Overview

• Biopharmaceutical firm's Q4 revenue grew 29.6% yr/yr, driven by Rare Disease and Generics

• Adjusted EPS for Q4 beat analyst expectations

• Company plans expansion of Rare Disease organization by ~90 people in 2026

Outlook

• ANI Pharmaceuticals reaffirms full-year 2026 revenue guidance of $1.055 bln to $1.115 bln

• Company expects Cortrophin Gel revenue of $540 mln to $575 mln in 2026

• ANI Pharmaceuticals anticipates 2026 adjusted non-GAAP EBITDA of $275 mln to $290 mln

Result Drivers

• CORTROPHIN GEL GROWTH - Driven by record new patient starts, expanded sales force, and synergies from combined ophthalmology sales force

• GENERIC PRODUCT LAUNCHES - Generics revenue increased due to new product launches and a strong partnered launch

• BRANDS REVENUE DECLINE - Brands revenue decreased due to normalization in demand for certain products

Company press release: ID:nGNX2fhWjH

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Adjusted EPS	Beat	$2.33	$2 (8 Analysts)
Q4 EPS		$1.18
Q4 Net Income		$27.50 mln
Q4 Adjusted EBITDA		$65.40 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for ANI Pharmaceuticals Inc is $110.00, about 42.6% above its February 26 closing price of $77.15

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago

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