Amneal Reports Fourth Quarter and Full Year 2020 Financial Results
Amneal Pharmaceuticals (NYSE: AMRX) reported strong financial results for Q4 and full year 2020, with Q4 revenue at $510 million, a 28% increase year-over-year. The annual revenue reached $1.993 billion, up 23%. The company's net loss for Q4 improved to $3 million from $32 million in 2019, while net income for the year was $91 million compared to a loss of $362 million in 2019. Looking ahead, Amneal forecasts 2021 revenues between $2.1 billion and $2.2 billion and adjusted diluted EPS of $0.70 to $0.85, reflecting continued growth in the Generics and Specialty markets.
- Q4 2020 net revenue increased by 28% to $510 million.
- Full year 2020 revenue rose by 23% to $1.993 billion.
- Improved Q4 net loss to $3 million from $32 million YoY.
- Full year net income at $91 million vs. a loss of $362 million in the prior year.
- 2021 guidance estimates revenues of $2.1 billion to $2.2 billion.
- Broad generic volume growth offset by pricing pressure on certain products.
- Pricing competition affected revenue from Levothyroxine Sodium Tabs and Diclofenac Gel 1%.
Amneal Pharmaceuticals, Inc. (NYSE: AMRX) (the "Company") announced its results today for the fourth quarter and full year ended December 31, 2020.
"We are extremely proud of the progress our company has made since we re-joined as leaders of Amneal," said Chirag and Chintu Patel, Co-Chief Executive Officers. "In just a year and a half, we have made significant strides towards strategically positioning Amneal, both operationally and financially, for the next phase of growth. Our strong financial performance over the course of 2020 is indicative of the successful execution of our Amneal 2.0 strategy. We reinvigorated the Generics business in the United States, continued to build our Specialty franchise, enhanced our operational execution, and diversified our distribution channels. As a result of the solid momentum we are seeing, we have introduced 2021 financial guidance, which reflects our expectations for another year of strong top and bottom line growth. We thank our global team for their dedication and commitment to providing affordable and innovative medicines to our patients; they have been an integral part of navigating the COVID-19 pandemic this year, and will continue to help drive our success in the year ahead."
Net revenue in the fourth quarter of 2020 was
Net revenue for the year ended December 31, 2020 was
Adjusted EBITDA(1) in the fourth quarter of 2020 was
Adjusted EBITDA(1) in the year ended December 31, 2020 was
(1) |
See "Non-GAAP Financial Measures" below. |
2021 Financial Outlook
Amneal’s full year 2021 estimates are based on management's current expectations, including with respect to prescription trends, pricing levels, inventory levels, the costs incurred and benefits realized of restructuring activities and the anticipated timing of future product launches and events. The Company cannot provide a reconciliation between non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. The items include, but are not limited to, acquisition-related expenses, restructuring expenses and benefits, asset impairments and other gains and losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for 2021.
|
Full Year 2021 Financial Guidance |
Net revenue |
|
Adjusted EBITDA (1) |
|
Adjusted diluted EPS (2) |
|
Operating cash flow |
|
Capital expenditures |
|
Weighted average diluted shares outstanding (3) |
Approximately 303 million |
| (1) |
Includes |
|
| (2) |
Accounts for |
|
| (3) | Assumes the weighted average diluted shares outstanding of Class A and Class B Common Shares under the if-converted method. |
Conference Call Information
Amneal will host a conference call and live webcast at 8:30 am Eastern Time on February 26, 2021 to discuss its results. The live webcast and presentation will be accessible through the Investor Relations section of the Company’s website at https://investors.amneal.com. To access the call through a conference line, dial (844) 746-0741 (in the U.S.) or (412) 317-5273 (international callers). A replay of the conference call will be posted shortly after the call and will be available for seven days. To access the replay, dial (877) 344-7529 (in the U.S.) or (412) 317-0088 (international callers). The access code for the replay is 10152029.
About Amneal
Amneal Pharmaceuticals, Inc. (NYSE: AMRX), headquartered in Bridgewater, NJ, is a fully-integrated pharmaceutical company focused on the development, manufacturing and distribution of generic and specialty drug products. The Company has operations in North America, Asia, and Europe, working together to bring high-quality medicines to patients primarily within the United States.
Amneal has an extensive portfolio of approximately 250 generic product families and is expanding its portfolio to include complex dosage forms, including biosimilars, in a broad range of therapeutic areas. The Company also markets a portfolio of branded pharmaceutical products through its Specialty segment focused principally on central nervous system and endocrine disorders.
The Company also owns
Cautionary Statement on Forward-Looking Statements
Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future, including among other things: discussions of future operations; expected operating results and financial performance; impact of planned acquisitions and dispositions; the Company’s strategy for growth; product development; regulatory approvals; market position and expenditures. Words such as "plans," "expects," "will," "anticipates," "estimates" and similar words are intended to identify estimates and forward-looking statements.
The reader is cautioned not to rely on these forward-looking statements. These forward-looking statements are based on current expectations of future events. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company.
Such risks and uncertainties include, but are not limited to: the impact of the COVID-19 pandemic; the impact of global economic conditions; our ability to successfully develop, license, acquire and commercialize new products on a timely basis; our ability to obtain exclusive marketing rights for our products; the competition we face in the pharmaceutical industry from brand and generic drug product companies, and the impact of that competition on our ability to set prices; our ability to manage our growth through acquisitions and otherwise; our dependence on the sales of a limited number of products for a substantial portion of our total revenues; the risk of product liability and other claims against us by consumers and other third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws; changes to FDA product approval requirements; risks related to federal regulation of arrangements between manufacturers of branded and generic products; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; the continuing trend of consolidation of certain customer groups; our reliance on certain licenses to proprietary technologies from time to time; our dependence on third-party suppliers and distributors for raw materials for our products and certain finished goods; our dependence on third-party agreements for a portion of our product offerings; our ability to identify and make acquisitions of or investments in complementary businesses and products on advantageous terms; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; the significant amount of resources we expend on research and development; our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, and the impact of interest rate fluctuations on such indebtedness; and the high concentration of ownership of our Class A Common Stock and the fact that we are controlled by the Amneal Group. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including under Item 1A, "Risk Factors" in the Company’s most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect the occurrence of events or circumstances after the date hereof.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, adjusted net income per diluted share, adjusted gross profit, adjusted gross margin, adjusted operating income and adjusted cost of goods sold, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with U.S. General Accepted Accounting Principles ("GAAP"). The calculation of non-GAAP adjusted diluted earnings per share assumes the conversion of all outstanding shares of Class B Common Stock to shares of Class A Common Stock.
Management uses these non-GAAP measures internally to evaluate and manage the Company’s operations and to better understand its business because they facilitate a comparative assessment of the Company's operating performance relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company's operations and underlying operational performance. The compensation committee of the Company’s board of directors also uses certain of these measures to evaluate management's performance and set its compensation. The Company believes that these non-GAAP measures also provide useful information to investors regarding certain financial and business trends relating to the Company’s financial condition and operating results facilitates an evaluation of the financial performance of the Company and its operations on a consistent basis. Providing this information therefore allows investors to make independent assessments of the Company’s financial performance, results of operation and trends while viewing the information through the eyes of management.
These non-GAAP measures are subject to limitations. The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements; do not reflect changes in, or cash requirements for, working capital needs; and do not reflect interest expense, or the requirements necessary to service interest or principal payments on debt. Further, our historical adjusted results are not intended to project our adjusted results of operations or financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures in conjunction with the Company’s GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to net income, diluted earnings per share, gross profit, gross margin, operating income, cost of goods sold or any other measure determined in accordance with GAAP. Readers should review the reconciliations included below, and should not rely on any single financial measure to evaluate the Company’s business.
A reconciliation of each historical non-GAAP measure to the most directly comparable GAAP measure is set forth below.
Amneal Pharmaceuticals, Inc. |
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(Unaudited; In thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Net revenue |
$ |
510,034 |
|
|
$ |
397,328 |
|
|
$ |
1,992,523 |
|
|
$ |
1,626,373 |
|
Cost of goods sold |
342,962 |
|
|
273,373 |
|
|
1,329,551 |
|
|
1,147,214 |
|
||||
Cost of goods sold impairment charges |
— |
|
|
13,721 |
|
|
34,579 |
|
|
126,162 |
|
||||
Gross profit |
167,072 |
|
|
110,234 |
|
|
$ |
628,393 |
|
|
$ |
352,997 |
|
||
Selling, general and administrative |
84,687 |
|
|
74,084 |
|
|
326,727 |
|
|
289,598 |
|
||||
Research and development |
53,460 |
|
|
48,050 |
|
|
179,930 |
|
|
188,049 |
|
||||
In-process research and development impairment charges |
1,720 |
|
|
450 |
|
|
2,680 |
|
|
46,619 |
|
||||
Acquisition, transaction-related and integration expenses |
3,585 |
|
|
3,706 |
|
|
8,988 |
|
|
16,388 |
|
||||
Restructuring and other charges |
(259) |
|
|
4,412 |
|
|
2,398 |
|
|
34,345 |
|
||||
(Gains) charges related to legal matters, net |
— |
|
|
(2,308) |
|
|
5,860 |
|
|
12,442 |
|
||||
Intellectual property legal development expenses |
3,701 |
|
|
4,975 |
|
|
10,655 |
|
|
14,238 |
|
||||
Operating income (loss) |
20,178 |
|
|
(23,135) |
|
|
91,155 |
|
|
(248,682) |
|
||||
Other (expense) income: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
(34,535) |
|
|
(38,829) |
|
|
(145,998) |
|
|
(168,205) |
|
||||
Foreign exchange gain (loss) |
8,392 |
|
|
4,722 |
|
|
16,350 |
|
|
(4,962) |
|
||||
Gain on sale of international businesses |
— |
|
|
328 |
|
|
123 |
|
|
7,258 |
|
||||
Gain from reduction of tax receivable agreement liability |
— |
|
|
— |
|
|
— |
|
|
192,884 |
|
||||
Other income (expense) |
488 |
|
|
(197) |
|
|
2,590 |
|
|
1,465 |
|
||||
Total other (expense) income, net |
(25,655) |
|
|
(33,976) |
|
|
(126,935) |
|
|
28,440 |
|
||||
Loss before income taxes |
(5,477) |
|
|
(57,111) |
|
|
(35,780) |
|
|
(220,242) |
|
||||
Provision for (benefit from) income taxes |
1,485 |
|
|
7,792 |
|
|
(104,358) |
|
|
383,331 |
|
||||
Net (loss) income |
(6,962) |
|
|
(64,903) |
|
|
68,578 |
|
|
(603,573) |
|
||||
Less: Net loss attributable to non-controlling interests |
3,925 |
|
|
32,775 |
|
|
22,481 |
|
|
241,656 |
|
||||
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. |
$ |
(3,037) |
|
|
$ |
(32,128) |
|
|
$ |
91,059 |
|
|
$ |
(361,917) |
|
Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.'s common stockholders: |
|
|
|
|
|
|
|
||||||||
Class A and Class B-1 basic |
$ |
(0.02) |
|
|
$ |
(0.23) |
|
|
$ |
0.62 |
|
|
$ |
(2.74) |
|
Class A and Class B-1 diluted |
$ |
(0.02) |
|
|
$ |
(0.23) |
|
|
$ |
0.61 |
|
|
$ |
(2.74) |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Class A and Class B-1 basic |
147,640 |
|
|
141,853 |
|
|
147,443 |
|
|
132,106 |
|
||||
Class A and Class B-1 diluted |
147,640 |
|
|
141,853 |
|
|
148,913 |
|
|
132,106 |
|
||||
Amneal Pharmaceuticals, Inc. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Unaudited; In thousands) |
|||||||
|
December 31,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
341,378 |
|
|
$ |
151,197 |
|
Restricted cash |
5,743 |
|
|
1,625 |
|
||
Trade accounts receivable, net |
638,895 |
|
|
604,390 |
|
||
Inventories |
490,649 |
|
|
381,067 |
|
||
Prepaid expenses and other current assets |
73,467 |
|
|
70,164 |
|
||
Related party receivables |
1,407 |
|
|
1,767 |
|
||
Total current assets |
1,551,539 |
|
|
1,210,210 |
|
||
Property, plant and equipment, net |
477,754 |
|
|
477,997 |
|
||
Goodwill |
522,814 |
|
|
419,504 |
|
||
Intangible assets, net |
1,304,626 |
|
|
1,382,753 |
|
||
Operating lease right-of-use assets |
33,947 |
|
|
53,344 |
|
||
Operating lease right-of-use assets - related party |
24,792 |
|
|
16,528 |
|
||
Financing lease right-of-use assets - related party |
58,676 |
|
|
61,284 |
|
||
Other assets |
31,885 |
|
|
44,270 |
|
||
Total assets |
$ |
4,006,033 |
|
|
$ |
3,665,890 |
|
Liabilities and Stockholders' Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
613,661 |
|
|
$ |
507,483 |
|
Current portion of long-term debt, net |
44,228 |
|
|
21,479 |
|
||
Current portion of operating lease liabilities |
6,474 |
|
|
11,874 |
|
||
Current portion of operating and financing lease liabilities - related party |
3,978 |
|
|
3,601 |
|
||
Current portion of note payable - related party |
1,000 |
|
|
— |
|
||
Related party payables - short term |
7,561 |
|
|
5,969 |
|
||
Total current liabilities |
676,902 |
|
|
550,406 |
|
||
Long-term debt, net |
2,735,264 |
|
|
2,609,046 |
|
||
Note payable - related party |
36,440 |
|
|
— |
|
||
Operating lease liabilities |
30,182 |
|
|
43,135 |
|
||
Operating lease liabilities - related party |
23,049 |
|
|
15,469 |
|
||
Financing lease liabilities - related party |
60,193 |
|
|
61,463 |
|
||
Related party payable - long term |
1,584 |
|
|
— |
|
||
Other long-term liabilities |
85,683 |
|
|
39,583 |
|
||
Total long-term liabilities |
2,972,395 |
|
|
2,768,696 |
|
||
Redeemable non-controlling interest |
11,804 |
|
|
— |
|
||
Total stockholders' equity |
344,932 |
|
|
346,788 |
|
||
Total liabilities and stockholders' equity |
$ |
4,006,033 |
|
|
$ |
3,665,890 |
|
Amneal Pharmaceuticals, Inc. |
|||||||
Consolidated Statements of Cash Flows |
|||||||
(Unaudited; In thousands) |
|||||||
|
Year Ended
|
||||||
|
2020 |
|
2019 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
68,578 |
|
|
$ |
(603,573) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Gain from reduction of tax receivable agreement liability |
— |
|
|
(192,884) |
|
||
Depreciation and amortization |
235,387 |
|
|
207,235 |
|
||
Amortization of Levothyroxine Transition Agreement asset |
— |
|
|
36,393 |
|
||
Unrealized foreign currency (gain) loss |
(16,728) |
|
|
7,342 |
|
||
Amortization of debt issuance costs |
8,678 |
|
|
6,478 |
|
||
Gain on sale of international businesses, net |
(123) |
|
|
(7,258) |
|
||
Intangible asset impairment charges |
37,259 |
|
|
172,781 |
|
||
Non-cash restructuring and asset-related charges |
(536) |
|
|
12,459 |
|
||
Deferred tax provision |
— |
|
|
371,716 |
|
||
Stock-based compensation |
20,750 |
|
|
21,679 |
|
||
Inventory provision |
75,236 |
|
|
82,245 |
|
||
Other operating charges and credits, net |
11,818 |
|
|
7,309 |
|
||
Changes in assets and liabilities: |
|
|
|
||||
Trade accounts receivable, net |
16,787 |
|
|
(132,726) |
|
||
Inventories |
(113,782) |
|
|
(20,393) |
|
||
Prepaid expenses, other current assets and other assets |
33,312 |
|
|
38,870 |
|
||
Related party receivables |
412 |
|
|
(939) |
|
||
Accounts payable, accrued expenses and other liabilities |
307 |
|
|
(10,257) |
|
||
Related party payables |
1,646 |
|
|
5,228 |
|
||
Net cash provided by operating activities |
379,001 |
|
|
1,705 |
|
||
Cash flows from investing activities: |
|
|
|
||||
Purchases of property, plant and equipment |
(56,445) |
|
|
(47,181) |
|
||
Acquisition of product rights and licenses |
— |
|
|
(50,250) |
|
||
Deposits for future acquisition of property, plant, and equipment |
(5,391) |
|
|
— |
|
||
Acquisition of intangible assets |
(4,350) |
|
|
— |
|
||
Acquisitions, net of cash acquired |
(251,360) |
|
|
— |
|
||
Proceeds from surrender of corporate owned life insurance |
— |
|
|
43,017 |
|
||
Proceeds from sale of international businesses, net of cash sold |
— |
|
|
34,834 |
|
||
Net cash used in investing activities |
(317,546) |
|
|
(19,580) |
|
||
Cash flows from financing activities: |
|
|
|
||||
Payments of deferred financing costs and debt extinguishment costs |
(4,102) |
|
|
— |
|
||
Proceeds from issuance of debt |
180,000 |
|
|
— |
|
||
Payments of principal on debt, financing leases and other |
(35,933) |
|
|
(27,000) |
|
||
Proceeds from exercise of stock options |
321 |
|
|
1,400 |
|
||
Employee payroll tax withholding on restricted stock unit vesting |
(863) |
|
|
(926) |
|
||
Distribution of earnings to and acquisition of non-controlling interest |
(3,300) |
|
|
(3,543) |
|
||
Tax distribution to non-controlling interest |
(3,237) |
|
|
(13,494) |
|
||
Payments of principal on financing lease - related party |
(1,079) |
|
|
(2,270) |
|
||
Net cash provided by (used in) financing activities |
131,807 |
|
|
(45,833) |
|
||
Effect of foreign exchange rate on cash |
1,037 |
|
|
(2,249) |
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
194,299 |
|
|
(65,957) |
|
||
Cash, cash equivalents, and restricted cash - beginning of period |
152,822 |
|
|
218,779 |
|
||
Cash, cash equivalents, and restricted cash - end of period |
$ |
347,121 |
|
|
$ |
152,822 |
|
Cash and cash equivalents - end of period |
$ |
341,378 |
|
|
$ |
151,197 |
|
Restricted cash - end of period |
$ |
5,743 |
|
|
$ |
1,625 |
|
Cash, cash equivalents, and restricted cash - end of period |
$ |
347,121 |
|
|
$ |
152,822 |
|
Amneal Pharmaceuticals, Inc. |
|||||||||||||||
Generics Operating Results |
|||||||||||||||
(Unaudited; In thousands) |
|||||||||||||||
Generics |
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Net revenue – Generics |
$ |
342,145 |
|
|
$ |
300,281 |
|
|
$ |
1,343,210 |
|
|
$ |
1,308,843 |
|
Cost of goods sold |
227,581 |
|
|
224,708 |
|
|
894,422 |
|
|
984,782 |
|
||||
Cost of goods sold impairment charges |
— |
|
|
13,721 |
|
|
34,579 |
|
|
119,145 |
|
||||
Gross profit |
114,564 |
|
|
61,852 |
|
|
414,209 |
|
|
204,916 |
|
||||
Selling, general and administrative |
13,556 |
|
|
16,100 |
|
|
56,134 |
|
|
68,883 |
|
||||
Research and development |
41,486 |
|
|
42,281 |
|
|
150,068 |
|
|
172,196 |
|
||||
In-process research and development impairment charges |
1,720 |
|
|
450 |
|
|
2,680 |
|
|
46,619 |
|
||||
Acquisition, transaction-related and integration expenses |
3 |
|
|
547 |
|
|
328 |
|
|
4,633 |
|
||||
Restructuring and other (credit) charges |
(456) |
|
|
2,900 |
|
|
(614) |
|
|
20,101 |
|
||||
(Gains) charges related to legal matters, net |
— |
|
|
(2,308) |
|
|
5,610 |
|
|
12,442 |
|
||||
Intellectual property legal development expenses |
3,700 |
|
|
4,975 |
|
|
10,647 |
|
|
13,193 |
|
||||
Operating income (loss) |
$ |
54,555 |
|
|
$ |
(3,093) |
|
|
$ |
189,356 |
|
|
$ |
(133,151) |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin |
33.5 |
% |
|
20.6 |
% |
|
30.8 |
% |
|
15.7 |
% |
||||
Adjusted gross profit (Non-GAAP) (1) |
$ |
129,425 |
|
|
$ |
99,770 |
|
|
$ |
514,018 |
|
|
$ |
464,270 |
|
Adjusted gross margin (Non-GAAP) (2) |
37.8 |
% |
|
33.2 |
% |
|
38.3 |
% |
|
35.5 |
% |
||||
Adjusted operating income (Non-GAAP) |
$ |
78,834 |
|
|
$ |
48,740 |
|
|
$ |
325,605 |
|
|
$ |
250,000 |
|
(1) |
Adjusted gross profit is calculated as net revenue less adjusted cost of goods sold. |
|
(2) |
Adjusted gross margin is calculated as adjusted gross profit divided by net revenue. |
Generics net revenue was
Generics gross margin was
Generics operating income was
Amneal Pharmaceuticals, Inc. |
|||||||||||||||
Specialty Operating Results |
|||||||||||||||
(Unaudited; In thousands) |
|||||||||||||||
Specialty |
Three Months Ended
|
|
Years Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Net revenue - Specialty: |
|
|
|
|
|
|
|
||||||||
Rytary® |
$ |
45,412 |
|
|
$ |
39,235 |
|
|
$ |
159,293 |
|
|
$ |
134,773 |
|
Unithroid® |
13,773 |
|
|
12,309 |
|
|
53,578 |
|
|
41,089 |
|
||||
Zomig® |
13,062 |
|
|
15,458 |
|
|
48,392 |
|
|
54,980 |
|
||||
All other specialty products |
13,219 |
|
|
30,045 |
|
|
94,304 |
|
|
86,688 |
|
||||
Total net revenue – Specialty |
$ |
85,466 |
|
|
$ |
97,047 |
|
|
$ |
355,567 |
|
|
$ |
317,530 |
|
Cost of goods sold |
47,128 |
|
|
48,665 |
|
|
192,910 |
|
|
162,432 |
|
||||
Cost of goods sold impairment charges |
— |
|
|
— |
|
|
— |
|
|
7,017 |
|
||||
Gross profit |
38,338 |
|
|
48,382 |
|
|
162,657 |
|
|
148,081 |
|
||||
Selling, general and administrative |
18,924 |
|
|
21,960 |
|
|
75,917 |
|
|
79,665 |
|
||||
Research and development |
11,974 |
|
|
5,769 |
|
|
29,862 |
|
|
15,853 |
|
||||
Acquisition, transaction-related and integration expenses |
2 |
|
|
2,641 |
|
|
85 |
|
|
8,346 |
|
||||
Restructuring and other charges |
— |
|
|
— |
|
|
— |
|
|
391 |
|
||||
Charges related to legal matters, net |
— |
|
|
— |
|
|
250 |
|
|
— |
|
||||
Intellectual property legal development expenses |
1 |
|
|
— |
|
|
8 |
|
|
1,045 |
|
||||
Operating income |
$ |
7,437 |
|
|
$ |
18,012 |
|
|
$ |
56,535 |
|
|
$ |
42,781 |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin |
44.9 |
% |
|
49.9 |
% |
|
45.7 |
% |
|
46.6 |
% |
||||
Adjusted gross profit (Non-GAAP) (1) |
$ |
63,465 |
|
|
$ |
73,077 |
|
|
$ |
263,801 |
|
|
$ |
247,267 |
|
Adjusted gross margin (Non-GAAP) (2) |
74.3 |
% |
|
75.3 |
% |
|
74.2 |
% |
|
77.9 |
% |
||||
Adjusted operating income (Non-GAAP) |
$ |
38,209 |
|
|
$ |
45,880 |
|
|
$ |
168,860 |
|
|
$ |
154,825 |
|
(1) |
Adjusted gross profit is calculated as net revenue less adjusted cost of goods sold. |
|
(2) |
Adjusted gross margin is calculated as adjusted gross profit divided by net revenue. |
Specialty net revenue for the three months ended December 31, 2020 was
Specialty gross margin for fourth quarter of 2020 was
Specialty operating income for the fourth quarter of 2020 was
Amneal Pharmaceuticals, Inc. |
|||||||||||||||
AvKARE Operating Results |
|||||||||||||||
(Unaudited; In thousands) |
|||||||||||||||
AvKARE (1) |
Three Months Ended
|
|
Years Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Net reven | |||||||||||||||
FAQ
What are the Q4 2020 results for Amneal Pharmaceuticals (AMRX)?
How did Amneal Pharmaceuticals perform in 2020?
What is Amneal's financial guidance for 2021?
What contributed to revenue growth for Amneal in 2020?
