ANIPANI PHARMACEUTICALS INC

Pharmaceutical Preparations

Revenue: $883M; 44% YoY
Operating margin: 12.6%; 13130% YoY
EBITDA: $203M; 196% YoY
Market cap: $1.6B
Employees: 970; $911K revenue each
Net debt / EBITDA: -1.1×; −$226M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
237% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
7% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$911K · 72nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$216M	$316M	$487M	$614M	$883M	44%
Operating income	−$40M	−$35M	$47M	$584K	$111M	18923%
Net income	−$43M	−$48M	$19M	−$19M	$78M	511%
Operating cash flow	$3M	−$31M	$119M	$64M	$185M	189%
Capex	$3M	$9M	$9M	$16M	$14M	15%
Stock-based comp	$10M	$15M	$21M	$29M	$38M	29%
Buybacks	$890K	$2M	$5M	$11M	$12M	11%
Dividends	$190K	$2M	$2M	$2M	$1M	29%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 22, 2025	Meridian Venture Partners II GP, L.P.	SCHEDULE 13D/A	4.8%	Passive
Mar 13, 2025	Meridian Venture Partners II GP, L.P.	SCHEDULE 13D/A	5.4%	Passive
Mar 14, 2024	Meridian Venture Partners II GP, L.P.	SC 13D/A	6.9%	Passive
Jan 17, 2024	Esjay LLC	SC 13D/A	4.6%	Active
Dec 18, 2023	Meridian Venture Partners II GP, L.P.	SC 13D/A	8.2%	Passive
Dec 5, 2023	Esjay LLC	SC 13D/A	4.8%	Active
Aug 18, 2023	Meridian Venture Partners II GP, L.P.	SC 13D/A	9.2%	Passive
Dec 12, 2022	Meridian Venture Partners II GP, L.P.	SC 13D/A	11.6%	Passive
Mar 2, 2022	Esjay LLC	SC 13D	8.0%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 50
Net: −$16M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	272	72
FY2024	—	—	190	62
FY2023	—	—	190	63
FY2022	—	—	139	65
FY2021	—	—	159	97