Ani Pharmaceuticals, Inc. (ANIP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.04	$2.21	+8.3%	—	$266M	—
Q1 26	$1.3	$2.05	+57.7%	—	$237.5M	—
Q3 25	$1.77	$2.04	+15.3%	—	$227.8M	—
Q2 25	$1.42	$1.8	+26.8%	—	$211.4M	—
Q1 25	$1.38	$1.7	+23.2%	—	$197.1M	—
Q4 24	$1.44	$1.63	+13.2%	—	$190.6M	—
Q3 24	$1.09	$1.34	+22.9%	—	$148.3M	—
Q2 24	$0.95	$1.02	+7.4%	—	$138M	—
Q1 24	$1	$1.21	+21.0%	—	$137.4M	—
Q4 23	$0.86	$1	+16.3%	—	$131.7M	—
Q3 23	$0.84	$1.27	+51.2%	—	$131.8M	—
Q2 23	$0.67	$1.28	+91.0%	—	$116.5M	—
Q1 23	$0.35	$1.17	+234.3%	—	$106.8M	—
Q4 22	$0.67	$0.76	+13.4%	—	$94.2M	—
Q3 22	$0.55	$0.64	+16.4%	—	$83.8M	—
Q2 22	$0.22	$0.13	-40.9%	—	$73.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.5	—	—	$883.4M	—
FY24	—	-$1.04	—	—	$614.4M	—
FY23	—	$0.86	—	—	$486.8M	—
FY22	—	-$3.05	—	—	$316.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$128.6M	$176.8M	$201.6M	$206.5M	$208.5M	$216.1M	$316.4M	$486.8M	$614.4M	$883.4M
YoY change	+68.5%	+37.5%	+14%	+2.47%	+0.93%	+3.67%	+46.4%	+53.9%	+26.2%	+43.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	128.6M	176.8M	201.6M	206.5M	208.5M	216.1M	316.4M	486.8M	614.4M	883.4M
Cost of revenue	48.8M	79M	73M	63.2M	87.2M	100.6M	138.8M	181.5M	250.2M	341.3M
Gross profit	79.8M	97.8M	128.6M	143.4M	121.3M	115.5M	177.6M	305.3M	364.2M	542.1M
Gross margin	62.1%	55.3%	63.8%	69.4%	58.2%	53.5%	56.1%	62.7%	59.3%	61.4%
Research & development	2.9M	9.1M	15.4M	19.8M	16M	11.4M	22.3M	34.3M	44.6M	51.7M
Selling, general & administrative	27.8M	31.6M	44.1M	55.8M	65M	84.3M	124M	161.7M	249.6M	317.7M
Operating expenses	30.7M	40.6M	59.5M	82.4M	92.3M	96.4M	146.4M	196M	294.2M	369.4M
Operating income	26.8M	29.2M	35.4M	16.4M	-15.6M	-28.2M	-25.7M	49.5M	2.2M	81.2M
Operating margin	20.8%	16.5%	17.5%	7.95%	-7.47%	-13%	-8.13%	10.2%	0.36%	9.2%
Non-operating income, net	-6.8M	-848K	-550K	-303K	-940K	-16M	-8.9M	-2.7M	-6.8M	34.6M
Pretax income	8.7M	16.3M	20.1M	3.2M	-26M	-56.1M	-62.7M	19.9M	-22.2M	95.8M
Income tax	4.7M	17.4M	4.6M	-2.9M	-3.4M	-13.5M	-14.8M	1.1M	-3.7M	17.5M
Net income	3.9M	-1.1M	15.5M	6.1M	-22.5M	-42.6M	-47.9M	18.8M	-18.5M	78.3M
Net margin	3.06%	-0.61%	7.69%	2.95%	-10.8%	-19.7%	-15.1%	3.86%	-3.01%	8.87%
EBITDA	49M	57.2M	68.6M	60.8M	28.6M	14.7M	34.6M	109.2M	65.9M	174.6M
EPS	0.34	-0.09	1.31	0.51	-1.88	-3.4	-3.05	0.86	-1.04	3.5
Diluted EPS	0.34	-0.09	1.3	0.5	-1.88	-3.4	-3.05	0.85	-1.04	3.32

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	131.8M	131.7M	137.4M	138M	148.3M	190.6M	197.1M	211.4M	227.8M	247.1M	237.5M	266M
Cost of revenue	48.1M	53.4M	49.2M	57.7M	63.1M	80.3M	73M	74.6M	93.4M	100.3M	93.6M	100.2M
Gross profit	83.7M	78.2M	88.3M	80.3M	85.3M	110.3M	124.1M	136.8M	134.4M	146.8M	143.9M	165.9M
Gross margin	63.5%	59.4%	64.2%	58.2%	57.5%	57.9%	62.9%	64.7%	59%	59.4%	60.6%	62.4%
Research & development	11.1M	9.9M	10.5M	7.3M	10.1M	16.6M	10.6M	16.5M	12.3M	12.3M	10.6M	14.7M
Selling, general & administrative	42M	44.5M	48M	52.8M	79.1M	69.7M	76.5M	81.8M	76.7M	82.8M	73.7M	91.7M
Operating expenses	53.1M	54.3M	58.5M	60.1M	89.2M	86.4M	87.1M	98.3M	89M	95.1M	84.3M	106.4M
Operating income	15.4M	8.7M	15.1M	5.5M	-19.7M	1.3M	14.1M	15.2M	22.8M	29.1M	38.7M	39.8M
Operating margin	11.7%	6.62%	11%	4%	-13.3%	0.7%	7.15%	7.18%	10%	11.8%	16.3%	15%
Non-operating income, net	2.5M	-2M	14.9M	-3.2M	-9.5M	-9.1M	11.4M	794K	15.7M	6.8M	5.3M	895K
Pretax income	11.5M	947K	25.3M	-2.3M	-31.5M	-13.8M	20M	10.5M	33.8M	31.5M	40.2M	37.1M
Income tax	1.6M	-208K	7.1M	0	-7.3M	-3.5M	4.3M	2M	7.2M	4M	10.7M	12.4M
Net income	9.9M	1.2M	18.2M	-2.3M	-24.2M	-10.3M	15.7M	8.5M	26.6M	27.5M	29.5M	24.7M
Net margin	7.54%	0.88%	13.2%	-1.66%	-16.3%	-5.39%	7.95%	4.04%	11.7%	11.1%	12.4%	9.29%
EBITDA	30.6M	23.9M	29.7M	20.1M	-6.5M	22.6M	37.2M	40.2M	44.6M	52.6M	59M	59M
EPS	0.46	—	0.84	-0.14	-1.27	-0.55	0.7	0.37	1.19	1.24	1.31	1.09
Diluted EPS	0.45	—	0.82	-0.14	-1.27	-0.55	0.69	0.36	1.13	1.18	1.28	1.05

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	693.8M	744.2M	525.7M	730.2M	347.4M	580.4M	—	—	1.1B	1.6B	1.7B
Enterprise value	787.1M	914.6M	665.7M	853.7M	525.3M	767.5M	—	—	1.5B	1.9B	1.8B
Shares outstanding	11.4M	11.5M	11.7M	11.8M	12M	12.6M	16.3M	18M	19.3M	20.1M	20.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	176.4	—	33.9	119.8	—	—	—	—	—	20.2	16
P/S	5.39	4.21	2.61	3.54	1.67	2.69	—	—	1.74	1.79	1.72
P/B	4.09	4.26	2.66	3.43	1.78	1.62	—	—	2.49	2.93	2.64
EV/EBITDA	16.1	16	9.71	14	18.4	52.1	—	—	23.4	10.9	8.76
EV/Sales	6.12	5.17	3.3	4.13	2.52	3.55	—	—	2.51	2.16	1.88
Earnings yield	0.57%	—	2.95%	0.83%	—	—	—	—	—	4.95%	6.25%
FCF yield	-17.5%	-9.21%	10.7%	2.48%	-15.3%	-3.5%	—	—	4.41%	9.53%	7.69%
PEG	—	—	—	—	—	—	—	—	—	—	0.08

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	62.1%	55.3%	63.8%	69.4%	58.2%	53.5%	56.1%	62.7%	59.3%	61.4%	62.4%
