ANI Pharmaceuticals vs Indivior
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The short version
- Indivior is the larger business, with $1.2B of revenue in fiscal 2025 against $883M for ANI Pharmaceuticals.
- ANI Pharmaceuticals grew revenue faster (43.8%, against 4.3%).
- Indivior kept more of each dollar of sales as operating profit (21.2% operating margin, against 12.6%).
- ANI Pharmaceuticals turned more of its sales into free cash flow (19.4% FCF margin, against −7.5%).
- Investors pay more for each dollar of ANI Pharmaceuticals’s earnings: a P/E of 15.7x against 12.4x for Indivior.
| Latest fiscal year | ANIP · FY25 | INDV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.6B | $4.3B |
| Revenue | $883M | $1.2B |
| Free cash flow | $171M | −$93.0M |
| Net income | $78.3M | $210M |
| Growth | ||
| Revenue growth | 43.8% | 4.3% |
| 5-year growth | 33.5% | — |
| Share count change | 9.9% | −3.8% |
| Profitability | ||
| Gross margin | — | 80.2% |
| Operating margin | 12.6% | 21.2% |
| Net margin | 8.9% | 17.0% |
| FCF margin | 19.4% | −7.5% |
| Return on capital | 15.9% | — |
| Return on equity | 16.6% | — |
| Balance sheet | ||
| Net debt | $23.7M | $124M |
| Net debt / EBITDA | 0.1x | 0.5x |
| Dividends and buybacks | $13.4M | $11.0M |
| Valuation & quality | ||
| P/E | 15.7x | 12.4x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
ANIP $129M
INDV —
FY17
ANIP $177M
INDV —
FY18
ANIP $202M
INDV —
FY19
ANIP $207M
INDV —
FY20
ANIP $209M
INDV —
FY21
ANIP $216M
INDV $791M
FY22
ANIP $316M
INDV $901M
FY23
ANIP $487M
INDV $1.1B
FY24
ANIP $614M
INDV $1.2B
FY25
ANIP $883M
INDV $1.2B
ANIP
INDV
Operating margin
FY16
ANIP 15.6%
INDV —
FY17
ANIP 16.0%
INDV —
FY18
ANIP 17.5%
INDV —
FY19
ANIP 7.9%
INDV —
FY20
ANIP −7.7%
INDV —
FY21
ANIP −18.4%
INDV 26.9%
FY22
ANIP −11.2%
INDV −9.0%
FY23
ANIP 9.7%
INDV −13.9%
FY24
ANIP 0.1%
INDV 3.2%
FY25
ANIP 12.6%
INDV 21.2%
ANIP
INDV
Free cash flow
FY16
ANIP $22.9M
INDV —
FY17
ANIP $29.1M
INDV —
FY18
ANIP $61.3M
INDV —
FY19
ANIP $39.0M
INDV —
FY20
ANIP $9.1M
INDV —
FY21
ANIP $0.8M
INDV $349M
FY22
ANIP −$40.1M
INDV −$9.0M
FY23
ANIP $110M
INDV −$308M
FY24
ANIP $47.8M
INDV $7.0M
FY25
ANIP $171M
INDV −$93.0M
ANIP
INDV
Return on capital
FY16
ANIP 5.3%
INDV —
FY17
ANIP 5.3%
INDV —
FY18
ANIP 11.0%
INDV —
FY19
ANIP 5.8%
INDV —
FY20
ANIP −3.6%
INDV —
FY21
ANIP −7.0%
INDV —
FY22
ANIP −5.2%
INDV —
FY23
ANIP 8.5%
INDV —
FY24
ANIP 0.1%
INDV —
FY25
ANIP 15.9%
INDV —
ANIP
INDV
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.