Amneal Reports Third Quarter 2025 Financial Results

‒ Q3 2025 Net Revenue of $785 million; GAAP Net Income of $2 million; Diluted Income per Share of $0.01 ‒‒ Adjusted EBITDA of $160 million; Adjusted Diluted EPS of $0.17 ‒‒ Updated 2025 Full Year Guidance ‒ BRIDGEWATER, N.J., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) (“Amneal” or the “Company”) today announced its results for the third quarter ended September 30, 2025. “Amneal delivered another strong quarter and updated our 2025 outlook, underscoring the strength of our diversified business and the ongoing evolution of our portfolio. CREXONT® for Parkinson’s disease and other key branded products continue to drive Specialty growth, complemented by the launch this month of BREKIYA® in the migraine space. At the same time, our Affordable Medicines segment is entering a significant new product launch cycle, with multiple complex approvals this quarter and numerous new key launches expected ahead. Together with our recent refinancing, Amneal is closing 2025 and entering 2026 from a position of strength and momentum,” said Chirag and Chintu Patel, Co-Chief Executive Officers. Third Quarter 2025 Results Net revenue in the third quarter of 2025 was $785 million, an increase of 12% compared to $702 million in the third quarter of 2024. Specialty net revenue increased 8% driven by key branded products, including CREXONT® and UNITHROID®. Affordable Medicines net revenue increased 8% driven by strong performance of our complex product portfolio and new product launches. AvKARE net revenue increased 24% driven by growth in the government label sales channel. Net income attributable to Amneal Pharmaceuticals, Inc. was $2 million in the third quarter of 2025 compared to a net loss of $0.2 million in the third quarter of 2024, reflecting higher revenue and gross profit, partially offset by higher operating expense. Adjusted EBITDA in the third quarter of 2025 was $160 million, an increase of 1% compared to the third quarter of 2024, reflective of higher revenue and gross profit, partially offset by increased commercial investments to support the CREXONT® and BREKIYA® autoinjector launches and a slight increase in research and development expenses, which included a $22.5 million milestone related to the U.S. Food and Drug Administration Biologics License Application submission of biosimilar candidate to XOLAIR®. Diluted income per share in the third quarter of 2025 was $0.01 compared to diluted loss per share of $0.00 for the third quarter of 2024, due to the aforementioned factors. Adjusted diluted earnings per share in the third quarter of 2025 was $0.17, an increase of 6% compared to $0.16 for the third quarter of 2024. The Company presents GAAP and adjusted (non-GAAP) quarterly results. Please refer to the “Non-GAAP Financial Measures” section and the accompanying GAAP to non-GAAP reconciliation tables for more information. Updated 2025 Full Year Guidance Updated GuidancePrior GuidanceNet revenue$3.0 billion - $3.1 billion$3.0 billion - $3.1 billionAdjusted EBITDA(1)$675 million - $685 million$665 million - $685 millionAdjusted diluted EPS(2)$0.75 - $0.80$0.70 - $0.75Operating cash flow$300 million - $330 million$275 million - $305 millionOperating cash flow, excluding discrete items(3)$300 million - $330 million$300 million - $330 millionCapital expenditures(4)Approximately $100 millionApproximately $100 million (1)Includes 100% of adjusted EBITDA from AvKARE. See also “Non-GAAP Financial Measures” below.(2)Accounts for 35% non-controlling interest in AvKARE. Guidance assumes approximately 325 million weighted-average diluted shares outstanding for the year ending December 31, 2025.(3)Excludes discrete items such as legal settlement payments.(4)Reflects estimated capital expenditures, net of expected contributions from an alliance party of $20 million. Amneal’s 2025 estimates are based on management’s current expectations, including with respect to prescription trends, pricing levels, the timing of future product launches, the costs incurred and benefits realized of restructuring activities, and our long-term strategy. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company cannot provide a reconciliation between non-GAAP projections and the most directly comparable measures in accordance with GAAP without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. The items include, but are not limited to, acquisition-related expenses, restructuring expenses and benefits, asset impairments, legal settlements, and other gains and losses. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results. Conference Call Information Amneal will host a conference call and live webcast at 8:30 am Eastern Time today, October 30, 2025, to discuss its results. The live webcast and presentation will be accessible through the Investor Relations section of the Company’s website at https://investors.amneal.com. To access the call through a conference line, dial (833) 470-1428 (in the U.S.) with access code 272787. A replay of the conference call will be posted shortly after the call. For a list of toll-free international numbers, visit this website: https://www.netroadshow.com/events/global-numbers?confId=89042. About Amneal Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX), headquartered in Bridgewater, NJ, is a global biopharmaceutical company. We make healthy possible through the development, manufacturing, and distribution of a diverse portfolio of over 290 pharmaceutical products, primarily within the United States. In our Affordable Medicines segment, we are expanding across a broad range of complex product categories and therapeutic areas, including injectables and biosimilars. In our Specialty segment, we have a growing portfolio of branded pharmaceuticals focused primarily on central nervous system and endocrine disorders. Through our AvKARE segment, the Company is a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. For more information, please visit www.amneal.com. Cautionary Statement on Forward-Looking Statements Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements regarding management’s intentions, plans, beliefs, expectations, financial results, or forecasts for the future, including among other things: discussions of future operations; anticipated product approvals; expected or estimated operating results and financial performance; statements regarding our positioning for growth, and other non-historical statements. Words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and similar words, or the negatives thereof, are intended to identify estimates and forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. These forward-looking statements are based on current expectations of future events, including with respect to future market conditions, company performance and financial results, operational investments, business prospects, new strategies and growth initiatives, the competitive environment, and other events. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Such risks and uncertainties include, but are not limited to: our ability to successfully develop, license, acquire and commercialize new products on a timely basis; the competition we face in the pharmaceutical industry from brand and generic drug product companies, and the impact of that competition on our ability to set prices; our ability to obtain exclusive marketing rights for our products; the impact of illegal distribution and sale by third parties of counterfeit versions of our products or stolen products; the impact of negative market perceptions of us and the safety and quality of our products; our revenues are derived from the sales of a limited number of products, a substantial portion of which are through a limited number of customers; the continuing trend of consolidation of certain customer groups; our dependence on third-party suppliers and distributors for raw materials for our products and certain finished goods; the imposition of tariffs may adversely affect our business, results of operations and financial condition; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; our dependence on information technology systems and infrastructure and the potential for cybersecurity incidents, and risks associated with artificial intelligence; the impact of a prolonged business interruption within our supply chain; our ability to attract, hire and retain highly skilled personnel; risks related to federal regulation of arrangements between manufacturers of branded and generic products; our reliance on certain licenses to proprietary technologies