ANI Pharmaceuticals, Inc. Q3 2026 Earnings Recap

ANI’s shares fell 2.8% after earnings, a roughly flat reaction, as the company cut 2026 Cortrophin Gel revenue guidance to $480–$500 million from $520–$540 million. Management attributed the shortfall to specialty-pharmacy capacity constraints and a slower-than-expected ramp converting new gout cases into patients on therapy.

Key Takeaways

• Q3 total revenue was $290.8 million, up 28% year over year; adjusted EBITDA was $82.3 million, up 40%.
• Cortrophin Gel revenue was $138.7 million, below the company’s expectations. The revised guidance implies more than 40% year-over-year growth at the midpoint, but is a meaningful reduction from the prior range.
• New gout prescribers increased 67% versus the prior quarter, and the funnel of new patient cases doubled; however, processing capacity and enrollment-to-fulfillment ramp times delayed conversions to therapy.
• Generics revenue reached $104.5 million, up 11% year over year. ANI said it launched 16 generics year to date and maintained the No. 2 position in overall CGT filings.
• ILUVIEN revenue grew 34% year over year. The company also repurchased $20 million of shares under its board-authorized program.