What Happened?

Shares of specialty pharmaceutical company ANI Pharmaceuticals (NASDAQ: ANIP) fell 3.3% in the morning session after investors appeared to take profits as the company announced strong preliminary 2025 results and an upbeat financial forecast for 2026. 

The previous day, ANI projected total net revenues for 2026 to be between $1.055 billion and $1.115 billion, which was stronger than consensus estimates. A key driver for the positive outlook was its rare disease treatment, Cortrophin Gel, with its 2025 revenues having risen 76% and projected to grow another 55% to 65% in 2026. This positive announcement had caused the stock to rally more than 10% in the prior trading session. The subsequent drop suggested a classic 'sell the news' event, where traders cashed in on the recent gains.

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What Is The Market Telling Us

ANI Pharmaceuticals’s shares are not very volatile and have only had 9 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The previous big move we wrote about was about 21 hours ago when the stock gained 13.6% on the news that the company provided strong 2026 financial guidance that surpassed analyst expectations. 

ANI projected total net revenues for 2026 to be between $1.055 billion and $1.115 billion. This forecast came in well above the FactSet consensus estimate of $955.1 million. A key driver for this expected growth was the company's rare disease treatment, Cortrophin Gel, which was projected to generate between $540 million and $575 million in revenue, a jump of 55% to 65% from 2025. The company also highlighted strong preliminary 2025 results for the drug, with its net revenues growing 76% from the previous year to $347.8 million. To support this momentum, ANI announced plans to expand its rare disease team by about 90 people.

ANI Pharmaceuticals is up 2.8% since the beginning of the year, but at $80.59 per share, it is still trading 18.4% below its 52-week high of $98.81 from September 2025. Investors who bought $1,000 worth of ANI Pharmaceuticals’s shares 5 years ago would now be looking at an investment worth $2,533.

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