Thomas Rowland
ANI PHARMACEUTICALSAbout Thomas Rowland
Thomas Rowland, 59, is Senior Vice President and Head of Established Brands at ANI Pharmaceuticals, a role he has held since November 2021. He previously served as President and Chief Operating Officer of Arbor Pharmaceuticals (2012–2021) and as Chief Business Officer at Ventrus Biosciences, with more than 30 years in pharmaceutical operations leading commercial organizations of up to 650 people and revenue up to $500 million; he holds a B.S. in Finance from Metropolitan State University . During his tenure at ANI, company revenue and adjusted non-GAAP EBITDA grew to $614.4 million and $156.0 million, respectively, in 2024, up from $486.8 million and $133.8 million in 2023; company TSR, measured as year-end value of $100 invested on 12/31/2019, stood at $89.64 in 2024 (vs. $89.41 in 2023) . In 2024, the “Brands” portfolio generated $64.7 million (down from $85.4 million in 2023) while the company reorganized segments to “Rare Disease & Brands” and “Generics & Other,” making brand stewardship a key cash flow component within the broader segment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arbor Pharmaceuticals | President & COO | 2012–2021 | Led multi-therapeutic commercial operations; oversaw organizations up to 650 personnel and revenue up to $500 million . |
| Ventrus Biosciences | Chief Business Officer | Not disclosed | Senior BD/commercial leadership in gastroenterology; cross‑functional leadership in development, regulatory, quality, manufacturing . |
External Roles
- Not disclosed in company filings reviewed .
Fixed Compensation
- Individual compensation for Rowland is not disclosed in ANI’s 2023–2025 proxy NEO tables; he was not a Named Executive Officer in 2023/2024 .
- Company-wide executive compensation governance includes: independent Compensation Committee; use of Pearl Meyer as independent consultant; annual say-on-pay with 95.5% approval in 2024 (prior year) .
Performance Compensation
- Annual Bonus Plan (company-wide framework): targets combine corporate (revenue, adjusted EBITDA, BU scorecards, efficiency, BD) and functional goals; for 2024, objectives and weightings were: Revenue (25%), Adjusted non‑GAAP EBITDA (25%), Generics/Brands/Other priorities (15%), Rare Disease priorities (15%), Company-wide efficiency/compliance (10%), Corporate Development & Strategy (10%). 2024 corporate results led to 200% of target achievement for corporate objectives; NEOs received 200% payouts, but Rowland’s individual payout is not disclosed .
| 2024 Corporate Objectives | Weight | Target/Assessment |
|---|---|---|
| Net Revenues | 25% | Target $501–$530m; Actual $614.4m (200% payout factor within financial bucket) . |
| Adjusted non‑GAAP EBITDA | 25% | Target $119–$134m; Actual $156.0m (200% payout factor within financial bucket) . |
| Generics/Brands/Other priorities | 15% | Achieved (committee assessed 200% vs target) . |
| Rare Disease priorities | 15% | Achieved (committee assessed 200% vs target) . |
| Efficiency/Controls/Compliance | 10% | Achieved (committee assessed 200% vs target) . |
| Corporate Development & Strategy | 10% | Achieved (committee assessed 200% vs target) . |
- Long-Term Incentives (framework): equity grants use 75% time-based restricted stock (4-year annual vesting) and 25% PSUs that cliff-vest after three years, based 50% on three-year Adjusted EBITDA growth and 50% on relative TSR vs S&P 600 Pharma/Biotech/Life Sciences; PSU payouts 50%–200% of target, capped at target if TSR is negative. NEO design explicitly disclosed; Rowland’s individual grants not disclosed .
- Clawback: Dodd-Frank compliant clawback adopted Dec 2, 2023 for incentive compensation received in the three completed fiscal years preceding any required restatement .
Equity Ownership & Alignment
- Executive stock ownership guidelines: CEO 4x base salary; all other executive officers 1x base salary; executives must comply within five years; the company reports all executive officers have achieved these guidelines .
- Anti-pledging and hedging: insider trading policy prohibits margining or pledging of company securities for directors and executive officers; also prohibits derivative/hedging (e.g., equity swaps, collars) and short sales; these reduce alignment risks from collateralization or downside hedging .
