ANI Pharmaceuticals (ANIP) FY2023 results: revenue $487 million, up 53.9% on the year

ANI Pharmaceuticals Inc. (ANIP) reported revenue of $487 million for fiscal 2023, the year ended 31 December 2023, up 53.9% on the year before. Net income was $19 million, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$487 million

+53.9% on the year

FY2016FY2023

Operating margin

9.6%

-11.2% a year earlier

FY2016FY2023

Net income

$19 million

FY2016FY2023

Diluted EPS

$0.85

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	487	316	216	+53.9%
Cost of revenue	182	139	101	+30.8%
Gross profit	305	178	116	+71.9%
Gross margin	62.7%	56.1%	53.5%
Research and development	34.3	22.3	11.4	+53.6%
Selling, general and administrative	162	124	84.3	+30.4%
Operating income	47.0	-35.3	-39.8
Operating margin	9.6%	-11.2%	-18.4%
Interest expense	35.6	28.5	11.9	+25.0%
Pre-tax income	19.9	-62.7	-56.1
Income tax	1.1	-14.8	-13.5
Effective tax rate	5.5%	n/a	n/a
Net income	18.8	-47.9	-42.6
Net margin	3.9%	-15.1%	-19.7%
Diluted EPS	$0.85	-$3.05	-$3.40

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	119	-31.2	3.3
Capital expenditure	8.9	8.9	2.6	-0.1%
Free cash flow	110	-40.1	0.8
Free cash flow margin	22.6%	-12.7%	0.4%
Cash from investing	-18.5	-15.7	-105
Cash from financing	67.4	-5.1	195
Depreciation and amortisation	59.8	57.0	47.3	+4.9%
Share-based compensation	20.7	14.6	10.5	+41.5%
Buybacks	5.0	2.0	0.9	+154.6%
Dividends paid	1.6	1.6	0.2	0.0%
Diluted shares, weighted	18m	16m	13m	+11.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	433	314	334	+38.0%
Redeemable equity	24.9	24.9	24.9	0.0%
Debt	286	287	287	-0.3%
Operating lease liabilities	4.1	1.4	1.0	+197.7%
Other liabilities	157	134	124	+17.5%
Total liabilities and equity	904	760	772	+19.0%
Fixed assets	44.6	43.2	52.7	+3.1%
Goodwill	28.2	28.2	27.9	0.0%
Intangible assets	209	252	294	-16.9%
Cash and equivalents	221	48.2	100	+358.5%
Receivables	162	165	129	-2.0%
Inventory	111	105	81.7	+5.5%
Other assets	128	118	86.4	+8.7%
Total assets	904	760	772	+19.0%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.