ANI PHARMACEUTICALS INC
ANIP · Pharmaceutical Preparations · 24.4M shares · +11%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$16M (gross $5M, SBC $21M)
Reference price $82.03 · est. market cap ~$2.0B — last insider sale, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76Specialty/generic pharma (Cortrophin) — profitable, growing, with strong free cash flow.
Strengths
- Strong free cash flow — FCF $171M (91st), FCF margin 19%
- Profitable and growing — operating margin 13% (84th), ROE 14% (80th)
- Diversified rare-disease/generic portfolio — per 10-K
Risks
- Moderate leverage — D/E 0.5 (69th)
- Generic-pricing pressure — per 10-K
- Cortrophin-ramp dependence — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Customer concentration~10% of revenue from one customer/distributor — See “Risk Factors – Four products, which together comprised less than 10% of our total revenue in 2025, are marketed without approved NDAs or ANDAs and we cannot be certain that the FDA will not requi
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- FDA recallFDA recall (Class II) — Estradiol Gel, 0.1%, 0.25 mg, 0.25 g per packet, 30 packets per carton, Rx only, (2026-05-12)
- Strong balance sheetStrong balance sheet — $286M cash & investments
- Insider sellingInsider selling — 28 open-market sale(s) by 9 insider(s) (cluster of 9 insiders, ~$10M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
12.6%
Net margin
8.9%
Return on equity
14.5%
Return on assets
5.4%
ROIC
10.5%
Revenue growth (QoQ)
-3.9%
Debt / equity
0.5×
Net debt / EBITDA
0.0×
Current ratio
2.7×
Free cash flow
$171M
EBITDA
$203M
Tangible book value
-$1M
Cash & investments
$286M
Stock comp / revenue
4.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | Cook Meredith | Sell | 500 | $82.03 |
| 2026-06-08 | HAUGHEY THOMAS | Sell | 2.0K | $80.88 |
| 2026-06-05 | CAREY STEPHEN P. | Option exercise | 3.3K | $49.51 |
| 2026-06-05 | CAREY STEPHEN P. | Sell | 3.3K | $80.00 |
| 2026-05-21 | Pera Antonio R | Grant | 4.4K | — |
| 2026-05-21 | Leonard Matthew J | Grant | 4.4K | — |
| 2026-05-21 | Thoma Jeanne | Grant | 4.4K | — |
| 2026-05-21 | HAUGHEY THOMAS | Grant | 4.4K | — |
| 2026-05-21 | TANNENBAUM RENEE P | Grant | 4.4K | — |
| 2026-05-13 | Cook Meredith | Sell | 500 | $78.16 |
| 2026-05-13 | Walsh Patrick D | Sell | 10K | $80.63 |
| 2026-05-12 | Gutwerg Ori | Sell | 2.8K | $79.50 |
| 2026-05-12 | Rowland Thomas Andrew | Sell | 459 | $79.21 |
| 2026-05-11 | Lalwani Nikhil | Sell | 55K | $77.57 |
| 2026-05-11 | Walsh Patrick D | Sell | 4.0K | $80.75 |
| 2026-04-13 | Cook Meredith | Sell | 500 | $77.95 |
| 2026-03-13 | Mutz Christopher | Sell | 3.2K | $71.64 |
| 2026-03-13 | Cook Meredith | Sell | 500 | $72.62 |
| 2026-03-11 | Rowland Thomas Andrew | Sell | 4.8K | $74.91 |
| 2026-03-09 | Mutz Christopher | Sell | 3.6K | $74.18 |
| 2026-03-09 | Davis Krista | Sell | 5.1K | $74.13 |
| 2026-03-07 | CAREY STEPHEN P. | Tax withheld | 5.2K | $74.04 |
| 2026-03-07 | Mutz Christopher | Tax withheld | 3.3K | $74.04 |
| 2026-03-07 | Gutwerg Ori | Tax withheld | 3.3K | $74.04 |
| 2026-03-07 | Lalwani Nikhil | Tax withheld | 17K | $74.04 |
| 2026-03-06 | Mutz Christopher | Sell | 2.1K | $74.22 |
| 2026-03-06 | Davis Krista | Sell | 1.5K | $75.00 |
| 2026-03-05 | CAREY STEPHEN P. | Sell | 3.3K | $75.42 |
| 2026-03-05 | CAREY STEPHEN P. | Option exercise | 3.3K | $49.51 |
| 2026-03-05 | CAREY STEPHEN P. | Sell | 4.0K | $75.56 |
| 2026-03-03 | Walsh Patrick D | Sell | 6.0K | $74.23 |
| 2026-03-03 | Gutwerg Ori | Sell | 2.1K | $76.50 |
| 2026-03-02 | Mutz Christopher | Sell | 417 | $74.00 |
| 2026-02-28 | Rowland Thomas Andrew | Tax withheld | 628 | $73.90 |
| 2026-02-28 | Cook Meredith | Tax withheld | 1.6K | $73.90 |
| 2026-02-28 | CAREY STEPHEN P. | Tax withheld | 2.8K | $73.90 |
| 2026-02-28 | Gassert Chad | Tax withheld | 2.2K | $73.90 |
| 2026-02-28 | Lalwani Nikhil | Tax withheld | 12K | $73.90 |
| 2026-02-28 | Gutwerg Ori | Tax withheld | 2.2K | $73.90 |
| 2026-02-28 | Mutz Christopher | Tax withheld | 2.2K | $73.90 |
| 2026-02-28 | Davis Krista | Tax withheld | 1.6K | $73.90 |
| 2026-02-26 | Gutwerg Ori | Grant | 13K | $77.15 |
| 2026-02-26 | Davis Krista | Grant | 11K | $77.15 |
| 2026-02-26 | Cook Meredith | Grant | 14K | $77.15 |
| 2026-02-26 | Gassert Chad | Grant | 11K | $77.15 |
| 2026-02-26 | Shanmugam Muthusamy | Grant | 11K | $77.15 |
| 2026-02-26 | Mutz Christopher | Grant | 21K | $77.15 |
| 2026-02-26 | Lalwani Nikhil | Grant | 76K | $77.15 |
| 2026-02-26 | CAREY STEPHEN P. | Grant | 22K | $77.15 |
| 2026-02-26 | Rowland Thomas Andrew | Grant | 6.0K | $77.15 |
| 2026-02-20 | Mutz Christopher | Sell | 5.3K | $78.02 |
| 2026-02-20 | Davis Krista | Sell | 1.7K | $77.99 |
| 2026-02-19 | Davis Krista | Sell | 2.1K | $77.53 |
| 2026-02-14 | Lalwani Nikhil | Tax withheld | 10K | $77.36 |
| 2026-02-14 | Mutz Christopher | Tax withheld | 2.4K | $77.36 |
| 2026-02-14 | Rowland Thomas Andrew | Tax withheld | 485 | $77.36 |
| 2026-02-14 | Gassert Chad | Tax withheld | 1.7K | $77.36 |
| 2026-02-14 | Davis Krista | Tax withheld | 1.3K | $77.36 |
| 2026-02-14 | CAREY STEPHEN P. | Tax withheld | 2.4K | $77.36 |
| 2026-02-14 | Gutwerg Ori | Tax withheld | 1.9K | $77.36 |
| 2026-02-14 | Cook Meredith | Tax withheld | 1.8K | $77.36 |
| 2026-02-13 | Cook Meredith | Sell | 500 | $76.80 |
| 2026-02-12 | CAREY STEPHEN P. | Tax withheld | 2.8K | $76.70 |
| 2026-02-12 | Davis Krista | Tax withheld | 1.2K | $76.70 |
| 2026-02-12 | Cook Meredith | Tax withheld | 1.5K | $76.70 |
| 2026-02-12 | Gassert Chad | Tax withheld | 1.6K | $76.70 |
| 2026-02-12 | Mutz Christopher | Tax withheld | 3.2K | $76.70 |
| 2026-02-12 | Mutz Christopher | Sell | 7.0K | $76.55 |
| 2026-02-12 | Gutwerg Ori | Tax withheld | 1.8K | $76.70 |
| 2026-02-12 | Lalwani Nikhil | Tax withheld | 12K | $76.70 |
| 2026-02-12 | Rowland Thomas Andrew | Tax withheld | 566 | $76.70 |
| 2026-02-11 | Davis Krista | Tax withheld | 3.0K | $76.25 |
| 2026-02-11 | Cook Meredith | Tax withheld | 3.0K | $76.25 |
| 2026-02-11 | Gassert Chad | Tax withheld | 4.3K | $76.25 |
| 2026-02-11 | Shanmugam Muthusamy | Tax withheld | 2.9K | $76.25 |
| 2026-02-11 | Mutz Christopher | Tax withheld | 4.5K | $76.25 |
| 2026-02-11 | Gutwerg Ori | Tax withheld | 4.3K | $76.25 |
| 2026-02-11 | Lalwani Nikhil | Tax withheld | 31K | $76.25 |
| 2026-02-11 | CAREY STEPHEN P. | Tax withheld | 5.5K | $76.25 |
| 2026-02-11 | Rowland Thomas Andrew | Tax withheld | 1.8K | $76.25 |
| 2026-01-13 | Cook Meredith | Sell | 500 | $84.33 |
| 2025-12-18 | Davis Krista | Sell | 1.6K | $82.40 |
| 2025-12-12 | Cook Meredith | Sell | 400 | $82.32 |
| 2025-12-05 | TANNENBAUM RENEE P | Sell | 1.8K | $81.15 |
| 2025-11-13 | Gassert Chad | Sell | 94 | $88.00 |
| 2025-11-13 | Walsh Patrick D | Sell | 8.6K | $86.88 |
| 2025-11-13 | Walsh Patrick D | Gift | 3.0K | — |
| 2025-11-13 | Cook Meredith | Sell | 400 | $87.27 |
| 2025-11-12 | Gassert Chad | Sell | 15K | $89.07 |
| 2025-10-13 | Cook Meredith | Sell | 400 | $90.09 |
| 2025-09-19 | Davis Krista | Sell | 1.0K | $98.04 |
| 2025-09-12 | Cook Meredith | Sell | 400 | $98.42 |
| 2025-09-12 | Davis Krista | Tax withheld | 1.7K | $97.71 |
| 2025-09-03 | Pera Antonio R | Sell | 7.3K | $94.94 |
| 2025-08-25 | Leonard Matthew J | Sell | 2.5K | $90.62 |
| 2025-08-22 | Davis Krista | Sell | 1.8K | $91.10 |
| 2025-08-21 | Shanmugam Muthusamy | Sell | 53K | $90.44 |
| 2025-08-20 | Shanmugam Muthusamy | Sell | 47K | $90.27 |
| 2025-08-20 | Pera Antonio R | Sell | 5.4K | $89.73 |
| 2025-08-18 | Thoma Jeanne | Sell | 15K | $88.87 |
| 2025-08-18 | Leonard Matthew J | Sell | 6.9K | $88.17 |
| 2025-08-18 | Thoma Jeanne | Sell | 6.9K | $89.76 |
| 2025-08-15 | Gassert Chad | Sell | 20K | $86.97 |
| 2025-08-15 | Walsh Patrick D | Sell | 9.0K | $89.05 |
| 2025-08-15 | Shanmugam Muthusamy | Sell | 53K | $87.15 |
| 2025-08-14 | Shanmugam Muthusamy | Sell | 47K | $89.48 |
| 2025-08-13 | Cook Meredith | Sell | 400 | $88.87 |
| 2025-08-12 | CAREY STEPHEN P. | Option exercise | 50K | $46.49 |
| 2025-08-12 | Gutwerg Ori | Sell | 5.9K | $86.53 |
| 2025-08-12 | Lalwani Nikhil | Sell | 57K | $85.93 |
