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 $58 million, with diluted EPS of $0.18 and adjusted diluted EPS of $0.30, up 20% from the prior year.

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

• The company raised full-year 2026 guidance for revenue, adjusted EBITDA, adjusted EPS, and capital expenditures, reflecting strong business momentum and confidence in future growth.

• Pending acquisition of Kashiv BioSciences is expected to close in Q3 2026, expanding biosimilar capabilities and portfolio diversification.

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).

• Adjusted gross margin for Q2: 46.2% (up 60 bps YoY); non-GAAP gross margin for Specialty segment: 80.3%.

• Operating cash flow was negative in Q2 and 1H 2026 due to higher inventory and timing of collections; cash and cash equivalents at June 30, 2026: $127.6 million.

• Debt repricing in July 2026 reduced interest rate by 50 basis points, expected to save $12 million annually.

Outlook and guidance

• 2026 full-year guidance raised: net revenue $3.10–$3.20 billion, adjusted EBITDA $750–$780 million, adjusted EPS $0.96–$1.06, and capital expenditures ~$150 million.

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

• Guidance includes a $20 million negative impact from India facility flooding in H2 2026.

• No material inflation impact expected for FY 2026, but future tariffs and trade policy changes could affect margins and supply chain.

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