ANI Pharmaceuticals Seeking New CEO

ANI Pharmaceuticals Seeking New CEO

Under-the-radar Minnesota company posted $206 million in sales last year.

Minnesota’s lowest-profile public company with more than $200 million in annual revenue? A strong case can be made that it’s ANI Pharmaceuticals Inc. based in the small Minnesota town of Baudette near the Canadian border. Given its remote location, the company has often flown under the radar in Minnesota business circles.

Now changes are on the horizon. On Tuesday, the company announced that president and CEO Art Przybyl plans to step down from his leadership post on May 10.

“After 11 years as President and CEO of ANI, the board and I have determined that the time is right to transition to new leadership,” Przybyl said in a statement.

The ANI board of directors has retained a “nationally recognized executive search firm” in a search for a replacement for Przybyl.

For 2019 ANI posted revenue of $206.5 million and net income of $6.1 million, down nearly $10 million over the prior year. But the company’s sales have increased 170 percent since 2015, when it reported revenue of $76.3 million.

Generic pharmaceuticals accounted for 62 percent of ANI’s sales in 2019, while branded drugs made up 31 percent of the company’s revenue. ANI also draws revenue from contract manufacturing and royalties.

Twin Cities Business profiled ANI in 2015.