Amneal Pharmaceuticals Reports Strong Third Quarter 2024 Financial Results

Amneal Pharmaceuticals, Inc. (NASDAQ: AMRX) has announced its financial results for the third quarter ended September 30, 2024. The company reported significant growth in various segments of its business and highlighted strategic actions driving long-term expansion.

The pharmaceutical company revealed that its net revenue for the third quarter of 2024 reached $702 million, marking a 13% increase compared to the same period in 2023. This growth was attributed to robust performance in its Generics, Specialty, and AvKARE segments. Generics net revenue rose by 9%, driven by successful new product launches and biosimilars. Specialty net revenue surged by 19%, largely due to promoted products in neurology and endocrinology, including recent introductions like CREXONT and ONGENTYS for Parkinson’s disease. AvKARE saw a 21% increase in net revenue.

Despite the positive revenue trend, Amneal reported a net loss of $0.2 million for the third quarter of 2024, a contrast to the $10 million net income in the same quarter of 2023. This shift was primarily attributed to increased interest expenses. Adjusted EBITDA for the quarter was $158 million, up 2% year-over-year, reflecting strong revenue performance and higher gross margins. Diluted loss per share was $0.00, a decrease from the diluted income per share of $0.06 reported in the third quarter of 2023.

The company affirmed its 2024 full-year guidance, projecting net revenue between $2.70 billion and $2.80 billion, adjusted EBITDA ranging from $610 million to $630 million, and adjusted diluted EPS between $0.57 and $0.63. Operating cash flow is expected to be between $280 million and $320 million, with capital expenditures ranging from $60 million to $70 million.

To further discuss its Q3 results, Amneal Pharmaceuticals will host a conference call and live webcast on November 8, 2024, at 8:30 am Eastern Time. The call will be accessible via the Investor Relations section of the company’s website.

Amneal Pharmaceuticals, Inc., headquartered in Bridgewater, NJ, is a global pharmaceuticals company focusing on the development, manufacturing, and distribution of a wide range of generic and specialty pharmaceuticals primarily within the United States.

The company highlighted its commitment to creating value for stakeholders and emphasized its strategic initiatives aimed at sustaining growth across diversified business segments. As the pharmaceutical landscape continues to evolve, Amneal remains focused on driving innovation and delivering value to patients and investors alike.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Amneal Pharmaceuticals’s 8K filing here.

About Amneal Pharmaceuticals

Amneal Pharmaceuticals, Inc, together with its subsidiaries, develops, manufactures, markets, and distributes generics, injectables, biosimilars, and specialty branded pharmaceutical products worldwide. The company operates through three segments: Generics, Specialty, and AvKARE. The Generics segment offers immediate and extended release oral solid, powder, liquid, sterile injectable, nasal spray, inhalation and respiratory, biosimilar, ophthalmic, film, transdermal patch, and topical products.