from time to time; the significant amount of resources we expend on research and development; the risk of claims brought against us by third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to government contracting, healthcare fraud abuse and health information privacy and security and changes in such laws; changes to Food and Drug Administration product approval requirements; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; our dependence on third-party agreements for a portion of our product offerings; our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, and the impact of interest rate fluctuations on such indebtedness; our potential expansion into additional international markets subjecting us to increased regulatory, economic, social and political uncertainties; our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms; the impact of global economic, political or other catastrophic events; our obligations under a tax receivable agreement may be significant; and the high concentration of ownership of our class A common stock and the fact that we are controlled by the Amneal Group. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect the occurrence of events or circumstances after the date hereof. Non-GAAP Financial Measures This release includes certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted EPS, adjusted operating cash flow and net leverage, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP. Adjusted diluted EPS reflects diluted earnings per share based on adjusted net income (loss), which is net income (loss) adjusted to (A) exclude (i) non-cash interest, (ii) GAAP (benefit from) provision for income taxes, (iii) amortization, (iv) stock-based compensation expense, (v) acquisition, site closure expenses, and idle facility expenses, (vi) restructuring and other charges, (vii) loss on refinancing, (viii) (credit) charges related to certain legal matters, including interest, net, (ix) asset impairment charges, (x) (decrease) increase in tax receivable agreement liability, (xi) other and (xii) net income attributable to non-controlling interests, and (B) include non-GAAP provision for income taxes. Non-GAAP adjusted diluted EPS for the three and nine months ended September 30, 2025 and 2024 was calculated using the weighted average fully diluted shares outstanding of Class A common stock (inclusive of the effect of dilutive securities). EBITDA reflects net income (loss) adjusted to exclude interest expense, net, (benefit from) provision for income taxes and depreciation and amortization. Adjusted EBITDA reflects net income (loss) adjusted to exclude (i) interest expense, net, (ii) (benefit from) provision for income taxes, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) acquisition, site closure, and idle facility expenses, (vi) restructuring and other charges, (vii) loss on refinancing (viii) (credit) charges related to legal matters, net, (ix) asset impairment charges, (x) foreign exchange loss (gain), (xi) (decrease) increase in tax receivable agreement liability, and (xii) other. Adjusted operating cash flow reflects cash flow from operations excluding discrete items such as legal settlement payments. Net leverage is calculated as net debt (total outstanding principal on the Company’s debt, less cash and cash equivalents), divided by adjusted EBITDA for the year or trailing twelve months then ended. Management uses these non-GAAP measures internally to evaluate and manage the Company’s operations and to better understand its business because they facilitate a comparative assessment of the Company’s operating performance relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance. The compensation committee of the Company’s board of directors also uses certain of these measures to evaluate management’s performance and set its compensation. The Company believes that these non-GAAP measures also provide useful information to investors regarding certain financial and business trends relating to the Company’s financial condition and operating results facilitates an evaluation of the financial performance of the Company and its operations on a consistent basis. Providing this information therefore allows investors to make independent assessments of the Company’s financial performance, results of