Financial Data and Key Metrics Changes - In Q4 2024, revenues reached $731 million, growing 18% year-over-year, with double-digit growth across all segments [30] - Full year 2024 total revenues were $2.8 billion, up $400 million or 17% year-over-year, exceeding guidance [32] - Adjusted EBITDA for Q4 was $155 million, reflecting a 9% increase, while full year adjusted EBITDA was $327 million, growing 12% [31][32] - Net leverage decreased to 3.9 times compared to 4.8 times at the end of 2023, with a target to reduce it further [29][33] Business Line Data and Key Metrics Changes - The Affordable Medicines segment grew 21% in Q4 to $439 million, with new product launches contributing $54 million [30] - Specialty revenues increased 16% to $121 million, driven by branded products including Krexant [31] - The AvCare segment grew 14% to $170 million, reflecting strong performance across distribution and government channels [31] - Biosimilars generated $39 million in Q4, growing 49% year-over-year [30] Market Data and Key Metrics Changes - The specialty business is projected to exceed $500 million by 2027, driven by products like Krexant and upcoming launches [8] - The global weight loss market is expected to exceed $150 billion by 2030, presenting a significant growth opportunity for the company [11] - The biosimilars market is projected to grow from $33 billion today to $75 billion by 2030, with a significant opportunity for cost savings in the U.S. [15] Company Strategy and Development Direction - The company aims to enhance its long-term growth profile through strategic initiatives such as launching Krexant and expanding its biosimilars pipeline [6][10] - A collaboration with MedCera focuses on developing next-generation therapies, positioning the company as a preferred supplier in the U.S. and Europe [10][22] - The company is committed to becoming vertically integrated, leveraging its manufacturing and R&D capabilities to drive growth in biosimilars and specialty products [26][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving continued top and bottom line growth in 2025, despite anticipated territory loss of exclusivity [29] - The company is focused on driving execution across development, manufacturing, and commercialization to support its diversified business [28] - Management highlighted the importance of maintaining a strong cash flow and reducing debt levels while investing in growth areas [37] Other Important Information - The company plans to launch 20 to 30 new products each year, with a focus on complex generics and injectables [24] - The first three biosimilars generated $126 million in revenue in 2024, with plans for additional filings and launches in the coming years [14][27] - The company is the largest U.S. manufacturer of affordable medicines, fulfilling over 162 million prescriptions annually [18] Q&A Session Summary Question: Can you elaborate on the launch of Krexant and its market dynamics? - Management reported strong initial adoption and positive patient testimonials, with market share reaching about 1% in four months, aiming for over 3% by year-end [7][41] Question: What is the current status of formulary access for Krexant? - The company is pleased with a 30% coverage rate and anticipates it to increase to around 50% this year, aiming to surpass Rytary's coverage [44] Question: How does the company plan to balance long-term investments with top-line growth? - The company has a solid organic pipeline and plans to allocate capital towards biosimilars and specialty portfolio additions while maintaining a focus on debt reduction [50][52] Question: What is the outlook for GLP-1 launches by 2028? - The company envisions a combination of U.S. and ex-U.S. products, including potential contract manufacturing opportunities [56] Question: Can you provide updates on naloxone contracts and Unithroid's long-term opportunity? - Naloxone contracts are progressing slowly, with expectations to provide 2.5 million kits this year, while Unithroid is expected to maintain a consistent growth profile [67] Question: What are the deleveraging targets for 2025? - The company aims to reduce net debt to EBITDA to approximately 3.6% to 3.7% in 2025, continuing its focus on debt reduction [70]

