ANI PHARMACEUTICALS INCANIP
ANI PHARMACEUTICALS INC Segments Disclosure
SEGMENT REPORTING
An operating segment is defined as a component of an entity that engages in business activities from which it may recognize revenues and incur expense, the operating results of which are regularly reviewed by the entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The CODM for the Company is the Chief Executive Officer. The Company does not aggregate its operating segments for reporting purposes, and therefore, the reportable segments are the same as its operating segments.
Following the acquisition of Alimera and during the fourth quarter of 2024, the Company reorganized the segment information that is regularly provided to the CODM resulting in changes to the Company's identification of significant segment expenses. Therefore, the Company has recast prior period segment information to conform to the current-period presentation in accordance with the segment guidance at ASC 280-10-50-34.
The Company is now organized into two operating segments as follows:
•Rare Disease and Brands – Consists of two reporting units, Rare Disease and Brands. The Rare Disease unit consists of operations related to the development, manufacture and marketing of proprietary branded pharmaceutical products, with a strategic focus on products used in the treatment of patients with rare disease conditions, and consists of operations related to Cortrophin Gel and ILUVIEN (there were no sales of YUTIQ during the third and fourth quarters of 2025). In addition, the Brands reporting unit includes a portfolio of approximately 20 branded products that are principally sold in highly genericized markets.
•Generics and Other – Consists of operations related to the development, manufacture, and marketing of generic pharmaceutical products including those sold through traditional wholesale and retail sales channels, sales of contract manufactured products, royalties on contract manufactured products, product development
services, and other. As of December 31, 2025, this reporting segment was comprised of over 120 product families.
The CODM evaluates the performance of the Company as two operating segments based on revenues and operating income (loss), exclusive of corporate expenses and other expenses not directly allocated or attributable to an operating segment. These expenses include, but are not limited to; certain management, legal, accounting, human resources, insurance, and information technology expenses, as well as transaction and integration expenses related to the acquisition of Alimera and other acquisitions.
The Company does not manage assets of the Company by operating segment and the CODM does not review asset information by operating segment. Accordingly, the Company does not present total assets by operating segment.
Financial information by reportable segment is as follows:
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||
(in thousands) | Generics and Other | Rare Disease and Brands | Corporate and Unallocated | Total | ||||||||||||||||||||||
| Net Revenues | $ | 399,433 | $ | 483,933 | $ | — | $ | 883,366 | ||||||||||||||||||
| Cost of sales (excluding depreciation and amortization) | (201,955) | (139,355) | — | (341,310) | ||||||||||||||||||||||
| Research and Development expense | (36,815) | (14,849) | — | (51,664) | ||||||||||||||||||||||
| Selling, general, and administrative expense | (5,675) | (188,489) | (123,581) | (317,745) | ||||||||||||||||||||||
| Depreciation and amortization | — | — | (91,417) | (91,417) | ||||||||||||||||||||||
| Contingent consideration fair value adjustment | — | — | 31,012 | 31,012 | ||||||||||||||||||||||
| Loss on disposal of assets | — | — | (382) | (382) | ||||||||||||||||||||||
| Intangible asset impairment charge | — | — | (767) | (767) | ||||||||||||||||||||||
| Operating Income (Loss) | $ | 154,988 | $ | 141,240 | $ | (185,135) | $ | 111,093 | ||||||||||||||||||
| Unrealized gain on investment in equity securities | $ | — | $ | — | $ | 2,824 | $ | 2,824 | ||||||||||||||||||
| Interest expense, net | — | — | (20,060) | (20,060) | ||||||||||||||||||||||
| Other income, net | — | — | 1,934 | 1,934 | ||||||||||||||||||||||