operations, cash flows, net leverage and trends while viewing the information through the eyes of management. These non-GAAP measures are subject to limitations. The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements; do not reflect changes in, or cash requirements for, working capital needs; and do not reflect interest expense, or the requirements necessary to service interest or principal payments on debt. Further, our historical adjusted results are not intended to project our adjusted results of operations or financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures in conjunction with the Company’s GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to any measure determined in accordance with GAAP. Readers should review the reconciliations included below, and should not rely on any single financial measure to evaluate the Company’s business. A reconciliation of each historical non-GAAP measure to the most directly comparable GAAP measure is set forth below. ContactAnthony DiMeoVP, Investor Relationsanthony.dimeo@amneal.com Amneal Pharmaceuticals, Inc.Consolidated Statements of Operations(unaudited; $ in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net revenue$784,513 $702,468 $2,204,441 $2,063,439 Cost of goods sold 510,539 432,910 1,388,323 1,305,874 Gross profit 273,974 269,558 816,118 757,565 Selling, general and administrative 137,815 118,692 380,369 347,749 Research and development 63,352 61,097 151,356 136,449 Intellectual property legal development expenses 2,437 1,967 6,221 3,993 Restructuring and other charges 143 172 1,738 1,862 (Credit) charges related to legal matters, net — (149) (390) 94,909 Other operating income (117) (1,030) (5,239) (930)Operating income 70,344 88,809 282,063 173,533 Other (expense) income: Interest expense, net (62,814) (65,511) (184,854) (196,933)Foreign exchange (loss) gain, net (3,431) 2,274 9,072 815 Decrease (increase) in tax receivable agreement liability 20,808 (11,327) 5,701 (26,719)Loss on refinancing (31,365) — (31,365) — Other income, net 1,235 1,178 3,357 9,610 Total other expense, net (75,567) (73,386) (198,089) (213,227)Income (loss) before income taxes (5,223) 15,423 83,974 (39,694)(Benefit from) provision for income taxes (23,355) 3,666 5,614 13,440 Net income (loss) 18,132 11,757 78,360 (53,134)Less: Net income attributable to non-controlling interests (15,763) (11,913) (41,379) (32,671)Net income (loss) attributable to Amneal Pharmaceuticals, Inc.$2,369 $(156) $36,981 $(85,805) Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders: Basic$0.01 $(—) $0.12 $(0.28)Diluted$0.01 $(—) $0.11 $(0.28)Weighted-average common shares outstanding: Basic 314,168 309,647 312,998 308,685 Diluted 324,754 309,647 323,704 308,685 Amneal Pharmaceuticals, Inc.Condensed Consolidated Balance Sheets(unaudited; $ in thousands) September 30, 2025 December 31, 2024Assets Current assets: Cash and cash equivalents$201,249 $110,552 Restricted cash 34,727 7,868 Trade accounts receivable, net 885,199 775,731 Inventories 614,500 612,454 Prepaid expenses and other current assets 101,511 80,717 Related party receivables 1,292 484 Total current assets 1,838,478 1,587,806 Property, plant and equipment, net 434,991 424,908 Goodwill 595,945 597,436 Intangible assets, net 587,938 732,377 Operating lease right-of-use assets 31,769 31,388 Operating lease right-of-use assets - related party 16,875 10,964 Financing lease right-of-use assets 54,420 56,433 Other assets 39,458 60,133 Total assets$3,599,874 $3,501,445 Liabilities and Stockholders’ Deficiency Current liabilities: Accounts payable and accrued expenses$731,825 $735,450 Current portion of liabilities for legal matters 40,598 31,755 Revolving credit facility — 100,000 Current portion of long-term debt, net 7,202 224,213 Current portion of operating lease liabilities 7,985 9,435 Current portion of operating lease liabilities - related party 2,826 3,396 Current portion of financing lease liabilities 3,458 3,211 Related party payables - short term 68,212 22,311 Total current liabilities 862,106 1,129,771 Long-term debt, net 2,566,500 2,161,790 Operating lease liabilities 26,405 24,814 Operating lease liabilities - related party 15,676 9,391 Financing lease liabilities 55,672 56,889 Related party payables - long term 8,587 50,900 Liabilities for legal