Ani Pharmaceuticals, Inc. · NASDAQ:ANIP

Ani Pharmaceuticals — Investor Presentation (March 2026)

28 slides from Ani Pharmaceuticals's investor presentation, Mar 3, 2026

  1. Slide 1: Corporate Presentation March 2026

    © 2026 ANI Pharmaceuticals, Inc. 1 Corporate Presentation March 2026

  2. Slide 2: Disclaimers: Forward-Looking Statements

    © 2026 ANI Pharmaceuticals, Inc. 2 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. The guidance included herei

  3. Slide 3: Presentation of financial information: Non-GAAP Financial Measures

    © 2026 ANI Pharmaceuticals, Inc. 3 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 meas

  4. Slide 4: >$1B total net revenue in 2026

    © 2026 ANI Pharmaceuticals, Inc. 4 >$1B Total net revenue in 2026 A profitable, high-growth biopharmaceutical organization transforming into a leading Rare Disease company • Projecting >$1B in total net revenue in 2026 • 44% YoY increase in 2025 • 23% YoY increase in 2026(1) • Rare Disease business

  5. Slide 5: Proven track record of delivering top- and bottom-line growth

    © 2026 ANI Pharmaceuticals, Inc. 5 Proven track record of delivering top- and bottom-line growth​ Adjusted Non-GAAP EBITDA ($ millions)(1)Total Company Net Revenues ($ millions) 1. Adjusted Non-GAAP EBITDA is a Non-GAAP financial measure. See slide 26 for a reconciliation to net income, the most dir

  6. Slide 6: 2025 accomplishments drove robust expansion across the business

    © 2026 ANI Pharmaceuticals, Inc. 6 2025 accomplishments drove robust expansion across the business Metric ($ millions, except EPS) 2025 YoY Growth Net Revenue (Total Company) $883 44% Cortrophin Gel Net Revenue $348 76% ILUVIEN Net Revenue(1) $75 N/M Adjusted Non-GAAP EBITDA(2) $230 47% Adjusted Non

  7. Slide 7: Accelerate ANI's transformation into a leading Rare Disease company

    © 2026 ANI Pharmaceuticals, Inc. 7 ACCELERATE ANI’S TRANSFORMATION INTO A LEADING RARE DISEASE COMPANY Cortrophin Gel 2026 priorities to drive long-term growth and value creation • Maximize multi-year growth opportunity by addressing significant unmet need across indications • Build on momentum in u

  8. Slide 8: 2026 guidance reflects strong top- and bottom-line growth

    © 2026 ANI Pharmaceuticals, Inc. 8 2026 guidance reflects strong top- and bottom-line growth driven by Rare Disease business YoY Growth $1,055 - $1,115 19 - 26% $540 - $575 55 - 65% $78 - $83 4 - 11% $275 - $290 20 - 26% $8.83 - $9.34 12 - 18% Metric ($ millions, except EPS) Net Revenue (Total Compa

  9. Slide 9: Rare Disease Business

    © 2026 ANI Pharmaceuticals, Inc. 9 Rare Disease Business

  10. Slide 10: Rare Disease business represents primary driver of growth

    © 2026 ANI Pharmaceuticals, Inc. 10 Rare Disease business represents primary driver of growth; expected to account for ~60% of revenues in 2026 1. Percent change calculated based on the midpoint of 2026 financial guidance range provided by the Company on February 27, 2026. 2. Alimera acquisition occ

  11. Slide 11: Cortrophin Gel: Lead Rare Disease Asset

    © 2026 ANI Pharmaceuticals, Inc. 11 Cortrophin Gel: Lead Rare Disease Asset Cortrophin Gel is purified corticotropin (ACTH), a late-line treatment option for patients struggling with certain chronic autoimmune disorders Approved for multiple indications in neurology, nephrology, rheumatology, ophtha

  12. Slide 12: ACTH market returned to growth following the launch of Cortrophin Gel

    © 2026 ANI Pharmaceuticals, Inc. 12 2021 2022 2023 2024 2025(1) $594 $558 $537 $684 $992 ACTH MARKET SALES ($ MILLIONS) -6% -4% +27% YoY Growth +45% Acthar Gel Purified Cortrophin® Gel • Following launch of Cortrophin Gel, ACTH class returned to double-digit growth in 2024 • Expect strong future mul

