The strong beat and reaffirmed overall guidance support a bullish view, but the Cortrophin guidance trim introduces modest uncertainty. Monitor the gout expansion's contribution in Q3 and Q4 to see if the lowered Cortrophin range proves conservative. The stock may trade up on the beat but could face resistance if the guidance adjustment is viewed as a signal of slowing momentum.
Price Chart
Executive Summary
ANI Pharmaceuticals reported record Q2 2026 revenue of $266.0M (+25.9% YoY), beating consensus of $260.1M. Adjusted non-GAAP diluted EPS of $2.21 beat the $2.04 estimate by 8.2%. Cortrophin Gel revenue surged 43.5% to $117.1M, driven by strong demand across existing specialties and early positive signals from the gout expansion. The company reaffirmed full-year total revenue guidance of $1,080-$1,140M and adjusted EBITDA of $285-$300M, but narrowed Cortrophin Gel guidance to $520-$540M (from $540-$575M), reflecting a modest trim to the top end. Overall, a strong beat with solid execution, though the Cortrophin guidance adjustment may temper enthusiasm.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $266.0M vs consensus $260.1M (beat by 2.3%)
- Adjusted non-GAAP diluted EPS $2.21 vs consensus $2.04 (beat by 8.2%)
- Cortrophin Gel revenue $117.1M, +43.5% YoY
- Adjusted non-GAAP EBITDA $71.6M, +32.4% YoY
- Full-year total revenue guidance reaffirmed at $1,080-$1,140M
- Cortrophin Gel guidance narrowed to $520-$540M (from $540-$575M)
- Gout expansion sales force fully operational; early demand metrics positive
- GAAP diluted EPS $1.05 vs $0.36 in prior year period
- Cash flow from operations $115.0M YTD; cash balance $360.2M
Financial Impact
Revenue beat of ~$5.9M vs consensus; EPS beat of $0.17; Cortrophin guidance trimmed by $20-35M at the top end
Risk Factors
- Cortrophin Gel guidance narrowed, implying slower H2 growth vs prior expectations
- ILUVIEN revenue declined 16.1% YoY due to timing of international shipments
- Gross margin compression (GAAP 62.4% vs 64.7% prior year) from royalty-bearing product mix
- Execution risk on gout expansion and new product launches
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001023024-26-000068 |
| Document: anicorporatepresentation.htm | 0001023024-26-000068 |
| Document: ani-20260807.htm | 0001023024-26-000068 |
| Document: 0001023024-26-000068-index-headers.html | 0001023024-26-000068 |
| Document: 0001023024-26-000068-index.html | 0001023024-26-000068 |
| Document: 0001023024-26-000068.txt | 0001023024-26-000068 |
| 8-K Data (Synthetic) | 0001023024-26-000068 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | Insider Cluster | $72.11 $77.91 | ▲ +8.04% | ▲ +7.23% | $71.97 (−0.19%) |
Sep 1, 2026 4w ago | Insider Cluster | $73.06 $71.46 | ▼ −2.19% | ▼ −1.23% | $71.97 (−1.49%) |
Aug 24, 2026 5w ago | 8-K | $74.17 $73.25 | ▼ −1.24% | ▼ −1.71% | $71.97 (−2.97%) |
Aug 13, 2026 7w ago | Insider Cluster | $74.77 $77.32 | ▲ +3.41% | ▲ +5.37% | $71.97 (−3.74%) |
Aug 7, 2026 8w ago | 8-K | $78.25 $76.54 | ▼ −2.19% | ▼ −2.58% | $71.97 (−8.03%) |
Jul 16, 2026 11w ago | Court Ruling | $81.92 $78.53 | ▼ −4.14% | ▼ −2.47% | $71.97 (−12.15%) |
Jul 13, 2026 11w ago | Press Release | $81.08 $79.20 | ▼ −2.32% | ▼ −1.53% | $71.97 (−11.24%) |
Jun 15, 2026 15w ago | Insider Cluster | $83.00 $82.94 | ▼ −0.07% | ▲ +2.16% | $71.97 (−13.29%) |
Jun 11, 2026 16w ago | Insider Cluster | $81.65 $80.52 | ▼ −1.38% | ▼ −1.82% | $71.97 (−11.86%) |
May 21, 2026 19w ago | 8-K | $82.72 $76.71 | ▼ −7.27% | ▼ −8.92% | $71.97 (−13.00%) |
US Market Status
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