Revenue growth peaked at 53.6% in 2025Q3, though gross margins remain volatile, fluctuating between 49.1% and 96.2% due to the complex product mix.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 923.71M | 883.37M | 614.38M | 486.82M | 316.38M | 216.14M | 208.47M | 206.55M | 201.58M | 176.84M | 128.62M | 76.32M | 55.97M | 30.08M | 2.3M | 435.16K | 2.47M | 1.26M | 3.78M | 493.05K | 14.44M | 258.35K | 77.89K | 65.49K | 2.83M | 1.75M | 0 | 0 | 123.06K |
| Revenue Growth % | 37.03% | 43.78% | 26.2% | 53.87% | 46.38% | 3.67% | 0.93% | 2.47% | 13.99% | 37.49% | 68.53% | 36.36% | 86.06% | 1207.49% | 428.71% | -82.41% | 96.67% | -66.73% | 666.82% | -96.59% | 5488.76% | 231.7% | 18.92% | -97.69% | 62.18% | - | - | -100% | - |
| Cost of Goods Sold | 314.64M | 432.73M | 250.21M | 181.51M | 138.78M | 100.61M | 87.16M | 63.15M | 73.02M | 79.03M | 48.78M | 12.69M | 11.47M | 9.97M | 9.17M | 50K | 268.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.29K | 0 | 0 |
| COGS % of Revenue | - | 48.99% | 40.73% | 37.29% | 43.87% | 46.55% | 41.81% | 30.58% | 36.23% | 44.69% | 37.93% | 16.63% | 20.5% | 33.16% | 398.44% | 11.49% | 10.86% | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 609.07M | 450.64M | 364.17M | 305.3M | 177.6M | 115.53M | 121.32M | 143.39M | 128.55M | 97.81M | 79.84M | 63.63M | 44.5M | 20.11M | -6.87M | 385.16K | 2.21M | 1.26M | 3.78M | 493.05K | 14.44M | 258.35K | 77.89K | 65.49K | 2.83M | 1.75M | 24.29K | 0 | 123.06K |
| Gross Margin % | 65.94% | 51.01% | 59.27% | 62.71% | 56.13% | 53.45% | 58.19% | 69.42% | 63.77% | 55.31% | 62.07% | 83.37% | 79.5% | 66.84% | -298.44% | 88.51% | 89.14% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | 100% |
| Gross Profit Growth % | - | 23.75% | 19.28% | 71.9% | 53.73% | -4.77% | -15.39% | 11.54% | 31.43% | 22.5% | 25.48% | 43% | 121.29% | 392.85% | -1882.7% | -82.54% | 75.31% | -66.73% | 666.82% | -96.59% | 5488.76% | 231.7% | 18.92% | -97.69% | 62.18% | 7093.26% | - | -100% | - |
| Operating Expenses | 485.46M | 369.41M | 363.58M | 258.33M | 212.88M | 155.32M | 137.33M | 127.04M | 93.19M | 68.58M | 53.08M | 30.93M | 24.49M | 19.21M | 25.47M | 51.31M | 45.81M | 39.68M | 21.79M | 9.17M | 11M | 9.56M | 12.34M | 6.11M | 6.64M | 4.53M | 3.69M | 1.6M | 2.78M |
| OpEx % of Revenue | - | 41.82% | 59.18% | 53.07% | 67.29% | 71.86% | 65.88% | 61.51% | 46.23% | 38.78% | 41.27% | 40.53% | 43.76% | 63.86% | 1107.14% | 11791.52% | 1851.64% | 3154.36% | 576.45% | 1860.34% | 76.18% | 3700.61% | 15849.47% | 9331.29% | 234.47% | 259.43% | - | - | 2261.05% |
| Selling, General & Admin | 314.87M | 317.75M | 249.64M | 161.7M | 124.04M | 84.29M | 64.99M | 55.84M | 44.06M | 31.58M | 27.83M | 21.16M | 17.93M | 16.39M | 8.23M | 6.98M | 5.94M | 5.67M | 5.96M | 4.33M | 7.03M | 3.05M | 3.08M | 2.33M | 1.77M | 2.3M | 1.68M | 853.39K | 1.11M |
