Amneal Pharmaceuticals (AMRX) Q4 2025 earnings summary

Executive summary

• Achieved sixth consecutive year of growth, with 2025 revenue up 8% to $3.02 billion and adjusted EPS up 43%, meeting or exceeding all guidance metrics.

• Q4 2025 revenue reached $814 million (+11%), adjusted EBITDA $175 million (+13%), and adjusted EPS $0.21 (+75%).

• Specialty segment growth driven by CREXONT® for Parkinson's and Brekiya® autoinjector for migraine; Affordable Medicines expanded with robust new product launches.

• Debt refinancing reduced interest costs, extended maturities to 2032, and improved net leverage to 3.5x.

• Strategic collaboration with Pfizer on GLP-1s and new manufacturing facilities progressing well.

Financial highlights

• FY2025 net revenue: $3.02 billion (+8%), adjusted EBITDA: $688 million (+10%), adjusted EPS: $0.83 (+43%).

• Q4 2025 net revenue: $814 million (+11%), adjusted EBITDA: $175 million (+13%), adjusted EPS: $0.21 (+75%).

• Operating cash flow for 2025: $340 million; capital expenditures: $89 million.

• Net leverage improved to 3.5x from 3.9x year-over-year.

• AvKARE segment gross margin rose over 400 basis points in 2025, with operating income up 65% year-over-year.

Outlook and guidance

• 2026 revenue guidance: $3.05–$3.15 billion (+1%–4%), adjusted EBITDA $720–$760 million (+5%–10%), adjusted EPS $0.93–$1.03 (+12%–24%).

• Affordable Medicines expected to grow 7%–8% in 2026; Specialty segment flat due to RYTARY® competition; AvKARE revenue projected at $625–$700 million.

• 2026 adjusted gross margin expected to exceed 44%, with operating cash flow of $325–$400 million and CapEx of ~$110 million.