Overview

• US biopharma firm's Q1 revenue rose 20.5%, beating analyst expectations

• Adjusted EPS for Q1 beat analyst expectations

• Company authorized $100 mln share repurchase program

Outlook

• ANI Pharmaceuticals raises 2026 total net revenue guidance to $1.08 bln-$1.14 bln

• Company expects 2026 adjusted non-GAAP EBITDA of $285 mln-$300 mln

• ANI Pharmaceuticals expects 2026 adjusted non-GAAP diluted EPS of $9.19-$9.69

Result Drivers

• CORTROPHIN GEL GROWTH - Q1 revenue growth was mainly driven by a 42.1% increase in Cortrophin Gel sales, attributed to higher patient volume, expanded sales force, and momentum across target indications

• GENERICS LAUNCHES - Generics revenue rose 6.8% due to new product launches, including a partnered generic launched in Q3 2025

• IP LICENSE FEES - Brand royalties and other revenues included a $15 mln upfront license fee and $6.5 mln in royalties from the Harmony Agreement

Company press release: ID:nGNX3dwKZD

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$237.5 mln	$207.57 mln (6 Analysts)
Q1 Adjusted EPS	Beat	$2.05	$1.30 (7 Analysts)
Q1 EPS		$1.28
Q1 Net Income		$29.5 mln
Q1 Adjusted EBITDA		$63 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 $111.00, about 32.3% above its May 7 closing price of $83.91

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

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