Amneal Reports Certain Preliminary Second Quarter 2025 Financial Results
Amneal Pharmaceuticals (NASDAQ: AMRX) has released preliminary Q2 2025 financial results showing strong performance. The company reported net revenue of $720-730 million, up 3% year-over-year, and Adjusted EBITDA of $180-185 million, increasing approximately 13% from Q2 2024.
Key highlights include improved leverage metrics, with gross leverage decreasing to 3.8x from 4.1x and net leverage reducing to 3.7x from 3.9x. The quarter also marked the FDA approval of Brekiya® autoinjector for migraine treatment and strong uptake of CREXONT®. The company expects to meet or exceed its full-year 2025 guidance and plans to submit a BLA for a proposed XOLAIR® biosimilar in Q4 2025.
Amneal Pharmaceuticals (NASDAQ: AMRX) ha pubblicato i risultati finanziari preliminari del secondo trimestre 2025, evidenziando una solida performance. L'azienda ha registrato un ricavo netto compreso tra 720 e 730 milioni di dollari, con un aumento del 3% su base annua, e un EBITDA rettificato tra 180 e 185 milioni di dollari, in crescita di circa il 13% rispetto al secondo trimestre 2024.
I punti salienti includono un miglioramento degli indicatori di leva finanziaria, con una leva lorda in diminuzione a 3,8x rispetto a 4,1x e una leva netta ridotta a 3,7x da 3,9x. Il trimestre ha anche visto l'approvazione da parte della FDA del Brekiya® autoiniettore per il trattamento dell'emicrania e una forte adozione di CREXONT®. L'azienda prevede di raggiungere o superare le stime per l'intero anno 2025 e pianifica di presentare una domanda BLA per un biosimilare proposto di XOLAIR® nel quarto trimestre 2025.
Amneal Pharmaceuticals (NASDAQ: AMRX) ha publicado los resultados financieros preliminares del segundo trimestre de 2025, mostrando un desempeño sólido. La compañía reportó ingresos netos de entre 720 y 730 millones de dólares, un aumento del 3% respecto al año anterior, y un EBITDA ajustado de entre 180 y 185 millones de dólares, incrementándose aproximadamente un 13% desde el segundo trimestre de 2024.
Los aspectos destacados incluyen una mejora en los indicadores de apalancamiento, con apalancamiento bruto disminuyendo a 3,8x desde 4,1x y apalancamiento neto reduciéndose a 3,7x desde 3,9x. El trimestre también marcó la aprobación por parte de la FDA del autoinyector Brekiya® para el tratamiento de migraña y una fuerte adopción de CREXONT®. La compañía espera cumplir o superar sus previsiones para todo el año 2025 y planea presentar una solicitud BLA para un biosimilar propuesto de XOLAIR® en el cuarto trimestre de 2025.
Amneal Pharmaceuticals (NASDAQ: AMRX)는 2025년 2분기 예비 재무 실적을 발표하며 강력한 성과를 보였습니다. 회사는 순매출 7억 2천만~7억 3천만 달러를 기록하여 전년 동기 대비 3% 증가했으며, 조정 EBITDA는 1억 8천만~1억 8천 5백만 달러로 2024년 2분기 대비 약 13% 증가했습니다.
주요 내용으로는 총 레버리지 비율이 4.1배에서 3.8배로 감소하고, 순 레버리지 비율도 3.9배에서 3.7배로 줄어든 점이 포함됩니다. 이번 분기에는 또한 FDA가 두통 치료용 Brekiya® 오토인젝터를 승인했으며 CREXONT®의 강한 시장 수용도 확인되었습니다. 회사는 2025년 전체 연간 가이던스를 달성하거나 초과할 것으로 예상하며, 2025년 4분기에 제안된 XOLAIR® 바이오시밀러에 대한 생물의약품 허가신청서(BLA)를 제출할 계획입니다.
Amneal Pharmaceuticals (NASDAQ : AMRX) a publié des résultats financiers préliminaires pour le deuxième trimestre 2025, montrant une solide performance. La société a annoncé un chiffre d'affaires net compris entre 720 et 730 millions de dollars, en hausse de 3 % par rapport à l'année précédente, et un EBITDA ajusté de 180 à 185 millions de dollars, soit une augmentation d'environ 13 % par rapport au deuxième trimestre 2024.