matters - long term 74,477 85,479 Other long-term liabilities 32,626 26,949 Total long-term liabilities 2,779,943 2,416,212 Redeemable non-controlling interests 67,780 64,974 Total stockholders’ deficiency (109,955) (109,512)Total liabilities and stockholders’ deficiency$3,599,874 $3,501,445 Amneal Pharmaceuticals, Inc.Consolidated Statements of Cash Flows(unaudited; $ in thousands) Nine Months Ended September 30, 2025 2024 Cash flows from operating activities: Net income (loss)$78,360 $(53,134)Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 174,345 170,061 Unrealized foreign currency gain (8,606) (754)Amortization of debt issuance costs and discount 18,716 22,280 Reclassification of cash flow hedge (1,713) (19,618)Loss on refinancing 31,365 — Intangible asset impairment charges 22,784 920 Stock-based compensation 23,751 20,558 Inventory provision 59,326 63,611 Other operating charges and credits, net 3,575 (980)Changes in assets and liabilities: Trade accounts receivable, net (110,228) (134,031)Inventories (66,846) (78,545)Prepaid expenses, other current assets and other assets (20,173) (2,082)Related party receivables (830) (483)Accounts payable, accrued expenses and other liabilities 2,744 168,879 Related party payables 3,107 20,339 Net cash provided by operating activities 209,677 177,021 Cash flows from investing activities: Purchases of property, plant and equipment (48,290) (36,769)Acquisition of intangible assets (12,514) (14,050)Deposits for future acquisition of property, plant and equipment (7,384) (1,107)Proceeds from sale of property, plant and equipment 1,379 — Proceeds from sale of subsidiary — 4,989 Net cash used in investing activities (66,809) (46,937)Cash flows from financing activities: Proceeds from issuance of debt 2,694,750 — Payments of principal on debt, revolving credit facilities, financing leases and other (2,805,384) (133,383)Payments of deferred financing and refinancing costs (74,973) — Borrowings on revolving credit facilities 218,000 48,000 Proceeds from exercise of stock options 1,407 1,003 Employee payroll tax withholding on restricted stock unit and performance stock unit vesting (21,957) (7,565)Tax and other distributions to non-controlling interests (38,825) (14,442)Payment of principal on notes payable - related party — (44,200)Proceeds from alliance party 5,572 — Net cash used in financing activities (21,410) (150,587)Effect of foreign exchange rate on cash (1,471) (259)Net increase in cash, cash equivalents, and restricted cash 119,987 (20,762)Cash, cash equivalents, and restricted cash - beginning of period 118,420 99,107 Cash, cash equivalents, and restricted cash - end of period$238,407 $78,345 Cash and cash equivalents - end of period$201,249 $74,006 Restricted cash - end of period 34,727 4,339 Long-term restricted cash included in other assets - end of period 2,431 — Cash, cash equivalents, and restricted cash - end of period$238,407 $78,345 Amneal Pharmaceuticals, Inc.Non-GAAP Reconciliations(unaudited, $ in thousands)Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, Year EndedDecember 31, 2025 2024 2025 2024 2024 Net income (loss)$18,132 $11,757 $78,360 $(53,134) $(73,876)Adjusted to add: Interest expense, net 62,814 65,511 184,854 196,933 258,595 (Benefit from) provision for income taxes (23,355) 3,666 5,614 13,440 18,863 Depreciation and amortization 54,073 58,961 174,345 170,061 236,191 EBITDA (Non-GAAP)$111,664 $139,895 $443,173 $327,300 $439,773 Adjusted to add (deduct): Stock-based compensation expense 8,219 7,112 23,621 20,343 27,552 Acquisition, site closure, and idle facilityexpenses(1) 2,318 551 4,762 1,574 2,112 Restructuring and other charges 143 172 1,738 1,773 2,265 Loss on refinancing 31,365 — 31,365 — — (Credit) charges related to legal matters,net(2) — (149) (390) 94,909 96,692 Asset impairment charges 22,784 181 22,888 1,196 1,372 Foreign exchange loss (gain) 3,431 (2,274) (9,072) (815) 6,846 (Decrease) increase in tax receivableagreement liability (20,808) 11,327 (5,701) 26,719 50,680 Other(3) 459 808 829 (814) 150 Adjusted EBITDA (Non-GAAP)$159,575 $157,623 $513,213 $472,185 $627,442 Amneal Pharmaceuticals, Inc.Non-GAAP Reconciliations(unaudited, $ in thousands)Calculation of Net Debt and Net Leverage September 30, 2025 December 31, 2024Term Loan Due 2032$2,100,000 $—Senior Notes Due 2032 600,000 —Term Loan Due 2025 — 191,979Term Loan Due 2028 — 2,292,856New Revolving Credit Facility — 100,000Gross debt(4)$2,700,000 $2,584,835Less: Cash and cash equivalents 201,249 110,552Net debt (Non-GAAP)(5)$2,498,751 $2,474,283 Adjusted EBITDA (Non-GAAP) Adjusted EBITDA (Non-GAAP)Year ended December 31, 2024$627,442 $627,442Less: Nine months ended September 30, 2024 472,185 Add: Nine months ended September 30, 2025 513,213 Last twelve months ended September 30, 2025$668,470 Last Twelve Months EndedSeptember 30, 2025 Year Ended December 31, 2024Net leverage (Non-GAAP)(6)3.7x 3.9x Amneal Pharmaceuticals, Inc.Non-GAAP Reconciliations(unaudited; $ in thousands, except per share amounts)Reconciliation of Net Income (Loss) to Adjusted Net Income and Calculation of Adjusted Diluted Earnings Per Share Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss)$18,132 $11,757 $78,360 $(53,134)Adjusted to add (deduct): Non-cash interest 9,163 923 16,908 1,552 GAAP (benefit from) provision for income taxes (23,355) 3,666 5,614 13,440 Amortization 38,647 41,992 127,741 119,481 Stock-based compensation expense 8,219 7,112 23,621 20,343 Acquisition, site closure expenses, and idle facility expenses(1) 2,284 551 4,700 1,574 Restructuring and other charges 143 172 1,731 1,756 Loss on refinancing 31,365 — 31,365 — (Credit) charges related to legal matters, includinginterest, net(2) — (149) (390) 95,036 Asset impairment charges 22,784 181 22,888 1,196 (Decrease) increase in tax receivable agreement liability (20,808) 11,327 (5,701) 26,719 Other(3) 459 808 839 (814)Provision for income taxes(7) (16,868) (15,875) (65,722) (48,016)Net income attributable to non-controlling interests (15,763) (11,913) (41,379) (32,671)Adjusted net income (Non-GAAP)$54,402 $50,552 $200,575 $146,462 Weighted average diluted shares outstanding (Non-GAAP)(8) 324,754 322,946 323,704 319,491 Adjusted diluted earnings per share (Non-GAAP)$0.17 $0.16 $0.62 $0.46 Amneal Pharmaceuticals, Inc.Non-GAAP Reconciliations(unaudited)Explanations for Non-GAAP Reconciliations (1)Acquisition, site closure, and idle facility expenses for the three and nine months ended September 30, 2025 primarily included costs related to a planned facility closure and rent for vacated properties. Acquisition, site closure, and idle facility expenses for the three and nine months ended September 30, 2024 and the year ended December 31, 2024 primarily included rent for vacated properties. (2)For the nine months ended September 30, 2024 and the year ended December 31, 2024, charges related to legal matters, net were primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the United States. (3)System implementation expense of $0.3 million and change in fair value of contingent consideration of ($1.0 million), formerly included in their own captions in the non-GAAP reconciliations, for the three months ended September 30, 2024 have been reclassified to the caption “other” to conform to the current period presentation. System implementation expense of $2.0 million and change in the fair value of contingent consideration of ($0.9 million), formerly included in their own captions in the non-GAAP reconciliations, for the nine months ended September 30, 2024 have been reclassified to the caption “other” to conform to the current period presentation. System implementation expense of $2.4 million and change in the fair value of contingent consideration of ($0.9 million), formerly included in their own captions in the non-GAAP reconciliations, for the year ended December 31, 2024 have been reclassified to the caption “other” to conform to the current period presentation. (4)On August 1, 2025, the Company borrowed $2.1 billion under new seven-year term loans (the “Term Loan Due 2032”) pursuant to an amendment to the Term Loan Credit Agreement and completed a private offering of $600 million aggregate principal amount of 6.875% senior secured notes due 2032 at par (the “Senior Notes Due 2032”). The Company used the net proceeds of the Term Loan Due 2032 and the Senior Notes due 2032 to refinance the Term Loan Due 2028 in full, to repay outstanding amounts borrowed under the New Revolving Credit Facility in full, and to pay related fees, premiums and expenses. Refer to Note 15. Debt in the Company’s 2024 