Operating margin	20.8%	16.5%	17.5%	7.95%	-7.47%	-13%	-8.13%	10.2%	0.36%	9.2%	15%
Net margin	3.06%	-0.61%	7.69%	2.95%	-10.8%	-19.7%	-15.1%	3.86%	-3.01%	8.87%	11.1%
ROE	2.32%	-0.62%	7.85%	2.86%	-11.5%	-11.9%	-14.1%	4.1%	-4.32%	14.5%	20.5%
ROA	1.22%	-0.26%	3.6%	1.33%	-4.89%	-5.52%	-6.3%	2.08%	-1.44%	5.44%	5.45%
ROIC	4.61%	0%	8.1%	4.89%	-4.17%	-5.16%	-4.46%	8.96%	0.25%	7.7%	11.9%
Return on tangible assets	-12.1%	2.1%	76.6%	6.86%	-29.3%	-33.4%	-23.9%	4.37%	-23.1%	22%	23.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.22	3.35	0.92	3.04	2.17	3.68	3.46	3.57	2.72	2.71	2.91
Quick ratio	2.4	2.39	0.68	2.26	1.39	2.74	2.4	2.81	2.02	2.19	2.41
Debt / equity	0.71	1.15	0.93	0.87	0.95	0.8	0.85	0.62	1.46	1.14	1.05
Debt / assets	0.37	0.49	0.43	0.41	0.4	0.37	0.38	0.32	0.49	0.43	0.41
Net debt / EBITDA	1.9	2.98	2.04	2.03	6.22	12.7	6.89	0.59	7.17	1.85	1.09
Interest coverage	1.77	2.36	2.36	1.24	-1.75	-3.7	-1.23	1.74	-0.26	5.78	9.62
Effective tax rate	54.7%	100%	22.7%	0%	0%	0%	0%	5.5%	0%	18.2%	24%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.2	15.3	17.3	17.4	17.4	17.2	19.5	27	31.8	44.1	47.2
EPS (basic)	0.34	-0.09	1.31	0.51	-1.88	-3.4	-3.05	0.86	-1.04	3.5	3.5
EPS (diluted)	0.34	-0.09	1.3	0.5	-1.88	-3.4	-3.05	0.85	-1.04	3.32	4.59
Book value per share	14.8	15.1	16.9	18	16.4	28.5	20.8	25.4	22.2	27	27.9
FCF per share	-10.6	-5.94	4.81	1.53	-4.43	-1.61	-2.93	5.58	2.44	7.53	7.64
Cash per share	2.39	2.7	3.68	5.26	0.66	7.96	2.97	12.3	7.83	14.7	17.6
Capex per share	0.4	0.9	0.49	0.56	0.51	0.01	0.5	0.49	0.14	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.55%	5.86%	2.85%	3.21%	2.94%	0.04%	2.57%	1.82%	0.44%	—	—
Capex / operating cash flow	50.8%	26.5%	9.08%	12.2%	67.4%	0.58%	-21.6%	9.29%	6.98%	—	—
Payout ratio	—	—	—	0%	0%	-0.45%	-3.39%	8.65%	-8.77%	1.48%	0%
Dividend yield	—	—	—	0%	0%	0.03%	—	—	0.15%	0.07%	0.07%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$131.8M	$131.7M	$137.4M	$138M	$148.3M	$190.6M	$197.1M	$211.4M	$227.8M	$247.1M	$237.5M	$266M
YoY change	+57.3%	+39.7%	+28.7%	+18.4%	+12.5%	+44.8%	+43.4%	+53.1%	+53.6%	+29.6%	+20.5%	+25.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	27.4M	31.1M	43M	62.3M	7.9M	100.3M	48.2M	221.1M	151.2M	294.7M
Receivables	45.9M	58.8M	64.8M	72.1M	95.8M	128.5M	165.4M	162.1M	221.7M	281.1M