| SG&A % of Revenue | - | 35.97% | 40.63% | 33.22% | 39.21% | 39% | 31.17% | 27.04% | 21.86% | 17.86% | 21.64% | 27.72% | 32.04% | 54.48% | 357.69% | 1604.35% | 240.09% | 450.98% | 157.67% | 878.48% | 48.66% | 1180.78% | 3954.67% | 3553.13% | 62.3% | 131.55% | - | - | 904.14% |
| Research & Development | 51.7M | 51.66M | 44.58M | 34.29M | 22.32M | 11.37M | 16M | 19.81M | 15.39M | 9.07M | 2.91M | 2.87M | 2.68M | 1.71M | 16.89M | 44.18M | 39.71M | 13.68M | 15.79M | 4.75M | 3.86M | 6.41M | 9.16M | 3.69M | 4.79M | 2.14M | 1.89M | 660.59K | 1.4M |
| R&D % of Revenue | - | 5.85% | 7.26% | 7.04% | 7.05% | 5.26% | 7.68% | 9.59% | 7.63% | 5.13% | 2.26% | 3.77% | 4.78% | 5.69% | 734.06% | 10153.11% | 1604.76% | 1087.44% | 417.63% | 963.65% | 26.7% | 2480.76% | 11763.91% | 5636.27% | 168.92% | 122.58% | - | - | 1137.75% |
| Other Operating Expenses | 2M | 0 | 69.36M | 62.35M | 66.52M | 59.66M | 56.35M | 51.39M | -550K | 55K | -74K | 41K | 160K | -305K | 353.95K | 148.24K | 167.99K | 20.33M | 43.14K | 89.82K | 117.78K | 100.94K | 101.94K | 92.93K | 92.1K | 92.56K | 122.79K | 90.97K | 269.7K |
| Operating Income | 123.61M | 81.23M | 584K | 46.97M | -35.28M | -39.79M | -16.02M | 16.35M | 35.36M | 28.33M | 20.08M | 32.7M | 20.01M | 898K | -23.17M | -50.93M | -43.61M | -38.43M | -18.01M | -8.68M | 3.44M | -9.3M | -12.27M | -6.05M | -3.81M | -2.79M | -3.66M | -1.6M | -2.66M |
| Operating Margin % | 13.38% | 9.2% | 0.1% | 9.65% | -11.15% | -18.41% | -7.68% | 7.92% | 17.54% | 16.02% | 15.61% | 42.84% | 35.74% | 2.99% | -1007.14% | -11703.01% | -1762.5% | -3054.36% | -476.45% | -1760.34% | 23.82% | -3600.61% | -15749.47% | -9231.29% | -134.47% | -159.43% | - | - | -2161.05% |
| Operating Income Growth % | - | 13809.25% | -98.76% | 233.13% | 11.33% | -148.46% | -197.95% | -53.76% | 24.82% | 41.09% | -38.6% | 63.45% | 2127.84% | 103.88% | 54.5% | -16.78% | -13.49% | -113.31% | -107.54% | -352.33% | 136.98% | 24.17% | -102.89% | -58.66% | -36.79% | 23.99% | -128.35% | 39.65% | - |
| EBITDA | 213.05M | 172.65M | 68.31M | 106.76M | 24.37M | 7.46M | 28.62M | 60.96M | 69.1M | 56.26M | 42.42M | 39.6M | 23.88M | 2.01M | -22.91M | -50.78M | -43.44M | -38.29M | -17.97M | -8.59M | 3.56M | -9.2M | -12.16M | -5.95M | -3.72M | -2.68M | -3.54M | -1.51M | -2.52M |
| EBITDA Margin % | 23.06% | 19.54% | 11.12% | 21.93% | 7.7% | 3.45% | 13.73% | 29.52% | 34.28% | 31.81% | 32.98% | 51.89% | 42.67% | 6.68% | -995.88% | -11668.95% | -1755.71% | -3043.45% | -475.31% | -1742.13% | 24.64% | -3561.54% | -15618.58% | -9089.41% | -131.22% | -153.1% | - | - | -2047.48% |
| EBITDA Growth % | 158.55% | 152.72% | -36.01% | 338.09% | 226.72% | -73.94% | -53.05% | -11.78% | 22.83% | 32.61% | 7.13% | 65.8% | 1089.44% | 108.76% | 54.88% | -16.89% | -13.46% | -113.06% | -109.21% | -341.45% | 138.66% | 24.36% | -104.34% | -60.09% | -39% | 24.47% | -133.96% | 39.91% | - |
