ANI Pharmaceuticals (ANIP) financial statements
ANI Pharmaceuticals reported revenue of $883M in fiscal 2025, up 23.9% a year over 9 years.
Net income was $78M and the operating margin 12.6%, against 15.6% in 2016.
Free cash flow was $171M, and the company returned $1M in dividends and $12M in net buybacks.
The diluted share count rose 83% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ANI Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $129M | $177M | $202M | $207M | $208M | $216M | $316M | $487M | $614M | $883M |
| Cost of revenue | $49M | $79M | $73M | $63M | $87M | $101M | $139M | $182M | $250M | $341M |
| Gross profit | $80M | $98M | $129M | $143M | $121M | $116M | $178M | $305M | $364M | $542M |
| Research and development | $3M | $9M | $15M | $20M | $16M | $11M | $22M | $34M | $45M | $52M |
| Selling, general and admin | $28M | $32M | $44M | $56M | $65M | $84M | $124M | $162M | $250M | $318M |
| Operating income | $20M | $28M | $35M | $16M | -$16M | -$40M | -$35M | $47M | $584,000 | $111M |
| Interest expense | $11M | $11M | $15M | $13M | $9M | $12M | $29M | $36M | $34M | $33M |
| Pre-tax income | $9M | $16M | $20M | $3M | -$26M | -$56M | -$63M | $20M | -$22M | $96M |
| Income tax | $5M | $17M | $5M | -$3M | -$3M | -$13M | -$15M | $1M | -$4M | $17M |
| Net income | $4M | -$1M | $15M | $6M | -$23M | -$43M | -$48M | $19M | -$19M | $78M |
| EPS (diluted) | $0.34 | -$0.09 | $1.30 | $0.50 | -$1.88 | -$3.40 | -$3.05 | $0.85 | -$1.04 | $3.32 |
| Diluted shares | 12M | 12M | 12M | 12M | 12M | 13M | 16M | 18M | 19M | 21M |
| Gross margin | 62.1% | 55.3% | 63.8% | 69.4% | 58.2% | 53.5% | 56.1% | 62.7% | 59.3% | 61.4% |
| Operating margin | 15.6% | 16.0% | 17.5% | 7.9% | -7.7% | -18.4% | -11.2% | 9.6% | 0.1% | 12.6% |
| Net margin | 3.1% | -0.6% | 7.7% | 3.0% | -10.8% | -19.7% | -15.1% | 3.9% | -3.0% | 8.9% |
Balance sheet
Fiscal years, from ANI Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $27M | $31M | $43M | $62M | $8M | $100M | $48M | $221M | $145M | $286M |
| Receivables | $46M | $59M | $65M | $72M | $96M | $129M | $165M | $162M | $222M | $281M |
| Inventory | $26M | $38M | $41M | $48M | $61M | $82M | $105M | $111M | $137M | $143M |
| Total current assets | $103M | $132M | $153M | $188M | $170M | $322M | $344M | $520M | $528M | $753M |
| Property, plant and equipment | $11M | $20M | $38M | $41M | $41M | $53M | $43M | $45M | $57M | $62M |
| Goodwill | $2M | $2M | $4M | $4M | $4M | $28M | $28M | $28M | $60M | $62M |
| Total assets | $323M | $412M | $431M | $457M | $461M | $772M | $760M | $904M | $1.3B | $1.4B |
| Total current liabilities | $32M | $39M | $166M | $62M | $79M | $88M | $99M | $145M | $194M | $278M |
| Long-term debt | $0 | $70M | $67M | $176M | $172M | $287M | $286M | $285M | $309M | $292M |
| Total liabilities | $153M | $237M | $233M | $244M | $265M | $413M | $422M | $447M | $856M | $900M |
| Shareholders' equity | $170M | $175M | $197M | $213M | $196M | $334M | $314M | $433M | $404M | $541M |
| Net debt | -$27M | $42M | $28M | $123M | $178M | $187M | $238M | $65M | $173M | $24M |
Cash flow
Fiscal years, from ANI Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $27M | $39M | $67M | $46M | $15M | $3M | -$31M | $119M | $64M | $185M |
| Capital spending | $5M | $10M | $6M | $7M | $6M | $3M | $9M | $9M | $16M | $14M |
| Free cash flow | $23M | $29M | $61M | $39M | $9M | $765,000 | -$40M | $110M | $48M | $171M |
| Stock-based compensation | $6M | $6M | $7M | $9M | $13M | $10M | $15M | $21M | $29M | $38M |
| Dividends paid | — | — | — | $0 | $0 | $190,000 | $2M | $2M | $2M | $1M |
| Share buybacks (net) | -$2M | $0 | $0 | -$1M | -$2M | -$890,000 | -$2M | -$5M | -$11M | -$12M |
| Net borrowing | $0 | $75M | $0 | $0 | -$8M | $0 | -$3M | -$3M | — | — |
| Free cash flow margin | 17.8% | 16.4% | 30.4% | 18.9% | 4.4% | 0.4% | -12.7% | 22.6% | 7.8% | 19.4% |
| Dividends per share | — | — | — | — | — | $0.02 | $0.10 | $0.09 | $0.08 | $0.05 |
Questions
What was ANI Pharmaceuticals's revenue in 2025?
$883M in fiscal 2025, from its 10-K filing.
How much free cash flow does ANI Pharmaceuticals generate?
$171M in fiscal 2025 (operating cash flow minus capital spending).
From ANI Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.