Amneal Pharmaceuticals (AMRX) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Anthony DiMeo - Head - IRChirag Patel - President and Co-Chief Executive OfficerChintu Patel - Co-Chief Executive OfficerTasos Konidaris - EVP & CFOLes Sulewski - VP - Biotech Equity ResearchChris Schott - Managing Director Conference Call Participants David Amsellem - Sr. Research Analyst Operator Good morning, and welcome to the Amneal Pharmaceuticals First Quarter twenty twenty five Earnings Call. I'd now li ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.2, with a neutralized increase of approximately 5% over the prior year period when accounting for currency effects and tax [4][15] - Reported sales decreased by 3%, with core sales remaining flat compared to the prior year period [14] - Adjusted EBITDA increased by 3% to $183 million, with adjusted diluted earnings per share at $1.2 compared to $1.22 in the prior year [14][15] Business Line Data and Key Metrics Changes - Pharma segment's core sales increased by 3%, with prescription core sales up 10% driven by strong demand for emergency medicines and therapeutics [16] - Consumer Healthcare core sales decreased by 10% due to softer demand for nasal decongestants and cough medicines [16] - Injectables core sales decreased by 8% due to tough comparisons from the prior year, while Active Materials Science solutions saw an 11% increase in core sales [16][18] - Beauty segment's core sales decreased by 3%, with prestige fragrance and facial skincare sales down 11% [19] - Closures segment's core sales decreased by 2%, with product sales growth offset by lower tooling sales [20] Market Data and Key Metrics Changes - The U.S. market showed signs of inventory normalization, while other regions have not yet experienced similar trends [6][37] - The company noted strong demand for GLP-1 and biologics in the injectables market, indicating robust order books [7][36] Company Strategy and Development Direction - The company is focused on long-term growth driven by macro trends such as healthcare decentralization and the growth of generic medicines [6][7] - The company is ramping up share repurchases, having repurchased over $80 million worth of shares in the first quarter [13] - The company emphasizes sustainability as a competitive advantage, having received multiple awards for its efforts [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth prospects despite current economic uncertainties, highlighting resilience in essential product markets [28][30] - The company anticipates a strong second quarter with positive contributions from all segments, particularly in Pharma and Beauty [30][31] - Management acknowledged the evolving tariff situation but expects limited net effects on operations [25][82] Other Important Information - The effective tax rate for the first quarter was 25.8%, reflecting a temporary surtax enacted in France [15] - Free cash flow for the quarter was $26 million, with a strong balance sheet showing a cash balance of $126 million [23][24] Q&A Session Summary Question: Insights on order patterns and inventory levels - Management noted a reacceleration in orders across various segments, with U.S. inventories normalizing but not yet seen in other regions [35][37] Question: Impact of GLP-1s on injectables - Strong demand for GLP-1s is noted, with the company ramping up capabilities to meet this demand [36] Question: Tax rate guidance for the second half of the year - The expected effective tax rate for the second half is projected to be in the range of 22% to 24% [43] Question: Inventory status in cold and cough products - Management indicated that the U.S. has seen some inventory normalization, while other regions have not yet experienced this [48][49] Question: Outlook for tooling activity - Management expressed optimism about tooling activity, indicating it is on the rise as customers seek to differentiate their products [105]

福元医药(601089) 目标价: 19 昨收盘:15.35 Q1 收入端实现正增长，销售费用率持续优化 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 4.8/2.05 | | --- | --- | | 总市值/流通(亿元) | 73.68/31.52 | | 12 个月内最高/最低价 | 18.6/13.11 | | (元) | | 相关研究报告 <<【太平洋证券】福元医药（601089） 公司点评：业绩略低于市场预期，研 发投入持续加码（2025.3.31）>>-- 2025-04-01 <>--2024-10-25 <>--2024-08-18 2025 年 04 月 30 日 公司点评 买入/维持 Q1 收入端实现正增长，利润端略有下滑。2025 年第一季度公司实现 营业收入 8.30 亿元，同比增长 3.46%，利润端归母净利润为 1.31 亿元， 同比下滑 1.47%，扣非后归母净利润为 1.22 亿元，同比下滑 1.16%。单季 度 ...