Financial Performance - Q4 2024 net revenue was $731 million, an 18% increase from $617 million in Q4 2023[3] - Full year 2024 net revenue reached $2.79 billion, a 17% increase compared to $2.39 billion in 2023[3] - Q4 2024 adjusted net income was $40 million, with adjusted EBITDA of $155 million, reflecting a 9% increase from the previous year[3] - Full year 2024 adjusted EBITDA was $627 million, a 12% increase from the prior year[3] - Adjusted diluted EPS for full year 2024 was $0.58, a 9% decrease from $0.64 in 2023[3] - The company provided 2025 financial guidance of $3.0 to $3.1 billion in net revenue and $650 to $675 million in adjusted EBITDA[4] Segment Performance - Affordable Medicines segment revenue grew by 21% in Q4 2024, driven by new product launches and biosimilars[3] - AvKARE segment revenue increased by 14% in Q4 2024 due to new product launches[3] - Specialty segment revenue grew by 16% in Q4 2024, supported by key branded products including CREXONT®[3] - The Specialty Segment reported net revenue of $445,749 for the year ended December 31, 2024, up from $390,457 in 2023, marking a 14.2% increase[47] - The AvKARE Segment achieved net revenue of $662,945 for the year ended December 31, 2024, compared to $531,749 in 2023, representing a 24.7% growth[54] Expenses and Losses - Research and development expenses increased to $190.7 million for the year ended December 31, 2024, compared to $164.0 million in 2023, reflecting a 16.3% rise[17] - The net loss attributable to Amneal Pharmaceuticals, Inc. for the year ended December 31, 2024, was $116.9 million, compared to a net loss of $84.0 million in 2023, representing a 38.9% increase in losses[17] - The company incurred stock-based compensation expenses of $7,209 thousand for the three months ended December 31, 2024, compared to $5,974 thousand in the same period of 2023[30] - The company recorded a significant reduction in legal-related charges, with net charges of $96,692 in 2024 compared to $10,000 in 2023[40] Assets and Liabilities - Total current assets increased to $1,587.8 million as of December 31, 2024, from $1,377.9 million in 2023, marking a 15.2% growth[19] - Total liabilities decreased to $3,501.4 million as of December 31, 2024, from $3,472.6 million in 2023, indicating a slight reduction in overall liabilities[19] - Cash and cash equivalents at the end of the period increased to $110.6 million in 2024, up from $91.5 million in 2023, a growth of 20.5%[21] Cash Flow and Operating Activities - The company reported a net cash provided by operating activities of $295.1 million for the year ended December 31, 2024, compared to $345.6 million in 2023, a decrease of 14.6%[21] Corporate Structure and Strategy - The company implemented a reorganization plan on November 7, 2023, converting to a more traditional C-corporation structure[17] - The company plans to continue focusing on expanding its product pipeline and enhancing operational efficiencies in the upcoming fiscal year[17] - The company plans to continue focusing on market expansion and new product development to drive future growth[41] Leverage and Debt - The company reduced net leverage to 3.9x, ahead of its commitment to be below 4x[2] - The net leverage ratio improved to 3.9x as of December 31, 2024, down from 4.8x as of December 31, 2023[26] - Total gross debt as of December 31, 2024, was $2,584,835 thousand, a decrease from $2,766,826 thousand as of December 31, 2023[26]

Revenue Growth - Net revenue for Q3 2024 increased by 13.3% to $702.5 million compared to $620.0 million in Q3 2023, driven by growth in Generics, AvKARE, and Specialty segments [184][185]. - Generics segment net revenue rose by 9.3% to $427.3 million, with new product launches contributing $34.8 million and biosimilars adding $5.7 million to year-over-year growth [196][197]. - Specialty net revenue for Q3 2024 increased by 18.8% to $115.6 million, primarily due to a $16.8 million increase in the promoted Parkinson's franchise [203]. - AvKARE net revenue for Q3 2024 increased by 20.9% to $159.5 million, driven by growth in distribution and government label channels [210]. - Total net revenue for the nine months ended September 30, 2024 increased by 16.1% to $2.06 billion, primarily due to growth in Generics, AvKARE, and Specialty segments [214]. - Generics net revenue for the nine months ended September 30, 2024 increased by 12.4% to $1,245,967, primarily driven by new generic product launches and strong volume growth [228]. - Specialty net revenue for the nine months ended September 30, 2024 increased by 13.6% to $324,913, driven by growth in the promoted Parkinson's franchise and endocrinology portfolio [237]. - AvKARE net revenue for the nine months ended September 30, 2024 increased by 28.8% to $492,559, primarily due to growth in distribution and government label channels [243]. Profitability and Margins - Gross profit margin improved to 38.4% in Q3 2024 from 37.5% in Q3 2023, reflecting effective cost management despite rising costs [189]. - Specialty gross profit as a percentage of net revenue rose to 54.7% in Q3 2024 from 53.2% in the prior year, attributed to higher margin promoted products [205]. - AvKARE gross profit as a percentage of net revenue decreased to 17.7% in Q3 2024 from 19.9% in the prior year, due to increased sales through lower margin channels [211]. - Gross profit for the Generics segment increased by 19.1% to $495,800, with gross profit as a percentage of net revenue rising to 39.8% from 37.6% [230]. - Specialty gross profit as a percentage of net revenue increased to 55.9% from 52.7%, reflecting growth in higher margin promoted products [238]. Expenses and Costs - Research and development expenses surged by 47.7% to $61.1 million, largely due to increased in-licensing and milestone payments totaling $23.8 million [191]. - Cost of goods sold increased by 11.7% to $432.9 million, attributed to higher volumes and increased plant and freight costs [188]. - Total other expense rose by 39.3% to $73.4 million, primarily due to a $14.6 million increase in interest expense [193]. - R&D expenses for the nine months ended September 30, 2024 increased by 15.8% to $136.4 million, mainly due to in-licensing and milestone payments [221]. - SG&A expenses for the nine months ended September 30, 2024 increased by 8.4% to $347.7 million, driven by employee compensation and promotional costs [220]. - Charges related to legal matters for the nine months ended September 30, 2024 amounted to $94.9 million, primarily associated with opioid litigation settlements [222]. Cash Flow and Liquidity - Net cash provided by operating activities decreased to $177.0 million for the nine months ended September 30, 2024, down from $209.8 million in the prior year, reflecting a decrease of 15.6% [257]. - Net cash used in investing activities increased to $46.9 million in 2024 from $37.5 million in 2023, primarily due to a $9.5 million sales-based milestone payment [258]. - Net cash used in financing activities rose to $150.6 million in 2024 compared to $111.7 million in 2023, with total debt repayments increasing to $127.3 million [259]. - The net decrease in cash, cash equivalents, and restricted cash was $20.8 million for the nine months ended September 30, 2024, compared to an increase of $60.4 million in the prior year, representing a change of 134.4% [256]. - The company reported a decrease in collections of outstanding accounts receivable, impacting cash flows from operating activities [257]. - The company reported favorable working capital movements, notably an increase in days payables outstanding, which partially offset cash flow declines [257]. - As of September 30, 2024, the company has access to $455.2 million under the Amended New Revolving Credit Facility, ensuring sufficient liquidity for planned operations [245]. Strategic Developments - The FDA approved CREXONT® on August 7, 2024, with sales commencing in September 2024, enhancing the Specialty segment's portfolio [177]. - The company expects to invest approximately $60.0 million to $70.0 million in capital expenditures during 2024 to support and grow existing operations [246]. - The company acquired a 65.1% controlling interest in AvKARE, LLC and R&S, with cash tax distributions to sellers amounting to $14.4 million in 2024 and $10.3 million in 2023 [253]. - Generics R&D expenses for Q3 2024 increased by 62.7% year-over-year, driven by in-licensing and upfront milestone payments totaling $23.8 million [200]. - There were no material changes in the company's internal control over financial reporting as of September 30, 2024 [265].

Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) Q3 2024 Earnings Conference Call November 8, 2024 8:30 AM ET Company Participants Tony DiMeo - Head of Investor Relations Chirag Patel - President & Co-Chief Executive Officer Chintu Patel - Co-Chief Executive Officer Tasos Konidaris - Executive Vice President & Chief Financial Officer Joe Renda - Senior Vice President & Chief Commercial Officer, Specialty Conference Call Participants David Amsellem - Piper Sandler Balaji Prasad - Barclays Bank Leszek Sulewski - Tr ...

