Core Viewpoint - The announcement highlights the completion of patient enrollment for a real-world study of OT-703 (ILUVIEN), a non-biodegradable fluocinolone acetonide intravitreal implant for treating diabetic macular edema (DME) in Hainan, China [1] Group 1: Product Overview - OT-703 is an injectable, non-biodegradable fluocinolone acetonide implant that provides continuous release of the drug for up to 36 months [1] - It is the only FDA-approved intravitreal implant for DME that offers a sustained release for three years [1] Group 2: Regulatory Approvals - OT-703 has received regulatory approval from the U.S. Food and Drug Administration (FDA) and is marketed under the brand name "ILUVIEN" [1] - In December 2023, OT-703 was approved by the Hong Kong Pharmacy and Poisons Board for registration as a pharmaceutical product under the Pharmacy and Poisons Ordinance [1] Group 3: Licensing Agreement - In April 2021, the company entered into an exclusive licensing agreement with Alimera Sciences, Inc., granting the company exclusive rights to develop and commercialize ILUVIEN in Greater China, South Korea, and 11 Southeast Asian countries [1] Group 4: Study Details - The real-world study involved a total of 195 patients enrolled in Hainan, China [1]

Corporate Presentation January 2026 © 2026 ANI Pharmaceuticals, Inc. 1 Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Act, and Section 21E of the Securities Exchange Act of 1934, as amended. The guidance included herein is from or supplemental to the Company's press release on January 12, 2026. The Company is neither reconfirming this guidance as of the date of this investor presentation nor assuming any obligation to upd ...

Core Insights - ANI Pharmaceuticals, Inc. reported significant growth in 2025, with total net revenues increasing by at least 39% and adjusted non-GAAP EBITDA growing by at least 42% [2] - The company anticipates generating over $1 billion in total net revenues for 2026, with approximately 60% coming from its Rare Disease business [2] - ANI plans to expand its Rare Disease organization to capture opportunities in acute gouty arthritis flares, a unique indication for Cortrophin Gel [2][12] Financial Performance - Preliminary results indicate Cortrophin Gel net revenues of approximately $111.4 million for Q4 2025, an 88% increase year-over-year, and approximately $347.8 million for the full year 2025, a 76% increase year-over-year [3] - Full year 2025 total net revenues are expected to be between $854 million and $873 million, with adjusted non-GAAP EBITDA between $221 million and $228 million [4][7] - The company expects full year 2026 total net revenues of $1,055 million to $1,115 million, with Cortrophin Gel net revenues projected at $540 million to $575 million [7][8] Strategic Priorities - ANI aims to maximize the growth opportunity for Cortrophin Gel by addressing unmet medical needs across various indications [12] - The company will focus on expanding its Rare Disease organization and advancing a Phase 4 clinical trial for Cortrophin Gel in acute gouty arthritis flares [12] - Continued execution in the Generics business is expected to support cash generation for the Rare Disease segment [2][12]

ANI Pharmaceuticals Conference Call Summary Company Overview - ANI Pharmaceuticals is a growing, profitable biopharmaceutical company with three business segments: rare disease, generics, and brands [2][3] - The rare disease segment includes Purified Cortrophin Gel and ILUVIEN, accounting for approximately half of the estimated 2025 revenues [2][4] Financial Guidance - Revenue guidance for 2025 is between $854 million and $873 million, representing a growth of 39% to 42% [3][4] - Adjusted non-GAAP EBITDA guidance is between $221 million and $228 million, indicating a growth of 42% to 46% over the prior year [4] Strategic Priorities - The primary focus is to expand the scope and scale of the rare disease business while maintaining a virtuous cycle of growth through reinvestment in R&D [4][6] - There is significant organic growth potential in existing assets, particularly with Cortrophin Gel and ILUVIEN, which have a large addressable patient population [6][11] M&A Strategy - ANI is open to acquisitions that would enhance the rare disease business but is under no pressure to pursue deals due to strong organic growth potential [5][6] - The company is looking for commercial assets that limit regulatory risk and can significantly contribute to the rare disease segment [7][8] Cortrophin Gel Insights - The ACTH market is projected to reach approximately $993 million in 2025, with significant growth potential due to a large addressable patient population [10][11] - Approximately 50% of prescribers of Cortrophin Gel were previously unfamiliar with ACTH, indicating a strong opportunity for market penetration [12][14] - The company is investing in clinical evidence generation for Cortrophin Gel, including a phase 4 study for acute gouty arthritis flares [17] Product Development and Sales Strategy - The launch of a prefilled syringe for Cortrophin Gel has seen over 70% of new cases initiated with this format, enhancing patient convenience [19][20] - The sales force consists of approximately 60 reps focused on rheumatology, nephrology, and neurology, with additional teams for pulmonology and ophthalmology [22] Payer Access and Market Dynamics - ANI has collaborated with payers and PBMs to improve access for patients, achieving parity access with competitors [23] - The company is cautious about pricing strategies, balancing competitive sensitivity with the need for greater access [24] ILUVIEN Product Strategy - 2025 is viewed as a reset year for ILUVIEN, with plans to strengthen the commercial organization and enhance physician education [28][29] - The company is focusing on leveraging Medicare Part D for better patient access to ILUVIEN [30] Generics Business Outlook - The generics segment is driven by a strong R&D capability, with 10 to 15 product launches expected annually [31] - ANI operates three U.S.-based manufacturing plants, ensuring strong operational execution and compliance with FDA standards [31] Conclusion - ANI Pharmaceuticals is positioned for significant growth across its business segments, particularly in rare diseases and generics, with a strong focus on expanding market access and enhancing product offerings [4][31]

