Revenue: As of FY2026 Q2, the actual value is USD 266.04 M, beating the estimate of USD 260.13 M.

EPS: As of FY2026 Q2, the actual value is USD 1.05, missing the estimate of USD 1.11.

EBIT: As of FY2026 Q2, the actual value is USD 40.73 M.

Financial Performance Overview

Total Net Revenues

ANI Pharmaceuticals, Inc. reported total net revenues of $266.0 million for the second quarter of 2026, representing a 25.9% increase year-over-year from $211.4 million in Q2 2025.

Operational Metrics

• Net Income: GAAP net income available to common shareholders was $24.7 million for Q2 2026, compared to $8.1 million in the prior year period.
• Adjusted Non-GAAP EBITDA: Adjusted Non-GAAP EBITDA reached $71.6 million in Q2 2026, an increase of 32.4% from $54.1 million in Q2 2025.
• Gross Margin: GAAP gross margin decreased to 62.4% in Q2 2026 from 64.7% in the prior year, while non-GAAP gross margin decreased to 62.6% from 64.9%.
• Research and Development Expenses: GAAP research and development expenses decreased -10.8% to $14.7 million, and non-GAAP research and development expenses decreased -11.4% to $14.1 million in Q2 2026.
• Selling, General, and Administrative Expenses: GAAP selling, general, and administrative expenses increased 12.1% to $91.7 million, and non-GAAP selling, general, and administrative expenses increased 20.2% to $80.7 million in Q2 2026.
• Operating Income: GAAP Operating income was $40.460 million in Q2 2026, compared to $13.892 million in the second quarter of 2025.

Segment Revenue

• Rare Disease: Total net revenues for the Rare Disease segment, including Cortrophin Gel and ILUVIEN, increased 30.7% to $135.8 million in Q2 2026. Rare Disease and Brands revenue for Q2 2026 was $165.4 million.
  • Purified Cortrophin® Gel net revenues were $117.1 million, an increase of 43.5% over the same period in 2025.
  • ILUVIEN® net revenues were $18.7 million, a decrease of -16.1% over the same period in 2025.
• Brands: Brands net revenues were $11.8 million, a decrease of -10.5% over the same period in 2025.
• Brand Royalties and Other Revenues: The company recognized $17.7 million, comprising $9.7 million of royalties on net sales of pitolisant-based products and $8.0 million for work completed toward development milestones under the Harmony Agreement.
• Generics: Generics net revenues increased 9.7% to $99.1 million over the same period in 2025. Other generic revenues were $1.6 million, a decrease of -59.0%. Total Generics and Other net revenues were $100.6 million, an increase of 6.8% in Q2 2026. Generics and Other revenue for Q2 2026 was $100.7 million.
• Licensing Revenue: An $8 million development milestone payment was recognized in Q2 2026, with the remaining $2 million expected in Q3 2026.

Cash Flow and Liquidity

• Cash flow from operations on a year-to-date basis was $115.0 million.
• The company held $360.2 million in unrestricted cash and cash equivalents as of June 30, 2026. Cash was $360 million as of June 30, 2026.

Other Key Metrics

• Net Leverage: Net leverage was approximately 1.0x as of June 30, 2026, based on trailing twelve months adjusted Non-GAAP EBITDA of $260 million.
• Net Accounts Receivable: Net accounts receivable totaled $274.5 million.
• Outstanding Debt: The principal value of outstanding debt was $620.9 million.
• Product Launches: ANI Pharmaceuticals, Inc. launched 12 new Generics products year-to-date and is on track for at least 15 new product launches in 2026.
• Share Repurchase Program: The board of directors authorized a share repurchase program of up to $100.0 million in common stock through May 2029.

Outlook / Guidance for Full Year 2026

ANI Pharmaceuticals, Inc. reaffirmed its full year 2026 total net revenue guidance of $1,080 million to $1,140 million and adjusted non-GAAP EBITDA guidance of $285 million to $300 million. The company expects full year adjusted non-GAAP gross margin between 59.9% and 60.9% and an annual U.S. GAAP effective tax rate between 26% and 28%. Cortrophin Gel net revenue guidance was adjusted to $520 million to $540 million, reflecting 50-55% growth for the full year.