Amneal (NASDAQ: AMRX) returns to profit and guides 2026 growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Amneal Pharmaceuticals reported strong fourth quarter and full-year 2025 results, returning solidly to profitability and increasing cash generation. Q4 2025 net revenue rose 11% to $814 million, with GAAP net income of $35 million and diluted EPS of $0.11, while adjusted EBITDA reached $175 million and adjusted diluted EPS was $0.21.
For 2025, net revenue grew to $3.02 billion from $2.79 billion, and net income attributable to Amneal improved to $72 million from a $117 million loss, driven by higher revenue, better gross profit and lower expenses. Adjusted EBITDA increased 10% to $688 million and adjusted diluted EPS rose to $0.83. Specialty revenue grew 19%, Affordable Medicines 4%, and AvKARE 12%.
For 2026, Amneal guides to net revenue of $3.05–$3.15 billion, adjusted EBITDA of $720–$760 million, adjusted diluted EPS of $0.93–$1.03, and operating cash flow of $325–$375 million. Net debt was $2.41 billion at December 31, 2025, implying net leverage of 3.5x, down from 3.9x a year earlier.
Positive
- Return to profitability and stronger earnings: 2025 net revenue rose to $3.02 billion from $2.79 billion, GAAP net income improved to $72 million from a $116.9 million loss, and adjusted EBITDA increased 10% to $688 million, with adjusted diluted EPS rising to $0.83 from $0.58.
- Broad-based segment growth with especially strong Specialty: In 2025 Specialty revenue grew 19%, Affordable Medicines 4%, and AvKARE 12%, indicating diversified growth drivers, including uptake of branded products like CREXONT and new launches such as BREKIYA.
- Outlook for continued growth and deleveraging: 2026 guidance calls for $3.05–$3.15 billion in net revenue, $720–$760 million in adjusted EBITDA, and $0.93–$1.03 adjusted diluted EPS, while net leverage improved to 3.5x from 3.9x on $340 million of operating cash flow.
Negative
- None.
Insights
Amneal shifts from loss to profit with balanced growth and higher 2026 targets.
Amneal delivered broad-based growth in 2025, with net revenue rising to
Profitability strengthened on both GAAP and non-GAAP bases. Adjusted EBITDA increased 10% to
Guidance indicates another year of growth in
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): February 27, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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 class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 2.02 | Results of Operations and Financial Condition. | ||||
On February 27, 2026, Amneal Pharmaceuticals, Inc. (the “Company”) issued a press release announcing its results for the fourth quarter and full year ended December 31, 2025. 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, February 27, 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 (833) 470-1428 (in the U.S.) with access code 937407. 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://www.netroadshow.com/events/global-numbers?confId=94630.
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 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits.
The following exhibits are furnished herewith:
| Exhibit No. | Description | |||||||
99.1 | Press release issued February 27, 2026. | |||||||
| 104 | The 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: February 27, 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
 | |||||
AMNEAL REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS
‒ Full Year 2025 Performance Met or Exceeded All Guidance Metrics and 2026 Reflects Another Year of Growth –
‒ Q4 2025 Net Revenue of $814 million; GAAP Net Income of $35 million; Diluted Income per Share of $0.11 ‒
‒ Q4 2025 Adjusted Net Income of $68 million, Adjusted EBITDA of $175 million; Adjusted Diluted EPS of $0.21 ‒
‒ Full Year 2025 Net Revenue of $3.02 billion; GAAP Net Income of $72 million; Diluted Income per Share of $0.22 ‒
‒ Full Year 2025 Adjusted Net Income of $269 million; Adjusted EBITDA of $688 million; Adjusted Diluted EPS of $0.83 ‒
‒ Provides 2026 Financial Guidance of $3.05 to $3.15 billion in net revenue, $720 to $760 million in Adjusted EBITDA, and
$0.93 to $1.03 in Adjusted Diluted EPS –
BRIDGEWATER, NJ, February 27, 2026 - Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) (“Amneal” or the “Company”) today announced its results for the fourth quarter and full year ended December 31, 2025.
“We are extremely pleased with Amneal’s sixth consecutive year of consistent execution and strong growth. Our full year 2025 performance highlights the durability of our diversified portfolio and the successful execution of our strategy. In Specialty, CREXONT® continues to see strong uptake, and we successfully launched our newest branded product, the BREKIYA® autoinjector. In Affordable Medicines, we delivered a robust cadence of new product approvals, including our first two inhalation products and our fourth and fifth biosimilars. Looking ahead, we believe Amneal is very well positioned to deliver substantial growth and create long-term value for years to come,” said Chirag and Chintu Patel, Co-Chief Executive Officers.
