Amneal Pharmaceuticals(AMRX) - 2024 Q1 - Quarterly Results

Financial Performance - Q1 2024 net revenue was $659 million, an 18% increase from $558 million in Q1 2023[3] - Adjusted EBITDA for Q1 2024 was $152 million, reflecting a 31% increase compared to Q1 2023[3] - The company reported a net loss of $92 million in Q1 2024, compared to a net loss of $7 million in Q1 2023, including a $94 million charge related to an opioids settlement[3][4] - Adjusted diluted EPS for Q1 2024 was $0.14, up from $0.12 in Q1 2023[4] - Net revenue for the three months ended March 31, 2024, was $659.2 million, a 18.2% increase from $557.5 million in the same period of 2023[23] - Gross profit for the same period was $238.1 million, compared to $178.2 million, reflecting a gross margin improvement[23] - Net loss attributable to Amneal Pharmaceuticals, Inc. was $91.6 million, significantly higher than the net loss of $6.9 million in the prior year[23] - Adjusted EBITDA for the three months ended March 31, 2024, was $152.4 million, up from $116.2 million in the same period of 2023[31] - Net loss for the three months ended March 31, 2024, was $81,678, compared to a net loss of $10,094 for the same period in 2023[34] - Adjusted net income (Non-GAAP) for the three months ended March 31, 2024, was $44,480, an increase from $36,811 in the prior year[34] - Adjusted diluted earnings per share (Non-GAAP) increased to $0.14 for the three months ended March 31, 2024, compared to $0.12 in the same period of 2023[34] Revenue Segments - Generics revenues increased by 14%, driven by strong performance in complex generics and oncology biosimilars[3] - Specialty revenues rose by 15%, supported by promoted products in Neurology and Endocrinology[3] - AvKARE revenues surged by 33% due to continued expansion and new product launches[3] - Net revenue for the Generics segment was $391,294 for the three months ended March 31, 2024, up from $343,806 in the prior year[41] - Specialty segment net revenue was $105,234 for the three months ended March 31, 2024, compared to $91,678 in the same period of 2023[44] - AvKARE segment net revenue reached $162,663 for the three months ended March 31, 2024, compared to $122,056 in the same period of 2023[48] Guidance and Projections - Full year 2024 guidance is affirmed, with net revenue expected between $2.55 billion and $2.65 billion[9] - Adjusted EBITDA guidance for 2024 is projected between $580 million and $620 million[9] Cash and Assets - Cash and cash equivalents decreased to $46.5 million from $91.5 million at the end of December 2023[26] - Total current assets slightly increased to $1.38 billion from $1.38 billion at the end of December 2023[26] - Total liabilities increased to $3.46 billion from $3.47 billion at the end of December 2023, with long-term debt remaining stable[26] - The company reported a significant increase in accounts payable and accrued expenses, rising to $558.5 million from $534.7 million[26] Research and Development - Research and development expenses were $39.3 million, compared to $38.7 million in the prior year, indicating continued investment in innovation[23] Legal Matters - Charges related to legal matters for the three months ended March 31, 2024, amounted to $94,486, significantly higher than $4,882 in the same period of 2023[34] - The company has reached a settlement in principle for a nationwide opioids settlement, involving $92.5 million in cash and $180 million in naloxone nasal spray over ten years[5]