Amneal Reports Third Quarter 2026 Financial Results

Higher earnings expectations accompany lower cash flow guidance as working capital includes higher inventory levels in growth areas.

Rhea-AI Summary

Amneal Pharmaceuticals (Nasdaq: AMRX) reported third-quarter 2026 revenue of $863 million, up 10% from the same quarter last year. Net loss attributable to Amneal was $22 million, versus net income of $2 million; diluted EPS fell to a loss of $0.06 from income of $0.01. Adjusted EBITDA rose 30% to $207 million, and adjusted diluted EPS increased 53% to $0.26. Affordable Medicines revenue grew 19% and Specialty grew 20%, while AvKARE declined 17%.

Amneal raised its 2026 guidance to revenue of $3.15–$3.25 billion, adjusted EBITDA of $800–$815 million and adjusted diluted EPS of $1.04–$1.08. It lowered operating cash flow guidance to $325–$375 million, reflecting working capital, including higher inventory in growth areas. Nine-month operating cash flow fell to $50.312 million from $209.677 million a year earlier.

15 points · 1 major

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How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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1 major · 16 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance raised to $3.15–$3.25 billion from $3.10–$3.20 billion.
• Moderate pointQ3 net revenue increased 10% to $863 million from $785 million a year earlier.
• Moderate pointQ3 adjusted EBITDA increased 30% to $207 million year over year.
• Moderate pointQ3 adjusted diluted EPS increased 53% to $0.26 from $0.17 a year earlier.
• Moderate pointAffordable Medicines Q3 revenue grew 19% year over year, driven by biosimilars, women’s health patches and launches.
• Moderate pointSpecialty Q3 revenue grew 20% year over year, driven by CREXONT, BREKIYA autoinjector and UNITHROID.
• Moderate pointNine-month net income attributable to Amneal increased to $98.223 million from $36.981 million a year earlier.
• Moderate pointStockholders’ equity reached $531.257 million at September 30, 2026, versus a $71.329 million deficiency at year-end 2025.

7 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA guidance raised to $800–$815 million from $750–$780 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted diluted EPS guidance raised to $1.04–$1.08 from $0.96–$1.06.
• Minor pointQ3 gross profit increased to $334.118 million from $273.974 million a year earlier.
• Minor pointQ3 operating income increased to $95.415 million from $70.344 million a year earlier.
• Minor pointQ3 net interest expense decreased to $58.913 million from $62.814 million a year earlier.
• Minor pointNine-month revenue increased to $2,381.400 million from $2,204.441 million a year earlier.
• Minor pointNine-month diluted EPS increased to $0.29 from $0.11 a year earlier.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.2026 operating cash flow guidance lowered to $325–$375 million from $350–$400 million.
• Moderate pointQ3 attributable net loss was $22 million, versus $2 million net income a year earlier.
• Moderate pointNine-month operating cash flow declined to $50.312 million from $209.677 million a year earlier.
• Moderate pointAvKARE Q3 revenue declined 17%, reflecting a non-recurring cardiovascular product launch in the prior year.
• Moderate pointCash and equivalents fell to $157.399 million at September 30, 2026, from $282.029 million at year-end 2025.
• Moderate pointLong-term debt, net, rose to $2,915.501 million at September 30, 2026, from $2,565.115 million at year-end 2025.
• Moderate pointRelated-party contingent consideration totaled $59 million current and $324 million long-term at September 30, 2026.

9 minor points

• Minor pointQ3 diluted EPS fell to $(0.06) from $0.01 income; Kashiv acquisition shares increased the share count.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 operating cash flow guidance excluding discrete items lowered to $350–$400 million from $375–$425 million.
• Minor pointQ3 acquisition and integration costs were $22.320 million, versus none a year earlier.
• Minor pointQ3 income tax provision was $2.751 million, versus a $23.355 million benefit a year earlier.
• Minor pointQ3 redeemable non-controlling interest accretion reduced attributable income by $14.239 million, versus none a year earlier.
• Minor pointQ3 property-loss charges and associated expenses were $5.369 million, versus none a year earlier.
• Minor pointQ3 net legal-matter charges were $6.497 million, versus none a year earlier.
• Minor pointRevolving credit facility balance reached $180 million at September 30, 2026, versus none at year-end 2025.
• Minor pointCurrent long-term debt, net, rose to $23.933 million at September 30, 2026, from $6.761 million at year-end 2025.

News Explained

Amneal says its Q3 diluted loss per share reflected a higher share count from the Kashiv acquisition; 28,942,098 shares had been issued as equity consideration, increasing the share base and reducing existing holders’ percentage ownership.

Key Figures

Q3 net revenue: $863 million; +10% Net loss attributable to Amneal: $22 million Adjusted EBITDA: $207 million; +30% +5 more

Q3 net revenue

$863 million; +10%

Q3 2026 versus Q3 2025

Net loss attributable to Amneal

$22 million

Q3 2026; compared with net income of $2 million in Q3 2025

Adjusted EBITDA

$207 million; +30%

Q3 2026 versus Q3 2025

Adjusted diluted EPS

$0.26; +53%

Q3 2026 versus $0.17 in Q3 2025

2026 net revenue guidance

$3.15 billion–$3.25 billion

Updated guidance; prior guidance was $3.10 billion–$3.20 billion

2026 adjusted EBITDA guidance

$800 million–$815 million

Updated guidance; prior guidance was $750 million–$780 million

2026 adjusted diluted EPS guidance

$1.04–$1.08

Updated guidance; prior guidance was $0.96–$1.06

2026 operating cash flow guidance

$325 million–$375 million

Updated guidance; prior guidance was $350 million–$400 million

Previous Earnings Reports

4 past events · Latest: Jul 30

Same Type 4 events

1. Jul 30

   Q2 earnings

   24h Move

   -3.1%

   Revenue and adjusted earnings increased, and the company raised full-year guidance.

2. May 07

   Q1 earnings

   24h Move

   -3.8%

   Quarterly revenue and adjusted earnings were reported; full-year guidance was affirmed.

3. Feb 27

   Q4 and FY earnings

   24h Move

   -4.7%

   Full-year revenue and adjusted earnings were reported alongside 2026 guidance.

