Release date 10-03-2013 | FINRA Members: For internal use or client reporting purposes only.

Page 1 of 1

ANI Pharmaceuticals Inc(USD) ANIP

ANI Pharmaceuticals Inc is a specialty pharmaceutical
company engaged in the development of products for
female sexual health, menopause, contraception and
male hypogonadism.

Morningstar Rating

Last Close $

Sales $Mil

Mkt Cap $Mil

Industry

Currency

$10.86

$4

$104

Biotechnology

USD

Fair Value
Uncertainty

Fair Value

Economic Moat

Style

Sector

Small Growth

Healthcare

162.00 392.04 217.08 172.80 288.00 210.60 97.20

59.40 141.12 97.92 54.36 91.80 29.16 37.08

None

90.00 144.72 44.28

46.44 13.68 6.48

10.99
4.80

1:6

1:6

210 Main Street West

Lincolnshire, MN 56623
Phone: +1 218 634-3500
Website: http://www.biosantepharma.com

1,856.0 Trading Volume Ten

42.0

Growth Rates Compound Annual

Grade: F

Revenue %
Operating Income %
Earnings/Share %
Dividends %
Book Value/Share %
Stock Total Return
+/- Industry
+/- Market

1 Yr

3 Yr

5 Yr

10 Yr

428.7

-38.1
0.6
-38.9
-17.7

22.3

-7.0
-43.8
-73.4
-59.8

36.1

-29.6
-41.0
-57.9
-52.3

-2.1

-9.9
-21.3
-31.0
-28.5

Ind

Mkt

Profitability Analysis
Grade: F

Current 5 Yr Avg

Return on Equity %
-105.9 -186.0
Return on Assets %
-79.1 -102.4
Revenue/Employee $K 333.4
93.9
Fixed Asset Turns
1.4
3.8
Inventory Turns
0.2
*

17.6
20.0
8.3
8.1
1015.3
4.2
7.1
1.4
11.5

Gross Margin %
Operating Margin %
Net Margin %
Free Cash Flow/Rev %
R&D/Rev %

81.7
20.7
17.4
11.4
26.9

86.5
89.9
-693.0 -3743.8
-879.4 -3834.0

734.1 2799.4

42.8
19.5
13.8
11.7

Financial Position (USD)

Grade: D

12-12 $Mil

06-13 $Mil

35

35
0

39
1
8
11
0
11
28

13
3
6
24
5
13
42
2
0
6
0
6
35

Cash
Inventories
Receivables
Current Assets
Fixed Assets
Intangibles
Total Assets
Payables
Short-Term Debt
Current Liabilities
Long-Term Debt
Total Liabilities
Total Equity

Annual Price High

Low
Recent Splits
Price Volatility
262.0
Monthly High/Low
85.0
Rel Strength to S&P 500
27.0 52 week High/Low $
11.34-4.80
8.0
10 Year High/Low $
2.0
392.04-4.80

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

YTD

Stock Performance

23.6
-5.1
-13.6

56

32.4
21.5
19.8

101

-33.4
-38.3
-44.8

71

-24.1
-39.9
-25.5

65

36.5
31.0
40.9

103

-73.5
-36.5
-66.3

27

45.0
18.5
38.5

98

13.1
-2.0
9.2

157

-69.4
-71.5
-79.2

62

-59.2
-75.2
-89.6

31

47.2
27.5
2.5

104

Total Return %
+/- Market
+/- Industry
Dividend Yield %
Market Cap $Mil

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

TTM

Financials (USD)

0
0
0
100.0 100.0 100.0
-6
-12
-9
-9231.3 -15749.5 -3600.6

14
100.0
3
23.8

0
4
1
2
0
2
4
100.0 100.0
76.2
89.1
88.5
95.9
86.5
-9
-18
-47
-44
-51
-23
-28
-1760.3 -476.5 -3769.8 -1762.5 -11703.0 -1007.1 -693.0

