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Amneal Pharmaceuticals (NYSE: AMRX) lifts 2026 guidance after strong Q2

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Amneal Pharmaceuticals reported Q2 2026 net revenue of $796 million, up 10% from $725 million a year earlier. Net income attributable to Amneal was $58 million, with diluted EPS of $0.18. Adjusted EBITDA was $206 million and adjusted diluted EPS $0.30, both higher than Q2 2025.

Specialty net revenue grew 17%, Affordable Medicines rose 13%, while AvKARE declined 4%. For the first half of 2026, net cash (used in) provided by operating activities was $(47,987) thousand versus $91,227 thousand provided in the prior-year period.

The company repriced its $2.084 billion Term Loan B, cutting the rate by 50 bps to SOFR plus 250 bps, expected to save about $12 million in annual cash interest, and plans an additional $350 million Term Loan B to help fund the pending Kashiv BioSciences acquisition. 2026 guidance was raised: net revenue to $3.10–$3.20 billion, adjusted EBITDA to $750–$780 million, and adjusted diluted EPS to $0.96–$1.06. Net debt was $2.66 billion with non-GAAP net leverage of 3.6x for the last twelve months ended June 30, 2026.

Positive

  • Q2 2026 net revenue reached $796 million, up 10% year over year, with 17% growth in Specialty and 13% growth in Affordable Medicines, demonstrating broad-based contribution across key franchises.
  • GAAP net income attributable rose to $58 million, up 157% year over year, while adjusted EBITDA increased 12% to $206 million and adjusted diluted EPS grew 20% to $0.30.
  • 2026 outlook was raised for net revenue ($3.10–$3.20 billion), adjusted EBITDA ($750–$780 million) and adjusted diluted EPS ($0.96–$1.06), indicating management’s higher expectations for full-year performance.
  • Term Loan B repricing lowers interest costs by 50 basis points, expected to generate about $12 million in annual cash interest savings and support the goal of reducing non-GAAP net leverage below 3.0x by 2028.

Negative

  • Net cash (used in) provided by operating activities was $(47,987) thousand in the first half of 2026, compared with $91,227 thousand provided in the prior-year period, reflecting significant working capital and other operating cash outflows.
  • Charges related to legal matters totaled $8.8 million in the first half of 2026, including effects of the Nationwide Opioids Settlement Agreement and antitrust class action litigation, adding to non-operating expense.

Filing Explained

Debt remains the key structural change: June 30 cash was $127,637 thousand against $2,784,263 thousand gross debt, including a $100,000 thousand revolver.

This Form 8-K reports the company’s second-quarter results and related debt financing developments. The structural change for existing common holders is in debt, not disclosed share issuance: a lower interest rate is pending, while additional borrowing is intended for the pending Kashiv acquisition.

The company has launched a repricing of its $2.084 billion Term Loan B from SOFR plus 300 basis points to SOFR plus 250 basis points, and intends to obtain an additional $350 million Term Loan B at the Kashiv closing.

The repricing is expected to produce about $12 million in annual cash-interest savings if completed, while the additional facility would add debt obligations if incurred.

Although the release describes the repricing as reducing future interest cost, its disclosed state is a launch with closing expected as early as August 3, 2026, not a completed rate change.

The $350 million facility is presented as intended financing expected at the acquisition closing, not as borrowing already reported in the balance sheet.

As of June 30, 2026, the filing reports $127,637 thousand of cash and cash equivalents and $2,784,263 thousand of gross debt, including a $100,000 thousand revolving-credit balance; the reported net debt was $2,656,626 thousand.