Annual Report on Form 10-K for information about the Company’s debt as of December 31, 2024. (5)Net debt was calculated as the total outstanding principal on the Company’s debt less cash and cash equivalents. (6)Net leverage was calculated by dividing net debt as of September 30, 2025 and December 31, 2024 by adjusted EBITDA for the last twelve months ended September 30, 2025 and year ended December 31, 2024, respectively. (7)The non-GAAP effective tax rates for the three and nine months ended September 30, 2025 were 23.7% and 24.7%, respectively. The non-GAAP effective tax rates for the three and nine months ended September 30, 2024 were 23.9% and 24.7%, respectively. (8)Weighted average diluted shares outstanding for the three and nine months ended September 30, 2025 and 2024 consisted of fully diluted Class A common stock (inclusive of the effect of dilutive securities). Amneal Pharmaceuticals, Inc.Affordable Medicines SegmentReconciliation of GAAP to Non-GAAP Operating Results(1)(unaudited; $ in thousands) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 As Reported Adjustments Non-GAAP As Reported Adjustments Non-GAAPNet revenue$460,741 $— $460,741 $427,345 $— $427,345 Cost of goods sold(2) 280,463 (12,075) 268,388 249,342 (11,411) 237,931 Gross profit 180,278 12,075 192,353 178,003 11,411 189,414 Gross margin % 39.1% 41.7% 41.7% 44.3% Selling, general and administrative(3) 37,173 (2,341) 34,832 30,951 (1,931) 29,020 Research and development(4) 55,124 (679) 54,445 57,099 (674) 56,425 Intellectual property legal development expenses 2,378 — 2,378 1,786 — 1,786 Restructuring and other charges 90 (90) — 17 (17) — Credit related to legal matters, net — — — (149) 149 — Other operating income (117) — (117) — — — Operating income$85,630 $15,185 $100,815 $88,299 $13,884 $102,183 (1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in our Affordable Medicines segment. (2)Adjustments for the three months ended September 30, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($1.1 million and $0.9 million), amortization expense ($10.4 million and $10.3 million), and asset impairment charges ($0.6 million and $0.2 million). (3)Adjustments for the three months ended September 30, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($1.8 million and $1.4 million) and site closure costs ($0.5 million in each period). (4)Adjustments for the three months ended September 30, 2025 and 2024 were comprised of stock-based compensation expense. Amneal Pharmaceuticals, Inc.Affordable Medicines SegmentReconciliation of GAAP to Non-GAAP Operating Results(1)(unaudited; $ in thousands) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 As Reported Adjustments Non-GAAP As Reported Adjustments Non-GAAPNet revenue$1,308,874 $— $1,308,874 $1,245,967 $— $1,245,967 Cost of goods sold(2) 775,742 (34,121) 741,621 750,167 (35,123) 715,044 Gross profit 533,132 34,121 567,253 495,800 35,123 530,923 Gross margin % 40.7% 43.3% 39.8% 42.6% Selling, general and administrative(3) 105,114 (6,340) 98,774 95,663 (5,251) 90,412 Research and development(4) 128,003 (2,145) 125,858 123,173 (1,913) 121,260 Intellectual property legal development expenses 6,069 — 6,069 3,778 — 3,778 Restructuring and other charges 773 (773) — 70 (70) — (Credit) charges related to legal matters, net(5) (390) 390 — 94,909 (94,909) — Other operating income (5,239) — (5,239) — — — Operating income$298,802 $42,989 $341,791 $178,207 $137,266 $315,473 (1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in our Affordable Medicines segment. (2)Adjustments for the nine months ended September 30, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($2.9 million and $2.7 million), amortization expense ($30.5 million and $31.2 million), and asset impairment charges ($0.7 million and $1.2 million). (3)Adjustments for the nine months ended September 30, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($4.7 million and $3.7 million) and site closure costs ($1.6 million in each period). (4)Adjustments for the nine months ended September 30, 2025 and 2024 were comprised of stock-based compensation expense. (5)Adjustment for the nine months ended September 30, 2024 was primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the United States. Amneal Pharmaceuticals, Inc.Specialty SegmentReconciliation of GAAP