ANI Pharmaceuticals (ANIP)
Market Price (9/9/2026): $70.21 | Market Cap: $1.5 BilSector: Health Care | Industry: Pharmaceuticals
ANI Pharmaceuticals (ANIP)
Market Price (9/9/2026): $70.21Market Cap: $1.5 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Low stock price volatilityVol 12M is 31% 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 -27%, 3Y Excs Rtn is -61% 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 16% | 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Low stock price volatilityVol 12M is 31% |
| 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 -27%, 3Y Excs Rtn is -61% |
| 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 16% |
| 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
AI Analysis | Feedback
ANI Pharmaceuticals (ANIP) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Adjusted full-year guidance for Cortrophin Gel despite strong overall Q2 2026 performance. ANI Pharmaceuticals reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026) on August 7, 2026, with adjusted diluted earnings per share of $2.21 and record total net revenues of $266.04 million, both exceeding analyst estimates. However, the company modestly revised its full-year 2026 revenue guidance for Purified Cortrophin® Gel from an initial range of $540 million - $575 million down to $520 million - $540 million, reflecting underperformance in the first half of the year. This downward adjustment for a key product, despite overall guidance reaffirmation, raised concerns among investors and analysts, leading to price target adjustments by firms like Guggenheim and Canaccord Genuity.
2. Significant divestment by major institutional investors. During fiscal Q2 2026, two prominent hedge funds, GOLDENTREE ASSET MANAGEMENT LP and DEEP TRACK CAPITAL, LP, entirely removed their holdings in ANIP, selling an estimated $55,295,467 and $49,668,000 worth of shares, respectively. Such substantial selling activity by large institutional investors indicates a shift in sentiment and can exert considerable downward pressure on the stock price.
Show more
ANI Pharmaceuticals (ANIP) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Adjusted full-year guidance for Cortrophin Gel despite strong overall Q2 2026 performance. ANI Pharmaceuticals reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026) on August 7, 2026, with adjusted diluted earnings per share of $2.21 and record total net revenues of $266.04 million, both exceeding analyst estimates. However, the company modestly revised its full-year 2026 revenue guidance for Purified Cortrophin® Gel from an initial range of $540 million - $575 million down to $520 million - $540 million, reflecting underperformance in the first half of the year. This downward adjustment for a key product, despite overall guidance reaffirmation, raised concerns among investors and analysts, leading to price target adjustments by firms like Guggenheim and Canaccord Genuity.
2. Significant divestment by major institutional investors. During fiscal Q2 2026, two prominent hedge funds, GOLDENTREE ASSET MANAGEMENT LP and DEEP TRACK CAPITAL, LP, entirely removed their holdings in ANIP, selling an estimated $55,295,467 and $49,668,000 worth of shares, respectively. Such substantial selling activity by large institutional investors indicates a shift in sentiment and can exert considerable downward pressure on the stock price.
3. Decline in ILUVIEN net revenues. The company's ILUVIEN product experienced a 16.1% year-over-year decrease in net revenues, totaling $18.7 million in fiscal Q2 2026. This decline was attributed primarily to the timing of international shipments, raising questions about the consistency of revenue generation from this segment and potentially contributing to investor caution.
4. Broader pharmaceutical industry headwinds from the Inflation Reduction Act. The U.S. pharmaceutical market is navigating significant policy shifts, including the Inflation Reduction Act (IRA), which began actively impacting drug pricing on January 1, 2026. The IRA introduced negotiated Maximum Fair Prices for certain Medicare Part D drugs, with discounts ranging from approximately 38% to 79%. While not immediately impacting ANIP's entire portfolio, this ongoing regulatory environment creates a cautious outlook for the sector, fostering uncertainty that can affect investor confidence in pharmaceutical companies like ANI Pharmaceuticals.
Show less
Stock Movement Drivers
Fundamental Drivers
The -10.5% change in ANIP stock from 5/31/2026 to 9/8/2026 was primarily driven by a -23.0% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.51 | 70.23 | -10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 924 | 978 | 5.9% |
| Net Income Margin (%) | 10.0% | 11.1% | 11.0% |
| P/E Multiple | 17.8 | 13.7 | -23.0% |
| Shares Outstanding (Mil) | 21 | 21 | -1.2% |
| Cumulative Contribution | -10.5% |
Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| ANIP | -10.5% | |
| Market (SPY) | 1.3% | -17.3% |
| Sector (XLV) | 11.8% | 53.1% |
Fundamental Drivers
The -5.0% change in ANIP stock from 2/28/2026 to 9/8/2026 was primarily driven by a -29.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.90 | 70.23 | -5.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 883 | 978 | 10.8% |
| Net Income Margin (%) | 8.9% | 11.1% | 24.8% |
| P/E Multiple | 19.5 | 13.7 | -29.7% |
| Shares Outstanding (Mil) | 21 | 21 | -2.2% |
| Cumulative Contribution | -5.0% |
Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| ANIP | -5.0% | |
| Market (SPY) | 12.0% | 9.2% |
