ophthalmology products ILUVIEN and YUTIQ to ANI's portfolio, which are expected to contribute significantly to future revenue. These products, characterized by their novel, long-acting nature, are poised for growth through an expanded ophthalmology sales force. ILUVIEN net revenues are forecasted between $78 million and $83 million for 2026. Label consolidation for ILUVIEN and positive results from the NEW DAY study for DME treatment are also expected to support their growth trajectory.
- Consistent New Product Launches in the Generics Business: ANI Pharmaceuticals maintains a strong focus on its generics business, with plans to launch 10 to 15 new products annually. This consistent pipeline of new generic offerings, including recent launches such as Promethazine Hydrochloride and Dextromethorphan Hydrobromide Oral Solution (September 2024) and Nitazoxanide Tablets (March 2025), is crucial for sustained revenue. The company leverages its robust R&D capabilities, operational excellence, and U.S.-based manufacturing footprint to drive growth in this segment, which has shown significant increases, including a 28% rise to $384 million in 2025.
- Expanded Sales Force and Increased Market Penetration: A broader strategy for revenue growth involves the expansion of ANI's sales force and a concerted effort to increase market penetration for both its rare disease and ophthalmology products. The company has specifically established a 90-person team dedicated to targeting acute gouty arthritis flares for Cortrophin Gel. These expanded commercial efforts aim to deepen penetration in underpenetrated markets and drive broader prescriber adoption, thereby increasing awareness and utilization of key products.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- ANI Pharmaceuticals does not appear to pay dividends and has a negative buyback yield of -9.89% (as of the last 12 months ending March 2026), suggesting a net issuance rather than repurchases.
Share Issuance
- In November 2021, 91,000 common shares were acquired in exchange for convertible preferred shares, with an aggregate market value of approximately $7.87 million based on a proposed sale in August 2025.
- The company issued restricted shares as compensation to insiders, with acquisitions noted on May 23, 2024, August 21, 2024, and May 21, 2025.
Outbound Investments
- On September 16, 2024, ANI Pharmaceuticals acquired Alimera.
- Payments for business acquisitions totaled approximately $401.28 million in fiscal year 2024.
- In fiscal year 2021, payments for business acquisitions amounted to approximately $84.49 million.
Capital Expenditures
- Capital expenditures were approximately $16.24 million in fiscal year 2024, $8.87 million in fiscal year 2023, and $8.88 million in fiscal year 2022.
- For the last twelve months (ending September 30, 2025), capital expenditures were approximately $13.84 million.
- The company makes strategic investments in U.S. manufacturing, rare diseases, and complex generics to strengthen margins and diversify its portfolio.
Latest Trefis Analyses
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.55 |
| Mkt Cap | 2.8 |
| Rev LTM | 3,636 |
| Op Inc LTM | 283 |
| FCF LTM | 188 |
| FCF 3Y Avg | 236 |
| CFO LTM | 289 |
| CFO 3Y Avg | 331 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.6% |
| Rev Chg 3Y Avg | 4.8% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 7.3% |
| Op Inc Chg 3Y Avg | 38.4% |
| Op Mgn LTM | 8.3% |
| Op Mgn 3Y Avg | 6.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 13.7% |
| CFO/Rev 3Y Avg | 14.5% |