Core Points - Patrick D. Walsh will retire as Chairman of ANI Pharmaceuticals, effective after the 2026 Annual Meeting of Stockholders, having served the company with distinction [1][2] - Thomas J. Haughey has been unanimously elected as the new Chairman of the Board, having been a member since May 2018 [1][2] - Haughey will step down from his role as Chair of the Audit and Finance Committee, with Jeanne Thoma taking over that position [2] Company Overview - ANI Pharmaceuticals, Inc. is a diversified biopharmaceutical company focused on developing, manufacturing, and commercializing innovative therapeutics [3] - The company aims to deliver sustainable growth through its Rare Disease business, Generics business, and Brands business, targeting areas such as ophthalmology, rheumatology, nephrology, neurology, and pulmonology [3]

ANI Pharmaceuticals Conference Call Summary Company Overview - ANI Pharmaceuticals is a growing, profitable biopharmaceutical company focused on rare diseases with three business units: rare disease, generics, and brands [2][3] Core Business Segments - **Rare Disease Business**: - Primary growth driver with two key assets: Purified Cortrophin Gel and ILUVIEN - Purified Cortrophin Gel is used for autoimmune diseases across multiple therapeutic areas [2][3] - ILUVIEN targets retinal diseases, specifically diabetic macular edema and non-infectious uveitis [2] - **Generics Business**: - Strong growth over the past four to five years, supported by R&D and U.S.-based manufacturing [3] Financial Guidance for 2025 - Total company revenues projected at $854 million to $873 million, reflecting a 39%-42% year-over-year growth [4] - Adjusted non-GAAP EBITDA expected to be $221 million to $228 million, indicating a 42%-46% year-over-year growth [4] - Adjusted non-GAAP EPS forecasted at $7.37 to $7.64, also showing a 42%-46% year-over-year growth [4] Growth Strategy - Transition to focus on rare diseases initiated by the current CEO, with significant growth in the rare disease segment [5] - Purified Cortrophin Gel revenue guidance for 2025 is $347 million to $354 million, representing a 75%-78% growth from the previous year [5][6] Market Potential and Demand - Addressable patient population for Purified Cortrophin Gel is substantial, with specific numbers cited for conditions like acute gouty arthritis [14][15] - The company has expanded its sales force to reach more prescribers, resulting in significant growth [17] Competitive Landscape - Both ANI and competitor Mallinckrodt have seen strong growth, validating the market for ACTH therapies [18][24] - The previous peak sales for the category were around $1.2 billion, and current projections suggest potential for surpassing this figure [24][25] Access and Reimbursement - The IRA Part D redesign provided a moderate tailwind for access, lowering out-of-pocket costs for patients [33] - Ongoing efforts to improve access through partnerships with payers and patient assistance programs [26][28] ILUVIEN Update - 2025 is viewed as a reset year for ILUVIEN, with expectations for growth driven by a larger addressable patient population and improved sales force engagement [36][37] - Anticipated revenue for ILUVIEN in 2025 is $73 million to $77 million, with growth expected in subsequent years [37][39] Conclusion - ANI Pharmaceuticals is positioned for significant growth in the rare disease market, with strong financial projections and a strategic focus on expanding its product offerings and market access initiatives [4][25][39]

