ANI PHARMACEUTICALS INC

Listed Company

ANIPCIK 0001023024NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$883.37M

Net Income

$78.34M

Total Assets

$1.44B

Equity

$540.72M

Shares Out

22.49M

Op. Cash Flow

$185.22M

Business

ANI PHamaceuticals Inc is a diversified biopharmaceutical company that develops, manufactures, and commercializes innovative therapeutics. It offers a portfolio of branded and generic pharmaceutical products and services, including Rare Disease therapies such as Cortrophin Gel and the retinal implants ILUVIEN and YUTIQ, along with contract manufacturing and product development capabilities. The company operates through key business segments including Rare Disease and Brands and Generics and Other, supported by internal R&D and manufacturing operations. ANI markets and distributes products in the United States and internationally via wholesalers, retail chains, specialty pharmacies, hospitals, clinics, and distributors.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Revenues	883	614	487	316	216
Cost of sales (excluding depreciation and amortization)	341	250	182	139	101
Research and development	52	45	34	22	11
Selling, general, and administrative	318	250	162	124	84
Depreciation and amortization	91	68	60	57	47
Contingent consideration fair value adjustment	−31	−619,000	1	4	500,000
Loss (gain) on disposal of assets	382,000	−5	0	—	—
Restructuring activities	0	0	1	6	0
Intangible asset impairment charge	767,000	8	0	112,000	—
Total Operating Expenses, net	772	614	440	352	256
Operating Income	111	584,000	47	−35	−40
Unrealized gain on investment in equity securities	3	6	0	0	—
Interest expense, net	−20	−18	−27	−28	−12
Other income (expense), net	2	−4	−159,000	670,000	−4
Loss on extinguishment of debt	0	−7	0	0	—
Income (Loss) Before Expense (Benefit) for Income Taxes	96	−22	20	−63	−56
Income tax expense (benefit)	17	−4	1	−15	−13
Net Income (Loss)	78	−19	19	−48	−43
Dividends on Series A Convertible Preferred Stock	−1	−2	−2	−2	−190,000
Net Income (Loss) Available to Common Shareholders	77	−20	17	−50	−43
Basic Income (Loss) Per Share (in dollars per share)	3.5	−1.04	0.86	−3.05	−3.4
Diluted Income (Loss) Per Share (in dollars per share)	3.32	−1.04	0.85	−3.05	−3.4
Basic Weighted-Average Shares Outstanding (in shares)	20	19	18	16	13
Diluted Weighted-Average Shares Outstanding (in shares)	21	19	18	16	13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	286	145	221	48	100
Restricted cash	36,000	33,000	0	5	5
Accounts receivable, net of $171,803 and $127,824 of adjustments for chargebacks and other allowances at December 31, 2025 and 2024, respectively	281	222	162	165	129
Inventories	143	137	111	105	82
Prepaid income taxes	11	772,000	0	4	4
Prepaid expenses and other current assets	23	18	17	8	8
Investment in equity securities	9	6	0	—	—
Total Current Assets	753	528	520	344	322
Property and equipment, net	62	57	45	43	53
Deferred tax assets, net of deferred tax liabilities and valuation allowance	69	85	91	81	68
Intangible assets, net	480	542	209	252	294
Goodwill	62	60	28	28	28
Derivatives and other non-current assets	14	12	12	11	2
Total Assets	1,440	1,284	904	760	772
Current debt, net of deferred financing costs	17	9	850,000	850,000	850,000
Accounts payable	63	46	37	29	23
Accrued royalties	48	23	16	9	6
Accrued compensation and related expenses	38	38	24	10	9
Accrued government rebates	43	19	12	11	5
Income taxes payable	1	6	8	0	—
Income taxes payable - foreign	948,000	2	—	—	—
Returned goods reserve	50	39	30	33	36
Current contingent consideration	167,000	29,000	12	0	—
Accrued expenses and other	17	14	6	5	8
Total Current Liabilities	278	194	145	99	88
Non-current debt, net of deferred financing costs and current component	292	309	285	286	287
Non-current convertible notes, net of deferred financing costs	308	306	0	—	—
Accrued licensor payments due	0	21	0	—	—
Non-current contingent consideration, net of current	10	20	12	35	31
Other non-current liabilities	12	6	5	1	8
Total Liabilities	900	856	447	422	413
Commitments and Contingencies (Note 17)	—	—	—	—	—
Convertible Preferred Stock, Series A, $0.0001 par value, 1,666,667 shares authorized; 0 shares issued and outstanding at December 31, 2025 and 25,000 shares issued and outstanding at December 31, 2024	0	25	25	25	25
Common Stock, $0.0001 par value, 66,000,000 shares authorized; 23,112,577 shares issued and 22,491,281 outstanding at December 31, 2025; $0.0001 par value, 33,333,334 shares authorized 21,537,707 shares issued and 21,108,152 shares outstanding at December 31, 2024	3,000	2,000	2,000	1,000	1,000
Class C Special Stock, $0.0001 par value, 781,281 shares authorized; 10,864 shares issued and outstanding at December 31, 2025 and 2024 respectively	0	0	0	0	—
Preferred Stock, $0.0001 par value, 1,666,667 shares authorized; 0 shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0	0	0	—
Treasury stock, 621,296 shares of common stock, at cost, at December 31, 2025 and 429,555 shares of common stock, at cost, at December 31, 2024	−33	−21	−10	−5	−3
Additional paid-in capital	596	520	514	404	388
Accumulated deficit	−23	−100	−80	−97	−48
Accumulated other comprehensive income, net of tax	1	5	9	12	−3
Total Stockholders Equity	541	404	433	314	334
Total Liabilities, Mezzanine Equity, and Stockholders Equity	1,440	1,284	904	760	772