Revenue $Mil
Gross Margin %
Oper Income $Mil
Operating Margin %

-6

-12

-10

-8

-17

-48

-46

-52

-28

-32

-19.44

0
23.08

-25.20

0
31.14

-18.00

1
12.65

4.68

1
27.84

-10.80

1
39.37

-23.04

1
18.14

-50.40

1
8.46

-25.20

2
7.22

-18.72

3
11.00

-7.62

4
6.81

-23.07

3.72

-6
0
-6

-10
0
-11

-8
0
-8

-5
0
-5

1
0
1

-16
-1
-16

-18
0
-19

-40
0
-40

-48
-1
-49

-25
-1
-26

-27
-1
-27

Oper Cash Flow $Mil

Cap Spending $Mil
Free Cash Flow $Mil

2003

2004

2005

2007

2008

2009

2010

2011

2012

TTM

Profitability

2006

-77.2
-87.7
-70.4
-89.6
-97.7
-84.9
0.01
0.01
0.02
-9099.1 -15427.9 -3735.6
1.1
1.1
1.4

17.5
22.4
0.90
19.3
1.2

-28.3
-71.2 -175.7 -113.8 -96.3
-54.8
-79.1
-31.7
-80.0 -320.5 -264.2 -181.2 -84.0 -105.9
0.02
0.15
0.05
0.06
0.01
0.05
0.09
-1538.3 -460.9 -3777.9 -1867.1 -11859.7 -1204.7 -879.4
1.1
1.3
2.3
2.3
1.6
1.4
1.2

Net Income $Mil

Earnings Per Share $
Dividends $
Shares Mil
Book Value Per Share $

Return on Assets %
Return on Equity %
Asset Turnover
Net Margin %
Financial Leverage

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

06-13

Financial Health (USD)

16

16

18

18

30

29

0
14

12

17
16
1.05
27

17
19
0.91
32

17
38
0.46
51

0
28

25

0
35

18

Long-Term Debt $Mil

Total Equity $Mil
Debt/Equity
Working Capital $Mil

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

TTM

Valuation

-7.7
0.0
714.3
6.5
-8.3

-7.8
0.0
1250.0
6.3
-9.0

-7.3

277.8
10.4
-8.5

21.3

4.1
3.6
-11.9

-12.6
0.0
196.1
3.5
129.9

-1.6
0.0
7.2
2.0
-1.8

-1.0
0.0
39.1
6.2
-2.7

-2.3
0.0
43.7
8.2
-2.7

-1.0

113.6
1.6
-1.0

-1.0
0.0
11.6
1.1
-1.1

-0.5
0.0
3.8
2.9
-0.6

Price/Earnings
P/E vs. Market
Price/Sales
Price/Book
Price/Cash Flow

Valuation Analysis
Current 5 Yr Avg

Price/Earnings
Forward P/E
Price/Cash Flow
Price/Free Cash Flow
Dividend Yield %
Price/Book
Price/Sales
PEG Ratio

-0.5
-46.5
-0.6
-0.5

2.9
3.8

-1.4

-1.8
-1.8

3.8
43.0

*3Yr Avg data is displayed in place of 5 Yr Avg

Ind

Mkt

47.4

51.5
103.1
0.4
8.1
8.4

17.0
21.4
10.2
36.2
2.2
2.4
2.8
2.4

Quarterly Results (USD)

Close Competitors

Revenue $Mil

Sep

Dec

Mar

Jun

Most Recent
Previous

0.0
0.0

1.0
0.0

0.0
0.0

6.0
5.0

Rev Growth %

Most Recent
Previous
Earnings Per Share $

Most Recent
Previous

Sep

Dec

Mar

Jun

-39.6
256.1

1620.3
-20.0

27.2
100.0

18.6
6303.2

Sep

Dec

Mar

Jun

-1.62
-4.32

-0.78
-1.44

-0.54
-3.24

-6.02
-2.16

Mkt Cap $Mil

Rev $Mil

P/E

ROE%

Major Fund Holders

% of shares

Bridgeway Ultra-Small Company Market

Vanguard Total Stock Mkt Idx
Vanguard Instl Ttl Stk Mkt Idx InstlPls

2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account
information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any
trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied
by a prospectus, or equivalent, and disclosure statement.

0.57
0.44
0.35