ANIP · ANI Pharmaceuticals, Inc.

ANI Pharmaceuticals delivered a strong first quarter in 2026, with total net revenues of $237.5 million, a 20.5% increase year-over-year. The growth was driven by Rare Disease segment, particularly Cortrophin Gel, which saw net revenues of $75.1 million, up 42.1% from the prior year, reflecting momentum across target indications and an expanded sales force. ILUVIEN also contributed with $19.3 million in net revenues, up 19.5%. Generics net revenues grew 6.8% to $105.4 million, supported by new product launches and a partnered generic launch from Q3 2025. Brands net revenues declined 50.9% to $12.3 million due to normalization in demand. Brand royalties and other revenues included a $15.0 million upfront payment from the Harmony Agreement with Harmony Biosciences. On a GAAP basis, net income attributable to common shareholders was $29.5 million, or $1.28 per diluted share, compared to $15.3 million, or $0.69 per diluted share, in the prior year. Adjusted non-GAAP diluted EPS was $2.05, up from $1.70, and adjusted non-GAAP EBITDA was $63.0 million, up 24.1%. Gross margin decreased on both GAAP and non-GAAP bases due to higher sales of royalty-bearing products. Management raised full-year 2026 guidance: total net revenue now expected between $1,080 million and $1,140 million, adjusted non-GAAP EBITDA between $285 million and $300 million, and adjusted non-GAAP diluted EPS between $9.19 and $9.69. Cortrophin Gel net revenue guidance was reaffirmed at $540 million to $575 million. Additionally, the Board authorized a $100 million share repurchase program through May 2029. The company highlighted continued momentum in Cortrophin Gel demand and progress in organizational expansion for acute gouty arthritis flares. Overall, the results reflect strong operational execution and positive outlook.