ANI Pharmaceuticals is a specialty biopharma company that develops, manufactures, and sells prescription drugs across two main businesses: a Rare Disease franchise and a Generics business. The Rare Disease franchise centers on Cortrophin Gel, an ACTH therapy used as a late-line treatment for difficult-to-control autoimmune disorders including MS flares, rheumatoid arthritis, and nephrotic syndrome. Cortrophin competes in a duopoly with Acthar Gel, and ANI argues the product is effectively impossible to genericize given its porcine-derived biologic formulation and complex manufacturing. ANI's second rare disease asset is ILUVIEN, a long-acting intravitreal implant that delivers up to three years of sustained drug release for diabetic macular edema and chronic uveitis — acquired through the 2024 purchase of Alimera Sciences. ANI sells both products through specialty pharmacy networks and dedicated sales forces targeting rheumatologists, nephrologists, neurologists, and ophthalmologists. The Generics business sells more than 120 products across a wide range of indications, with ANI targeting niche, harder-to-replicate products — injectables, controlled substances, hormone therapies — where manufacturing complexity limits competition. ANI also holds an established Brands portfolio (including Vancocin and Inderal LA) that generates high-margin cash flows. Rare Disease products carry meaningfully higher gross margins than Generics, so ANI's overall profitability improves as Rare Disease grows as a share of revenue. ANI's growth strategy prioritizes expanding Cortrophin's prescriber base, building payer access for ILUVIEN's new uveitis indication, and pursuing acquisitions of late-stage or commercial rare disease assets synergistic with its existing sales force call points.