4. Oct 30

   Q3 earnings

   24h Move

   -4.1%

   Revenue and adjusted earnings increased year over year; the company updated 2025 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap, diluted eps, non-controlling interests

4 terms

gaap financial

"GAAP Net Loss of $22 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"The Company presents GAAP and adjusted (non-GAAP) quarterly results."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

diluted eps financial

"Adjusted Diluted EPS of $0.26"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

non-controlling interests financial

"Net income attributable to non-controlling interests"

An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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– Q3 2026 Net Revenue of $863 million; GAAP Net Loss of $22 million; Diluted Loss per Share of $(0.06) –
– Adjusted EBITDA of $207 million; Adjusted Diluted EPS of $0.26 –
– Updating 2026 Full Year Guidance –

BRIDGEWATER, N.J., Nov. 03, 2026 (GLOBE NEWSWIRE) -- Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) (“Amneal” or the “Company”) today announced its results for the third quarter ended September 30, 2026.

“Amneal delivered another quarter of strong, broad-based performance, enabling us to increase our 2026 guidance once more. As we prepare to enter 2027, our financial performance is accelerating driven by a number of key catalysts and new launches, including Women’s Health patches, biosimilars, injectables such as lanreotide, CREXONT^®, and BREKIYA^® autoinjector. The Kashiv integration is proceeding well, and we are excited about the long-term growth potential in biosimilars. With the breadth and depth of opportunities across our portfolio, we remain highly confident in Amneal’s robust growth outlook,” said Chirag and Chintu Patel, Co-Founders and Co-Chief Executive Officers of Amneal.

Third Quarter 2026 Results
Net revenue in the third quarter of 2026 was $863 million, an increase of 10% compared to $785 million in the third quarter of 2025. Affordable Medicines net revenue increased 19%, driven by biosimilars, women’s health patches, and new launches. Specialty net revenue increased 20%, driven by key branded products, including CREXONT^®, BREKIYA^® autoinjector, and UNITHROID^®. AvKARE net revenue decreased 17%, as expected, due to a non-recurring cardiovascular product launch in the prior year.

Net loss attributable to Amneal Pharmaceuticals, Inc. was $22 million in the third quarter of 2026 compared to net income of $2 million in the third quarter of 2025 as higher revenue and gross profit were more than offset by non-recurring acquisition and integration costs, and higher tax provision.

Adjusted EBITDA in the third quarter of 2026 was $207 million, an increase of 30% compared to the third quarter of 2025, reflecting higher revenue, higher gross profit, and lower operating expenses.

Diluted loss per share in the third quarter of 2026 was $(0.06) compared to diluted income per share of $0.01 for the third quarter of 2025, due to the aforementioned factors and higher share count as a result of the Kashiv acquisition. Adjusted diluted earnings per share in the third quarter of 2026 was $0.26, an increase of 53% compared to $0.17 for the third quarter of 2025.

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.

Updating 2026 Full Year Guidance
We are increasing full year 2026 guidance for net revenue, adjusted EBITDA, and adjusted diluted EPS. The Company is also updating operating cash flow guidance, reflecting working capital, including higher inventory levels in key growth areas.

	Updated Guidance	Prior Guidance
Net revenue	$3.15 billion - $3.25 billion	$3.10 billion - $3.20 billion
Adjusted EBITDA (1)	$800 million - $815 million	$750 million - $780 million
Adjusted diluted EPS (2)	$1.04 - $1.08	$0.96 - $1.06
Operating cash flow (3)	$325 million - $375 million	$350 million - $400 million
Operating cash flow, excluding discrete items (4)	$350 million - $400 million	$375 million - $425 million
Capital expenditures (5)	~$150 million	~$150 million

(1)	Includes 100% of adjusted EBITDA from AvKARE. See also “Non-GAAP Financial Measures” below.
(2)	Accounts for non-controlling interest in AvKARE. Assumes approximately 340 million weighted-average diluted shares outstanding for the year ending December 31, 2026.
(3)	Represents cash provided by operating activities.
(4)	Excludes discrete items such as opioid settlement costs of approximately $36 million and Kashiv acquisition and integration costs of approximately $40 million.
(5)	Reflects estimated capital expenditures and deposits for future acquisition of property, plant, and equipment.

Amneal’s 2026 estimates are based on management’s current expectations, including with respect to prescription trends, pricing levels, the timing of future product launches, the costs incurred and benefits realized of restructuring activities, and our long-term strategy. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company cannot provide a reconciliation between non-GAAP projections and the most directly comparable measures in accordance with GAAP without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. The items include, but are not limited to, acquisition-related expenses, restructuring expenses and benefits, asset impairments, legal settlements, and other gains and losses. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results.

Conference Call Information
Amneal will host a conference call and live webcast at 8:30 am Eastern Time today, November 3, 2026, to discuss its results. The live webcast and presentation will be accessible through the Investor Relations section of the Company’s website at https://investors.amneal.com. To access the call through a conference line, dial 1 (833) 461-5787 (in the U.S.) with access code 304152835. A replay of the conference call will be posted shortly after the call. For a list of toll-free international numbers, visit this website: https://help.events.q4inc.com/eahc/international-dial-in-numbers.

About Amneal
Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX), headquartered in Bridgewater, New Jersey, is a diversified, global biopharmaceutical leader focused on expanding access to affordable and innovative medicines. Amneal was founded in 2002 by brothers and co-CEOs Chirag and Chintu Patel, and built on the belief that innovation only matters if it’s accessible. Today, Amneal has a diverse and growing portfolio of approximately 300 complex generic, specialty and biosimilar medicines, delivering more than 160 million prescriptions annually, primarily in the United States. Our Affordable Medicines segment spans retail generics, injectables, and biosimilars. Our Specialty segment provides branded treatments in neurology, including Parkinson’s disease and migraine, and endocrinology. Our AvKARE segment distributes pharmaceuticals and medical products to U.S. federal, retail, and institutional customers. For additional information, please visit amneal.com and follow us on LinkedIn.

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 product launches; statements regarding our potential growth 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 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: risks related to integrating our acquisition (the “Kashiv Acquisition”) of Kashiv BioSciences, LLC (“Kashiv”) and realizing the anticipated benefits of the acquisition; 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; the impact of supply chain disruption; the imposition of tariffs may adversely affect our business, results of operations and financial condition; a U.S. government shutdown could adversely impact our regulatory, operational and financial performance; 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 and review processes; the impact of healthcare reform and changes in coverage and reimbursement levels and funding by governmental authorities and other third-party payers; our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms; our dependence on third-party agreements for a portion of our product offerings; our potential expansion into additional international markets subjecting us to increased regulatory, economic, social and political uncertainties; the impact of global economic, political or other catastrophic events; 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 obligations under a tax receivable agreement may be significant; and the high concentration of ownership of our Class A common stock 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, adjusted net income, adjusted diluted EPS, adjusted gross margin, adjusted operating income, net debt, 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.

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 and facilitate 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, cash flows, 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 an alternative 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. Consolidated Statements of Operations (unaudited; in thousands, except per share amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Net revenue		$	862,684			$	784,513			$	2,381,400			$	2,204,441
Cost of goods sold			528,566				510,539				1,392,661				1,388,323
Gross profit			334,118				273,974				988,739				816,118
Selling, general and administrative			139,645				137,815				427,227				380,369
Research and development			68,374				63,352				145,774				151,356
Intellectual property legal development expenses			2,193				2,437				5,822				6,221
Acquisition and integration costs			22,320				—				35,073				—
Restructuring and other charges			936				143				2,140				1,738
Change in fair value of contingent consideration			(6,000	)			—				(6,000	)			—
Charges for property losses and associated expenses			5,369				—				5,369				—
Charges (credit) related to legal matters, net			6,497				—				15,248				(390	)
Other operating income			(631	)			(117	)			(8,870	)			(5,239	)
Operating income			95,415				70,344				366,956				282,063
Other (expense) income:
Interest expense, net			(58,913	)			(62,814	)			(167,317	)			(184,854	)
Foreign exchange (loss) gain, net			(3,174	)			(3,431	)			(12,924	)			9,072
Loss on refinancing			(5,760	)			(31,365	)			(9,270	)			(31,365	)
(Increase) decrease in tax receivable agreement liability			(12,992	)			20,808				(13,098	)			5,701
Other income, net			481				1,235				1,876				3,357
Total other expense, net			(80,358	)			(75,567	)			(200,733	)			(198,089	)
Income (loss) before income taxes			15,057				(5,223	)			166,223				83,974
Provision for (benefit from) income taxes			2,751				(23,355	)			6,303				5,614
Net income			12,306				18,132				159,920				78,360
Less: Net income attributable to non-controlling interests			(19,762	)			(15,763	)			(47,458	)			(41,379	)
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interests			(7,456	)			2,369				112,462				36,981
Accretion of redeemable non-controlling interests			(14,239	)			—				(14,239	)			—
Net (loss) income attributable to Amneal Pharmaceuticals, Inc.		$	(21,695	)		$	2,369			$	98,223			$	36,981
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic		$	(0.06	)		$	0.01			$	0.30			$	0.12
Diluted		$	(0.06	)		$	0.01			$	0.29			$	0.11
Weighted-average common shares outstanding:
Basic			335,733				314,168				323,724				312,998
Diluted			335,733				324,754				335,233				323,704

Amneal Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (unaudited; in thousands)
		September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	157,399			$	282,029
Restricted cash			14,174				28,842
Trade accounts receivable, net			1,016,844				895,143
Inventories			707,956				606,302
Prepaid expenses and other current assets			196,769				98,395
Related party receivables			1,876				470
Total current assets			2,095,018				1,911,181
Property, plant and equipment, net			572,634				442,950
Goodwill and intangible assets, net			2,323,728				1,158,968
Operating lease right-of-use assets			69,760				38,832
Operating lease right-of-use assets - related party			20,019				15,216
Financing lease right-of-use assets			63,255				53,328
Other assets			122,807				57,805
Total assets		$	5,267,221			$	3,678,280
Liabilities and Stockholders’ Equity (Deficiency)
Current liabilities:
Accounts payable and accrued expenses		$	788,831			$	761,316
Current portion of liabilities for legal matters			27,534				43,256
Revolving credit facility			180,000				—
Current portion of long-term debt, net			23,933				6,761
Current portion of operating lease liabilities			14,417				8,668
Current portion of operating lease liabilities - related party			3,398				2,705
Current portion of financing lease liabilities			3,811				3,442
Related party payables - short term			18,913				55,485
Contingent consideration - related party - short term			59,000				—
Total current liabilities			1,119,837				881,633
Long-term debt, net			2,915,501				2,565,115
Operating lease liabilities			59,612				33,233
Operating lease liabilities - related party			16,635				14,195
Financing lease liabilities			65,588				54,927
Related party payables - long term			15,878				19,132
Liabilities for legal matters - long term			71,663				71,819
Contingent consideration - related party - long term			324,000				—
Other long-term liabilities			37,797				32,263
Total long-term liabilities			3,506,674				2,790,684
Redeemable non-controlling interests			109,453				77,292
Total stockholders’ equity (deficiency)			531,257				(71,329	)
Total liabilities and stockholders’ equity (deficiency)		$	5,267,221			$	3,678,280