Inventory	26.2M	37.7M	40.5M	48.2M	60.8M	81.7M	105.4M	111.2M	136.8M	143.1M
Total current assets	103M	131.6M	152.9M	187.7M	170.3M	321.8M	344.3M	519.8M	527.7M	753.1M
Property, plant & equipment	7.2M	16.6M	28M	30.3M	29.6M	32.7M	26.6M	26.7M	32.4M	36.6M
Goodwill & intangibles	355.3M	463.3M	410.4M	367.9M	384.2M	644M	559.7M	474.5M	1.2B	1.1B
Total assets	322.9M	412.1M	430.6M	456.8M	461.2M	771.6M	760.1M	904.4M	1.3B	1.4B
Accounts payable	3.4M	3.6M	8.9M	14.6M	11.3M	23M	29.3M	36.7M	45.7M	62.6M
Short-term debt	—	3.4M	115.7M	9.9M	13.2M	850K	850K	850K	9.2M	17.3M
Total current liabilities	31.9M	39.2M	165.5M	61.7M	78.6M	87.5M	99.4M	145.5M	193.7M	278.1M
Long-term debt	120.6M	198.2M	67.3M	175.8M	172.4M	286.5M	285.7M	284.8M	614.9M	599.8M
Total liabilities	153.2M	237.4M	233.3M	244M	265.5M	412.9M	421.5M	446.8M	855.2M	899.7M
Shareholders' equity	169.6M	174.8M	197.3M	212.8M	195.7M	358.7M	338.5M	457.6M	428.5M	540.7M
Total debt	120.6M	201.5M	183M	185.7M	185.7M	287.4M	286.5M	285.7M	624.1M	617M
Net debt	93.3M	170.4M	140M	123.4M	177.8M	187.1M	238.3M	64.5M	479.2M	331.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	193.1M	221.1M	238.3M	247.1M	153.3M	151.2M	155.2M	223.5M	271.5M	294.7M	326.1M	375.8M
Receivables	178.8M	162.1M	172.4M	166.1M	196.4M	221.7M	220.3M	225.7M	252.6M	281.1M	255.4M	274.5M
Inventory	106.6M	111.2M	113.8M	125.4M	148M	136.8M	137.4M	138.3M	146.5M	143.1M	143.5M	143.1M
Total current assets	497.2M	519.8M	540.6M	555.5M	521.3M	527.7M	536.3M	602.6M	698.4M	753.1M	747.1M	825.4M
Property, plant & equipment	—	26.7M	—	—	—	32.4M	—	—	—	36.6M	—	—
Goodwill & intangibles	496.1M	474.5M	448.5M	422.6M	1.3B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B	1B
Total assets	889.9M	904.4M	914.5M	920.8M	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.5B
Accounts payable	34.1M	36.7M	49.4M	48.7M	60.9M	45.7M	53.1M	54.6M	69.8M	62.6M	69.7M	73.8M
Short-term debt	850K	850K	850K	850K	7.2M	9.2M	11.2M	13.2M	15.2M	17.3M	19.3M	21.3M
Total current liabilities	134.4M	145.5M	136.9M	140M	189.9M	193.7M	201.8M	236.8M	270.6M	278.1M	239.5M	283.7M
Long-term debt	285M	284.8M	284.6M	284.4M	618.2M	614.9M	611.6M	608.3M	605.1M	599.8M	594.5M	589.2M
Total liabilities	435.2M	446.8M	437.7M	440.1M	856.6M	855.2M	849M	881.4M	902.3M	899.7M	859.7M	896.9M
Shareholders' equity	454.7M	457.6M	476.8M	480.6M	430.8M	428.5M	443.5M	461.6M	505.8M	540.7M	562.3M	597.2M