The next state changes to monitor are the repricing’s expected closing by August 3, 2026 and the Kashiv acquisition closing, when the additional Term Loan B is expected to be incurred.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net revenue $796,197 thousand Three months ended June 30, 2026; 10% increase versus $724,508 thousand in Q2 2025
Q2 2026 net income attributable to Amneal $57,662 thousand Three months ended June 30, 2026; up from $22,417 thousand in Q2 2025 (157% increase)
Q2 2026 Adjusted EBITDA $206,450 thousand Non-GAAP adjusted EBITDA; 12% increase compared to Q2 2025
Q2 2026 adjusted diluted EPS $0.30 Adjusted diluted earnings per share versus $0.25 in Q2 2025 (20% increase)
2026 net revenue guidance range $3.10 billion – $3.20 billion Updated full-year 2026 guidance, raised from $3.05 billion – $3.15 billion
Net cash (used in) provided by operating activities H1 2026 $(47,987) thousand Six months ended June 30, 2026 versus $91,227 thousand provided in the prior-year period
Net debt $2,656,626 thousand Net debt as of June 30, 2026; non-GAAP net leverage 3.6x last twelve months
Term Loan B repriced interest margin SOFR plus 250 basis points Reduced from SOFR plus 300 basis points on $2.084 billion Term Loan B in July 2026
Adjusted EBITDA financial
"Adjusted EBITDA in the second quarter of 2026 was $206 million, an increase of 12%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
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.
Net leverage financial
"Net leverage (Non-GAAP) was 3.6x for the last twelve months ended June 30, 2026"
Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.
Nationwide Opioids Settlement Agreement regulatory
"a $21.2 million charge associated with certain states electing a 25% cash conversion in lieu of product under the Nationwide Opioids Settlement Agreement"
antitrust class action litigation regulatory
"charges related to legal matters, net were $8.1 million, primarily consisting of charges related to antitrust class action litigation"
Term Loan B financial
"repricing of its $2.084B Term Loan B, which will reduce the interest rate by 50 basis points"
A Term Loan B (TLB) is a large, syndicated loan made to a company that is typically sold to institutional investors rather than held by banks; think of it as a long-term mortgage from a group of investors with higher interest and smaller early payments. It matters to investors because it changes a company’s debt cost, repayment schedule and credit risk—factors that affect profit, cash flow and the market value of both the company’s equity and its traded debt.
Net revenue $796 million Increase of 10% compared to $725 million in the second quarter of 2025
Net income attributable to Amneal Pharmaceuticals, Inc. $58 million Up from $22 million in the second quarter of 2025, an increase of 157%
Adjusted EBITDA $206 million Increase of 12% compared to the second quarter of 2025
Adjusted diluted EPS $0.30 Increase of 20% compared to $0.25 for the second quarter of 2025
Guidance

For full-year 2026, Amneal now expects net revenue of $3.10–$3.20 billion, adjusted EBITDA of $750–$780 million, adjusted diluted EPS of $0.96–$1.06, operating cash flow of $350–$400 million, operating cash flow excluding discrete items of $375–$425 million, and capital expenditures of approximately $150 million.

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FAQ

What were Amneal (AMRX) Q2 2026 revenues and earnings?
Amneal reported Q2 2026 net revenue of $796 million, up 10% from $725 million in Q2 2025. Net income attributable was $58 million, with GAAP diluted EPS of $0.18 and adjusted diluted EPS of $0.30 for the quarter.

How did Amneal (AMRX) change its 2026 full-year guidance?
Amneal raised 2026 guidance, targeting net revenue of $3.10–$3.20 billion, adjusted EBITDA of $750–$780 million, and adjusted diluted EPS of $0.96–$1.06. Operating cash flow guidance remains $350–$400 million, with capital expenditures now expected at roughly $150 million.

What debt repricing did Amneal (AMRX) announce in July 2026?
In July 2026, Amneal repriced its $2.084 billion Term Loan B, reducing the rate from SOFR plus 300 bps to SOFR plus 250 bps. The transaction is expected to close as early as August 3, 2026 and generate about $12 million in annual cash interest savings.

How did Amneal (AMRX) business segments perform in Q2 2026?
In Q2 2026, Specialty net revenue increased 17%, driven by key brands like CREXONT, BREKIYA autoinjector, and UNITHROID. Affordable Medicines grew 13%, helped by complex generics and new launches, while AvKARE net revenue decreased 4% due to lower distribution-channel volume.

What is Amneal (AMRX) leverage and debt position as of June 30, 2026?
As of June 30, 2026, Amneal reported net debt of $2,656,626 thousand and last-twelve-month non-GAAP net leverage of 3.6x. Gross debt totaled $2,784,263 thousand, including a $2.084 billion Term Loan B, $600 million senior notes, and $100 million drawn on its revolver.

How did Amneal (AMRX) operating cash flow trend in the first half of 2026?
For the six months ended June 30, 2026, Amneal recorded net cash (used in) provided by operating activities of $(47,987) thousand. This contrasts with $91,227 thousand of net cash provided by operating activities in the first half of 2025, driven largely by changes in working capital.
false000172312800017231282026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 30, 2026
AMNEAL PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3848593-4225266
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)
400 Crossing Blvd
Bridgewater, NJ 08807
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (908) 947-3120
N/A
(Former Name or Former Address, if Changed Since Last Report) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareAMRXThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition.
On July 30, 2026, Amneal Pharmaceuticals, Inc. (the “Company”) issued a press release announcing its results for the second quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this report furnished pursuant to Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act"), if such subsequent filing specifically references the information furnished pursuant to Item 2.02 of this report.
Item 7.01
Regulation FD Disclosure
Amneal will host a conference call and live webcast at 8:30 am Eastern Time today, July 30, 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 901153095. 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.
The information in this report furnished pursuant to Item 7.01 shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act if such subsequent filing specifically references the information furnished pursuant to Item 7.01 of this report.
Item 9.01Financial Statements and Exhibits.
(d)    Exhibits.
The following exhibits are furnished herewith:
Exhibit No.Description
99.1
Press release issued July 30, 2026.
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 30, 2026
AMNEAL PHARMACEUTICALS, INC.
By:/s/ Anastasios Konidaris
Name:Anastasios Konidaris
Title:Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)





Exhibit 99.1
image.jpg
AMNEAL REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
– Q2 2026 Net Revenue of $796 million; GAAP Net Income of $58 million; Diluted Income per Share of $0.18 –
– Adjusted EBITDA of $206 million; Adjusted Diluted EPS of $0.30 –
– Raising 2026 Full Year Guidance –
– Successful Debt Repricing in July Reduces Interest Cost –

BRIDGEWATER, NJ, July 30, 2026 - Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) (“Amneal” or the “Company”) today announced its results for the second quarter ended June 30, 2026.

“Amneal delivered strong, broad-based performance in the second quarter and first half of 2026, reflecting the strength of our diversified portfolio and the contributions from multiple growth drivers. This robust first-half performance gives us confidence to raise our full-year 2026 guidance for the second time this year. We are excited about the pending Kashiv transaction, which will establish biosimilars as an important new, durable growth vertical for Amneal, further diversifying our portfolio and expanding our long-term growth opportunities. As we look ahead to the remainder of 2026, 2027 and beyond, we remain highly confident in Amneal’s outlook and the breadth and durability of the opportunities across our portfolio,” said Chirag and Chintu Patel, Co-Founders and Co-Chief Executive Officers of Amneal.

Second Quarter 2026 Results
Net revenue in the second quarter of 2026 was $796 million, an increase of 10% compared to $725 million in the second quarter of 2025. Specialty net revenue increased 17%, driven by key branded products, including CREXONT®, BREKIYA® autoinjector, and UNITHROID®. Affordable Medicines net revenue increased 13%, driven by strong performance of our complex portfolio, including women’s health products, and new product launches. AvKARE net revenue decreased 4% due to a decline in the low margin distribution channel partially offset by growth in the government channel.

Net income attributable to Amneal Pharmaceuticals, Inc. was $58 million in the second quarter of 2026 compared to net income of $22 million in the second quarter of 2025, an increase of 157%, as higher revenue and gross profit, lower interest expense, and a lower tax provision more than offset increased SG&A expense.

Adjusted EBITDA in the second quarter of 2026 was $206 million, an increase of 12% compared to the second quarter of 2025, reflecting higher revenue and gross profit.

Diluted income per share in the second quarter of 2026 was $0.18 compared to diluted income per share of $0.07 for the second quarter of 2025, an increase of 157%, due to the aforementioned factors. Adjusted diluted earnings per share in the second quarter of 2026 was $0.30, an increase of 20% compared to $0.25 for the second 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.

Debt Repricing Further Reduces Future Interest Cost
In July 2026, the Company launched a repricing of its $2.084B Term Loan B, which will reduce the interest rate by 50 basis points from Secured Overnight Financing Rate (“SOFR”) plus 300 basis points to SOFR plus 250 basis points. The repricing is expected to close as early as August 3, 2026.

The Company also intends to obtain an additional $350 million Term Loan B financing to fund a portion of the purchase price of Kashiv Biosciences, as previously disclosed. Such additional Term Loans are expected to be incurred at the closing of the Kashiv acquisition at the reduced pricing. The repricing transaction is expected to generate about $12 million in annual cash interest savings and contribute towards the Company’s goal to reduce net leverage to below 3.0x by 2028.
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Raising 2026 Full Year Guidance
We are raising select full year 2026 guidance metrics.
Updated Guidance
Prior Guidance
Net revenue
$3.10 billion - $3.20 billion
$3.05 billion - $3.15 billion
Adjusted EBITDA (1)
$750 million - $780 million
$740 million - $770 million
Adjusted diluted EPS (2)
$0.96 - $1.06
$0.95 - $1.05
Operating cash flow (3)
$350 million - $400 million
$350 million - $400 million
Operating cash flow, excluding discrete items (4)
$375 million - $425 million
$375 million - $425 million
Capital expenditures (5)
~$150 million
~$110 million
(1)Includes 100% of adjusted EBITDA from AvKARE. See also “Non-GAAP Financial Measures” below.
(2)Accounts for 35% 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 $30 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, July 30, 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 901153095. 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 our positioning and potential growth, statements regarding our ability to create long-term value, 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
2



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 our proposed transaction to acquire membership interests of Kashiv BioSciences, LLC (“Kashiv”), 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 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, 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
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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
4



Amneal Pharmaceuticals, Inc.
Consolidated Statements of Operations
(unaudited; in thousands, except per share amounts)


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net revenue$796,197 $724,508 $1,518,716 $1,419,928 
Cost of goods sold461,689 438,255 864,095 877,784 
Gross profit334,508 286,253 654,621 542,144 
Selling, general and administrative148,722 124,266 287,582 242,554 
Research and development39,017 47,964 77,400 88,004 
Intellectual property legal development expenses2,087 2,017 3,629 3,784 
Acquisition costs7,600 — 12,753 — 
Restructuring and other charges554 1,024 1,204 1,595 
Charges (credit) related to legal matters, net8,057 (390)8,751 (390)
Other operating income(1,298)— (8,239)(5,122)
Operating income129,769 111,372 271,541 211,719 
Other (expense) income:
Interest expense, net(55,043)(65,101)(108,404)(122,040)
Foreign exchange (loss) gain, net(1,950)8,256 (9,750)12,503 
Loss on refinancing— — (3,510)— 
Increase in tax receivable agreement liability(2,439)(4,420)(106)(15,107)
Other income, net653 1,604 1,395 2,122 
Total other expense, net(58,779)(59,661)(120,375)(122,522)
Income before income taxes70,990 51,711 151,166 89,197 
Provision for income taxes1,376 16,101 3,552 28,969 
Net income69,614 35,610 147,614 60,228 
Less: Net income attributable to non-controlling interests(11,952)(13,193)(27,696)(25,616)
Net income attributable to Amneal Pharmaceuticals, Inc.$57,662 $22,417 $119,918 $34,612 
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic$0.18 $0.07 $0.38 $0.11 
Diluted$0.18 $0.07 $0.37 $0.11 
Weighted-average common shares outstanding:
Basic319,200 313,739 317,620 312,404 
Diluted328,102 322,363 328,527 323,171 
5



Amneal Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(unaudited; in thousands)


June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$127,637 $282,029 
Restricted cash8,643 28,842 
Trade accounts receivable, net1,020,360 895,143 
Inventories677,954 606,302 
Prepaid expenses and other current assets112,011 98,395 
Related party receivables424 470 
Total current assets1,947,029 1,911,181 
Property, plant and equipment, net456,877 442,950 
Goodwill593,499 595,470 
Intangible assets, net587,830 563,498 
Operating lease right-of-use assets44,361 38,832 
Operating lease right-of-use assets - related party13,723 15,216 
Financing lease right-of-use assets52,360 53,328 
Other assets80,669 57,805 
Total assets$3,776,348 $3,678,280 
Liabilities and Stockholders’ Equity (Deficiency)
Current liabilities:
Accounts payable and accrued expenses$721,208 $761,316 
Current portion of liabilities for legal matters18,488 43,256 
Revolving credit facility100,000 — 
Current portion of long-term debt, net5,961 6,761 
Current portion of operating lease liabilities9,040 8,668 
Current portion of operating lease liabilities - related party2,899 2,705 
Current portion of financing lease liabilities3,521 3,442 
Related party payables - short term22,070 55,485 
Total current liabilities883,187 881,633 
Long-term debt, net2,564,335 2,565,115 
Operating lease liabilities38,691 33,233 
Operating lease liabilities - related party12,712 14,195 
Financing lease liabilities54,602 54,927 
Related party payables - long term2,892 19,132 
Liabilities for legal matters - long term70,830 71,819 
Other long-term liabilities32,119 32,263 
Total long-term liabilities2,776,181 2,790,684 
Redeemable non-controlling interests83,956 77,292 
Total stockholders’ equity (deficiency)
33,024 (71,329)
Total liabilities and stockholders’ equity (deficiency)
$3,776,348 $3,678,280 

6



Amneal Pharmaceuticals, Inc.
Consolidated Statements of Cash Flows
(unaudited; in thousands)


Six Months Ended June 30,
20262025
Cash flows from operating activities:
Net income$147,614 $60,228 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization90,991 120,272 
Unrealized foreign currency loss (gain)10,495 (11,813)
Amortization of debt issuance costs and discount7,954 13,686 
Reclassification of cash flow hedge5,788 (5,876)
Loss on refinancing3,510 — 
Stock-based compensation19,208 15,532 
Inventory provision44,957 38,432 
Other operating charges and credits, net3,086 2,254 
Changes in assets and liabilities:
Trade accounts receivable, net(125,765)(32,615)
Inventories(124,150)(36,039)
Prepaid expenses, other current assets and other assets(24,150)(10,015)
Related party receivables25 (1,108)
Accounts payable, accrued expenses and other liabilities(57,918)(67,004)
Related party payables(49,632)5,293 
Net cash (used in) provided by operating activities(47,987)91,227 
Cash flows from investing activities:
Purchases of property, plant and equipment(38,872)(35,992)
Acquisition of intangible assets(85,000)(5,100)
Deposits for future acquisition of property, plant and equipment(20,580)(4,632)
Proceeds from sale of property, plant and equipment— 1,379 
Net cash used in investing activities(144,452)(44,345)
Cash flows from financing activities:
Payments of principal on debt, revolving credit facilities, financing leases and other(147,027)(251,076)
Proceeds from issuance of debt134,673 — 
Payments of deferred financing and refinancing costs(1,982)(1,745)
Borrowings on revolving credit facilities100,000 218,000 
Proceeds from exercise of stock options80 754 
Employee payroll tax withholding on restricted stock unit and performance stock unit vesting(44,481)(21,828)
Tax and other distributions to non-controlling interests(21,067)(24,958)
Proceeds from alliance party510 — 
Acquisition of non-controlling interest(400)— 
Net cash provided by (used in) financing activities20,306 (80,853)
Effect of foreign exchange rate on cash(1,187)(777)
Net decrease in cash, cash equivalents, and restricted cash(173,320)(34,748)
Cash, cash equivalents, and restricted cash - beginning of period312,939 118,420 
Cash, cash equivalents, and restricted cash - end of period$139,619 $83,672 
Cash and cash equivalents - end of period$127,637 $71,544 
Restricted cash - end of period8,643 9,642 
Long-term restricted cash included in other assets - end of period3,339 2,486 
Cash, cash equivalents, and restricted cash - end of period$139,619 $83,672 

7



Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited, in thousands)

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Three Months Ended June 30,Six Months Ended June 30,Year Ended
December 31,
20262025202620252025
Net income$69,614 $35,610 $147,614 $60,228 $127,933 
Adjusted to add:
Interest expense, net55,043 65,101 108,404 122,040 241,091 
Provision for income taxes1,376 16,101 3,552 28,969 11,276 
Depreciation and amortization47,800 60,113 90,991 120,272 223,572 
EBITDA (Non-GAAP)$173,833 $176,925 $350,561 $331,509 $603,872 
Adjusted to add (deduct):
Stock-based compensation expense10,392 8,274 19,208 15,402 31,823 
Acquisition, site closure, and idle facility expenses (1)
8,076 1,203 13,758 2,444 5,301 
Restructuring and other charges— 1,024 499 1,595 4,208 
Loss on refinancing (2)
— — 3,510 — 31,365 
Charges (credit) related to legal matters, net (3)
8,057 (390)8,751 (390)(390)
Asset impairment charges (4)
— 36 — 104 23,022 
Foreign exchange loss (gain)1,950 (8,256)9,750 (12,503)(7,635)
Increase in tax receivable agreement liability2,439 4,420 106 15,107 6,588 
Other (5)
1,703 424 2,317 370 (9,739)
Adjusted EBITDA (Non-GAAP)$206,450 $183,660 $408,460 $353,638 $688,415 
8



Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited, $ in thousands)

Calculation of Net Debt and Net Leverage
June 30, 2026December 31, 2025
Term Loan Due 2032$2,084,263 $2,094,750 
Senior Notes Due 2032600,000 600,000 
2025 Revolving Credit Facility100,000 — 
Gross debt (6)
$2,784,263 $2,694,750 
Less: Cash and cash equivalents127,637 282,029 
Net debt (Non-GAAP) (7)
$2,656,626 $2,412,721 
Adjusted EBITDA (Non-GAAP)Adjusted EBITDA (Non-GAAP)
Year ended December 31, 2025$688,415 $688,415 
Less: Six months ended June 30, 2025353,638 
Add: Six months ended June 30, 2026 408,460 
Last twelve months ended June 30, 2026$743,237 
Last Twelve Months Ended
June 30, 2026
Year Ended December 31, 2025
Gross leverage (Non-GAAP) (8)
3.7x3.9x
Net leverage (Non-GAAP) (9)
3.6x3.5x

























9



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
June 30,		Six Months Ended
June 30,
2026202520262025
Net income$69,614 $35,610 $147,614 $60,228 
Adjusted to add (deduct):
Non-cash interest6,944 7,411 13,681 7,745 
GAAP provision for income taxes1,376 16,101 3,552 28,969 
Amortization34,004 44,820 63,025 89,094 
Stock-based compensation expense10,392 8,274 19,208 15,402 
Acquisition, site closure, and idle facility expenses (1)
8,076 1,189 13,758 2,416 
Restructuring and other charges— 1,017 499 1,588 
Loss on refinancing— — 3,510 — 
Charges (credit) related to legal matters, including interest, net (3)
9,117 (390)10,567 (390)
Asset impairment charges— 36 — 104 
Increase in tax receivable agreement liability2,439 4,420 106 15,107 
Other1,703 424 2,317 380 
Provision for income taxes (10)
(33,005)(26,089)(61,760)(48,854)
Net income attributable to non-controlling interests(11,952)(13,193)(27,696)(25,616)
Adjusted net income (Non-GAAP)$98,708 $79,630 $188,381 $146,173 
Weighted average diluted shares outstanding (11)
328,102 322,363 328,527 323,171 
Diluted earnings per share (GAAP)$0.18 $0.07 $0.37 $0.11 
Adjusted diluted earnings per share (Non-GAAP)$0.30 $0.25 $0.57 $0.45 




10



Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited)


Explanations for Non-GAAP Reconciliations
(1)Acquisition, site closure, and idle facility expenses for the three and six months ended June 30, 2026 primarily included acquisition costs associated with the announced agreement to acquire Kashiv BioSciences, LLC and rent for vacated properties. Acquisition, site closure, and idle facility expenses for the three and six months ended June 30, 2025 and year ended December 31, 2025 primarily included costs related to a planned facility closure and rent for vacated properties.
(2)For the year ended December 31, 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 June 30, 2026, charges related to legal matters, net were $8.1 million, primarily consisting of charges related to antitrust class action litigation. For the six months ended June 30, 2026, charges related to legal matters, net were $8.8 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 and (ii) charges associated with antitrust class action litigation. For the three and six months ended June 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 March 31, 2026.
(4)For the year ended December 31, 2025, asset impairment charges were 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)For the year ended December 31, 2025, the caption “other” primarily reflects a non-recurring, non-operating, non-cash gain.
(6)Refer to Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for additional information.
(7)Net debt was calculated as the total outstanding principal on the Company’s debt less cash and cash equivalents.
(8)Gross leverage was calculated by dividing gross debt as of June 30, 2026 and December 31, 2025 by adjusted EBITDA for the last twelve months ended June 30, 2026 and year ended December 31, 2025, respectively.
(9)Net leverage was calculated by dividing net debt as of June 30, 2026 and December 31, 2025 by adjusted EBITDA for the last twelve months ended June 30, 2026 and year ended December 31, 2025, respectively.
(10)The non-GAAP effective tax rates for the three and six months ended June 30, 2026 were 25.1% and 24.7%, respectively. The non-GAAP effective tax rates for the three and six months ended June 30, 2025 were 24.7% and 25.0%, respectively.
(11)Weighted average diluted shares outstanding for the three and six months ended June 30, 2026 and 2025 consisted of fully diluted Class A common stock (inclusive of the effect of dilutive securities).
11



Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited, $ in thousands)

Reconciliation of Consolidated GAAP to Non-GAAP Operating Results
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-GAAP
Net revenue$796,197 $— $796,197 $724,508 $— $724,508 
Cost of goods sold (1)
461,689 (33,317)428,372 438,255 (44,050)394,205 
Gross profit334,508 33,317 367,825 286,253 44,050 330,303 
Gross margin %42.0 %46.2 %39.5 %45.6 %
Selling, general and administrative (2)
148,722 (13,781)134,941 124,266 (11,424)112,842 
Research and development (3)
39,017 (855)38,162 47,964 (1,573)46,391 
Intellectual property legal development expenses2,087 — 2,087 2,017 — 2,017 
Acquisition costs (4)
7,600 (7,600)— — — — 
Restructuring and other charges554 — 554 1,024 (1,024)— 
Charges (credits) related to legal matters, net (5)
8,057 (8,057)— (390)390 — 
Other operating income(1,298)— (1,298)— — — 
Operating income$129,769 $63,610 $193,379 $111,372 $57,681 $169,053 

(1)    Adjustments for the three months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($1.0 million in each period) and amortization expense ($32.3 million and $43.1 million).
(2)    Adjustments for the three months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($8.6 million and $6.4 million), amortization expense ($2.6 million and $2.7 million), site closure costs ($0.5 million in each period), and other ($2.1 million and $1.8 million).
(3)    Adjustments for the three months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($0.9 million in each period) and site closure costs (none and $0.7 million).
(4)    Acquisition costs for the three months ended June 30, 2026 included acquisition costs associated with the announced agreement to acquire Kashiv BioSciences, LLC.
(5)    For the three months ended June 30, 2026, charges related to legal matters, net were $8.1 million, primarily consisting of charges related to antitrust class action litigation. For additional information regarding 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 March 31, 2026.
12



Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited, $ in thousands)

