The strong beat and raised guidance, combined with the $100M buyback authorization, signal accelerating Rare Disease momentum and management confidence. Watch for Cortrophin Gel growth trajectory and the acute gouty arthritis sales force deployment in mid-2026 as key catalysts.
Price Chart
Executive Summary
ANI Pharmaceuticals reported Q1 2026 revenue of $237.5M (+20.5% YoY) and GAAP diluted EPS of $1.28, beating consensus estimates of $207.6M and $1.30. The company raised full-year 2026 guidance across revenue, adjusted EBITDA, and adjusted EPS, and authorized a $100M share repurchase program through 2029.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue $237.5M, +20.5% YoY vs $197.1M
- GAAP diluted EPS $1.28 vs $0.69 YoY
- Adjusted non-GAAP diluted EPS $2.05 vs $1.70 YoY
- Adjusted non-GAAP EBITDA $63.0M, +24.1% YoY
- Cortrophin Gel revenue $75.1M, +42.1% YoY
- ILUVIEN revenue $19.3M, +19.5% YoY
- Generics revenue $105.4M, +6.8% YoY
- Raised FY2026 revenue guidance to $1.08B-$1.14B (from $1.055B-$1.115B)
- Raised FY2026 adjusted EBITDA guidance to $285M-$300M (from $275M-$290M)
- Raised FY2026 adjusted diluted EPS guidance to $9.19-$9.69 (from $8.83-$9.34)
- Authorized $100M share repurchase program through May 2029
- Cash and cash equivalents $311.2M as of March 31, 2026
- Operating cash flow $58.4M in Q1 2026
Financial Impact
Revenue beat consensus by ~$30M (14.4%), EPS beat by $0.75 (57.7% on GAAP basis vs $1.30 consensus). Guidance raised across all key metrics.
Risk Factors
- Brands revenue declined 50.9% YoY due to demand normalization
- Gross margin contracted ~230bps YoY (GAAP) due to royalty-bearing product mix
- Reliance on single-source third-party manufacturing for Cortrophin Gel and ILUVIEN
- Insurance re-verification seasonality may impact Cortrophin Gel in future quarters
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001023024-26-000049 |
| Document: ani-20260508.htm | 0001023024-26-000049 |
| Document: 0001023024-26-000049-index-headers.html | 0001023024-26-000049 |
| Document: 0001023024-26-000049-index.html | 0001023024-26-000049 |
| Document: 0001023024-26-000049.txt | 0001023024-26-000049 |
| 8-K Data (Synthetic) | 0001023024-26-000049 |
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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