Ani Pharmaceuticals, Inc. · NASDAQ:ANIP

Ani Pharmaceuticals — Q2 2026 Earnings Presentation

27 slides from Ani Pharmaceuticals's earnings presentation, Aug 7, 2026

1. Slide 1: Q2 2026 Earnings Results Call

   Q2 2026 Earnings Results Call August 7, 2026 © 2026 ANI Pharmaceuticals, Inc. 1

2. Slide 2: Disclaimers

   Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements that are not historical facts, including statem

3. Slide 3: Presentation of financial information

   Presentation of financial information Non-GAAP Financial Measures Adjusted non-GAAP EBITDA ANI’s management considers adjusted non-GAAP EBITDA to be an important financial indicator of ANI’s operating performance, providing investors and analysts with a useful measure of operating results unaffected

4. Slide 4: Business Overview

   Business Overview © 2026 ANI Pharmaceuticals, Inc. 4

5. Slide 5: Q2 2026 and recent business highlights

   Q2 2026 and recent business highlights Total Net Revenues ($M)(1) Adjusted Non-GAAP • Strong top- and bottom-line EBITDA ($M)(2) growth supported by solid +26% performance across both $266.0 Rare Disease and Generics +32% $211.4 • Continued strong $100.7 $71.6 momentum in demand from existing specia

6. Slide 6: Executing 2026 priorities to drive long-term growth and value creation

   Executing 2026 priorities to drive long-term growth and value creation Accelerating transformation to a leading rare disease company ✓ Existing specialties: continued momentum in 2Q26; record number of new cases initiated in July $117.1M ✓ Gout expansion: commercial team fully onboarded at 2Q26 net

7. Slide 7: Executing 2026 priorities to drive long-term growth and value creation

   Executing 2026 priorities to drive long-term growth and value creation Continued excellence in Generics business Disciplined capital allocation strategy Launched 12 generic products year-to-date Investing in organic growth via dedicated and expect to launch at least 15 generic organization for Cortr

8. Slide 8: ANI well positioned to drive strong organic growth

   ANI well positioned to drive strong organic growth with Rare Disease approaching ~60% of revenues in 2026 R E D I S E AS E RA CORTROPHIN DRIVING TOP-AND BOTTOM-LINE EXPANSION BR A 50%-55% revenue Gout expansion off Operational N growth expected to a strong start leverage DS in 2026 expected in 2027

9. Slide 9: Transforming into a Leading Rare Disease Company

   Transforming into a Leading Rare Disease Company © 2026 ANI Pharmaceuticals, Inc. 9

10. Slide 10: Cortrophin Gel: Record Performance in 2Q 2026

    Cortrophin Gel: Record Performance in 2Q 2026 2Q growth driven Momentum $117.1M in net primarily by existing continues into revenues in 2Q26, representing 43% specialties: third quarter, with nephrology, neurology, record number of new year-over-year ophthalmology, cases initiated in July growth pul

11. Slide 11: Overall ACTH market growth driven by continued expansion

    Overall ACTH market growth driven by continued expansion into key indications ACTH MARKET SALES Acthar Gel Purified Cortrophin® Gel • Expect continued strong multi-year growth YoY Growth -6% -4% +27% +50% +28% potential driven by large market opportunity as key indications remain >$1.3B significantl

12. Slide 12: Cortrophin Gel has strong multi-year growth potential

    Cortrophin Gel has strong multi-year growth potential with addressable patient populations across indications significantly under-penetrated Acute Multiple Sclerosis Rheumatoid Nephrotic Sarcoidosis Syndrome Gout Flares Flares Arthritis (proteinuria reduction) Diagnosed ~9,900,0001 Diagnosed ~750,00

13. Slide 13: New physician segment represents a sizeable growth opportunity

    New physician segment represents a sizeable growth opportunity in acute gouty arthritis flares ACUTE GOUT FLARES Diagnosed ~36% receive SPECIALIST ~9,900,0001 treatment annually2 ~8% receive an 1.5 – 2 average injectable flare flares per year3 treatment4 PRIMARY CARE Gout expansion designed to reach

