Filing Flows › ANI Pharmaceuticals (ANIP) › Q2 2026 › vs Q2 2025
ANI Pharmaceuticals (ANIP) Q2 2026 vs Q2 2025 (year over year)
ANI Pharmaceuticals's revenue rose $54.7M (+26%) from $211M in Q2 2025 to $266M in Q2 2026. The biggest changes: Rare Disease and Brands total net revenues +$48.2M (+41%); Generics and Other total net revenues +$6.4M (+7%). Operating margin 15.2% against 6.6% (+8.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 15.2% | 6.6% | +8.6 pts |
| Net margin | 9.3% | 4.0% | +5.2 pts |
| Free cash flow margin | 20.2% | 34.0% | -13.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Cortrophin Gel | $117M | $81.6M | $35.5M | +43% |
| Generic pharmaceutical products | $99.1M | $90.3M | $8.8M | +10% |
| ILUVIEN and YUTIQ | $18.7M | $22.3M | −$3.6M | -16% |
| Brand royalties and other revenues | $17.7M | $0 | $17.7M | — |
| Brands | $11.8M | $13.2M | −$1.4M | -10% |
| Other generic revenues | $1.6M | $3.9M | −$2.3M | -59% |
| Rare Disease and Brands total net revenues | $165M | $117M | $48.2M | +41% |
| Generics and Other total net revenues | $101M | $94.2M | $6.4M | +7% |
| Revenue | $266M | $211M | $54.7M | +26% |
| Operating profit | $40.5M | $13.9M | $26.6M | +191% |
| Costs & expenses | $226M | $197M | $28.1M | +14% |
| Pre-tax earnings | $37.1M | $10.5M | $26.6M | +252% |
| Other expense, net | $3.4M | $3.4M | −$4K | -0.1% |
| Cost of revenue | $100M | $74.6M | $25.5M | +34% |
| Research & development | $14.7M | $16.5M | −$1.8M | -11% |
| SG&A | $91.7M | $81.8M | $9.9M | +12% |
| Other operating costs | $19.0M | $24.6M | −$5.5M | -23% |
| Net earnings | $24.7M | $8.5M | $16.2M | +189% |
| Income tax | $12.4M | $2.0M | $10.4M | +527% |
| Depreciation & amortization | $19.6M | $23.3M | −$3.6M | -16% |
| Share-based compensation | $11.4M | $9.6M | $1.8M | +19% |
| Working capital & other | $912K | $34.4M | −$33.5M | -97% |
| Operating cash flow | $56.7M | $75.8M | −$19.1M | -25% |
| Free cash flow (OCF − capex) | $53.6M | $71.8M | −$18.2M | -25% |
| Capital expenditures | $3.1M | $4.0M | −$960K | -24% |
Questions
How much did ANI Pharmaceuticals's revenue grow year over year in Q2 2026?
ANI Pharmaceuticals's revenue rose $54.7M (+26%) from $211M in Q2 2025 to $266M in Q2 2026.
What drove ANI Pharmaceuticals's revenue change in Q2 2026?
Rare Disease and Brands total net revenues +$48.2M (+41%); Generics and Other total net revenues +$6.4M (+7%).