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Side-by-side financial comparison of ANI PHARMACEUTICALS INC (ANIP) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
ANI PHARMACEUTICALS INC is the larger business by last-quarter revenue ($247.1M vs $173.1M, roughly 1.4× VARONIS SYSTEMS INC). On growth, ANI PHARMACEUTICALS INC posted the faster year-over-year revenue change (29.6% vs 26.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $29.1M). Over the past eight quarters, ANI PHARMACEUTICALS INC's revenue compounded faster (34.1% CAGR vs 15.2%).
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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
ANIP vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $247.1M | $173.1M |
| Net Profit | $27.5M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 14.1% | -1.7% |
| Net Margin | 11.1% | — |
| Revenue YoY | 29.6% | 26.9% |
| Net Profit YoY | 367.5% | — |
| EPS (diluted) | $1.14 | — |
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.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $247.1M | $173.4M | ||
| Q3 25 | $227.8M | $161.6M | ||
| Q2 25 | $211.4M | $152.2M | ||
| Q1 25 | $197.1M | $136.4M | ||
| Q4 24 | $190.6M | $158.5M | ||
| Q3 24 | $148.3M | $148.1M | ||
| Q2 24 | $138.0M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $27.5M | $-27.8M | ||
| Q3 25 | $26.6M | $-29.9M | ||
| Q2 25 | $8.5M | $-35.8M | ||
| Q1 25 | $15.7M | $-35.8M | ||
| Q4 24 | $-10.3M | $-13.0M | ||
| Q3 24 | $-24.2M | $-18.3M | ||
| Q2 24 | $-2.3M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 14.1% | -17.5% | ||
| Q3 25 | 15.9% | -22.2% | ||
| Q2 25 | 6.6% | -24.0% | ||
| Q1 25 | 13.3% | -32.1% | ||
| Q4 24 | -2.3% | -11.1% | ||
| Q3 24 | -13.8% | -16.0% | ||
| Q2 24 | 3.7% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | -16.0% | ||
| Q3 25 | 11.7% | -18.5% | ||
| Q2 25 | 4.0% | -23.5% | ||
| Q1 25 | 8.0% | -26.2% | ||
| Q4 24 | -5.4% | -8.2% | ||
| Q3 24 | -16.3% | -12.4% | ||
| Q2 24 | -1.7% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $1.14 | $-0.23 | ||
| Q3 25 | $1.13 | $-0.26 | ||
| Q2 25 | $0.36 | $-0.32 | ||
| Q1 25 | $0.69 | $-0.32 | ||
| Q4 24 | $-0.45 | $-0.12 | ||
| Q3 24 | $-1.27 | $-0.16 | ||
| Q2 24 | $-0.14 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $540.7M | $453.5M |
| Total Assets | $1.4B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $285.6M | $883.7M | ||
| Q3 25 | $262.6M | $671.3M | ||
| Q2 25 | $217.8M | $770.9M | ||
| Q1 25 | $149.8M | $567.6M | ||
| Q4 24 | $144.9M | $529.0M | ||
| Q3 24 | $145.0M | $844.8M | ||
| Q2 24 | $240.1M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $540.7M | $598.7M | ||
| Q3 25 | $505.8M | $604.8M | ||
| Q2 25 | $436.8M | $341.5M | ||
| Q1 25 | $418.6M | $367.7M | ||
| Q4 24 | $403.7M | $455.7M | ||
| Q3 24 | $405.9M | $428.6M | ||
| Q2 24 | $455.8M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $920.8M | $1.1B |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $29.1M | $49.0M |
| FCF MarginFCF / Revenue | 11.8% | 28.3% |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | 1.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $171.4M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $30.4M | $24.7M | ||
| Q3 25 | $44.1M | $33.4M | ||
| Q2 25 | $75.8M | $21.3M | ||
| Q1 25 | $35.0M | $68.0M | ||
| Q4 24 | $15.9M | $24.3M | ||
| Q3 24 | $12.5M | $22.5M | ||
| Q2 24 | $17.4M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $29.1M | $20.7M | ||
| Q3 25 | $38.0M | $30.4M | ||
| Q2 25 | $71.8M | $18.0M | ||
| Q1 25 | $32.5M | $65.7M | ||
| Q4 24 | $13.5M | $19.9M | ||
| Q3 24 | $7.7M | $21.3M | ||
| Q2 24 | $13.0M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 11.8% | 12.0% | ||
| Q3 25 | 16.7% | 18.8% | ||
| Q2 25 | 34.0% | 11.8% | ||
| Q1 25 | 16.5% | 48.1% | ||
| Q4 24 | 7.1% | 12.6% | ||
| Q3 24 | 5.2% | 14.4% | ||
| Q2 24 | 9.4% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 2.3% | ||
| Q3 25 | 2.7% | 1.8% | ||
| Q2 25 | 1.9% | 2.2% | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 1.3% | 2.7% | ||
| Q3 24 | 3.2% | 0.8% | ||
| Q2 24 | 3.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.10× | — | ||
| Q3 25 | 1.66× | — | ||
| Q2 25 | 8.87× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