| Sector (XLV) | 4.8% | 47.4% |
Fundamental Drivers
The -24.9% change in ANIP stock from 8/31/2025 to 9/8/2026 was primarily driven by a -38.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 93.50 | 70.23 | -24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 747 | 978 | 30.9% |
| P/S Multiple | 2.5 | 1.5 | -38.8% |
| Shares Outstanding (Mil) | 20 | 21 | -6.3% |
| Cumulative Contribution | -24.9% |
Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| ANIP | -24.9% | |
| Market (SPY) | 19.8% | 10.6% |
| Sector (XLV) | 23.2% | 29.2% |
Fundamental Drivers
The 9.1% change in ANIP stock from 8/31/2023 to 9/8/2026 was primarily driven by a 143.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.39 | 70.23 | 9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 401 | 978 | 143.8% |
| P/S Multiple | 2.8 | 1.5 | -46.5% |
| Shares Outstanding (Mil) | 18 | 21 | -16.4% |
| Cumulative Contribution | 9.1% |
Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| ANIP | 9.1% | |
| Market (SPY) | 76.1% | 24.4% |
| Sector (XLV) | 31.3% | 26.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANIP Return | 59% | -13% | 37% | 0% | 43% | -10% | 145% |
| Peers Return | -11% | -28% | 68% | 11% | 7% | 31% | 69% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ANIP Win Rate | 67% | 50% | 50% | 33% | 50% | 44% | |
| Peers Win Rate | 44% | 42% | 61% | 47% | 47% | 59% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| ANIP Max Drawdown | -31% | -51% | -26% | -23% | -21% | -18% | |
| Peers Max Drawdown | -36% | -43% | -37% | -23% | -40% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 9/8/2026 (YTD)
How Low Can It Go
| Event | ANIP | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.3% | -6.7% |
| % Gain to Breakeven | 20.9% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.0% | -24.5% |
| % Gain to Breakeven | 104.2% | 32.4% |
| Time to Breakeven | 351 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.7% | -33.7% |
| % Gain to Breakeven | 106.9% | 50.9% |
| Time to Breakeven | 1255 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.9% | -19.2% |
| % Gain to Breakeven | 36.8% | 23.8% |
| Time to Breakeven | 45 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.8% | -3.7% |
| % Gain to Breakeven | 55.7% | 3.9% |
| Time to Breakeven | 170 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -50.7% | -12.2% |
| % Gain to Breakeven | 102.8% | 13.9% |
| Time to Breakeven | 141 days | 62 days |
In The Past
ANI Pharmaceuticals's stock fell -9.1% during the 2025 US Tariff Shock. Such a loss loss requires a 10.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | ANIP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.0% | -24.5% |
| % Gain to Breakeven | 104.2% | 32.4% |
| Time to Breakeven | 351 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.7% | -33.7% |
| % Gain to Breakeven | 106.9% | 50.9% |
| Time to Breakeven | 1255 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.9% | -19.2% |
| % Gain to Breakeven | 36.8% | 23.8% |
| Time to Breakeven | 45 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.8% | -3.7% |
| % Gain to Breakeven | 55.7% | 3.9% |
| Time to Breakeven | 170 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -50.7% | -12.2% |
| % Gain to Breakeven | 102.8% | 13.9% |
| Time to Breakeven | 141 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -22.8% | -0.2% |
| % Gain to Breakeven | 29.6% | 0.2% |
| Time to Breakeven | 23 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -28.1% | -15.4% |
| % Gain to Breakeven | 39.1% | 18.2% |
| Time to Breakeven | 202 days | 125 days |
In The Past
ANI Pharmaceuticals's stock fell -9.1% during the 2025 US Tariff Shock. Such a loss loss requires a 10.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ANI Pharmaceuticals (ANIP)
ANI Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing, manufacturing, and marketing prescription pharmaceuticals across the United States and Canada. The company specializes in both branded and generic drugs, with a key emphasis on niche and specialized product categories. These include controlled substances, oncology products, hormones and steroids, and various injectable medications.
The company's manufacturing capabilities are extensive, covering a wide array of dosage forms such as oral solid dose products (pills), semi-solids, liquids, and topicals. It also handles the production of potent pharmaceutical products. Beyond its proprietary drug portfolio, ANI Pharmaceuticals offers contract development and manufacturing services, utilizing its expertise and facilities to produce pharmaceutical products for other companies.
ANI's products are distributed through a broad network targeting the US and Canadian markets. Its primary customers and distribution channels include major retail pharmacy chains, pharmaceutical wholesalers, various distributors, mail order pharmacies, and group purchasing organizations, ensuring wide availability of its prescription medications.
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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)
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
Key Business Risks for ANI Pharmaceuticals (ANIP)
-
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.
-
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.
-
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.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
Expected 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.
AI Analysis | Feedback
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.
