ANI Pharmaceuticals, Inc. 1 2023 ANI Pharmaceuticals, Inc. 1 Investor Presentation August 2023 2023 ANI Pharmaceuticals, Inc. 2 Disclaimer This presentation by ANI Pharmaceuticals, Inc ("ANI" or the "Company") contains f

2023 ANI Pharmaceuticals, Inc. 1 2023 ANI Pharmaceuticals,

Inc. 1 Investor Presentation August 2023

2023 ANI Pharmaceuticals, Inc. 2 Disclaimer This presentation

by ANI Pharmaceuticals, Inc ("ANI" or the "Company") contains forward - looking statements, including informatio

n about management's view of the Company's future expectations, plans and prospects, as well as other forward - looking statements.

Any statements made in this presentation other than those of histori cal fact, about an action, event or development, are forward - looking

statements. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially

different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects

on the Company's future results. Information concer nin g these and other factors that may cause actual results to differ materially

from those anticipated in the forward - looking statements is contained in the "Risk Factors" section of the Company's

Annual Repo rt on Form 10 - K for the fiscal year ended December 31, 2022 and in the Company's other periodic reports and filings

with the Securities and Exchange Commission ("SEC"). The forward - looking statements included in this presentation are made

only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements and you should

not place undue relia nce on these forward - looking statements. We undertake no obligation to update any forward - looking statements

made in this presentation to reflect events or circumstances after the date of this presen tation or to reflect new information or the

occurrence of unanticipated events, except as required by law. Non - GAAP Financial Measures This presentation includes certain non -

GAAP financial measures, including Adjusted EBITDA and Adjusted Earnings Per Share (Adjus ted EPS), that management reviews to evaluate

its business, measure its performance and make strategic decisions. Management believes that such non - GAAP financial measures provide

useful information t o investors and others in understanding and evaluating its operating results in the same manner as management. Beginning

in the fourth quarter of 2022, ANI no longer excludes expense for In - Process Research & Development or Cortrophin Gel pre - launch

charges and sales and marketing expenses from its non - GAAP results. Adjusted non - GAAP EBITDA is defined as net income (loss), excluding

tax expense or benefit, interest expense, (net), other expense, (net), depreciation, amortization, the excess of fair value over cost

of acquired inventory, non - cash stock - based compensation expense, Novitium transaction expenses, contingent consideration fair value

adjustment, and certain other items that vary in frequency and impact on ANI's results of operations. Adjusted non - GAAP net inco

me (loss) is defined as net income (loss), plus the excess of fair value over cost of acquired inventory sold, non - cash stock - based

compensation expense, Novitium transaction expenses, non - cash interest exp ense, depreciation and amortization expense, contingent

consideration fair value adjustment, and certain other items that vary in frequency and impact on ANI's results of operations,

less the tax im pact of these adjustments calculated using an estimated statutory tax rate. Adjusted non - GAAP diluted (loss)/earnings

per share is defined as adjusted non - GAAP net income (loss) divided by the diluted wei ghted average shares outstanding during the

period. Adjusted EBITDA, Adjusted EPS and any other ratio or metrics derived therefrom are financial measures not calculated in accordance

with GAAP a nd should not be considered as substitutes for revenue, net income, operating profit, or any other operating performance

measure calculated in accordance with GAAP. Using these non - GAAP financial measures to analyze the business would have material limitations

because their calculations are based on the subjective determination of management regarding the nature and classification of ev ents

and circumstances that investors may find significant. In addition, although other companies in its industry may report measures titled

Adjusted EBITDA or similar measures, such non - GAAP financial measures may be calculated differently from how management calculates

its non - GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these lim itations, you

should consider Adjusted EBITDA and Adjusted EPS alongside other financial performance measures, including net income and other financial

results presented in accordance with GAAP. Ple ase refer to the Appendix in this presentation for a reconciliation of the non - GAAP

financial measure to the most directly comparable GAAP measure. ANI is not providing a reconciliation for the forward - looki ng full

year 2023 adjusted non - GAAP measures because it does not currently have sufficient information to accurately estimate all of the variables

and individual adjustments for such reconci lia tion, including "with" and "without" tax provision information.

As such, ANI's management cannot estimate on a forward - looking basis without unreasonable effort the impact these variables and

individual adju stments will have on its reported results.

2023 ANI Pharmaceuticals, Inc. 3 ANI Pharmaceuticals

Is Well Positioned to Drive Sustainable Profitable Growth Scaling up Rare Disease business with Purified Cortrophin Gel (PCG) launch

momentum and adding assets that leverage our Rare Disease infrastructure Maximize value from Established Brands through innovative go

- to - market strategies Building a sustainable Biopharma company serving patients in need Strengthen generics business with enhanced

R&D capability focused on niche opportunities, cost - competitiveness and supply reliability Empowered and experienced talent retaining

core strengths and driving growth

2023 ANI Pharmaceuticals, Inc. 4 2022 Was a Landmark

Year for ANI, and the Momentum Has Continued During the First Half of 2023 (1) Adjusted non - GAAP EBITDA is a non - GAAP financial measure.