Les points clés incluent une amélioration des ratios d'endettement, avec un levier brut passant de 4,1x à 3,8x et un levier net diminuant de 3,9x à 3,7x. Le trimestre a également été marqué par l'approbation par la FDA de Brekiya® autoinjecteur pour le traitement de la migraine et une forte adoption de CREXONT®. La société prévoit d'atteindre ou de dépasser ses objectifs annuels pour 2025 et envisage de soumettre une demande BLA pour un biosimilaire proposé de XOLAIR® au quatrième trimestre 2025.
Amneal Pharmaceuticals (NASDAQ: AMRX) hat vorläufige Finanzergebnisse für das zweite Quartal 2025 veröffentlicht, die eine starke Leistung zeigen. Das Unternehmen meldete Nettoerlöse von 720 bis 730 Millionen US-Dollar, ein Plus von 3 % im Jahresvergleich, sowie ein bereinigtes EBITDA von 180 bis 185 Millionen US-Dollar, was einer Steigerung von etwa 13 % gegenüber dem zweiten Quartal 2024 entspricht.
Zu den wichtigsten Highlights zählen verbesserte Verschuldungskennzahlen, mit einer Brutto-Verschuldung, die von 4,1x auf 3,8x gesunken ist, und einer Netto-Verschuldung, die von 3,9x auf 3,7x reduziert wurde. Im Quartal wurde außerdem die FDA-Zulassung des Brekiya® Autoinjektors zur Migränebehandlung erteilt sowie eine starke Nachfrage nach CREXONT® verzeichnet. Das Unternehmen erwartet, seine Jahresprognose für 2025 zu erfüllen oder zu übertreffen und plant, im vierten Quartal 2025 einen BLA-Antrag für einen vorgeschlagenen XOLAIR®-Biosimilar einzureichen.
- Net revenue increased 3% year-over-year to $720-730 million
- Adjusted EBITDA grew 13% to $180-185 million
- Income before taxes improved significantly to $45-56 million vs $20 million in Q2 2024
- Gross leverage improved to 3.8x from 4.1x, showing continued deleveraging
- FDA approval received for Brekiya® autoinjector for migraine treatment
- Strong commercial uptake reported for CREXONT®
- Substantial debt load remains with $2.55 billion in gross debt
- Revolving credit facility usage increased to $290 million from $100 million
- Cash and cash equivalents decreased to $71.5 million from $110.5 million
Insights
Amneal reports strong Q2 with 13% adjusted EBITDA growth and reduced leverage, showing improving financial health and operational execution.
Amneal's preliminary Q2 2025 results reveal solid financial improvement across key metrics. Revenue reached
The company's deleveraging efforts are gaining meaningful traction. Gross leverage decreased from 4.1x at year-end 2024 to 3.8x as of June 30, 2025, while net leverage improved from 3.9x to 3.7x during the same period. This improvement stems from both enhanced profitability and debt reduction, with gross debt decreasing from
Income before taxes grew significantly to
The preliminary results suggest Amneal's diversification strategy is working effectively. Management's confidence in meeting or exceeding full-year guidance indicates momentum should continue through 2025. Their pipeline development also shows promise with FDA approval of Brekiya® autoinjector for migraines and cluster headaches, strong uptake of CREXONT®, and an expected BLA submission for a proposed Xolair® biosimilar in Q4 2025.
The significant reduction in leverage ratio combined with double-digit EBITDA growth points to improving financial flexibility. This could enable Amneal to pursue more growth opportunities while reducing financial risk – a particularly valuable position given the current high interest rate environment.
– Results Reflect Continued Financial Strength and Deleveraging –
BRIDGEWATER, N.J., July 21, 2025 (GLOBE NEWSWIRE) -- Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) (“Amneal” or the “Company”) today announced certain unaudited preliminary financial results for the second quarter ended June 30, 2025. The Company plans to report actual second quarter 2025 financial results on August 5, 2025.
Unaudited Preliminary Financial Results for the Second Quarter Ended June 30, 2025
- Net revenue of
$720 million to$730 million , an increase of approximately3% versus the same period in 2024 - Income before income taxes of
$45 million to$56 million , versus$20 million in the same period in 2024 - Adjusted EBITDA of
$180 million to$185 million , an increase of approximately13% versus the same period in 2024 - Gross leverage decreased to 3.8x as of June 30, 2025, compared to 4.1x as of December 31, 2024, and net leverage decreased to 3.7x as of June 30, 2025, compared to 3.9x as of December 31, 2024, due to higher profitability and continued debt reduction
“Amneal continued to deliver robust growth and further deleveraging underscoring the power of our diversified pharmaceutical business. Based on our performance year-to-date and multiple growth drivers, we expect to meet or exceed our full year 2025 guidance. This quarter also marked the U.S. FDA approval of Brekiya® autoinjector for the acute treatment of migraine and cluster headache in adults, as well as strong commercial uptake of CREXONT®. Finally, we look forward to an expected BLA submission for a proposed biosimilar to XOLAIR® in the fourth quarter of 2025. With a strong foundation, a relentless execution focus, and a deep pipeline, Amneal is well-positioned to deliver long-term growth,” said Chirag and Chintu Patel, Co-Chief Executive Officers and Co-Founders.
