ANI Pharmaceuticals Inc. (NASDAQ:ANIP) reported stronger-than-expected second-quarter results on Friday, but shares fell in pre-market trading after the company lowered its sales forecast for its flagship Cortrophin Gel treatment.
The stock declined around 7.6% as investors focused on the weaker product outlook despite better-than-expected earnings and revenue.
Quarterly Results Exceed Expectations
ANI reported adjusted earnings of $2.21 per share for the second quarter, comfortably ahead of analysts’ consensus estimate of $2.03.
Revenue rose 25.9% year over year to $266.0 million from $211.4 million, also surpassing Wall Street’s expectation of $262.14 million.
The strong quarterly performance was supported by continued growth across the company’s branded and generic pharmaceutical portfolio.
Cortrophin Gel Forecast Reduced
Despite robust quarterly growth, management lowered its full-year revenue outlook for Cortrophin Gel, its largest product.
The company now expects Cortrophin Gel sales of between $520 million and $540 million in 2026, compared with its previous forecast of $540 million to $575 million.
Second-quarter Cortrophin Gel revenue increased 43.5% year over year to $117.1 million.
President and Chief Executive Officer Nikhil Lalwani said, “In the second quarter, we delivered outstanding financial results, while we implemented the largest Rare Disease sales force expansion in our history.”
He added, “Leading indicators from our gout expansion for Cortrophin Gel are very positive, with the team rapidly delivering a large funnel of new patient cases, with significant breadth and depth of prescribing.”
Full-Year Financial Guidance Maintained
ANI reaffirmed its overall 2026 revenue guidance of between $1.08 billion and $1.14 billion, although the midpoint of $1.11 billion sits slightly below analysts’ expectations of $1.12 billion.
The company also maintained its adjusted EBITDA forecast of $285 million to $300 million.
Adjusted earnings per share guidance remained unchanged at $9.19 to $9.69, with the midpoint of $9.44 marginally above the market consensus.
Strong Cash Generation Supports Growth
Generics revenue increased 9.7% to $99.1 million during the quarter.
Revenue from ILUVIEN declined 16.1% to $18.7 million, reflecting the timing of international product shipments.
ANI also recognised $17.7 million in brand royalties and other revenue under its Harmony Agreement.
Adjusted EBITDA rose 32.4% year over year to $71.6 million.
The company generated $115.0 million in operating cash flow during the first six months of 2026 and finished the quarter with cash and cash equivalents of $360.2 million.
ANI Pharmaceuticals stock price