Core Insights - ANI Pharmaceuticals reported Q3 CY2025 results exceeding market revenue expectations, with a year-on-year sales increase of 53.6% to $227.8 million [1][3] - The company's full-year revenue guidance of $863.5 million at the midpoint is 1.8% above analysts' estimates, and its non-GAAP profit of $2.04 per share surpassed consensus estimates by 15.2% [1][5] Financial Performance - Revenue for Q3 was $227.8 million, beating analyst estimates of $214.1 million, reflecting a 53.6% year-on-year growth and a 6.4% beat [5] - Adjusted EPS was reported at $2.04, exceeding analyst estimates of $1.77 by 15.2% [5] - Adjusted EBITDA reached $59.6 million, surpassing analyst estimates of $55.24 million, with a margin of 26.2% [5] - The company raised its full-year revenue guidance to $863.5 million from $830.5 million, marking a 4% increase [5] - Full-year Adjusted EPS guidance was lifted to $7.51 at the midpoint, a 4.7% increase [5] - EBITDA guidance for the full year is set at $224.5 million at the midpoint, above analyst estimates of $221.9 million [5] - Operating margin improved to 15.9%, up from -13.8% in the same quarter last year [5] - Market capitalization stands at $1.87 billion [5] Business Segments and Growth Drivers - The significant growth was attributed to strong performance in the Rare Disease and Generics segments, with Cortrophin Gel nearly doubling net revenue compared to the prior year [3] - The company experienced record new patient starts and expanded prescriber adoption, particularly in pulmonology and ophthalmology [3] - Management emphasized strong underlying demand and addressable patient populations as key drivers of success [3] Future Outlook - Updated guidance reflects expectations of continued growth, particularly from the Rare Disease portfolio, with a focus on Cortrophin Gel [4] - The company aims to expand clinical evidence, invest in commercial initiatives, and enhance patient convenience [4] - Management expressed confidence in the multi-year growth trajectory of Cortrophin and acknowledged ongoing efforts to support ILUVIEN's adoption [4] - Future business development opportunities are anticipated to expand the Rare Disease segment [4]

Core Insights - ANI Pharmaceuticals reported a strong third quarter with record revenue and adjusted EBITDA, highlighting the growth in its Rare Disease and Generics business units [2][7] - The company anticipates that net revenues from its Rare Disease business will account for approximately 50% of total revenues in 2025, driven by the success of Cortrophin Gel [2][7] - ANI has raised its financial guidance for 2025, expecting total net revenue growth of 39% to 42% year-over-year and adjusted EBITDA growth of 42% to 46% [2][7] Financial Performance - Total net revenues for Q3 2025 reached $227.8 million, a 53.6% increase compared to Q3 2024 [6][7] - Rare Disease total net revenues increased by 109.9% to $118.5 million, with Cortrophin Gel net revenues growing by 93.8% to $101.9 million [9][10] - Generics net revenues were $94.4 million, reflecting a 20.6% increase year-over-year, attributed to a successful partnered generic launch [4][10] Business Highlights - Cortrophin Gel's growth was supported by increased demand and the highest number of new patient starts since its launch, with significant contributions from specialties like neurology and rheumatology [8][9] - ILUVIEN net revenues were $16.6 million, impacted by reduced access for Medicare patients and ongoing adoption efforts [8][9] - The company is focused on advancing its Rare Disease business to drive long-term shareholder value and improve patient access [2][7] Guidance and Future Outlook - ANI has updated its full-year 2025 guidance, projecting total net revenues between $854 million and $873 million, with adjusted non-GAAP EBITDA expected to be between $221 million and $228 million [17][18] - The company anticipates gross margins to be between 61.0% and 62.0% for the full year [18] - Adjusted non-GAAP diluted earnings per share are expected to range from $7.37 to $7.64 [17][18]