这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 政策动向 4月29日，《海南省全面深化药品医疗器械化妆品监管改革促进医药产业高质量发展实施方案》对外发 布。其中提出，促进仿制药质量提升。一是支持首仿品种加快注册上市。对首仿品种实施专人负责、主 动对接、加强指导、全程服务，在审评审批、注册核查、产品检验等方面给予支持。二是加强委托生产 监管。支持跨省协同监管检查结果互认，支持质量保证和风险防控能力较强的企业接受委托生产。制定 委托生产管理指南，规范委托生产行为。三是支持开展仿制药质量与疗效一致性评价。对符合条件的品 种，给予一定的资金支持。 21点评：仿制药替代原研药在国内外是总趋势。支持首仿品种加快注册上市，尤其是支持那些临床急 需、原研药价格高昂或供应不足的药品加快注册上市，可缓解患者用药难题，提高药品的可及性。同 时，支持企业开展一致性评价，有利于提升仿制药的整体质量，保障公众用药安全。 药械审批 华神科技三七通舒胶囊获批国家首家中药二级保护品种 4月29日，华神科技(000790.SZ)公告称，公司分公司成都华神科技集团股份有限公司制药厂的三七通舒 胶囊获国 ...

Financial Data and Key Metrics Changes - Revenue grew by 16% year-over-year in the first quarter, with adjusted EBITDA increasing by 13.7% [5][16][17] - Adjusted earnings per share reached $0.40, reflecting a 14.3% increase compared to the previous year [16] - Gross profit was $263 million, up over 10% from the first quarter last year [14] Business Line Data and Key Metrics Changes - Acute Therapies experienced mid-teens growth, while Chronic Therapies grew in the high teens, with notable performance in rare and orphan therapies [5][13] - The company reported a strong performance in its infusion clinics, conducting over one-third of nursing visits in these centers [10] Market Data and Key Metrics Changes - The company is actively working with innovative health plans to support site of care initiatives, which aligns with their goals to reduce total cost of care [7][45] - The company has opened a new compounding pharmacy and additional infusion clinics, enhancing its service capacity [8][10] Company Strategy and Development Direction - The company is focused on building a unique care model to support patient needs, emphasizing investments in technology and nursing capabilities [5][8] - The acquisition of Intramed Plus is expected to enhance the company's infusion clinic footprint and operational performance [9][10] - The company is monitoring macroeconomic conditions and potential tariff impacts, maintaining a cautious approach to future capital deployment [11][12][96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the first quarter's performance and increased the lower end of the full-year adjusted EBITDA guidance [12][17] - There is a recognition of the uncertainty surrounding tariffs and their potential impact on costs, but the company does not expect significant disruptions [11][78] Other Important Information - The company has invested significantly in technology, including AI and robotic process automation, to improve operational efficiency [8][55] - The company is actively managing its supply chain to mitigate potential tariff impacts, with less than 10% of medical supplies sourced from China [91][92] Q&A Session Summary Question: Concerns about underlying fundamentals for the rest of the year - Management indicated a cautious approach historically and noted that the first quarter can be unpredictable due to various dynamics [20][22] Question: Impact of MAPD changes on chronic business - Management confirmed strong growth in both acute and chronic therapies, anticipating benefits from changes in out-of-pocket costs [25][26] Question: Mechanics of tariff impacts on pricing - Management explained that drug prices and reimbursement are linked, and while there may be some lag, they do not foresee severe disruptions [30][76] Question: Changes in payer conversations and infusion benefits - Management highlighted deeper partnerships with payers, focusing on total cost of care and patient transitions from hospitals [43][45] Question: Sustainability of acute growth - Management acknowledged that while mid-teens growth is not expected to be the norm, they are well-positioned to maintain strong performance [60][102] Question: Acquisition strategy amidst uncertainty - Management remains active in pursuing acquisitions, focusing on smaller, complementary deals while being cautious due to the macro environment [96][97]

4月29日晚间，前沿生物披露了2024年年报以及2025年一季度报告。报告显示，2024年前沿生物实现营业收入1.29亿元，同 比增长13.32%；今年一季度，公司实现营业收入2832.82万元，同比增长14.93%，收入继续保持增长态势。得益于积极推进降 本增效，2024年度公司经营活动产生的现金流量净支出较上年同期减少9465.55万元。 过去一年，全球生物科技产业在经济周期波动与技术变革的交织中加速演进，前沿生物始终以"市场引领、创新驱动"为初 心，在战略聚焦中稳健前行，为公司长期价值增长筑牢根基。 核心业务优势不断强化 作为一家研发驱动型的生物医药公司，前沿生物立足抗艾领域，致力于构建配方完整的长效抗艾产品矩阵。 与此同时，公司坚持差异化的市场推广策略，以高质量的循证医学依据为依托，在重点目标患者中展开针对性的宣传与渗 透。 据了解，前沿生物在长效多肽药物艾可宁®的开发过程中积累了扎实的技术实力和研发经验，基于长效多肽药物与小核酸 领域具备技术共通性，助力公司在小核酸领域的药物开发；公司与小核酸行业具备行业经验的上下游产业链企业积极合作，提 升技术竞争力。 基于技术优势与建立的专利壁垒，前沿生物布局的 ...

