Amneal Pharmaceuticals, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Amneal Pharmaceuticals, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Amneal Pharmaceuticals, Inc. (AMRX) filed a Annual Report (10-K) with the SEC on March 14, 2024. Amneal Pharmaceuticals, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is in Pharmaceutical Preparations (SIC code 2834). The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company's mailing address is 400 Crossing Boulevard, 3rd Floor, Bridgewater, NJ 08807.

Why It Matters

For investors and stakeholders tracking Amneal Pharmaceuticals, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Amneal's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, profitability, debt levels, and other key financial metrics, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Amneal Pharmaceuticals, Inc. shows moderate risk based on this filing. The company operates in the highly regulated pharmaceutical industry, facing risks related to drug development, regulatory approvals, competition, and patent expirations, which could materially impact its financial performance.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to understand potential challenges and opportunities for Amneal Pharmaceuticals in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-14 — Filing Date (Date the report was filed)
• 2834 — SIC Code (Pharmaceutical Preparations)
• 001-38485 — SEC File Number (SEC filing identifier)

Key Players & Entities

• Amneal Pharmaceuticals, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date
• 0001723128-24-000014 (other) — Accession Number
• 2834 (other) — Standard Industrial Classification for Pharmaceutical Preparations
• Bridgewater, NJ (location) — Company's business address city and state
• 08807 (other) — Company's business address zip code
• AMRX (ticker) — Ticker symbol

FAQ

Industry Context

Amneal Pharmaceuticals operates within the pharmaceutical preparations industry, which is characterized by significant research and development, stringent regulatory oversight, and competitive market dynamics.

Regulatory Implications

The pharmaceutical industry is subject to extensive regulation by bodies such as the FDA, impacting drug approval processes, manufacturing standards, and marketing practices.

What Investors Should Do

1. Review Amneal's financial statements for revenue, net income, and EPS trends.
2. Analyze the company's debt-to-equity ratio and cash position.
3. Examine the risk factors section for potential operational, market, and regulatory challenges.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date Amneal Pharmaceuticals, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share AMRX The Nasdaq Stock Market
• $84.7 m — 5 Acquisition included approximately $84.7 million, paid at closing with cash on han
• $10.0 million — cts with the potential to generate over $10.0 million in annual revenues. FTF, FTM and high-v
• $1.47 b — Our Generics segment had net revenue of $1.47 billion, $1.43 billion and $1.37 billion
• $1.43 billion — gment had net revenue of $1.47 billion, $1.43 billion and $1.37 billion and operating income
• $1.37 billion — nue of $1.47 billion, $1.43 billion and $1.37 billion and operating income of $276.2 million,
• $276.2 m — d $1.37 billion and operating income of $276.2 million, $224.2 million and $281.5 millio
• $224.2 million — and operating income of $276.2 million, $224.2 million and $281.5 million, for the years ended
• $281.5 m — e of $276.2 million, $224.2 million and $281.5 million, for the years ended December 31,
• $390.5 m — ur Specialty segment had net revenue of $390.5 million, $374.1 million and $378.3 millio
• $374.1 million — ment had net revenue of $390.5 million, $374.1 million and $378.3 million and operating income
• $378.3 million — e of $390.5 million, $374.1 million and $378.3 million and operating income of $65.3 million,
• $65.3 m — $378.3 million and operating income of $65.3 million, $72.6 million and $56.4 million,
• $72.6 million — and operating income of $65.3 million, $72.6 million and $56.4 million, for the years ended
• $56.4 m — ome of $65.3 million, $72.6 million and $56.4 million, for the years ended December 31,