Reconciliation of Consolidated GAAP to Non-GAAP Operating Results
Six Months Ended June 30, 2026 Six Months Ended June 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-GAAP
Net revenue$1,518,716 $— $1,518,716 $1,419,928 $— $1,419,928 
Cost of goods sold (1)
864,095 (61,628)802,467 877,784 (87,565)790,219 
Gross profit654,621 61,628 716,249 542,144 87,565 629,709 
Gross margin %43.1 %47.2 %38.2 %44.3 %
Selling, general and administrative (2)
287,582 (25,062)262,520 242,554 (20,971)221,583 
Research and development (3)
77,400 (1,628)75,772 88,004 (3,053)84,951 
Intellectual property legal development expenses3,629 — 3,629 3,784 — 3,784 
Acquisition costs (4)
12,753 (12,753)— — — — 
Restructuring and other charges1,204 (499)705 1,595 (1,595)— 
Charges (credits) related to legal matters, net (5)
8,751 (8,751)— (390)390 — 
Other operating income(8,239)— (8,239)(5,122)— (5,122)
Operating income$271,541 $110,321 $381,862 $211,719 $112,794 $324,513 

(1)    Adjustments for the six months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($2.0 million and $1.9 million), amortization expense ($59.6 million and $85.6 million), and asset impairment charges (none and $0.1 million).
(2)    Adjustments for the six months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($15.6 million and $11.9 million), amortization expense ($5.3 million and $5.4 million), site closure costs ($1.0 million in each period), and other ($3.2 million and $2.6 million).
(3)    Adjustments for the six months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($1.6 million and $1.7 million) and site closure costs (none and $1.4 million).
(4)    Acquisition costs for the six months ended June 30, 2026 included acquisition costs associated with the announced agreement to acquire Kashiv BioSciences, LLC.
(5)    For the six months ended June 30, 2026, charges related to legal matters, net were $8.8 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 and (ii) charges associated with antitrust class action litigation. 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 March 31, 2026.
13



Amneal Pharmaceuticals, Inc.
Affordable Medicines Segment
Reconciliation of GAAP to Non-GAAP Operating Results (1)
(unaudited; $ in thousands)


Three Months Ended June 30, 2026Three Months Ended June 30, 2025
As ReportedAdjustmentsNon-GAAPAs Reported
Adjustments
Non-GAAP
Net revenue$489,913 $— $489,913 $433,425 $— $433,425 
Cost of goods sold (2)
282,684 (14,513)268,171 252,646 (11,171)241,475 
Gross profit207,229 14,513 221,742 180,779 11,171 191,950 
Gross margin %42.3 %45.3 %41.7 %44.3 %
Selling, general and administrative (3)
42,367 (2,939)39,428 34,226 (2,183)32,043 
Research and development (4)
33,023 (725)32,298 41,899 (777)41,122 
Intellectual property legal development expenses2,002 — 2,002 1,978 — 1,978 
Restructuring and other charges— — — 683 (683)— 
Charges (credits) related to legal matters, net (5)
8,057 (8,057)— (390)390 — 
Other operating income(1,298)— (1,298)— — — 
Operating income$123,078 $26,234 $149,312 $102,383 $14,424 $116,807 

(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 June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($1.0 million and $0.9 million) and amortization expense ($13.5 million and $10.3 million).
(3)Adjustments for the three months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($2.5 million and $1.6 million) and site closure costs ($0.5 million and $0.6 million).
(4)Adjustments for the three months ended June 30, 2026 and 2025 were comprised of stock-based compensation expense.
(5)For the three months ended June 30, 2026, charges related to legal matters, net were $8.1 million, primarily consisting of charges related to antitrust class action litigation. For additional information regarding 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 March 31, 2026.
14



Amneal Pharmaceuticals, Inc.
Affordable Medicines Segment
Reconciliation of GAAP to Non-GAAP Operating Results (1)
(unaudited; $ in thousands)


Six Months Ended June 30, 2026Six Months Ended June 30, 2025
As ReportedAdjustmentsNon-GAAPAs Reported
Adjustments
Non-GAAP
Net revenue$913,150 $— $913,150 $848,133 $— $848,133 
Cost of goods sold (2)
515,128 (24,083)491,045 495,279 (22,046)473,233 
Gross profit398,022 24,083 422,105 352,854 22,046 374,900 
Gross margin %43.6 %46.2 %41.6 %44.2 %
Selling, general and administrative (3)
83,685 (5,371)78,314 67,941 (3,999)63,942 
Research and development (4)
66,309 (1,402)64,907 72,879 (1,466)71,413 
Intellectual property legal development expenses3,495 — 3,495 3,691 — 3,691 
Restructuring and other charges— — — 683 (683)— 
Charges (credits) related to legal matters, net (5)
8,751 (8,751)— (390)390 — 
Other operating income(8,239)— (8,239)(5,122)— (5,122)
Operating income$244,021 $39,607 $283,628 $213,172 $27,804 $240,976

(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 six months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($2.0 million and $1.8 million), amortization expense ($22.1 million and $20.1 million), and asset impairment charges (none and $0.1 million).
(3)Adjustments for the six months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($4.4 million and $2.9 million) and site closure costs ($1.0 million and $1.1 million).
(4)Adjustments for the six months ended June 30, 2026 and 2025 were comprised of stock-based compensation expense.
(5)For the six months ended June 30, 2026, charges related to legal matters, net were $8.8 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 and (ii) charges associated with antitrust class action litigation. 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 March 31, 2026.