面对这样的发展机遇，我国仿制药产业目前正从规模竞争向质量竞争、从价格导向向价值导向转变，形 成良性发展生态，加速向"质量+创新"的高阶发展阶段转型。宣泰医药深知，在这一转型过程中，具备 复杂制剂研发能力、严格质量管控体系和国际化注册经验的企业将获得更大发展空间。为此，宣泰医药 坚持"研发驱动"，注重研发创新，不断加强抢首仿、高活性等高技术壁垒品种的立项研发，并积极推进 复杂注射剂技术平台及产能建设，努力提升自身核心竞争力。 此外，宣泰医药多个新产品在中国市场实现首次商业化，如西格列汀二甲双胍缓释片、奥拉帕利片、碳 酸司维拉姆片、枸橼酸托法替布缓释片等。另一方面，公司产品出海不断加速，重点深耕美国市场的同 时，积极开拓新兴市场国家、"一带一路"沿线国家，与来自美国、海湾国家、东南亚、中南美洲等国家 或地区的合作方签订多个产品的合作开发及商业化协议，进一步扩大全球销售版图。 目前公司产品已覆盖抗真菌、精神类、糖尿病、癌症、消化类、高血压、肾科和镇痛等多个领域，截至 2024年底，宣泰医药已获批上市产品达到16个，除中国市场外，已远销美国、澳大利亚、新加坡、以色 列、海湾国家和加拿大等多个国家或地区。 另一方面，宣 ...

中国医药行业的政策周期从未像今天这般剧烈，从一致性评价到国家集采，从医保控费到环保限产，每 一次调整都在重塑产业格局。而在这场变革中，福安药业作为国内抗生素原料药及制剂一体化代表型企 业，于2024年再度交出华丽的业绩答卷，其全年营收23.91亿元，归母净利润2.8亿元，同比增长 20.69%，扣非归母净利润2.59亿元，同比大幅增长1467.78%，再度展现出极强的业绩韧性和独特的战略 定力。 核心竞争壁垒成型 铸就抗生素全产业链优势 福安药业成立于2004年2月25日，于2011年3月22日在深圳创业板成功上市，目前公司主要产品涉及抗生 素类、抗肿瘤类、特色专科药类等多个类别药品，头孢唑肟钠、头孢他啶、庆大霉素、盐酸昂丹司琼、 拉氧头孢钠等主要制剂和原料品种的收入超整体收入的40%。 这家扎根重庆的制药企业，用20年时间在仿制药领域构筑起强大的护城河。 首先在全产业链竞争力方面，公司具备化学制药全产业链，业务范围涵盖从药品研发、医药中间体、化 学原料药到制剂的生产、销售，具有符合标准或领先的生产工艺、质量控制标准、安全生产管控体系、 技术创新能力和市场开发与销售体系。在行业政策变化的背景下，公司有"原料+ ...

这位CEO还强调了公司其他药物获得的新批准，包括前列腺癌治疗药物Pluvicto。 Narasimhan补充道："我们将继续推进领先的研发管线，对实现既定增长目标充满信心。" 此次财报发布之际，全球制药行业正密切关注美国可能加征的关税措施。本月早些时候，特朗普政府宣 布对该行业启动调查。虽然制药产品此前一直免征全面进口关税，但特朗普在三月警告称"很快"将对特 定医药产品征税。 面对潜在的关税压力，欧洲制药企业正加大在美国的投资力度，以期保住这个利润丰厚的市场并优化本 土化生产布局。 展望未来，诺华制药将2025年全年净销售额增长预期从原先的中高个位数上调至高个位数，核心营业利 润增长预期从原先的高个位数至低双位数调整为低双位数。 此次业绩增长主要得益于心衰治疗药物Entresto和关节炎药物Cosentyx这两款畅销药的持续发力。但首 席执行官Vas Narasimhan特别指出，乳腺癌治疗药物Kisqali、多发性硬化症药物Kesimpta以及降胆固醇 药物Leqvio的市场需求正在显著增长。 面对仿制药竞争压力，诺华制药正加速推进创新疗法布局。今年晚些时候，包括Entresto在内的三款核 心药物将面临仿 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 证券代码：600420 证券简称：国药现代 公告编号：2025-036 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动 ...