ANI PHARMACEUTICALS INC ANIP
ANI Pharmaceuticals is a diversified bio-pharmaceutical company. The Company's mission is "Serving Patients, Improving Lives" by developing, manufacturing, and commercializing therapeutics through its Rare Disease, Generics, and Brands businesses.
On September 16, 2024, the Company acquired Alimera Sciences, Inc. ("Alimera"). In connection with the acquisition, the Company added two new products, ILUVIEN® ("ILUVIEN") and YUTIQ® ("YUTIQ"). See Note 3 "Business Combination" in the notes to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.
During March 2025, the FDA approved an expanded label for ILUVIEN to include an indication for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye ("NIU-PS") in addition to the then-current indication of Diabetic Macular Edema ("DME"). The Company is currently marketing ILUVIEN for both indications in the U.S. ILUVIEN was already approved for both DME and NIU-PS outside the U.S., including in seventeen European countries. During the second quarter of 2025, the Company transitioned promotional efforts in the U.S. from YUTIQ to ILUVIEN with its combined label of DME and NIU-PS.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $883.4M | $614.4M | $486.8M | $316.4M | $216.1M | $208.5M | $206.5M | $201.6M | $176.8M | $128.6M |
| Cost of revenue | — | — | — | — | — | $87.2M | $63.2M | $73.0M | $79.0M | $48.8M |
| Gross profit | — | — | — | — | — | $121.3M | $143.4M | $128.6M | $97.8M | $79.8M |
| R&D | $51.7M | $44.6M | $34.3M | $22.3M | $11.4M | $16.0M | $19.8M | $15.4M | $9.1M | $2.9M |
| SG&A | $317.7M | $249.6M | $161.7M | $124.0M | $84.3M | $65.0M | $55.8M | $44.1M | $31.6M | $27.8M |
| Total operating expenses | $772.3M | $613.8M | $439.8M | $351.7M | $255.9M | $224.5M | $190.2M | $166.2M | $148.5M | $108.5M |
| Operating income | $111.1M | $584.0K | $47.0M | -$35.3M | -$39.8M | -$16.0M | $16.4M | $35.4M | $28.3M | $20.1M |
| Pre-tax income | $95.8M | -$22.2M | $19.9M | -$62.7M | -$56.1M | -$26.0M | $3.2M | $20.1M | $16.3M | $8.7M |
| Income tax | $17.5M | $3.7M | $1.1M | $14.8M | $13.5M | $3.4M | $2.9M | $4.6M | $17.4M | $4.7M |
| Net income | $78.0M | -$19.0M | $19.0M | -$48.0M | -$43.0M | -$22.5M | $6.1M | $15.5M | -$1.1M | $3.9M |
| EPS, basic | 3.50 | -1.04 | 0.86 | -3.05 | -3.40 | -1.88 | 0.51 | 1.31 | -0.09 | 0.34 |
| EPS, diluted | 3.32 | -1.04 | 0.85 | -3.05 | -3.40 | -1.88 | 0.50 | 1.30 | -0.09 | 0.34 |
| Shares, diluted (wtd. avg.) | $21.2M | $19.3M | $18.2M | $16.3M | $12.6M | $12.0M | $12.0M | $11.8M | $11.5M | $11.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $285.6M | $144.9M | $221.1M | $48.2M | $100.3M | $7.9M | $62.3M | $43.0M | $31.1M | $27.4M |
| Receivables | $281.1M | $221.7M | $162.1M | $165.4M | $128.5M | $95.8M | $72.1M | $64.8M | $58.8M | $45.9M |
| Inventory | $143.1M | $136.8M | $111.2M | $105.4M | $81.7M | $60.8M | $48.2M | $40.5M | $37.7M | $26.2M |
| Total current assets | $753.1M | $528.5M | $519.8M | $344.3M | $321.8M | $170.3M | $187.7M | $152.9M | $131.6M | $103.0M |
| Property, plant and equipment | $62.5M | $56.9M | $44.6M | $43.2M | $52.7M | $41.3M | $40.6M | $38.1M | $20.4M | $11.0M |
| Goodwill | $62.5M | $60.0M | $28.2M | $28.2M | $27.9M | $3.6M | $3.6M | $3.6M | $1.8M | $1.8M |
| Other intangibles | $479.5M | $541.8M | $209.0M | $251.6M | $294.1M | $188.5M | $180.4M | $201.6M | $229.8M | $175.8M |
| Total assets | $1.44B | $1.28B | $904.4M | $760.1M | $771.6M | $461.2M | $456.8M | $430.6M | $412.1M | $322.9M |
| Accounts payable | $62.6M | $45.7M | $36.7M | $29.3M | $23.0M | $11.3M | $14.6M | $8.9M | $3.6M | $3.4M |
| Short-term debt | $17.3M | $9.2M | $850.0K | $850.0K | $850.0K | $13.2M | $9.9M | $3.3M | $3.4M | $0 |
| Total current liabilities | $278.1M | $194.5M | $145.5M | $99.4M | $87.5M | $78.6M | $61.7M | $165.5M | $39.2M | $31.9M |
| Long-term debt | $291.8M | $309.1M | $284.8M | $285.7M | $286.5M | $172.4M | $175.8M | $67.3M | $69.9M | $0 |
| Total liabilities | $899.7M | $855.9M | $446.8M | $421.5M | $412.9M | $265.5M | $244.0M | $233.3M | $237.4M | $153.2M |
| Retained earnings | -$23.1M | -$100.3M | -$80.1M | -$97.3M | -$47.8M | -$5.0M | $17.6M | $11.5M | -$4.0M | -$2.9M |
| Total equity | $540.7M | $403.7M | $432.7M | $313.7M | $333.9M | $195.7M | $212.8M | $197.3M | $174.8M | $169.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $185.2M | $64.0M | $119.0M | -$31.2M | $3.3M | $15.3M | $45.6M | $67.1M | $39.4M | $27.5M |
| Depreciation and amortisation | $8.9M | $7.4M | $7.5M | $7.4M | $5.5M | $4.8M | $44.6M | $33.7M | $27.9M | $22.3M |
| Stock-based compensation | $37.9M | $29.3M | $20.7M | $14.6M | $10.5M | $12.9M | $9.2M | $6.8M | $6.1M | $6.1M |
| Capital expenditure | $13.8M | $16.2M | $8.9M | $8.9M | $2.6M | $6.1M | $6.6M | $5.7M | $10.4M | $4.6M |
| Investing cash flow | -$34.3M | -$404.7M | -$18.5M | -$15.7M | -$105.5M | -$68.3M | -$27.5M | -$27.4M | -$108.0M | -$149.1M |
| Financing cash flow | -$9.9M | $264.9M | $67.4M | -$5.1M | $194.6M | -$1.4M | $1.2M | -$27.8M | $72.4M | -$729.0K |
| Dividends paid | $1.2M | $1.6M | $1.6M | $1.6M | $190.0K | $0 | $0 | — | — | — |
| Buybacks | $12.2M | $11.0M | $5.0M | $2.0M | $890.0K | $1.5M | $1.0M | $659.0K | $259.0K | $2.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001023024-26-000039.
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| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |