Amneal Pharmaceuticals Files Q2 2024 10-Q

TL;DR

Amneal dropped its Q2 10-Q. Check financials.

AI Summary

Amneal Pharmaceuticals, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the pharmaceutical sector.

Why It Matters

This filing provides investors with a detailed look at Amneal's financial health and strategic direction for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial and operational information that can reveal performance trends and potential challenges.

Key Players & Entities

• Amneal Pharmaceuticals, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 0001723128 (company) — Central Index Key for Amneal Pharmaceuticals, Inc.
• 20240809 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• amrx-20240630.htm (10-Q) — 1934KB
• amrx-2024063010xqexx311.htm (EX-31.1) — 10KB
• amrx-2024063010xqexx312.htm (EX-31.2) — 10KB
• amrx-2024063010xqexx313.htm (EX-31.3) — 10KB
• amrx-2024063010xqexx321.htm (EX-32.1) — 5KB
• amrx-2024063010xqexx322.htm (EX-32.2) — 5KB
• amrx-2024063010xqexx323.htm (EX-32.3) — 6KB
• 0001723128-24-000032.txt ( ) — 10291KB
• amrx-20240630.xsd (EX-101.SCH) — 81KB
• amrx-20240630_cal.xml (EX-101.CAL) — 91KB
• amrx-20240630_def.xml (EX-101.DEF) — 382KB
• amrx-20240630_lab.xml (EX-101.LAB) — 720KB
• amrx-20240630_pre.xml (EX-101.PRE) — 539KB
• amrx-20240630_htm.xml (XML) — 1840KB

- 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) Income 5 Consolidated Balance Sheets 6 Consolidated Statements of Cash Flows 7 Consolidated Statements of Changes in Stockholders' (Deficiency) Equity 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 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 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50

Signatures

Signatures 51 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net revenue $ 701,780 $ 599,046 $ 1,360,971 $ 1,156,586 Cost of goods sold 451,833 379,025 872,964 758,379 Gross profit 249,947 220,021 488,007 398,207 Selling, general and administrative 116,462 105,570 229,057 207,666 Research and development 36,054 37,799 75,352 76,489 Intellectual property legal development expenses 1,042 820 2,026 2,464 Restructuring and other charges 220 82 1,690 592 Change in fair value of contingent consideration — ( 6,364 ) 100 ( 3,907 ) Charges related to legal matters, net 699 2,017 95,058 1,581 Other operating expense (income) — 13 — ( 1,211 ) Operating income 95,470 80,084 84,724 114,533 Other (expense) income: Interest expense, net ( 65,719 ) ( 50,857 ) ( 131,422 ) ( 100,172 ) Foreign exchange (loss) gain, net ( 262 ) 421 ( 1,459 ) 2,322 Increase in tax receivable agreement liability ( 13,444 ) ( 405 ) ( 15,392 ) ( 1,231 ) Other income, net 4,360 417 8,432 4,782 Total other expense, net ( 75,065 ) ( 50,424 ) ( 139,841 ) ( 94,299 ) Income (loss) before income taxes 20,405 29,660 ( 55,117 ) 20,234 Provision for (benefit from) income taxes 3,618 ( 23 ) 9,774 645 Net income (loss) 16,787 29,683 ( 64,891 ) 19,589 Less: Net income attributable to non-controlling interests ( 10,793 ) ( 17,766 ) ( 20,758 ) ( 14,615 ) Net income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 5,994 $ 11,917 $ ( 85,649 ) $ 4,974 Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.'s Class A common stockholders: Basic $ 0.02 $ 0.08 $ ( 0.28 ) $ 0.03 Diluted $ 0.02 $ 0.08 $ ( 0.28 ) $ 0.03 Weighted-average common shares outstanding: Basic 309,117 153,738 308,198 152,928 Diluted 318,957 154,887 308,198 154,575 The accompanying notes are an integral part of these cons

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 June 30, 2024, cash flows for the six months ended June 30, 2024 and 2023 and the results of its operations, its comprehensive (loss) income and its changes in stockholders' (deficiency) equity for the three and six months ended June 30, 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 a

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View this 10-Q filing on SEC EDGAR