Filing Documents

• amrx-20231231.htm (10-K) — 3369KB
• amrx-2023123110xkex42xdesc.htm (EX-4.2) — 21KB
• amrx2023311210-kexx211.htm (EX-21.1) — 17KB
• amrx-2023123110xkexx231.htm (EX-23.1) — 6KB
• amrx-2023123110xkexx311.htm (EX-31.1) — 10KB
• amrx-2023123110xkexx312.htm (EX-31.2) — 10KB
• amrx-2023123110xkexx313.htm (EX-31.3) — 11KB
• amrx-2023123110xkexx321.htm (EX-32.1) — 6KB
• amrx-2023123110xkexx322.htm (EX-32.2) — 6KB
• amrx-2023123110xkexx323.htm (EX-32.3) — 6KB
• amrx-2023123110xkexx971xcl.htm (EX-97.1) — 24KB
• amrx-20231231_g1.jpg (GRAPHIC) — 237KB
• 0001723128-24-000014.txt (&nbsp;) — 19060KB
• amrx-20231231.xsd (EX-101.SCH) — 150KB
• amrx-20231231_cal.xml (EX-101.CAL) — 144KB
• amrx-20231231_def.xml (EX-101.DEF) — 784KB
• amrx-20231231_lab.xml (EX-101.LAB) — 1308KB
• amrx-20231231_pre.xml (EX-101.PRE) — 1082KB
• amrx-20231231_htm.xml (XML) — 3193KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 44 Item 1C. C ybersecurity 44 Item 2.

Properties

Properties 46 Item 3.

Legal Proceedings

Legal Proceedings 47 Item 4. Mine Safety Disclosures 47 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48 Item 6. [ Reserved ] 50 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 64 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 65 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 65 Item 9A.

Controls and Procedures

Controls and Procedures 65 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III. Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 69 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 70 Item 14. Principal Accounting Fees and Services 70 PART IV. Item 15. Exhibits, Financial Statement Schedules 71 Item 16. Form 10-K Summary 71 EXHIBIT INDEX 71

SIGNATURES

SIGNATURES 76 2 Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K and other publicly available documents of Amneal Pharmaceuticals, Inc. contain "forward-looking statements" within the meaning of the safe harbor provisions of the United States ("U.S.") Private Securities Litigation Reform Act of 1995. Management and representatives of Amneal Pharmaceuticals, Inc. and its subsidiaries ("the Company", "we", "us" or "our") also may from time to time make forward-looking statements. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projections about the future. Forward-looking statements may be identified by the use of words such as "plans," "expects," "will," "anticipates," "targets," "estimates," and other words of similar meaning in conjunction with, among other things: discussions of future operations; expected operating results and financial performance; impact of planned acquisitions and dispositions; our strategy for growth; product development; regulatory approvals; market position and expenditures. Because forward-looking statements are based on current beliefs, expectations and assumptions regarding future events, they are subject to uncertainties, risks and changes that are difficult to predict and many of which are outside of our control. Investors should realize that if underlying assumptions prove inaccurate, known or unknown risks or uncertainties materialize, or other factors or circumstances change, our actual results and financial condition could vary materially from expectations and projections expressed or implied in our forward-looking statements. Investors are therefore cautioned not to rely on these forward-looking statements. Summary of Material Risks Risks and uncertainties that make an investment in the Company speculative or risky or that could cause our actual results to differ materially from the f

Business

Item 1. Business Overview Amneal Pharmaceuticals, Inc. (the "Company", "we," "us," or "our") is a global pharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines, including retail generics, injectables, biosimilars and specialty branded pharmaceuticals. We operate principally in the United States ("U.S."), India, and Ireland, and sell to wholesalers, distributors, hospitals, governmental agencies, chain pharmacies and individual pharmacies, either directly or indirectly. The Company is a holding company, whose principal assets are common units (the "Amneal Common Units") of Amneal Pharmaceuticals, LLC ("Amneal"). Immediately prior to the Reorganization (as defined herein), we held 50.4% of the Amneal Common Units and the group, together with their affiliates and certain assignees, who owned Amneal when it was a private company (the "Members" or the "Amneal Group") held the remaining 49.6%. On November 7, 2023, we implemented a plan pursuant to which the Company and Amneal reorganized and simplified our corporate structure by eliminating our umbrella partnership-C-corporation structure and converting to a more traditional C-corporation structure whereby all stockholders hold their voting and economic interests directly through the public company (the "Reorganization"). Effective with the Reorganization, the Company holds 100% of the Amneal Common Units and continues to consolidate the financial statements of Amneal and its subsidiaries. Refer to Note 1. Nature of Operations in our consolidated financial statements for additional information about the Reorganization. Although the Company had a minority economic interest in Amneal prior to March 2023, it was Amneal's sole managing member (and it continues to be the sole managing member), having the sole voting power to make all of Amneal's business decisions and control its management. Therefore, the Company consolidated the financial statements of Amne

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