| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 89 | 15.3x | 17.8x | Top tier | |
Growth | 96 | 30.9% | 7.1% | Top tier | |
Quality | 88 | 13.9% | 4.5% | Top tier | |
Safety | 68 | — | 2.6x | Top tier | |
Capital Return | 33 | 0.02% | 2.12% | Bottom tier | |
Momentum | 32 | -11.6% | 2.9% | Bottom tier | |
Sentiment | 38 | 6 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ANI Pharmaceuticals is shifting its business mix toward specialized medicines for rare diseases, relying on Cortrophin Gel and ILUVIEN as the two main products in this business. The company supports this transition with revenue streams from generic pharmaceuticals, in addition to licensing intellectual property to Harmony Biosciences, which generates royalties linked to WAKIX sales and revenue tied to development milestones. In Q2 fiscal 2026, Cortrophin Gel represented approximately 44% of revenue, generating $117.1M, generic pharmaceuticals contributed approximately 37% with revenue of $99.1M, ILUVIEN recorded $18.7M, and the Harmony agreement contributed $17.7M.
ANI recorded record revenue of $266.0M in Q2 fiscal 2026, up 26% year over year, compared with revenue of $237.5M in Q1 fiscal 2026. Net income according to EDGAR was approximately $24.7M and earnings per share were $1.05, equivalent to a calculated net income margin of approximately 9.3%, while adjusted gross margin was 62.6%, down 230 basis points year over year due to product mix. The company recorded record adjusted EBITDA of $71.6M, up 32%, and adjusted diluted earnings per share of $2.21 versus $1.80 in the corresponding period.
On a trailing twelve-month basis in fiscal 2026, revenue reached $978.4M, net income was $108.3M, and earnings per share were approximately $4.94, compared with annual revenue of $883.4M, net income of $78.3M, and earnings per share of $3.32 in fiscal 2025. Management is targeting total revenue between $1.08B and $1.14B in fiscal 2026, with the rare disease business approaching 60% of revenue, and adjusted EBITDA between $285M and $300M. Unrestricted liquidity stood at $360.2M on June 30, 2026, compared with outstanding debt principal of $620.9M and net leverage of 1.0 times trailing twelve-month adjusted EBITDA.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average target of $104.5 and a wide range between $90 and $119; the average is approximately 5% above the upper end of the 52-week range of $99.5, while the stock's annual range extends from $70.15 to $99.5. The elevated target reflects expectations for Cortrophin Gel growth and an increase in total revenue to $1.08B–$1.14B in fiscal 2026, but the wide range of analyst targets and the reduction in Cortrophin guidance highlight significant disagreement about the speed of execution. Therefore, realizing the valuation depends primarily on converting the expansion of the gout team into revenue, maintaining growth in established specialties, and restoring operating leverage after the Q2 margin pressure and Q3 costs.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Cortrophin Gel is the largest driver, having recorded $117.1M in Q2 fiscal 2026 and grown 43% year over year and 56% sequentially. Management is targeting revenue between $520M and $540M for the product in fiscal 2026, equivalent to growth between 50% and 55% from fiscal 2025. The plan is based on established specialties and the addition of primary care physicians and podiatrists through the expansion of the sales team dedicated to acute gouty arthritis flares.
Management said during the August 7, 2026 call that the revised guidance reflects actual first-half performance, while its second-half expectations remained largely unchanged. The fiscal 2026 Cortrophin Gel revenue range became $520M to $540M after recording $117.1M in Q2. The company emphasizes that it has not seen additional headwinds in the second half, but reaching the range requires revenue to increase to $143M–$153M in Q3 and then grow further in Q4.
ANI increased its rare disease sales team from 120 to approximately 180 representatives, and the expanded team was fully operational at the end of June 2026. By the August 7, 2026 call, more than 95% of the new representatives had generated multiple cases, and more than one-third of prescribers had initiated two or more cases. The revenue impact of the expansion was limited in Q2 fiscal 2026, and management expects a measurable impact in Q3 and a larger impact in Q4.
Total revenue reached $266.0M, including $117.1M from Cortrophin Gel and $99.1M from generic pharmaceuticals. ILUVIEN added $18.7M, while the Harmony agreement contributed $17.7M, divided between $9.7M in WAKIX royalties and $8M from development milestone-related work. This is equivalent to contributions of approximately 44% from Cortrophin Gel and approximately 37% from generic pharmaceuticals to quarterly revenue.
Adjusted EBITDA rose 32% year over year to a record $71.6M in Q2 fiscal 2026, and adjusted diluted earnings per share reached $2.21 versus $1.80 in the corresponding period. In contrast, adjusted gross margin declined 230 basis points to 62.6%, and selling, general, and administrative expenses rose 20% to $80.7M. Management expects adjusted EBITDA between $285M and $300M for fiscal 2026, with a sequential decline in Q3 followed by the highest annual level in Q4 as the company begins to realize operating benefits from the gout expansion.
ANI ended Q2 fiscal 2026 with unrestricted liquidity of $360.2M, an increase of $74.6M from the December 31, 2025 balance. Outstanding debt principal was $620.9M on June 30, 2026, while gross leverage was 2.4 times and net leverage was 1.0 times trailing twelve-month adjusted EBITDA of $259.6M. The company also generated operating cash flow of $56.7M during the quarter and $115M since the beginning of fiscal 2026, and says its balance sheet allows it to evaluate disciplined expansion opportunities in rare diseases.
