Amneal Pharmaceuticals(AMRX) - 2019 Q4 - Annual Report

Financial Performance - Net revenue for 2019 was $1,626,373, a decrease from $1,662,991 in 2018, representing a decline of approximately 2%[242] - The net loss for 2019 was $603,573, compared to a net loss of $201,303 in 2018, reflecting an increase in losses of approximately 200%[242] - Total equity (deficit) decreased to $346,788 in 2019 from $896,363 in 2018, indicating a significant decline in equity[243] Expenses - Research and development expenses for 2019 totaled $202,287, down from $210,451 in 2018, indicating a reduction of about 4%[242] - The company incurred $173 million in charges related to the impairment of intangible assets in 2019, primarily due to the Combination[243] Assets and Liabilities - Total assets as of December 31, 2019, were $3,665,890, a decrease from $4,352,736 in 2018, representing a decline of about 16%[243] - Long-term debt, net, stood at $2,609,046 as of December 31, 2019, slightly down from $2,630,598 in 2018[243] Interest Rate Management - A hypothetical 1% increase in market interest rates could reduce the estimated fair value of the company's $2.7 billion variable rate debt by approximately $117 million[352] - The company entered into an interest rate lock agreement for a total notional amount of $1.3 billion, exchanging floating for fixed rate interest payments[353] Internal Control and Audit - Management concluded that internal control over financial reporting was effective as of December 31, 2019, based on the COSO criteria[361] - The company conducted its audit in accordance with PCAOB standards to ensure effective internal control over financial reporting[364] - The audit included assessing the risk of material weaknesses and evaluating the design and operating effectiveness of internal controls[365] - Internal control over financial reporting aims to provide reasonable assurance regarding the reliability of financial statements in accordance with GAAP[366] - Limitations of internal control may prevent or detect misstatements, and future evaluations are subject to risks of inadequacy[367] Code of Conduct - The company has adopted a Code of Business Conduct applicable to all employees, officers, and directors[370]