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  4. [8-K] Amneal Pharmaceuticals, Inc. Reports Material Event

Amneal raises 2026 revenue outlook to $3.15–$3.25B

The revised 2026 outlook raises revenue, adjusted EBITDA and adjusted EPS ranges, while operating-cash-flow guidance is below its prior range.

Available on EDGAR Accepted by SEC EDGAR
Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

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How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

Amneal Pharmaceuticals, Inc. (AMRX) reported third-quarter 2026 net revenue of $862.7 million, up 10% from $784.5 million a year earlier. Affordable Medicines revenue rose 19% and Specialty revenue rose 20%, while AvKARE revenue declined 17%. Adjusted EBITDA increased 30% to $207.0 million, and adjusted diluted EPS rose 53% to $0.26. Amneal recorded a net loss attributable to the company of $21.7 million, versus $2.4 million in net income a year earlier; diluted loss per share was $0.06.

Amneal raised 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. Operating cash flow guidance is $325–$375 million, compared with prior guidance of $350–$400 million; guidance excluding discrete items is $350–$400 million, versus $375–$425 million previously. Nine-month operating cash flow was $50.3 million, compared with $209.7 million a year earlier. The company said cash flow guidance reflects working capital, including higher inventory in key growth areas.

4 points · 1 major

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.

How the balance worksHow Sentiment works

1 major · 3 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 guidance rose: revenue $3.15–$3.25 billion; adjusted EBITDA $800–$815 million.
  • Moderate pointQ3 revenue grew 10% to $862.7 million.
  • Moderate pointQ3 adjusted EBITDA rose 30% to $207.0 million.
  • Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted diluted EPS guidance increased to $1.04–$1.08.

Negative

  • Major point. Forward-looking: it has not happened yet and may not happen.2026 operating cash flow guidance is $325–$375 million, versus prior guidance of $350–$400 million.
  • Moderate pointAmneal recorded a $21.7 million net loss, versus $2.4 million net income a year earlier.
  • Moderate pointNine-month operating cash flow was $50.3 million, versus $209.7 million a year earlier.

Filing Explained

Amneal’s $21,695 thousand attributable loss came despite $12,306 thousand consolidated net income, after non-controlling interests and accretion.

This 8-K reports Amneal’s third-quarter results; at September 30, 2026, the company reported $157,399 thousand in cash and equivalents against $3,230,747 thousand in gross debt, with $3,073,348 thousand in net debt and 3.9x net leverage.

The filing defines net debt as total outstanding debt principal less cash; it reports gross and net leverage of 4.1x and 3.9x, respectively, using last-twelve-month adjusted EBITDA.

For the quarter, consolidated net income was $12,306 thousand, while $19,762 thousand was attributable to non-controlling interests and $14,239 thousand was accretion of redeemable non-controlling interests, resulting in a $21,695 thousand loss attributable to Amneal.

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, or exhibit attachments filed with this report.
Third-quarter net revenue $862.7 million Three months ended September 30, 2026; up 10% from $784.5 million in 2025
Net loss attributable to Amneal $21.7 million loss Three months ended September 30, 2026; compared with $2.4 million net income in 2025
Adjusted EBITDA $207.0 million Third quarter 2026; up 30% from $159.6 million in 2025
Adjusted diluted EPS $0.26 Third quarter 2026; up 53% from $0.17 in 2025
Operating cash flow $50.3 million Nine months ended September 30, 2026; compared with $209.7 million in 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 operating cash flow guidance $325 million–$375 million Updated guidance; prior guidance was $350 million–$400 million
Adjusted EBITDA financial
"Adjusted EBITDA in the third quarter of 2026 was $207 million"
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 debt financial
"Net debt (Non-GAAP)"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Gross leverage financial
"Gross leverage (Non-GAAP)"
Gross leverage is a measure of how much a company or fund is exposed to borrowed money and other obligations before subtracting any cash, liquid assets, or hedging positions. It shows total debt and exposure relative to the size of the business (often versus equity or assets) and matters to investors because higher gross leverage typically means greater sensitivity to interest costs, market swings and unexpected losses—like a household with large mortgages and no rainy-day savings.
Contingent consideration financial
"remeasurement of contingent consideration liability"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
Net revenue $862.7 million Up 10% from $784.5 million in the third quarter of 2025
Net loss attributable to Amneal $21.7 million loss Compared with $2.4 million net income in the third quarter of 2025
Adjusted EBITDA $207.0 million Up 30% from the third quarter of 2025
Diluted loss per share $(0.06) Compared with diluted income per share of $0.01 in the third quarter of 2025
Adjusted diluted EPS $0.26 Up 53% from $0.17 in the third quarter of 2025
Guidance

2026: net revenue $3.15 billion–$3.25 billion; adjusted EBITDA $800 million–$815 million; adjusted diluted EPS $1.04–$1.08; operating cash flow $325 million–$375 million.

