Early and accurate disease detection is crucial for patient management and successful treatment outcomes. However, the automatic identification of anomalies in medical images can be challenging. Conventional methods rely on large labeled datasets which are difficult to obtain. To overcome these limitations, we introduce a novel unsupervised approach, called PHANES (Pseudo Healthy generative networks for ANomaly Segmentation). Our method has the capability of reversing anomalies, i.e., preserving healthy tissue and replacing anomalous regions with pseudo-healthy (PH) reconstructions. Unlike recent diffusion models, our method does not rely on a learned noise distribution nor does it introduce random alterations to the entire image. Instead, we use latent generative networks to create masks around possible anomalies, which are refined using inpainting generative networks. We demonstrate the effectiveness of PHANES in detecting stroke lesions in T1w brain MRI datasets and show significant improvements over state-of-the-art (SOTA) methods. We believe that our proposed framework will open new avenues for interpretable, fast, and accurate anomaly segmentation with the potential to support various clinical-oriented downstream tasks.