Amneal Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Amneal Pharmaceuticals, Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and position as of March 31, 2024.</b>

AI Summary

Amneal Pharmaceuticals, Inc. (AMRX) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Amneal Pharmaceuticals, Inc. filed its quarterly report (10-Q) on May 8, 2024, for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is in Pharmaceutical Preparations (SIC code 2834). The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components such as Common Stock, Additional Paid-In Capital, Retained Earnings, Accumulated Other Comprehensive Income, and Noncontrolling Interest are detailed for various periods.

Why It Matters

For investors and stakeholders tracking Amneal Pharmaceuticals, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest unaudited financial results and operational updates for Amneal Pharmaceuticals, enabling informed investment decisions. The detailed financial data allows for trend analysis and comparison against previous periods, offering insights into the company's financial health and strategic direction.

Risk Assessment

Risk Level: medium — Amneal Pharmaceuticals, Inc. shows moderate risk based on this filing. The company operates in the pharmaceutical industry, which is subject to significant regulatory oversight, patent expirations, and competitive pressures, all of which can impact financial performance and stock valuation.

Analyst Insight

Monitor the company's revenue growth and profitability trends in the upcoming quarters to assess its ability to navigate competitive market dynamics and regulatory changes.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-08 — Filing Date (Date the 10-Q was filed)
• 2023-03-31 — Prior Year Period End (Comparative financial period)
• 2023-12-31 — Previous Year End (Comparative financial period)

Key Players & Entities

• Amneal Pharmaceuticals, Inc. (company) — Filer name
• 0001723128 (company) — Central Index Key
• 2834 (company) — Standard Industrial Classification
• 2024-05-08 (date) — Filing date
• 2024-03-31 (date) — Period of report
• 001-38485 (company) — SEC File Number
• 908-947-3120 (company) — Business Phone
• BRIDGEWATER (company) — City

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The pharmaceutical industry is subject to extensive regulation by government agencies, which can impact product development, manufacturing, marketing, and pricing.
• Competition [high — market]: The company faces intense competition from other pharmaceutical companies, including generic and branded drug manufacturers.
• Debt Obligations [medium — financial]: The company may have significant debt obligations that could affect its financial flexibility and ability to fund operations or pursue growth opportunities.
• Supply Chain Disruptions [medium — operational]: Disruptions in the supply chain for raw materials or finished products could impact the company's ability to meet demand.
• Litigation [medium — legal]: The company may be involved in legal proceedings, including patent litigation, which could result in significant financial liabilities or reputational damage.

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share AMRX The Nasdaq Stock Market

Filing Documents

• amrx-20240331.htm (10-Q) — 1360KB
• amrx-2024033110xqexx311.htm (EX-31.1) — 10KB
• amrx-2024033110xqexx312.htm (EX-31.2) — 10KB
• amrx-2024033110xqexx313.htm (EX-31.3) — 10KB
• amrx-2024033110xqexx321.htm (EX-32.1) — 5KB
• amrx-2024033110xqexx322.htm (EX-32.2) — 5KB
• amrx-2024033110xqexx323.htm (EX-32.3) — 6KB
• 0001723128-24-000021.txt (&nbsp;) — 8520KB
• amrx-20240331.xsd (EX-101.SCH) — 80KB
• amrx-20240331_cal.xml (EX-101.CAL) — 89KB
• amrx-20240331_def.xml (EX-101.DEF) — 347KB
• amrx-20240331_lab.xml (EX-101.LAB) — 699KB
• amrx-20240331_pre.xml (EX-101.PRE) — 510KB
• amrx-20240331_htm.xml (XML) — 1326KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Consolidated Statements of Operations 4 Consolidated Statements of Comprehensive Loss 5 Consolidated Balance Sheets 6 Consolidated Statements of Cash Flows 7 Consolidated Statements of Changes in Stockholders' Equit y (Deficiency) 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

Signatures

Signatures 45 1 Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q 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 th

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Amneal Pharmaceuticals, Inc. Consolidated Statements of Operations (unaudited; in thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Net revenue $ 659,191 $ 557,540 Cost of goods sold 421,131 379,354 Gross profit 238,060 178,186 Selling, general and administrative 112,595 102,096 Research and development 39,298 38,690 Intellectual property legal development expenses 984 1,644 Restructuring and other charges 1,470 510 Change in fair value of contingent consideration 100 2,457 Charges (credit) related to legal matters, net 94,359 ( 436 ) Other operating income — ( 1,224 ) Operating (loss) income ( 10,746 ) 34,449 Other (expense) income: Interest expense, net ( 65,703 ) ( 49,315 ) Foreign exchange (loss) gain, net ( 1,197 ) 1,901 Increase in tax receivable agreement liability ( 1,948 ) ( 826 ) Other income, net 4,072 4,365 Total other expense, net ( 64,776 ) ( 43,875 ) Loss before income taxes ( 75,522 ) ( 9,426 ) Provision for income taxes 6,156 668 Net loss ( 81,678 ) ( 10,094 ) Less: Net (income) loss attributable to non-controlling interests ( 9,965 ) 3,151 Net loss attributable to Amneal Pharmaceuticals, Inc. $ ( 91,643 ) $ ( 6,943 ) Net loss per share attributable to Amneal Pharmaceuticals, Inc.'s Class A common stockholders: Basic and diluted $ ( 0.30 ) $ ( 0.05 ) Weighted-average common shares outstanding: Basic and diluted 307,279 152,109 The accompanying notes are an integral part of these consolidated financial statements. 4 Amneal Pharmaceuticals, Inc. Consolidated Statements of Comprehensive Loss (unaudited; in thousands) Three Months Ended March 31, 2024 2023 Net loss $ ( 81,678 ) $ ( 10,094 ) Less: Net (income) loss attributable to non-controlling interests ( 9,965 ) 3,151 Net loss attributable to Amneal Pharmaceuticals, Inc. ( 91,643 ) ( 6,943 ) Other comprehensive (loss) income: Foreign currency translation adjustments arising during t

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) 1. Nature of Operations Amneal Pharmaceuticals, Inc. (the "Company") is a global pharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines, including retail generics, injectables, and biosimilars in our Generics segment and specialty branded pharmaceuticals. The Company operates principally in the United States ("U.S."), India, and Ireland, and sells 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 100 % of the common units of Amneal Pharmaceuticals, LLC ("Amneal"). 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), should be read in conjunction with the Company's annual audited financial statements for the year ended December 31, 2023 included in the Company's 2023 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in annual financial statements have been omitted from the accompanying unaudited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial position as of March 31, 2024, cash flows for the three months ended March 31, 2024 and 2023 and the results of its operations, its comprehensive loss and its changes in stockholders' equity (deficiency) for the three months ended March 31, 2024 and 2023. The consolidated balance sheet data at December 31, 2023 was derived from the Company's audited annual financial statements, but does not include all disclosur

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View this 10-Q filing on SEC EDGAR