Ani Pharmaceuticals, Inc. · NASDAQ:ANIP
Ani Pharmaceuticals — Investor Presentation (August 2026)
31 slides from Ani Pharmaceuticals's investor presentation, August 2026
Slide 1: Corporate Presentation
Corporate Presentation August 2026 © 2026 ANI Pharmaceuticals, Inc. 1
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. The guidance included herein was provided on the Company's ear
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
Slide 4: A profitable, high-growth biopharmaceutical organization transforming into a leading Rare Disease company
A profitable, high-growth biopharmaceutical organization transforming into a leading Rare Disease company RE D I S E AS E • Projecting ~$1.1B in total net revenue in 2026 RA • 44% YoY increase in 2025 BR A • 26% YoY increase in 2026(1) N DS • Rare Disease business is primary focus ANI’s virtuous • E
Slide 5: Proven track record of delivering top- and bottom-line growth
Proven track record of delivering top- and bottom-line growth Total Company Net Revenues ($ millions) Adjusted Non-GAAP EBITDA ($ millions)(1) $1,080-$1,140 +37% CAGR(2) $883 +51% CAGR(2) $285-$300 $614 $230 $487 $156 $316 $134 $56 2022 2023 2024 2025 2026E(3) 2022 2023 2024 2025 2026E(3) 1. Adjust
Slide 6: 2026 priorities to drive long-term growth and value creation
2026 priorities to drive long-term growth and value creation ACCELERATE ANI’S TRANSFORMATION INTO A LEADING RARE DISEASE COMPANY Cortrophin Gel ILUVIEN • Maximize multi-year growth opportunity by addressing significant unmet need across indications • Return to growth • Build on momentum in underpene
Slide 7: Q2 2026 and recent business highlights
Q2 2026 and recent business highlights Total Net Revenues ($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
Slide 8: Establishing collaborations to drive future value for our stakeholders
Establishing collaborations to drive future value for our stakeholders Out-licensed intellectual property to Harmony Biosciences in January 2026 $15M upfront license fee recognized in 1Q26 Harmony to utilize IP to expand its intellectual $10M payment upon achievement of certain property estate for d
Slide 9: Reaffirming 2026 Financial Guidance
Reaffirming 2026 Financial Guidance Reflects significant top- and bottom-line growth Metric Current Prior YoY Growth ($ 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 - $575 50 - 55% I
Slide 10: Rare Disease Business
Rare Disease Business © 2026 ANI Pharmaceuticals, Inc. 10
Slide 11: Rare Disease business represents primary driver of growth; expected ~60% of 2026 revenues
Rare Disease business represents primary driver of growth; expected to account for ~60% of revenues in 2026 Rare Disease Net Revenues ($ millions) +44%(1) $598 - $623 +84% $78 - $83 Cortrophin Gel $423 ILUVIEN $75 $230 $520 - $540 $32 $348 $112 $42 $198 2022 2023 2024(2) 2025 2026E (3) 1. Percent ch
Slide 12: Purified Cortrophin Gel is an established medicine for certain autoimmune diseases
Purified Cortrophin Gel is an established medicine for the treatment of certain autoimmune diseases >20 Purified Cortrophin Gel is a naturally Under ANI’s sNDA, Cortrophin was approved derived drug product that contains across more than 20 indications in adrenocorticotropic hormone (ACTH), which nep
Slide 13: Cortrophin may possess both steroid-dependent and steroid-independent activity
Cortrophin may possess both steroid-dependent and steroid-independent activity ACTH is a hormone that binds to cell-surface proteins called melanocortin receptors (“MCRs”). There are five MCRs, which In the steroid-dependent In the steroid-independent are located on immune and pathway, ACTH is thoug
Slide 14: Overall ACTH market growth driven by continued expansion into key indications
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
Slide 15: Cortrophin Gel has strong multi-year growth potential with addressable patient populations
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
Slide 16: Unlocking a transformative growth opportunity for Cortrophin
Expanded Rare Disease sales force by 50% Unlocking a from ~120 reps to ~180 reps in 2Q 2026 to focus on acute gouty arthritis flares transformative growth opportunity for Cortrophin by Gout expansion represents a meaningful multi- entering podiatry year business expansion opportunity in a new physic
Slide 17: New physician segment represents a sizeable growth opportunity in acute gouty arthritis flares
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
Slide 18: 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
Slide 19: ILUVIEN is a long-acting ocular therapy approved for DME and chronic NIU-PS
ILUVIEN is a long-acting ocular therapy approved for DME and chronic NIU-PS Diabetic Macular Edema (DME): • Chronic disease that is the leading cause of vision loss in diabetic patients; ~4% of diabetic patients develop clinically significant macular edema • >50,000 patients in the U.S. are not well
Slide 20: Returning ILUVIEN to growth with new data and outreach to retina specialists
Returning ILUVIEN to growth with new data and outreach to retina specialists Announced topline results from SYNCHRONICITY open-label trial in NIU-PS; detailed results and additional analyses to be presented at a medical conference in 4Q 2026 New promotional efforts targeting retina specialists under
Slide 21: Generics Business
Generics Business © 2026 ANI Pharmaceuticals, Inc. 21
Slide 22: Generics business driving strong cash flow generation with superior R&D capabilities
Generics business driving strong cash flow generation with superior R&D capabilities, U.S. manufacturing footprint, and operational excellence Robust, diversified pipeline and new product launch execution Generics Net Revenues2 • Robust pipeline in place with goal to deliver at least 15 new product
Slide 23: U.S. Manufacturing Footprint
U.S. Manufacturing Footprint © 2026 ANI Pharmaceuticals, Inc. 23
Slide 24: 95% of ANI's revenues come from finished goods manufactured in the U.S.
95% of ANI’s revenues come from finished goods manufactured in the U.S.; ~95% of revenues from products sold in the U.S. API by Country of Origin Finished Goods (FG) by Country of Origin % of Revenues % of Revenues Others India Others China 2% Europe 2% 1% 4% 2% ~95% of India 20% United revenues Sta
Slide 25: U.S.-based manufacturing footprint with strong GMP track record
U.S.-based manufacturing footprint with strong GMP track record Baudette, MN Baudette, MN East Windsor, NJ 130k sf Containment Facility - 47k sf 120k sf • 100K ft2 of manufacturing, packaging, lab, • Manufacturing, packaging, warehouse • Manufacturing, packaging, warehouse warehouse, and administrat
Slide 26: Summary
Summary © 2026 ANI Pharmaceuticals, Inc. 26
Slide 27: ANI well positioned to deliver long-term growth and value creation
ANI well positioned to deliver long-term growth and value creation 2026 STRATEGIC PRIORITIES VIRTUOUS CYCLE OF GROWTH DRIVES TRANSFORMATION INTO A LEADING RARE DISEASE COMPANY Accelerate Continued Execute transformation excellence disciplined • Rare Disease expected to approach into leading in Gener
Slide 28: Appendix
Appendix © 2026 ANI Pharmaceuticals, Inc. 28
Slide 29: Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation
Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation © 2026 ANI Pharmaceuticals, Inc. 29
Slide 30: Adjusted Non-GAAP diluted earnings per share calculation and 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
Slide 31: 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
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