ANI Pharmaceuticals Forecasts $1.055B-$1.115B Revenue and 55%-65% Cortrophin Growth
ANI Pharmaceuticals’ Cortrophin Gel sales rose 76% to $347 million in 2025, and the company projects Cortrophin revenue of $540 million–$575 million and rare disease segment growth to $618 million–$658 million in 2026. 2026 guidance calls for overall revenue of $1.055 billion–$1.115 billion (19%–26% growth) and adjusted EBITDA of $275 million–$290 million.
1. 2025 Performance and 2026 Financial Guidance
ANI reported 2025 revenue of $883 million, up 44% year over year, and adjusted non-GAAP EBITDA of $230 million, a 47% increase. For 2026, management targets revenue of $1.055 billion to $1.115 billion (19%–26% growth) and adjusted EBITDA of $275 million to $290 million (20%–26% growth).
2. Rare Disease Business Expansion
The rare disease segment generated $423 million in revenue in 2025, up 84% year over year, driven by Cortrophin Gel’s sales increase from $198 million to $347 million (76%). ANI projects Cortrophin revenue of $540 million–$575 million (55%–65% growth) and total rare disease revenue of $618 million–$658 million (51% growth), making up about 60% of total sales in 2026.
3. Strategic Investments and Gout Organization
ANI plans disciplined capital allocation with potential inorganic rare disease expansions and the deployment of a 90-person acute gout team by mid-2026 to capture flares representing over 15% of Cortrophin usage. The company is advancing a phase IV trial for acute gout and reinvesting a high single-digit percentage of generics revenue into generics R&D.
4. Generics Segment and Manufacturing Footprint
The generics business grew 28% in 2025 and is expected to launch 10–15 new products annually, with 125 product families and low portfolio concentration. ANI operates three U.S. manufacturing sites, supplied over 2.5 billion doses last year, holds $286 million in cash, and maintains a 1.5x net leverage ratio.