ANI Pharmaceuticals, Inc.
anipharmaceuticals.comHow Do They Make Money?
ANI earns money mainly by selling generic, rare-disease and branded medicines, with additional revenue from royalties and pharmaceutical services. Customers generally pay within 100 days.
10-K for FY2025, filed Feb 27, 2026
-
10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by reportable segment ↗
$883.4M
-
10-K for FY2025, filed Feb 27, 2026
$883.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Generics and Other
Sold outright
10-K for FY2025, filed Feb 27, 2026 |
45%
FY2022: 74%
|
Generics and Other, FY2025
$399.4M Sources
|
Sold outright |
|
Rare Disease and Brands
Sold outright
10-K for FY2025, filed Feb 27, 2026 |
55%
FY2022: 26%
|
Rare Disease and Brands, FY2025
$483.9M Sources
|
Sold outright |
Who Are Their Customers?
ANI sells through wholesalers, distributors, retail chains and specialty pharmacies; for ILUVIEN, it also contracts with hospitals, clinics and physicians.
10-K for FY2025, filed Feb 27, 2026Our customers include national wholesalers, specialty pharmacies, retail pharmacy chains, distributors, mail order houses, group purchasing…View ↗
In the Rare Disease business, specifically for Cortrophin Gel, there is a limited distribution network and a select group of specialty…View ↗
We market, sell, and distribute our products in the U.S. and internationally. Our products are distributed through the following channels:View ↗
Wholesalers. We conduct business with the three major wholesalers in the U.S.: Cencora, Inc., Cardinal Health, and McKesson. Specialty…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 19 cents into free cash flow.
10-K for FY2025, filed Feb 27, 2026
$111.1MView ↗
10-K for FY2025, filed Feb 27, 2026
$78.3MView ↗
10-K for FY2025, filed Feb 27, 2026
$171.4MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
-
Apr 7, 2026
ANI replaced EisnerAmper with Ernst & Young as its auditor
Ernst & Young became the independent auditor after ANI dismissed EisnerAmper.
Sources
8-K, filed Apr 7, 2026
On April 1, 2026, ANI Pharmaceuticals, Inc. (the “Company”) notified EisnerAmper LLP (“EisnerAmper”) that EisnerAmper would be dismissed as…View ↗
Growing. Revenue grew 4.1x in 4 years, from $216.1M in FY2021 to $883.4M in FY2025, about 42% a year.
Added retina medicines
The older report describes Cortrophin Gel as its foundational Rare Disease asset; the latest adds ILUVIEN and YUTIQ through the Alimera acquisition.
10-K for FY2022, filed Mar 9, 2023 10-K for FY2025, filed Feb 27, 2026During 2021 and 2022, we invested in leadership, expertise and infrastructure in the areas of commercialization of rare disease therapies…View ↗
On September 16, 2024, the Company acquired Alimera Sciences, Inc. ("Alimera"). In connection with the acquisition, the Company added two…View ↗
Loading...
