Ani Pharmaceuticals, Inc. · NASDAQ:ANIP

Ani Pharmaceuticals — Investor Presentation (May 2026)

29 slides from Ani Pharmaceuticals's investor presentation, May 13, 2026

  1. Slide 1: Corporate Presentation May 2026

    © 2026 ANI Pharmaceuticals, Inc. 1 Corporate Presentation May 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

    © 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: ~$1.1B total net revenue in 2026

    © 2026 ANI Pharmaceuticals, Inc. 4 ~$1.1B Total net revenue in 2026 A profitable, high-growth biopharmaceutical organization transforming into a leading Rare Disease company • Projecting ~$1.1B in total net revenue in 2026 • 44% YoY increase in 2025 • 26% YoY increase in 2026(1) • Rare Disease busin

  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 financia l measure. See Appendix for a reconciliation to the most directly compa

  6. Slide 6: Accelerate ANI's transformation into a leading rare disease company

    © 2026 ANI Pharmaceuticals, Inc. 6 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

  7. Slide 7: Q1 2026 and recent business highlights

    © 2026 ANI Pharmaceuticals, Inc. 7 Q1 2026 and recent business highlights 1. Totals may not sum due to rounding. 2. Adjusted Non-GAAP EBITDA is a Non-GAAP financia l measure. See Appendix for a reconciliation to the most directly comparable GAAP financial metr ic. 3. Includes Cortrophin Gel, ILUVIEN

  8. Slide 8: Establishing collaborations to drive future value for our stakeholders

    © 2026 ANI Pharmaceuticals, Inc. 8 Establishing collaborations to drive future value for our stakeholders Out-licensed intellectual property to Harmony Biosciences in January 2026 Harmony to utilize IP to expand its intellectual property estate for pitolisant and to develop a novel formulation Low s

  9. Slide 9: 2026 financial guidance

    © 2026 ANI Pharmaceuticals, Inc. 9 1. Adjusted Non-GAAP EBITDA, Adjusted Non-GAAP Diluted EPS, and Adjusted Non-GAAP Gross Margin are Non-GAAP f inancial measures. 2. For full year 2026 guidance, Adjusted Non-GAAP Diluted EPS is defined as adjusted Non-GAAP net income divided by the diluted weighted

  10. Slide 10: Rare Disease Business

    © 2026 ANI Pharmaceuticals, Inc. 10 Rare Disease Business

  11. Slide 11: Rare Disease business primary driver of growth; ~60% of 2026 revenues

    © 2026 ANI Pharmaceuticals, Inc. 11 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 May 8, 2026. 2. Alimera acquisition occurred

  12. Slide 12: Cortrophin Gel: lead rare disease asset

    © 2026 ANI Pharmaceuticals, Inc. 12 Cortrophin Gel: lead rare disease asset Acceleration in momentum across new patient starts and dispensed volumes Potential for strong multi-year growth as key indications are significantly underpenetrated Broad growth across all targeted specialties: rheumatology,

  13. Slide 13: ACTH market sales growth

    © 2026 ANI Pharmaceuticals, Inc. 13 2021 2022 2023 2024 2025 $594M $558M $537M $684M $1.0B ACTH MARKET SALES -6% -4% +27%YoY Growth +50% Acthar Gel Purified Cortrophin® Gel >$1.3B +30% 2026(1) Overall ACTH market growth driven by continued expansion into key indications • Expect continued strong mul

  14. Slide 14: Cortrophin Gel addressable patient populations significantly under-penetrated

    © 2026 ANI Pharmaceuticals, Inc. 14 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

  15. Slide 15: Investing in Cortrophin Gel to build momentum in 2026 and beyond

    © 2026 ANI Pharmaceuticals, Inc. 15 $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

  16. Slide 16: Capturing sizable additional opportunity in gout through commercial expansion

    © 2026 ANI Pharmaceuticals, Inc. 16 Capturing sizable additional opportunity in gout through commercial organization expansion * A ll re ferences provided in appendix. Addressable patient populations shared for select ind ications. • Focus on most severe patients: ~285,000 who are currently treated

  17. Slide 17: ILUVIEN long-acting ocular therapy for DME and chronic NIU-PS

    © 2026 ANI Pharmaceuticals, Inc. 17 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

  18. Slide 18: Returning ILUVIEN to growth

    © 2026 ANI Pharmaceuticals, Inc. 18 Returning ILUVIEN to growth by leveraging established commercial and patient access initiatives NEW DAY study results in DME published in Ophthalmology Expect to present SYNCHRONICITY trial results in NIU-PS at medical meeting in 3Q 2026 Growing use of alternative

  19. Slide 19: Generics Business

    © 2026 ANI Pharmaceuticals, Inc. 19 Generics Business

  20. Slide 20: Robust, diversified pipeline and new product launch execution

    © 2026 ANI Pharmaceuticals, Inc. 20 $210 $269 $301 $384 2022 2023 2024 2025 Robust, diversified pipeline and new product launch execution • Robust pipeline in place with goal to deliver ~10-15 new product launches annually; 6 products launched YTD; ANI holds #2 CGT filing position • Invest high sing

  21. Slide 21: U.S. Manufacturing Footprint

    © 2026 ANI Pharmaceuticals, Inc. 21 U.S. Manufacturing Footprint

  22. Slide 22: Revenues by country of origin for API and finished goods

    © 2026 ANI Pharmaceuticals, Inc. 22 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.; ~95% of revenues from products sold in the U.S. API by Country of Origin Finished

  23. Slide 23: U.S.-based manufacturing footprint with strong GMP track record

    © 2026 ANI Pharmaceuticals, Inc. 23 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

  24. Slide 24: Summary

    © 2026 ANI Pharmaceuticals, Inc. 24 Summary

  25. Slide 25: ANI well positioned to deliver long-term growth and value creation

    © 2026 ANI Pharmaceuticals, Inc. 25 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(1) • Str

  26. Slide 26: Appendix

    © 2026 ANI Pharmaceuticals, Inc. 26 Appendix

  27. Slide 27: Adjusted Non-GAAP EBITDA calculation and reconciliation

    © 2026 ANI Pharmaceuticals, Inc. 27 Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation

  28. Slide 28: Adjusted Non-GAAP diluted EPS calculation and reconciliation

    © 2026 ANI Pharmaceuticals, Inc. 28 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 undistr ibuted earnings to participating securities. 2. Non-GAAP Adjusted Diluted Weighted-Ave

  29. Slide 29: References for Cortrophin Gel Addressable Patient Population

    © 2026 ANI Pharmaceuticals, Inc. 29 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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