| 2025-08-12 | CAREY STEPHEN P. | Sell | 50K | $86.07 |
| 2025-08-12 | Rowland Thomas Andrew | Sell | 5.0K | $85.71 |
| 2025-08-12 | HAUGHEY THOMAS | Sell | 19K | $85.93 |
| 2025-07-18 | Cook Meredith | Tax withheld | 2.1K | $66.30 |
| 2025-07-14 | Cook Meredith | Sell | 400 | $64.88 |
| 2025-06-13 | Cook Meredith | Sell | 400 | $61.37 |
| 2025-05-22 | Thoma Jeanne | Grant | 4.3K | — |
| 2025-05-22 | Leonard Matthew J | Grant | 4.3K | — |
| 2025-05-22 | Walsh Patrick D | Grant | 4.3K | — |
| 2025-05-22 | Pera Antonio R | Grant | 4.3K | — |
| 2025-05-22 | TANNENBAUM RENEE P | Grant | 4.3K | — |
| 2025-05-22 | HAUGHEY THOMAS | Grant | 4.3K | — |
| 2025-05-15 | Gutwerg Ori | Sell | 881 | $60.07 |
| 2025-05-14 | Mutz Christopher | Sell | 4.0K | $60.45 |
| 2025-05-13 | Cook Meredith | Sell | 400 | $62.20 |
| 2025-05-09 | Shanmugam Muthusamy | Sell | 700 | $76.83 |
| 2025-04-14 | Cook Meredith | Sell | 400 | $68.96 |
| 2025-03-23 | Lalwani Nikhil | Tax withheld | 17K | $64.26 |
| 2025-03-23 | CAREY STEPHEN P. | Tax withheld | 6.2K | $64.26 |
| 2025-03-19 | Davis Krista | Sell | 1.9K | $65.00 |
| 2025-03-13 | Cook Meredith | Sell | 400 | $63.33 |
| 2025-03-07 | Gutwerg Ori | Tax withheld | 3.3K | $60.62 |
| 2025-03-07 | Mutz Christopher | Tax withheld | 2.9K | $60.62 |
| 2025-03-07 | Lalwani Nikhil | Tax withheld | 17K | $60.62 |
| 2025-03-07 | CAREY STEPHEN P. | Tax withheld | 5.2K | $60.62 |
| 2025-03-07 | Davis Krista | Sell | 1.0K | $60.86 |
| 2025-03-05 | Gutwerg Ori | Option exercise | 300 | $31.49 |
| 2025-03-05 | Gutwerg Ori | Sell | 5.1K | $60.00 |
| 2025-03-05 | Gutwerg Ori | Sell | 300 | $60.03 |
| 2025-02-28 | Lalwani Nikhil | Tax withheld | 12K | $61.89 |
| 2025-02-28 | CAREY STEPHEN P. | Tax withheld | 1.9K | $61.89 |
| 2025-02-28 | Rowland Thomas Andrew | Tax withheld | 627 | $61.89 |
| 2025-02-28 | Davis Krista | Tax withheld | 1.1K | $61.89 |
| 2025-02-28 | Cook Meredith | Tax withheld | 1.1K | $61.89 |
| 2025-02-28 | Mutz Christopher | Tax withheld | 1.3K | $61.89 |
| 2025-02-28 | Gutwerg Ori | Tax withheld | 1.6K | $61.89 |
| 2025-02-21 | Davis Krista | Sell | 1.0K | $60.20 |
| 2025-02-15 | Mutz Christopher | Tax withheld | 1.2K | $58.92 |
| 2025-02-15 | Gutwerg Ori | Tax withheld | 1.2K | $58.92 |
| 2025-02-14 | Mutz Christopher | Tax withheld | 1.5K | $58.92 |
| 2025-02-14 | CAREY STEPHEN P. | Tax withheld | 1.7K | $58.92 |
| 2025-02-14 | Cook Meredith | Tax withheld | 1.4K | $58.92 |
| 2025-02-14 | Gutwerg Ori | Tax withheld | 1.4K | $58.92 |
| 2025-02-14 | Davis Krista | Tax withheld | 1.2K | $58.92 |
| 2025-02-14 | Lalwani Nikhil | Tax withheld | 7.8K | $58.92 |
| 2025-02-14 | Rowland Thomas Andrew | Tax withheld | 582 | $58.92 |
| 2025-02-13 | Cook Meredith | Sell | 400 | $59.54 |
