ANI Pharmaceuticals Reports Record Fourth Quarter and Full Year 2025 Financial Results and Reaffirms 2026 Financial Guidance

Core Insights - ANI Pharmaceuticals experienced significant growth in 2025, particularly in its Rare Disease and Generics segments, leading to an increase in both revenue and net income [2][7][10]. Financial Performance - Total net revenues for Q4 2025 reached $247.1 million, a 29.6% increase year-over-year, while full-year revenues were $883.4 million, up 43.8% [7][9]. - Rare Disease revenues for Q4 2025 were $131.3 million, reflecting a 50.8% increase year-over-year, with Cortrophin Gel contributing $111.4 million, an 87.6% increase [10][8]. - Generics net revenues were $100.8 million in Q4 2025, a 28.2% increase from the previous year, and $384.1 million for the full year, up 27.6% [4][11]. Product Highlights - Cortrophin Gel's growth was driven by new patient starts and an expanded sales force, with plans to enhance the Rare Disease organization by approximately 90 personnel to target acute gouty arthritis [8][10]. - ILUVIEN generated $19.8 million in Q4 2025 and $74.9 million for the full year, with ongoing commercial initiatives to improve patient access [8][10]. Profitability Metrics - GAAP net income for Q4 2025 was $27.5 million, or $1.18 per diluted share, compared to a net loss of $10.7 million in the prior year [15]. - Adjusted non-GAAP EBITDA for Q4 2025 was $65.4 million, a 30.6% increase year-over-year, driven by higher revenues and gross profit [16]. Guidance for 2026 - The company anticipates total net revenues for 2026 to be between $1,055 million and $1,115 million, representing a growth of 19% to 26% compared to 2025 [19]. - Cortrophin Gel is expected to generate revenues between $540 million and $575 million in 2026, indicating a growth of 55% to 65% [19].