Filing Flows › ANI Pharmaceuticals (ANIP) › Q2 2026 › vs Q1 2026
ANI Pharmaceuticals (ANIP) Q2 2026 vs Q1 2026 (quarter over quarter)
ANI Pharmaceuticals's revenue rose $28.6M (+12%) from $237M in Q1 2026 to $266M in Q2 2026. The biggest changes: Rare Disease and Brands total net revenues +$37.1M (+29%); Generics and Other total net revenues −$8.6M (-8%). Operating margin 15.2% against 16.4% (-1.2 pts).
ANI Pharmaceuticals, Q2 2026: revenue $266M (+26% year over year), operating margin 15.2%, net earnings $24.7M, operating cash flow $56.7M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 15.2% | 16.4% | -1.2 pts |
| Net margin | 9.3% | 12.4% | -3.1 pts |
| Free cash flow margin | 20.2% | 22.0% | -1.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Cortrophin Gel | $117M | $75.1M | $42.0M | +56% |
| Generic pharmaceutical products | $99.1M | $105M | −$6.4M | -6% |
| ILUVIEN and YUTIQ | $18.7M | $19.3M | −$537K | -3% |
| Brand royalties and other revenues | $17.7M | $21.5M | −$3.8M | -18% |
| Brands | $11.8M | $12.3M | −$515K | -4% |
| Other generic revenues | $1.6M | $3.8M | −$2.2M | -58% |
| Rare Disease and Brands total net revenues | $165M | $128M | $37.1M | +29% |
| Generics and Other total net revenues | $101M | $109M | −$8.6M | -8% |
| Revenue | $266M | $237M | $28.6M | +12% |
| Operating profit | $40.5M | $38.9M | $1.6M | +4% |
| Costs & expenses | $226M | $199M | $27.0M | +14% |
| Pre-tax earnings | $37.1M | $40.2M | −$3.1M | -8% |
| Other expense, net | $3.4M | −$1.3M | $4.7M | — |
| Cost of revenue | $100M | $93.6M | $6.6M | +7% |
| Research & development | $14.7M | $10.6M | $4.1M | +39% |
| SG&A | $91.7M | $73.7M | $18.0M | +24% |
| Other operating costs | $19.0M | $20.7M | −$1.7M | -8% |
| Net earnings | $24.7M | $29.5M | −$4.8M | -16% |
| Income tax | $12.4M | $10.7M | $1.7M | +15% |
| Depreciation & amortization | $19.6M | $20.9M | −$1.3M | -6% |
| Share-based compensation | $11.4M | $10.2M | $1.2M | +12% |
| Working capital & other | $912K | −$2.2M | $3.1M | — |
| Operating cash flow | $56.7M | $58.4M | −$1.7M | -3% |
| Free cash flow (OCF − capex) | $53.6M | $52.3M | $1.3M | +3% |
| Capital expenditures | $3.1M | $6.1M | −$3.0M | -50% |
Questions
How much did ANI Pharmaceuticals's revenue grow quarter over quarter in Q2 2026?
ANI Pharmaceuticals's revenue rose $28.6M (+12%) from $237M in Q1 2026 to $266M in Q2 2026.
What drove ANI Pharmaceuticals's revenue change in Q2 2026?
Rare Disease and Brands total net revenues +$37.1M (+29%); Generics and Other total net revenues −$8.6M (-8%).