| D&A (Non-Cash Add-back) | 89.44M | 91.42M | 67.73M | 59.79M | 59.65M | 47.25M | 44.64M | 44.61M | 33.74M | 27.93M | 22.34M | 6.9M | 3.88M | 1.11M | 258.95K | 148.24K | 167.99K | 137.28K | 43.14K | 89.82K | 117.78K | 100.94K | 101.94K | 92.93K | 92.1K | 110.56K | 122.79K | 90.97K | 139.77K |
| EBIT | 147.51M | 115.85M | -4.61M | 46.81M | -34.61M | -44.14M | -16.51M | 16.12M | 34.81M | 29.23M | 33.96M | 32.7M | 20.17M | 593K | -27.49M | -50.93M | -45.51M | -38.43M | -18.01M | -8.68M | 3.44M | -9.3M | -12.27M | -6.05M | -3.81M | -2.79M | -3.44M | -1.6M | -2.66M |
| Net Interest Income | -23.83M | -20.06M | -17.6M | -26.94M | -28.05M | -11.92M | -9.45M | -12.97M | -14.76M | -12.04M | -11.33M | -11.01M | -787K | -467K | -339.48K | -673.25K | -675.42K | -135.38K | 588.46K | 1.1M | 428.34K | 401.19K | 250.42K | 86.59K | 63.79K | 174.42K | 227.72K | 0 | 0 |
| Interest Income | 8.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.54K | 8.33K | 12.66K | 11.65K | 588.46K | 1.1M | 428.34K | 401.19K | 250.42K | 86.59K | 63.79K | 174.42K | 227.72K | 0 | 0 |
| Interest Expense | 32.02M | 20.06M | 17.6M | 26.94M | 28.05M | 11.92M | 9.45M | 12.97M | 14.76M | 12.04M | 11.33M | 11.01M | 787K | 467K | 348.02K | 681.57K | 688.08K | 147.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -7.58M | 14.56M | -22.8M | -27.1M | -27.38M | -16.27M | -9.95M | -13.19M | -15.31M | -11.98M | -11.4M | -10.97M | -627K | -772K | -5.6M | -681.67K | -2.59M | -9.1M | -17.41B | -7.58B | -1.08M | -348.81K | 250.42K | 86.59K | 0 | 174.42K | 0 | 0 | 0 |
| Pretax Income | 116.03M | 95.79M | -22.21M | 19.87M | -62.66M | -56.06M | -25.96M | 3.16M | 20.05M | 16.35M | 8.68M | 21.73M | 19.38M | 126K | -27.84M | -51.61B | -46.2B | -47.53B | -17.43B | -7.58B | 2.79B | -9.65B | -12.02M | -5.96M | -3.81M | -2.61M | 0 | 0 | 0 |
| Pretax Margin % | 12.56% | 10.84% | -3.62% | 4.08% | -19.81% | -25.94% | -12.45% | 1.53% | 9.95% | 9.25% | 6.75% | 28.48% | 34.62% | 0.42% | -1210.03% | -11859661.73% | -1867089.37% | -3777879.8% | -460882.47% | -1538256.46% | 19331.99% | -3735629.43% | -15427.94% | -9099.08% | -134.47% | -149.44% | - | - | - |
| Income Tax | 23.88M | 17.45M | -3.69M | 1.09M | -14.77M | -13.46M | -3.41M | -2.94M | 4.56M | 17.43M | 4.74M | 6.36M | -9.37M | 20K | -121.79K | 681.67K | 2.59M | 9.1M | -17.41B | -7.58B | 648.49K | 348.81K | 0 | 0 | 0 | 0 | -227.72K | -198.68K | 0 |
| Effective Tax Rate % | 20.58% | 18.22% | 16.61% | 5.5% | 23.57% | 24% | 13.15% | -93.03% | 22.73% | 106.58% | 54.67% | 29.26% | -48.34% | 15.87% | 0.44% | -0% | -0.01% | -0.02% | 99.9% | 99.9% | 0.02% | -0% | 0% | 0% | 0% | 0% | - | - | - |
| Net Income | 89.67M | 78.34M | -18.52M | 18.78M | -47.9M | -42.6M | -22.55M | 6.09M | 15.49M | -1.08M | 3.93M | 15.38M | 28.75M | 301K | -27.72M | -51.61M | -46.2M | -47.53M | -17.43M | -7.58M | 2.79M | -9.65M | -12.02M | -5.96M | -3.81M | -2.61M | -3.44M | -1.41M | -2.66M |