Peer Outperformance in Pharmaceuticals
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.8% | 84.9% | 84.9% | CAH 403% · MCK 345% · COR 177% |
| Managed Health Care | 8 | 32.5% | -3.8% | 4.9% | OSCR 88% · HQY 42% · ELV 16% |
| Health Care Services | 20 | 18.6% | 52.5% | -0.2% | HIMS 211% · RDNT 148% · DGX 65% |
| Health Care Facilities | 24 | -1.4% | 2.5% | -16.6% | NHC 258% · THC 249% · ENSG 115% |
| Health Care Equipment | 50 | -5.1% | -1.7% | -26.0% | POCI 10862% · UFPT 333% · GKOS 236% |
| Pharmaceuticals ← | 62 | -3.4% | 4.3% | -36.8% | LQDA 2343% · INDV 1115% · ETON 1064% |
| Health Care Supplies | 12 | 25.0% | -11.8% | -37.2% | LNTH 284% · HAE 57% · MMSI 22% |
| Life Sciences Tools & Services | 109 | 1.5% | -24.7% | -70.8% | SNWV 1598% · MEDP 206% · AXGN 171% |
| Health Care Technology | 20 | -23.6% | -53.3% | -78.1% | SPOK 73% · HSTM -3% · VEEV -13% |
| Biotechnology | 363 | 3.8% | -24.6% | -79.5% | DNTH 1619% · CELZ 1443% · ELVN 1243% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.83 |
| Mkt Cap | 3.7 |
| Rev LTM | 3,631 |
| Op Inc LTM | 190 |
| FCF LTM | 143 |
| FCF 3Y Avg | 172 |
| CFO LTM | 198 |
| CFO 3Y Avg | 285 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 4.4% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | -6.6% |
| Op Inc Chg 3Y Avg | 24.4% |
| Op Mgn LTM | 9.7% |
| Op Mgn 3Y Avg | 7.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 11.1% |
| CFO/Rev 3Y Avg | 12.4% |
| FCF/Rev LTM | 7.6% |
| FCF/Rev 3Y Avg | 8.7% |
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% | 21.3% | 21.3% |
| ANDA215901 | CARBOPROST TROMETHAMINE | carboprost tromethamine | injectable | 1252024 | 19.6% | 14.2% | 8.0% | 52.8% | 29.3% |
| ANDA208237 | MEMANTINE HYDROCHLORIDE AND DONEPEZIL HYDROCHLORIDE | donepezil hydrochloride | capsule, extended release | 12152023 | 24.7% | 18.4% | 7.0% | 51.9% | 32.7% |
| ANDA217252 | BACLOFEN | baclofen | suspension | 6082023 | 25.7% | -2.3% | 33.9% | 24.3% | 40.9% |
| ANDA216517 | COLESTIPOL HYDROCHLORIDE | colestipol hydrochloride | tablet | 3102023 | 21.1% | 51.6% | 65.0% | 48.4% | 71.9% |
| ANDA204504 | FESOTERODINE FUMARATE | fesoterodine fumarate | tablet, extended release | 1042023 | -2.5% | 35.9% | 42.6% | 41.0% | 78.5% |
| ANDA213256 | LEVOTHYROXINE SODIUM | levothyroxine sodium | capsule | 1062021 | 2.0% | 5.7% | 41.9% | 39.4% | 122.9% |
| ANDA211629 | AMINOCAPROIC ACID | aminocaproic acid | tablet | 12142020 | 10.2% | 15.7% | 50.8% | 35.8% | 134.5% |
| ANDA211369 | LEVOTHYROXINE SODIUM | levothyroxine sodium | capsule | 10282020 | 12.8% | 21.0% | 41.6% | 42.5% | 157.1% |
| ANDA205365 | MEMANTINE HYDROCHLORIDE | memantine hydrochloride | capsule, extended release | 2282020 | -35.3% | -34.9% | -39.4% | -22.0% | 46.3% |
| ... | |||||||||
| 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% | 21.3% | 21.3% |
| ANDA215901 | CARBOPROST TROMETHAMINE | carboprost tromethamine | injectable | 1252024 | 19.6% | 14.2% | 8.0% | 52.8% | 29.3% |
| ANDA208237 | MEMANTINE HYDROCHLORIDE AND DONEPEZIL HYDROCHLORIDE | donepezil hydrochloride | capsule, extended release | 12152023 | 24.7% | 18.4% | 7.0% | 51.9% | 32.7% |
| ANDA217252 | BACLOFEN | baclofen | suspension | 6082023 | 25.7% | -2.3% | 33.9% | 24.3% | 40.9% |
| ANDA216517 | COLESTIPOL HYDROCHLORIDE | colestipol hydrochloride | tablet | 3102023 | 21.1% | 51.6% | 65.0% | 48.4% | 71.9% |
| ANDA204504 | FESOTERODINE FUMARATE | fesoterodine fumarate | tablet, extended release | 1042023 | -2.5% | 35.9% | 42.6% | 41.0% | 78.5% |
| ANDA213256 | LEVOTHYROXINE SODIUM | levothyroxine sodium | capsule | 1062021 | 2.0% | 5.7% | 41.9% | 39.4% | 122.9% |
| ANDA211629 | AMINOCAPROIC ACID | aminocaproic acid | tablet | 12142020 | 10.2% | 15.7% | 50.8% | 35.8% | 134.5% |
| ANDA211369 | LEVOTHYROXINE SODIUM | levothyroxine sodium | capsule | 10282020 | 12.8% | 21.0% | 41.6% | 42.5% | 157.1% |
| ANDA205365 | MEMANTINE HYDROCHLORIDE | memantine hydrochloride | capsule, extended release | 2282020 | -35.3% | -34.9% | -39.4% | -22.0% | 46.3% |
