ANI Pharmaceuticals vs Innoviva
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The short version
- 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.
| 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 |
Revenue
FY16
ANIP $129M
INVA $134M
FY17
ANIP $177M
INVA $217M
FY18
ANIP $202M
INVA $261M
FY19
ANIP $207M
INVA $261M
FY20
ANIP $209M
INVA $337M
FY21
ANIP $216M
INVA $392M
FY22
ANIP $316M
INVA $331M
FY23
ANIP $487M
INVA $311M
FY24
ANIP $614M
INVA $359M
FY25
ANIP $883M
INVA $411M
ANIP
INVA
Operating margin
FY16
ANIP 15.6%
INVA 81.6%
FY17
ANIP 16.0%
INVA 84.5%
FY18
ANIP 17.5%
INVA 91.3%
FY19
ANIP 7.9%
INVA 94.4%
FY20
ANIP −7.7%
INVA 95.4%
FY21
ANIP −18.4%
INVA 95.7%
FY22
ANIP −11.2%
INVA —
FY23
ANIP 9.7%
INVA 36.7%
FY24
ANIP 0.1%
INVA 46.5%
FY25
ANIP 12.6%
INVA 39.8%
ANIP
INVA
Free cash flow
FY16
ANIP $22.9M
INVA $60.7M
FY17
ANIP $29.1M
INVA $142M
FY18
ANIP $61.3M
INVA $224M
FY19
ANIP $39.0M
INVA $257M
FY20
ANIP $9.1M
INVA $313M
FY21
ANIP $0.8M
INVA $364M
FY22
ANIP −$40.1M
INVA $202M
FY23
ANIP $110M
INVA $141M
FY24
ANIP $47.8M
INVA $188M
FY25
ANIP $171M
INVA $196M
ANIP
INVA
Return on capital
FY16
ANIP 5.3%
INVA 50.5%
FY17
ANIP 5.3%
INVA —
FY18
ANIP 11.0%
INVA —
FY19
ANIP 5.8%
INVA 50.8%
FY20
ANIP −3.6%
INVA 47.8%
FY21
ANIP −7.0%
INVA 42.4%
FY22
ANIP −5.2%
INVA 30.3%
FY23
ANIP 8.5%
INVA 12.1%
FY24
ANIP 0.1%
INVA 13.3%
FY25
ANIP 15.9%
INVA 17.9%
ANIP
INVA
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.