| Net Margin % | 9.71% | 8.87% | -3.01% | 3.86% | -15.14% | -19.71% | -10.82% | 2.95% | 7.69% | -0.61% | 3.06% | 20.14% | 51.36% | 1% | -1204.73% | -11859.66% | -1867.09% | -3777.88% | -460.88% | -1538.26% | 19.33% | -3735.63% | -15427.94% | -9099.08% | -134.47% | -149.44% | - | - | -2161.05% |
| Net Income Growth % | 526% | 522.94% | -198.63% | 139.21% | -12.42% | -88.94% | -470% | -60.67% | 1539.96% | -127.35% | -74.41% | -46.52% | 9450.5% | 101.09% | 46.29% | -11.72% | 2.8% | -172.75% | -129.75% | -371.72% | 128.92% | 19.68% | -101.64% | -56.39% | -45.93% | 24.03% | -144.42% | 47.12% | - |
| Net Income (Continuing) | 92.15M | 78.34M | -18.52M | 18.78M | -47.9M | -42.6M | -22.55M | 6.09M | 15.49M | -1.08M | 3.93M | 15.38M | 28.75M | 106K | -27.72M | -51.61M | -46.2M | -47.53M | -17.43M | -7.58M | 2.79M | -9.65M | -12.02M | -5.96M | -3.81M | -2.61M | -3.44M | -1.41M | -2.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.16 | 3.32 | -1.04 | 0.94 | -3.05 | -3.40 | -1.88 | 0.50 | 1.32 | -0.09 | 0.34 | 1.32 | 2.59 | -0.92 | -7.64 | -18.88 | -25.23 | -50.39 | -22.97 | -10.71 | 4.68 | -17.92 | -25.23 | -19.44 | -18.28 | -14.50 | -21.51 | -10.24 | -0.27 |
| EPS Growth % | 410.24% | 419.23% | -210.64% | 130.82% | 10.29% | -80.85% | -476% | -62.12% | 1516.31% | -127.41% | -74.24% | -49.03% | 381.52% | 87.96% | 59.53% | 25.17% | 49.93% | -119.37% | -114.47% | -328.85% | 126.12% | 28.97% | -29.78% | -6.35% | -26.07% | 32.59% | -110.06% | -3692.59% | - |
| EPS (Basic) | - | 3.50 | -1.04 | 0.95 | -3.05 | -3.40 | -1.88 | 0.51 | 1.33 | -0.09 | 0.34 | 1.34 | 2.61 | -0.92 | -7.64 | -18.88 | -25.23 | -50.39 | -22.97 | -10.71 | 4.68 | -17.92 | -25.23 | -19.44 | -18.28 | -14.50 | -21.51 | -10.24 | -0.27 |
| Diluted Shares Outstanding | 21.54M | 21.23M | 19.32M | 18.19M | 16.26M | 12.6M | 11.96M | 12.04M | 11.77M | 11.55M | 11.57M | 11.56M | 11.05M | 5.07M | 3.63M | 2.73M | 1.83M | 943.11K | 758.54K | 707.93K | 596.78K | 538.67K | 476.26K | 306.63K | 208.42K | 180.15K | 159.82K | 137.29K | 9.68M |
| Basic Shares Outstanding | 20.91M | 20.05M | 19.32M | 18M | 16.26M | 12.6M | 11.96M | 11.84M | 11.68M | 11.55M | 11.45M | 11.37M | 10.94M | 5.07M | 3.63M | 2.73M | 1.83M | 943.11K | 758.54K | 707.93K | 588.64K | 538.67K | 476.26K | 306.63K | 208.42K | 180.15K | 159.82K | 137.29K | 9.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Payer reimbursement and pricing
As reported in recent financial filings, ANIP achieved a significant revenue expansion, with quarterly growth rates peaking at 53.6% in 2025Q3, driven primarily by the successful commercialization of Cortrophin Gel and a strategic shift toward higher-value branded rare disease therapies over legacy generic volume.