| 2025-02-12 | Shanmugam Muthusamy | Grant | 14K | — |
| 2025-02-12 | Davis Krista | Grant | 13K | — |
| 2025-02-12 | Davis Krista | Grant | 8.7K | — |
| 2025-02-12 | Cook Meredith | Grant | 17K | — |
| 2025-02-12 | Cook Meredith | Grant | 11K | — |
| 2025-02-12 | Gassert Chad | Grant | 14K | — |
| 2025-02-12 | Gassert Chad | Grant | 9.6K | — |
| 2025-02-12 | Shanmugam Muthusamy | Grant | 9.6K | — |
| 2025-02-12 | Mutz Christopher | Grant | 25K | — |
| 2025-02-12 | Mutz Christopher | Grant | 17K | — |
| 2025-02-12 | Gutwerg Ori | Grant | 16K | — |
| 2025-02-12 | Gutwerg Ori | Grant | 10K | — |
| 2025-02-12 | Lalwani Nikhil | Grant | 91K | — |
| 2025-02-12 | Lalwani Nikhil | Grant | 61K | — |
| 2025-02-12 | CAREY STEPHEN P. | Grant | 25K | — |
| 2025-02-12 | CAREY STEPHEN P. | Grant | 17K | — |
| 2025-02-12 | Rowland Thomas Andrew | Grant | 7.8K | — |
| 2025-02-12 | Rowland Thomas Andrew | Grant | 5.2K | — |
| 2025-01-13 | Cook Meredith | Sell | 400 | $53.92 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (21)
- Cencora, Inc.
- Cardinal Health
- McKesson
- CVS Specialty Pharmacy
- Accredo Specialty Pharmacy
- ASD Specialty Healthcare
- Optum Specialty Pharmacy
- Kroger
- Walmart
- Walgreens
- Anda
- Smith Drug Company
- Morris Dickson
- ClarusONE
- Walgreens Boots Alliance Development Group
- Red Oak Sourcing
- Econdisc
- Optisource
- Rx Sourcing Strategies
- The Premier Group
- Topco
Suppliers (2)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-21 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-13 | Reg FDExhibits | filing ↗ |
| 2026-05-08 | ResultsExhibits | filing ↗ |
| 2026-04-07 | Auditor changeExhibits | filing ↗ |
| 2026-03-03 | Reg FDExhibits | filing ↗ |
| 2026-02-27 | ResultsExhibits | filing ↗ |
| 2026-01-12 | ResultsReg FDExhibits | filing ↗ |
| 2025-12-01 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-21 | 2026-05-21 | 0001023024-26-000056 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001023024-26-000054 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001023024-26-000049 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001023024-26-000050 ↗ |
| 8-K | 2026-04-07 | 2026-04-01 | 0001023024-26-000034 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001023024-26-000017 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001023024-26-000014 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001023024-26-000013 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001023024-26-000005 ↗ |
| 8-K | 2025-12-01 | 2025-11-24 | 0001023024-25-000113 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001023024-25-000110 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001023024-25-000108 ↗ |