Slide 1: Corporate Presentation May 2025
© 2025 ANI Pharmaceuticals, Inc. 1 Corporate Presentation May 2025
Slide 2: Disclaimers: Forward-Looking Statements
© 2025 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. Any statements about our expectations, beliefs, plans, obj
Slide 3: Presentation of financial information: Non-GAAP Financial Measures
© 2025 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: Rare Disease and Generics drive robust, profitable growth
© 2025 ANI Pharmaceuticals, Inc. 4 ANI Pharmaceuticals: Rare Disease and Generics drive robust, profitable growth as we fulfill our purpose of Serving Patients, Improving Lives Key Growth Drivers Rare Disease business with three growing and durable commercial assets: Purified Cortrophin Gel, ILUVIEN
Slide 5: Well-positioned to continue driving strong growth in 2025
© 2025 ANI Pharmaceuticals, Inc. 5 Well-positioned to continue driving strong growth in 2025 Adjusted Non-GAAP EBITDA ($ millions)(1),(3) 1. Based upon 2025 guidance issued on May 9, 2025. 2. CAGR calculated using 2022-2025E utilizing mid-point of full year 2025 guidance. 3. Adjusted Non-GAAP EBITDA
Slide 6: Delivered record results in Q1 2025
© 2025 ANI Pharmaceuticals, Inc. 6 Q1 Adj. Non- GAAP EBITDA(1) $51M 35% YoY Delivered record results in Q1 2025 setting strong foundation for full year guidance Q1 Total Revenues $197M 43% YoY Q1 Cortrophin Gel Revenues $53M 43% YoY Q1 Rare Disease & Brand Revenues $94.1M 50% YoY 1. Adjusted non-GAA
Slide 7: Revised full year guidance – second guidance raise in 2025
© 2025 ANI Pharmaceuticals, Inc. 7 Revised full year guidance – second guidance raise in 2025 1. Adjusted Non-GAAP EBITDA and Adjusted Non-GAAP Diluted EPS are Non-GAAP financial measures. 2. Not meaningful percentage due to comparison of only a partial year of ILUVIEN and YUTIQ Net Revenue in 2024.
Slide 8: Rare Disease expected to continue as primary driver of growth
© 2025 ANI Pharmaceuticals, Inc. 8 Rare Disease expected to continue as primary driver of growth Rare Disease Net Revenues ($ millions) $198 $32 1. Based upon 2025 guidance issued on May 9, 2025. 2. 2022-25 CAGR is based on the midpoint of 2025 guidance issued on May 9, 2025. $265-$274 +106% (2) ILU
Slide 9: ANI Rare Disease markets three therapeutics with growth and durability
© 2025 ANI Pharmaceuticals, Inc. 9 ANI Rare Disease markets three therapeutics with growth and durability U.S. Indications FDA-approved ACTH treatment option with 22 indications for patients suffering with specific chronic autoimmune and inflammatory conditions, including multiple sclerosis, rheumat
Slide 10: Rare Disease portfolio focuses on patients underserved by other therapies
© 2025 ANI Pharmaceuticals, Inc. 10 Rare Disease portfolio focuses on patients underserved by other therapies * Based on US FDA considered definition of rare disease - disorders affecting <200 000 persons, translating to a prevalence of 58.5 per 100 000 at current time
Slide 11: Cortrophin Gel: Primary growth engine for ANI Rare Disease
© 2025 ANI Pharmaceuticals, Inc. 11 Cortrophin Gel: Primary growth engine for ANI Rare Disease Cortrophin Gel is purified corticotropin (ACTH), a treatment option for patients struggling with certain chronic autoimmune disorders Limited competition (only one other ACTH product on the market); long-t
Slide 12: ACTH market has returned to growth following the launch of Cortrophin Gel
© 2025 ANI Pharmaceuticals, Inc. 12 • Following launch of Cortrophin Gel in 2022, the ACTH class stabilized and returned to double-digit growth in 2024 • ACTH market grew 27% in 2024 on a dollar basis and is projected to grow >16% in 2025 • Number of patients on ACTH therapy today is substantially l
Slide 13: Cortrophin Gel: Successful launch and strong underlying demand
© 2025 ANI Pharmaceuticals, Inc. 13 Growth in specialties targeted at launch(1) Cortrophin Gel: Successful launch and strong underlying demand; further strengthening the franchise to support a strong multi-year growth journey Gaining traction in newer therapeutic areas Continuing to strengthen the f
Slide 14: Gout opportunity for Cortrophin Gel acute gouty arthritis indication
© 2025 ANI Pharmaceuticals, Inc. 14 • Gout affects >9M patients in the US(1) with ~3.6M receiving treatment for it annually(2) • Patients experience an average of ~1.5 - 2 flares/year that are reported to their physician(3) • Commonly treated with NSAIDs, steroids or colchicine as equivalent first-l
Slide 15: Alimera acquisition aligned with M&A strategy
