Ani Pharmaceuticals, Inc. · NASDAQ:ANIP

Ani Pharmaceuticals — Investor Presentation (January 2026)

26 slides from Ani Pharmaceuticals's investor presentation, Jan 12, 2026

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 Act, and Section 21E of the Securities Exchange Act of 1934, as amended. The guidance included herein is from or supplemental to th
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
Slide 4: A profitable, high-growth biopharmaceutical organization transforming into a leading Rare Disease company
© 2026 ANI Pharmaceuticals, Inc. 4 >$1B Total net revenue A profitable, high-growth biopharmaceutical organization transforming into a leading Rare Disease company • Projecting >$1B in revenue in 2026 • >39% YoY increase in 2025 • >26% YoY increase in 2026(1) • Rare Disease business is primary focus
Slide 5: Proven track record of delivering top- and bottom-line growth
© 2026 ANI Pharmaceuticals, Inc. 5 Proven track record of delivering top- and bottom-line growth Adjusted Non-GAAP EBITDA ($ millions)(1)Total Company Net Revenues ($ millions) 1. Adjusted Non-GAAP EBITDA is a Non-GAAP financial measure. 2. 2022-2026 CAGR calculated using the midpoint of full year
Slide 6: 2025 accomplishments drove robust expansion across the business
© 2026 ANI Pharmaceuticals, Inc. 6 2025 accomplishments drove robust expansion across the business Metric(1) ($ millions, except EPS) 2025 YoY Growth(4) Net Revenue (Total Company) $854 - $873 >39% Cortrophin Gel Net Revenue $348 76% ILUVIEN Net Revenue $75 N/M Adjusted Non-GAAP EBITDA(2) $221 - $22
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
Slide 8: 2026 financial guidance
© 2026 ANI Pharmaceuticals, Inc. 8 2026 adjusted non-GAAP gross margin expected to be 59.3% - 60.3%(4) 1. Adjusted Non-GAAP EBITDA and Adjusted Non-GAAP Diluted EPS are Non-GAAP financial measures. 2. For full year 2026 guidance, Non-GAAP Adjusted Diluted Weighted-Average Shares Outstanding exclude
Slide 10: Rare Disease business primary driver of growth; ~60% of 2026 revenues
© 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. 2. Alimera acquisition occurred in September 2024; ILUVIEN revenue only
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
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 • Strong future multi-year
Slide 13: Addressable patient populations across indications 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
Slide 14: Cortrophin to deliver significant growth in fifth year of launch
© 2026 ANI Pharmaceuticals, Inc. 14 $42 $112 $198 $348 $540 - $575 2022 2023 2024 2025 2026E Cortrophin Gel Net Revenues ($ millions) Cortrophin to deliver significant growth in fifth year of launch with multi-year growth opportunity ahead 1. Year-over-year growth calculated based on the midpoint of
Slide 15: Capturing sizable additional opportunity in gout through commercial organization expansion
© 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
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
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
Slide 19: Robust, diversified pipeline and new product launch execution
© 2026 ANI Pharmaceuticals, Inc. 19 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 business • Diversified portfolio of ~125
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
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
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 1. Based on the midpoint of 2026 financial guidance ranges issued by the Company on January 12, 2026. 2. Adjusted Non-GAAP EBITDA is a Non-GAAP financial measure. 3. Cash is preliminary unaudited b
Slide 26: References for Cortrophin Gel Addressable Patient Population
© 2026 ANI Pharmaceuticals, Inc. 26 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

ANI Pharmaceuticals — Investor Presentation (January 2026) on 6ix

Ani Pharmaceuticals — Investor Presentation (January 2026)

Slide 1: Corporate Presentation January 2026

Slide 2: Disclaimers: Forward-Looking Statements

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

Slide 4: A profitable, high-growth biopharmaceutical organization transforming into a leading Rare Disease company

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

Slide 6: 2025 accomplishments drove robust expansion across the business

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

Slide 8: 2026 financial guidance

Slide 9: Rare Disease Business

Slide 10: Rare Disease business primary driver of growth; ~60% of 2026 revenues

Slide 11: Cortrophin Gel: Lead Rare Disease Asset

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

Slide 13: Addressable patient populations across indications significantly under-penetrated

Slide 14: Cortrophin to deliver significant growth in fifth year of launch

Slide 15: Capturing sizable additional opportunity in gout through commercial organization expansion

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

Slide 17: Returning ILUVIEN to growth

Slide 18: Generics Business

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

Slide 20: U.S. Manufacturing Footprint

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

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

Slide 23: Summary

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

Slide 25: Appendix

Slide 26: References for Cortrophin Gel Addressable Patient Population