The acceleration in top-line performance suggests that the company is successfully transitioning its business model away from commodity generics. Investors should monitor whether this growth trajectory remains sustainable as the company integrates recent acquisitions like Alimera Sciences, which may introduce new volatility into the revenue mix.
Based on the provided income statement data, gross margins have exhibited significant fluctuations, ranging from a low of 49.1% in 2025Q3 to an outlier high of 96.2% in 2025Q4, reflecting the inherent complexity of managing a hybrid portfolio of branded rare disease products and generic drugs.
The extreme variance in gross margin suggests that accounting adjustments, such as inventory write-downs or product-specific gross-to-net estimates, may be heavily influencing reported profitability. Analysts should look past these quarterly swings to determine if the underlying product mix is truly shifting toward a more durable, high-margin profile.
According to the company's income statements, operating income has shown a volatile but generally improving trend, moving from a loss of $20.5M in 2024Q3 to a profit of $38.7M by 2026Q1, indicating that the firm is beginning to capture efficiencies from its specialized manufacturing infrastructure.
The ability to scale operating income faster than revenue growth appears contingent on maintaining high utilization at the Baudette facility. If SG&A expenses continue to rise in tandem with branded product launches, the company may struggle to achieve consistent operating margin expansion in the near term.
Financial statements reveal that stock-based compensation has become a consistent line item, reaching $9.8M in 2025Q4, which warrants careful scrutiny as it directly impacts the quality of reported net income and dilutes the earnings power available to common shareholders during this period of rapid expansion.
The presence of recurring stock-based compensation suggests that management is utilizing equity-based incentives to align interests during the transition to a specialty pharma model. Investors should evaluate whether these non-cash expenses are appropriately balanced against the actual cash-generating capabilities of the core rare disease portfolio.
While the company reports strong top-line growth, the reliance on high-priced specialty products like Cortrophin Gel exposes the firm to significant regulatory and payer-related risks, as evidenced by the potential for margin compression if formulary access is restricted or if competitive pricing pressures intensify.
Short-term performance may be masking long-term risks associated with the concentration of revenue in a limited number of branded assets. The market may be underestimating the potential for PBMs to force price concessions, which could rapidly erode the profitability gains achieved over the last several quarters.
Quick answers to the most common questions about buying ANIP stock.
For fiscal year 2025, ANI Pharmaceuticals, Inc. (ANIP) reported total revenue of $883.4M. This represents a 717727.7% increase compared to $0.1M in 1998.
ANI Pharmaceuticals, Inc. (ANIP) is profitable, generating $78.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.9%.
ANI Pharmaceuticals, Inc. (ANIP) reported an operating income of $81.2M, resulting in an operating profit margin of 9.2%. This margin reflects the operational efficiency of the business before interest and taxes.
ANI Pharmaceuticals, Inc. (ANIP) generated $450.6M in gross profit for the year, representing a gross profit margin of 51.0%. This demonstrates the company's core pricing power and production efficiency.