ANI Pharmaceuticals Posts Record Q4 $247M Revenue and 43.8% Full-Year Growth
ANI Pharmaceuticals posted record Q4 net revenue of $247.1 million, up 29.6% year-over-year, and full year net revenue of $883.4 million, up 43.8%. Rare Disease sales rose 50.8% to $131.3 million in Q4, and the company reaffirmed guidance to exceed $1 billion in 2026 with Rare Disease ~60% of revenue.
1. Record Fourth Quarter and Full-Year Results
ANI delivered record net revenues of $247.1 million in Q4 (up 29.6% year-over-year) and $883.4 million for full year 2025 (up 43.8%) with GAAP net income of $27.5 million in Q4 and $77.2 million for the year. Adjusted non-GAAP EBITDA reached $65.4 million in Q4 (up 30.6%) and $229.8 million for the year (up 47.3%), while adjusted EPS totaled $2.33 in Q4 and $7.89 for full year.
2. Rare Disease Segment Performance
Rare Disease net revenues reached $131.3 million in Q4 (up 50.8%) and $422.6 million for full year (up 84.1%), driven by an 87.6% jump in Cortrophin Gel sales to $111.4 million in Q4. ILUVIEN and YUTIQ combined net revenues were $19.8 million in Q4 and $74.9 million for 2025, supported by expanded commercial and patient access initiatives.
3. Generics and Brands Results
Generics net revenues grew 28.2% to $100.8 million in Q4 and 27.6% to $384.1 million for the full year, fueled by the launch of a partnered generic in late Q3 and a steady cadence of new products. Brands net revenues declined 37.9% to $12.3 million in Q4 and 5.3% to $61.3 million for the year, reflecting normalization in demand for certain products.
4. 2026 Guidance and Strategic Outlook
The company reaffirmed its 2026 guidance targeting more than $1 billion in revenue, with Rare Disease expected to comprise approximately 60%. To capture growth in underpenetrated specialty indications and acute gouty arthritis flares, ANI plans to expand its Rare Disease organization by about 90 people by mid-2026.