| FCF/Rev LTM | 10.2% |
| FCF/Rev 3Y Avg | 11.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.8 |
| P/S | 1.2 |
| P/Op Inc | 15.0 |
| P/EBIT | 4.5 |
| P/E | 9.8 |
| P/CFO | 8.0 |
| Total Yield | -7.9% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 9.4% |
| D/E | 0.8 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.1% |
| 3M Rtn | -5.9% |
| 6M Rtn | 1.1% |
| 12M Rtn | 40.8% |
| 3Y Rtn | 95.6% |
| 1M Excs Rtn | -1.6% |
| 3M Excs Rtn | -9.5% |
| 6M Excs Rtn | -5.0% |
| 12M Excs Rtn | 10.0% |
| 3Y Excs Rtn | 12.6% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA214844 | NITAZOXANIDE | nitazoxanide | tablet | 2032025 | 25.3% | 13.0% | 37.9% | 34.8% | 34.8% |
| ANDA215901 | CARBOPROST TROMETHAMINE | carboprost tromethamine | injectable | 1252024 | 19.6% | 14.2% | 8.0% | 52.8% | 43.8% |
| ANDA208237 | MEMANTINE HYDROCHLORIDE AND DONEPEZIL HYDROCHLORIDE | donepezil hydrochloride | capsule, extended release | 12152023 | 24.7% | 18.4% | 7.0% | 51.9% | 47.5% |
| ANDA217252 | BACLOFEN | baclofen | suspension | 6082023 | 25.7% | -2.3% | 33.9% | 24.3% | 56.6% |
| ANDA216517 | COLESTIPOL HYDROCHLORIDE | colestipol hydrochloride | tablet | 3102023 | 21.1% | 51.6% | 65.0% | 48.4% | 91.0% |
| ANDA204504 | FESOTERODINE FUMARATE | fesoterodine fumarate | tablet, extended release | 1042023 | -2.5% | 35.9% | 42.6% | 41.0% | 98.4% |
| ANDA213256 | LEVOTHYROXINE SODIUM | levothyroxine sodium | capsule | 1062021 | 2.0% | 5.7% | 41.9% | 39.4% | 147.7% |
| ANDA211629 | AMINOCAPROIC ACID | aminocaproic acid | tablet | 12142020 | 10.2% | 15.7% | 50.8% | 35.8% | 160.6% |
| ANDA211369 | LEVOTHYROXINE SODIUM | levothyroxine sodium | capsule | 10282020 | 12.8% | 21.0% | 41.6% | 42.5% | 185.7% |
| ANDA205365 | MEMANTINE HYDROCHLORIDE | memantine hydrochloride | capsule, extended release | 2282020 | -35.3% | -34.9% | -39.4% | -22.0% | 62.6% |
| ... | |||||||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Generics and Other | 289 | 275 | 216 | ||
| Rare Disease and Brands | 198 | 42 | |||
| Corporate and Unallocated | 0 | ||||
| Other | 1 | ||||
| Product development services | 2 | ||||
| Royalties from licensing agreements | 1 | ||||
| Sales of contract manufactured products | 9 | 11 | |||
| Sales of established brand pharmaceutical products | 48 | 64 | |||
| Sales of generic pharmaceutical products | 147 | 129 | |||
| Royalty and other income | 3 | ||||
| Total | 487 | 316 | 216 | 208 | 207 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Generics and Other | 106 | 79 | 63 | ||
| Rare Disease and Brands | 89 | -18 | -19 | ||
| Corporate and Unallocated | -148 | ||||
| Corporate and other unallocated expenses | -39 | -37 | |||
| Depreciation and amortization | -57 | -47 | |||
| Total | 47 | -35 | -40 |
Price Behavior
| Market Price | $78.64 | |
| Market Cap ($ Bil) | 1.6 | |
| First Trading Date | 05/05/2000 | |
| Distance from 52W High | -20.4% | |
| 50 Days | 200 Days | |
| DMA Price | $76.34 | $82.33 |
| DMA Trend | up | down |
| Distance from DMA | 3.0% | -4.5% |
| 3M | 1YR | |
| Volatility | 32.2% | 36.7% |
| Downside Capture | 0.67 | 0.57 |
| Upside Capture | 67.40 | 84.93 |
| Correlation (SPY) | 31.0% | 21.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.07 | 0.59 | 0.23 | 0.39 | 0.49 | 0.61 |
| Up Beta | -1.76 | -0.51 | -0.95 | -0.26 | 0.33 | 0.56 |
| Down Beta | 1.03 | 0.24 | 0.24 | 0.54 | 0.29 | 0.45 |
| Up Capture | 195% | 71% | 21% | 14% | 73% | 54% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 22 | 30 | 60 | 125 | 378 |
