ANI Pharmaceuticals revenue hits record $247M as rare disease shift accelerates

ANI Pharmaceuticals (NASDAQ:ANIP) posted record fourth-quarter net revenue of $247.1 million on Friday, a 29.6% increase over the same period last year.

The results reflect the company’s ongoing transformation from a generics-focused drugmaker into a high-growth rare disease specialist, with its lead asset, Purified Cortrophin Gel, now acting as the primary engine for top-line growth.

On a GAAP basis, the company reported diluted earnings per share (EPS) of $1.18.

When adjusted for non-recurring items—including acquisition-related costs and amortization—adjusted diluted EPS reached $2.33, comfortably beating the Zacks Consensus Estimate of $1.99.

Total revenue for the full year 2025 rose 43.8% to $883.4 million.

The star performer of the quarter was Cortrophin Gel, which generated $111.4 million in revenue, an 87.6% jump year-over-year.

The Rare Disease segment was further bolstered by the addition of ophthalmology treatments ILUVIEN and YUTIQ, acquired via the Alimera Sciences deal in late 2024.

Combined, these ophthalmology products contributed $19.8 million to the fourth-quarter total.

Meanwhile, the company’s Generics and Established Brands business remained a steady cash generator, posting quarterly revenues of $100.8 million, up 28.2% due to new product launches.

Looking toward 2026, management reaffirmed its bullish guidance, projecting total net revenues between $1.055 billion and $1.115 billion.

The company expects its Rare Disease segment to represent approximately 60% of total revenue by the end of next year.