© 2025 ANI Pharmaceuticals, Inc. 15 Alimera acquisition aligned with M&A strategy Expanded Scope and Scale of Rare Disease Business Priority Therapeutic Area Assets with Growth & Durability ● Ophthalmology as a percentage of total ACTH prescribers has almost doubled to more than 10% over four years(
Slide 16: ILUVIEN and YUTIQ: Novel, long-acting implants for serious eye diseases
© 2025 ANI Pharmaceuticals, Inc. 16 Chronic Non-Infectious Uveitis ● Disease state: Chronic non-infectious uveitis affecting the posterior segment (NIU-PS) is inflammation of the eye that can lead to pain, visual impairment and vision loss ● Over 500,000 patients in U.S., many of working age, with n
Slide 17: ILUVIEN label expansion enhances supply security and operational efficiency
© 2025 ANI Pharmaceuticals, Inc. 17 ILUVIEN label expansion enhances supply security and operational efficiency
Slide 18: The most underserved patient group within DME represents more than 50,000 patients
© 2025 ANI Pharmaceuticals, Inc. 18 The most underserved patient group within DME represents more than 50,000 patients in the US alone DME epidemiology model flow – inputs informed by ANI’s market research Diagnosed DME population: ~3% = ~900,000 patients Treated DME population: ~50% = ~450,000 pati
Slide 19: Overview of Uveitis and opportunity
© 2025 ANI Pharmaceuticals, Inc. 19 Overview of Uveitis and opportunity Uveitis epidemiology model flow – inputs informed by ANI’s market research Total diagnosed NIU-PS population = ~206,000 patients Treated NIU-PS population: ~40-55% = ~78,000 – 112,000 patients Significant room for ILUVIEN NIU-PS
Slide 20: Larger ophthalmology sales team expected to accelerate growth
© 2025 ANI Pharmaceuticals, Inc. 20 Larger ophthalmology sales team expected to accelerate growth of Cortrophin Gel, ILUVIEN, and YUTIQ (1) Combined efforts expected to expand the ability to drive appropriate utilization of all three products for patients in need ANI deployed a targeted ophthalmolog
Slide 21: Alimera provided an international commercial footprint
© 2025 ANI Pharmaceuticals, Inc. 21 Acquisition of Alimera provided ANI’s Rare Disease business an international commercial footprint
Slide 22: Long-term clinical studies and ongoing trials for ILUVIEN and YUTIQ
© 2025 ANI Pharmaceuticals, Inc. 22 Long-term clinical studies, real-world use, and ongoing trials provide a strong foundation for ILUVIEN and YUTIQ (1) SYNCHRONICITY • NEW DAY investigates the earlier utilization of ILUVIEN in patients with DME in combination with anti-VEGF treatment • Multicenter,
Slide 23: Strong R&D capabilities and operational excellence driving growth in Generics
© 2025 ANI Pharmaceuticals, Inc. 23 71.8 70.2 74.0 78.2 98.7 Strong R&D capabilities and operational excellence driving growth in Generics Robust pipeline and new product launch execution • Launched seventeen new products in 2024, including two Competitive Generic Therapy (CGT) products with 180-day
Slide 24: U.S.-based manufacturing footprint with strong GMP track record
© 2025 ANI Pharmaceuticals, Inc. 24 U.S.-based manufacturing footprint with strong GMP track record • Manufacturing, packaging, warehouse • Schedule CII vault & CIII cage space • Lab space - R&D/analytical testing • Solutions, suspensions, topicals, tablets, capsules, and powder for suspension • DEA
Slide 25: Investment summary
© 2025 ANI Pharmaceuticals, Inc. 25 Investment summary Strategic focus on strong and growing Rare Disease business • Expected to represent approximately half of 2025 revenues and be largest driver of future growth • Cortrophin Gel forecast to reach $270M(1) revenue in 2025 and is on a strong multi-y
Slide 26: Appendix
© 2025 ANI Pharmaceuticals, Inc. 26 Appendix
Slide 27: Adjusted non-GAAP EBITDA calculation and reconciliation
© 2025 ANI Pharmaceuticals, Inc. 27 Adjusted non-GAAP EBITDA calculation and US GAAP to non-GAAP reconciliation Three months ended March 31, Twelve months ended December 31, Twelve months ended December 31, ($ in thousands, except per share amounts) 2025 2024 2023 Net Income (Loss) $15,681 $(18,522)
Slide 28: Adjusted non-GAAP diluted EPS calculation and reconciliation
© 2025 ANI Pharmaceuticals, Inc. 28 Adjusted non-GAAP diluted earnings per share calculation and US GAAP to non- GAAP reconciliation Three months ended March 31, Twelve months ended December 31, Twelve months ended December 31, ($ in thousands, except per share amounts) 2025 2024 2023 Net Income (Lo
Slide 29: May 2025
© 2025 ANI Pharmaceuticals, Inc. 29 May 2025