Core Insights - Amneal Pharmaceuticals is transitioning from a traditional retail generics model to focus on complex dosage forms and specialty products, with a significant emphasis on the U.S. market, which accounts for approximately 98% of its revenue [2][3] Financial Performance - The company has doubled its revenue and EBITDA over the past six years, reducing net leverage from 7.4 to 3.7, and expects EBITDA to grow faster than revenue in 2026, with projected gross margin improvement of 50–60 basis points and double-digit EPS growth [4][6][8] Product Strategy - Amneal is shifting towards higher-value "affordable medicines," including complex generics, injectables, biosimilars, and branded neurology, while reducing its reliance on standard oral solids, which now represent about 25% of revenue [1][5][12] - The company has launched three biosimilars and is preparing to launch two denosumab presentations, aiming to become a top-three player in the biosimilars market [14][15] Crexont Performance - Crexont, Amneal's Parkinson's therapy, reached approximately 22,000 patients in its first year, achieving a 3.2% market share, with expectations to double sales to over $120 million this year and target a 5%–6% market share by 2026 [5][9][10] R&D and Future Growth - R&D investment is expected to remain around $180 million, with a focus on generating additional Phase 4 data to support product performance and market uptake [7][11] - The company is also pursuing vertical integration in manufacturing, particularly for biosimilars, with a target completion by 2026 [15][16] Market Dynamics - The competitive landscape for retail generics has intensified since 2017–2018 due to increased FDA approvals and buyer concentration, prompting Amneal to adapt its strategy [1][2] - The company anticipates typical annual price erosion of 4%–5% as a stable headwind, but expects to mitigate this through product mix and operational efficiencies [7]