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Biopharma & Life Sciences

Ani Pharmaceuticals Executive Compensation (FY25)

ANIP · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Nikhil Lalwani
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 5, 2026Latest filing (8-K): May 21, 2026
15 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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295 figures on this page: 287 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Nikhil Lalwani: $8,859,402 → $10,278,620 (16.0% higher)
Say-on-pay support: 89.5% → 92.8% (3.3 points higher)
CEO pay ratio: 107:1 → 114:1 (6.5% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Ani Pharmaceuticals' chief executive and what were they paid?
Total compensation for Nikhil Lalwani, President and Chief Executive Officer, came to $10,278,620 in fiscal 2025. Compared with the $8,859,402 reported for fiscal 2024, Lalwani's total was 16.0% higher.
What was Ani Pharmaceuticals' say-on-pay result?
The say-on-pay proposal drew 92.8% of votes cast including abstentions in favor at the meeting held May 21, 2026 for fiscal 2025.
Which companies are in Ani Pharmaceuticals' peer group?
The disclosed peer group names Acadia Pharmaceuticals Inc., Amicus Therapeutics, Inc., Amphastar Pharmaceuticals, Inc., Aurinia Pharmaceuticals Inc. and BioCryst Pharmaceuticals, Inc., among others.
What is Ani Pharmaceuticals' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 114:1, against median employee compensation of $89,954.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nikhil Lalwani
President and Chief Executive Officer
◇—◇—◇—◇◇
Stephen Carey
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Ori Gutwerg
Senior Vice President, Generics
◇—◇—◇——◇
Christopher Mutz
Senior Vice President, Head of Rare Disease
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nikhil Lalwani
President and Chief Executive Officer
◇—◇—◇—◇◇
Stephen Carey
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Ori Gutwerg
Senior Vice President, Generics
◇—◇—◇——◇
Christopher Mutz
Senior Vice President, Head of Rare Disease
◇—◇—◇—◇◇
Chad ssert
Senior Vice President, Corporate Development and Strategy
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nikhil Lalwani
President and Chief Executive Officer
◇—◇—◇—◇◇
Stephen Carey
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Christopher Mutz
Senior Vice President, Head of Rare Disease
◇—◇—◇—◇◇
Ori Gutwerg
Senior Vice President, Generics
◇—◇—◇——◇
Meredith Cook
Senior Vice President, General Counsel and Corporate Secretary
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nikhil Lalwani
President and Chief Executive Officer
◇—◇—◇—◇◇
Christopher Mutz
Senior Vice President, Head of Rare Disease
◇—◇—◇—◇◇
Stephen Carey
Senior Vice President, Finance and Chief Financial Officer
◇—◇—◇—◇◇
Meredith Cook
Senior Vice President, General Counsel and Corporate Secretary
◇—◇—◇—◇◇
Ori Gutwerg
Senior Vice President, Generics
◇—◇—◇——◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Christopher K. MutzRSU◇——◇——◇
Christopher K. MutzPSU◇◇◇—◇—◇
Meredith W. CookRSU◇——◇——◇
Meredith W. CookPSU◇◇◇—◇—◇
Nikhil LalwaniRSU◇——◇——◇
Nikhil LalwaniPSU◇◇◇—◇—◇
Ori GutwergRSU◇——◇——◇
Ori GutwergPSU◇◇◇—◇—◇
Stephen P. CareyRSU◇——◇——◇
Stephen P. CareyPSU◇◇◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Nikhil LalwaniRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Christopher MutzRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Stephen CareyRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Meredith CookRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Ori GutwergRSU◇◇——
Option◇—◇2/14/2031
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Christopher Mutz
Senior Vice President, Head of Rare Disease · Employment agreement
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Meredith Cook
Senior Vice President, General Counsel and Corporate Secretary · Employment agreement
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Nikhil Lalwani
President and Chief Executive Officer · Employment agreement
Severance multiple◇
Severance base◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Ori Gutwerg
Senior Vice President, Generics · Employment agreement
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Change-in-control base◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Stephen Carey
Senior Vice President, Finance and Chief Financial Officer · Employment agreement
Severance multiple◇
Change-in-control multiple◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Patrick Walsh
◇◇————◇
Thomas J. Haughey
◇◇————◇
Renee P. Tannenbaum
◇◇————◇
Jeanne A. Thoma
◇◇————◇
Antonio R. Pera
◇◇————◇
Matthew J. Leonard
◇◇————◇
Muthusamy Shanmugam and Nikhil Lalwani served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Acadia Pharmaceuticals Inc. ACAD
  • Amicus Therapeutics, Inc. FOLD
  • Amphastar Pharmaceuticals, Inc. AMPH
  • Aurinia Pharmaceuticals Inc. AUPH
  • BioCryst Pharmaceuticals, Inc. BCRX
  • Catalyst Pharmaceuticals, Inc. CPRX

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 21, 2026=◇◇◇
2024May 22, 2025=◇◇◇
2023May 21, 2024=◇◇◇
2022May 23, 2023=◇◇◇
2021April 27, 2022=◇◇◇
2020June 2, 2021=◇◇◇
2019June 5, 2020=◇◇◇
2016May 17, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Nikhil Lalwani (President and Chief Executive Officer), FY2025 total compensation $10,278,620 (base salary $837,409) [exec_comp, SEC accession 0001023024-26-000039, filed 2026-04-09]

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What this page does not include

Everything above is a fact Ani Pharmaceuticals disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Ani Pharmaceuticals sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
295 figures on this page: 287 cited to the filing that reported them, 8 calculated from figures it prints.
287 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001023024-26-000056
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001023024-26-000039
    CEO Pay Ratio · Director Compensation · ELECTION OF DIRECTORS · Outstanding Equity Awards at Fiscal Year-End · and 2 more sections
  3. 0001023024-25-000056
  4. 0001023024-25-000035
  5. 0001023024-24-000063
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001023024-24-000037
  7. 0001104659-23-064653
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001104659-22-053660
  12. 0001104659-21-077028
  14. 0001104659-20-072312
  15. 0001144204-17-028527
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Ani Pharmaceuticals executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ANIP (accessed 2026).
Short form: data: Velarion

The Ani Pharmaceuticals brief, $500

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15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Biopharma & Life Sciences rankings

Chief executive pay — Biopharma & Life SciencesCEO pay ratio — Biopharma & Life SciencesSay-on-pay support — Biopharma & Life Sciences

Peers Ani Pharmaceuticals discloses

The companies named in ANIP's own disclosed peer group.

Acadia Pharmaceuticals Inc.Amicus Therapeutics, Inc.Amphastar Pharmaceuticals, Inc.Aurinia Pharmaceuticals Inc.BioCryst Pharmaceuticals, Inc.Catalyst Pharmaceuticals, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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