to Non-GAAP Operating Results(unaudited; $ in thousands) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 As Reported Adjustments Non-GAAP As Reported Adjustments Non-GAAPNet revenue$125,240 $— $125,240 $115,638 $— $115,638 Cost of goods sold(1) 73,808 (48,607) 25,201 52,342 (29,394) 22,948 Gross profit 51,432 48,607 100,039 63,296 29,394 92,690 Gross margin % 41.1% 79.9% 54.7% 80.2% Selling, general and administrative(2) 33,580 (490) 33,090 27,723 (167) 27,556 Research and development(3) 8,228 (1,843) 6,385 3,998 (258) 3,740 Intellectual property legal development expenses 59 — 59 181 — 181 Restructuring and other charges — — — — — — Other operating income — — — (1,030) 1,030 — Operating income$9,565 $50,940 $60,505 $32,424 $28,789 $61,213 (1)Adjustments for the three months ended September 30, 2025 and 2024 were comprised of amortization expense ($26.5 million and $29.4 million) and asset impairment charges ($22.1 million and none). (2)Adjustments for the three months ended September 30, 2025 and 2024 were comprised of stock-based compensation expense. (3)Adjustments for the three months ended September 30, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($0.1 million and $0.3 million) and site closure costs ($1.7 million and none). Amneal Pharmaceuticals, Inc.Specialty SegmentReconciliation of GAAP to Non-GAAP Operating Results(unaudited; $ in thousands) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 As Reported Adjustments Non-GAAP As Reported Adjustments Non-GAAPNet revenue$361,580 $— $361,580 $324,913 $— $324,913 Cost of goods sold(1) 182,686 (114,127) 68,559 143,284 (81,349) 61,935 Gross profit 178,894 114,127 293,021 181,629 81,349 262,978 Gross margin % 49.5% 81.0% 55.9% 80.9% Selling, general and administrative(2) 94,872 (1,321) 93,551 79,529 (755) 78,774 Research and development(3) 23,353 (3,430) 19,923 13,276 (801) 12,475 Intellectual property legal development expenses 152 — 152 215 — 215 Restructuring and other charges 471 (471) — 1,024 (1,024) — Other operating income — — — (930) 930 — Operating income$60,046 $119,349 $179,395 $88,515 $82,999 $171,514 (1)Adjustments for the nine months ended September 30, 2025 and 2024 were comprised of amortization expense ($92.0 million and $81.3 million) and asset impairment charges ($22.1 million and none). (2)Adjustments for the nine months ended September 30, 2025 and 2024 were comprised of stock-based compensation expense. (3)Adjustments for the nine months ended September 30, 2025 and 2024, respectively, were comprised of stock-based compensation expense ($0.3 million and $0.8 million) and site closure costs ($3.1 million and none). Amneal Pharmaceuticals, Inc.AvKARE SegmentReconciliation of GAAP to Non-GAAP Operating Results(1)(unaudited; $ in thousands) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 As Reported Adjustments Non-GAAP As Reported Adjustments Non-GAAPNet revenue$198,532 $— $198,532 $159,485 $— $159,485 Cost of goods sold 156,268 — 156,268 131,226 — 131,226 Gross profit 42,264 — 42,264 28,259 — 28,259 Gross margin % 21.3% 21.3% 17.7% 17.7% Selling, general and administrative(2) 15,234 (2,699) 12,535 15,145 (3,545) 11,600 Operating income$27,030 $2,699 $29,729 $13,114 $3,545 $16,659 (1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in our Affordable Medicines segment. (2)Adjustments for the three months ended September 30, 2025 and 2024 were comprised of amortization expense. Amneal Pharmaceuticals, Inc.AvKARE SegmentReconciliation of GAAP to Non-GAAP Operating Results(1)(unaudited; $ in thousands) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 As Reported Adjustments Non-GAAP As Reported Adjustments Non-GAAPNet revenue$533,987 $— $533,987 $492,559 $— $492,559 Cost of goods sold 429,895 — 429,895 412,423 — 412,423 Gross profit 104,092 — 104,092 80,136 — 80,136 Gross margin % 19.5% 19.5% 16.3% 16.3% Selling, general and administrative(2) 46,007 (8,099) 37,908 44,694 (10,636) 34,058 Operating income$58,085 $8,099 $66,184 $35,442 $10,636 $46,078 (1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in our Affordable Medicines segment. (2)Adjustments for the nine months ended September 30, 2025 and 2024 were comprised of amortization expense.

Amneal Reports Third Quarter 2025 Financial Results

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