Amneal Pharmaceuticals, Inc. Consolidated Statements of Cash Flows (unaudited; in thousands)
		Nine Months Ended September 30,
			2026				2025
Cash flows from operating activities:
Net income		$	159,920			$	78,360
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			144,250				174,345
Unrealized foreign currency loss (gain)			13,571				(8,606	)
Amortization of debt issuance costs and discount			12,141				18,716
Reclassification of cash flow hedge			8,730				(1,713	)
Loss on refinancing			9,270				31,365
Intangible asset impairment charges			975				22,784
Research and development equipment impairment charges			13,832				—
Non-cash property losses			5,035				—
Change in fair value of contingent consideration			(6,000	)			—
Stock-based compensation			29,723				23,751
Inventory provision			64,981				59,326
Other operating charges and credits, net			4,689				3,575
Changes in assets and liabilities:
Trade accounts receivable, net			(122,423	)			(110,228	)
Inventories			(158,346	)			(66,846	)
Prepaid expenses, other current assets and other assets			(113,073	)			(20,173	)
Related party receivables			203				(830	)
Accounts payable, accrued expenses and other liabilities			17,590				2,744
Related party payables			(34,756	)			3,107
Net cash provided by operating activities			50,312				209,677
Cash flows from investing activities:
Acquisition of Kashiv, net of cash and restricted cash acquired			(421,047	)			—
Purchases of property, plant and equipment			(70,659	)			(48,290	)
Acquisition of intangible assets			(96,603	)			(12,514	)
Deposits for future acquisition of property, plant and equipment			(28,376	)			(7,384	)
Proceeds from sale of property, plant and equipment			—				1,379
Net cash used in investing activities			(616,685	)			(66,809	)
Cash flows from financing activities:
Payments of principal on debt, revolving credit facilities, financing leases and other			(293,172	)			(2,805,384	)
Proceeds from issuance of debt			529,853				2,694,750
Payments of deferred financing and refinancing costs			(7,549	)			(74,973	)
Borrowings on revolving credit facilities			280,000				218,000
Proceeds from exercise of stock options			516				1,407
Employee payroll tax withholding on restricted stock unit and performance stock unit vesting			(44,696	)			(21,957	)
Tax and other distributions to non-controlling interests			(29,571	)			(38,825	)
Proceeds from alliance party			510				5,572
Acquisition of non-controlling interest			(400	)			—
Net cash provided by (used in) financing activities			435,491				(21,410	)
Effect of foreign exchange rate on cash			(1,804	)			(1,471	)
Net decrease in cash, cash equivalents, and restricted cash			(132,686	)			119,987
Cash, cash equivalents, and restricted cash - beginning of period			312,939				118,420
Cash, cash equivalents, and restricted cash - end of period		$	180,253			$	238,407
Cash and cash equivalents - end of period		$	157,399			$	201,249
Restricted cash - end of period			14,174				34,727
Long-term restricted cash included in other assets - end of period			8,680				2,431
Cash, cash equivalents, and restricted cash - end of period		$	180,253			$	238,407

Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited, in thousands) Reconciliation of Net Income to EBITDA and Adjusted EBITDA
		Three Months Ended September 30,								Nine Months Ended September 30,								Year Ended December 31,
			2026				2025				2026				2025				2025
Net income		$	12,306			$	18,132			$	159,920			$	78,360			$	127,933
Adjusted to add:
Interest expense, net			58,913				62,814				167,317				184,854				241,091
Provision for (benefit from) income taxes			2,751				(23,355	)			6,303				5,614				11,276
Depreciation and amortization			53,259				54,073				144,250				174,345				223,572
EBITDA (Non-GAAP)		$	127,229			$	111,664			$	477,790			$	443,173			$	603,872
Adjusted to add (deduct):
Stock-based compensation expense			10,515				8,219				29,723				23,621				31,823
Acquisition, site closure, and idle facility expenses (1)			22,745				2,318				36,503				4,762				5,301
Restructuring and other charges			890				143				1,389				1,738				4,208
Loss on refinancing (2)			5,760				31,365				9,270				31,365				31,365
Amortization of acquired inventory step-up			946				—				946				—				—
Charges (credit) related to legal matters, net (3)			7,500				—				16,251				(390	)			(390	)
Asset impairment charges (4)			14,809				22,784				14,809				22,888				23,022
Foreign exchange loss (gain)			3,174				3,431				12,924				(9,072	)			(7,635	)
Change in fair value of contingent consideration (5)			(6,000	)			—				(6,000	)			—				—
Charges for property losses and associated expenses (6)			5,369				—				5,369				—				—
Increase (decrease) in tax receivable agreement liability			12,992				(20,808	)			13,098				(5,701	)			6,588
Other (7)			1,100				459				3,417				829				(9,739	)
Adjusted EBITDA (Non-GAAP)		$	207,029			$	159,575			$	615,489			$	513,213			$	688,415

Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited, $ in thousands) Calculation of Net Debt and Net Leverage
		September 30, 2026				December 31, 2025
Term Loan Due 2032		$	2,434,263			$	2,094,750
Senior Notes Due 2032			600,000				600,000
2025 Revolving Credit Facility			180,000				—
Kashiv Rupee Term Loan Facility			16,484				—
Gross debt (8)		$	3,230,747			$	2,694,750
Less: Cash and cash equivalents			157,399				282,029
Net debt (Non-GAAP) (9)		$	3,073,348			$	2,412,721
		Adjusted EBITDA (Non-GAAP)				Adjusted EBITDA (Non-GAAP)
Year ended December 31, 2025		$	688,415			$	688,415
Less: Nine months ended September 30, 2025			513,213
Add: Nine months ended September 30, 2026			615,489
Last twelve months ended September 30, 2026		$	790,691
		Last Twelve Months Ended September 30, 2026				Year Ended December 31, 2025
Gross leverage (Non-GAAP) (10)		4.1		x		3.9		x
Net leverage (Non-GAAP) (11)		3.9		x		3.5		x

Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited; in thousands, except per share amounts) Reconciliation of Net Income to Adjusted Net Income and Calculation of Adjusted Diluted Earnings Per Share
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Net income		$	12,306			$	18,132			$	159,920			$	78,360
Adjusted to add (deduct):
Non-cash interest			7,098				9,163				20,779				16,908
GAAP provision for (benefit from) income taxes			2,751				(23,355	)			6,303				5,614
Amortization			37,671				38,647				100,696				127,741
Stock-based compensation expense			10,515				8,219				29,723				23,621
Acquisition, site closure, and idle facility expenses (1)			22,745				2,284				36,503				4,700
Restructuring and other charges			890				143				1,389				1,731
Loss on refinancing (2)			5,760				31,365				9,270				31,365
Amortization of acquired inventory step-up			946				—				946				—
Charges (credit) related to legal matters, including interest, net (3)			8,585				—				19,152				(390	)
Asset impairment charges (4)			14,809				22,784				14,809				22,888
Change in fair value of contingent consideration (5)			(6,000	)			—				(6,000	)			—
Charges for property losses and associated expenses (6)			5,369				—				5,369				—
Increase (decrease) in tax receivable agreement liability			12,992				(20,808	)			13,098				(5,701	)
Other			1,100				459				3,417				839
Provision for income taxes (12)			(28,270	)			(16,868	)			(90,030	)			(65,722	)
Net income attributable to non-controlling interests			(19,762	)			(15,763	)			(47,458	)			(41,379	)
Adjusted net income (Non-GAAP)		$	89,505			$	54,402			$	277,886			$	200,575
Weighted-average diluted shares outstanding (13)			348,448				324,754				335,233				323,704
Diluted (loss) earnings per share (GAAP)		$	(0.06	)		$	0.01			$	0.29			$	0.11
Adjusted diluted earnings per share (Non-GAAP)		$	0.26			$	0.17			$	0.83			$	0.62

Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited) Explanations for Non-GAAP Reconciliations
(1)	Acquisition, site closure, and idle facility expenses for the three and nine months ended September 30, 2026 primarily included acquisition costs associated with the acquisition of Kashiv and rent for vacated properties. Acquisition, site closure, and idle facility expenses for the three and nine months ended September 30, 2025 and year ended December 31, 2025 primarily included costs related to a planned facility closure and rent for vacated properties.
(2)	Loss on refinancing for the three and nine months ended September 30, 2026 was primarily comprised of debt issuance costs and the write-off of unamortized debt issuance costs. In February 2026, the Company entered into a repricing amendment for the Company’s Term Loan Due 2032 (the “February 2026 Repricing Amendment”), which reduced the applicable interest rate margins on such term loan. In August 2026, the Company entered into another repricing amendment for the Company’s Term Loan Due 2032 (the “August 2026 Repricing Amendment”), which further reduced the applicable interest rate margins on such term loan. Also in August 2026, the Company borrowed an additional $350.0 million under Amendment No. 4 to the Company’s Term Loan Credit Agreement (the “Incremental Term Loans”) to fund a portion of the cash consideration for the Kashiv Acquisition. The loss for the three months ended September 30, 2026 primarily reflects costs associated with the August 2026 Repricing Amendment and the Incremental Term Loans, while the loss for the nine months ended September 30, 2026 primarily reflects costs associated with the February 2026 Repricing Amendment, the August 2026 Repricing Amendment and the Incremental Term Loans. For 2025, loss on refinancing was primarily comprised of debt issuance costs associated with the portion of the Term Loan Due 2028 that was modified as part of the Company’s debt refinancing on August 1, 2025. Refer to Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for information about the Company’s debt as of December 31, 2025.
(3)	For the three months ended September 30, 2026, charges related to legal matters, net were $7.5 million, primarily consisting of a charge related to government investigations of $8.0 million, partially offset by immaterial net credits related to several matters. For the nine months ended September 30, 2026, charges related to legal matters, net were $16.3 million, primarily consisting of (i) a $21.2 million charge associated with certain states electing a 25% cash conversion in lieu of product under the Nationwide Opioids Settlement Agreement, partially offset by a $20.8 million discount recorded on the expected settlement payments as of the agreement’s effective date, (ii) net charges associated with antitrust class action litigation of $7.5 million, (iii) a charge related to government investigations of $8.0 million, and (iv) immaterial net charges related to several matters. For the three and nine months ended September 30, 2026, charges related to legal matters, including interest, net also included interest expense associated with the Nationwide Opioids Settlement Agreement. For additional information regarding the Nationwide Opioids Settlement Agreement and antitrust class action litigation, refer to Note 16. Commitments and Contingencies in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
(4)	For the three and nine months ended September 30, 2026, impairment charges related to certain equipment used in research and development activities as a result of a change in the expected future utilization of the assets as well as an immaterial intangible asset impairment. For 2025, asset impairment charges primarily related to a Specialty segment product right for which the Company significantly reduced the cash flow forecast after receipt of a complete response letter dated July 22, 2025 from the U.S. Food and Drug Administration regarding a supplemental new drug application.
(5)	During the three and nine months ended September 30, 2026, the Company recognized a $6.0 million gain related to the remeasurement of contingent consideration associated with the Kashiv Acquisition. The gain reflects the periodic remeasurement of the contingent consideration liability driven primarily by increases in the discount rate subsequent to the acquisition date.
(6)	During the third week of July 2026, severe rain caused water damage to one of the Company’s facilities in India. Operations at this facility were temporarily suspended while the Company assessed the damage, completed remediation and repair activities, and restored operations. The Company concluded that certain property and equipment and inventory were damaged. The Company also incurred costs related to cleanup, repair and remediation. Accordingly, the Company recorded charges related to inventory and property losses and associated cleanup, repair and remediation costs.
(7)	For the year ended December 31, 2025, the caption “other” primarily reflects a non-recurring, non-operating, non-cash gain.
(8)	Refer to Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for additional information about the Company’s debt. On August 10, 2026, the Company borrowed an additional $350.0 million under its Term Loan Due 2032, with substantially the same terms as the existing term loans, primarily to finance a portion of the cash consideration for the Kashiv Acquisition. Additionally, in connection with the Kashiv Acquisition, the Company assumed the Kashiv Rupee Term Loan Facility. The Company repaid the facility in full and terminated it on October 1, 2026.
(9)	Net debt was calculated as the total outstanding principal on the Company’s debt less cash and cash equivalents.
(10)	Gross leverage was calculated by dividing gross debt as of September 30, 2026 and December 31, 2025 by adjusted EBITDA for the last twelve months ended September 30, 2026 and year ended December 31, 2025, respectively.
(11)	Net leverage was calculated by dividing net debt as of September 30, 2026 and December 31, 2025 by adjusted EBITDA for the last twelve months ended September 30, 2026 and year ended December 31, 2025, respectively.
(12)	The non-GAAP effective tax rates for the three and nine months ended September 30, 2026 were 24.0% and 24.5%, respectively. The non-GAAP effective tax rates for the three and nine months ended September 30, 2025 were 23.7% and 24.7%, respectively.
(13)	Weighted-average diluted shares outstanding for the three and nine months ended September 30, 2026 and 2025 consisted of fully diluted Class A common stock (inclusive of the effect of dilutive securities).

Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited, $ in thousands) Reconciliation of Consolidated GAAP to Non-GAAP Operating Results
		Three Months Ended September 30, 2026												Three Months Ended September 30, 2025
		As Reported				Adjustments				Non-GAAP				As Reported				Adjustments				Non-GAAP
Net revenue		$	862,684			$	—			$	862,684			$	784,513			$	—			$	784,513
Cost of goods sold (1)			528,566				(38,941	)			489,625				510,539				(60,683	)			449,856
Gross profit			334,118				38,941				373,059				273,974				60,683				334,657
Gross margin %			38.7	%							43.2	%			34.9	%							42.7	%
Selling, general and administrative (2)			139,645				(13,055	)			126,590				137,815				(11,134	)			126,681
Research and development (3)			68,374				(14,683	)			53,691				63,352				(2,523	)			60,829
Intellectual property legal development expenses			2,193				—				2,193				2,437				—				2,437
Acquisition and integration costs (4)			22,320				(22,320	)			—				—				—				—
Restructuring and other charges			936				(890	)			46				143				(143	)			—
Change in fair value of contingent consideration (5)			(6,000	)			6,000				—				—				—				—
Charges for property losses and associated expenses (6)			5,369				(5,369	)			—				—				—				—
Charges (credit) related to legal matters, net (7)			6,497				(7,500	)			(1,003	)			—				—				—
Other operating income			(631	)			—				(631	)			(117	)			—				(117	)
Operating income		$	95,415			$	96,758			$	192,173			$	70,344			$	74,483			$	144,827

(1)	Adjustments for the three months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($1.1 million and $0.9 million), amortization expense ($36.0 million and $36.9 million), amortization of acquired inventory step-up ($0.9 million and none), and asset impairment charges ($1.0 million and $22.8 million).
(2)	Adjustments for the three months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($8.6 million and $6.5 million), amortization expense ($2.6 million and $2.7 million), site closure costs ($0.4 million and $0.6 million), and other ($1.4 million and $1.3 million).
(3)	Adjustments for the three months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($0.9 million and $0.7 million), asset impairment charges ($13.8 million and none), and site closure costs (none and $1.8 million).
(4)	Acquisition and integration costs for the three months ended September 30, 2026 were primarily related to professional services fees (e.g., investment banking, legal, due diligence, financial advisory, accounting, and consulting) associated with the acquisition and integration of Kashiv.
(5)	During the three months ended September 30, 2026, the Company recognized a $6.0 million gain related to the remeasurement of contingent consideration associated with the Kashiv Acquisition. The gain reflects the periodic remeasurement of the contingent consideration liability driven primarily by increases in the discount rate subsequent to the acquisition date.
(6)	During the third week of July 2026, severe rain caused water damage to one of the Company’s facilities in India. Operations at this facility were temporarily suspended while the Company assessed the damage, completed remediation and repair activities, and restored operations. The Company concluded that certain property and equipment and inventory were damaged. The Company also incurred costs related to cleanup, repair and remediation. Accordingly, the Company recorded charges related to inventory and property losses and associated cleanup, repair and remediation costs.
(7)	Adjustments to charges (credit) related to legal matters, net were $7.5 million for the three months ended September 30, 2026, primarily consisting of a charge related to government investigations of $8.0 million, partially offset by immaterial net credits related to several matters.

Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited, $ in thousands) Reconciliation of Consolidated GAAP to Non-GAAP Operating Results
		Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
		As Reported				Adjustments				Non-GAAP				As Reported				Adjustments				Non-GAAP
Net revenue		$	2,381,400			$	—			$	2,381,400			$	2,204,441			$	—			$	2,204,441
Cost of goods sold (1)			1,392,661				(100,569	)			1,292,092				1,388,323				(148,248	)			1,240,075
Gross profit			988,739				100,569				1,089,308				816,118				148,248				964,366
Gross margin %			41.5	%							45.7	%			37.0	%							43.7	%
Selling, general and administrative (2)			427,227				(38,117	)			389,110				380,369				(32,105	)			348,264
Research and development (3)			145,774				(16,311	)			129,463				151,356				(5,576	)			145,780
Intellectual property legal development expenses			5,822				—				5,822				6,221				—				6,221
Acquisition and integration costs (4)			35,073				(35,073	)			—				—				—				—
Restructuring and other charges			2,140				(1,389	)			751				1,738				(1,738	)			—
Change in fair value of contingent consideration (5)			(6,000	)			6,000				—				—				—				—
Charges for property losses and associated expenses (6)			5,369				(5,369	)			—				—				—				—
Charges (credit) related to legal matters, net (7)			15,248				(16,251	)			(1,003	)			(390	)			390				—
Other operating income			(8,870	)			—				(8,870	)			(5,239	)			—				(5,239	)
Operating income		$	366,956			$	207,079			$	574,035			$	282,063			$	187,277			$	469,340

(1)	Adjustments for the nine months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($3.1 million and $2.8 million), amortization expense ($95.6 million and $122.5 million), amortization of acquired inventory step-up ($0.9 million and none), and asset impairment charges ($1.0 million and $22.9 million).
(2)	Adjustments for the nine months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($24.2 million and $18.4 million), amortization expense ($7.9 million and $8.1 million), site closure costs ($1.4 million and $1.6 million), and other ($4.6 million and $4.0 million).
(3)	Adjustments for the nine months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($2.5 million and $2.4 million), asset impairment charges ($13.8 million and none), and site closure costs (none and $3.2 million).
(4)	Acquisition and integration costs for the nine months ended September 30, 2026 were primarily related to professional services fees (e.g., investment banking, legal, due diligence, financial advisory, accounting, and consulting) associated with the acquisition and integration of Kashiv.
(5)	During the nine months ended September 30, 2026, the Company recognized a $6.0 million gain related to the remeasurement of contingent consideration associated with the Kashiv Acquisition. The gain reflects the periodic remeasurement of the contingent consideration liability driven primarily by increases in the discount rate subsequent to the acquisition date.
(6)	During the third week of July 2026, severe rain caused water damage to one of the Company’s facilities in India. Operations at this facility were temporarily suspended while the Company assessed the damage, completed remediation and repair activities, and restored operations. The Company concluded that certain property and equipment and inventory were damaged. The Company also incurred costs related to cleanup, repair and remediation. Accordingly, the Company recorded charges related to inventory and property losses and associated cleanup, repair and remediation costs.
(7)	Adjustments to charges (credit) related to legal matters, net were $16.3 million for the nine months ended September 30, 2026, primarily consisting of (i) a $21.2 million charge associated with certain states electing a 25% cash conversion in lieu of product under the Nationwide Opioids Settlement Agreement, partially offset by a $20.8 million discount recorded on the expected settlement payments as of the agreement’s effective date, (ii) net charges associated with antitrust class action litigation of $7.5 million, (iii) a charge related to government investigations of $8.0 million, and (iv) immaterial net charges related to several matters.

