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REVENUE RECOGNITION AND RELATED ALLOWANCES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION AND RELATED ALLOWANCES REVENUE RECOGNITION AND RELATED ALLOWANCES
Revenue Recognition
Revenue is recognized using the following steps:
•Identification of the contract, or contracts, with a customer;
•Identification of the performance obligations in the contract;
•Determination of the transaction price, including the identification and estimation of variable consideration;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when the Company satisfies a performance obligation.
Revenues are primarily derived from sales of generic, rare disease, and brands portfolio pharmaceutical products, certain milestone payments, royalties, and other pharmaceutical services. Revenue is recognized when obligations under the terms of contracts with customers are satisfied, which generally occurs when control of the products is transferred to the customer. Revenue is measured at the net transaction price equal to the gross invoice price reduced by estimated variable consideration. Estimates of variable consideration are updated each reporting period based on available historical data, contractual terms, and management’s judgment regarding current market conditions. The Company generally does not have incremental costs to obtain contracts that would otherwise not have been incurred. The Company does not adjust revenue for the promised amount of consideration for the effects of a significant financing component because its customers generally pay within 100 days.
All revenue recognized in the accompanying unaudited condensed consolidated statements of operations is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue:
Three Months Ended June 30,Six Months Ended June 30,
Products and Services (in thousands)2026202520262025
Rare Disease and Brands
Cortrophin Gel$117,126 $81,647 $192,245 $134,497 
ILUVIEN and YUTIQ (1)
18,718 22,316 37,973 38,425 
Rare Disease total net revenues$135,844 $103,963 $230,218 $172,922 
Brands11,813 13,195 24,141 38,318 
Brand royalties and other revenues 17,731 — 39,271 $— 
Rare Disease and Brands total net revenues$165,388 $117,158 $293,630 $211,240 
Generics and Other
Generic pharmaceutical products$99,051 $90,297 $204,453 $188,975 
Other generic revenues 1,605 3,916 5,423 8,278 
Generics and Other total net revenues100,656 94,213 209,876 197,253 
Total net revenues$266,044 $211,371 $503,506 $408,493 
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(1)There were no sales of YUTIQ during the quarters ended March 31, 2026 and June 30, 2026, as the Company transitioned promotional efforts in the U.S. from YUTIQ to ILUVIEN, which has a combined label of DME and NIU-PS as of the second quarter of 2025.
In the six months ended June 30, 2026, all of the Company’s revenue was recognized at a point in time, except for the revenue recognized under the Harmony Agreement (as defined below). Revenue is recognized at a point in time when the performance obligations in the Company's contracts with customers have been satisfied, generally when control of the products is transferred to the customer. The Company estimates and recognizes royalty revenue as the related sales occur, and recognizes milestone revenue as the milestones are achieved.
In January 2026, Novitium Pharma LLC (“Novitium”), a subsidiary of the Company, entered into an IP license agreement (“Harmony Agreement”) with Harmony Biosciences LLC (“Harmony”), which includes an exclusive license to intellectual property that will expand the intellectual property estate of Harmony, as well as a co-exclusive license, with which Harmony and Novitium intend to develop a novel formulation of pitolisant in broad central nervous system indications outside of sleep/wake. Under the Harmony Agreement, the Company received an upfront license fee of $15.0 million, which was recognized as revenue within the condensed consolidated statements of operations for the three months ended March 31, 2026. In addition, the Company earns low-single digit royalties on net sales of pitolisant-based products. The Company recognized royalty revenue of $9.7 million and $16.3 million in the three and six months ended June 30, 2026, respectively. In addition, the Company expects to receive an aggregate of $10.0 million upon achievement of certain development milestones satisfied over time. During the three and six months ended June 30, 2026, the Company recognized $8.0 million of revenue associated with the achievement of development milestones, and expects to recognize the remaining revenue during the third quarter of 2026.
Variable Consideration
Sales of pharmaceutical products are subject to variable consideration due to chargebacks, government rebates, returns, administrative and other rebates, and prompt pay discounts. Estimates for these elements of variable consideration require significant judgment.
The following table summarizes activity in the unaudited condensed consolidated balance sheets for accruals and allowances for the six months ended June 30, 2026 and 2025, respectively:
Accruals for Chargebacks, Returns, and Other Allowances
(in thousands)ChargebacksAccrued Government
Rebates		Returned Goods ReserveAdministrative
Fees and Other
Rebates		Prompt
Payment
Discounts
Balance at December 31, 2024$105,630 $18,714 $39,274 $19,588 $6,258 
Accruals330,581 32,910 22,737 40,730 17,134 
Credits/Payments(337,311)(18,758)(13,328)(38,902)(17,090)
Balance at June 30, 2025$98,900 $32,866 $48,683 $21,416 $6,302 
Balance at December 31, 2025$143,452 $43,154 $49,504 $28,913 $8,633 
Accruals360,498 37,148 18,892 46,410 18,760 
Credits/Payments (409,412)(38,910)(24,383)(46,770)(20,224)
Balance at June 30, 2026 (1)$94,538 $41,392 $44,013 $28,553 $7,169 
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(1)Accounts receivable, net in the unaudited condensed consolidated balance sheet at June 30, 2026 includes $94.5 million of Chargebacks, $19.0 million of Administrative Fees and Other Rebates and $7.2 million of Prompt Payment Discounts. Accrued expenses and other in the unaudited condensed consolidated balance sheet at June 30, 2026 includes $9.5 million of Administrative Fees and Other Rebates.
Credit Concentration

ANI’s customers are primarily national wholesalers, specialty pharmacies, retail pharmacy chains, other U.S. and international distributors, group purchasing organizations, and hospitals and healthcare providers.
During the three and six months ended June 30, 2026, there were three customers that accounted for 10% or more of net revenues. During the three and six months ended June 30, 2025, there were three and four customers, respectively, that accounted for 10% or more of net revenues. As of June 30, 2026, accounts receivable from three customers totaled 56% of accounts receivable, net.
The three customers that accounted for 10% or more of net revenues during the three and six months ended June 30, 2026 and the three and four customers, respectively, that accounted for 10% or more of net revenues during the three and six months ended June 30, 2025 each represent the total percentage of net revenues as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Customer 114 %18 %15 %21 %
Customer 29 %9 %9 %10 %
Customer 312 %11 %14 %12 %
Customer 424 %20 %21 %18 %