ANI Pharmaceuticals (ANIP) FY2024 results: revenue $614 million, up 26.2% on the year

ANI Pharmaceuticals Inc. (ANIP) reported revenue of $614 million for fiscal 2024, the year ended 31 December 2024, up 26.2% on the year before. Net income was -$19 million, and diluted earnings per share $-1.04. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$614 million

+26.2% on the year

FY2017FY2024

Operating margin

0.1%

9.6% a year earlier

FY2017FY2024

Net income

-$19 million

FY2017FY2024

Diluted EPS

-$1.04

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	614	487	316	+26.2%
Cost of revenue	250	182	139	+37.8%
Gross profit	364	305	178	+19.3%
Gross margin	59.3%	62.7%	56.1%
Research and development	44.6	34.3	22.3	+30.0%
Selling, general and administrative	250	162	124	+54.4%
Operating income	0.6	47.0	-35.3	-98.8%
Operating margin	0.1%	9.6%	-11.2%
Interest expense	33.6	35.6	28.5	-5.6%
Pre-tax income	-22.2	19.9	-62.7
Income tax	-3.7	1.1	-14.8
Effective tax rate	n/a	5.5%	n/a
Net income	-18.5	18.8	-47.9
Net margin	-3.0%	3.9%	-15.1%
Diluted EPS	-$1.04	$0.85	-$3.05

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	64.0	119	-31.2	-46.2%
Capital expenditure	16.2	8.9	8.9	+83.1%
Free cash flow	47.8	110	-40.1	-56.6%
Free cash flow margin	7.8%	22.6%	-12.7%
Cash from investing	-405	-18.5	-15.7
Cash from financing	265	67.4	-5.1	+292.9%
Depreciation and amortisation	67.7	59.8	57.0	+13.3%
Share-based compensation	29.3	20.7	14.6	+42.1%
Buybacks	11.0	5.0	2.0	+119.8%
Dividends paid	1.6	1.6	1.6	0.0%
Diluted shares, weighted	19m	18m	16m	+6.2%
Shares outstanding at period end	21m	n/a	n/a

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	404	433	314	-6.7%
Redeemable equity	24.9	24.9	24.9	0.0%
Debt	624	286	287	+118.5%
Operating lease liabilities	4.4	4.1	1.4	+6.9%
Finance lease liabilities	0.2	n/a	n/a
Other liabilities	227	157	134	+44.2%
Total liabilities and equity	1,284	904	760	+41.9%
Fixed assets	56.9	44.6	43.2	+27.5%
Goodwill	60.0	28.2	28.2	+112.6%
Intangible assets	542	209	252	+159.2%
Cash and equivalents	145	221	48.2	-34.5%
Receivables	222	162	165	+36.8%
Inventory	137	111	105	+23.0%
Other assets	122	128	118	-5.1%
Total assets	1,284	904	760	+41.9%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.