Net revenue in the fourth quarter of 2025 was $814 million, an increase of 11% compared to $731 million in the fourth quarter of 2024. Specialty net revenue increased 38% driven by CREXONT® and UNITHROID®. Affordable Medicines net revenue decreased 1% due to the timing of revenue for key products and new launches. AvKARE net revenue increased 24% driven by growth in the government label sales channel. Net income attributable to Amneal Pharmaceuticals, Inc. was $35 million in the fourth quarter of 2025 compared to a net loss of $31 million in the fourth quarter of 2024, reflecting higher revenue and gross profit and lower operating expense. Adjusted EBITDA in the fourth quarter of 2025 was $175 million, an increase of 13% compared to the fourth quarter of 2024, reflective of higher revenue and gross profit, partially offset by commercial investments. Diluted income per share in the fourth quarter of 2025 was $0.11 compared to a loss of $0.10 for the fourth quarter of 2024 due to the aforementioned factors as well as lower interest expense. Adjusted diluted EPS in the fourth quarter of 2025 was $0.21 compared to $0.12 in the fourth quarter of 2024.
Net revenue for the year ended December 31, 2025 was $3.02 billion, an increase of 8%, compared to $2.79 billion for the year ended December 31, 2024. Revenues for each of the business segments increased in 2025 with Specialty growing 19%, Affordable Medicines growing 4%, and AvKARE growing 12%. Net income attributable to Amneal Pharmaceuticals, Inc. was $72 million for the year ended December 31, 2025 compared to a net loss of $117 million for the year ended December 31, 2024, due to higher revenue and gross profit, and lower expenses. Adjusted EBITDA for the year ended December 31, 2025 was $688 million, an increase of 10% compared to the prior year, reflective of higher revenue and gross profit and operating leverage in selling, general and administrative expenses and research and development expenses, partially offset by increased commercial investments. Diluted income per share for the year ended December 31, 2025 was $0.22 compared to diluted loss per share of $0.38 for the year ended December 31, 2024 due to the aforementioned factors as well as lower interest expense. Adjusted diluted EPS in the year ended December 31, 2025 was $0.83 compared to $0.58 for the year ended December 31, 2024.
The Company presents GAAP and adjusted (non-GAAP) quarterly and full-year 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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2026 Full Year Financial Guidance
2026 Guidance | 2025 Actuals | |||||||
Net revenue (1) | $3.05 billion - $3.15 billion | $3.02 billion | ||||||
Adjusted EBITDA (2) | $720 million - $760 million | $688 million | ||||||
Adjusted diluted EPS (3) | $0.93 - $1.03 | $0.83 | ||||||
| Operating cash flow | $325 million - $375 million | $340 million | ||||||
Operating cash flow, excluding discrete items (4) | $350 million - $400 million | $340 million | ||||||
Capital expenditures (5) | ~$110 million | $89 million | ||||||
(1)The Company expects Affordable Medicines net revenue to grow 7% to 8%, Specialty net revenue to be flat year-over-year, and AvKARE to generate $625 million to $700 million net revenue.
(2)Includes 100% of adjusted EBITDA from AvKARE. See also “Non-GAAP Financial Measures” below.
(3)Accounts for 35% non-controlling interest in AvKARE. Assumes weighted-average diluted shares outstanding of ~330 million for the year ending December 31, 2026, compared to weighted-average diluted shares outstanding of 325 million for the year ended December 31, 2025. See also “Non-GAAP Financial Measures” below for assumptions used in the calculation of weighted-average diluted shares.
(4)Excludes discrete items such as legal settlement payments.
(5)Reflects actual purchases and deposits for future acquisition of property, plant, and equipment, net of contributions from an alliance party.
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, February 27, 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 (833) 470-1428 (in the U.S.) with access code 937407. 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://www.netroadshow.com/events/global-numbers?confId=94630.
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. Founded in 2002 by brothers and co-CEOs Chirag and Chintu Patel, Amneal was built on the belief that innovation only matters if it’s accessible. Today, Amneal has a diverse and growing portfolio of approximately 300 complex, specialty and biosimilar medicines, delivering over 160 million prescriptions each year, primarily in the United States. Our Affordable Medicines segment spans retail, injectable, and biosimilar products. 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 more information, visit www.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.
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The reader is cautioned not to rely on these forward-looking statements. These forward-looking statements are based on current expectations of future events, including with respect to future market conditions, company performance and financial results, operational investments, business prospects, new strategies and growth initiatives, the competitive environment, and other events. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company.
Such risks and uncertainties include, but are not limited to: our ability to successfully develop, license, acquire and commercialize new products on a timely basis; the competition we face in the pharmaceutical industry from brand and generic drug product companies, and the impact of that competition on our ability to set prices; our ability to obtain exclusive marketing rights for our products; the impact of illegal distribution and sale by third parties of counterfeit versions of our products or stolen products; the impact of negative market perceptions of us and the safety and quality of our products; our revenues are derived from the sales of a limited number of products, a substantial portion of which are through a limited number of customers; the continuing trend of consolidation of certain customer groups; 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 operating cash flow 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.
Adjusted diluted EPS reflects diluted earnings per share based on adjusted net income (loss), which is net income (loss) adjusted to (A) exclude (i) non-cash interest, (ii) GAAP provision for income taxes, (iii) amortization, (iv) stock-based compensation expense, (v) acquisition, site closure expenses, and idle facility expenses, (vi) restructuring and other charges, (vii) loss on refinancing, (viii) charges (credit) related to certain legal matters, including interest, net, (ix) asset impairment charges, (x) increase in tax receivable agreement liability, (xi) other and (xii) net income attributable to non-controlling interests, and (B) include non-GAAP provision for income taxes. Non-GAAP adjusted diluted EPS for the three months and year ended December 31, 2025 and 2024 was calculated using the weighted average fully diluted shares outstanding of Class A common stock (inclusive of the effect of dilutive securities).
EBITDA reflects net income (loss) adjusted to exclude interest expense, net, provision for income taxes and depreciation and amortization. Adjusted EBITDA reflects net income (loss) adjusted to exclude (i) interest expense, net, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) acquisition, site closure, and idle facility expenses, (vi) restructuring and other charges, (vii) loss on refinancing, (viii) charges (credit) related to legal matters, net, (ix) asset impairment charges, (x) foreign exchange loss (gain), (xi) increase in tax receivable agreement liability, and (xii) other.
Adjusted operating cash flow reflects cash flow from operations excluding discrete items such as legal settlement payments.
Net leverage is calculated as net debt (total outstanding principal on the Company’s debt, less cash and cash equivalents) divided by adjusted EBITDA for the year or the trailing twelve-month period then ended.
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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 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
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Amneal Pharmaceuticals, Inc.
Consolidated Statements of Operations
(unaudited; $ in thousands, except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net revenue | $ | 814,319 | $ | 730,518 | $ | 3,018,760 | $ | 2,793,957 | |||||||||||||||
| Cost of goods sold | 517,129 | 467,645 | 1,905,452 | 1,773,519 | |||||||||||||||||||
| Gross profit | 297,190 | 262,873 | 1,113,308 | 1,020,438 | |||||||||||||||||||
| Selling, general and administrative | 146,458 | 128,687 | 526,827 | 476,436 | |||||||||||||||||||
| Research and development | 34,819 | 54,265 | 186,175 | 190,714 | |||||||||||||||||||
| Intellectual property legal development expenses | 1,411 | 1,852 | 7,632 | 5,845 | |||||||||||||||||||
| Restructuring and other charges | 2,470 | 493 | 4,208 | 2,355 | |||||||||||||||||||
Charges (credit) related to legal matters, net | — | 1,783 | (390) | 96,692 | |||||||||||||||||||
| Other operating income | (1) | — | (5,240) | (930) | |||||||||||||||||||
Operating income | 112,033 | 75,793 | 394,096 | 249,326 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense, net | (56,237) | (61,662) | (241,091) | (258,595) | |||||||||||||||||||
Foreign exchange (loss) gain, net | (1,437) | (7,661) | 7,635 | (6,846) | |||||||||||||||||||
| Loss on refinancing | — | — | (31,365) | — | |||||||||||||||||||
| Increase in tax receivable agreement liability | (12,289) | (23,961) | (6,588) | (50,680) | |||||||||||||||||||
| Other income, net | 13,165 | 2,172 | 16,522 | 11,782 | |||||||||||||||||||
| Total other expense, net | (56,798) | (91,112) | (254,887) | (304,339) | |||||||||||||||||||
Income (loss) before income taxes | 55,235 | (15,319) | 139,209 | (55,013) | |||||||||||||||||||
Provision for income taxes | 5,662 | 5,423 | 11,276 | 18,863 | |||||||||||||||||||
Net income (loss) | 49,573 | (20,742) | 127,933 | (73,876) | |||||||||||||||||||
Less: Net income attributable to non-controlling interests | (14,497) | (10,339) | (55,876) | (43,010) | |||||||||||||||||||
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. | $ | 35,076 | $ | (31,081) | $ | 72,057 | $ | (116,886) | |||||||||||||||
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders: | |||||||||||||||||||||||
Basic | $ | 0.11 | $ | (0.10) | $ | 0.23 | $ | (0.38) | |||||||||||||||
Diluted | $ | 0.11 | $ | (0.10) | $ | 0.22 | $ | (0.38) | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 314,462 | 309,850 | 313,367 | 308,978 | |||||||||||||||||||
Diluted | 328,094 | 309,850 | 324,805 | 308,978 | |||||||||||||||||||
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Amneal Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(unaudited; $ in thousands)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 282,029 | $ | 110,552 | |||||||
| Restricted cash | 28,842 | 7,868 | |||||||||
| Trade accounts receivable, net | 895,143 | 775,731 | |||||||||
| Inventories | 606,302 | 612,454 | |||||||||
| Prepaid expenses and other current assets | 98,395 | 80,717 | |||||||||
| Related party receivables | 470 | 484 | |||||||||
| Total current assets | 1,911,181 | 1,587,806 | |||||||||
| Property, plant and equipment, net | 442,950 | 424,908 | |||||||||
| Goodwill | 595,470 | 597,436 | |||||||||
| Intangible assets, net | 563,498 | 732,377 | |||||||||
| Operating lease right-of-use assets | 38,832 | 31,388 | |||||||||
| Operating lease right-of-use assets - related party | 15,216 | 10,964 | |||||||||
| Financing lease right-of-use assets | 53,328 | 56,433 | |||||||||
| Other assets | 57,805 | 60,133 | |||||||||
| Total assets | $ | 3,678,280 | $ | 3,501,445 | |||||||
| Liabilities and Stockholders’ Deficiency | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued expenses | $ | 761,316 | $ | 735,450 | |||||||
| Current portion of liabilities for legal matters | 43,256 | 31,755 | |||||||||
| Revolving credit facility | — | 100,000 | |||||||||
| Current portion of long-term debt, net | 6,761 | 224,213 | |||||||||
| Current portion of operating lease liabilities | 8,668 | 9,435 | |||||||||
| Current portion of operating lease liabilities - related party | 2,705 | 3,396 | |||||||||
| Current portion of financing lease liabilities | 3,442 | 3,211 | |||||||||
| Related party payables - short term | 55,485 | 22,311 | |||||||||
| Total current liabilities | 881,633 | 1,129,771 | |||||||||
| Long-term debt, net | 2,565,115 | 2,161,790 | |||||||||
| Operating lease liabilities | 33,233 | 24,814 | |||||||||
| Operating lease liabilities - related party | 14,195 | 9,391 | |||||||||
| Financing lease liabilities | 54,927 | 56,889 | |||||||||
| Related party payable - long term | 19,132 | 50,900 | |||||||||
| Liabilities for legal matters - long term | 71,819 | 85,479 | |||||||||
| Other long-term liabilities | 32,263 | 26,949 | |||||||||
| Total long-term liabilities | 2,790,684 | 2,416,212 | |||||||||
| Redeemable non-controlling interests | 77,292 | 64,974 | |||||||||
| Total stockholders’ deficiency | (71,329) | (109,512) | |||||||||
| Total liabilities and stockholders’ deficiency | $ | 3,678,280 | $ | 3,501,445 | |||||||
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Amneal Pharmaceuticals, Inc.
Consolidated Statements of Cash Flows
(unaudited; $ in thousands)
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 127,933 | $ | (73,876) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 223,572 | 236,191 | |||||||||
| Unrealized foreign currency (gain) loss | (7,453) | 7,191 | |||||||||
| Amortization of debt issuance costs and discount | 22,431 | 29,097 | |||||||||
| Reclassification of cash flow hedge | 1,229 | (26,205) | |||||||||
| Loss on refinancing | 31,365 | — | |||||||||
| Intangible asset impairment charges | 22,784 | 920 | |||||||||
| Stock-based compensation | 31,953 | 27,768 | |||||||||
| Inventory provision | 85,962 | 96,558 | |||||||||
| Other operating charges and credits, net | 4,732 | 1,523 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Trade accounts receivable, net | (120,566) | (162,637) | |||||||||
| Inventories | (87,026) | (130,530) | |||||||||
| Prepaid expenses, other current assets and other assets | (19,163) | (959) | |||||||||
| Related party receivables | (13) | 482 | |||||||||
| Accounts payable, accrued expenses and other liabilities | 21,321 | 235,135 | |||||||||
| Related party payables | 931 | 54,441 | |||||||||
| Net cash provided by operating activities | 339,992 | 295,099 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property, plant and equipment | (70,063) | (51,924) | |||||||||
| Acquisition of intangible assets | (15,514) | (14,650) | |||||||||
| Deposits for future acquisition of property, plant, and equipment | (28,780) | (8,416) | |||||||||
| Proceeds from sale of property, plant, equipment and other | 2,094 | — | |||||||||
| Proceeds from sale of subsidiary | — | 11,994 | |||||||||
| Net cash used in investing activities | (112,263) | (62,996) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of debt | 2,694,750 | — | |||||||||
| Payments of principal on debt, revolving credit facility, financing leases and other | (2,811,508) | (188,918) | |||||||||
| Payments of deferred financing, refinancing costs and debt extinguishment costs | (74,973) | (71) | |||||||||
| Borrowings on revolving credit facility | 218,000 | 48,000 | |||||||||
| Proceeds from exercise of stock options | 1,960 | 1,154 | |||||||||
| Employee payroll tax withholding on restricted stock unit and performance stock unit vesting | (22,278) | (7,952) | |||||||||
| Tax and other distributions to non-controlling interests | (43,848) | (19,804) | |||||||||
| Payment of principal on notes payable - related party | — | (44,200) | |||||||||
| Proceeds from alliance party | 6,367 | — | |||||||||
| Net cash used in financing activities | (31,530) | (211,791) | |||||||||
| Effect of foreign exchange rate on cash | (1,680) | (999) | |||||||||
| Net increase in cash, cash equivalents, and restricted cash | 194,519 | 19,313 | |||||||||
| Cash, cash equivalents, and restricted cash - beginning of period | 118,420 | 99,107 | |||||||||
| Cash, cash equivalents, and restricted cash - end of period | $ | 312,939 | $ | 118,420 | |||||||
| Cash and cash equivalents - end of period | $ | 282,029 | $ | 110,552 | |||||||
| Restricted cash - end of period | 28,842 | 7,868 | |||||||||
| Long-term restricted cash included in other assets - end of period | 2,068 | — | |||||||||
| Cash, cash equivalents, and restricted cash - end of period | $ | 312,939 | $ | 118,420 | |||||||
7
Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited, $ in thousands)
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net income (loss) | $ | 49,573 | $ | (20,742) | $ | 127,933 | $ | (73,876) | |||||||||||||||
| Adjusted to add: | |||||||||||||||||||||||
| Interest expense, net | 56,237 | 61,662 | 241,091 | 258,595 | |||||||||||||||||||
| Provision for income taxes | 5,662 | 5,423 | 11,276 | 18,863 | |||||||||||||||||||
| Depreciation and amortization | 49,227 | 66,130 | 223,572 | 236,191 | |||||||||||||||||||
| EBITDA (Non-GAAP) | $ | 160,699 | $ | 112,473 | $ | 603,872 | $ | 439,773 | |||||||||||||||
| Adjusted to add (deduct): | |||||||||||||||||||||||
| Stock-based compensation expense | 8,202 | 7,209 | 31,823 | 27,552 | |||||||||||||||||||
Acquisition, site closure, and idle facility expenses (1) | 539 | 538 | 5,301 | 2,112 | |||||||||||||||||||
| Restructuring and other charges | 2,470 | 493 | 4,208 | 2,265 | |||||||||||||||||||
Loss on refinancing (2) | — | — | 31,365 | — | |||||||||||||||||||
Charges (credit) related to legal matters, net (3) | — | 1,783 | (390) | 96,692 | |||||||||||||||||||
| Asset impairment charges | 134 | 176 | 23,022 | 1,372 | |||||||||||||||||||
| Foreign exchange loss (gain) | 1,437 | 7,661 | (7,635) | 6,846 | |||||||||||||||||||
| Increase in tax receivable agreement liability | 12,289 | 23,961 | 6,588 | 50,680 | |||||||||||||||||||
Other (4) | (10,568) | 963 | (9,739) | 150 | |||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 175,202 | $ | 155,257 | $ | 688,415 | $ | 627,442 | |||||||||||||||
8
Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited, $ in thousands)
Calculation of Net Debt and Net Leverage
| December 31, 2025 | December 31, 2024 | ||||||||||
Term Loan Due 2032 | $ | 2,094,750 | $ | — | |||||||
| Senior Notes Due 2032 | 600,000 | — | |||||||||
Term Loan Due 2025 | — | 191,979 | |||||||||
Term Loan Due 2028 | — | 2,292,856 | |||||||||
Revolving credit facility | — | 100,000 | |||||||||
Gross debt (5) | $ | 2,694,750 | $ | 2,584,835 | |||||||
| Less: Cash and cash equivalents | 282,029 | 110,552 | |||||||||
Net debt (Non-GAAP) (6) | $ | 2,412,721 | $ | 2,474,283 | |||||||
| Adjusted EBITDA (Non-GAAP) for the year ended | $ | 688,415 | $ | 627,442 | |||||||
Net leverage (Non-GAAP) (7) | 3.5x | 3.9x | |||||||||
9
Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited; $ in thousands, except per share amounts)
Reconciliation of Net Income (Loss) to Adjusted Net Income and Calculation of Adjusted Diluted Earnings per Share
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Net income (loss) | $ | 49,573 | $ | (20,742) | $ | 127,933 | $ | (73,876) | |||||||||||||||
| Adjusted to add (deduct): | |||||||||||||||||||||||
Non-cash interest | 6,625 | 183 | 23,533 | 1,735 | |||||||||||||||||||
GAAP provision for income taxes | 5,662 | 5,423 | 11,276 | 18,863 | |||||||||||||||||||
Amortization | 34,660 | 49,037 | 162,401 | 168,518 | |||||||||||||||||||
Stock-based compensation expense | 8,202 | 7,209 | 31,823 | 27,552 | |||||||||||||||||||
Acquisition, site closure expenses, and idle facility expenses (1) | 538 | 538 | 5,238 | 2,112 | |||||||||||||||||||
Restructuring and other charges | 2,470 | 493 | 4,201 | 2,249 | |||||||||||||||||||
Loss on refinancing(2) | — | — | 31,365 | — | |||||||||||||||||||
Charges (credit) related to legal matters, including interest, net (3) | — | 1,783 | (390) | 96,819 | |||||||||||||||||||
Asset impairment charges | 134 | 176 | 23,022 | 1,372 | |||||||||||||||||||
| Increase in tax receivable agreement liability | 12,289 | 23,961 | 6,588 | 50,680 | |||||||||||||||||||
Other (4) | (10,568) | 964 | (9,729) | 150 | |||||||||||||||||||
Provision for income taxes (8) | (26,792) | (18,262) | (92,514) | (66,278) | |||||||||||||||||||
| Net income attributable to non-controlling interests | (14,497) | (10,339) | (55,876) | (43,010) | |||||||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 68,296 | $ | 40,424 | $ | 268,871 | $ | 186,886 | |||||||||||||||
Weighted average diluted shares outstanding (Non-GAAP) (9) | 328,094 | 324,099 | 324,805 | 320,645 | |||||||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 0.21 | $ | 0.12 | $ | 0.83 | $ | 0.58 | |||||||||||||||
10
Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited)
Explanations for Non-GAAP Reconciliations
(1)Acquisition, site closure, and idle facility expenses for the three months and year ended December 31, 2025 primarily included costs related to a planned facility closure and rent for vacated properties. Acquisition, site closure, and idle facility expenses for the three months and year ended December 31, 2024 primarily included 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 5. below for additional information.
(3)For the year ended December 31, 2024, charges related to legal matters, net were primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the United States.
(4)For the three months and year ended December 31, 2025, the caption “other” primarily reflects a non-recurring, non-operating, non-cash gain. System implementation expense of $0.3 million, formerly included in its own caption in the non-GAAP reconciliations, for the three months ended December 31, 2024 has been reclassified to the caption “other” to conform to the current period presentation. System implementation expense of $2.4 million and change in the fair value of contingent consideration of ($0.9 million), formerly included in their own captions in the non-GAAP reconciliations, for the year ended December 31, 2024 have been reclassified to the caption “other” to conform to the current period presentation.
(5)On August 1, 2025, the Company borrowed $2.1 billion under new seven-year term loans (the “Term Loan Due 2032”) pursuant to an amendment to the Term Loan Credit Agreement and completed a private offering of $600 million aggregate principal amount of 6.875% senior secured notes due 2032 at par (the “Senior Notes Due 2032”). The Company used the net proceeds of the Term Loan Due 2032 and the Senior Notes Due 2032 to refinance the Term Loan Due 2028 in full, to repay outstanding amounts borrowed under the revolving credit facility in full, and to pay related fees, premiums and expenses. Refer to Note 15. Debt in the Company’s 2024 Annual Report on Form 10-K for information about the Company’s debt as of December 31, 2024.
(6)Net debt was calculated as the total outstanding principal on the Company’s debt less cash and cash equivalents.
(7)Net leverage was calculated by dividing net debt as of December 31, 2025 and December 31, 2024 by adjusted EBITDA for the years ended December 31, 2025 and 2024, respectively.
(8)The non-GAAP effective tax rates for the three months and year ended December 31, 2025 were 28.2% and 25.6%, respectively. The non-GAAP effective tax rates for the three months and year ended December 31, 2024 were 31.1% and 26.2%, respectively.
(9)Weighted average diluted shares outstanding for the three months and year ended December 31, 2025 and 2024 consisted of fully diluted Class A common stock (inclusive of the effect of dilutive securities).
11
Amneal Pharmaceuticals, Inc.
Affordable Medicines Segment
Reconciliation of GAAP to Non-GAAP Operating Results (1)
(unaudited; $ in thousands)
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | |||||||||||||||||||||||||||||||||
| Net revenue | $ | 436,650 | $ | — | $ | 436,650 | $ | 439,296 | $ | — | $ | 439,296 | ||||||||||||||||||||||||||
Cost of goods sold (2) | 285,858 | (11,288) | 274,570 | 261,196 | (11,595) | 249,601 | ||||||||||||||||||||||||||||||||
| Gross profit | 150,792 | 11,288 | 162,080 | 178,100 | 11,595 | 189,695 | ||||||||||||||||||||||||||||||||
| Gross margin % | 34.5 | % | 37.1 | % | 40.5 | % | 43.2 | % | ||||||||||||||||||||||||||||||
Selling, general and administrative (3) | 37,269 | (2,472) | 34,797 | 33,915 | (1,909) | 32,006 | ||||||||||||||||||||||||||||||||
Research and development (4) | 28,010 | (671) | 27,339 | 48,598 | (674) | 47,924 | ||||||||||||||||||||||||||||||||
| Intellectual property legal development expenses | 1,320 | — | 1,320 | 1,907 | — | 1,907 | ||||||||||||||||||||||||||||||||
| Restructuring and other charges | 2,198 | (2,198) | — | — | — | — | ||||||||||||||||||||||||||||||||
| Charges related to legal matters, net | — | — | — | 1,783 | (1,783) | — | ||||||||||||||||||||||||||||||||
| Other operating income | (1) | — | (1) | — | — | — | ||||||||||||||||||||||||||||||||
| Operating income | $ | 81,996 | $ | 16,629 | $ | 98,625 | $ | 91,897 | $ | 15,961 | $ | 107,858 | ||||||||||||||||||||||||||
(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 December 31, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($0.9 million in each period), amortization expense ($10.4 million and $10.6 million), and asset impairment charges (none and $0.1 million).
(3)Adjustments for the three months ended December 31, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($1.8 million and $1.4 million), site closure costs ($0.5 million in each period), and asset impairment charges ($0.2 million and none).
(4)Adjustments for the three months ended December 31, 2025 and 2024 were comprised of stock-based compensation expense.
12
Amneal Pharmaceuticals, Inc.
Affordable Medicines Segment
Reconciliation of GAAP to Non-GAAP Operating Results (1)
(unaudited; $ in thousands)
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | |||||||||||||||||||||||||||||||||
| Net revenue | $ | 1,745,524 | $ | — | $ | 1,745,524 | $ | 1,685,263 | $ | — | $ | 1,685,263 | ||||||||||||||||||||||||||
Cost of goods sold (2) | 1,061,600 | (45,409) | 1,016,191 | 1,011,363 | (46,718) | 964,645 | ||||||||||||||||||||||||||||||||
| Gross profit | 683,924 | 45,409 | 729,333 | 673,900 | 46,718 | 720,618 | ||||||||||||||||||||||||||||||||
| Gross margin % | 39.2 | % | 41.8 | % | 40.0 | % | 42.8 | % | ||||||||||||||||||||||||||||||
Selling, general and administrative (3) | 142,383 | (8,812) | 133,571 | 129,578 | (7,160) | 122,418 | ||||||||||||||||||||||||||||||||
Research and development (4) | 156,013 | (2,816) | 153,197 | 171,771 | (2,587) | 169,184 | ||||||||||||||||||||||||||||||||
| Intellectual property legal development expenses | 7,389 | — | 7,389 | 5,685 | — | 5,685 | ||||||||||||||||||||||||||||||||
| Restructuring and other charges | 2,971 | (2,971) | — | 70 | (70) | — | ||||||||||||||||||||||||||||||||
(Credit) charges related to legal matters, net (5) | (390) | 390 | — | 96,692 | (96,692) | — | ||||||||||||||||||||||||||||||||
| Other operating income | (5,240) | — | (5,240) | — | — | — | ||||||||||||||||||||||||||||||||
| Operating income | $ | 380,798 | $ | 59,618 | $ | 440,416 | $ | 270,104 | $ | 153,227 | $ | 423,331 | ||||||||||||||||||||||||||
(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 years ended December 31, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($3.8 million and $3.6 million), amortization expense ($40.9 million and $41.8 million), and asset impairment charges ($0.7 million and $1.3 million).
(3)Adjustments for the years ended December 31, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($6.5 million and $5.1 million), site closure expenses ($2.1 million in each period), and asset impairment charges ($0.2 million and none).
(4)Adjustments for the years ended December 31, 2025 and 2024 were comprised of stock-based compensation expense.
(5)Adjustment for the year ended December 31, 2024 was primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the United States.
13
Amneal Pharmaceuticals, Inc.
Specialty Segment
Reconciliation of GAAP to Non-GAAP Operating Results
(unaudited; $ in thousands)
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||
| As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | ||||||||||||||||||||||||||||||
| Net revenue | $ | 166,928 | $ | — | $ | 166,928 | $ | 120,836 | $ | — | $ | 120,836 | |||||||||||||||||||||||
Cost of goods sold (1) | 63,229 | (22,586) | 40,643 | 59,537 | (36,224) | 23,313 | |||||||||||||||||||||||||||||
| Gross profit | 103,699 | 22,586 | 126,285 | 61,299 | 36,224 | 97,523 | |||||||||||||||||||||||||||||
| Gross margin % | 62.1 | % | 75.7 | % | 50.7 | % | 80.7 | % | |||||||||||||||||||||||||||
Selling, general and administrative (2) | 40,843 | (491) | 40,352 | 30,129 | (293) | 29,836 | |||||||||||||||||||||||||||||
Research and development (2) | 6,809 | (81) | 6,728 | 5,667 | (257) | 5,410 | |||||||||||||||||||||||||||||
| Intellectual property legal development expenses | 91 | — | 91 | (55) | — | (55) | |||||||||||||||||||||||||||||
| Restructuring and other charges | — | — | — | 493 | (493) | — | |||||||||||||||||||||||||||||
| Operating income | $ | 55,956 | $ | 23,158 | $ | 79,114 | $ | 25,065 | $ | 37,267 | $ | 62,332 | |||||||||||||||||||||||
(1)Adjustments for the three months ended December 31, 2025 and 2024 were comprised of amortization expense.
(2)Adjustments for the three months ended December 31, 2025 and 2024 were comprised of stock-based compensation expense.
14
Amneal Pharmaceuticals, Inc.
Specialty Segment
Reconciliation of GAAP to Non-GAAP Operating Results
(unaudited; $ in thousands)
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||
| As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | ||||||||||||||||||||||||||||||
| Net revenue | $ | 528,508 | $ | — | $ | 528,508 | $ | 445,749 | $ | — | $ | 445,749 | |||||||||||||||||||||||
Cost of goods sold (1) | 245,915 | (136,713) | 109,202 | 202,821 | (117,573) | 85,248 | |||||||||||||||||||||||||||||
| Gross profit | 282,593 | 136,713 | 419,306 | 242,928 | 117,573 | 360,501 | |||||||||||||||||||||||||||||
| Gross margin % | 53.5 | % | 79.3 | % | 54.5 | % | 80.9 | % | |||||||||||||||||||||||||||
Selling, general and administrative (2) | 135,715 | (1,812) | 133,903 | 109,658 | (1,048) | 108,610 | |||||||||||||||||||||||||||||
Research and development (3) | 30,162 | (3,511) | 26,651 | 18,943 | (1,058) | 17,885 | |||||||||||||||||||||||||||||
| Intellectual property legal development expenses | 243 | — | 243 | 160 | — | 160 | |||||||||||||||||||||||||||||
| Restructuring and other charges | 471 | (471) | — | 1,517 | (1,517) | — | |||||||||||||||||||||||||||||
| Other operating income | — | — | — | (930) | 930 | — | |||||||||||||||||||||||||||||
| Operating income | $ | 116,002 | $ | 142,507 | $ | 258,509 | $ | 113,580 | $ | 120,266 | $ | 233,846 | |||||||||||||||||||||||
(1)Adjustments for the years ended December 31, 2025 and 2024, respectively, were comprised of amortization expense ($114.6 million and $117.6 million) and asset impairment charges ($22.1 million and none).
(2)Adjustments for the years ended December 31, 2025 and 2024 were comprised of stock-based compensation expense.
(3)Adjustments for the years ended December 31, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($0.4 million and $1.1 million) and site closure costs ($3.1 million and none).
15
Amneal Pharmaceuticals, Inc.
AvKARE Segment
Reconciliation of GAAP to Non-GAAP Operating Results (1)
(unaudited; $ in thousands)
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||
| As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | ||||||||||||||||||||||||||||||
| Net revenue | $ | 210,741 | $ | — | $ | 210,741 | $ | 170,386 | $ | — | $ | 170,386 | |||||||||||||||||||||||
| Cost of goods sold | 168,042 | — | 168,042 | 146,912 | — | 146,912 | |||||||||||||||||||||||||||||
| Gross profit | 42,699 | — | 42,699 | 23,474 | — | 23,474 | |||||||||||||||||||||||||||||
| Gross margin % | 20.3 | % | 20.3 | % | 13.8 | % | 13.8 | % | |||||||||||||||||||||||||||
Selling, general and administrative (2) | 17,169 | (2,700) | 14,469 | 16,015 | (3,546) | 12,469 | |||||||||||||||||||||||||||||
| Operating income | $ | 25,530 | $ | 2,700 | $ | 28,230 | $ | 7,459 | $ | 3,546 | $ | 11,005 | |||||||||||||||||||||||
(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 December 31, 2025 and 2024 were comprised of amortization expense.
16
Amneal Pharmaceuticals, Inc.
AvKARE Segment
Reconciliation of GAAP to Non-GAAP Operating Results (1)
(unaudited; $ in thousands)
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||
| As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | ||||||||||||||||||||||||||||||
| Net revenue | $ | 744,728 | $ | — | $ | 744,728 | $ | 662,945 | $ | — | $ | 662,945 | |||||||||||||||||||||||
| Cost of goods sold | 597,937 | — | 597,937 | 559,335 | — | 559,335 | |||||||||||||||||||||||||||||
| Gross profit | 146,791 | — | 146,791 | 103,610 | — | 103,610 | |||||||||||||||||||||||||||||
| Gross margin % | 19.7 | % | 19.7 | % | 15.6 | % | 15.6 | % | |||||||||||||||||||||||||||
Selling, general and administrative (2) | 63,176 | (10,799) | 52,377 | 60,709 | (14,182) | 46,527 | |||||||||||||||||||||||||||||
| Operating income | $ | 83,615 | $ | 10,799 | $ | 94,414 | $ | 42,901 | $ | 14,182 | $ | 57,083 | |||||||||||||||||||||||
(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 years ended December 31, 2025 and 2024 were comprised of amortization expense.
17
FAQ
How did Amneal Pharmaceuticals (AMRX) perform financially in full-year 2025?
Amneal delivered higher sales and returned to profit in 2025. Net revenue reached $3.02 billion, up from $2.79 billion, with GAAP net income of $72 million versus a $116.9 million loss in 2024. Adjusted EBITDA climbed to $688 million and adjusted diluted EPS rose to $0.83.
What were Amneal Pharmaceuticals’ Q4 2025 results for revenue and earnings?
In Q4 2025, Amneal generated net revenue of $814 million, up 11% from $731 million a year earlier. GAAP net income attributable to Amneal was $35 million, with diluted EPS of $0.11. Adjusted net income was $68.3 million, adjusted EBITDA $175.2 million, and adjusted diluted EPS $0.21.
What 2026 financial guidance did Amneal Pharmaceuticals (AMRX) provide?
For 2026, Amneal projects net revenue of $3.05–$3.15 billion and adjusted EBITDA of $720–$760 million. The company also guides to adjusted diluted EPS of $0.93–$1.03, operating cash flow of $325–$375 million, and capital expenditures of about $110 million for the year.
How did Amneal’s business segments perform in 2025?
All three segments grew in 2025. Specialty net revenue increased 19%, Affordable Medicines grew 4%, and AvKARE rose 12%. Specialty benefited from products like CREXONT and UNITHROID, Affordable Medicines from new approvals, and AvKARE from growth in the government label sales channel.
What is Amneal Pharmaceuticals’ leverage and debt profile at year-end 2025?
At December 31, 2025, Amneal’s gross debt totaled $2.69 billion and cash and equivalents were $282 million, resulting in net debt of $2.41 billion. Using 2025 adjusted EBITDA of $688.4 million, net leverage was 3.5x, an improvement from 3.9x a year earlier.
How strong was Amneal Pharmaceuticals’ cash flow and investment in 2025?
Amneal generated $340 million in operating cash flow in 2025. It used cash for $70.1 million of property, plant and equipment purchases, $15.5 million of intangible asset acquisitions, and $28.8 million of deposits for future capital projects, while still increasing its cash balance significantly.
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Amneal Pharmaceuticals Inc
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Drug Manufacturers - Specialty & Generic
Pharmaceutical Preparations
United States
Bridgewater