ANI Pharmaceuticals Beat on Both Lines. The Stock Fell 7.6% Anyway — Because of One Product's Guidance

ANI Pharmaceuticals beat Wall Street on every headline number for the second quarter of 2026. Adjusted earnings per share came in at $2.21, above the $2.05 analyst estimate. Revenue reached $266.0 million, above the $262.14 million estimate and up 25.9% from $211.4 million a year earlier. Adjusted EBITDA rose 32.4% year over year to $71.6 million. None of that stopped the stock from falling as much as 7.6% in pre-market trading the same day.

The reason wasn't the quarter that just closed — it was the guidance for the rest of the year. ANI cut its full-year revenue outlook for Cortrophin Gel, the specialty drug that has been the company's fastest-growing product, to a range of $520 million-$540 million from a prior $540 million-$575 million. That's a meaningful downward shift at both the low end and the high end of the range.

What makes the reaction notable is that Cortrophin Gel itself did not have a bad quarter. The drug's Q2 revenue grew 43.5% year over year to $117.1 million — a strong growth rate by any standard. The guidance cut isn't a story about the drug losing momentum this quarter; it's a story about the company telling investors the momentum won't be quite as strong for the rest of the year as previously projected, alongside lower gross margin and higher operating expenses tied to expanding Cortrophin into gout treatment. For a stock that had been priced partly on Cortrophin's growth trajectory, a lowered full-year number for that specific product outweighed a clean beat on the quarter that already happened.