0001023024-26-000077
SEC filingANI第三季度营收2.908亿美元、同比增长27.6%，Cortrophin Gel与仿制药双轮驱动，但Cortrophin全年指引下调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $290.777 million | $227.813 million | 27.6% |
| Gross Margin (GAAP) | 61.6% | 59.0% | — |
| Gross Margin (Non-GAAP) | 61.8% | 59.2% | — |
| Operating Income (GAAP) | $52.373 million | $36.240 million | — |
| Net Income Available to Common Shareholders (GAAP) | $35.149 million | $26.273 million | — |
| Diluted EPS (GAAP) | $1.51 | $1.13 | — |
| Adjusted non-GAAP Diluted EPS | $2.70 | $2.04 | — |
| Adjusted non-GAAP EBITDA | $83.295 million | $59.601 million | 39.8% |
| Cortrophin Gel Revenue | $138.655 million | $101.850 million | 36.1% |
| ILUVIEN Revenue | $22.254 million | $16.600 million | 34.1% |
| Generic pharmaceutical products Revenue | $104.455 million | $94.375 million | 10.7% |
| Brands Revenue | $9.978 million | $10.675 million | (6.5)% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Net Revenue (Total Company) | $1,085 million - $1,125 million | N/A |
| FY2026 | Cortrophin Gel Net Revenue | $480 million - $500 million | N/A |
| FY2026 | ILUVIEN Net Revenue | $80 million - $85 million | N/A |
| FY2026 | Adjusted Non-GAAP EBITDA | $290 million - $300 million | Non-GAAP |
| FY2026 | Adjusted Non-GAAP Diluted EPS | $9.37 - $9.71 | Non-GAAP |
| FY2026 | Adjusted Non-GAAP Gross Margin | 60.3% - 61.0% | Non-GAAP |
第三季度总营收$290.777 million、同比增长27.6%，增长由Rare Disease（+35.8%至$160.909 million）与Generics and Other（+9.9%至$108.430 million）共同拉动；其中Cortrophin Gel增36.1%、ILUVIEN增34.1%，Brand royalties and other revenues首次贡献$11.460 million（含Harmony Agreement下约$9.5 million特许权使用费及$2.0 million开发里程碑收入），Brands则下滑6.5%。利润率方面，GAAP毛利率由59.0%升至61.6%、non-GAAP由59.2%升至61.8%，主因产品结构改善叠加Harmony Agreement收入确认，但被需付特许权使用费的产品销售增加部分抵消；GAAP SG&A增23.8%至$94.862 million、non-GAAP增32.4%至$84.150 million，反映罕见病团队（瞄准急性痛风性关节炎）扩张。管理层指出，痛风扩张的新患者病例环比翻倍、新处方医生数增约67%，但受专科药房网络产能限制，现有专科与痛风的收入转化慢于预期，公司正扩充药房网络与患者支持能力。
指引方面，全年总营收收窄至$1,085–$1,125 million，Cortrophin Gel下调至$480–$500 million（前值$520–$540 million），ILUVIEN上调至$80–$85 million，同时上调Adjusted Non-GAAP EBITDA至$290–$300 million、Adjusted Non-GAAP Diluted EPS至$9.37–$9.71；CEO称2026年Cortrophin仍将实现约40%同比增长。资本配置上，公司年内已回购$20.0 million普通股（授权总额$100.0 million），并拟以每股SEK 11.25（较60日VWAP溢价27%）收购Egetis Therapeutics，对价约SEK 5.6 billion（约$560 million），调整PRV净收益后企业价值约$434 million，交易需90%股东接受及监管批准，接受期预计2026年11月20日前后开始、12月18日前后届满。截至2026年9月30日，公司拥有 unrestricted cash and cash equivalents $420.758 million，年初至今经营现金流$198.8 million。