Amneal Pharmaceuticals, Inc. Affordable Medicines Segment Reconciliation of GAAP to Non-GAAP Operating Results (1) (unaudited; $ in thousands)
		Three Months Ended September 30, 2026												Three Months Ended September 30, 2025
		As Reported				Adjustments				Non-GAAP				As Reported				Adjustments				Non-GAAP
Net revenue		$	547,109			$	—			$	547,109			$	460,741			$	—			$	460,741
Cost of goods sold (2)			352,331				(20,046	)			332,285				280,463				(12,075	)			268,388
Gross profit			194,778				20,046				214,824				180,278				12,075				192,353
Gross margin %			35.6	%							39.3	%			39.1	%							41.7	%
Selling, general and administrative (3)			32,097				(2,857	)			29,240				37,173				(2,341	)			34,832
Research and development (4)			63,418				(14,553	)			48,865				55,124				(679	)			54,445
Intellectual property legal development expenses			2,138				—				2,138				2,378				—				2,378
Restructuring and other charges			891				(891	)			—				90				(90	)			—
Change in fair value of contingent consideration (5)			(6,000	)			6,000				—				—				—				—
Charges for property losses and associated expenses (6)			5,334				(5,334	)			—				—				—				—
Charges (credit) related to legal matters, net (7)			5,500				(7,500	)			(2,000	)			—				—				—
Other operating income			(631	)			—				(631	)			(117	)			—				(117	)
Operating income		$	92,031			$	45,181			$	137,212			$	85,630			$	15,185			$	100,815

(1)	Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in our Affordable Medicines segment.
(2)	Adjustments for the three months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($1.1 million in each period), amortization expense ($17.0 million and $10.4 million), amortization of acquired inventory step-up ($0.9 million and none), and asset impairment charges ($1.0 million and $0.6 million).
(3)	Adjustments for the three months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($2.4 million and $1.8 million) and site closure costs ($0.4 million and $0.5 million).
(4)	Adjustments for the three months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($0.8 million and $0.7 million) and asset impairment charges ($13.8 million and none).
(5)	For the three months ended September 30, 2026, the Company recognized a $6.0 million gain related to the remeasurement of contingent consideration associated with the Kashiv Acquisition. The gain reflects the periodic remeasurement of the contingent consideration liability driven primarily by increases in the discount rate subsequent to the acquisition date.
(6)	During the third week of July 2026, severe rain caused water damage to one of the Company’s facilities in India. Operations at this facility were temporarily suspended while the Company assessed the damage, completed remediation and repair activities, and restored operations. The Company concluded that certain property and equipment and inventory were damaged. The Company also incurred costs related to cleanup, repair and remediation. Accordingly, the Company recorded charges related to inventory and property losses and associated cleanup, repair and remediation costs.
(7)	Adjustments to charges (credit) related to legal matters, net were $7.5 million for the three months ended September 30, 2026, primarily consisting of a charge related to government investigations of $8.0 million, partially offset by immaterial net credits related to several matters.

Amneal Pharmaceuticals, Inc. Affordable Medicines Segment Reconciliation of GAAP to Non-GAAP Operating Results (1) (unaudited; $ in thousands)
		Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
		As Reported				Adjustments				Non-GAAP				As Reported				Adjustments				Non-GAAP
Net revenue		$	1,460,259			$	—			$	1,460,259			$	1,308,874			$	—			$	1,308,874
Cost of goods sold (2)			867,459				(44,129	)			823,330				775,742				(34,121	)			741,621
Gross profit			592,800				44,129				636,929				533,132				34,121				567,253
Gross margin %			40.6	%							43.6	%			40.7	%							43.3	%
Selling, general and administrative (3)			115,782				(8,228	)			107,554				105,114				(6,340	)			98,774
Research and development (4)			129,727				(15,955	)			113,772				128,003				(2,145	)			125,858
Intellectual property legal development expenses			5,633				—				5,633				6,069				—				6,069
Restructuring and other charges			891				(891	)			—				773				(773	)			—
Change in fair value of contingent consideration (5)			(6,000	)			6,000				—				—				—				—
Charges for property losses and associated expenses (6)			5,334				(5,334	)			—				—				—				—
Charges (credit) related to legal matters, net (7)			14,251				(16,251	)			(2,000	)			(390	)			390				—
Other operating income			(8,870	)			—				(8,870	)			(5,239	)			—				(5,239	)
Operating income		$	336,052			$	84,788			$	420,840			$	298,802			$	42,989			$	341,791

(1)	Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in our Affordable Medicines segment.
(2)	Adjustments for the nine months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($3.1 million and $2.9 million), amortization expense ($39.1 million and $30.5 million), amortization of acquired inventory step-up ($0.9 million and none), and asset impairment charges ($1.0 million and $0.7 million).
(3)	Adjustments for the nine months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($6.8 million and $4.7 million) and site closure costs ($1.4 million and $1.6 million).
(4)	Adjustments for the nine months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($2.2 million and $2.1 million) and asset impairment charges ($13.8 million and none).
(5)	For the nine months ended September 30, 2026, the Company recognized a $6.0 million gain related to the remeasurement of contingent consideration associated with the Kashiv Acquisition. The gain reflects the periodic remeasurement of the contingent consideration liability driven primarily by increases in the discount rate subsequent to the acquisition date.
(6)	During the third week of July 2026, severe rain caused water damage to one of the Company’s facilities in India. Operations at this facility were temporarily suspended while the Company assessed the damage, completed remediation and repair activities, and restored operations. The Company concluded that certain property and equipment and inventory were damaged. The Company also incurred costs related to cleanup, repair and remediation. Accordingly, the Company recorded charges related to inventory and property losses and associated cleanup, repair and remediation costs.
(7)	Adjustments to charges (credit) related to legal matters, net were $16.3 million for the nine months ended September 30, 2026, primarily consisting of (i) a $21.2 million charge associated with certain states electing a 25% cash conversion in lieu of product under the Nationwide Opioids Settlement Agreement, partially offset by a $20.8 million discount recorded on the expected settlement payments as of the agreement’s effective date, (ii) net charges associated with antitrust class action litigation of $7.5 million, (iii) a charge related to government investigations of $8.0 million, and (iv) immaterial net charges related to several matters.