| ANDA212779 | POTASSIUM CITRATE | potassium citrate | tablet, extended release | 1142020 | -21.3% | -50.9% | -45.1% | -26.8% | 21.2% |
| ANDA210482 | RANOLAZINE | ranolazine | tablet, extended release | 10292019 | -21.8% | -41.5% | -65.2% | -50.7% | -10.5% |
| ANDA209921 | LUXZYLA | penicillamine | capsule | 5072019 | 16.7% | 11.5% | -47.8% | -50.5% | -0.7% |
| ANDA205401 | DEXTROAMP SACCHARATE, AMP ASPARTATE, DEXTROAMP SULFATE AND AMP SULFATE | amphetamine aspartate | capsule, extended release | 1222019 | 31.6% | 53.9% | 17.1% | -40.0% | 32.8% |
| ANDA209861 | BEXAROTENE | bexarotene | capsule | 5082018 | -7.6% | -12.4% | 16.2% | -44.3% | 14.9% |
| ANDA209504 | FENOFIBRATE (MICRONIZED) | fenofibrate | capsule | 4302018 | 13.6% | -15.5% | 19.6% | -29.2% | 18.3% |
| ANDA205509 | MORPHINE SULFATE | morphine sulfate | solution | 4172018 | 14.6% | -8.0% | 12.9% | -30.0% | 14.9% |
| ANDA208342 | MIGLUSTAT | miglustat | capsule | 4172018 | 14.6% | -8.0% | 12.9% | -30.0% | 14.9% |
| ANDA207014 | CYCLOPHOSPHAMIDE | cyclophosphamide | capsule | 3192018 | 11.1% | -12.1% | 5.0% | -36.3% | 16.5% |
| ANDA203447 | OXYCODONE HYDROCHLORIDE | oxycodone hydrochloride | solution | 8302017 | 55.3% | 40.1% | 25.3% | 43.3% | 53.6% |
| ANDA208607 | METHYLPHENIDATE HYDROCHLORIDE | methylphenidate hydrochloride | tablet, extended release | 7142017 | 26.5% | 52.1% | 49.2% | 71.2% | 47.8% |
| ANDA201890 | EZETIMIBE AND SIMVASTATIN | ezetimibe | tablet | 4262017 | -8.6% | 12.3% | 10.5% | 33.3% | 32.2% |
| ANDA206964 | ASPIRIN AND DIPYRIDAMOLE | aspirin | capsule, extended release | 1182017 | -13.1% | -16.9% | 19.8% | -6.1% | 20.7% |
| ANDA205153 | DESIPRAMINE HYDROCHLORIDE | desipramine hydrochloride | tablet | 10282016 | -2.6% | -10.3% | -4.1% | -14.6% | 16.4% |
| ANDA203256 | TRANEXAMIC ACID | tranexamic acid | tablet | 7252016 | 11.9% | -4.4% | -15.6% | 21.4% | 19.7% |
| ANDA207631 | NILUTAMIDE | nilutamide | tablet | 7152016 | 18.0% | 8.3% | -13.5% | 29.1% | 27.9% |
| ANDA203490 | TEMOZOLOMIDE | temozolomide | capsule | 7132016 | 23.0% | 9.3% | -11.7% | 30.6% | 29.4% |
| ANDA205177 | OXYCODONE HYDROCHLORIDE | oxycodone hydrochloride | capsule | 3312016 | 65.8% | 96.6% | 47.1% | 73.0% | 108.6% |
| ANDA202850 | POLYETHYLENE GLYCOL 3350 | polyethylene glycol 3350 | for solution | 12152015 | -24.9% | 23.9% | 32.3% | 49.7% | 58.7% |
| ANDA202284 | FELBAMATE | felbamate | tablet | 11042015 | -25.8% | 2.0% | 11.0% | 44.8% | 64.1% |
| ANDA204979 | OXYCODONE HYDROCHLORIDE | oxycodone hydrochloride | solution | 6012015 | -1.8% | -11.8% | 9.0% | -12.1% | 41.4% |
| ANDA203659 | NEBIVOLOL HYDROCHLORIDE | nebivolol hydrochloride | tablet | 4162015 | -1.8% | -40.3% | -37.1% | -25.5% | 2.2% |
| ANDA203261 | CARBIDOPA | carbidopa | tablet | 3102014 | 2.6% | -17.7% | 89.1% | 3.0% | 108.4% |
| ANDA090861 | ZOLMITRIPTAN | zolmitriptan | tablet | 3042014 | -0.1% | -10.9% | 107.2% | 9.3% | 116.6% |
| ANDA200218 | LANSOPRAZOLE, AMOXICILLIN AND CLARITHROMYCIN (COPACKAGED) | amoxicillin | capsule, tablet, capsule, delayed rel pellets | 8302013 | 100.7% | 326.5% | 313.1% | 632.4% | 889.2% |
| ANDA076747 | ROSIGLITAZONE MALEATE | rosiglitazone maleate | tablet | 1252013 | -8.2% | -0.4% | 208.7% | 620.5% | 859.4% |
| ANDA091216 | CLOPIDOGREL BISULFATE | clopidogrel bisulfate | tablet | 5172012 | -31.3% | -46.8% | -49.5% | 100.9% | 418.6% |
| ANDA090625 | CLOPIDOGREL BISULFATE | clopidogrel bisulfate | tablet | 5172012 | -31.3% | -46.8% | -49.5% | 100.9% | 418.6% |
| NDA202763 | TESTOSTERONE | testosterone | gel | 2142012 | -47.5% | -69.6% | -69.6% | -22.8% | 156.3% |
| ANDA076697 | CARBAMAZEPINE | carbamazepine | capsule, extended release | 5202011 | -15.6% | -10.6% | -87.1% | -92.8% | -25.8% |
| ANDA090590 | SODIUM POLYSTYRENE SULFONATE | sodium polystyrene sulfonate | suspension | 5132011 | -5.0% | -9.2% | -82.8% | -92.8% | -25.3% |
| ANDA078423 | FLUCONAZOLE | fluconazole | tablet | 3072011 | 53.8% | 29.2% | -62.3% | -89.6% | 0.0% |
