vs
Side-by-side financial comparison of ANI PHARMACEUTICALS INC (ANIP) and IREN Ltd (IREN). Click either name above to swap in a different company.
ANI PHARMACEUTICALS INC is the larger business by last-quarter revenue ($247.1M vs $184.7M, roughly 1.3× IREN Ltd). ANI PHARMACEUTICALS INC runs the higher net margin — 11.1% vs -84.1%, a 95.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 29.6%). ANI PHARMACEUTICALS INC produced more free cash flow last quarter ($29.1M vs $-468.0M).
ANI Pharmaceuticals Inc is a U.S.-based specialty pharmaceutical firm that develops, manufactures and sells generic and branded prescription drugs. Its key segments cover dermatology, oncology, CNS therapies and anti-infectives, primarily serving U.S. healthcare providers, retail pharmacies and institutional medical clients.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
ANIP vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $247.1M | $184.7M |
| Net Profit | $27.5M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 14.1% | -63.0% |
| Net Margin | 11.1% | -84.1% |
| Revenue YoY | 29.6% | 59.0% |
| Net Profit YoY | 367.5% | -610.0% |
| EPS (diluted) | $1.14 | $-0.52 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $247.1M | $184.7M | ||
| Q3 25 | $227.8M | $240.3M | ||
| Q2 25 | $211.4M | — | ||
| Q1 25 | $197.1M | — | ||
| Q4 24 | $190.6M | $116.1M | ||
| Q3 24 | $148.3M | $52.8M | ||
| Q2 24 | $138.0M | — | ||
| Q1 24 | $137.4M | $54.3M |
| Q4 25 | $27.5M | $-155.4M | ||
| Q3 25 | $26.6M | $384.6M | ||
| Q2 25 | $8.5M | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-10.3M | $-21.9M | ||
| Q3 24 | $-24.2M | $-51.7M | ||
| Q2 24 | $-2.3M | — | ||
| Q1 24 | $18.2M | $8.6M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 14.1% | -63.0% | ||
| Q3 25 | 15.9% | -31.8% | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 13.3% | — | ||
| Q4 24 | -2.3% | 14.9% | ||
| Q3 24 | -13.8% | -89.2% | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 14.8% | 11.1% |
| Q4 25 | 11.1% | -84.1% | ||
| Q3 25 | 11.7% | 160.1% | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | -5.4% | -18.8% | ||
| Q3 24 | -16.3% | -98.0% | ||
| Q2 24 | -1.7% | — | ||
| Q1 24 | 13.2% | 15.9% |
| Q4 25 | $1.14 | $-0.52 | ||
| Q3 25 | $1.13 | $1.08 | ||
| Q2 25 | $0.36 | — | ||
| Q1 25 | $0.69 | — | ||
| Q4 24 | $-0.45 | $-0.10 | ||
| Q3 24 | $-1.27 | $-0.27 | ||
| Q2 24 | $-0.14 | — | ||
| Q1 24 | $0.82 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $285.6M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $540.7M | $2.5B |
| Total Assets | $1.4B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $285.6M | $3.3B | ||
| Q3 25 | $262.6M | $1.0B | ||
| Q2 25 | $217.8M | — | ||
| Q1 25 | $149.8M | — | ||
| Q4 24 | $144.9M | $427.3M | ||
| Q3 24 | $145.0M | $98.6M | ||
| Q2 24 | $240.1M | — | ||
| Q1 24 | $228.6M | $259.7M |
| Q4 25 | $540.7M | $2.5B | ||
| Q3 25 | $505.8M | $2.9B | ||
| Q2 25 | $436.8M | — | ||
| Q1 25 | $418.6M | — | ||
| Q4 24 | $403.7M | $1.2B | ||
| Q3 24 | $405.9M | $1.1B | ||
| Q2 24 | $455.8M | — | ||
| Q1 24 | $452.0M | $677.2M |
| Q4 25 | $1.4B | $7.0B | ||
| Q3 25 | $1.4B | $4.3B | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $1.9B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $920.8M | — | ||
| Q1 24 | $914.5M | $723.6M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $30.4M | $71.7M |
| Free Cash FlowOCF − Capex | $29.1M | $-468.0M |
| FCF MarginFCF / Revenue | 11.8% | -253.4% |
| Capex IntensityCapex / Revenue | 0.5% | 292.2% |
| Cash ConversionOCF / Net Profit | 1.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $171.4M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.4M | $71.7M | ||
| Q3 25 | $44.1M | $142.4M | ||
| Q2 25 | $75.8M | — | ||
| Q1 25 | $35.0M | — | ||
| Q4 24 | $15.9M | $53.6M | ||
| Q3 24 | $12.5M | $-3.9M | ||
| Q2 24 | $17.4M | — | ||
| Q1 24 | $18.3M | $-27.1M |
| Q4 25 | $29.1M | $-468.0M | ||
| Q3 25 | $38.0M | $-38.0M | ||
| Q2 25 | $71.8M | — | ||
| Q1 25 | $32.5M | — | ||
| Q4 24 | $13.5M | $-85.5M | ||
| Q3 24 | $7.7M | $-109.7M | ||
| Q2 24 | $13.0M | — | ||
| Q1 24 | $13.7M | $-108.3M |
| Q4 25 | 11.8% | -253.4% | ||
| Q3 25 | 16.7% | -15.8% | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 16.5% | — | ||
| Q4 24 | 7.1% | -73.6% | ||
| Q3 24 | 5.2% | -208.0% | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 10.0% | -199.4% |
| Q4 25 | 0.5% | 292.2% | ||
| Q3 25 | 2.7% | 75.0% | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.3% | 119.7% | ||
| Q3 24 | 3.2% | 200.6% | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 3.3% | 149.5% |
| Q4 25 | 1.10× | — | ||
| Q3 25 | 1.66× | 0.37× | ||
| Q2 25 | 8.87× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.00× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANIP
| Sales Of Cortrophin Gel | $111.4M | 45% |
| Sales Of Generic Pharmaceutical Products | $100.8M | 41% |
| Sales Of ILUVIEN And YUTIQ | $19.8M | 8% |
| Sales Of Established Brands | $12.3M | 5% |
| Unapproved Products | $6.5M | 3% |
| Sales Of Royalties And Other Pharmaceutical Services | $2.7M | 1% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
