Amneal Pharmaceuticals (AMRX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $796 million, up 10% year-over-year, with adjusted EBITDA of $206 million and adjusted EPS of $0.30, marking the seventh consecutive year of growth and strong performance across diversified segments.

• Net income attributable to shareholders rose 157% to $57.7 million, with diluted EPS of $0.18, and adjusted diluted EPS up 20% to $0.30.

• Growth was driven by Specialty and Affordable Medicines segments, robust product launches, and favorable product mix, while AvKARE declined.

• The company raised full-year 2026 outlook for revenue, adjusted EBITDA, EPS, and capital expenditures, reflecting strong business momentum and diversified growth drivers.

• Pending acquisition of Kashiv BioSciences for $375 million in cash and 28.9 million shares, plus up to $350 million in contingent payments, is expected to close in Q3 2026, expanding biosimilar capabilities and market reach.

Financial highlights

• Q2 2026 net revenue: $796 million (+10% YoY); adjusted EBITDA: $206 million (+12% YoY); adjusted EPS: $0.30 (+20% YoY); GAAP net income: $58 million (+157% YoY).

• Six-month net revenue: $1.52 billion (+7% YoY); adjusted EBITDA: $408 million (+15% YoY); adjusted EPS: $0.57 (+27% YoY); net income: $119.9 million (+246% YoY).

• Adjusted gross margin for Q2 was 46.2%, up 60 basis points year-over-year; non-GAAP gross margin for Specialty segment reached 80.3%.

• Operating cash flow for the first half was negative due to higher inventory and timing of collections; guidance for full-year operating cash flow is $350–$400 million.

• Repriced $2.4 billion Term Loan B, reducing annual interest expense by $12 million; gross debt at $2.78 billion, net debt at $2.66 billion.

Outlook and guidance

• 2026 revenue guidance raised to $3.1–$3.2 billion, adjusted EBITDA to $750–$780 million, and adjusted EPS to $0.96–$1.06.

• Guidance includes a $20 million negative impact from flooding at an India facility; most costs and lost profit recognized in H2 2026.

• Capital expenditures for 2026 increased to ~$150 million to support market demand and expansion.

• Operating cash flow guidance maintained at $350–$400 million.

• Management expects continued growth from product launches, portfolio diversification, and the Kashiv acquisition.