Amneal’s preliminary financial results are based on the most recent information available to the Company’s management. Such preliminary financial results are forward-looking statements. Actual results may differ from these preliminary financial results due to the completion of the Company’s financial close procedures, final accounting adjustments and other developments that may arise between the date of this Current Report on Form 8-K and the time that financial results for the second quarter of 2025 are finalized, and such differences may be material. The preliminary financial results for the second quarter of 2025 are not necessarily indicative of the results to be achieved in any future period. The Company presents GAAP and adjusted (non-GAAP) quarterly results. Please refer to the “Non-GAAP Financial Measures” section and the accompanying GAAP to non-GAAP reconciliation tables for more information.
Cautionary Statement on Forward-Looking Statements
Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements regarding management’s intentions, plans, beliefs, expectations, financial results, or forecasts for the future, including among other things: discussions of future operations; expected or estimated operating results and financial performance; statements regarding our expansion into high-growth areas and statements regarding our positioning, including our ability to drive sustainable value creation, and other non-historical statements. Words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and similar words, or the negatives thereof, are intended to identify estimates and forward-looking statements.
The Company’s statements about certain unaudited preliminary financial results for the second quarter ended June 30, 2025, included herein, provide projected information based on the Company’s current estimates and expectations and remain subject to change and finalization based on management’s ongoing review of results of the quarter and completion of all quarter-end close processes. The Company cautions investors that if the estimates, expectations or assumptions underlying the forward-looking statements contained herein prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those expressed in, or implied by, these forward-looking statements.
The reader is cautioned not to rely on these forward-looking statements. These forward-looking statements are based on current expectations of future events, including with respect to future market conditions, company performance and financial results, operational investments, business prospects, new strategies and growth initiatives, the competitive environment, and other events. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company.
Such risks and uncertainties include, but are not limited to: our ability to successfully develop, license, acquire and commercialize new products on a timely basis; the competition we face in the pharmaceutical industry from brand and generic drug product companies, and the impact of that competition on our ability to set prices; our ability to obtain exclusive marketing rights for our products; the impact of illegal distribution and sale by third parties of counterfeit versions of our products or stolen products; the impact of negative market perceptions of us and the safety and quality of our products; our revenues are derived from the sales of a limited number of products, a substantial portion of which are through a limited number of customers; the continuing trend of consolidation of certain customer groups; our dependence on third-party suppliers and distributors for raw materials for our products and certain finished goods; the imposition of tariffs may adversely affect our business, results of operations and financial condition; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; our dependence on information technology systems and infrastructure and the potential for cybersecurity incidents, and risks associated with artificial intelligence; the impact of a prolonged business interruption within our supply chain; our ability to attract, hire and retain highly skilled personnel; risks related to federal regulation of arrangements between manufacturers of branded and generic products; our reliance on certain licenses to proprietary technologies from time to time; the significant amount of resources we expend on research and development; the risk of claims brought against us by third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to government contracting, healthcare fraud abuse and health information privacy and security and changes in such laws; changes to Food and Drug Administration product approval requirements; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; our dependence on third-party agreements for a portion of our product offerings; our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, and the impact of interest rate fluctuations on such indebtedness; our potential expansion into additional international markets subjecting us to increased regulatory, economic, social and political uncertainties; our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms; the impact of global economic, political or other catastrophic events; our obligations under a tax receivable agreement may be significant; and the high concentration of ownership of our class A common stock and the fact that we are controlled by the Amneal Group. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect the occurrence of events or circumstances after the date hereof.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, gross leverage and net leverage, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP.
Gross debt reflects current and long-term indebtedness. Net debt reflects gross debt less cash and cash equivalents.
EBITDA reflects income (loss) before income taxes adjusted to exclude interest expense, net, and depreciation and amortization. Adjusted EBITDA reflects income (loss) before income taxes adjusted to exclude (i) interest expense, net, (ii) depreciation and amortization, (iii) stock-based compensation expense, (iv) acquisition, site closure, and idle facility expenses, (v) restructuring and other charges, (vi) (credit) charges related to legal matters, net, (vii) asset impairment charges, (viii) foreign exchange (gain) loss, (ix) increase in tax receivable agreement liability, and (x) other.
