Amneal Pharmaceuticals, Inc. (AMRX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.1B

Revenue growth

9.3%

Net income, last twelve months

$157.4M

Earnings per share

$0.49

Gross margin

39.3%

Operating margin

14.6%

Net margin

5.0%

Free cash flow

$127.8M

Return on equity

476.5%

Market value

$6.8B

Price to earnings

43.2x

Cash

$127.6M

Debt

$2.7B

Debt to equity

80.86

Shares outstanding

319.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 30 July 2026.

• Net revenue rose 10%. Net revenue was $796 million against $725 million a year earlier. First-half net revenue was $1,518.7 million, against $1,419.9 million.
• Net income attributable rose 157%. Net income attributable to Amneal was $57.7 million, against $22.4 million. Management attributed the increase to higher revenue and gross profit, lower interest expense and a lower tax provision.
• Adjusted EBITDA rose 12%. Adjusted EBITDA was $206.5 million, against $183.7 million. First-half adjusted EBITDA was $408.5 million, against $353.6 million.
• Diluted and adjusted EPS rose. Diluted EPS was $0.18, against $0.07. Adjusted diluted EPS was $0.30, against $0.25 in the prior-year quarter.
• Full-year guidance raised again. Net revenue, adjusted EBITDA and adjusted diluted EPS ranges for 2026 were raised. Ranges are listed in the guidance section.
• Specialty revenue rose 17%. Specialty net revenue was $149.3 million, against $128.0 million. Non-GAAP Specialty operating income was $74.5 million, against $70.0 million, and non-GAAP gross margin was 80.3%, against 82.1%.
• Affordable Medicines revenue rose 13%. Affordable Medicines net revenue was $489.9 million, against $433.4 million. Non-GAAP segment operating income was $149.3 million, against $116.8 million.
• AvKARE operating income declined. AvKARE net revenue was $157.0 million, against $163.0 million. Non-GAAP operating income was $12.0 million, against $20.8 million, and gross margin was 16.7%, against 20.4%.
• Branded Specialty products drove growth. Management named CREXONT, the BREKIYA autoinjector and UNITHROID as the key branded products behind Specialty growth.
• Complex generics and launches lifted Affordable. Affordable growth was attributed to the complex portfolio, including women’s health products, and to new product launches.
• About 300 medicines, 160 million prescriptions. Management describes a portfolio of about 300 complex generic, specialty and biosimilar medicines, serving U.S. federal, retail and institutional customers through AvKARE.
• Gross margin rose to 42.0%. GAAP gross margin was 42.0%, against 39.5%. Non-GAAP gross margin was 46.2%, against 45.6%.
• SG&A increased year over year. GAAP SG&A was $148.7 million, against $124.3 million. Non-GAAP SG&A was $134.9 million, against $112.8 million.
• R&D spend declined. Research and development expense was $39.0 million, against $48.0 million. First-half expense was $77.4 million, against $88.0 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 98 held.

Every filing

The newest filings with the SEC of 221 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

363 funds held it at 30 Jun 2026: 169 added and 84 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Amneal Pharmaceuticals describes itself as a diversified, global biopharmaceutical company that develops, manufactures, markets and distributes what it calls essential medicines. It reports three segments: Affordable Medicines, Specialty and AvKARE. The company operates principally in the United States, India and Ireland. It has over 8,500 employees, excluding approximately 200 in AvKARE, and approximately 1,300 customers.

How the business is organised

Amneal Pharmaceuticals is a holding company. Its principal assets are the common units of Amneal Pharmaceuticals, LLC, of which it holds 100% since a reorganisation on 7 November 2023. Its three segments are Affordable Medicines (retail generics, injectables and biosimilars), Specialty (branded drugs) and AvKARE (distribution). Sales of Amneal products made through AvKARE are reported in Affordable Medicines.

What it sells

Affordable Medicines covers over 280 product families in the United States. Dosage forms include oral solids, powders, liquids, sterile injectables, nasal sprays, inhalation products, ophthalmics, films, transdermal patches and topicals. The company says it focuses on products with barriers to entry, such as complex formulations or manufacturing, or legal and regulatory hurdles. It had 61 products with a pending ANDA and another 43 in development, 95% of which are non-oral solid products.

The company says it has five biosimilars commercially available in the United States: ALYMSYS®, Releuko®, Flynetra™, Boncresa™ and Oziltus™. The last two are denosumab biosimilars. Its first commercial approvals for products made at its Ireland facility were two inhaled respiratory products.

Specialty sells branded drugs for central nervous system and endocrine disorders. Its main products are CREXONT® and RYTARY® for Parkinson's disease, UNITHROID® for hypothyroidism (sold under a license with Jerome Stevens Pharmaceuticals) and the Brekiya® autoinjector for migraine and cluster headache. Sales teams call on neurologists, movement disorder specialists, endocrinologists and primary care physicians.

AvKARE supplies pharmaceuticals mainly to government agencies, chiefly the Department of Defense and the Department of Veterans Affairs. It also repackages drugs and vitamins under the AvKARE and AvPAK names. It wholesales pharmaceuticals, over the counter drugs and medical supplies to retail and institutional customers, mainly those caring for low-income and uninsured patients.

Who buys from it

In the United States and Puerto Rico, Affordable Medicines and Specialty products go mainly through major wholesalers and distributors, retail and mail-order pharmacies, and directly to hospitals and institutions. Many Affordable Medicines products are marketed to group purchasing organizations. Injectables and biosimilars have a dedicated field sales force.

Four customers, Cencora, McKesson, Cardinal Health and CVS Health, together accounted for approximately 71% of consolidated net revenue. Over 1,100 of the approximately 1,300 customers sit within AvKARE. The company has no long-term agreements with any major customer that guarantee future business.

Where it makes and ships things

The company has manufacturing sites with co-located research centers in the United States, India and Ireland. It has a distribution center in Glasgow, Kentucky for Affordable Medicines and Specialty products. AvKARE distributes from Fountain Run and Glasgow in Kentucky and from Philadelphia, Pennsylvania.

It makes most Affordable Medicines products itself. Products made in its United States facilities provided 46% of Affordable Medicines product net revenue and those made in India provided 24%. Third-party manufacturers supplied products representing approximately 30%. It also makes active pharmaceutical ingredients for a subset of its products at facilities in India. The company says it generally needs 24 to 30 months to find and qualify a new sole-source supplier.

How it competes

In generics and biosimilars, the company names competitors including Teva, Viatris, Sandoz, Pfizer, Fresenius Kabi, Hikma, Sun Pharmaceutical, Lupin, Zydus and Aurobindo. In specialty drugs it names Supernus, Jazz, AbbVie and Alkermes. AvKARE competes with wholesalers such as Cardinal Health, Cencora and McKesson, and with repackagers such as Golden State Medical Supply.

Generic prices usually fall as more manufacturers enter a product. A first-to-file generic can receive a 180-day exclusivity period. Consolidation among wholesalers and retailers and the formation of purchasing groups have added price pressure. The company says it aims to make more profitable products than its competitors by focusing on complex dosage forms and using its vertically integrated supply chain.

Partners and people

- ApiJect: a 15-year collaboration to operate blow fill seal equipment at its Brookhaven, New York facility. - Metsera: the company is preferred global supply partner for Metsera's weight loss medicines. It holds an exclusive license for certain products in select emerging markets. Pfizer acquired Metsera on 13 November 2025. - Zambon and Knight: licenses for IPX203, which is sold as CREXONT® in the United States. Zambon holds Europe and Knight holds Canada and Latin America. - BIAL: the company markets ONGENTYS® in the United States, and BIAL manufactures it. - Kashiv Biosciences: development and license agreements for generic and injectable products.

Of its over 8,500 employees, nearly 2,500 are in the United States and over 6,000 are outside it, primarily in India and Ireland.

*From Amneal Pharmaceuticals's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1723128/000172312826000011/amrx-20251231.htm)*

From the company's 10-K.