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ANI Pharmaceuticals (ANIP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · ANI Pharmaceuticals (ANIP) Q3 2026 earnings results →
Q3 2026 Revenue up 28% year over year to $291M · 12¢ of every $1 of revenue kept as net profit · operating margin 18.0%
ANI Pharmaceuticals made $291M in Q3 2026 (+28% Y/Y): Rare Disease and Brands total net revenues $182M, Generics and Other total net revenues $108M. Operating margin 18.0%, net earnings $35.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $290.8M in Q3 2026, up 28% year over year and up 9% from the previous quarter. Cortrophin Gel was the largest line at 48% of revenue. Cortrophin Gel added $36.8M year over year (up 36%), 58% of the total change. Other generic revenues declined 8%.
Operating profit was $52.4M, a 18.0% margin (up 2.1 points year over year). Of the extra revenue versus Q3 2025, 26% reached operating profit, above the 16% margin then. Total costs grew 24% against revenue growth of 28%. The fastest-growing cost line was Other operating costs (+106%). Net earnings were $35.1M, up 32% year over year. The effective tax rate was 28.3%.
Operating cash flow was $83.8M (up 90% year over year), 238% of net earnings. Non-cash charges added back $19.6M of depreciation and amortization and $11.6M of share-based compensation. Working capital and other items added $17.5M. Capital expenditures of $13.5M left free cash flow of $70.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $291M | +28% | 18.0% | $35.1M | $83.8M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $266M | +26% | 15.2% | $24.7M | $56.7M |
| Q1 2026 | 10-Q | May 8, 2026 | $237M | +20% | 16.4% | $29.5M | $58.4M |
| Q4 2025 | 10-K | Feb 27, 2026 | $247M | +30% | 14.1% | $27.5M | $30.4M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $228M | +54% | 15.9% | $26.6M | $44.1M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $211M | +53% | 6.6% | $8.5M | $75.8M |
| Q1 2025 | 10-Q | May 9, 2025 | $197M | +43% | 13.3% | $15.7M | $35.0M |
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About ANI Pharmaceuticals
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.
In its own words, from its 10-K, filed Feb 27, 2026.
ANI Pharmaceuticals against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +28% against the peers' median +10%. Operating margin: 18.0% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ANIP ANI Pharmaceuticals | Q3 2026 | $291M | +28% | 18.0% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: ANI Pharmaceuticals 10-Q on SEC EDGAR · CIK 1023024 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns ANIP and who is buying
More on ANIP
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- ANI Pharmaceuticals guidance and outlook
- Is ANI Pharmaceuticals a takeover target? LBO and rumors
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- ANI Pharmaceuticals guidance history: guided vs reported
- ANI Pharmaceuticals operating margin by quarter
- ANI Pharmaceuticals net income by quarter
- ANI Pharmaceuticals free cash flow by quarter
- ANI Pharmaceuticals R&D spending by quarter
- ANI Pharmaceuticals capital expenditures by quarter
- ANI Pharmaceuticals Rare Disease and Brands total net revenues revenue by quarter
- ANI Pharmaceuticals Generics and Other total net revenues revenue by quarter