Revenue Performance - Q3 2024 net revenue was $702 million, a 13% increase compared to $620 million in Q3 2023[3] - Net revenue for Q3 2024 increased to $702.5 million, up 13.3% from $620.0 million in Q3 2023[17] - Generics net revenue increased 9% driven by strong performance of new product launches and biosimilars[3] - Specialty net revenue increased 19% driven by promoted products in neurology and endocrinology, including the recent launches of CREXONT and ONGENTYS for Parkinson's disease[3] - AvKARE net revenue increased 21% driven by growth across its distribution and government label sales channels[3] - Generics segment net revenue for Q3 2024 was $427.3 million, a 9.3% increase from $390.9 million in Q3 2023[31] - Specialty segment net revenue for Q3 2024 was $115.6 million, an 18.8% increase from $97.3 million in Q3 2023[38] - Generics segment nine-month net revenue for 2024 was $1.25 billion, a 12.4% increase from $1.11 billion in 2023[34] - Specialty segment nine-month net revenue for 2024 was $324.9 million, a 13.6% increase from $285.9 million in 2023[40] - Net revenue for the three months ended September 30, 2024 was $159.485 million, compared to $131.879 million in the same period in 2023[42] - Net revenue for the nine months ended September 30, 2024 was $492.559 million, compared to $382.286 million in the same period in 2023[44] Profitability and Margins - Gross profit for Q3 2024 rose to $269.6 million, a 15.9% increase from $232.5 million in Q3 2023[17] - Operating income for Q3 2024 grew to $88.8 million, up 17.4% from $75.6 million in Q3 2023[17] - Generics segment gross margin improved to 44.3% in Q3 2024 from 43.0% in Q3 2023[31] - Specialty segment gross margin increased to 80.2% in Q3 2024 from 79.7% in Q3 2023[38] - Gross margin for the three months ended September 30, 2024 was 17.7%, down from 19.9% in the same period in 2023[42] - Gross margin for the nine months ended September 30, 2024 was 16.3%, down from 16.7% in the same period in 2023[44] - Operating income for the three months ended September 30, 2024 was $16.659 million, up from $15.533 million in the same period in 2023[42] - Operating income for the nine months ended September 30, 2024 was $46.078 million, up from $34.001 million in the same period in 2023[44] Segment Performance - Generics segment operating income for Q3 2024 was $102.2 million, a 3.9% decrease from $106.3 million in Q3 2023[31] - Specialty segment operating income for Q3 2024 was $61.2 million, a 24.5% increase from $49.2 million in Q3 2023[38] - Generics segment nine-month operating income for 2024 was $315.5 million, a 10.2% increase from $286.2 million in 2023[34] - Specialty segment nine-month operating income for 2024 was $171.5 million, a 19.7% increase from $143.3 million in 2023[40] Financial Position - Total current assets as of September 30, 2024, increased to $1.51 billion from $1.38 billion as of December 31, 2023[19] - Long-term debt decreased to $2.17 billion as of September 30, 2024, from $2.39 billion as of December 31, 2023[19] - Trade accounts receivable, net, increased to $748.1 million as of September 30, 2024, from $613.7 million as of December 31, 2023[19] - Total liabilities as of September 30, 2024, were $3.46 billion, slightly down from $3.47 billion as of December 31, 2023[19] - Cash and cash equivalents decreased to $74.0 million as of September 30, 2024, from $91.5 million as of December 31, 2023[19] Earnings and Losses - Diluted loss per share in Q3 2024 was $0.00 compared to diluted income per share of $0.06 in Q3 2023[5] - Adjusted diluted EPS in Q3 2024 was $0.16 compared to $0.19 in Q3 2023[5] - Net loss attributable to Amneal Pharmaceuticals for Q3 2024 was $0.2 million, compared to a net income of $9.7 million in Q3 2023[17] - Net loss for the nine months ended September 30, 2024 was $53.1 million, compared to a net income of $44.6 million in the same period of 2023[21] - Adjusted diluted earnings per share for the nine months ended September 30, 2024 was $0.46, compared to $0.50 in the same period of 2023[24] Research and Development - Research and development expenses for Q3 2024 increased to $61.1 million, up 47.7% from $41.4 million in Q3 2023[17] - The company launched CREXONT for the treatment of Parkinson's disease and announced a collaboration with Metsera, Inc. for next-generation medicines for obesity and metabolic diseases[2] - The company expanded its