ANIP: Prescription Volumes Suggest In-Line Quarter, With Focus on 2H Cortrophin Sales Acceleration; 2Q26 Earnings Preview; Reiterate Buy Rating and $124 PT

Research evidence excerpt

ANIP: Prescription Volumes Suggest In-Line Quarter, With Focus on 2H Cortrophin Sales Acceleration; 2Q26 Earnings Preview; Reiterate Buy Rating and $124 PT

July 9, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com ANIP: Prescription Volumes Suggest In-Line Quarter,

212 823 6543 With Focus on 2H Cortrophin Sales Acceleration;

Daniel Krizay, Ph.D.

daniel.krizay@guggenheimpartners.com 2Q26 Earnings Preview; Reiterate Buy Rating and

212 823 6561 $124 PT Arseniy Shabashvili

arseniy.shabashvili@guggenheimpartners.com

212 699 1971 Key Message: ANIP shares have underperformed since the company announced

Edouard Mullarky, Ph.D. their 4Q 2025 results back on Feb 27 (ANIP shares up 10.0% vs. XBI up 28.4%), with

edouard.mullarky@guggenheimpartners.com many of the investor questions centered around the near- and long-term outlook for

212 518 9579 their key Rare Disease asset, Cortrophin, and the disconnect observed between 3rd

party script data and Cortrophin revenue in 1Q 2026 as compared to what has been

observed historically. While the company's FY 2026 Cortrophin net revenue guidance

of $540M-$575M suggests 55-65% YoY growth, 1Q 2026 Cortrophin sales grew only

42%, and their 2Q 2026 implied guidance of $117.1M-$128.2M represents YoY growth ANIP BUY of 43%-57%, suggesting a meaningful step-up will be needed in 2H 2026 to meet their

ANI Pharmaceuticals, Inc. FY guidance. According to management, one key driver of this back-half acceleration

Sector: Global Biopharmaceuticals is the company's newly expanded commercial organization focusing on the acute

gouty arthritis flares indication, which they stated was to be fully deployed by the end Earnings Preview of 2Q26, with the revenue contribution from this expansion expected to begin late in