| Income (Loss) Before Income Tax Expense | $ | 154,988 | $ | 141,240 | $ | (200,437) | $ | 95,791 | ||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||
(in thousands) | Generics and Other | Rare Disease and Brands | Corporate and Unallocated | Total | ||||||||||||||||||||||
| Net Revenues | $ | 320,034 | $ | 294,342 | $ | — | $ | 614,376 | ||||||||||||||||||
| Cost of sales (excluding depreciation and amortization) | (168,371) | (81,839) | — | (250,210) | ||||||||||||||||||||||
| Research and Development expense | (30,519) | (14,062) | — | (44,581) | ||||||||||||||||||||||
| Selling, general, and administrative expense | (5,120) | (125,972) | (118,544) | (249,636) | ||||||||||||||||||||||
| Depreciation and amortization | — | — | (67,731) | (67,731) | ||||||||||||||||||||||
| Contingent consideration fair value adjustment | — | — | 619 | 619 | ||||||||||||||||||||||
| Gain on disposal of assets | — | — | 5,347 | 5,347 | ||||||||||||||||||||||
| Intangible asset impairment charge | — | — | (7,600) | (7,600) | ||||||||||||||||||||||
| Operating Income (Loss) | $ | 116,024 | $ | 72,469 | $ | (187,909) | $ | 584 | ||||||||||||||||||
| Unrealized gain on investment in equity securities | $ | — | $ | — | $ | 6,307 | $ | 6,307 | ||||||||||||||||||
| Interest expense, net | — | — | (17,602) | (17,602) | ||||||||||||||||||||||
| Other expense, net | — | — | (4,033) | (4,033) | ||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | (7,468) | (7,468) | ||||||||||||||||||||||
| Income (Loss) Before Income Tax Benefit | $ | 116,024 | $ | 72,469 | $ | (210,705) | $ | (22,212) | ||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||
(in thousands) | Generics and Other | Rare Disease and Brands | Corporate and Unallocated | Total | ||||||||||||||||||||||
| Net Revenues | $ | 289,314 | $ | 197,502 | $ | — | $ | 486,816 | ||||||||||||||||||
| Cost of sales (excluding depreciation and amortization) | (152,739) | (28,774) | — | (181,513) | ||||||||||||||||||||||
| Research and Development expense | (28,197) | (6,089) | — | (34,286) | ||||||||||||||||||||||
| Selling, general, and administrative expense | (2,451) | (73,466) | (85,780) | (161,697) | ||||||||||||||||||||||
| Depreciation and amortization | — | — | (59,791) | (59,791) | ||||||||||||||||||||||
| Contingent consideration fair value adjustment | — | — | (1,426) | (1,426) | ||||||||||||||||||||||
| Restructuring activities | — | — | (1,132) | (1,132) | ||||||||||||||||||||||
| Operating Income (Loss) | $ | 105,927 | $ | 89,173 | $ | (148,129) | $ | 46,971 | ||||||||||||||||||
| Interest expense, net | $ | — | $ | — | $ | (26,940) | $ | (26,940) | ||||||||||||||||||
| Other expense, net | — | — | (159) | (159) | ||||||||||||||||||||||
| Income (Loss) Before Income Tax Expense | $ | 105,927 | $ | 89,173 | $ | (175,228) | $ | 19,872 | ||||||||||||||||||
Geographic Information
The following depicts the Company's total revenue according to geographic location. The Company ceased operations at the Oakville, Ontario, Canada location as of March 31, 2023. The revenue from the acquisition of Alimera is also included in the years ended December 31, 2025 and 2024 in the table below. The majority of the assets of the Company are located in the U.S. The Company also maintains operations in India, Ireland, Portugal, Germany, and the United Kingdom.
The following table depicts the Company’s revenue by geographic operations during the following periods:
| (in thousands) | Years Ended December 31, | ||||||||||||||||
| Location of Operations | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 852,443 | $ | 604,989 | $ | 486,251 | |||||||||||
| International | 30,923 | 9,387 | 565 | ||||||||||||||
| Total Revenue | $ | 883,366 | $ | 614,376 | $ | 486,816 | |||||||||||
The following table depicts the Company’s property, plant and equipment, net according to geographic location during the year ended:
| (in thousands) | December 31, 2025 | December 31, 2024 | |||||||||
| United States | $ | 59,548 | $ | 54,730 | |||||||
| International | 2,928 | 2,133 | |||||||||
| Total property and equipment, net | $ | 62,476 | $ | 56,863 | |||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 9, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.