Amneal Pharmaceuticals, Inc. Specialty Segment Reconciliation of GAAP to Non-GAAP Operating Results (unaudited; $ in thousands)
		Three Months Ended September 30, 2026												Three Months Ended September 30, 2025
		As Reported				Adjustments				Non-GAAP				As Reported				Adjustments				Non-GAAP
Net revenue		$	150,262			$	—			$	150,262			$	125,240			$	—			$	125,240
Cost of goods sold (1)			46,212				(18,895	)			27,317				73,808				(48,607	)			25,201
Gross profit			104,050				18,895				122,945				51,432				48,607				100,039
Gross margin %			69.2	%							81.8	%			41.1	%							79.9	%
Selling, general and administrative (2)			36,969				(657	)			36,312				33,580				(490	)			33,090
Research and development (3)			4,956				(132	)			4,824				8,228				(1,843	)			6,385
Intellectual property legal development expenses			55				—				55				59				—				59
Restructuring and other charges			—				—				—				—				—				—
Charges for property losses and associated expenses			35				(35	)			—				—				—				—
Charges related to legal matters, net			1,000				—				1,000				—				—				—
Operating income		$	61,035			$	19,719			$	80,754			$	9,565			$	50,940			$	60,505

(1)	Adjustments for the three months ended September 30, 2026 and 2025, respectively, were comprised of amortization expense ($18.9 million and $26.5 million) and asset impairment charges (none and $22.1 million).
(2)	Adjustments for the three months ended September 30, 2026 and 2025 were comprised of stock-based compensation expense.
(3)	Adjustments for the three months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($0.1 million in each period) and site closure costs (none and $1.7 million).

Amneal Pharmaceuticals, Inc. Specialty Segment Reconciliation of GAAP to Non-GAAP Operating Results (unaudited; $ in thousands)
		Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
		As Reported				Adjustments				Non-GAAP				As Reported				Adjustments				Non-GAAP
Net revenue		$	432,822			$	—			$	432,822			$	361,580			$	—			$	361,580
Cost of goods sold (1)			137,497				(56,440	)			81,057				182,686				(114,127	)			68,559
Gross profit			295,325				56,440				351,765				178,894				114,127				293,021
Gross margin %			68.2	%							81.3	%			49.5	%							81.0	%
Selling, general and administrative (2)			111,755				(1,847	)			109,908				94,872				(1,321	)			93,551
Research and development (3)			16,047				(357	)			15,690				23,353				(3,430	)			19,923
Intellectual property legal development expenses			189				—				189				152				—				152
Restructuring and other charges			347				(347	)			—				471				(471	)			—
Charges for property losses and associated expenses			35				(35	)			—				—				—				—
Charges related to legal matters, net			1,000				—				1,000				—				—				—
Operating income		$	165,952			$	59,026			$	224,978			$	60,046			$	119,349			$	179,395

(1)	Adjustments for the nine months ended September 30, 2026 and 2025, respectively, were comprised of amortization expense ($56.4 million and $92.0 million) and asset impairment charges (none and $22.1 million).
(2)	Adjustments for the nine months ended September 30, 2026 and 2025 were comprised of stock-based compensation expense.
(3)	Adjustments for the nine months ended September 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($0.4 million and $0.3 million) and site closure costs (none and $3.1 million).

Amneal Pharmaceuticals, Inc. AvKARE Segment Reconciliation of GAAP to Non-GAAP Operating Results (1) (unaudited; $ in thousands)
		Three Months Ended September 30, 2026												Three Months Ended September 30, 2025
		As Reported				Adjustments				Non-GAAP				As Reported				Adjustments				Non-GAAP
Net revenue		$	165,313			$	—			$	165,313			$	198,532			$	—			$	198,532
Cost of goods sold			130,023				—				130,023				156,268				—				156,268
Gross profit			35,290				—				35,290				42,264				—				42,264
Gross margin %			21.3	%							21.3	%			21.3	%							21.3	%
Selling, general and administrative (2)			17,919				(2,647	)			15,272				15,234				(2,699	)			12,535
Operating income		$	17,371			$	2,647			$	20,018			$	27,030			$	2,699			$	29,729

(1)	Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in our Affordable Medicines segment.
(2)	Adjustments for the three months ended September 30, 2026 and 2025 were comprised of amortization expense.

Amneal Pharmaceuticals, Inc. AvKARE Segment Reconciliation of GAAP to Non-GAAP Operating Results (1) (unaudited; $ in thousands)
		Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
		As Reported				Adjustments				Non-GAAP				As Reported				Adjustments				Non-GAAP
Net revenue		$	488,319			$	—			$	488,319			$	533,987			$	—			$	533,987
Cost of goods sold			387,705				—				387,705				429,895				—				429,895
Gross profit			100,614				—				100,614				104,092				—				104,092
Gross margin %			20.6	%							20.6	%			19.5	%							19.5	%
Selling, general and administrative (2)			51,512				(7,943	)			43,569				46,007				(8,099	)			37,908
Operating income		$	49,102			$	7,943			$	57,045			$	58,085			$	8,099			$	66,184

(1)	Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in our Affordable Medicines segment.
(2)	Adjustments for the nine months ended September 30, 2026 and 2025 were comprised of amortization expense.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Amneal report for third-quarter 2026 earnings?

Amneal reported $863 million revenue and a $22 million attributable net loss for the third quarter of 2026. Diluted loss per share was $0.06. Adjusted EBITDA was $207 million, and adjusted diluted EPS was $0.26.

What is Amneal’s updated full-year 2026 guidance?

Amneal expects $3.15–$3.25 billion revenue, $800–$815 million adjusted EBITDA and $1.04–$1.08 adjusted diluted EPS for 2026. Operating cash flow guidance is $325–$375 million, while operating cash flow excluding discrete items is $350–$400 million.

What share count and capital spending assumptions underpin Amneal’s 2026 guidance?

Amneal’s guidance assumes approximately 340 million weighted-average diluted shares for the year ending December 31, 2026, and approximately $150 million in capital expenditures. The capital expenditure estimate includes deposits for future purchases of property, plant and equipment and is unchanged from prior guidance.

How much cash did Amneal spend on the Kashiv acquisition in the first nine months of 2026?

Amneal spent $421.047 million on the Kashiv acquisition, net of cash and restricted cash acquired, in the nine months ended September 30, 2026.