Amneal Pharmaceuticals (AMRX) investor relations material

Executive summary

• Q3 2025 net revenue reached $785 million, up 12% year-over-year, with adjusted EBITDA of $160 million and net income of $2–2.4 million, reflecting strong growth across all segments and continued margin expansion.

• Specialty segment growth was driven by branded products like CREXONT® and UNITHROID®, with CREXONT® exceeding expectations and targeting peak U.S. sales of $300–$500 million.

• Affordable Medicines and AvKARE segments saw robust growth, with AvKARE revenue up 24–24.5% due to government channel expansion.

• Strategic focus on operational excellence, innovation, and expansion of complex product launches, including biosimilars and GLP-1s, positions the company for continued momentum.

• Recent refinancing activities and major opioid litigation settlement have improved the company’s financial flexibility and outlook.

Financial highlights

• Q3 2025 net revenue: $785 million (+12% YoY); adjusted EBITDA: $160 million (+1% YoY); adjusted EPS: $0.17 (+6% YoY); net income: $2–2.4 million.

• Affordable Medicines Q3 revenue: $460.7–$461 million (+8% YoY); Specialty: $125–$125.2 million (+8% YoY); AvKARE: $198.5–$199 million (+24% YoY).

• Adjusted gross margin for Q3 was 42.7% (non-GAAP), while GAAP gross margin was 34.9%; year-to-date adjusted gross margin was 43.7%.

• Operating income for Q3 2025 was $70.3–$70.34 million; nine-month operating income rose 62.5% to $282.1 million.

• Operating cash flow for the first nine months of 2025 was $209.7–$210 million (+18.4% YoY).

Outlook and guidance

• 2025 full-year guidance: net revenue $3.0–$3.1 billion, adjusted EBITDA $675–$685 million, adjusted EPS $0.75–$0.80, operating cash flow $300–$330 million, and capital expenditures of $100–$120 million.

• Guidance assumes 325 million weighted-average diluted shares and excludes discrete items such as legal settlements.

• Continued top and bottom line growth expected in 2026 and beyond, driven by new launches and portfolio expansion.

• Net leverage targeted to fall below 3x in the next few years through EBITDA growth and debt paydown.

• Management notes potential headwinds from inflation, tariffs, and regulatory changes, but no material impact from inflation anticipated for full year 2025.