FAQ

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

What is Amneal (AMRX)'s updated 2026 guidance?
Amneal's updated 2026 guidance is net revenue of $3.15 billion–$3.25 billion, adjusted EBITDA of $800 million–$815 million, adjusted diluted EPS of $1.04–$1.08, and operating cash flow of $325 million–$375 million. Operating cash flow guidance excluding discrete items is $350 million–$400 million. Capital expenditures are estimated at approximately $150 million.

What costs are excluded from AMRX's operating cash flow guidance excluding discrete items?
The guidance excludes discrete items such as approximately $36 million of opioid settlement costs and approximately $40 million of Kashiv acquisition and integration costs.

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

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false000172312800017231282026-11-032026-11-03

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): November 3, 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 November 3, 2026, Amneal Pharmaceuticals, Inc. (the “Company”) issued a press release announcing its results for the third quarter ended September 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, 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.
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 November 3, 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: November 3, 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 THIRD QUARTER 2026 FINANCIAL RESULTS
– 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, NJ, November 3, 2026 - 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.

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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
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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
3



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
4



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


Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net revenue$862,684 $784,513 $2,381,400 $2,204,441 
Cost of goods sold528,566 510,539 1,392,661 1,388,323 
Gross profit334,118 273,974 988,739 816,118 
Selling, general and administrative139,645 137,815 427,227 380,369 
Research and development68,374 63,352 145,774 151,356 
Intellectual property legal development expenses2,193 2,437 5,822 6,221 
Acquisition and integration costs22,320 — 35,073 — 
Restructuring and other charges936 143 2,140 1,738 
Change in fair value of contingent consideration(6,000)— (6,000)— 
Charges for property losses and associated expenses5,369 — 5,369 — 
Charges (credit) related to legal matters, net6,497 — 15,248 (390)
Other operating income(631)(117)(8,870)(5,239)
Operating income95,415 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, net481 1,235 1,876 3,357 
Total other expense, net(80,358)(75,567)(200,733)(198,089)
Income (loss) before income taxes15,057 (5,223)166,223 83,974 
Provision for (benefit from) income taxes2,751 (23,355)6,303 5,614 
Net income12,306 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:
Basic335,733 314,168 323,724 312,998 
Diluted335,733 324,754 335,233 323,704 
5



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


September 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$157,399 $282,029 
Restricted cash14,174 28,842 
Trade accounts receivable, net1,016,844 895,143 
Inventories707,956 606,302 
Prepaid expenses and other current assets196,769 98,395 
Related party receivables1,876 470 
Total current assets2,095,018 1,911,181 
Property, plant and equipment, net572,634 442,950 
Goodwill and intangible assets, net
2,323,728 1,158,968 
Operating lease right-of-use assets69,760 38,832 
Operating lease right-of-use assets - related party20,019 15,216 
Financing lease right-of-use assets63,255 53,328 
Other assets122,807 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 matters27,534 43,256 
Revolving credit facility180,000 — 
Current portion of long-term debt, net23,933 6,761 
Current portion of operating lease liabilities14,417 8,668 
Current portion of operating lease liabilities - related party3,398 2,705 
Current portion of financing lease liabilities3,811 3,442 
Related party payables - short term18,913 55,485 
Contingent consideration - related party - short term59,000 — 
Total current liabilities1,119,837 881,633 
Long-term debt, net2,915,501 2,565,115 
Operating lease liabilities59,612 33,233 
Operating lease liabilities - related party16,635 14,195 
Financing lease liabilities65,588 54,927 
Related party payables - long term15,878 19,132 
Liabilities for legal matters - long term71,663 71,819 
Contingent consideration - related party - long term324,000 — 
Other long-term liabilities37,797 32,263 
Total long-term liabilities3,506,674 2,790,684 
Redeemable non-controlling interests109,453 77,292 
Total stockholders’ equity (deficiency)
531,257 (71,329)
Total liabilities and stockholders’ equity (deficiency)
$5,267,221 $3,678,280 

6



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


Nine Months Ended September 30,
20262025
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 amortization144,250 174,345 
Unrealized foreign currency loss (gain)13,571 (8,606)
Amortization of debt issuance costs and discount12,141 18,716 
Reclassification of cash flow hedge8,730 (1,713)
Loss on refinancing9,270 31,365 
Intangible asset impairment charges975 22,784 
Research and development equipment impairment charges13,832 — 
Non-cash property losses 5,035 — 
Change in fair value of contingent consideration(6,000)— 
Stock-based compensation29,723 23,751 
Inventory provision64,981 59,326 
Other operating charges and credits, net4,689 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 receivables203 (830)
Accounts payable, accrued expenses and other liabilities17,590 2,744 
Related party payables(34,756)3,107 
Net cash provided by operating activities50,312 209,677 
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 debt529,853 2,694,750 
Payments of deferred financing and refinancing costs(7,549)(74,973)
Borrowings on revolving credit facilities280,000 218,000 
Proceeds from exercise of stock options516 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 party510 5,572 
Acquisition of non-controlling interest(400)— 
Net cash provided by (used in) financing activities435,491 (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 period312,939 118,420 
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 period14,174 34,727 
Long-term restricted cash included in other assets - end of period8,680 2,431 
Cash, cash equivalents, and restricted cash - end of period$180,253 $238,407 

7



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,
20262025202620252025
Net income$12,306 $18,132 $159,920 $78,360 $127,933 
Adjusted to add:
Interest expense, net58,913 62,814 167,317 184,854 241,091 
Provision for (benefit from) income taxes2,751 (23,355)6,303 5,614 11,276 
Depreciation and amortization53,259 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 expense10,515 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 charges890 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-up946 — 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 liability12,992 (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 
8



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

Calculation of Net Debt and Net Leverage
September 30, 2026December 31, 2025
Term Loan Due 2032$2,434,263 $2,094,750 
Senior Notes Due 2032600,000 600,000 
2025 Revolving Credit Facility180,000 — 
Kashiv Rupee Term Loan Facility16,484 — 
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, 2025513,213 
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)
4.1x3.9x
Net leverage (Non-GAAP) (11)
3.9x3.5x

























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
September 30,		Nine Months Ended
September 30,
2026202520262025
Net income$12,306 $18,132 $159,920 $78,360 
Adjusted to add (deduct):
Non-cash interest7,098 9,163 20,779 16,908 
GAAP provision for (benefit from) income taxes2,751 (23,355)6,303 5,614 
Amortization37,671 38,647 100,696 127,741 
Stock-based compensation expense10,515 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 charges890 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 liability12,992 (20,808)13,098 (5,701)
Other1,100 459 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 




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 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).
11



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

Reconciliation of Consolidated GAAP to Non-GAAP Operating Results
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-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 profit334,118 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 expenses2,193 — 2,193 2,437 — 2,437 
Acquisition and integration costs (4)
22,320 (22,320)— — — — 
Restructuring and other charges936 (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.
12



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 ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-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 profit988,739 100,569 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 expenses5,822 — 5,822 6,221 — 6,221 
Acquisition and integration costs (4)
35,073 (35,073)— — — — 
Restructuring and other charges2,140 (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.
13



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


Three Months Ended September 30, 2026Three Months Ended September 30, 2025
As ReportedAdjustmentsNon-GAAPAs 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 profit194,778 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 expenses2,138 — 2,138 2,378 — 2,378 
Restructuring and other charges891 (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.
14



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


Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
As ReportedAdjustmentsNon-GAAPAs 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 profit592,800 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 expenses5,633 — 5,633 6,069 — 6,069 
Restructuring and other charges891 (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.
15



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

Three Months Ended September 30, 2026Three Months Ended September 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-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 profit104,050 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 expenses55 — 55 59 — 59 
Restructuring and other charges— — — — — — 
Charges for property losses and associated expenses35 (35)— — — — 
Charges related to legal matters, net1,000 — 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).











16



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

Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-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 profit295,325 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 expenses189 — 189 152 — 152 
Restructuring and other charges347 (347)— 471 (471)— 
Charges for property losses and associated expenses
35 (35)— — — — 
Charges related to legal matters, net1,000 — 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).
























17



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

Three Months Ended September 30, 2026Three Months Ended September 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-GAAP
Net revenue$165,313 $— $165,313 $198,532 $— $198,532 
Cost of goods sold130,023 — 130,023 156,268 — 156,268 
Gross profit35,290 — 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.
















18



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

Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
As ReportedAdjustmentsNon-GAAPAs ReportedAdjustmentsNon-GAAP
Net revenue$488,319 $— $488,319 $533,987 $— $533,987 
Cost of goods sold387,705 — 387,705 429,895 — 429,895 
Gross profit100,614 — 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.












19

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