ANI Pharmaceuticals, Inc. (ANIP)

NASDAQHealth CareDrug Manufacturers - Specialty & GenericSnapshot 2026-10-23

$72.61-1.55%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge ANI Pharmaceuticals, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	319.21M
EPS	—	2.819
FY 2026 · Annual
Cortrophin Gel revenue	$520M–$540M	—
ILUVIEN revenue	$78M–$83M	—
Revenue	$1.08B–$1.14B	1.1B
EPS	$9.19–$9.69non-GAAP	9.264
EBITDA	$285M–$300Mnon-GAAP	—
FY 2027 · Annual
Revenue	—	1.22B
EPS	—	10.126

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cortrophin Gel net revenue at least $540 million in 2026	ANI grows Cortrophin Gel revenue to at least $540 million in 2026.	Intact	Cortrophin Gel revenue falls below $540 million in 2026	Revenue: $266.044M FY2026-Q2; GAAP. Published target: >=540 USD_MILLIONS. Target period ends 2026-12-31; this observation covers 2026-Q2. Source published Aug 7, 2026266,044,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: bef7e386-4bac-4882-bd84-7aa252897728. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
EPS at least $9.44 per share in 2026	The company raised its 2026 EPS guidance to about $9.44 per share.	Intact	EPS falls below $9.19 in 2026	Diluted EPS: $1.05 per share FY2026-Q2; GAAP. Published target: >=9.44 USD_PER_SHARE. Target period ends 2026-12-31; this observation covers 2026-Q2. Source published Aug 7, 20261.05 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: bef7e386-4bac-4882-bd84-7aa252897728. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Gross margin near 60% in 2026	A supporting condition in ANI Pharmaceuticals, Inc.'s published investment case. The stated target is ~59.8 PERCENT.	Intact	Gross margin falls below 59.3% in 2026	Gross margin: 62.35% FY2026-Q2; GAAP. Published target: ~59.8 PERCENT. Target percentage unit is not explicit. Source published Aug 7, 202662.352844 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Rare Disease revenue share about 60% in 2026	Rare Disease sales make up about 60% of total revenue.	Intact	Rare Disease revenue share falls well below 60% in 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 3 of last 4 quarters. ILUVIEN net revenues declined 16.1% year-over-year to $18.7 million in 2026-Q2, impacted by shipment timing. Management anticipates returning ILUVIEN to growth through commercial and patient access initiatives established in 2025 and expects detailed Phase 4 trial results in late 2026. The trajectory shows mixed progress with ongoing efforts to restore growth. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$10.13

Unavailable → $10.13 · observed estimates

FY2027 revenue$1.22B

$1.24B → $1.22B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$1,241,957,143	4 / 5
2026-07-25	Unavailable	$1,241,957,143	4 / 5
2026-07-26	Unavailable	$1,241,528,571	4 / 5
2026-07-27	Unavailable	$1,241,528,571	4 / 5
2026-07-28	Unavailable	$1,241,528,571	4 / 5
2026-07-29	Unavailable	$1,241,528,571	4 / 5
2026-07-30	Unavailable	$1,241,528,571	4 / 5
2026-07-31	$10.76	$1,241,488,720	8 / 7
2026-08-01	$10.76	$1,241,488,720	8 / 7
2026-08-02	$10.76	$1,241,488,720	8 / 7
2026-08-03	$10.76	$1,241,488,720	8 / 7
2026-08-04	$10.76	$1,241,488,720	8 / 7
2026-08-05	$10.76	$1,241,488,720	8 / 7
2026-08-06	$10.76	$1,241,488,720	8 / 7
2026-08-07	Unavailable	$1,241,528,571	4 / 5
2026-08-08	$10.76	$1,241,488,720	8 / 7
2026-08-09	$10.76	$1,241,488,720	8 / 7
2026-08-10	$10.76	$1,241,488,720	8 / 7
2026-08-11	$10.55	$1,235,354,720	8 / 7
2026-08-12	$10.54	$1,229,707,400	8 / 7
2026-08-13	$10.54	$1,229,707,400	8 / 7
2026-08-14	Unavailable	$1,241,528,571	4 / 5
2026-08-15	Unavailable	$1,241,528,571	4 / 5
2026-08-16	Unavailable	$1,241,528,571	4 / 5
2026-08-17	Unavailable	$1,241,528,571	4 / 5
2026-08-18	Unavailable	$1,241,528,571	4 / 5
2026-08-19	Unavailable	$1,241,528,571	4 / 5
2026-08-20	Unavailable	$1,229,668,500	4 / 5
2026-08-21	Unavailable	$1,229,668,500	4 / 5
2026-08-22	Unavailable	$1,229,668,500	4 / 5
2026-08-23	Unavailable	$1,229,668,500	4 / 5
2026-08-24	Unavailable	$1,229,668,500	4 / 5
2026-08-25	Unavailable	$1,229,668,500	4 / 5
2026-08-26	Unavailable	$1,229,668,500	4 / 5
2026-08-27	Unavailable	$1,229,668,500	4 / 5
2026-08-28	Unavailable	$1,229,668,500	4 / 5
2026-08-29	Unavailable	$1,229,668,500	4 / 5
2026-08-30	Unavailable	$1,229,668,500	4 / 5
2026-08-31	Unavailable	$1,229,668,500	4 / 5
2026-09-01	Unavailable	$1,229,668,500	4 / 5
2026-09-02	Unavailable	$1,229,668,500	4 / 5
2026-09-03	Unavailable	$1,229,668,500	4 / 5
2026-09-04	Unavailable	$1,229,668,500	4 / 5
2026-09-05	Unavailable	$1,229,668,500	4 / 5
2026-09-06	Unavailable	$1,229,668,500	4 / 5
2026-09-07	Unavailable	$1,229,668,500	4 / 5
2026-09-08	Unavailable	$1,229,668,500	4 / 5
2026-09-09	Unavailable	$1,229,668,500	4 / 5
2026-09-10	Unavailable	$1,229,668,500	4 / 5
2026-09-11	Unavailable	$1,229,668,500	4 / 5
2026-09-12	Unavailable	$1,229,668,500	4 / 5
2026-09-13	Unavailable	$1,229,668,500	4 / 5
2026-09-14	Unavailable	$1,229,668,500	4 / 5
2026-09-15	Unavailable	$1,229,668,500	4 / 5
2026-09-16	Unavailable	$1,229,668,500	4 / 5
2026-09-17	Unavailable	$1,229,668,500	4 / 5
2026-09-18	Unavailable	$1,229,668,500	4 / 5
2026-09-19	Unavailable	$1,229,668,500	4 / 5
2026-09-20	Unavailable	$1,229,668,500	4 / 5
2026-09-21	Unavailable	$1,229,668,500	4 / 5
2026-09-22	Unavailable	$1,229,668,500	4 / 5
2026-09-23	Unavailable	$1,229,668,500	4 / 5
2026-09-24	Unavailable	$1,229,668,500	4 / 5
2026-09-25	$10.40	$1,230,023,312	5 / 6
2026-09-26	$10.40	$1,230,023,312	5 / 6
2026-09-27	$10.40	$1,230,023,312	5 / 6
2026-09-28	$10.40	$1,230,023,312	5 / 6
2026-09-29	$10.40	$1,230,023,312	5 / 6
2026-09-30	$10.40	$1,230,023,312	5 / 6
2026-10-01	$10.40	$1,230,023,312	5 / 6
2026-10-02	$10.40	$1,230,023,312	5 / 6
2026-10-03	$10.40	$1,230,023,312	5 / 6
2026-10-04	$10.40	$1,230,023,312	5 / 6
2026-10-05	$10.40	$1,230,023,312	5 / 6
2026-10-06	$10.40	$1,222,523,312	5 / 6
2026-10-07	$10.17	$1,221,642,312	5 / 6
2026-10-08	$10.17	$1,221,642,312	5 / 6
2026-10-09	$10.17	$1,221,642,312	5 / 6
2026-10-10	$10.17	$1,221,642,312	5 / 6
2026-10-11	$10.17	$1,221,642,312	5 / 6
2026-10-12	$10.17	$1,221,642,312	5 / 6
2026-10-13	$10.17	$1,221,642,312	5 / 6
2026-10-14	$10.17	$1,221,642,312	5 / 6
2026-10-15	$10.17	$1,221,642,312	5 / 6
2026-10-16	$10.17	$1,221,642,312	5 / 6
2026-10-17	$10.17	$1,221,642,312	5 / 6
2026-10-18	$10.17	$1,221,642,312	5 / 6
2026-10-19	$10.17	$1,221,642,312	5 / 6
2026-10-20	$10.17	$1,221,642,312	5 / 6
2026-10-21	$10.17	$1,221,642,312	5 / 6
2026-10-22	$10.17	$1,221,642,312	5 / 6
2026-10-23	$10.13	$1,221,681,790	5 / 6
2026-10-24	$10.13	$1,221,681,790	5 / 6

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	7	1
2026-06-01	7	1
2026-07-01	7	1
2026-08-01	7	1
2026-09-01	7	2
2026-10-01	7	2

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 7 Buy / Strong Buy · 2 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cortrophin Gel net revenue at least $540 million in 2026Revenue: $266.044M
EPS at least $9.44 per share in 2026Diluted EPS: $1.05 per share
Gross margin near 60% in 2026Gross margin: 62.35%
Rare Disease revenue share about 60% in 2026Direct metric needs a verified mapping

Next proof point

Nov 6, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.2%Typical daily move · historical

Downside history

-26.1%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

ANI Pharmaceuticals, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

ANIP is a growth-oriented pharmaceutical business with robust earnings quality and strong recent financial performance. Its multi-year view is intact, but progress is uneven across products and the evidence carries medium confidence.

What's priced into ANI Pharmaceuticals, Inc.

The valuation snapshot labels ANIP stretched, with a positive expectations gap, even though it also shows the shares as cheap versus peers. These signals point to a mixed valuation picture: peer comparisons look supportive, while expectations appear demanding; no valuation fragility gates have fired.

What the fundamentals likely do

Near-term results have support from Cortrophin Gel, whose second-quarter revenue grew 43.5%, and Generics, which grew 9.7% as the company launched 12 products year to date. ILUVIEN revenue fell 16.1% amid shipment timing, while management expects commercial efforts to restore growth; a CEO transition and a 28% estimated miss probability are risks to monitor.

What ANI Pharmaceuticals, Inc. hinges on

The multi-year thesis depends on Cortrophin Gel sustaining growth, Generics maintaining its launch pace, and ILUVIEN returning to growth. Near term, a guidance cut would be a meaningful negative, while continued earnings strength from healthcare peers could support the sector backdrop. Weakening jobs data could also raise recession concerns for healthcare names.