pipeline by in-licensing a new high-value biosimilar[2] Adjusted EBITDA and Cash Flow - Adjusted EBITDA in Q3 2024 was $158 million, a 2% increase compared to Q3 2023, partially offset by a $20 million R&D milestone payment[4] - Adjusted EBITDA for the nine months ended September 30, 2024 was $472.2 million, an increase from $416.1 million in the same period of 2023[23] - Net cash provided by operating activities for the nine months ended September 30, 2024 was $177.0 million, a decrease from $209.8 million in the same period of 2023[21] Expenses and Adjustments - Depreciation and amortization expenses for the nine months ended September 30, 2024 were $170.1 million, slightly lower than $172.5 million in the same period of 2023[21] - Inventory provision for the nine months ended September 30, 2024 was $63.6 million, an increase from $56.6 million in the same period of 2023[21] - Charges related to legal matters for the nine months ended September 30, 2024 were $94.9 million, primarily associated with a nationwide opioid settlement[27] - Non-GAAP effective tax rate for the nine months ended September 30, 2024 was 24.7%, compared to 21.6% in the same period of 2023[28] - System implementation expenses for the nine months ended September 30, 2024 were $2.0 million, primarily for integrating acquired businesses[28] - Adjustments for the three months ended September 30, 2024 included $3.5 million in amortization expense[43] - Adjustments for the nine months ended September 30, 2024 included $10.6 million in amortization expense[45] Full-Year Guidance - Full-year 2024 guidance includes net revenue of $2.70 billion to $2.80 billion, adjusted EBITDA of $610 million to $630 million, and adjusted diluted EPS of $0.57 to $0.63[6]

Revenue Growth - Net revenue for the three months ended June 30, 2024, increased by 17.1% to $701.8 million compared to $599.0 million in the prior year period[195] - The Generics segment net revenue grew by $53.6 million, driven by new product launches, including biosimilars contributing $16.7 million and other new generics contributing $36.2 million[197] - The AvKARE segment net revenue increased by $42.1 million, primarily due to growth in distribution and government label channels from new product introductions[197] - The Specialty segment net revenue increased by $7.0 million, primarily due to a $9.4 million rise in the neurology portfolio, including $3.5 million from ONGENTYS® sales[197] - Net revenue for the three months ended June 30, 2024, increased by 7.3% to $104.041 million, driven by a $9.4 million increase in the promoted neurology portfolio[214] - Consolidated net revenue for the six months ended June 30, 2024, increased by 17.7% to $1.360 billion, primarily due to growth in the Generics segment[226] - Generics net revenue increased by 14.1% to $818.622 million, driven by new generic product launches and strong volume growth[238] - Specialty net revenue rose by 10.9% to $209.3 million for the six months ended June 30, 2024, driven by a $18.8 million increase in the neurology portfolio[245] - AvKARE net revenue surged by 33.0% to $333.1 million for the six months ended June 30, 2024, primarily due to growth in distribution channels[253] Profitability - Gross profit for the three months ended June 30, 2024, was $249.9 million, with a gross profit margin of 35.6%, down from 36.7% in the prior year[198] - Gross profit as a percentage of net revenue increased to 55.7% for the three months ended June 30, 2024, compared to 52.0% in the prior year period[215] - Generics gross profit margin improved to 38.8% for the six months ended June 30, 2024, up from 36.5% in the prior year[239] - Specialty gross profit margin increased to 56.5% for the six months ended June 30, 2024, compared to 52.5% in the prior year[246] - AvKARE gross profit margin improved to 15.6% for the six months ended June 30, 2024, up from 15.0% in the prior year[254] Expenses - Selling, general, and administrative expenses rose by 10.3% to $116.5 million, mainly due to increased employee compensation and promotional costs related to new product launches[199] - Research and development expenses decreased by 4.6% to $36.1 million, attributed to lower in-licensing and milestone payments[200] - Specialty SG&A expenses increased by 16.9% to $26.610 million, primarily due to promotional costs associated with ONGENTYS®[216] - R&D expenses decreased by 35.0% to $4.351 