Gross leverage is calculated as gross debt (total outstanding principal on the Company’s debt), divided by adjusted EBITDA for the year or last twelve months then ended.
Net leverage is calculated as net debt (total outstanding principal on the Company’s debt, less cash and cash equivalents), divided by adjusted EBITDA for the year or last twelve months then ended.
Management uses these non-GAAP measures internally to evaluate and manage the Company’s operations and to better understand its business because they facilitate a comparative assessment of the Company’s operating performance relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance. The compensation committee of the Company’s board of directors also uses certain of these measures to evaluate management’s performance and set its compensation. The Company believes that these non-GAAP measures also provide useful information to investors regarding certain financial and business trends relating to the Company’s financial condition and operating results facilitates an evaluation of the financial performance of the Company and its operations on a consistent basis. Providing this information therefore allows investors to make independent assessments of the Company’s financial performance, results of operations, gross leverage, net leverage and trends while viewing the information through the eyes of management.
These non-GAAP measures are subject to limitations. The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements; do not reflect changes in, or cash requirements for, working capital needs; and do not reflect interest expense, or the requirements necessary to service interest or principal payments on debt. Further, our historical adjusted results are not intended to project our adjusted results of operations or financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures in conjunction with the Company’s GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to any measure determined in accordance with GAAP. Readers should review the reconciliations included below, and should not rely on any single financial measure to evaluate the Company’s business.
A reconciliation of each historical non-GAAP measure to the most directly comparable GAAP measure is set forth below.
Contact
Anthony DiMeo
VP, Investor Relations
anthony.dimeo@amneal.com
Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited, in thousands) | |||||||||||
Reconciliation of Income Before Income Taxes to EBITDA and Adjusted EBITDA | |||||||||||
Three Months Ended June 30, | |||||||||||
2025 (Preliminary Range) | 2024 | ||||||||||
Low End | High End | ||||||||||
Income before income taxes | $ | 45,000 | $ | 56,000 | $ | 20,405 | |||||
Adjusted to add: | |||||||||||
Interest expense, net | 66,000 | 64,000 | 65,719 | ||||||||
Depreciation and amortization | 61,000 | 59,000 | 55,572 | ||||||||
EBITDA (Non-GAAP) | $ | 172,000 | $ | 179,000 | $ | 141,696 | |||||
Adjusted to add (deduct): | |||||||||||
Stock-based compensation expense | 8,500 | 8,200 | 6,725 | ||||||||
Acquisition, site closure, and idle facility expenses(1) | 1,500 | 1,200 | 579 | ||||||||
Restructuring and other charges | 1,100 | 1,000 | 131 | ||||||||
(Credit) charges related to legal matters, net | — | (400 | ) | 699 | |||||||
Asset impairment charges | 300 | — | — | ||||||||
Foreign exchange (gain) loss | (8,000 | ) | (9,000 | ) | 262 | ||||||
Increase in tax receivable agreement liability | 4,500 | 3,500 | 13,444 | ||||||||
Other(2) | 100 | 1,500 | (1,325 | ) | |||||||
Adjusted EBITDA (Non-GAAP) | $ | 180,000 | $ | 185,000 | $ | 162,211 | |||||
Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited) | |
Explanations for Reconciliation of Income Before Income Taxes to EBITDA and Adjusted EBITDA | |
(1) | Acquisition, site closure, and idle facility expenses for the three months ended June 30, 2025 primarily included costs related to a planned facility closure and rent for vacated properties. Acquisition, site closure, and idle facility expenses for the three months ended June 30, 2024 primarily included rent for vacated properties. |
(2) | System implementation expense of |
Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited, in thousands, except leverage) | |||||
Calculation of Net Debt and Net Leverage | |||||
June 30, 2025 | December 31, 2024 | ||||
Term Loan Due 2025 | $ | — | $ | 191,979 | |