  13. Slide 13: Cortrophin Gel addressable patient populations significantly under-penetrated

    © 2026 ANI Pharmaceuticals, Inc. 13 Diagnosed ~9,900,0001 ~500,000 addressable annual flares ~285,000 addressable patients Acute Gout Flares Cortrophin Gel has strong multi-year growth potential with addressable patient populations across indications significantly under-penetrated ~36% receive treat

  14. Slide 14: Investing in Cortrophin Gel to build momentum in 2026 and beyond

    © 2026 ANI Pharmaceuticals, Inc. 14 $42 $112 $198 $348 $540 - $575 2022 2023 2024 2025 2026E Cortrophin Gel Net Revenues ($ millions) Investing in Cortrophin Gel to build momentum in 2026 and beyond 1. Year-over-year growth calculated based on the midpoint of 2026 financial guidance range provided b

  15. Slide 15: Capturing sizable additional opportunity in gout

    © 2026 ANI Pharmaceuticals, Inc. 15 Capturing sizable additional opportunity in gout through commercial organization expansion * All references provided in appendix. Addressable patient populations shared for select indications. • Focus on most severe patients: ~285,000 who are currently treated wit

  16. Slide 16: ILUVIEN is a long-acting ocular therapy approved for DME and chronic NIU-PS

    © 2026 ANI Pharmaceuticals, Inc. 16 ILUVIEN is a long-acting ocular therapy approved for DME and chronic NIU-PS 36-months of continuous therapy via CONTINUOUS MICRODOSING of fluocinolone acetonide (FAc) in patients with retinal disease Diabetic Macular Edema (DME): • Chronic disease that is the lead

  17. Slide 17: Returning ILUVIEN to growth

    © 2026 ANI Pharmaceuticals, Inc. 17 Returning ILUVIEN to growth by leveraging established commercial and patient access initiatives New strategic investments in marketing and medical affairs to support increased awareness of NEW DAY clinical data Growing use of alternative access channels to navigat

  18. Slide 18: Generics Business

    © 2026 ANI Pharmaceuticals, Inc. 18 Generics Business

  19. Slide 19: Robust, diversified pipeline and new product launch execution

    © 2026 ANI Pharmaceuticals, Inc. 19 $210 $269 $301 $384 2022 2023 2024 2025 Robust, diversified pipeline and new product launch execution • Robust pipeline in place to deliver ~10-15 new product launches annually • Invest high single-digit percentage of Generics revenue into Generics R&D to support

  20. Slide 20: U.S. Manufacturing Footprint

    © 2026 ANI Pharmaceuticals, Inc. 20 U.S. Manufacturing Footprint

  21. Slide 21: Revenues by country of origin for API and finished goods

    © 2026 ANI Pharmaceuticals, Inc. 21 United States 93% Europe 2% India 2% Others 3% United States 48% Europe 26% India 18% China 5% Others 3% Over 90% of ANI’s revenues come from finished goods manufactured in the U.S.; only ~5% revenues have a direct reliance on China API by Country of Origin Finish

  22. Slide 22: U.S.-based manufacturing footprint with strong GMP track record

    © 2026 ANI Pharmaceuticals, Inc. 22 U.S.-based manufacturing footprint with strong GMP track record Baudette, MN 130k sf Baudette, MN Containment Facility - 47k sf East Windsor, NJ 120k sf Facility Overview and Capabilities • Manufacturing, packaging, warehouse • Schedule CII vault & CIII cage space

  23. Slide 23: Summary

    © 2026 ANI Pharmaceuticals, Inc. 23 Summary

  24. Slide 24: ANI well positioned to deliver long-term growth and value creation

    © 2026 ANI Pharmaceuticals, Inc. 24 ANI well positioned to deliver long-term growth and value creation • Rare Disease expected to represent ~60% of total revenue in 2026 • Lead asset, Cortrophin Gel, expected to deliver +60% YoY growth in 2026 with substantial, multi-year growth opportunity(4) • Str

  25. Slide 25: Appendix

    © 2026 ANI Pharmaceuticals, Inc. 25 Appendix

  26. Slide 26: Adjusted Non-GAAP EBITDA calculation and reconciliation

    © 2026 ANI Pharmaceuticals, Inc. 26 Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation 3 months ended 3 months ended 12 months ended 12 months ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Income (Loss) $27,490 $(10,276) $78,337 $(18,522)

  27. Slide 27: Adjusted Non-GAAP diluted EPS calculation and reconciliation

    © 2026 ANI Pharmaceuticals, Inc. 27 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-Aver

  28. Slide 28: References for Cortrophin Gel Addressable Patient Population

    © 2026 ANI Pharmaceuticals, Inc. 28 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. Th

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