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REVENUE RECOGNITION AND RELATED ALLOWANCES
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION AND RELATED ALLOWANCES REVENUE RECOGNITION AND RELATED ALLOWANCES
Revenue Recognition
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized using the following steps:
•Identification of the contract, or contracts, with a customer;
•Identification of the performance obligations in the contract;
•Determination of the transaction price, including the identification and estimation of variable consideration;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when the Company satisfies a performance obligation.
Revenues are primarily derived from sales of generic, rare disease, and brands portfolio pharmaceutical products, royalties, and other pharmaceutical services. Revenue is recognized when obligations under the terms of contracts with customers are satisfied, which generally occurs when control of the products is transferred to the customer. Variable consideration is estimated after the consideration of applicable information that is reasonably available. The Company generally does not have incremental costs to obtain contracts that would otherwise not have been incurred. The Company does not adjust revenue for the promised amount of consideration for the effects of a significant financing component because customers generally pay outstanding balances within 100 days.
All revenue recognized in the accompanying unaudited condensed consolidated statements of operations is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue:
Three Months Ended September 30,Nine Months Ended September 30,
Products and Services (in thousands)2025202420252024
Rare Disease and Brands
Cortrophin Gel$101,850 $52,555 $236,347 $138,685 
ILUVIEN and YUTIQ16,600 3,871 55,025 3,871 
Rare Disease total net revenues$118,450 $56,426 $291,372 $142,556 
Brands10,675 9,195 48,993 44,900 
Rare Disease and Brands total net revenues$129,125 $65,621 $340,365 $187,456 
Generics and Other
Generic pharmaceutical products$94,375 $78,223 $283,350 $222,404 
Royalties and other pharmaceutical services4,313 4,488 12,591 13,942 
Generics and Other total net revenues98,688 82,711 295,941 236,346 
Total net revenues$227,813 $148,332 $636,306 $423,802 
In the three and nine months ended September 30, 2025 and 2024, all of the Company's revenue was recognized at a point in time, when the performance obligation in the contracts with customers have been satisfied, generally when control of the products is transferred to the customer. The Company did not recognize any revenue associated with performance obligations satisfied over time.
In the three and nine months ended September 30, 2025 and 2024, the Company did not incur, and therefore did not defer, any material     incremental costs to obtain or fulfill contracts. The Company recognized an additional $1.3 million to net revenue from performance obligations satisfied in prior periods during the nine months ended September 30, 2025, consisting primarily of revised estimates for variable consideration, including chargebacks, rebates, returns, and other allowances, related to prior period sales. The Company recognized a reduction of $3.3 million to net revenue from performance obligations satisfied in prior periods during the nine months ended September 30, 2024, consisting primarily of revised estimates for variable consideration, including chargebacks, rebates, returns, and other allowances, related to prior period sales.
As of September 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations for all open contract manufacturing customer contracts was $2.1 million, which consists of firm orders for contract manufactured products. The Company recognizes revenue for these performance obligations as they are satisfied, which is anticipated within six months.
Variable consideration
Sales of pharmaceutical products are subject to variable consideration due to chargebacks, government rebates, returns, administrative and other rebates, and cash discounts. Estimates for these elements of variable consideration require significant judgment.
The following table summarizes activity in the unaudited condensed consolidated balance sheets for accruals and allowances for the nine months ended September 30, 2025 and 2024, respectively:
Accruals for Chargebacks, Returns, and Other Allowances
(in thousands)ChargebacksGovernment
Rebates		ReturnsAdministrative
Fees and Other
Rebates		Prompt
Payment
Discounts
Balance at December 31, 2023$84,208 $12,168 $29,678 $11,412 $4,865 
Impact of Alimera acquisition95 — 3,095 671 — 
Accruals/Adjustments403,201 19,757 28,737 44,622 17,159 
Credits Taken Against Reserve(410,508)(21,232)(24,442)(43,486)(17,218)
Balance at September 30, 2024 (1)$76,996 $10,693 $37,068 $13,219 $4,806 
Balance at December 31, 2024$105,630 $18,714 $39,274 $19,588 $6,258 
Accruals/Adjustments493,008 53,983 30,977 62,159 26,199 
Credits Taken Against Reserve(496,765)(35,665)(20,246)(58,645)(25,495)
Balance at September 30, 2025 (1)$101,873 $37,032 $50,005 $23,102 $6,962 
______________________________________________
(1)Chargebacks are included as an offset to accounts receivable, net of chargebacks and other allowances in the unaudited condensed consolidated balance sheets. Administrative Fees and Other Rebates and Prompt Payment Discounts are included as a reduction to accounts receivable, net of chargebacks and other allowances or accrued expenses and other in the unaudited condensed consolidated balance sheets. Returns are included in returned goods reserve in the unaudited condensed consolidated balance sheets. Government Rebates are included in accrued government rebates in the unaudited condensed consolidated balance sheets.
Credit Concentration
ANI’s customers are primarily wholesale distributors, chain drug stores, group purchasing organizations, pharmaceutical companies, hospitals, and healthcare providers.
During the three and nine months ended September 30, 2025, there were three customers that accounted for 10% or more of net revenues. During the three and nine months ended September 30, 2024, there were four customers that accounted for 10% or more of net revenues. As of September 30, 2025, accounts receivable from four customers totaled 72% of accounts receivable, net.
The four customers represent the total percentage of net revenues as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Customer 113 %20 %19 %26 %
Customer 27 %10 %9 %12 %
Customer 317 %14 %14 %12 %
Customer 426 %17 %21 %15 %