14. Slide 14: Encouraging early signals from gout expansion team

    Encouraging early signals from gout expansion team >1/3 of Balanced 95%+ of sales All sales prescribers demand across representatives regions initiating both podiatry generating experiencing 2 or more and primary care multiple new momentum cases physicians patient cases Meaningful breadth and depth

15. Slide 15: Returning ILUVIEN to growth with new data and outreach

    Returning ILUVIEN to growth with new data and outreach to retina specialists Announced topline results from SYNCHRONICITY open-label, single-arm trial in NIU-PS; detailed results and additional analyses to be presented at a medical conference in 4Q 2026 New promotional efforts targeting retina speci

16. Slide 16: Financial Overview

    Financial Overview © 2026 ANI Pharmaceuticals, Inc. 16

17. Slide 17: 2Q 2026 Revenues

    2Q 2026 Revenues Metric 2Q26 %YoY Change ($ millions) Cortrophin Gel $117.1 43% ILUVIEN(1) $18.7 (16)% Brands $11.8 (10)% Brand royalties and other revenue $17.7 N/A Generics and other $100.7 7% Total net revenues $266.0 26% © 2026 ANI Pharmaceuticals, Inc. 1. NIU-PS indication was merged into the I

18. Slide 18: 2Q 2026 Financial Results

    2Q 2026 Financial Results Metric1 2Q26 %YoY Change ($ millions, except EPS) Total net revenues $266.0 26% Non-GAAP cost of sales $99.6 34% Non-GAAP gross margin (%) 62.6% (230) bps Non-GAAP total operating expenses $94.8 14% Adjusted Non-GAAP EBITDA $71.6 32% Adjusted Non-GAAP EPS ($) $2.21 23% • $3

19. Slide 19: Reaffirming 2026 Financial Guidance

    Reaffirming 2026 Financial Guidance Reflects significant top- and bottom-line growth Metric Current Prior YoY Growth ($ millions, except EPS) 2026 Guidance 2026 Guidance Net Revenue (Total Company) $1,080 - $1,140 $1,080 - $1,140 22 - 29% Cortrophin Gel Net Revenue $520 - $540 $540 - $575 50 - 55% I

20. Slide 20: Closing Remarks

    Closing Remarks © 2026 ANI Pharmaceuticals, Inc. 20

21. Slide 21: Executing across strategic priorities

    Executing across strategic priorities to support continued growth and transformation into a leading Rare Disease company STRATEGIC PRIORITIES 2026 OUTLOOK 2026 total 2026 adjusted non- Accelerate transformation into revenues(1) GAAP EBITDA(1)(2) leading Rare Disease company ~$1.1B ~$293M Continued e

22. Slide 22: Appendix

    Appendix © 2026 ANI Pharmaceuticals, Inc. 22

23. Slide 23: Adjusted Non-GAAP EBITDA calculation and US GAAP reconciliation

    Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation © 2026 ANI Pharmaceuticals, Inc. 23

24. Slide 24: Adjusted Non-GAAP diluted earnings per share reconciliation

    Adjusted Non-GAAP diluted earnings per share calculation and US GAAP to Non-GAAP reconciliation 1. Adjusted non-GAAP Net Income Available to Common Shareholders excludes undistributed earnings to participating securities. 2. Non-GAAP Adjusted Diluted Weighted-Average Shares Outstanding exclude certa

25. Slide 25: Reconciliation of certain US GAAP to Non-GAAP financial measures

    Reconciliation of certain US GAAP to Non-GAAP financial measures © 2026 ANI Pharmaceuticals, Inc. 25

26. Slide 26: References for Cortrophin Gel Addressable Patient Population

    References for Cortrophin Gel Addressable Patient Population Gout 1. Singh G, Lingala B, Mithal A. Gout and hyperuricaemia in the USA: prevalence and trends. Rheumatology (Oxford). 2019 Dec 1;58(12):2177-2180. doi: 10.1093/rheumatology/kez196. PMID: 31168609 2. Thorpe K. Partnership to fight chronic

27. Slide 27: Q2 2026 Earnings Results Call

    Q2 2026 Earnings Results Call August 7, 2026 © 2026 ANI Pharmaceuticals, Inc. 27

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