Shares of ANI Pharmaceuticals plummeted after the drugmaker reported a robust second quarter but issued a cautious outlook, citing margin declines and revised sales targets, leading to a market reconsideration of its growth prospects.
ANI Pharmaceuticals shares fell sharply on Friday after the drugmaker’s latest results and outlook failed to keep pace with a market that had already pushed the stock higher this year. The shares opened at $77.09, below Thursday’s close of $82.63, and were last seen at $76.13 in early trading, according to market data cited by American Banking News.
The sell-off came despite a second quarter that beat expectations. ANI reported adjusted earnings of $2.21 a share on revenue of $266 million, with sales up 25.9% from a year earlier and adjusted EBITDA rising 32.4% to $71.6 million, according to Zacks and the company’s own results statement. Management also reaffirmed full-year guidance for revenue of $1.08 billion to $1.14 billion, adjusted EBITDA of $285 million to $300 million and adjusted earnings of $9.19 to $9.69 a share.
Investors, however, appeared focused on softer points in the report. ANI trimmed its 2026 sales target for Purified Cortrophin Gel to $520 million-$540 million from $540 million-$575 million, even though the revised range still implies growth of 50% to 55%, according to the company’s earnings release. Gross margin slipped to 62.4% from 64.7%, while selling, general and administrative costs climbed 12.1% as ANI expanded its rare-disease sales force. ILUVIEN revenue also fell 16.1% and branded-drug sales dropped 10.5%.
The company still pointed to several signs of momentum. Purified Cortrophin Gel revenue rose 43.5% to $117.1 million, helped by expansion into podiatrists and primary care physicians for acute gout, ANI said in its results announcement. Generics revenue increased 9.7% to $99.1 million, and the company said it had launched 12 generic products so far this year and remained on track for at least 15 in 2026. ANI also authorised up to $100 million in share buybacks through May 2029, while analysts surveyed by MarketBeat currently rate the stock a moderate buy, with an average target price of $106.83.
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