Term Loan Due 2028 | 2,263,460 | 2,292,856 | |||
Amended New Revolving Credit Facility | 290,000 | 100,000 | |||
Gross debt (1) | $ | 2,553,460 | $ | 2,584,835 | |
Less: Cash and cash equivalents | 71,544 | 110,552 | |||
Net debt (Non-GAAP) | $ | 2,481,916 | $ | 2,474,283 | |
Last Twelve Months Ended June 30, 2025 (Preliminary) | Year Ended December 31, 2024 | ||||
Adjusted EBITDA (Non-GAAP) (2) | $ | 665,358 | $ | 627,442 | |
Gross leverage (Non-GAAP) (3) | 3.8x | 4.1x | |||
Net leverage (Non-GAAP) (4) | 3.7x | 3.9x |
(1) | See “Note 15. Debt” in the Company's 2024 Annual Report on Form 10-K for additional information. |
(2) | See “Reconciliation of Income (Loss) Before Income Taxes to EBITDA and adjusted EBITDA” below. |
(3) | Gross leverage was calculated by dividing gross debt by adjusted EBITDA. |
(4) | Net leverage was calculated by dividing net debt by adjusted EBITDA. |
Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited, in thousands) | |||||||||||||||||||
Reconciliation of Income (Loss) Before Income Taxes to EBITDA and Adjusted EBITDA | |||||||||||||||||||
Three Months Ended | Last Twelve Months Ended | ||||||||||||||||||
September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 (Preliminary) (1) | June 30, 2025 (Preliminary) | |||||||||||||||
Income (loss) before income taxes | $ | 15,423 | $ | (15,319 | ) | $ | 37,486 | $ | 50,500 | $ | 88,090 | ||||||||
Adjusted to add: | |||||||||||||||||||
Interest expense, net | 65,511 | 61,662 | 56,939 | 65,000 | 249,112 | ||||||||||||||
Depreciation and amortization | 58,961 | 66,130 | 60,159 | 60,000 | 245,250 | ||||||||||||||
EBITDA (Non-GAAP) | $ | 139,895 | $ | 112,473 | $ | 154,584 | $ | 175,500 | $ | 582,452 | |||||||||
Adjusted to add (deduct): | |||||||||||||||||||
Stock-based compensation expense | 7,112 | 7,209 | 7,128 | 8,350 | 29,799 | ||||||||||||||
Acquisition, site closure, and idle facility expenses(2) | 551 | 538 | 1,241 | 1,350 | 3,680 | ||||||||||||||
Restructuring and other charges | 172 | 493 | 571 | 1,050 | 2,286 | ||||||||||||||
(Credit) charges related to legal matters, net | (149 | ) | 1,783 | — | (200 | ) | 1,434 | ||||||||||||
Asset impairment charges | 181 | 176 | 68 | 150 | 575 | ||||||||||||||
Foreign exchange (gain) loss | (2,274 | ) | 7,661 | (4,247 | ) | (8,500 | ) | (7,360 | ) | ||||||||||
Increase in tax receivable liability | 11,327 | 23,961 | 10,687 | 4,000 | 49,975 | ||||||||||||||
Other(4) | 808 | 963 | (54 | ) | 800 | 2,517 | |||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 157,623 | $ | 155,257 | $ | 169,978 | $ | 182,500 | $ | 665,358 |
Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited, in thousands) | |||
Reconciliation of Loss Before Income Taxes to EBITDA and Adjusted EBITDA | |||
Year Ended December 31, 2024 | |||
Loss before income taxes | $ | (55,013 | ) |
Adjusted to add: | |||
Interest expense, net | 258,595 | ||
Depreciation and amortization | 236,191 | ||
EBITDA (Non-GAAP) | $ | 439,773 | |
Adjusted to add: | |||
Stock-based compensation expense | 27,552 | ||
Acquisition, site closure, and idle facility expenses(2) | 2,112 | ||
Restructuring and other charges | 2,265 | ||
Charges related to legal matters, net(3) | 96,692 | ||
Asset impairment charges | 1,372 | ||
Foreign exchange loss | 6,846 | ||
Increase in tax receivable liability | 50,680 | ||
Other(4) | 150 | ||
Adjusted EBITDA (Non-GAAP) | $ | 627,442 |
Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited) | |
Explanations for Reconciliation of Income (Loss) Before Income Taxes to EBITDA and Adjusted EBITDA | |
(1) | Represents the mid-point in the preliminary adjusted EBITDA range. See “Reconciliation of Income (Loss) Before Income Taxes to EBITDA and Adjusted EBITDA” in the first Non-GAAP reconciliation above. |
(2) | Acquisition, site closure, and idle facility expenses for the three months ended September 30, 2024 and December 31, 2024, and the year ended December 31, 2024 primarily included rent for vacated properties. Acquisition, site closure, and idle facility expenses for the three months ended March 31, 2025 and June 30, 2025 primarily included costs related to a planned facility closure and rent for vacated properties. |
(3) | For the year ended December 31, 2024, charges related to legal matters, net were primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the United States. |
(4) | System implementation expense of |
