Filing Flows › ANI Pharmaceuticals (ANIP) › Q3 2025
ANI Pharmaceuticals (ANIP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
ANI Pharmaceuticals (ANIP) reported revenue of $228M for the third quarter 2025 (Q3 2025), +54% from a year earlier and +8% from the quarter before. Operating margin was 15.9%, net earnings $26.6M (11.7% of revenue).
ANI Pharmaceuticals, Q3 2025: revenue $228M (+54% year over year), operating margin 15.9%, net earnings $26.6M, operating cash flow $44.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $228M | +8% | +54% |
| Operating profit | $36.2M | +161% | — |
| Net earnings | $26.6M | +211% | — |
| Operating cash flow | $44.1M | -42% | +253% |
| Free cash flow | $38.0M | -47% | +395% |
What changed
Revenue was $227.8M in Q3 2025, up 54% year over year and up 8% from the previous quarter. Cortrophin Gel was the largest line at 45% of revenue. Cortrophin Gel added $49.3M year over year (up 94%), 62% of the total change. Royalties and other pharmaceutical services declined 4%.
Operating profit was $36.2M, a 15.9% margin (up 29.7 points year over year). Total costs grew 13% against revenue growth of 54%. The fastest-growing cost line was Cost of revenue (+48%). Net earnings were $26.6M. The effective tax rate was 21.3%.
Operating cash flow was $44.1M (up 253% year over year), 166% of net earnings. Non-cash charges added back $22.6M of depreciation and amortization and $9.7M of share-based compensation. Working capital and other items used $14.9M. Capital expenditures of $6.1M left free cash flow of $38.0M.
Questions
What was ANI Pharmaceuticals' revenue in the third quarter 2025?
ANI Pharmaceuticals (ANIP) reported revenue of $228M for the third quarter 2025 (Q3 2025), +54% from a year earlier and +8% from the quarter before.
Was ANI Pharmaceuticals profitable in the third quarter 2025?
Operating profit was $36.2M (15.9% of revenue) and net earnings $26.6M.