ANI Pharmaceuticals posts record Q2 2026, trims Cortrophin Gel outlook

ANI Pharmaceuticals said on August 7, 2026 that total net revenues for the second quarter of 2026 were $266.0 million, an increase of 25.9% over the prior year period.¹ The company said its Rare Disease sales force expansion into gout was fully staffed as planned, and that ANI's organization expansion to reach podiatrists and primary care physicians for Cortrophin Gel in acute gouty arthritis flares was fully operational as of the end of June.¹ Early metrics from that push were described as strong: over 95% of the reps generating multiple new patient cases and over a third of the prescribers initiating two or more cases, with balanced demand from both podiatrists and primary care physicians.¹ The company sized the gout opportunity at an estimated addressable market of approximately 285,000 patients, most of whom are seen by podiatrists and primary care doctors.¹

On ILUVIEN, ANI reported 6-month topline data from the Phase 4 open-label single-arm SYNCHRONICITY trial in chronic non-infectious uveitis affecting the posterior segment of the eye, with detailed results expected at a retina specialist medical conference in the fourth quarter of 2026.¹ Quarterly ILUVIEN revenue fell 16.1% year-over-year to $18.7 million, based primarily on timing of international shipments.¹

The company reaffirmed full-year 2026 total net revenue guidance of $1,080 to $1,140 million and adjusted EBITDA of $285 to $300 million, while narrowing its Cortrophin Gel revenue guidance to $520 to $540 million, reflecting 50-55% growth for the year.¹

On liquidity, ANI reported that as of June 30, 2026 it held $360.2 million in unrestricted cash and cash equivalents, $274.5 million in net accounts receivable, and $620.9 million in principal outstanding debt, including its senior convertible notes.¹ It also said it generated $115.0 million in operating cash flow on a year-to-date basis.¹