ANI Pharmaceuticals surges on rare disease growth and raises 2026 outlook

ANI Pharmaceuticals (NASDAQ:ANIP) delivered a robust first-quarter performance for 2026, fueled by the continued rapid expansion of its Rare Disease segment.

The Baudette, Minnesota-based company reported consolidated net revenue of $237.5 million, marking a 20.5% increase compared to the $197.1 million reported in the first quarter of 2025.

The primary catalyst for the growth remains the company’s lead asset, Purified Cortrophin Gel.

The rare disease treatment generated $75.1 million in net revenue during the quarter, a 42.1% year-over-year increase.

This momentum, combined with steady contributions from the company's established generics and established brands business, drove adjusted non-GAAP EBITDA to $63 million, up 24.1% from the prior-year period.

ANI reported GAAP diluted earnings per share (EPS) of $1.28.

On an adjusted non-GAAP basis, which excludes certain non-cash charges and acquisition-related expenses, diluted EPS reached $2.05.

Demonstrating confidence in its cash-flow generation, ANI’s Board of Directors authorized a new share repurchase program of up to $100 million.

As of March 31, 2026, the company maintained a healthy liquidity position with $311.2 million in cash and cash equivalents, against a total principal debt of $625 million.

Based on the strong start to the year and the sustained trajectory of the Rare Disease business, management has raised its full-year 2026 financial guidance.

Net revenue is now expected to be between $1.08 billion and $1.14 billion.