For reconciliation of Adjusted Non - GAAP EBITDA to the most directly co mparable GAAP measure, please see Appendix A. * CAGR is calculated

based on midpoint. Revenues ($ million) Adjusted Non - GAAP EBITDA (1) ($ million) 216 316 2022 2021 2023E* $425 - $445 +42% 51 56 2021

2022 2023E* $115 - $125 +53%

2023 ANI Pharmaceuticals, Inc. 5 ANI Achieved Record

Quarterly Revenues and Adjusted Non - GAAP EBITDA in Q1 2023, and Again in Q2 2023 Revenues ($ million) Adjusted Non - GAAP EBITDA (1)

($ million) $42 (1) Adjusted non - GAAP EBITDA is a non - GAAP financial measure. For reconciliation of Adjusted Non - GAAP EBITDA to

the most directl y comparable GAAP measure, please see Appendix A. $ 73.9 $ 116.5 Q2'22 Q2'23 $ 106.8 $ 116.5 Q1'23

Q2'23 $ 9.9 $ 34.1 Q2'22 Q2'23 $ 33.0 $ 34.1 Q1'23 Q2'23 Year - over - Year Sequential Year - over - Year

Sequential +58% + 9% +246% +3%

2023 ANI Pharmaceuticals, Inc. 6 Raised Full Year 2023

Guidance for Second Quarter in a Row (1) Adjusted non - GAAP EBITDA and Adjusted Non - GAAP Diluted EPS are non - GAAP financial measures.

For reconciliation to the most d irectly comparable GAAP measure, please see Appendix A. Metric ($ millions except per share amounts)

Revised Full Year 2023 Guidance Prior Full Year 2023 Guidance Growth vs Prior Year Actuals Net Revenue (total Company) $425 - $445 $385

- $410 34% - 41% Cortrophin Gel Net Revenue $90 - $100 $80 - $90 116% - 140% Adjusted Non - GAAP Gross Margin 63% to 64.8% 60% to 62.5%

4.7 pts to 6.5 pts Adjusted Non - GAAP EBITDA (1) $115 - $125 $97 - $107 106% - 124% Adjusted Non - GAAP Diluted EPS (1) $3.62 - $4.11

$2.99 - $3.45 166% - 202%

2023 ANI Pharmaceuticals, Inc. 7 Strong Launch Momentum

for Foundational Rare Disease Asset, Purified Cortrophin Gel Accelerating momentum with record number of new patient starts and new cases

initiated, as well as continued increase in new unique prescribers in Q2'23 Continued growth in repeat prescribers

ACTH market continues to show year - over - year growth for thirteen consecutive months # Built strong Rare Disease platform with medical

affairs, patient support, specialty pharmacy distribution, market access, and experienced sales force Rare Disease expected to be the

largest strategic driver of ANI's growth Well positioned to build upon the strength of our Rare Disease platform

Actively pursuing M&A and in - licensing opportunities * Initiated in 2023 # According to IQVIA data Continued growth across all

targeted specialties of neurology, nephrology and rheumatology; pulmonology* sales team gaining momentum Rare Disease Revenues ($ million)

$12.6 $17.6 $16.3 $24.3 Q3'22 Q4'22 Q1'23 Q2'23 Raised full - year guidance to $90 mn to $100 mn

2023 ANI Pharmaceuticals, Inc. 8 ACTH Class Has Shown

Year - over - Year Monthly Unit Growth For 13 consecutive months Source: IQVIA ACTH Units - Year - over - Year Change From June

2022 to June 2023, the ACTH category has demonstrated thirteen months of consecutive growth year - over - year -12.00% -10.00% -8.00%

-6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% 22.00% 24.00% 26.00% 28.00% Units Growth

2023 ANI Pharmaceuticals, Inc. 9 Strong R&D capabilities,

operational excellence and U.S. - based manufacturing footprint helped capture new business opportunities and drive growth in Generics

1 Superior pipeline and new product launch execution Increased R&D investment with focus on niche opportunities Filed

5 new ANDAs in 2023, including ANI's first two Para IV submissions Retained top 12 ranking in number of ANDA approvals*

2023 launches include Colestipol, Nitrofurantoin suspension & Estradiol Gel Driving cost - excellence Significant

focus on savings in procurement of raw materials and finished goods through innovative strategies Lean and entrepreneurial mentality

towards all spend Augmented our analytical and development facility in Chennai, India with over 60 skilled colleagues Ensuring

reliability of supply Strong compliance and audit history enhanced further by successful recent FDA audits across sites

Maintaining healthy inventory levels for finished goods and raw materials U.S. - based manufacturing sites (New Jersey &

Minnesota) Generics Revenues ($ million) Q2'23 revenues of $63.3M demonstrated 27 % growth over Q2'22 revenues of $49.9M

53.1 58.0 63.7 63.3 Q2'23 Q1'23 Q3'22 Q4'22 * Based on recent 6 months FDA approval activity; Source -

FDA Website, Internal Analysis

2023 ANI Pharmaceuticals, Inc. 10 U.S. Based Manufacturing

Footprint; Strong GMP Track Record, Including Successful Recent Audits at All Three Sites Manufacturing, packaging, warehouse

Schedule CII vault & CIII cage space Lab space - R&D/analytical testing Solutions, suspensions, topicals,

tablets, capsules, and powder for suspension DEA - licensed for Schedule II controlled substances Solid Dose ~2.5BN doses

Liquid Unit ~23MM doses Liquids ~20MM bottles Powder ~4MM bottles Four FDA inspections since 2013 Latest inspection

- November 2022 Results: VAI status Baudette, MN 130k sf Manufacturing, packaging, warehouse Low - humidity suite

for moisture - sensitive compounds Fully - contained high potency facility for hormone, steroid, and oncolytic products

DEA Schedule III capability Tablets ~2.5BN doses Capsules ~150MM doses Blisters ~ 45MM doses Six DEA inspections