| Down Capture | 79% | 99% | 61% | 74% | 90% | 87% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 20 | 33 | 66 | 126 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANIP | |
|---|---|---|---|---|
| ANIP | 15.6% | 36.7% | 0.46 | - |
| Sector ETF (XLV) | 7.7% | 15.8% | 0.28 | 18.1% |
| Equity (SPY) | 34.0% | 12.6% | 2.05 | 21.1% |
| Gold (GLD) | 42.9% | 27.2% | 1.29 | 3.3% |
| Commodities (DBC) | 46.4% | 18.0% | 1.97 | -5.9% |
| Real Estate (VNQ) | 14.2% | 13.3% | 0.74 | 13.6% |
| Bitcoin (BTCUSD) | -16.6% | 42.1% | -0.32 | 11.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANIP | |
|---|---|---|---|---|
| ANIP | 18.4% | 47.0% | 0.51 | - |
| Sector ETF (XLV) | 5.1% | 14.6% | 0.17 | 23.4% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 28.2% |
| Gold (GLD) | 21.2% | 17.8% | 0.97 | 5.8% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 9.6% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 25.9% |
| Bitcoin (BTCUSD) | 7.0% | 56.3% | 0.34 | 12.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANIP | |
|---|---|---|---|---|
| ANIP | 6.2% | 48.4% | 0.30 | - |
| Sector ETF (XLV) | 9.3% | 16.5% | 0.46 | 35.4% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 36.3% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 5.7% |
| Commodities (DBC) | 10.1% | 17.8% | 0.47 | 14.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 31.2% |
| Bitcoin (BTCUSD) | 68.3% | 66.9% | 1.07 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/27/2026 | -4.2% | -2.0% | -5.6% |
| 11/7/2025 | 0.2% | -6.3% | -9.5% |
| 7/23/2025 | 0.8% | -3.2% | 36.6% |
| 5/9/2025 | -7.3% | -16.8% | -11.7% |
| 2/5/2025 | 2.1% | 2.2% | 4.2% |
| 11/8/2024 | 5.2% | 0.9% | -0.6% |
| 8/6/2024 | 7.0% | 0.9% | 6.4% |
| 5/10/2024 | 3.3% | -3.2% | -1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 10 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 1.7% | 2.2% | 5.0% |
| Median Negative | -4.8% | -6.3% | -10.5% |
| Max Positive | 49.5% | 33.8% | 36.6% |
| Max Negative | -18.6% | -24.5% | -26.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.05 Bil | 1.08 Bil | 1.11 Bil | 0 | Affirmed | Guidance: 1.08 Bil for 2026 | |
| 2026 Cortrophin Gel Net Revenue | 540.00 Mil | 557.50 Mil | 575.00 Mil | 0 | Affirmed | Guidance: 557.50 Mil for 2026 | |
| 2026 ILUVIEN Net Revenue | 78.00 Mil | 80.50 Mil | 83.00 Mil | 0 | Affirmed | Guidance: 80.50 Mil for 2026 | |
| 2026 Adjusted Non-GAAP EBITDA | 275.00 Mil | 282.50 Mil | 290.00 Mil | 0 | Affirmed | Guidance: 282.50 Mil for 2026 | |
| 2026 Adjusted Non-GAAP Diluted EPS | 8.83 | 9.09 | 9.34 | 0 | Affirmed | Guidance: 9.09 for 2026 | |
| 2026 Adjusted Non-GAAP Gross Margin | 59.3% | 59.8% | 60.3% | 0 | 0 | Affirmed | Guidance: 59.8% for 2026 |
Prior: Q4 2025 Earnings Reported 1/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.05 Bil | 1.08 Bil | 1.11 Bil | 25.6% | Higher New | Actual: 863.50 Mil for 2025 | |
| 2026 Cortrophin Gel Net Revenue | 540.00 Mil | 557.50 Mil | 575.00 Mil | 59.5% | Higher New | Actual: 349.50 Mil for 2025 | |
| 2026 ILUVIEN Net Revenue | 78.00 Mil | 80.50 Mil | 83.00 Mil | 7.3% | Higher New | Actual: 75.00 Mil for 2025 | |
| 2026 Adjusted Non-GAAP EBITDA | 275.00 Mil | 282.50 Mil | 290.00 Mil | 25.8% | Higher New | Actual: 224.50 Mil for 2025 | |
| 2026 Adjusted Non-GAAP Diluted EPS | 8.83 | 9.09 | 9.34 | 21.0% | Higher New | Actual: 7.5 for 2025 | |
| 2026 Adjusted Non-GAAP Gross Margin | 59.3% | 59.8% | 60.3% | ||||
| 2026 U.S. GAAP Effective Tax Rate | 26.0% | 27.0% | 28.0% | ||||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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