Slide 1: March 2024
© 2024 ANI Pharmaceuticals, Inc. 1 March 2024
Slide 2: Disclaimer
© 2024 ANI Pharmaceuticals, Inc. 2 Disclaimer To the extent any statements made in this presentation deal with information that is not historical, these are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not lim
Slide 3: ANI Pharmaceuticals: Rare Disease and Generics drive robust profitable growth
© 2024 ANI Pharmaceuticals, Inc. 3 ANI Pharmaceuticals: Rare Disease and Generics drive robust profitable growth; Established Brands adds strong cash flow Key Growth Drivers Rare Disease business with lead asset Purified Cortrophin Gel and expansion through M&A Established Brands Generics with enhan
Slide 4: Q4 2023: Another strong quarter, capping off a record 2023
© 2024 ANI Pharmaceuticals, Inc. 4 Q4 2023: Another strong quarter, capping off a record 2023 Q4 Revenues $132M 40% YoY Q4 Diluted non-GAAP EPS(1) $1.00 32% YoY Q4 Cortrophin Revenues $42M 137% YoY Q4 Adj. Non-GAAP EBITDA(1) $30M 29% YoY 2023 Cash Flow from Operations $119M Q4 Generic, Established B
Slide 5: 2024 Guidance
© 2024 ANI Pharmaceuticals, Inc. 5 2024 Guidance 1. Adjusted Non-GAAP Gross Margin, Adjusted Non-GAAP EBITDA, and Adjusted Non-GAAP Diluted EPS are Non-GAAP financial measures. Metric ($ millions except per share amounts) Full Year 2024 Guidance 2023 Actuals Growth vs Prior Year Actuals Net Revenue
Slide 6: ANI has consistently delivered high-growth since 2021
© 2024 ANI Pharmaceuticals, Inc. 6 ANI has consistently delivered high-growth since 2021; strong momentum across all business segments Revenues ($ millions) $216 $- 2021 2022 2023 $350-$362 $170-$180 2024E Generics, Est. Brands, Royalties, and Other Rare Disease $216 $316 $487 $520-$542(1) $375 $112
Slide 7: Business segment 2023 actuals and full year 2024 guidance
© 2024 ANI Pharmaceuticals, Inc. 7 Business Segment 2023 Actuals ($ millions) Full Year 2024 Guidance ($ millions) Notes Rare Disease $112 $170 - $180 52% - 61% YoY growth Generics $269 High single-digit/low double-digit YoY organic growth Established Brands, Royalties & Other $106 2023 had full-yea
Slide 8: Profitability driven by gross profit pull-through and leveraging of Rare Disease infrastructure
© 2024 ANI Pharmaceuticals, Inc. 8 Profitability driven by gross profit pull-through and leveraging of Rare Disease infrastructure Adjusted Non-GAAP Gross Margin (1) ($ millions) Adjusted Non-GAAP EBITDA(1) ($ millions) 2022 2023 2024E $56 $134 $135 - $145(1) +58%(2) 2022 2023 2024E $183 $310 $329 -
Slide 9: Rare Disease: ANI's primary growth engine accelerating with Cortrophin Gel
© 2024 ANI Pharmaceuticals, Inc. 9 Continued momentum within specialties initially targeted at launch(1) • Record number of new patient starts and new cases initiated in Q4’23 • New patient starts accelerated in Q4, and ANI posted the strongest sequential growth in net revenue to date • Strong growt
Slide 10: Investing in the Cortrophin Gel franchise to drive growth in 2024 and beyond
© 2024 ANI Pharmaceuticals, Inc. 10 Enter new therapeutic areas Support the patient journey Expand scope and scale of Rare Disease platform Investing in the Cortrophin Gel franchise to drive growth in 2024 and beyond 2023 Rare Disease Revenues $112M Est. 2024 $170-$180M +52 - 61% • Given strong trac
Slide 11: Focused efforts to increase scope and scale of Rare Disease business through M&A
© 2024 ANI Pharmaceuticals, Inc. 11 Focused efforts ongoing to increase scope and scale of Rare Disease business through M&A and in-licensing Assets’ patent protection profile Assets’ peak year revenue forecast Priority 1: Rare disease opportunities in priority therapeutic areas i.e. nephrology, neu
Slide 12: Superior R&D capabilities and operational excellence driving growth in Generics
© 2024 ANI Pharmaceuticals, Inc. 12 Superior R&D capabilities and operational excellence driving growth in Generics Robust pipeline and new product launch execution • Delivered 11 new product launches and filed 20 new products with the FDA in 2023 • Retained top 12 ranking in number of ANDA approval
Slide 13: U.S.-based manufacturing footprint; strong GMP track record
© 2024 ANI Pharmaceuticals, Inc. 13 U.S.-based manufacturing footprint; strong GMP track record, including successful recent FDA audits at all three sites • Manufacturing, packaging, warehouse • Schedule CII vault & CIII cage space • Lab space - R&D/analytical testing • Solutions, suspensions, topic
Slide 14: Executive leadership team with proven track records and broad industry expertise
© 2024 ANI Pharmaceuticals, Inc. 14 Executive leadership team with proven track records and broad industry expertise ‒ 20+ years leadership experience in pharmaceuticals and healthcare ‒ Proven track record of developing and executing multi-year strategic growth plans Nikhil Lalwani President & Chie
Slide 15: Investment summary
© 2024 ANI Pharmaceuticals, Inc. 15 Investment summary Strong and growing Rare Disease business • Largest expected driver of future growth • Lead asset Cortrophin Gel forecasted at $170- $180M revenues in 2024 (+52 - 61%) with significant opportunity for future growth • Focused M&A efforts to expand
Slide 16: March 2024
© 2024 ANI Pharmaceuticals, Inc. 16 March 2024
Slide 17: Adjusted non-GAAP EBITDA calculation – 4Q 2023 and 2022
© 2024 ANI Pharmaceuticals, Inc. 17 Adjusted non-GAAP EBITDA calculation – 4Q 2023 and 2022 (1) Impact of Canada operations includes CDMO revenues, cost of sales relating to CDMO revenues, all selling, general, and administrative expenses, and all research and development expenses recorded in Canada
Slide 18: Adjusted non-GAAP EBITDA calculation – full year 2023 and 2022
© 2024 ANI Pharmaceuticals, Inc. 18 Adjusted non-GAAP EBITDA calculation – full year 2023 and 2022 (1) Adjustment to Other expense, net excludes $750 thousand of income related to the sale of an ANDA during the twelve months ended December 31, 2022. (2) Impact of Canada operations includes CDMO reve