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Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
ANI Pharmaceuticals, Inc., a biopharmaceutical company, develops, manufactures, and markets branded and generic pharmaceutical products in the United States and internationally. The company provides injectables, softgel capsules, and Cortrophin gel, as well as ILUVIEN and YUTIQ products. It also manufactures oral solid dose products, semi-solids, liquids, topicals, controlled substances, and potent products.
How they make money
ANI Pharmaceuticals is a diversified biopharmaceutical company that develops, manufactures, and commercializes therapeutics. It generates revenue primarily through the sale of pharmaceutical products across three business segments: Rare Disease, Generics, and Brands, leveraging its internal manufacturing capabilities and strategic acquisitions.
Products & services
The company offers a portfolio of pharmaceutical products including Cortrophin Gel, ILUVIEN, and YUTIQ, alongside a broad range of generic and branded pharmaceutical products.
Brands & revenue mix
Cortrophin Gel
A key product in the Rare Disease portfolio.
Separate brand revenue is not available in this research.Source
ILUVIEN
Intravitreal implant acquired through the Alimera Sciences transaction.
Separate brand revenue is not available in this research.Source
YUTIQ
Intravitreal implant acquired through the Alimera Sciences transaction.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Sales of rare disease pharmaceutical productsUSD 422.65M47.8%
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
The company discloses that a significant portion of its revenue is derived from a limited number of wholesale distributors and pharmacy chains, which is a common characteristic of the pharmaceutical industry.
Suppliers, materials & equipment
Active Pharmaceutical Ingredient (API) suppliers — The company relies on various third-party suppliers for raw materials and active pharmaceutical ingredients; specific supplier names are not disclosed.Source
Strengths
Internal manufacturing capabilities including high potency and modified release productsSource
Diversified business model across Rare Disease, Generics, and BrandsSource
Risks
Dependence on a limited number of customers for a significant portion of revenueSource
Risks associated with the integration of acquired businesses like Alimera SciencesSource
Regulatory risks and potential for compliance violations related to AI technology integrationSource
Overall investment score · Quality, value, risk and opportunity
64
Fair
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
74
Strong
Financial Strength
68
Business Quality / Moat
90
Management
100
Growth Quality
55
Risk / Durability
31
Great Company · Attractive Price
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
79
Fair
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
78/100
Building Historical Record
Model Score 78/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as relatively attractive.
The model outlook is currently positive.
What we like
•Balance-sheet / debt profile scores strongly
•Valuation scores attractively
•Recent buyback activity is present
What to watch
•Revenue fundamentals are weak
Company-specific research
Questions worth answering for ANIP
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•Can ANIP maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
•Is ANIP's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
•Does ANIP's balance between cash and debt leave enough flexibility if business conditions weaken?
•Is ANIP's valuation discount tied to a temporary concern or to a longer-term business risk?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for ANIP
Detected from reported data — verify before acting.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on ANIP.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Internal manufacturing capabilities including high potency and modified release products.
+Diversified business model across Rare Disease, Generics, and Brands.
+Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
−Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Drug Manufacturers - Specialty & Generic industry.
−Dependence on a limited number of customers for a significant portion of revenue.
−Risks associated with the integration of acquired businesses like Alimera Sciences.
−Regulatory risks and potential for compliance violations related to AI technology integration.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdown
Wall Street Score
Fair64/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Strong
71
Debt Cost6.2%
Debt Reduction YoY47.9%
Debt / Equity0.60x
Tap for breakdown →
Revenue
Weak
47
Revenue YoY10.8%
Revenue CAGR34.7%
Net Margin10.8%
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Asset
Fair
68
Asset Growth YoY12.2%
Liquidation/Share$28.13
Net Assets/MCap0.70x
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Capital
Poor
31
Earnings Yield6.4%
Buyback Yield0.5%
Debt Cost6.2%
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Management
Elite
100
ROIC11.7%
ROE17.7%
ROA7.1%
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Moat
Elite
90
EPS Growth12.5%
FCF/Share Growth98.8%
Rev/Share Growth22.5%
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Valuation
Elite
93
Intrinsic Value$185.96
Value Reference$111.57
MOS61.4%
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Buffett
Strong
75
Revenue47
Moat90
Valuation93
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MOS
Elite
100
MOS %61.4%
Value Reference$111.57
Deep Discount Reference$74.38
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Financial
Poor
29
Interest Coverage4.0x
ROIC11.7%
FCF Yield9.1%
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Master
Fair
57
Financial29
Valuation93
Debt71
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Resilience
Fair
60
Survival Years1.0 yrs
Current Ratio2.71x
FCF Margin17.1%
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Score Changes
6 historical score records available
Previous Score
65
Sep 8, 2026
Change
-1.3
points
Current Score
64
Oct 1, 2026
Category Changes
Revenue-0.4
Debt0
Assets-0.8
Capital-2.0
Management0
Moat0
Valuation-4.4
Buffett-0.7
ANIP decreased 1.3 points because Capital declined by 2 points, Valuation declined by 4.4 points.
Negative Contributors
− Capital declined by 2 points
− Valuation declined by 4.4 points
Projected Score
Projected Score
70
Projected Change
+6.4 points
Preliminary comparable-period financial changes suggest improvement of approximately 6.4 points. This is a projected estimate, not the official WallStreetScore.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue
$978.4M
$883.4M
$614.4M
$486.8M
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····
····
····
····
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Cost of Revenue
$340.2M
$432.7M
$250.2M
$181.5M
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····
····
····
····
····
····
Gross Profit
$638.2M
$450.6M
$364.2M
$305.3M
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····
····
····
····
····
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Research & Development
$49.9M
$51.7M
$44.6M
$34.3M
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····
····
····
····
····
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SG&A Expenses
$324.8M
$317.7M
$249.6M
$161.7M
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····
····
····
····
····
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Operating Expenses
$488.0M
$369.4M
$363.6M
$258.3M
····
····
····
····
····
····
····
EBITDA
$255.8M
$207.3M
$63.1M
$106.6M
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····
····
····
····
····
····
Operating Income
$150.2M
$81.2M
$584K
$47.0M
····
····
····
····
····
····
····
Interest Expense
$27.4M
$20.1M
$17.6M
$26.9M
····
····
····
····
····
····
····
Income Before Tax
$142.6M
$95.8M
-$22.2M
$19.9M
····
····
····
····
····
····
····
Income Tax Expense
$34.3M
$17.5M
-$3.7M
$1.1M
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····
····
····
····
····
····
Net Income
$105.8M
$78.3M
-$18.5M
$18.8M
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····
····
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····
Basic EPS
$4.83
$3.50
$-1.04
$0.95
····
····
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Basic Shares
21.16M
20.05M
19.32M
18.00M
····
····
····
····
····
····
····
Diluted Shares
21.91M
21.23M
19.32M
18.19M
····
····
····
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····
Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Margins expanded
Cash position grew
Debt reduced
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 25.9%. EPS increased 191.7%. Cash increased 65.4%. Total debt declined 46.9%. Net income margin improved by 5.2 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
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Government disclosed trading activity is available on the Smart Money directory. Filings may be delayed and may not represent complete current holdings.
Dividend HistoryShare
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
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5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
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