Amneal Pharmaceuticals Files Q3 2024 10-Q

TL;DR

Amneal Pharma's Q3 2024 10-Q is in: check financials for latest performance.

AI Summary

Amneal Pharmaceuticals, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year, detailing financial performance and operational updates. Specific financial figures and operational highlights for these periods are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Amneal Pharmaceuticals, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — Quarterly reports can reveal shifts in financial health, operational challenges, or new risks that may impact stock price.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter and nine-month period covered by the report.)
• 2024-11-12 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Amneal Pharmaceuticals, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241112 (date) — Filing date
• 0001723128 (company) — Central Index Key for Amneal Pharmaceuticals, Inc.

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-20240930.htm (10-Q) — 1973KB
• amrx-2024093010xqexx311.htm (EX-31.1) — 10KB
• amrx-2024093010xqexx312.htm (EX-31.2) — 10KB
• amrx-2024093010xqexx313.htm (EX-31.3) — 10KB
• amrx-2024093010xqexx321.htm (EX-32.1) — 5KB
• amrx-2024093010xqexx322.htm (EX-32.2) — 5KB
• amrx-2024093010xqexx323.htm (EX-32.3) — 6KB
• 0001723128-24-000042.txt ( ) — 10705KB
• amrx-20240930.xsd (EX-101.SCH) — 86KB
• amrx-20240930_cal.xml (EX-101.CAL) — 91KB
• amrx-20240930_def.xml (EX-101.DEF) — 364KB
• amrx-20240930_lab.xml (EX-101.LAB) — 835KB
• amrx-20240930_pre.xml (EX-101.PRE) — 587KB
• amrx-20240930_htm.xml (XML) — 1872KB

- 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 37 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 52

Signatures

Signatures 53 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net revenue $ 702,468 $ 620,040 $ 2,063,439 $ 1,776,626 Cost of goods sold 432,910 387,509 1,305,874 1,145,888 Gross profit 269,558 232,531 757,565 630,738 Selling, general and administrative 118,692 113,006 347,749 320,672 Research and development 61,097 41,375 136,449 117,864 Intellectual property legal development expenses 1,967 886 3,993 3,350 Restructuring and other charges 172 1,043 1,862 1,635 Change in fair value of contingent consideration ( 1,030 ) 3,120 ( 930 ) ( 787 ) (Credit) charges related to legal matters, net ( 149 ) ( 2,620 ) 94,909 ( 1,039 ) Other operating expense (income) — 73 — ( 1,138 ) Operating income 88,809 75,648 173,533 190,181 Other (expense) income: Interest expense, net ( 65,511 ) ( 50,909 ) ( 196,933 ) ( 151,081 ) Foreign exchange gain (loss), net 2,274 ( 2,939 ) 815 ( 617 ) Increase in tax receivable agreement liability ( 11,327 ) ( 677 ) ( 26,719 ) ( 1,908 ) Other income, net 1,178 1,834 9,610 6,616 Total other expense, net ( 73,386 ) ( 52,691 ) ( 213,227 ) ( 146,990 ) Income (loss) before income taxes 15,423 22,957 ( 39,694 ) 43,191 Provision for (benefit from) income taxes 3,666 ( 2,076 ) 13,440 ( 1,431 ) Net income (loss) 11,757 25,033 ( 53,134 ) 44,622 Less: Net income attributable to non-controlling interests ( 11,913 ) ( 15,351 ) ( 32,671 ) ( 29,966 ) Net (loss) income attributable to Amneal Pharmaceuticals, Inc. $ ( 156 ) $ 9,682 $ ( 85,805 ) $ 14,656 Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.'s Class A common stockholders: Basic $ ( — ) $ 0.06 $ ( 0.28 ) $ 0.10 Diluted $ ( — ) $ 0.06 $ ( 0.28 ) $ 0.09 Weighted-average common shares outstanding: Basic 309,647 154,219 308,685 153,363 Diluted 309,647 159,691 308,685

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 September 30, 2024, cash flows for the nine months ended September 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 nine months ended September 30, 2024 and 2023. The consolidated balance sheet data at December 31, 2023 was derived from the Company's audited annual financial statements, but do

View Full Filing

View this 10-Q filing on SEC EDGAR