million, attributed to reduced project spending and infrastructure costs[217] - Generics SG&A expenses increased by 16.3% for the six months ended June 30, 2024, mainly due to employee compensation related to infrastructure expansion[240] - Specialty R&D expenses decreased by 28.8% to $9.3 million for the six months ended June 30, 2024, due to reduced project spending[248] Other Financial Metrics - Total other expense increased by 48.9% to $75.1 million, driven by a $14.9 million rise in interest expense and a $13.0 million increase in tax receivable agreement liability[202] - The provision for income taxes for the three months ended June 30, 2024, was $3.6 million, with an effective tax rate of 17.7%[203] - Total other expense for the six months ended June 30, 2024, increased by 48.3% to $(139.841) million, primarily due to higher interest expenses[233] - Charges related to legal matters for the six months ended June 30, 2024, amounted to $95.1 million, primarily associated with opioid-related settlements[232] Cash Flow and Capital Expenditures - Net cash provided by operating activities decreased to $35.2 million for the six months ended June 30, 2024, down 72.5% from $128.4 million in the prior year period[268] - Net cash used in investing activities increased to $26.2 million for the six months ended June 30, 2024, compared to $24.0 million in the prior year period, reflecting a rise of 9.2%[269] - Net cash used in financing activities rose significantly to $58.2 million for the six months ended June 30, 2024, an increase of 131.5% from $25.2 million in the prior year period[270] - The decrease in net operating cash flows was primarily due to lower collections of accounts receivable and the absence of a $21.4 million upfront payment received in the prior year[268] - The increase in cash used in investing activities was mainly due to a sales-based milestone payment related to a licensing agreement, partially offset by proceeds from the sale of a subsidiary[269] - The increase in cash used in financing activities was driven by a decrease in net debt of $55.1 million and increased payroll tax withholding on restricted stock units[270] - The company estimates capital expenditures of approximately $60.0 million to $70.0 million during 2024 to support operations[256] Company Outlook and Other Information - The Company expects to launch CREXONT®, a new drug for Parkinson's disease, in September 2024 following FDA approval[188] - As of June 30, 2024, there were no material changes to the company's contractual obligations as disclosed in the 2023 Annual Report[271] - The company reported no off-balance sheet arrangements as of June 30, 2024[272] - There have been no material changes in the company's assessment of market risk as outlined in the 2023 Annual Report[274] - The company has not disclosed any recently issued accounting standards that would materially affect its financial condition[274] - The company has access to $416.9 million under the Amended New Revolving Credit Facility as of June 30, 2024, which is deemed sufficient for planned operations[255]

Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) Q2 2024 Earnings Conference Call August 9, 2024 8:30 AM ET Company Participants Tony DiMeo - Head of Investor Relations Chirag Patel - President & Co-Chief Executive Officer Chintu Patel - Co-Chief Executive Officer Tasos Konidaris - Executive Vice President & Chief Financial Officer Joe Renda - Senior Vice President & Chief Commercial Officer, Specialty Conference Call Participants David Amsellem - Piper Sandler Leszek Sulewski - Truist Securities Operator Good mo ...

Exhibit 99.2 AMNEAL REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS ‒ Q2 2024 Net Revenue of $702 million; GAAP Net Income of $6 million; Diluted Income per Share of $0.02 ‒ ‒ Adjusted EBITDA of $162 million; Adjusted Diluted EPS of $0.16 ‒ ‒ Raising 2024 Full Year Guidance ‒ ‒ CREXONT U.S. FDA approval represents an exciting new long-term growth driver ‒ ® BRIDGEWATER, NJ, August 9, 2024 - Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) ("Amneal" or the "Company") announced its results today for the second quart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38485 Amneal Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) Delaware 93-4225266 (State or other jurisdiction ...

Q1 2024 Earnings Call May 3, 2024 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; expe ...