| ANDA077809 | CIPROFLOXACIN EXTENDED RELEASE | ciprofloxacin | tablet, extended release | 11302010 | 39.5% | 112.9% | 63.3% | -84.8% | 32.7% |
| ANDA078730 | LANSOPRAZOLE | lansoprazole | tablet, orally disintegrating, delayed release | 10152010 | 6.7% | 26.1% | 52.1% | -86.0% | 18.2% |
| ANDA078751 | NARATRIPTAN | naratriptan hydrochloride | tablet | 7072010 | 4.4% | 5.0% | 98.8% | -77.7% | 21.9% |
| ANDA077454 | HYDROCODONE BITARTRATE AND IBUPROFEN | hydrocodone bitartrate | tablet | 6232010 | -26.8% | -20.0% | 37.9% | -76.8% | 2.7% |
| ANDA078138 | PERINDOPRIL ERBUMINE | perindopril erbumine | tablet | 11102009 | -7.4% | 43.8% | -2.5% | 46.3% | 20.4% |
| ANDA076440 | RISPERIDONE | risperidone | solution | 1302009 | 29.4% | 14.4% | -4.4% | 16.2% | 21.9% |
| ANDA090426 | LACTULOSE | lactulose | solution | 11212008 | 23.9% | 35.5% | 1.3% | -3.2% | 25.9% |
| ANDA076287 | FLUOXETINE HYDROCHLORIDE | fluoxetine hydrochloride | capsule | 5202008 | 29.4% | -53.0% | -47.8% | -52.7% | -51.5% |
| NDA021519 | LUVOX | fluvoxamine maleate | tablet | 12202007 | -50.0% | 34.1% | -63.9% | -67.1% | -52.4% |
| ANDA078005 | OXCARBAZEPINE | oxcarbazepine | tablet | 12112007 | -28.6% | 15.4% | -54.2% | -62.8% | -47.4% |
| ANDA078430 | LACTULOSE | lactulose | solution | 11282007 | -23.5% | -14.1% | -63.8% | -68.0% | -58.4% |
| ANDA040028 | KIONEX | sodium polystyrene sulfonate | suspension | 9172007 | -37.8% | -64.0% | -40.5% | -67.6% | -67.2% |
| ANDA075504 | QUINAPRIL HYDROCHLORIDE | quinapril hydrochloride | tablet | 8242007 | -17.4% | -38.2% | -6.8% | -67.4% | -66.7% |
| ANDA077979 | ALPRAZOLAM | alprazolam | tablet, extended release | 2282007 | 56.3% | 37.3% | -18.5% | -68.0% | -55.4% |
| ANDA077396 | LORAZEPAM | lorazepam | tablet | 12132006 | 54.9% | 141.2% | 28.5% | -44.4% | -31.3% |
| NDA021902 | VEREGEN | sinecatechins | ointment | 10312006 | 88.6% | 269.7% | 223.8% | 72.4% | 5.5% |
| ANDA077725 | ALPRAZOLAM | alprazolam | tablet, extended release | 7312006 | -24.1% | 54.5% | 150.9% | 151.8% | -11.3% |
| ANDA065278 | CEFADROXIL | cefadroxil/cefadroxil hemihydrate | for suspension | 1202006 | -4.4% | -54.7% | -34.9% | -17.0% | -54.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Rare Disease and Brands | 484 | 294 | 198 | 81 | 0 |
| Generics and Other | 399 | 320 | 289 | 235 | 216 |
| Corporate and Unallocated | 0 | 0 | 0 | 0 | |
| Total | 883 | 614 | 487 | 316 | 216 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Generics and Other | 155 | 116 | 106 | 85 | 63 |
| Rare Disease and Brands | 141 | 72 | 89 | 11 | -19 |
| Corporate and Unallocated | -185 | -188 | -148 | -131 | |
| Corporate and other unallocated expenses | -37 | ||||
| Depreciation and amortization | -47 | ||||
| Total | 111 | 1 | 47 | -35 | -40 |
Price Behavior
| Market Price | $70.23 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 05/05/2000 | |
| Distance from 52W High | -28.9% | |
| 50 Days | 200 Days | |
| DMA Price | $78.42 | $79.24 |
| DMA Trend | down | down |
| Distance from DMA | -10.4% | -11.4% |
| 3M | 1YR | |
| Volatility | 28.1% | 30.8% |
| Downside Capture | 13.67 | 54.08 |
| Upside Capture | -55.60 | 7.51 |
| Correlation (SPY) | -15.3% | 9.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.44 | -0.38 | -0.45 | 0.19 | 0.24 | 0.57 |
| Up Beta | -0.16 | -0.69 | -0.24 | 0.27 | 0.13 | 0.49 |
| Down Beta | 0.11 | -0.06 | -0.58 | 0.23 | 0.23 | 0.38 |
| Up Capture | -105% | -70% | -53% | 9% | 6% | 36% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 18 | 31 | 64 | 118 | 368 |
| Down Capture | 19% | 26% | -37% | 19% | 57% | 92% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 24 | 33 | 63 | 133 | 382 |
[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 | -26.4% | 30.8% | -0.98 | - |
