Ani Pharmaceuticals, Inc. · NASDAQ:ANIP
Ani Pharmaceuticals — Q1 2026 Earnings Presentation
22 slides from Ani Pharmaceuticals's earnings presentation, May 8, 2026
Slide 1: Q1 2026 Earnings Results Call
Q1 2026 Earnings Results Call May 8, 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: Q1 2026 and recent business highlights
Q1 2026 and recent business highlights Total Net Revenues ($M)(1) Adjusted Non-GAAP EBITDA ($M)(2) • Strong top- and bottom-line growth +20% supported by solid performance across each business unit $237.5 • Continued momentum in demand for $197.1 +24% Cortrophin Gel $109.2 $63.0 • Monetized innovati
Slide 5: Executing 2026 priorities to drive long-term growth and value creation
Executing 2026 priorities to drive long-term growth and value creation Accelerating transformation to a leading rare disease company $75.1M $19.3M 42% YoY 20% YoY Net revenues in 1Q26 Net revenues in 1Q26 Recently onboarded majority of commercial Continued execution of commercial team for acute
Slide 6: Establishing collaborations to drive future value for our stakeholders
Establishing collaborations to drive future value for our stakeholders Out-licensed intellectual property to Harmony Biosciences in January 2026 $15M upfront license fee recognized in 1Q26 Harmony to utilize IP to expand its intellectual $10M payment upon achievement of certain property estate for d
Slide 7: Executing 2026 priorities to drive long-term growth and value creation
Executing 2026 priorities to drive long-term growth and value creation Continued excellence in Generics business Disciplined capital allocation strategy On track to maintain cadence of 10-15 Exploring opportunities to expand scope and launches this year; launched 6 Generics scale of Rare Disease bus
Slide 8: ANI well positioned to drive strong organic growth with Rare Disease
ANI well positioned to drive strong organic growth with Rare Disease representing ~60% of revenues in 2026 R E D I S E AS E RA 2026 STRATEGIC PRIORITIES BR A Accelerate Continued Execute N transformation excellence disciplined DS into leading Rare in Generics R&D capital allocation ANI’s virtuous Di
Slide 9: Cortrophin Gel: lead rare disease asset
Cortrophin Gel: lead rare disease asset Acceleration in Broad growth across Prescribing in acute Potential for strong momentum across all targeted specialties: gouty arthritis flares multi-year growth new patient starts and rheumatology, expected to be a key as key indications are dispensed volumes
Slide 10: Capturing sizable additional opportunity in gout through commercial organization expansion
Capturing sizable additional opportunity in gout through commercial organization expansion Acute Gout Flares Large underpenetrated Successful track Our approach to Diagnosed ~9,900,0001 market opportunity record in Gout serving more patients ~36% receive • Focus on most severe patients: • Only appro
Slide 11: Overall ACTH market growth driven by continued expansion into key indications
Overall ACTH market growth driven by continued expansion into key indications Acthar Gel Purified Cortrophin® Gel ACTH MARKET SALES • Expect continued strong multi- +27% YoY Growth -6% -4% +45% +30% year growth potential driven by large market opportunity as key indications remain significantly >$1.
Slide 12: Returning ILUVIEN to growth by leveraging established commercial and patient access initiatives
Returning ILUVIEN to growth by leveraging established commercial and patient access initiatives NEW DAY study results in DME published in Ophthalmology Expect to present SYNCHRONICITY trial results in NIU-PS at medical meeting in 3Q 2026 Growing use of alternative access channels to navigate market
Slide 13: 1Q26 Revenues
1Q26 Revenues Metric 1Q26 %YoY Change ($ millions, except EPS) Cortrophin Gel $75.1 42% ILUVIEN(1) 19.3 20% Brands 12.3 (51)% Brand royalties and other revenue 21.5 N/A Generics and other 109.2 6% Total net revenues $237.5 20% © 2026 ANI Pharmaceuticals, Inc. 1. NIU-PS indication was merged into the
Slide 14: 1Q26 Financial Results
1Q26 Financial Results Metric1 1Q26 %YoY Change ($ millions, except EPS) Total net revenues $237.5 20% Non-GAAP cost of sales 93.1 28% Non-GAAP gross margin (%) 60.8% (230)bps Non-GAAP total operating expenses 81.4 10% Adjusted Non-GAAP EBITDA 63.0 24% Adjusted Non-GAAP EPS ($) $2.05 21% • $311.2M i
Slide 15: Raising 2026 Financial Guidance
Raising 2026 Financial Guidance Reflects significant top- and bottom-line growth Metric Prior Current YoY Growth ($ millions, except EPS) 2026 Guidance 2026 Guidance Net Revenue (Total Company) $1,055 - $1,115 $1,080 - $1,140 22 - 29% Cortrophin Gel Net Revenue $540 - $575 $540 - $575 55 - 65% ILUVI
Slide 16: Executing across strategic priorities to support continued growth and transformation
Executing across strategic priorities to support continued growth and transformation into a leading Rare Disease company STRATEGIC PRIORITIES 2026 OUTLOOK 2026 total 2026 adjusted non- Accelerate transformation into revenues(1) GAAP EBITDA(1)(2) leading Rare Disease company ~$1.1B ~$293M Continued e
Slide 17: Appendix
Appendix © 2026 ANI Pharmaceuticals, Inc. 17
Slide 18: Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation
Adjusted Non-GAAP EBITDA calculation and US GAAP to Non-GAAP reconciliation 3 months ended 3 months ended ($ in thousands, except per share amounts) March 31, 2026 March 31, 2025 Net Income (Loss) $29,492 $15,681 Add/(Subtract): Interest expense, net 3,769 5,484 Other expense (income), net 651 (198)
Slide 19: Adjusted Non-GAAP diluted earnings per share calculation and reconciliation
Adjusted Non-GAAP diluted earnings per share calculation and US GAAP to Non-GAAP reconciliation 3 months ended 3 months ended ($ in thousands, except per share amounts) March 31, 2026 March 31, 2025 Net Income (Loss) Available to Common Shareholders $29,492 $15,275 Add/(Subtract): Non-cash interest
Slide 20: 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 March 31, Three Months Ended March 31, Three Months Ended March 31, Three Months Ende
Slide 21: 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 22: Q1 2026 Earnings Results Call
Q1 2026 Earnings Results Call May 8, 2026 © 2026 ANI Pharmaceuticals, Inc. 22