ANI Pharmaceuticals (ANIP) FY2025 results: revenue $883 million, up 43.8% on the year
ANI Pharmaceuticals Inc. (ANIP) reported revenue of $883 million for fiscal 2025, the year ended 31 December 2025, up 43.8% on the year before. Net income was $78 million, and diluted earnings per share $3.32. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$883 million
+43.8% on the year
FY2018FY2025
Operating margin
12.6%
0.1% a year earlier
FY2018FY2025
Net income
$78 million
FY2018FY2025
Diluted EPS
$3.32
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 11 kept.
Fourth quarter revenue up 29.6%: Fourth quarter net revenues were $247.1 million, up 29.6%. Full-year net revenues were $883.4 million, up 43.8%. The full-year figure is above the November 2025 guidance range of $854 million to $873 million cited in the January release.
Adjusted EBITDA and EPS rose: Adjusted non-GAAP EBITDA was $65.4 million for the quarter, up 30.6%, and $229.8 million for the year, up 47.3%. Adjusted non-GAAP diluted EPS was $2.33 for the quarter and $7.89 for the year.
Rare Disease revenue up 50.8%: Rare Disease net revenues were $131.3 million in the quarter, up 50.8%, and $422.6 million for the year, up 84.1%. Cortrophin Gel net revenue rose $52.0 million in the quarter while ILUVIEN net revenue fell $7.8 million.
Cortrophin Gel growth drivers named: Management attributed Cortrophin Gel growth in both periods to new patient starts, momentum across target indications, the expanded neurology, rheumatology and nephrology sales force, and ophthalmology sales force synergies.
Acute gout flares over 15% of use: Prescribing for acute gouty arthritis flares, where Cortrophin Gel is the only approved ACTH therapy, remained a growth driver and represented over 15% of Cortrophin Gel use.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
185
64.0
119
+189.3%
Capital expenditure
13.8
16.2
8.9
-14.8%
Free cash flow
171
47.8
110
+258.7%
Free cash flow margin
19.4%
7.8%
22.6%
Cash from investing
-34.3
-405
-18.5
Cash from financing
-9.9
265
67.4
Depreciation and amortisation
91.4
67.7
59.8
+35.0%
Share-based compensation
37.9
29.3
20.7
+29.3%
Buybacks
12.2
11.0
5.0
+11.4%
Dividends paid
1.2
1.6
1.6
-28.8%
Diluted shares, weighted
21m
19m
18m
+9.9%
Shares outstanding at period end
22m
21m
n/a
+6.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
541
404
433
+33.9%
Redeemable equity
0.0
24.9
24.9
Debt
617
624
286
-1.1%
Operating lease liabilities
9.2
4.4
4.1
+108.8%
Finance lease liabilities
0.0
0.2
n/a
-69.2%
Other liabilities
273
227
157
+20.7%
Total liabilities and equity
1,440
1,284
904
+12.2%
Fixed assets
62.5
56.9
44.6
+9.9%
Goodwill
62.5
60.0
28.2
+4.2%
Intangible assets
480
542
209
-11.5%
Cash and equivalents
286
145
221
+97.1%
Receivables
281
222
162
+26.8%
Inventory
143
137
111
+4.6%
Other assets
126
122
128
+3.7%
Total assets
1,440
1,284
904
+12.2%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.