| Sector ETF (XLV) | 22.9% | 16.2% | 1.08 | 29.3% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | 10.3% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | 3.2% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | -11.6% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | 30.5% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 6.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANIP | |
|---|---|---|---|---|
| ANIP | 20.8% | 46.0% | 0.55 | - |
| Sector ETF (XLV) | 5.9% | 15.2% | 0.21 | 25.4% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 26.6% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 4.3% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | 6.0% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 26.9% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 14.0% |
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 | 1.1% | 48.0% | 0.20 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 35.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 35.5% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 6.1% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | 13.6% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 32.0% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 9.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -5.3% | -9.5% | -13.8% |
| 5/8/2026 | -2.4% | -5.2% | -4.5% |
| 2/27/2026 | -4.2% | -2.0% | -5.6% |
| 1/12/2026 | -2.5% | 1.7% | -9.6% |
| 11/10/2025 | -1.7% | -7.1% | -9.3% |
| 9/8/2025 | -0.2% | 2.5% | -3.5% |
| 7/23/2025 | 0.8% | -3.2% | 36.6% |
| 6/4/2025 | -1.3% | 2.0% | 5.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 15 |
| # Negative | 17 | 14 | 15 |
| Median Positive | 3.5% | 5.1% | 6.4% |
| Median Negative | -2.0% | -4.3% | -5.1% |
| Max Positive | 49.5% | 33.8% | 36.6% |
| Max Negative | -18.6% | -24.5% | -16.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -5.3% | -9.5% | -13.8% |
| 5/8/2026 | -2.4% | -5.2% | -4.5% |
| 2/27/2026 | -4.2% | -2.0% | -5.6% |
| 1/12/2026 | -2.5% | 1.7% | -9.6% |
| 11/10/2025 | -1.7% | -7.1% | -9.3% |
| 9/8/2025 | -0.2% | 2.5% | -3.5% |
| 7/23/2025 | 0.8% | -3.2% | 36.6% |
| 6/4/2025 | -1.3% | 2.0% | 5.3% |
| 3/11/2025 | 4.4% | 9.4% | 7.2% |
| 1/13/2025 | -2.0% | 6.2% | 8.7% |
| 11/20/2024 | -1.1% | 3.9% | -2.6% |
| 8/6/2024 | 7.0% | 0.9% | 6.4% |
| 6/5/2024 | 3.5% | 0.3% | -5.1% |
| 4/17/2024 | -0.1% | 0.9% | -1.1% |
| 2/29/2024 | 12.3% | 9.2% | 14.7% |
| 1/8/2024 | 0.1% | -0.1% | 0.2% |
| 11/15/2023 | -1.7% | -2.6% | -0.6% |
| 9/25/2023 | 0.7% | -2.3% | -0.2% |
| 8/9/2023 | 9.2% | 10.7% | 12.1% |
| 6/9/2023 | 0.3% | 3.8% | 3.3% |
| 3/9/2023 | 0.1% | -7.2% | -11.5% |
| 11/9/2022 | -9.2% | -4.3% | 3.5% |
| 8/8/2022 | 0.7% | 8.2% | 0.9% |
| 5/10/2022 | -3.2% | 10.1% | 8.8% |
| 3/15/2022 | -18.6% | -24.5% | -16.8% |
| 11/1/2021 | 49.5% | 33.8% | 10.1% |
| 8/6/2021 | -0.8% | -9.2% | -11.5% |
| 5/7/2021 | 10.3% | -4.2% | -0.1% |
| 3/9/2021 | -1.3% | 8.8% | 5.9% |
| 11/5/2020 | -5.4% | -3.4% | 4.1% |
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 15 |
| # Negative | 17 | 14 | 15 |
| Median Positive | 3.5% | 5.1% | 6.4% |
| Median Negative | -2.0% | -4.3% | -5.1% |
| Max Positive | 49.5% | 33.8% | 36.6% |
| Max Negative | -18.6% | -24.5% | -16.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/15/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/8/2026Latest: Q2 2026 Earnings Reported 8/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Net Revenue | Reported | 1.08 Bil | 1.11 Bil | 1.14 Bil | 0 | Affirmed | Guidance: 1.11 Bil for 2026 | |
| 2026 Cortrophin Gel Net Revenue | Reported | 520.00 Mil | 530.00 Mil | 540.00 Mil | -4.9% | Lowered | Guidance: 557.50 Mil for 2026 | |
| 2026 ILUVIEN Net Revenue | Reported | 78.00 Mil | 80.50 Mil | 83.00 Mil | 0 | Affirmed | Guidance: 80.50 Mil for 2026 | |
| 2026 Adjusted Non-GAAP EBITDA | Reported | 285.00 Mil | 292.50 Mil | 300.00 Mil | 0 | Affirmed | Guidance: 292.50 Mil for 2026 | |
| 2026 Adjusted Non-GAAP Diluted EPS | Reported | 9.19 | 9.44 | 9.69 | 0 | Affirmed | Guidance: 9.44 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.08 Bil | 1.11 Bil | 1.14 Bil | 2.3% | Raised | Guidance: 1.08 Bil for 2026 | |
