ANI Pharmaceuticals Q4 Revenue Up 30% with Cortrophin Gel Sales Soaring 88%
ANI Pharmaceuticals posted Q4 revenue of $247.1M, up 30% year-over-year, and full-year revenue of $883.4M while non-GAAP SG&A rose 28% to $70.2M on expanded ophthalmology and rare disease sales. Cortrophin Gel revenue climbed 88% to $111.4M, and the company reaffirmed 2026 guidance for over $1.055B in revenue including $540M–$575M.
1. Q4 and Full-Year Financial Results
ANI reported Q4 revenue of $247.1M, a 30% increase over the prior year, and full-year revenue of $883.4M. Non-GAAP SG&A rose 28% to $70.2M in Q4 driven by expanded ophthalmology and rare disease sales teams, while non-GAAP gross margin declined to 59.6% in the quarter versus 63.6% a year earlier.
2. Cortrophin Gel Performance and Outlook
Cortrophin Gel net revenue reached $111.4M in Q4, up 88% year-over-year, and $347.8M for 2025, driven by adoption across neurology, nephrology, rheumatology, pulmonology and ophthalmology. Management highlighted acute gout flares accounting for 15% of utilization and expects Cortrophin Gel growth of 55%–65% in 2026 as underpenetrated specialty indications expand.
3. 2026 Revenue Guidance
The company reaffirmed 2026 net revenue guidance of $1.055B to $1.115B, projecting rare disease to represent about 60% of total sales. Within guidance, Cortrophin Gel is expected to generate $540M–$575M, supported by continued new prescriber outreach and specialty indication expansion.