Krista Davis
ANI PHARMACEUTICALSAbout Krista Davis
Krista Davis is Senior Vice President and Chief Human Resources Officer at ANI Pharmaceuticals (ANIP), serving since September 2022. She is 52 years old as of April 10, 2025, with 20+ years of executive HR leadership; prior roles include Global Head of People & Organization (Cell & Gene platforms) in Novartis Technical Operations, and senior HR/talent roles at A.T. Kearney, Reckitt Benckiser, Catalent, Biovail, and Dun & Bradstreet. She holds a B.A. from McGill University and an M.A. in Educational Technology from Concordia University, Montreal . Company performance during her tenure provides context for incentive alignment: 2024 actual net revenue was $614 million and adjusted non-GAAP EBITDA was $156 million; 2025 guidance was raised to $818–$843 million revenue and $213–$223 million adjusted EBITDA, underscoring strong growth in the rare disease franchise .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Novartis Technical Operations | Global Head of People & Organization for Global Cell & Gene platforms | 2020–2022 | Led P&O for Cell & Gene; sat on Global P&O divisional leadership and Cell & Gene leadership teams |
| Novartis | Senior executive HR roles | 2017–2020 | Senior HR leadership across divisional platforms |
| A.T. Kearney | Global Director, Leadership & Talent Management | Not disclosed | Led global leadership development and talent programs |
| Reckitt Benckiser | VP, Head of HR for North America | Not disclosed | Led North America HR function |
| Catalent Pharma Solutions | Various leadership roles | Not disclosed | HR leadership in pharma operations |
| Biovail Pharmaceuticals | Various leadership roles | Not disclosed | HR leadership in pharma |
| Dun & Bradstreet | Various leadership roles | Not disclosed | HR leadership in data/analytics |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Novartis Technical Operations | Member, US P&O Board; member, Global P&O divisional leadership team | 2017–2022 | Contributed to divisional governance and strategy for talent platforms |
Fixed Compensation
Not disclosed for Ms. Davis in public filings; ANIP’s proxies provide detailed compensation only for named executive officers (NEOs), which do not include the CHRO in 2023–2025 .
Performance Compensation
ANIP’s long-term incentives incorporate performance-based PSUs linked to financial and market outcomes; time-based restricted stock (RSAs) is used for retention. For 2023–2024 cycles:
| Metric | Weighting | Performance Period | Vesting | Payout Range |
|---|---|---|---|---|
| Adjusted EBITDA Growth | 50% (2023 PSUs) | Jan 1, 2023–Dec 31, 2025 | Cliff vest at end of period | 50%–200%; TSR tranche capped at target if negative TSR |
| Relative TSR vs S&P 600 Pharma/Biotech & Life Sciences | 50% (2023 PSUs) | Jan 1, 2023–Dec 31, 2025 | Cliff vest at end of period | 50%–200%; capped if negative TSR |
| Adjusted EBITDA Growth and Relative TSR (two-metric PSU design) | Not disclosed (2024 PSUs) | Jan 1, 2024–Dec 31, 2026 | Cliff vest at end of period | Threshold 50%, max 200% |
Notes:
- ANIP added PSUs in 2023; the standard NEO mix in 2024 was 25% PSUs / 75% RSAs to balance performance and retention; RSAs vest 25% annually over four years. While this mix is specified for NEOs, RSAs and PSUs are broadly utilized under the Amended and Restated 2022 Stock Incentive Plan .