| 2026 Cortrophin Gel Net Revenue | Reported | 540.00 Mil | 557.50 Mil | 575.00 Mil | 0 | Affirmed | Guidance: 557.50 Mil for 2026 | |
| 2026 ILUVIEN Net Revenue | Reported | 78.00 Mil | 80.50 Mil | 83.00 Mil | 0 | Affirmed | Guidance: 80.50 Mil for 2026 | |
| 2026 Adjusted Non-GAAP EBITDA | Reported | 285.00 Mil | 292.50 Mil | 300.00 Mil | 3.5% | Raised | Guidance: 282.50 Mil for 2026 | |
| 2026 Adjusted Non-GAAP Diluted EPS | Reported | 9.19 | 9.44 | 9.69 | 3.9% | Raised | Guidance: 9.09 for 2026 | |
Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Revenue (Total Company) | Reported | 1.05 Bil | 1.08 Bil | 1.11 Bil | 0 | Affirmed | Guidance: 1.08 Bil for 2026 | |
| 2026 Cortrophin Gel Net Revenue | Reported | 540.00 Mil | 557.50 Mil | 575.00 Mil | 0 | Affirmed | Guidance: 557.50 Mil for 2026 | |
| 2026 ILUVIEN Net Revenue | Reported | 78.00 Mil | 80.50 Mil | 83.00 Mil | 0 | Affirmed | Guidance: 80.50 Mil for 2026 | |
| 2026 Adjusted Non-GAAP Gross Margin | Reported | 59.3% | 59.8% | 60.3% | 0 | Affirmed | Guidance: 59.8% for 2026 | |
| 2026 Adjusted Non-GAAP EBITDA | Reported | 275.00 Mil | 282.50 Mil | 290.00 Mil | 0 | Affirmed | Guidance: 282.50 Mil for 2026 | |
| 2026 Adjusted Non-GAAP Diluted EPS | Reported | 8.83 | 9.09 | 9.34 | 0 | Affirmed | Guidance: 9.09 for 2026 | |
Q4 2025 Earnings Reported 1/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.05 Bil | 1.08 Bil | 1.11 Bil | 25.7% | Higher New | Guidance: 863.50 Mil for 2025 | |
| 2026 Cortrophin Gel Net Revenue | Reported | 540.00 Mil | 557.50 Mil | 575.00 Mil | 59.5% | Higher New | Guidance: 349.50 Mil for 2025 | |
| 2026 ILUVIEN Net Revenue | Reported | 78.00 Mil | 80.50 Mil | 83.00 Mil | 7.3% | Higher New | Guidance: 75.00 Mil for 2025 | |
| 2026 Adjusted Non-GAAP Gross Margin | Reported | 59.3% | 59.8% | 60.3% | ||||
| 2026 Adjusted Non-GAAP EBITDA | Reported | 275.00 Mil | 282.50 Mil | 290.00 Mil | 25.8% | Higher New | Guidance: 224.50 Mil for 2025 | |
| 2026 U.S. GAAP Effective Tax Rate | Reported | 26.0% | 27.0% | 28.0% | ||||
| 2026 Adjusted Non-GAAP Diluted EPS | Reported | 8.83 | 9.09 | 9.34 | 21.1% | Higher New | Guidance: 7.5 for 2025 | |
Insider Activity
Updated 9/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Carey, Stephen P | SVP & CFO | Direct | Sell | 9012026 | 72.80 | 2,850 | 207,480 | 12,510,170 | Form |
| 2 | Lalwani, Nikhil | PRESIDENT & CEO | Direct | Sell | 8262026 | 74.30 | 5,400 | 401,220 | 25,595,533 | Form |
| 3 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 8132026 | 75.48 | 500 | 37,740 | 5,617,524 | Form |
| 4 | Gutwerg, Ori | SVP, GENERICS | Direct | Sell | 8112026 | 77.00 | 3,162 | 243,474 | 5,816,118 | Form |
| 5 | Carey, Stephen P | SVP & CFO | Direct | Sell | 7302026 | 81.36 | 2,850 | 231,876 | 14,213,022 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Carey, Stephen P | SVP & CFO | Direct | Sell | 9012026 | 72.80 | 2,850 | 207,480 | 12,510,170 | Form |
| 2 | Lalwani, Nikhil | PRESIDENT & CEO | Direct | Sell | 8262026 | 74.30 | 5,400 | 401,220 | 25,595,533 | Form |
| 3 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 8132026 | 75.48 | 500 | 37,740 | 5,617,524 | Form |
| 4 | Gutwerg, Ori | SVP, GENERICS | Direct | Sell | 8112026 | 77.00 | 3,162 | 243,474 | 5,816,118 | Form |
| 5 | Carey, Stephen P | SVP & CFO | Direct | Sell | 7302026 | 81.36 | 2,850 | 231,876 | 14,213,022 | Form |
| 6 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 7142026 | 81.84 | 500 | 40,920 | 6,333,598 | Form |
| 7 | Carey, Stephen P | SVP & CFO | Direct | Sell | 7062026 | 86.00 | 3,313 | 284,918 | 15,268,698 | Form |
| 8 | Carey, Stephen P | SVP & CFO | Direct | Sell | 6302026 | 84.12 | 2,850 | 239,742 | 14,934,917 | Form |
| 9 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 6152026 | 82.03 | 500 | 41,015 | 6,389,317 | Form |
| 10 | Haughey, Thomas | Direct | Sell | 6102026 | 80.88 | 2,000 | 161,760 | 3,144,453 | Form | |
| 11 | Carey, Stephen P | SVP & CFO | Direct | Sell | 6092026 | 80.00 | 3,312 | 264,960 | 14,431,440 | Form |
