Ani Pharmaceuticals, Inc. · NASDAQ:ANIP
Ani Pharmaceuticals — Q4 2025 Earnings Presentation
21 slides from Ani Pharmaceuticals's earnings presentation, Feb 27, 2026
Slide 1: 4Q and Full-Year 2025 Earnings Results Call
4Q and Full-Year 2025 Earnings Results Call February 27, 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. Any statements that are not historical facts, including statem
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: Proven track record of delivering top- and bottom-line growth
Proven track record of delivering top- and bottom-line growth Total Company Net Revenues Adjusted Non-GAAP EBITDA • 2025 record revenue ($ millions) ($ millions)(1) and adjusted non-GAAP +23%(2) EBITDA +44% $1,055-$1,115 • Projecting >$1B in +23%(2) revenue in 2026, up $883 23% YoY +47% $275-$290 $
Slide 5: 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 6: ANI well positioned to drive strong organic growth with Rare Disease representing ~60% of revenues in 2026
ANI well positioned to drive strong organic growth with Rare Disease representing ~60% of revenues in 2026 D I S E AS E 2026 STRATEGIC PRIORITIES RE RA BR A Accelerate Continued Execute transformation excellence disciplined N DS into leading in Generics R&D capital allocation ANI’s virtuous Rare Dis
Slide 7: Cortrophin Gel: Lead Rare Disease Asset
Cortrophin Gel: Lead Rare Disease Asset Continued momentum in 4Q25 Broad growth across all targeted specialties: Number of cases initiated and new patient rheumatology, nephrology, neurology, starts reached another record high pulmonology and ophthalmology Prescribing in acute gouty arthritis Contin
Slide 8: ACTH market returned to growth following the launch of Cortrophin Gel
ACTH market returned to growth following the launch of Cortrophin Gel ACTH MARKET SALES ($ MILLIONS) YoY • Following launch of Cortrophin Gel, ACTH class Growth -6% -4% +27% +45% returned to double-digit growth in 2024 $992 • Strong future multi-year growth potential driven by large market opportuni
Slide 9: Cortrophin Gel has strong multi-year growth potential with addressable patient populations
Cortrophin Gel has strong multi-year growth potential with addressable patient populations across indications significantly under-penetrated Acute Multiple Sclerosis Rheumatoid Nephrotic Sarcoidosis Syndrome Gout Flares Flares Arthritis (proteinuria reduction) Diagnosed ~9,900,0001 Diagnosed ~750,00
Slide 10: Investing in Cortrophin Gel to build momentum in 2026 and beyond
Investing in Cortrophin Gel to build momentum in 2026 and beyond • Focus efforts to continue momentum established in Cortrophin Gel Net Revenues Nephrology, Neurology, Rheumatology and Pulmonology as ($ millions) Investing the ACTH market expands in high ROI +60%(1) • Building a new ~90-person organ
Slide 11: Returning ILUVIEN to growth by leveraging established commercial and patient access initiatives
Returning ILUVIEN to growth by leveraging established commercial and patient access initiatives New strategic investments in Established coverage for both marketing and medical affairs to DME and NIU-PS indications support increased awareness of enabling HCPs to use one product NEW DAY clinical data
Slide 12: 4Q25 and FY 2025 Revenues
4Q25 and FY 2025 Revenues Metric 4Q25 % YoY Change FY 2025 % YoY Change ($ millions) Cortrophin Gel $111.4 88% $347.8 76% Generic pharmaceutical products 100.8 28% 384.1 28% ILUVIEN(1) 19.8 (28)% 74.9 N/M Brands 12.3 (38)% 61.3 (5)% Royalties and other pharmaceutical services 2.7 (47)% 15.3 (20)% To
Slide 13: 4Q25 and FY 2025 Financial Results
4Q25 and FY 2025 Financial Results Metric(1) 4Q25 % YoY Change FY 2025 % YoY Change ($ millions, except EPS) Total net revenues $247.1 30% $883.4 44% Non-GAAP cost of sales 99.8 43% 339.5 44% Non-GAAP gross margin (%) 59.6% (400)bps 61.6% (10)bps Non-GAAP total operating expenses 81.9 15% 314.1 41%
Slide 14: Reaffirming 2026 Financial Guidance
Reaffirming 2026 Financial Guidance Reflects significant top- and bottom-line growth Metric Full Year YoY Growth ($ millions, except EPS) 2026 Guidance Net Revenue (Total Company) $1,055 - $1,115 19 - 26% Cortrophin Gel Net Revenue $540 - $575 55 - 65% ILUVIEN Net Revenue $78 - $83 4 - 11% Adjusted
Slide 15: Accelerating ANI's transformation into a leading Rare Disease company
Accelerating ANI’s transformation into a leading Rare Disease company 2025 2026 STRATEGIC 2026 OUTLOOK ACHIEVEMENTS PRIORITIES ✓ Grew 2025 Rare Disease 2026 total 2026 adjusted non- Accelerate transformation revenues(1) GAAP EBITDA(1)(2) revenues 84% YoY led by record into leading Rare Disease Cortr
Slide 16: Appendix
Appendix © 2026 ANI Pharmaceuticals, Inc. 16
Slide 17: Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation
Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation 3 months ended 3 months ended 12 months ended 12 months ended ($ in thousands, except per share amounts) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Income (Loss) $27,490 $(10,276) $78,337 $(1
Slide 18: Adjusted Non-GAAP diluted earnings per share calculation and US GAAP to Non-GAAP reconciliation
Adjusted Non-GAAP diluted earnings per share calculation and US GAAP to Non-GAAP reconciliation 3 months ended 3 months ended 12 months ended 12 months ended ($ in thousands, except per share amounts) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Income (Loss) Available
Slide 19: Reconciliation of certain US GAAP to Non-GAAP financial measures
Reconciliation of certain US GAAP to Non-GAAP financial measures Cost of sales (excluding depreciation Net Revenues and amortization) Selling, general, and administrative Research and development Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, Three Mo
Slide 20: 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
Slide 21: 4Q and Full-Year 2025 Earnings Results Call
4Q and Full-Year 2025 Earnings Results Call February 27, 2026 © 2026 ANI Pharmaceuticals, Inc. 21