- Beneficial ownership: Rowland’s individual share count is not itemized in 2025 principal stockholder tables (which list directors and certain executives); aggregate executives and directors (15 persons) owned 11.1% of common stock as of March 14, 2025 .
| Ownership Guidelines (Execs) | Requirement | Compliance |
|---|---|---|
| CEO | 4x base salary | Achieved (company statement) . |
| Other Executive Officers | 1x base salary | Achieved (company statement) . |
Employment Terms
- While Rowland’s specific employment agreement terms are not disclosed, company frameworks show: at‑will executive employment; equity plan double‑trigger acceleration for awards granted on/after March 24, 2022 upon qualifying termination within 24 months of a change in control; and plan-level full vesting on change in control unless otherwise provided by the committee (with updated double‑trigger treatment in the plan’s 2022/2025 restatements) .
Performance & Track Record
- Company-level performance during Rowland’s tenure:
- Revenue and Adjusted non-GAAP EBITDA rose from $486.8m and $133.8m in 2023 to $614.4m and $156.0m in 2024 .
- TSR: year-end value of $100 invested on 12/31/2019 was $89.41 (2023) and $89.64 (2024), broadly stable year over year .
- Established Brands (pre-segmentation) generated $85.4m in 2023 and $64.7m in 2024, remaining a high‑margin cash flow contributor though down year over year; effective Q4 2024, Established Brands is reported within “Rare Disease & Brands” alongside Cortrophin Gel, ILUVIEN, and YUTIQ .
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue ($m) | 486.8 | 614.4 |
| Adjusted non‑GAAP EBITDA ($m) | 133.8 | 156.0 |
| Established Brands Revenue ($m) | 2023 | 2024 |
|---|---|---|
| Brands Portfolio | 85.4 | 64.7 |
| TSR (Value of $100 invested on 12/31/2019) | 2019 Base | 2023 | 2024 |
|---|---|---|---|
| ANIP | $100.00 | $89.41 | $89.64 |
Board Governance (context)
- Compensation Committee composed of independent directors; uses Pearl Meyer as independent consultant; say‑on‑pay support strong (95.5%) indicating shareholder alignment with the pay program design .
Compensation Structure Analysis
- Mix and risk: Company programs emphasize variable and equity compensation (RSAs/PSUs), with clear financial and strategic metrics, multi‑year PSU performance tests, ownership guidelines, anti‑pledging/hedging policies, and a Dodd‑Frank clawback—supporting alignment with long‑term value creation and risk control .
- Metric calibration: 2024 targets for revenue and adjusted EBITDA were set below actual outcomes ($614.4m and $156.0m), resulting in maximum payout on financial components; committee also assessed business objectives at maximum (200%), consistent with record performance and major strategic execution (e.g., Alimera integration, ILUVIEN/YUTIQ scale-up) .
- Red flags: No option repricing; no evergreen; director equity limits; minimum vesting requirements; strong insider trading prohibitions; no hedging by insiders; anti‑pledging; clawback in place—mitigating governance risk. One item to monitor is that Established Brands declined year over year in 2024, making continued value extraction and portfolio optimization a focal execution risk for Rowland’s area .
Investment Implications
- Alignment: Executive ownership guidelines achieved, anti‑pledging/hedging restrictions, and PSU design tied to three‑year EBITDA growth and relative TSR support pay-for-performance alignment for senior leaders, including Rowland’s cohort .
- Execution focus: While company growth is being driven by Rare Disease (Cortrophin Gel) and expanding ophthalmology assets, the Established Brands portfolio declined in 2024; Rowland’s mandate centers on sustaining high margins and cash flow, rationalizing SKUs, and opportunistic BD to stabilize or grow the Brands contribution within the new “Rare Disease & Brands” segment .
- Risk controls: Double‑trigger CIC treatment on recent awards, comprehensive clawback, and prohibition of pledging/hedging reduce misalignment and retention risk around strategic events, favoring continuity through integration cycles post‑Alimera .
Note: Individual compensation, grants, vesting schedules, and insider trading activity specific to Thomas Rowland are not disclosed in the 2024–2025 proxy statements; analysis reflects disclosed company-wide frameworks and performance, and Rowland’s disclosed background and role .