Core Insights - ANI Pharmaceuticals reported a record-setting quarter with all-time highs in net revenue, adjusted EBITDA, and adjusted EPS, driven by strong performance across its business units [2][11][14] - The Rare Disease segment, particularly Cortrophin Gel, showed exceptional growth, with revenues expected to account for approximately 57% of total company revenues in the second half of 2025 [2][3][11] Financial Performance - Total net revenues for Q2 2025 reached $211.4 million, a 53.1% increase year-over-year, with organic growth of 37.0% [11][14] - Rare Disease revenues increased 111.3% to $104.0 million, with Cortrophin Gel contributing $81.6 million, a 66.0% increase from the previous year [11][15] - Generics revenues rose 22.1% year-over-year to $90.3 million, supported by new product launches and operational excellence [12][15] Business Highlights - Cortrophin Gel saw the highest number of new patient starts since its launch, with growth across various therapeutic areas including ophthalmology and pulmonology [3][4] - The launch of a pre-filled syringe for Cortrophin Gel in April 2025 has generated strong interest and is expected to drive future prescription demand [5] - The Company advanced initiatives for ILUVIEN and YUTIQ, achieving $22.3 million in revenues, while also enhancing its sales team and marketing efforts [6][11] Guidance and Expectations - ANI Pharmaceuticals has increased its 2025 guidance, projecting total net revenues between $818 million and $843 million, with adjusted EBITDA expected to be between $213 million and $223 million [22][23] - Rare Disease revenues are anticipated to represent approximately 50% of total company revenues in 2025, with Cortrophin Gel projected to generate $322 million to $329 million [11][23] Operational Metrics - Adjusted non-GAAP EBITDA for Q2 2025 was $54.1 million, reflecting a 62.8% increase year-over-year [20] - The Company reported a diluted GAAP income per share of $0.36, compared to a net loss of $0.14 per share in the prior year [19][51]