- Standard RSA grant agreements specify either annual one-year vesting (director template) or four-year 25% annual vesting (employee template) under the Plan .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Ownership Guidelines (Executives) | CEO: 4x base salary; all other executive officers: 1x base salary; compliance required within five years. As of 2025, all executive officers have achieved the guidelines . |
| Clawback Policy | Dodd-Frank compliant clawback adopted Dec 2, 2023; applies to incentive-based compensation for three completed fiscal years preceding any restatement . |
| Rule 10b5-1 Trading Plans | Adopted Sept 18, 2025: term Dec 18, 2025–Nov 4, 2026; sales up to (i) 1,622 shares, (ii) up to 17,541 shares upon RSA vesting (net of tax withholding), and (iii) up to 4,052 shares upon PSU vesting subject to performance and tax withholding . |
| Prior Rule 10b5-1 Plan | Adopted Aug 23, 2024: period commencing three months from adoption through Nov 3, 2025 for sale of up to 5,866 shares . |
| Beneficial Ownership | Not individually broken out for Ms. Davis in the 2024–2025 beneficial ownership tables (NEOs and directors listed; CHRO not a NEO), but executives collectively comply with ownership guidelines . |
| Pledging/Hedging | No pledging disclosures identified for Ms. Davis; trading plans on file per Item 5 . |
Employment Terms
| Agreement Element | Detail |
|---|---|
| Initial Executive Employment Agreement | Dated July 14, 2022 (Prior Agreement) . |
| Amendment No. 1 | Effective Oct 27, 2025; amends Section 3(e)(i)(C) to provide pro‑rated Incentive Bonus for the fiscal year of termination, based on elapsed days; governing law: New York; all other terms reaffirmed . |
| Severance & CIC Mechanics | Not disclosed for Ms. Davis; ANIP’s proxy details severance/CIC terms for NEOs only (e.g., CEO and NEO severance multiples), which cannot be extrapolated to Ms. Davis without disclosure . |
| Non‑compete/Non‑solicit | Not disclosed in available filings for Ms. Davis . |
Performance & Track Record
- Rare Disease franchise growth: 2024 rare disease net revenues (Cortrophin Gel, ILUVIEN & YUTIQ) reached $229.6 million, up $117.5 million YoY as Cortrophin scaled in year three and ILUVIEN/YUTIQ contributed post‑Alimera acquisition .
- Company growth trajectory: 2025 guidance increased multiple times; full-year net revenue $818–$843 million and adjusted non-GAAP EBITDA $213–$223 million as of Aug 8, 2025, then raised to $854–$873 million revenue and $221–$228 million adjusted EBITDA on Nov 7, 2025 .
- Quarterly execution: Q2 2025 delivered record results (total revenue $211M, adj. EBITDA $54M, adj. diluted EPS $1.80), supported by Cortrophin growth and generics launches; Q3 2025 adjusted non-GAAP EPS $2.04 .
Compensation Governance and Shareholder Feedback
| Item | 2022 | 2024 |
|---|---|---|
| Say‑on‑Pay approval (%) | 89.2% | 95.5% |
| Program features | Double‑trigger cash severance for NEOs; stock ownership guidelines; clawback; no repricing; independent consultant | PSUs added; 25% PSU / 75% RSA mix for NEOs; bonus plan incorporates financial and strategic goals |
Risk Indicators & Red Flags
- Structured liquidity via Rule 10b5‑1 plans suggests pre‑planned trading rather than opportunistic sales; recent plan includes sales tied to vesting events and performance outcomes, reducing discretionary selling pressure .
- Strong governance: executive ownership guidelines achieved; clawback policy in place; high say‑on‑pay support indicates shareholder alignment .
Investment Implications
- Alignment appears solid: executive ownership requirements achieved and PSUs tied to Adjusted EBITDA growth and relative TSR support pay‑for‑performance; RSAs provide multi‑year retention .
- Insider selling pressure: near‑term sales may occur under her 10b5‑1 plans, largely driven by RSA/PSU vesting and tax withholding, which is typically neutral versus discretionary selling; monitor Form 4s around vest dates for magnitude and cadence .
- Retention risk: four‑year RSA vesting and three‑year PSU cliffs create ongoing value at risk, mitigating departure incentives; limited disclosure on severance/CIC terms for Ms. Davis suggests reliance on standard executive frameworks, but specifics remain undisclosed .
- Company execution strength during her tenure (rare disease growth, raised guidance) lowers organizational disruption risk tied to HR leadership and supports sustained incentive realizations if performance persists .