Core Insights - ANI Pharmaceuticals reported $211.37 million in revenue for Q2 2025, a 53.1% year-over-year increase, with an EPS of $1.80 compared to $1.02 a year ago, exceeding Zacks Consensus Estimates [1] - The company achieved a revenue surprise of +12.22% and an EPS surprise of +30.43% compared to analyst expectations [1] Revenue Breakdown - Net Revenues from Rare Disease and Brands - Cortrophin Gel: $81.65 million, surpassing the estimated $65.23 million [4] - Net Revenues from Rare Disease and Brands - ILUVIEN and YUTIQ: $22.32 million, slightly above the $21.74 million estimate [4] - Net Revenues from Generic pharmaceutical products: $90.3 million, exceeding the $85.32 million estimate [4] - Total Net Revenues from Rare Disease: $103.96 million, compared to the estimated $86.96 million [4] - Total Net Revenues from Generics and Other: $94.21 million, slightly below the $96.49 million estimate [4] - Net Revenues from Royalties and other pharmaceutical services: $3.92 million, significantly below the estimated $10.46 million [4] - Total Net Revenues from Rare Disease and Brands: $117.16 million, far exceeding the estimated $94.3 million, representing a year-over-year change of +138.2% [4] Stock Performance - ANI's shares have returned +25.4% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Financial Data and Key Metrics Changes - The company reported total net revenues of $211.4 million for Q2 2025, representing a year-over-year growth of 53% on an as-reported basis and 37% on an organic basis [9][31] - Adjusted non-GAAP EBITDA was $54.1 million, compared to $33.2 million in the prior year period, reflecting strong operational performance [35] - Adjusted non-GAAP EPS was $1.80 for the second quarter, up from $1.02 in the prior year period [34] Business Line Data and Key Metrics Changes - Revenues from the rare disease segment were $104 million, up 111% from the prior year, driven by strong demand for Cortrophin Gel [31][32] - Cortrophin Gel revenues reached $81.6 million, a 66% increase year-over-year, with new patient starts and cases initiated at record highs [9][32] - The retina portfolio, including ILUVIEN and YUTIQ, generated revenues of $22.3 million, consistent with expectations despite ongoing market access challenges [13][32] - The generics business reported revenues of $90.3 million, a 22% increase over the prior year, supported by new product launches [17][32] Market Data and Key Metrics Changes - The ACTH market grew 27% to $684 million in 2024 and is expected to grow 36% to $933 million in 2025, indicating a robust market opportunity [11] - The current number of patients on ACTH therapy is significantly below historical levels, suggesting substantial room for expansion [11][12] Company Strategy and Development Direction - The company is raising its 2025 guidance for total net revenues to between $818 million and $843 million, reflecting strong momentum across both rare disease and generics business units [8][36] - The focus remains on expanding the Cortrophin Gel franchise and addressing market access challenges in the retina segment [12][17] - The company is committed to maintaining a strong presence in the U.S. pharmaceutical industry, with over 90% of revenues coming from domestically manufactured products [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining robust multiyear growth for Cortrophin Gel, driven by increased demand and a growing prescriber base [12][60] - The company anticipates continued challenges in the retina market due to Medicare access issues but remains optimistic about future revenue synergies [17][29] - Management highlighted the importance of ongoing investments in evidence generation and new product presentations to support long-term growth [43][60] Other Important Information - The company ended Q2 with $217.8 million in unrestricted cash, up from $149.8 million at the end of Q1 [35] - The gross margin for Q2 was 64.9%, an increase of over six points from the prior year, driven by a favorable mix towards rare disease products [34][35] Q&A Session Summary Question: Was there anything unusual in Cortrophin's performance? - Management confirmed that the performance was driven by underlying demand, with new patient starts more than doubling in Q2 2025 compared to Q2 2024 [42] Question: What are the priorities for capital use? - The company aims to build cash reserves for reinvestment into the business and potential M&A, with debt paydowns considered in the future [51] Question: How is the payer landscape expected to evolve? - Management indicated that they will continue to engage with payers as they bring Cortrophin therapy to appropriate patients, but specifics were not disclosed [75] Question: What is driving the growth in the ACTH class? - Multiple factors contribute to growth, including increased prescriber adoption, new indications, and the launch of easier-to-use dosage forms [60] Question: How is the prefilled syringe performing? - Seventy percent of new patient starts were with the prefilled syringe, indicating strong adoption across various indications [62] Question: What impact did the New Day trial results have on ILUVIEN? - While the feedback on the New Day study was positive, the expected benefits will be more long-term rather than immediately reflected in guidance [71]