Total Revenue

FY 2025

$756M to $776M " "

$768M to $793M " "

raised

Adjusted Non-GAAP EBITDA

FY 2025

$190M to $200M " "

$195M to $205M " "

raised

Cortrophin Gel Revenue

FY 2025

$265M to $274M " "

$265M to $274M " "

no change

ILUVIEN and YUTIQ Net Revenue

FY 2025

$97M to $103M " "

$97M to $103M " "

no change

Generics Revenue Growth

FY 2025

low double-digit revenue growth " "

mid-double digits "

raised

Adjusted Non-GAAP EPS

FY 2025

$6.12 to $6.49 "

$6.27 to $6.62 "

raised

U.S. GAAP Effective Tax Rate

FY 2025

approximately 25% "

approximately 25% "

no change

Shares Outstanding

FY 2025

20.1M to 20.4M "

20.1M to 20.4M "

no change

Cortrophin Gel Uptake and Multi‐Year Growth

In Q2–Q4 2024, earnings calls detailed record patient starts, revenue growth (e.g., Q4 reported $59.4 million with a 42% increase and robust uptake across multiple specialties " " ; Q3 highlighted a 77% revenue increase and highest new patient starts " " ; Q2 emphasized significant revenue gains and strong prescriber growth " " )

Q1 2025 emphasized sustained strong demand, a 43% revenue increase, a 40% rate of new prescribers, and the launch of a prefilled syringe to enhance convenience " " "

**Consistent strength with added product innovations; sentiment remains positive and growth-focused. " " **

U.S. Ophthalmology Sales Optimization and ILUVIEN & YUTIQ Integration

Q2–Q4 2024 discussions noted integration efforts through the Alimera acquisition with the formation of a combined sales force (e.g., expansion from 30 to 46 reps in Q4 " " and a 45-person team cross-training from Q3 " )

Q1 2025 stressed addressing turnover by adding best-in-class talent, with the team nearing full strength in Q2 and strong ophthalmology volume (with Cortrophin Gel volume 50% higher than Q4 2024) " " " "

**Integration continues with a focus on turnover management and realignment, maintaining steady momentum. " " **

Domestic Manufacturing Advantage and Capacity Expansion

Q2 2024 mentioned capacity expansion at the New Jersey site with new manufacturing suites and equipment upgrades " " ; Q4 2024 detailed a strong U.S.-based footprint with extended partnering for ILUVIEN manufacturing " "

In Q1 2025, ANI highlighted a robust U.S. manufacturing footprint (over 90% of revenues from U.S. production) and spare capacity in plants, positioning well against tariff risks " "

**Steady strategic advantage with continued capacity and domestic focus; sentiment remains stable and optimistic. " " **

Medicare Reimbursement and Patient Access Challenges

Q4 2024 noted access challenges under Medicare and Medicare Advantage with patient assistance programs, while Q3 mentioned improved affordability via new out‑of‑pocket cap mechanisms; Q2 had little to no mention

Q1 2025 provided detailed discussion on co‑pay support shortfalls for Medicare Part B patients and introduced exploration of a specialty pharmacy model to enhance access " "

**Increased focus and detail on access challenges with proactive exploration of alternative pathways. " " **

Ophthalmology Sales Force Turnover and Realignment

Q4 2024 covered realignment and expansion after the Alimera acquisition (from 30 to 46 reps) and Q3 mentioned territory realignments; Q2 did not address turnover

Q1 2025 explicitly discussed turnover in the ophthalmology team and the strategy of adding top talent to be back at full strength by Q2 2025, ensuring continued strong performance " " " "

**Ongoing optimization; while turnover is noted, proactive measures are in place to restore and enhance team performance. " " **

Competitive Pressure and Pricing/Pricing Power Challenges

Q4 2024 mentioned challenges in the ACTH market including competitive dynamics between ACTH products and pricing erosion in generics " " ; Q3 and Q2 had little focus on pricing challenges

Q1 2025 acknowledged competitive dynamics (e.g., noting 40% of new prescribers for Cortrophin Gel) and leveraged exclusive product launches (such as prucalopride tablets with exclusivity) to support pricing power " "

**Consistent view that while competition exists, volume-driven growth and strategic exclusivity help maintain pricing power. " " **

Supply Chain and Production Integration Risks

Q2 2024 mentioned capacity expansion and integration planning initiatives " " " ; Q4 discussed measures such as extended partnerships and equipment upgrades to secure supplies " "

Q1 2025 emphasized a strong balance sheet and a U.S.-based manufacturing footprint that minimizes international dependency, thereby mitigating integration risks " "

**Risk remains low and stable; strategic emphasis on domestic manufacturing continues to alleviate concerns. " " **

Innovative Product Enhancements (Prefilled Syringe, New Vial Formats)

Q2 2024 described the introduction of a 1 mL vial and plans to file for a 1 mL prefilled syringe soon " " " ; Q3 discussed submission for FDA approval of the prefilled syringe and continued demand for the 1 mL vial " ; Q4 highlighted the prefilled syringe under FDA review for a Q2 2025 launch and the success of new vial formats " "

Q1 2025 reported the recent launch of the prefilled syringe with positive HCP feedback and offered it in two presentations (1 mL and 0.5 mL) to improve convenience " "

**Innovation is progressing from planned to executed, enhancing product convenience and potentially driving further market growth. " " **

Alternative Market Access Pathways (Specialty Pharmacy Model)

No discussion in Q2–Q4 2024

Q1 2025 introduced the exploration of a specialty pharmacy model, particularly for Medicare patients with pharmacy benefits to address co‑pay support challenges " "

**A new topic emerging in Q1 2025 in response to evolving patient access challenges. " " **

Acquisition Synergies and Integration (Alimera Acquisition)

Q2 2024 reviewed anticipated synergies (e.g., $10 million in cost synergies and $30+ million EBITDA contribution) and integration planning " " " ; Q3 and Q4 provided updates on combined sales forces, label consolidation, and operational synergies " " "

Q1 2025 continued the integration narrative by highlighting progress on overcoming sales force turnover, a buyout of royalty obligations, and steady integration of ILUVIEN and YUTIQ assets " "

**Consistent integration success with ongoing realization of synergies; challenges being managed effectively. " " **

Litigation, Regulatory, and Clinical Trial Outcome Uncertainties

Q2 2024 mentioned litigation expenses related to the CG Oncology dispute and noted regulatory plans for the prefilled syringe along with no specific clinical trial outcome uncertainties; Q3 and Q4 focused on clinical trials (NEW DAY, SYNCHRONICITY) and regulatory submissions such as label consolidation " " "

Q1 2025 provided minimal focus on these uncertainties aside from standard forward‑looking risk statements and a passing reference to legal actions "

**A slight de‑emphasis in Q1 2025; while uncertainties remain, the focus has shifted toward integration and growth rather than risk discussion. " **