| 12 | Walsh, Patrick D | Direct | Sell | 5132026 | 80.63 | 10,000 | 806,300 | 3,098,772 | Form | |
| 13 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 5132026 | 78.16 | 500 | 39,080 | 6,126,962 | Form |
| 14 | Rowland, Thomas Andrew | SVP, HEAD - ESTABLISHED BRANDS | Direct | Sell | 5132026 | 79.21 | 459 | 36,357 | 3,031,446 | Form |
| 15 | Gutwerg, Ori | SVP, GENERICS | Direct | Sell | 5132026 | 79.50 | 2,772 | 220,374 | 6,256,332 | Form |
| 16 | Walsh, Patrick D | Direct | Sell | 5132026 | 80.75 | 3,973 | 320,820 | 3,910,884 | Form | |
| 17 | Lalwani, Nikhil | PRESIDENT & CEO | Direct | Sell | 5132026 | 77.57 | 55,000 | 4,266,350 | 27,140,890 | Form |
| 18 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 4132026 | 77.95 | 500 | 38,975 | 6,149,476 | Form |
| 19 | Mutz, Christopher | HEAD OF RARE DISEASE | Direct | Sell | 3132026 | 71.64 | 3,162 | 226,526 | 6,541,377 | Form |
| 20 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 3132026 | 72.62 | 500 | 36,310 | 5,765,302 | Form |
| 21 | Rowland, Thomas Andrew | SVP, HEAD - ESTABLISHED BRANDS | Direct | Sell | 3132026 | 74.91 | 4,772 | 357,471 | 2,901,264 | Form |
| 22 | Mutz, Christopher | HEAD OF RARE DISEASE | Direct | Sell | 3102026 | 74.18 | 3,602 | 267,196 | 7,007,859 | Form |
| 23 | Davis, Krista | SVP, CHIEF HR OFFICER | Direct | Sell | 3102026 | 74.13 | 5,087 | 377,099 | 3,850,757 | Form |
| 24 | Mutz, Christopher | HEAD OF RARE DISEASE | Direct | Sell | 3102026 | 74.22 | 2,121 | 157,421 | 7,524,943 | Form |
| 25 | Davis, Krista | SVP, CHIEF HR OFFICER | Direct | Sell | 3102026 | 75.00 | 1,485 | 111,375 | 4,277,475 | Form |
| 26 | Gutwerg, Ori | SVP, GENERICS | Direct | Sell | 3042026 | 76.50 | 2,060 | 157,590 | 6,485,823 | Form |
| 27 | Mutz, Christopher | HEAD OF RARE DISEASE | Direct | Sell | 3042026 | 74.00 | 417 | 30,858 | 7,659,592 | Form |
| 28 | Mutz, Christopher | HEAD OF RARE DISEASE | Direct | Sell | 2232026 | 78.02 | 5,323 | 415,300 | 6,619,217 | Form |
| 29 | Davis, Krista | SVP, CHIEF HR OFFICER | Direct | Sell | 2232026 | 77.99 | 1,730 | 134,923 | 3,842,021 | Form |
| 30 | Davis, Krista | SVP, CHIEF HR OFFICER | Direct | Sell | 2232026 | 77.53 | 2,084 | 161,573 | 3,953,487 | Form |
| 31 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 2172026 | 76.80 | 500 | 38,400 | 5,324,467 | Form |
| 32 | Mutz, Christopher | HEAD OF RARE DISEASE | Direct | Sell | 2172026 | 76.55 | 7,032 | 538,300 | 7,085,927 | Form |
| 33 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 1142026 | 84.33 | 500 | 42,165 | 6,271,959 | Form |
| 34 | Davis, Krista | SVP, CHIEF HR OFFICER | Direct | Sell | 12192025 | 82.40 | 1,622 | 133,653 | 4,825,674 | Form |
| 35 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 12122025 | 82.32 | 400 | 32,928 | 6,163,628 | Form |
| 36 | Tannenbaum, Renee P | Direct | Sell | 12092025 | 81.15 | 1,800 | 146,070 | 2,041,491 | Form | |
| 37 | Walsh, Patrick D | Direct | Sell | 11172025 | 86.88 | 8,643 | 750,904 | 5,334,866 | Form | |
| 38 | Gassert, Chad | SVP - CORP. DEV. & STRATEGY | Held by Chali Properties LLC | Sell | 11142025 | 88.00 | 94 | 8,272 | 13,947,120 | Form |
| 39 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 11142025 | 87.27 | 400 | 34,908 | 6,569,162 | Form |
| 40 | Gassert, Chad | SVP - CORP. DEV. & STRATEGY | Held by Chali Properties LLC | Sell | 11142025 | 89.07 | 14,642 | 1,304,163 | 14,125,077 | Form |
| 41 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 10142025 | 90.09 | 400 | 36,036 | 6,817,471 | Form |
| 42 | Davis, Krista | SVP, CHIEF HR OFFICER | Direct | Sell | 9222025 | 98.04 | 1,000 | 98,040 | 5,900,635 | Form |
| 43 | Cook, Meredith | SR. VP, GENERAL COUNSEL & SEC. | Direct | Sell | 9152025 | 98.42 | 400 | 39,368 | 7,487,203 | Form |
| 44 | Pera, Antonio R | Direct | Sell | 9042025 | 94.94 | 7,292 | 692,302 | 2,151,340 | Form |
Investor Activity (13F)
Updated Sep 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.