ANI Pharmaceuticals vs Innoviva
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KIRA’s take AI analyst
I put ANI Pharmaceuticals and Innoviva side by side, using each one’s latest annual report. Here is what stands out:
- ANI Pharmaceuticals is the larger business, with $883M of revenue in fiscal 2025 against $411M for Innoviva, about 2.1 times as much.
- ANI Pharmaceuticals grew revenue faster (43.8%, against 14.7%).
- Innoviva kept more of each dollar of sales as operating profit (39.8% operating margin, against 12.6%).
- Innoviva turned more of its sales into free cash flow (47.6% FCF margin, against 19.4%).
- Innoviva earned a higher return on the capital invested in it (17.9%, against 15.9%).
- Investors pay more for each dollar of ANI Pharmaceuticals’s earnings: a P/E of 15.7x against 5.0x for Innoviva.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
ANI Pharmaceuticals
ANIP
3/9
Revenue growth5-year growthShare count change
Innoviva
INVA
5/9
Operating marginNet marginFCF marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | ANIP FY25 | INVA FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.6B | $1.5B |
| Revenue | $883M | $411M |
| Free cash flow | $171M | $196M |
| Net income | $78.3M | $271M |
| Growth | ||
| Revenue growth | 43.8% | 14.7% |
| 5-year growth | 33.5% | 4.1% |
| Share count change | 9.9% | 14.3% |
| Profitability | ||
| Gross margin | — | 74.8% |
| Operating margin | 12.6% | 39.8% |
| Net margin | 8.9% | 65.9% |
| FCF margin | 19.4% | 47.6% |
| Return on capital | 15.9% | 17.9% |
| Return on equity | 16.6% | 29.1% |
| Balance sheet | ||
| Net debt | $23.7M | −$293M |
| Net debt / EBITDA | 0.1x | — |
| Dividends and buybacks | $13.4M | $4.5M |
| Valuation & quality | ||
| P/E | 15.7x | 5.0x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.