After navigating several years marked by losses and narrow operating margins, ANI Pharmaceuticals delivered a remarkable turnaround in 2025, driven largely by the transformative acquisition of Alimera Sciences. The expanded portfolio, especially in rare diseases with products like ILUVIEN and YUTIQ, combined with enhanced manufacturing control and selective marketing shifts, underpins this shift. Despite significant supply chain and regulatory risks inherent to its complex product mix, ANI’s robust cash flow generation and prudent capital allocation signal a more sustainable growth phase ahead.