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	78	−19	19	−48	−43
Stock-based compensation	38	29	21	15	10
Deferred taxes	14	−22	−12	−15	−17
Depreciation and amortization	91	68	60	60	47
Non-cash operating lease expense	2	2	1	0	0
Non-cash interest	1	642,000	4	4	3
Contingent consideration fair value adjustment	−31	−619,000	1	4	500,000
Loss (gain) on disposal of assets	382,000	−5	0	0	—
Amortization of inventory step up	0	14	0	0	—
Asset impairment charges	767,000	8	0	574,000	2
Accounts receivable, net	−59	−21	3	−37	−6
Inventories	−6	−21	−6	−24	3
Prepaid expenses and other assets	−5	2	−9	−798,000	127,000
Accounts payable	15	479,000	8	5	10
Accrued royalties	26	6	7	3	−267,000
Income taxes	−16	−1	12	−160,000	−8
Accrued government rebates	24	6	1	5	−3
Returned goods reserve	10	9	−4	−2	7
Accrued expenses, accrued compensation, and other	2	8	12	−905,000	−4
Net Cash and Cash Equivalents Provided by Operating Activities	185	64	119	−31	3
Acquisition of product rights, intangible assets, and other related assets	−20	−717,000	−10	−8	−21
Acquisition of property and equipment, net	−14	−16	−9	−9	−3
Proceeds from the sale of building	0	14	0	0	—
Net Cash and Cash Equivalents Used in Investing Activities	−34	−405	−19	−16	−105
Proceeds from convertible notes	0	316	0	0	—
Proceeds from term loan	0	325	0	0	24
Purchase of capped call transaction	0	−41	0	0	—
Proceeds from public offering	0	0	81	0	70
Payments on contingent consideration	−26,000	−13	−13	0	0
Principal payments on borrowings	−10	−4	−3	−3	−11
Debt issuance costs	0	−17	0	0	−14
Repayment on borrowings under credit agreement	0	−293	0	0	−200
Payment of accrued licensor payment	0	−4	0	0	—
Series A convertible preferred stock dividends paid	−1	−2	−2	−2	−190,000
Proceeds from stock option exercises and ESPP purchases	14	6	9	1	2
Treasury stock purchases for restricted stock vests	−12	−11	−5	−2	−890,000
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities	−10	265	67	−5	195
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	−233,000	−470,000	0	0	—
Net Change in Cash, Cash Equivalents, and Restricted Cash	141	−76	168	−52	92
Cash paid for interest, net of amounts capitalized	27	24	31	21	10
Cash paid for income taxes, net of refunds received	18	19	1	288,000	10
Right-of-use assets obtained in exchange for lease obligations	7	0	5	0	0
Purchase consideration for acquisition of Alimera	0	−8	0	0	31
Conversion of convertible preferred stock into common stock	25	0	0	—	—
Property and equipment purchased and included in accounts payable	1	529,000	328,000	452,000	152,000

Filings

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