Total debt	285.9M	285.7M	285.5M	285.2M	625.4M	624.1M	622.8M	621.6M	620.3M	617M	613.8M	610.5M
Net debt	92.8M	64.5M	56.9M	45.1M	480.4M	479.2M	473M	403.8M	357.7M	331.4M	302.6M	250.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.9M	-1.1M	15.5M	6.1M	-22.5M	-42.6M	-47.9M	18.8M	-18.5M	78.3M
Depreciation & amortization	22.3M	27.9M	33.7M	44.6M	44.6M	47.3M	59.7M	59.8M	67.7M	91.4M
Stock-based compensation	6.1M	6.1M	6.8M	9.2M	12.9M	10.5M	14.6M	20.7M	29.3M	37.9M
Change in working capital	-21.7M	-5M	2.6M	-5.9M	-18.3M	14.3M	-57.9M	1.3M	-32.8M	-54.6M
Operating cash flow	9M	39.2M	63.3M	54.3M	9.1M	15.7M	-37.6M	95.4M	39M	185.2M
Capital expenditure	-4.6M	-10.4M	-5.7M	-6.6M	-6.1M	92K	-8.1M	-8.9M	-2.7M	—
Investing cash flow	-9.6M	-10.4M	-22.2M	-6.6M	-6.1M	-84.4M	-8.2M	-8.9M	-404M	0
Dividends paid	—	—	—	0	0	-190K	-1.6M	-1.6M	-1.6M	-1.2M
Share repurchases	-122K	-259K	-659K	-1M	-1.5M	-890K	-2M	-5M	-11M	-12.2M
Financing cash flow	201K	72M	-30.8M	-4.5M	5.4M	173.1M	-6.6M	58.4M	258.5M	-23.5M
Net change in cash	-370K	100.8M	10.3M	43.1M	8.4M	104.5M	-52.4M	145M	-106.5M	161.7M
Free cash flow	-121.6M	-68.6M	56.2M	18.1M	-53.1M	-20.3M	-47.7M	100.4M	47.1M	150.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	9.9M	1.2M	18.2M	-2.3M	-24.2M	-10.3M	15.7M	8.5M	26.6M	27.5M	29.5M	24.7M
Depreciation & amortization	15.2M	15.2M	14.7M	14.7M	15.7M	22.6M	22.9M	23.3M	22.6M	22.6M	20.9M	19.6M
Stock-based compensation	5.4M	5.6M	6.9M	7.9M	7.5M	7.1M	8.9M	9.6M	9.7M	9.8M	10.2M	11.4M
Change in working capital	-974K	13.2M	1.7M	-5.4M	10.1M	-28.2M	9.9M	-558K	-16.6M	-47.4M	24M	-6.6M
Operating cash flow	25.6M	30.1M	45.2M	13.8M	8.1M	-17.2M	42.6M	75.8M	44.1M	30.4M	58.4M	56.7M
Capital expenditure	-1.7M	-2.3M	8.9M	-4.4M	-4.8M	-2.4M	-2.5M	—	—	—	—	—
Investing cash flow	-1.7M	-2.3M	8.9M	-4.4M	-4.8M	-10.6M	-2.5M	—	—	0	—	—
Dividends paid	-406K	-406K	-406K	-407K	-406K	-406K	-406K	-407K	-344K	0	0	0
Share repurchases	-670K	-231K	-8.7M	—	—	—	-10M	—	—	—	-19.8M	—
Financing cash flow	-2.6M	863K	-23.1M	-1.2M	-350.7M	-6.3M	-12.4M	-2.4M	-2.4M	-4.1M	-23.8M	-4.1M
Net change in cash	21.3M	28.7M	31.1M	8.2M	-347.4M	-34M	27.7M	73.4M	41.7M	26.3M	34.6M	52.6M
Free cash flow	27.6M	40M	13.7M	13M	7M	13.4M	15.1M	68.9M	37.9M	29M	47.1M	53.6M

Ani Pharmaceuticals, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement