Amneal Reports Fourth Quarter and Full Year 2024 Financial Results

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Insights

Amneal's Q4 and full-year 2024 results highlight a company successfully executing its diversification strategy while managing the GAAP vs. non-GAAP earnings divide that often characterizes pharma financials. The 18% revenue growth to $731 million in Q4 translated to a 17% annual increase to $2.79 billion, with all three business segments delivering double-digit growth rates – Affordable Medicines (15%), AvKARE (25%), and Specialty (14%).

The persistent gap between GAAP losses ($117 million for 2024) and adjusted profits ($187 million) warrants attention. This divergence reflects significant non-operational costs that continue to impact bottom-line results while the underlying business performs solidly, with adjusted EBITDA growing 12% to $627 million. The company's deleveraging progress is particularly noteworthy, with net leverage reduced to 3.9x one year ahead of schedule, strengthening financial flexibility.

The 2025 guidance points to continued momentum with projected revenue of $3.0-3.1 billion (roughly 7-11% growth) and adjusted EBITDA of $650-675 million (approximately 4-8% growth). These projections suggest some margin compression as growth investments accelerate, particularly in high-value areas like GLP-1 therapies. While these investments may pressure near-term margins, they position Amneal to capture higher-value market segments beyond traditional generics.

Amneal's strategic pivot beyond traditional generics is gaining meaningful traction, as evidenced by the balanced growth across all three business segments. The company is effectively leveraging its Affordable Medicines foundation while building higher-margin businesses that provide better insulation from generic price erosion.

The successful launch of CREXONT® represents a significant milestone in Amneal's specialty franchise development. This portfolio diversification strategy mirrors what industry leaders like Teva and Viatris have pursued but with stronger execution visible in Amneal's growth rates. The company's explicit mention of expanding into GLP-1 therapies signals its intent to participate in one of pharma's hottest therapeutic areas, though they'll face significant competition from established players.

Biosimilars represent another strategic growth pillar where Amneal is making headway. As biologics continue replacing small molecules in many treatment paradigms, the biosimilar opportunity provides a higher-barrier-to-entry business with better margins than traditional generics. The triple focus on Specialty, Biosimilars, and GLP-1 reflects a coherent strategy to evolve from a pure generics player into a more diversified, higher-margin pharmaceutical company – precisely the transformation investors reward in this sector. The strong performance across all segments suggests management is executing effectively on multiple fronts rather than sacrificing core businesses to fund growth initiatives.

02/28/2025 - 06:00 AM

‒ Full Year 2024 Performance Met or Exceeded All Financial Guidance Metrics –

‒ Q4 2024 Net Revenue of $731 million; GAAP Net Loss of $31 million; Diluted Loss per Share of $0.10 ‒

‒ Q4 2024 Adjusted Net Income⁽¹⁾ of $40 million, Adjusted EBITDA⁽¹⁾ of $155 million; Adjusted Diluted EPS⁽¹⁾ of $0.12 ‒

‒ Full Year 2024 Net Revenue of $2.79 billion; GAAP Net Loss of $117 million; Diluted Loss per Share of $0.38 ‒

‒ Full Year 2024 Adjusted Net Income⁽¹⁾of $187 million; Adjusted EBITDA⁽¹⁾ of $627 million; Adjusted Diluted EPS⁽¹⁾ of $0.58 ‒

‒ Provides 2025 Financial Guidance of $3.0 to $3.1 billion in net revenue and $650 to $675 million in Adjusted EBITDA⁽¹⁾⁽²⁾ –

BRIDGEWATER, N.J.--(BUSINESS WIRE)-- Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) (“Amneal” or the “Company”) today announced its results for the fourth quarter and full year ended December 31, 2024.

“Amneal’s continued success in 2024 demonstrates our ability to drive sustainable growth through disciplined execution, continuous innovation, and strategic capital allocation. All three business segments achieved double-digit revenue growth, we successfully launched CREXONT®, and we reduced net leverage to 3.9x, which is one year ahead of our commitment to be below 4x. In 2025 and beyond, we are entering a new phase of growth by further expanding in high-growth areas such as Specialty, Biosimilars, and GLP-1 therapies. As a growing and diversified biopharmaceutical company, Amneal is well positioned to deliver substantial value creation for all our stakeholders,” said Chirag and Chintu Patel, Co-Chief Executive Officers.

Net revenue in the fourth quarter of 2024 was $731 million, an increase of 18% compared to $617 million in the fourth quarter of 2023. The increase was driven by Affordable Medicines⁽³⁾ revenues growing 21% due to new product launches, biosimilars and multiple other complex products, AvKARE revenues growing 14% due to new product launches and Specialty revenues growing 16% driven by key branded products including CREXONT®. Net loss attributable to Amneal Pharmaceuticals, Inc. was $31 million in the fourth quarter of 2024 compared to a net loss of $99 million in the fourth quarter of 2023, which reflected the term loan refinancing in the prior year period. Adjusted EBITDA⁽¹⁾ in the fourth quarter of 2024 was $155 million, an increase of 9% compared to the fourth quarter of 2023, primarily due to strong revenue growth partially offset by higher spending in research and development and commercial initiatives to drive future growth. Diluted loss per share in the fourth quarter of 2024 was $0.10 compared to a loss of $0.40 for the fourth quarter of 2023, due to the aforementioned factors. Adjusted diluted EPS⁽¹⁾ in the fourth quarter of 2024 was $0.12 compared to $0.14 in the fourth quarter of 2023.

Net revenue for the year ended December 31, 2024 was $2.79 billion, an increase of 17% compared to $2.39 billion for the year ended December 31, 2023. Each of the business segments grew revenues double-digits in 2024 driven by the success of new product launches across the segments with Affordable Medicines⁽³⁾ growing 15%, AvKARE growing 25% and Specialty growing 14%. Net loss attributable to Amneal Pharmaceuticals, Inc. was $117 million for the year ended December 31, 2024 compared to a net loss of $84 million for the year ended December 31, 2023, primarily due to higher operating income offset by higher interest expense. Adjusted EBITDA⁽¹⁾ for the year ended December 31, 2024 was $627 million, an increase of 12% compared to the prior year, reflective of strong revenue growth and consistent adjusted gross margins, partially offset by select investments in research and development and commercial initiatives for new products to drive future growth. Diluted loss per share for the year ended December 31, 2024 was $0.38 compared to diluted loss per share of $0.48 for the year ended December 31, 2023, due to increased operating income more than offset by higher interest expense. Adjusted diluted EPS⁽¹⁾ in the year ended December 31, 2024 was $0.58, a decrease of 9% from $0.64 for the year ended December 31, 2023.

⁽¹⁾	See “Non-GAAP Financial Measures” below.
⁽²⁾	The Company cannot provide a reconciliation between projected adjusted EBITDA and net income (loss), the most directly comparable measure in accordance with GAAP, 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, legal settlements, and other gains and losses. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results.
⁽³⁾	During the fourth quarter of 2024, the Company changed the name of its Generics segment to “Affordable Medicines” to reflect the full product offering of the segment. The Affordable Medicines segment includes retail generics, injectables, biosimilars and international net revenues. The name change did not result in any change to the composition of the Company’s reportable segments and, therefore, did not result in any change to its historical results.

2025 Financial Guidance

	Full Year 2025 Guidance	Full Year 2024 Actuals
Net revenue	$3.0 billion - $3.1 billion	$2.79 billion
Adjusted EBITDA ⁽¹⁾	$650 million - $675 million	$627 million
Adjusted diluted EPS ⁽²⁾	$0.65 - $0.70	$0.58
Operating cash flow	$255 million - $285 million	$295 million
Operating cash flow, excluding discrete items ⁽³⁾	$280 million - $310 million	$348 million
Capital expenditures ⁽⁴⁾	Approximately $100 million	$52 million

⁽¹⁾		Includes 100% of adjusted EBITDA from AvKARE. See also “Non-GAAP Financial Measures” below.
⁽²⁾		Accounts for 35% non-controlling interest in AvKARE. Assumes weighted-average diluted shares outstanding of approximately 330 million for the year ending December 31, 2025, compared to weighted-average diluted shares outstanding of 321 million for the year ended December 31, 2024. See also “Non-GAAP Financial Measures” below for assumptions used in the calculation of weighted-average diluted shares.
⁽³⁾		Excludes discrete items such as legal settlement payments. 2024 actuals exclude the final settlement payment for the Opana ER® antitrust litigation of $52 million.
⁽⁴⁾		Reflects estimated capital expenditures, net of expected contributions from an alliance partner of $20 million.

Amneal’s 2025 estimates are based on management’s current expectations, including with respect to prescription trends, pricing levels, the timing of future product launches, the costs incurred and benefits realized of restructuring activities, and our long-term strategy. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company cannot provide a reconciliation between non-GAAP projections and the most directly comparable measures in accordance with GAAP 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, legal settlements, and other gains and losses. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results.

Conference Call Information

Amneal will host a conference call and live webcast at 8:30 am Eastern Time today, February 28, 2025, 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 (833) 470-1428 (in the U.S.) with access code 863159. A replay of the conference call will be posted shortly after the call. For a list of toll-free international numbers, visit this website: https://www.netroadshow.com/events/global-numbers?confId=77005.

About Amneal

Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX), headquartered in Bridgewater, NJ, is a global biopharmaceutical company. We make healthy possible through the development, manufacturing, and distribution of a diverse portfolio of over 280 pharmaceutical products, primarily within the United States. In our Affordable Medicines segment, we are expanding across a broad range of complex product categories and therapeutic areas, including injectables and biosimilars. In our Specialty segment, we have a growing portfolio of branded pharmaceuticals focused primarily on central nervous system and endocrine disorders. Through our AvKARE segment, we are a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. For more information, please visit www.amneal.com.

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, financial results, or forecasts for the future, including among other things: discussions of future operations; expected or estimated operating results and financial performance; statements regarding our expansion into high-growth areas and statements regarding our positioning, including our ability to drive sustainable value creation, and other non-historical statements. Words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and similar words, or the negatives thereof, 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, including with respect to future market conditions, company performance and financial results, operational investments, business prospects, new strategies and growth initiatives, the competitive environment, and other 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: our ability to successfully develop, license, acquire and commercialize new products on a timely basis; 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 obtain exclusive marketing rights for our products; the impact of illegal distribution and sale by third parties of counterfeit versions of our products or stolen products; the impact of negative market perceptions of us and the safety and quality of our products; our revenues are derived from the sales of a limited number of products, a substantial portion of which are through a limited number of customers; the continuing trend of consolidation of certain customer groups; our dependence on third-party suppliers and distributors for raw materials for our products and certain finished goods; the imposition of tariffs may adversely affect our business, results of operations and financial condition; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; our dependence on information technology systems and infrastructure and the potential for cybersecurity incidents, and risks associated with artificial intelligence; the impact of a prolonged business interruption within our supply chain; our ability to attract, hire and retain highly skilled personnel; risks related to federal regulation of arrangements between manufacturers of branded and generic products; our reliance on certain licenses to proprietary technologies from time to time; the significant amount of resources we expend on research and development; the risk of claims brought against us by third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to government contracting, healthcare fraud abuse and health information privacy and security and changes in such laws; changes to Food and Drug Administration product approval requirements; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; our dependence on third-party agreements for a portion of our product offerings; 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; our potential expansion into additional international markets subjecting us to increased regulatory, economic, social and political uncertainties; our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms; the impact of global economic, political or other catastrophic events; our obligations under a tax receivable agreement may be significant; 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 EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted EPS, adjusted operating cash flow and net leverage, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP. Adjusted diluted EPS reflects diluted earnings per share based on adjusted net income, which is net loss adjusted to (A) exclude (i) non-cash interest, (ii) GAAP provision for income taxes, (iii) amortization, (iv) stock-based compensation expense, (v) acquisition, site closure expenses, and idle facility expenses, (vi) restructuring and other charges, (vii) loss on refinancing, (viii) charges related to certain legal matters, including interest, net, (ix) asset impairment charges, (x) change in fair value of contingent consideration, (xi) increase in tax receivable agreement liability, (xii) system implementation expense, (xiii) Reorganization expenses, (xiv) other and (xv) net income attributable to non-controlling interests not associated with our Class B common stock, and (B) includes non-GAAP provision for income taxes. Non-GAAP adjusted diluted EPS for the three months and year ended December 31, 2024 was calculated using the weighted average fully diluted shares outstanding of Class A common stock (inclusive of the effect of dilutive securities). Non-GAAP adjusted diluted EPS for the three months and year ended December 31, 2023 was calculated using the weighted average diluted shares outstanding of Class A common stock (inclusive of the effect of dilutive securities) and assuming all shares of Class B common stock were converted to shares of Class A common stock as of January 1, 2023. Adjusted EBITDA reflects net loss adjusted to exclude (i) interest expense, net, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) acquisition, site closure, and idle facility expenses, (vi) restructuring and other charges, (vii) loss on refinancing (viii) charges related to legal matters, net, (ix) asset impairment charges, (x) foreign exchange loss (gain), (xi) change in fair value of contingent consideration, (xii) increase in tax receivable agreement liability, (xiii) system implementation expense, (xiv) Reorganization expense, and (xv) other. Net leverage is calculated as net debt (total outstanding principal on the Company’s debt, less cash and cash equivalents), divided by adjusted EBITDA for the year or trailing twelve months then ended.

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 operations, cash flows, net leverage 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 any 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 December 31,						Year Ended December 31,
	2024			2023			2024			2023
Net revenue	$	730,518		$	616,981		$	2,793,957		$	2,393,607
Cost of goods sold		467,645			427,154			1,773,519			1,573,042
Gross profit		262,873			189,827			1,020,438			820,565
Selling, general and administrative		128,687			109,003			476,436			429,675
Research and development		54,265			46,086			190,714			163,950
In-process research and development impairment charges		—			30,800			—			30,800
Intellectual property legal development expenses		1,852			478			5,845			3,828
Restructuring and other charges		493			114			2,355			1,749
Change in fair value of contingent consideration		—			(13,710	)		(930	)		(14,497	)
Charges related to legal matters, net		1,783			2,863			96,692			1,824
Other operating income		—			—			—			(1,138	)
Operating income		75,793			14,193			249,326			204,374
Other (expense) income:
Interest expense, net		(61,662	)		(59,548	)		(258,595	)		(210,629	)
Foreign exchange (loss) gain, net		(7,661	)		2,288			(6,846	)		1,671
Loss on refinancing		—			(40,805	)		—			(40,805	)
Increase in tax receivable agreement liability		(23,961	)		(1,217	)		(50,680	)		(3,124	)
Other income, net		2,172			1,628			11,782			8,243
Total other expense, net		(91,112	)		(97,654	)		(304,339	)		(244,644	)
Loss before income taxes		(15,319	)		(83,461	)		(55,013	)		(40,270	)
Provision for income taxes		5,423			9,883			18,863			8,452
Net loss		(20,742	)		(93,344	)		(73,876	)		(48,722	)
Less: Net income attributable to non-controlling interests		(10,339	)		(5,305	)		(43,010	)		(35,271	)
Net loss attributable to Amneal Pharmaceuticals, Inc.	$	(31,081	)	$	(98,649	)	$	(116,886	)	$	(83,993	)

Net loss per share attributable to Amneal Pharmaceuticals, Inc.'s Class A common stockholders:
Basic and diluted	$	(0.10	)	$	(0.40	)	$	(0.38	)	$	(0.48	)
Weighted-average common shares outstanding⁽¹⁾:
Basic and diluted		309,850			243,711			308,978			176,136

⁽¹⁾

On November 7, 2023, the Company implemented a plan to reorganize and simplify its corporate structure by eliminating its umbrella partnership-C-corporation structure and converting to a more traditional C-corporation structure, whereby all stockholders hold their voting and economic interests directly through the public company (the “Reorganization”). Following the implementation of the Reorganization, all outstanding shares of Old PubCo Class A Common Stock and Old PubCo Class B Common Stock were exchanged for an equivalent number of shares of Class A common stock of the Company. Refer to Note 1. Nature of Operations and Note 8. (Loss) Earnings per Share to the consolidated financial statements in the Company’s 2023 Annual Report on Form 10-K for additional information.

Amneal Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (unaudited; $ in thousands)

	December 31, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	110,552		$	91,542
Restricted cash		7,868			7,565
Trade accounts receivable, net		775,731			613,732
Inventories		612,454			581,384
Prepaid expenses and other current assets		80,717			82,685
Related party receivables		484			955
Total current assets		1,587,806			1,377,863
Property, plant and equipment, net		424,908			447,574
Goodwill		597,436			598,629
Intangible assets, net		732,377			890,423
Operating lease right-of-use assets		31,388			30,329
Operating lease right-of-use assets - related party		10,964			12,954
Financing lease right-of-use assets		56,433			59,280
Other assets		60,133			55,517
Total assets	$	3,501,445		$	3,472,569
Liabilities and Stockholders’ (Deficiency) Equity
Current liabilities:
Accounts payable and accrued expenses	$	735,450		$	534,662
Current portion of liabilities for legal matters		31,755			76,988
Revolving credit facility		100,000			179,000
Current portion of long-term debt, net		224,213			34,125
Current portion of operating lease liabilities		9,435			9,207
Current portion of operating lease liabilities - related party		3,396			2,825
Current portion of financing lease liabilities		3,211			2,467
Related party payables - short term		22,311			7,321
Total current liabilities		1,129,771			846,595
Long-term debt, net		2,161,790			2,386,004
Note payable - related party		—			41,447
Operating lease liabilities		24,814			24,095
Operating lease liabilities - related party		9,391			12,787
Financing lease liabilities		56,889			58,566
Related party payable - long term		50,900			11,776
Liabilities for legal matters - long term		85,479			316
Other long-term liabilities		26,949			29,679
Total long-term liabilities		2,416,212			2,564,670
Redeemable non-controlling interests		64,974			41,293
Total stockholders' (deficiency) equity		(109,512	)		20,011
Total liabilities and stockholders' (deficiency) equity	$	3,501,445		$	3,472,569

Amneal Pharmaceuticals, Inc. Consolidated Statements of Cash Flows (unaudited; $ in thousands)

	Years Ended December 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(73,876	)	$	(48,722	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		236,191			229,400
Unrealized foreign currency loss (gain)		7,191			(768	)
Amortization of debt issuance costs and discount		29,097			11,548
Reclassification of cash flow hedge		(26,205	)		(3,366	)
Loss on refinancing		—			40,805
Intangible asset impairment charges		920			66,932
Change in fair value of contingent consideration		(930	)		(14,497	)
Stock-based compensation		27,768			26,822
Inventory provision		96,558			74,686
Other operating charges and credits, net		2,453			9,923
Changes in assets and liabilities:
Trade accounts receivable, net		(162,637	)		126,289
Inventories		(130,530	)		(126,182	)
Prepaid expenses, other current assets and other assets		(959	)		37,814
Related party receivables		482			(490	)
Accounts payable, accrued expenses and other liabilities		235,135			(94,446	)
Related party payables		54,441			9,829
Net cash provided by operating activities		295,099			345,577
Cash flows from investing activities:
Purchases of property, plant and equipment		(51,924	)		(43,216	)
Acquisition of intangible assets		(14,650	)		(22,388	)
Deposits for future acquisition of property, plant, and equipment		(8,416	)		(3,585	)
Proceeds from sale of subsidiary		11,994			—
Net cash used in investing activities		(62,996	)		(69,189	)
Cash flows from financing activities:
Payments of deferred financing, refinancing costs and debt extinguishment costs		(71	)		(162,415	)
Payments of principal on debt, revolving credit facility, financing leases and other		(188,918	)		(414,080	)
Proceeds from issuance of debt		—			217,732
Borrowings on revolving credit facility		48,000			219,000
Proceeds from exercise of stock options		1,154			451
Employee payroll tax withholding on restricted stock unit vesting		(7,952	)		(2,378	)
Tax distributions to non-controlling interest		(19,804	)		(70,883	)
Repayment of related party note		(44,200	)		—
Net cash used in financing activities		(211,791	)		(212,573	)
Effect of foreign exchange rate on cash		(999	)		65
Net increase in cash, cash equivalents, and restricted cash		19,313			63,880
Cash, cash equivalents, and restricted cash - beginning of period		99,107			35,227
Cash, cash equivalents, and restricted cash - end of period	$	118,420		$	99,107
Cash and cash equivalents - end of period	$	110,552		$	91,542
Restricted cash - end of period		7,868			7,565
Cash, cash equivalents, and restricted cash - end of period	$	118,420		$	99,107

Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited, $ in thousands)

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Net loss	$	(20,742	)	$	(93,344	)	$	(73,876	)	$	(48,722	)
Adjusted to add (deduct):
Interest expense, net		61,662			59,548			258,595			210,629
Provision for income taxes		5,423			9,883			18,863			8,452
Depreciation and amortization		66,130			56,933			236,191			229,400
EBITDA (Non-GAAP)	$	112,473		$	33,020		$	439,773		$	399,759
Adjusted to add (deduct):
Stock-based compensation expense		7,209			5,974			27,552			26,822
Acquisition, site closure, and idle facility expenses ⁽¹⁾		538			1,186			2,112			7,017
Restructuring and other charges		493			114			2,265			1,650
Loss on refinancing		—			40,805			—			40,805
Charges related to legal matters, net ⁽²⁾		1,783			2,863			96,692			11,824
Asset impairment charges ⁽³⁾		176			67,228			1,372			70,107
Foreign exchange loss (gain)		7,661			(2,288	)		6,846			(1,671	)
Change in fair value of contingent consideration		—			(13,710	)		(930	)		(14,497	)
Increase in tax receivable agreement liability		23,961			1,217			50,680			3,124
System implementation expense ⁽⁴⁾		337			934			2,366			5,363
Reorganization expenses ⁽⁵⁾		—			4,630			—			5,927
Other		626			175			(1,286	)		1,984
Adjusted EBITDA (Non-GAAP)	$	155,257		$	142,148		$	627,442		$	558,214

Calculation of Net Leverage

	December 31, 2024		December 31, 2023
Term Loan Due 2025	$	191,979	$	191,979
Term Loan Due 2028		2,292,856		2,351,647
Amended New Revolving Credit Facility		100,000		179,000
Sellers Notes		—		44,200
Gross debt	$	2,584,835	$	2,766,826
Less: Cash and cash equivalents		110,552		91,542
Net debt (Non-GAAP) ⁽⁶⁾	$	2,474,283	$	2,675,284

Adjusted EBITDA (Non-GAAP) for the year ended	$	627,442	$	558,214

Net leverage (Non-GAAP) ⁽⁷⁾	3.9x		4.8x

Amneal Pharmaceuticals, Inc. Non-GAAP Reconciliations (unaudited; $ in thousands, except per share amounts)

Reconciliation of Net Loss to Adjusted Net Income and Calculation of Adjusted Diluted Earnings per Share

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Net loss	$	(20,742	)	$	(93,344	)	$	(73,876	)	$	(48,722	)
Adjusted to add (deduct):
Non-cash interest		183			1,016			1,735			7,017
GAAP provision for income taxes		5,423			9,883			18,863			8,452
Amortization		49,037			39,208			168,518			157,219
Stock-based compensation expense		7,209			5,974			27,552			26,822
Acquisition, site closure expenses, and idle facility expenses ⁽¹⁾		538			1,186			2,112			7,017
Restructuring and other charges		493			114			2,249			1,650
Loss on refinancing		—			40,805			—			40,805
Charges related to legal matters, including interest, net ⁽²⁾		1,783			3,580			96,819			14,784
Asset impairment charges ⁽³⁾		176			67,143			1,372			70,015
Change in fair value of contingent consideration		—			(13,710	)		(930	)		(14,497	)
Increase in tax receivable agreement liability		23,961			1,217			50,680			3,124
System implementation expense ⁽⁴⁾		337			934			2,366			5,363
Reorganization expenses ⁽⁵⁾		—			4,630			—			5,927
Other		627			323			(1,286	)		2,466
Provision for income taxes ⁽⁸⁾		(18,262	)		(17,563	)		(66,278	)		(60,014	)
Net income attributable to non-controlling interests not associated with our class B common stock		(10,339	)		(7,831	)		(43,010	)		(29,873	)
Adjusted net income (Non-GAAP)	$	40,424		$	43,565		$	186,886		$	197,555
Weighted average diluted shares outstanding (Non-GAAP) ⁽⁹⁾		324,099			314,986			320,645			310,234
Adjusted diluted earnings per share (Non-GAAP)	$	0.12		$	0.14		$	0.58		$	0.64

Amneal Pharmaceuticals, Inc.
Non-GAAP Reconciliations
(unaudited)


Explanations for Non-GAAP Reconciliations
(1)		Acquisition, site closure, and idle facility expenses for the three months and year ended December 31, 2024 primarily included rent for vacated properties. Acquisition, site closure, and idle facility expenses for the three months and year ended December 31, 2023 primarily included site closure costs associated with the planned cessation of manufacturing at our Hauppauge, NY facility.
(2)		For the year ended December 31, 2024, charges related to legal matters, net were primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the United States. For the three months ended December 31, 2023, charges related to legal matters, net were primarily comprised of a settlement of commercial antitrust litigation. For the year ended December 31, 2023, charges related to legal matters, net were primarily comprised of (i) charges associated with civil prescription opioid litigation, (ii) a settlement of a customer claim, (iii) a settlement of commercial antitrust litigation, and (iv) a settlement of a stockholder derivative lawsuit.
(3)		Asset impairment charges for the three months and year ended December 31, 2023 were primarily associated with the write-offs of intangibles assets.
(4)		System implementation expense for the three months and year ended December 31, 2024 and 2023 was primarily for the implementation of software to further integrate our acquired businesses.
(5)		For the three months and year ended December 31, 2023, Reorganization expenses were comprised of professional fees.
(6)		Net debt was calculated as the total outstanding principal on the Company’s debt less cash and cash equivalents.
(7)		Net leverage was calculated by dividing net debt as of December 31, 2024 and 2023 by adjusted EBITDA for the years ended December 31, 2024 and 2023, respectively.
(8)		The non-GAAP effective tax rates for the three months and year ended December 31, 2024 were 31.1% and 26.2%, respectively. The non-GAAP effective tax rates for the three months and year ended December 31, 2023 were 28.7% and 23.3%, respectively.
(9)		Weighted average diluted shares outstanding for the three months and year ended December 31, 2024 consisted of fully diluted Class A common stock (inclusive of the effect of dilutive securities). Weighted average diluted shares outstanding for the three months and year ended December 31, 2023 consisted of fully diluted Class A common stock (inclusive of the effect of dilutive securities) and Class B common stock, as if all shares of Class B common stock were converted to Class A common stock as of January 1, 2023.

Amneal Pharmaceuticals, Inc.
Affordable Medicines Segment
Reconciliation of GAAP to Non-GAAP Operating Results ⁽¹⁾
(unaudited; $ in thousands)

	Three Months Ended December 31, 2024									Three Months Ended December 31, 2023
	As Reported			Adjustments			Non-GAAP			As Reported			Adjustments			Non-GAAP
Net revenue	$	439,296		$	—		$	439,296		$	363,037		$	—		$	363,037
Cost of goods sold ⁽²⁾		261,196			(11,595	)		249,601			221,861			(14,167	)		207,694
Gross profit		178,100			11,595			189,695			141,176			14,167			155,343
Gross margin %		40.5	%					43.2	%		38.9	%					42.8	%

Selling, general and administrative ⁽³⁾		33,915			(1,909	)		32,006			30,734			(1,849	)		28,885
Research and development ⁽⁴⁾		48,598			(674	)		47,924			33,663			(654	)		33,009
In-process research and development impairment charges		—			—			—			26,500			(26,500	)		—
Intellectual property legal development expenses		1,907			—			1,907			468			—			468
Charges related to legal matters, net		1,783			(1,783	)		—			2,863			(2,863	)		—
Operating income	$	91,897		$	15,961		$	107,858		$	46,948		$	46,033		$	92,981

(1)		Operating results for the sale of Amneal products by AvKARE were included in our Affordable Medicines segment.
(2)		Adjustments for the three months ended December 31, 2024 and 2023, respectively, were comprised of stock-based compensation expense ($0.9 million and $0.6 million), amortization expense ($10.6 million and $10.7 million), site closure and idle facility expenses (none and $0.7 million), asset impairment charges ($0.1 million and $2.3 million), and other (none and $(0.1) million).
(3)		Adjustments for the three months ended December 31, 2024 and 2023, respectively, were comprised of stock-based compensation expense ($1.4 million and $1.2 million) and site closure costs ($0.5 million and $0.6 million).
(4)		Adjustments for the three months ended December 31, 2024 and 2023 were comprised of stock-based compensation expense.

Amneal Pharmaceuticals, Inc.
Affordable Medicines Segment
Reconciliation of GAAP to Non-GAAP Operating Results ⁽¹⁾
(unaudited; $ in thousands)

	Year Ended December 31, 2024									Year Ended December 31, 2023
	As Reported			Adjustments			Non-GAAP			As Reported			Adjustments			Non-GAAP
Net revenue	$	1,685,263		$	—		$	1,685,263		$	1,471,401		$	—		$	1,471,401
Cost of goods sold ⁽²⁾		1,011,363			(46,718	)		964,645			913,869			(56,450	)		857,419
Gross profit		673,900			46,718			720,618			557,532			56,450			613,982
Gross margin %		40.0	%					42.8	%		37.9	%					41.7	%

Selling, general and administrative ⁽³⁾		129,578			(7,160	)		122,418			119,912			(7,411	)		112,501
Research and development ⁽⁴⁾		171,771			(2,587	)		169,184			132,233			(2,555	)		129,678
In-process research and development impairment charges		—			—			—			26,500			(26,500	)		—
Intellectual property legal development expenses		5,685			—			5,685			3,708			—			3,708
Restructuring and other charges		70			(70	)		—			211			(112	)		99
Charges (credit) related to legal matters, net ⁽⁵⁾		96,692			(96,692	)		—			(64	)		(9,936	)		(10,000	)
Other operating income		—			—			—			(1,138	)		—			(1,138	)
Operating income	$	270,104		$	153,227		$	423,331		$	276,170		$	102,964		$	379,134

(1)		Operating results for the sale of Amneal products by AvKARE were included in our Affordable Medicines segment.
(2)		Adjustments for the years ended December 31, 2024 and 2023, respectively, were comprised of stock-based compensation expense ($3.6 million and $3.5 million), amortization expense ($41.8 million and $42.8 million), site closure and idle facility expenses (none and $4.9 million), asset impairment charges ($1.3 million and $5.2 million), and other (none million and $0.1 million).
(3)		Adjustments for the years ended December 31, 2024 and 2023, respectively, were comprised of stock-based compensation expense ($5.1 million, and $5.2 million) and site closure expenses ($2.1 million and $2.2 million).
(4)		Adjustments for the years ended December 31, 2024 and 2023 were comprised of stock-based compensation expense.
(5)		Adjustment for the year ended December 31, 2024 was primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the United States.

Amneal Pharmaceuticals, Inc.
Specialty Segment
Reconciliation of GAAP to Non-GAAP Operating Results
(unaudited; $ in thousands)

	Three Months Ended December 31, 2024									Three Months Ended December 31, 2023
	As Reported			Adjustments			Non-GAAP			As Reported			Adjustments			Non-GAAP
Net revenue	$	120,836		$	—		$	120,836		$	104,481		$	—		$	104,481
Cost of goods sold ⁽¹⁾		59,537			(36,224	)		23,313			79,023			(59,940	)		19,083
Gross profit		61,299			36,224			97,523			25,458			59,940			85,398
Gross margin %		50.7	%					80.7	%		24.4	%					81.7	%

Selling, general and administrative ⁽²⁾		30,129			(293	)		29,836			20,243			(39	)		20,204
Research and development ⁽²⁾		5,667			(257	)		5,410			12,423			(451	)		11,972
In-process research and development impairment charges		—			—			—			4,300			(4,300	)		—
Intellectual property legal development expenses		(55	)		—			(55	)		10			—			10
Restructuring and other charges		493			(493	)		—			92			(92	)		—
Change in fair value of contingent consideration ⁽³⁾		—			—			—			(13,710	)		13,710			—
Operating income	$	25,065		$	37,267		$	62,332		$	2,100		$	51,112		$	53,212

(1)		Adjustments for the three months ended December 31, 2024 and 2023, respectively, were comprised of amortization expense ($36.2 million and $25.8 million) and asset impairment charges (none and $34.1 million).
(2)		Adjustments for the three months ended December 31, 2024 and 2023 were comprised of stock-based compensation expense.
(3)		Contingent consideration was recorded in connection with the acquisitions of (i) the baclofen franchise from certain entities affiliated with Saol International Limited and (ii) Kashiv Specialty Pharmaceuticals, LLC.

Amneal Pharmaceuticals, Inc.
Specialty Segment
Reconciliation of GAAP to Non-GAAP Operating Results
(unaudited; $ in thousands)

	Year Ended December 31, 2024									Year Ended December 31, 2023
	As Reported			Adjustments			Non-GAAP			As Reported			Adjustments			Non-GAAP
Net revenue	$	445,749		$	—		$	445,749		$	390,457		$	—		$	390,457
Cost of goods sold ⁽¹⁾		202,821			(117,573	)		85,248			214,277			(137,811	)		76,466
Gross profit		242,928			117,573			360,501			176,180			137,811			313,991
Gross margin %		54.5	%					80.9	%		45.1	%					80.4	%

Selling, general and administrative ⁽²⁾		109,658			(1,048	)		108,610			88,137			(688	)		87,449
Research and development ⁽²⁾		18,943			(1,058	)		17,885			31,717			(1,785	)		29,932
In-process research and development impairment charges		—			—			—			4,300			(4,300	)		—
Intellectual property legal development expenses		160			—			160			120			—			120
Restructuring and other charges		1,517			(1,517	)		—			1,105			(1,105	)		—
Change in fair value of contingent consideration ⁽³⁾		(930	)		930			—			(14,497	)		14,497			—
Operating income	$	113,580		$	120,266		$	233,846		$	65,298		$	131,192		$	196,490

(1)		Adjustments for the years ended December 31, 2024 and 2023, respectively, were comprised of amortization expense ($117.6 million and $103.7 million) and asset impairment charges (none and $34.1 million).
(2)		Adjustments for the years ended December 31, 2024 and 2023 were comprised of stock-based compensation expense.
(3)		Contingent consideration was recorded in connection with the acquisitions of (i) the baclofen franchise from certain entities affiliated with Saol International Limited and (ii) Kashiv Specialty Pharmaceuticals, LLC.

Amneal Pharmaceuticals, Inc.
AvKARE Segment
Reconciliation of GAAP to Non-GAAP Operating Results ⁽¹⁾
(unaudited; $ in thousands)

	Three Months Ended December 31, 2024									Three Months Ended December 31, 2023
	As Reported			Adjustments			Non-GAAP			As Reported			Adjustments			Non-GAAP
Net revenue	$	170,386		$	—		$	170,386		$	149,463		$	—		$	149,463
Cost of goods sold		146,912			—			146,912			126,270			—			126,270
Gross profit		23,474			—			23,474			23,193			—			23,193
Gross margin %		13.8	%					13.8	%		15.5	%					15.5	%

Selling, general and administrative ⁽²⁾		16,015			(3,546	)		12,469			14,073			(3,764	)		10,309
Operating income	$	7,459		$	3,546		$	11,005		$	9,120		$	3,764		$	12,884

(1)		Operating results for the sale of Amneal products by AvKARE were included in our Affordable Medicines segment.
(2)		Adjustments for the three months ended December 31, 2024 and 2023, respectively, were comprised of amortization expense ($3.6 million and $4.2 million) and other (none and $(0.4) million).

Amneal Pharmaceuticals, Inc.
AvKARE Segment
Reconciliation of GAAP to Non-GAAP Operating Results ⁽¹⁾
(unaudited; $ in thousands)

	Year Ended December 31, 2024									Year Ended December 31, 2023
	As Reported			Adjustments			Non-GAAP			As Reported			Adjustments			Non-GAAP
Net revenue	$	662,945		$	—		$	662,945		$	531,749		$	—		$	531,749
Cost of goods sold		559,335			—			559,335			444,896			—			444,896
Gross profit		103,610			—			103,610			86,853			—			86,853
Gross margin %		15.6	%					15.6	%		16.3	%					16.3	%

Selling, general and administrative ⁽²⁾		60,709			(14,182	)		46,527			55,341			(15,373	)		39,968
Operating income	$	42,901		$	14,182		$	57,083		$	31,512		$	15,373		$	46,885

(1)		Operating results for the sale of Amneal products by AvKARE were included in our Affordable Medicines segment.
(2)		Adjustments for the years ended December 31, 2024 and 2023, respectively, were comprised of amortization ($14.2 million and $16.8 million) and other (none and $(1.4) million).

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227583818/en/

Contact

Anthony DiMeo

VP, Investor Relations

anthony.dimeo@amneal.com

Source: Amneal Pharmaceuticals, Inc.

FAQ

What was Amneal's (AMRX) revenue growth in Q4 2024?

Amneal's Q4 2024 revenue grew 18% year-over-year to $731 million, driven by strong performance across all segments.

How much revenue did AMRX generate in full-year 2024?

Amneal generated $2.79 billion in revenue for full-year 2024, representing a 17% increase from 2023.

What is Amneal's (AMRX) revenue guidance for 2025?

Amneal projects 2025 net revenue between $3.0-$3.1 billion and Adjusted EBITDA of $650-$675 million.

How did AMRX's business segments perform in 2024?

All segments achieved double-digit growth: Affordable Medicines (+15%), AvKARE (+25%), and Specialty (+14%).

What was Amneal's (AMRX) net leverage ratio achievement in 2024?

Amneal reduced its net leverage to 3.9x, achieving its target of below 4x one year ahead of schedule.

Amneal Reports Fourth Quarter and Full Year 2024 Financial Results

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