15



Amneal Pharmaceuticals, Inc.
Specialty Segment
Reconciliation of GAAP to Non-GAAP Operating Results
(unaudited; $ in thousands)

Three Months Ended June 30, 2026Three Months Ended June 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-GAAP
Net revenue$149,295 $— $149,295 $128,043 $— $128,043 
Cost of goods sold (1)
48,265 (18,804)29,461 55,795 (32,880)22,915 
Gross profit101,030 18,804 119,834 72,248 32,880 105,128 
Gross margin %67.7 %80.3 %56.4 %82.1 %
Selling, general and administrative (2)
40,095 (664)39,431 30,314 (486)29,828 
Research and development (3)
5,994 (130)5,864 6,065 (796)5,269 
Intellectual property legal development expenses85 — 85 39 — 39 
Restructuring and other charges— — — 341 (341)— 
Operating income $54,856 $19,598 $74,454 $35,489 $34,503 $69,992 

(1)Adjustments for the three months ended June 30, 2026 and 2025 were comprised of amortization expense.
(2)Adjustments for the three months ended June 30, 2026 and 2025 were comprised of stock-based compensation expense.
(3)Adjustments for the three months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($0.1 million in each period) and site closure costs (none and $0.7 million).











16



Amneal Pharmaceuticals, Inc.
Specialty Segment
Reconciliation of GAAP to Non-GAAP Operating Results
(unaudited; $ in thousands)

Six Months Ended June 30, 2026Six Months Ended June 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-GAAP
Net revenue$282,560 $— $282,560 $236,340 $— $236,340 
Cost of goods sold (1)
91,285 (37,545)53,740 108,878 (65,520)43,358 
Gross profit191,275 37,545 228,820 127,462 65,520 192,982 
Gross margin %67.7 %81.0 %53.9 %81.7 %
Selling, general and administrative (2)
74,786 (1,190)73,596 61,292 (831)60,461 
Research and development (3)
11,091 (225)10,866 15,125 (1,587)13,538 
Intellectual property legal development expenses134 — 134 93 — 93 
Restructuring and other charges347 (347)— 471 (471)— 
Operating income $104,917 $39,307 $144,224 $50,481 $68,409 $118,890 

(1)Adjustments for the six months ended June 30, 2026 and 2025 were comprised of amortization expense.
(2)Adjustments for the six months ended June 30, 2026 and 2025 were comprised of stock-based compensation expense.
(3)Adjustments for the six months ended June 30, 2026 and 2025, respectively, were comprised of stock-based compensation expense ($0.2 million in each period) and site closure costs (none and $1.4 million).
























17



Amneal Pharmaceuticals, Inc.
AvKARE Segment
Reconciliation of GAAP to Non-GAAP Operating Results (1)
(unaudited; $ in thousands)

Three Months Ended June 30, 2026Three Months Ended June 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-GAAP
Net revenue$156,989 $— $156,989 $163,040 $— $163,040 
Cost of goods sold130,740 — 130,740 129,814 — 129,814 
Gross profit26,249 — 26,249 33,226 — 33,226 
Gross margin %16.7 %16.7 %20.4 %20.4 %
Selling, general and administrative (2)
16,913 (2,648)14,265 15,079 (2,700)12,379 
Operating income$9,336 $2,648 $11,984 $18,147 $2,700 $20,847 

(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 June 30, 2026 and 2025 were comprised of amortization expense.
















18



Amneal Pharmaceuticals, Inc.
AvKARE Segment
Reconciliation of GAAP to Non-GAAP Operating Results (1)
(unaudited; $ in thousands)

Six Months Ended June 30, 2026Six Months Ended June 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-GAAP
Net revenue$323,006 $— $323,006 $335,455 $— $335,455 
Cost of goods sold257,682 — 257,682 273,627 — 273,627 
Gross profit65,324 — 65,324 61,828 — 61,828 
Gross margin %20.2 %20.2 %18.4 %18.4 %
Selling, general and administrative (2)
33,593 (5,296)28,297 30,773 (5,400)25,373 
Operating income$31,731 $5,296 $37,027 $31,055 $5,400 $36,455 

(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 six months ended June 30, 2026 and 2025 were comprised of amortization expense.












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