Q2 FY2026
Filed Jul 30, 2026Q2 2026 Net Revenue of $796 million; GAAP Net Income of $58 million; Diluted Income per Share of $0.18; Adjusted EBITDA of $206 million; Adjusted Diluted EPS of $0.30; Raising 2026 Full Year Guidance
Net revenue increased 10%, GAAP net income attributable to Amneal Pharmaceuticals, Inc. increased 157%, adjusted EBITDA increased 12%, and the Company raised select full-year 2026 guidance metrics.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenueGAAP | $796 million | – | 10% |
| Net income attributable to Amneal Pharmaceuticals, Inc.GAAP | $58 million | – | 157% |
| Diluted income per shareGAAP | $0.18 | – | 157% |
| Adjusted EBITDAnon-GAAP | $206 million | – | 12% |
| Adjusted diluted earnings per sharenon-GAAP | $0.30 | – | 20% |
Full Year 2026 outlook
- Revenue$3.10 billion - $3.20 billion
- NoteAdjusted EBITDA: $750 million - $780 million
- NoteAdjusted diluted EPS: $0.96 - $1.06
- NoteOperating cash flow: $350 million - $400 million
- NoteOperating cash flow, excluding discrete items: $375 million - $425 million
- NoteCapital expenditures: ~$150 million
- NoteAdjusted diluted EPS assumes approximately 340 million weighted-average diluted shares outstanding for the year ending December 31, 2026.
- NoteOperating cash flow, excluding discrete items, excludes opioid settlement costs of approximately $36 million and Kashiv acquisition and integration costs of approximately $30 million.
What drove it
- Specialty net revenue increased 17%, driven by key branded products including CREXONT, BREKIYA autoinjector, and UNITHROID.
- Affordable Medicines net revenue increased 13%, driven by strong performance of the complex portfolio, including women’s health products, and new product launches.
- Net income increased as higher revenue and gross profit, lower interest expense, and a lower tax provision more than offset increased SG&A expense.
- Adjusted EBITDA increased reflecting higher revenue and gross profit.
- The Company cited pending Kashiv transaction as establishing biosimilars as a new growth vertical.
Concerns
- AvKARE net revenue decreased 4% due to a decline in the low margin distribution channel, partially offset by growth in the government channel.
- SG&A expense increased in the second quarter of 2026.
- The outlook excludes discrete items such as opioid settlement costs of approximately $36 million and Kashiv acquisition and integration costs of approximately $30 million.
- Capital expenditures guidance increased to ~$150 million from ~$110 million.
- The Kashiv acquisition remains pending.
What to watch
- Completion of the Term Loan B repricing expected as early as August 3, 2026.
- Additional $350 million Term Loan B financing intended to fund a portion of the Kashiv Biosciences purchase price.
- Execution of the Kashiv acquisition and integration.
- Specialty growth from CREXONT, BREKIYA autoinjector, and UNITHROID.
- Whether AvKARE government-channel growth offsets the low margin distribution-channel decline.
- Delivery against full-year net revenue guidance of $3.10 billion - $3.20 billion and adjusted EBITDA guidance of $750 million - $780 million.
Balance sheet and cash flow
- In July 2026, the Company launched a repricing of its $2.084B Term Loan B, reducing the interest rate by 50 basis points from SOFR plus 300 basis points to SOFR plus 250 basis points.
- The repricing is expected to close as early as August 3, 2026.
- The Company intends to obtain an additional $350 million Term Loan B financing to fund a portion of the purchase price of Kashiv Biosciences.
- The repricing transaction is expected to generate about $12 million in annual cash interest savings.
- The Company’s goal is to reduce net leverage to below 3.0x by 2028.
Analysis
Amneal reported Q2 2026 net revenue of $796 million, up 10% from $725 million in the second quarter of 2025. Growth was broad across its two reported operating growth areas: Specialty net revenue increased 17% and Affordable Medicines net revenue increased 13%. Management attributed Specialty growth to CREXONT, BREKIYA autoinjector, and UNITHROID, while Affordable Medicines benefited from its complex portfolio, women’s health products, and new product launches.
Profit growth exceeded revenue growth. GAAP net income attributable to Amneal Pharmaceuticals, Inc. was $58 million, compared with $22 million, while diluted income per share was $0.18 compared with $0.07. The Company said that higher revenue and gross profit, lower interest expense, and a lower tax provision more than offset increased SG&A expense. Adjusted EBITDA increased 12% to $206 million, and adjusted diluted earnings per share increased 20% to $0.30 from $0.25.
Mix was not uniformly positive. AvKARE net revenue decreased 4% because of a decline in the low margin distribution channel, partly offset by government-channel growth. The release identifies the distribution-channel decline and increased SG&A expense as offsets to the otherwise strong revenue and profit performance. The filing text provided does not include reported dollar revenue for Specialty, Affordable Medicines, or AvKARE, nor reported gross-profit, margin, or operating-income figures.
Management raised its full-year 2026 net revenue guidance to $3.10 billion - $3.20 billion from $3.05 billion - $3.15 billion and adjusted EBITDA guidance to $750 million - $780 million from $740 million - $770 million. It also raised adjusted diluted EPS to $0.96 - $1.06 from $0.95 - $1.05. Operating cash flow guidance remained $350 million - $400 million and operating cash flow excluding discrete items remained $375 million - $425 million, while capital expenditures increased to ~$150 million from ~$110 million.
Capital structure actions are a further focus. The Company launched a repricing of its $2.084B Term Loan B that would reduce pricing from SOFR plus 300 basis points to SOFR plus 250 basis points and is expected to generate about $12 million in annual cash interest savings. It also intends to obtain an additional $350 million Term Loan B financing for a portion of the Kashiv Biosciences purchase price. The pending transaction and the associated financing and integration costs remain central items to watch alongside the Company’s goal to reduce net leverage to below 3.0x by 2028.
Management, verbatim
Amneal delivered strong, broad-based performance in the second quarter and first half of 2026, reflecting the strength of our diversified portfolio and the contributions from multiple growth drivers. This robust first-half performance gives us confidence to raise our full-year 2026 guidance for the second time this year. We are excited about the pending Kashiv transaction, which will establish biosimilars as an important new, durable growth vertical for Amneal, further diversifying our portfolio and expanding our long-term growth opportunities. As we look ahead to the remainder of 2026, 2027 and beyond, we remain highly confident in Amneal’s outlook and the breadth and durability of the opportunities across our portfolio.
Chirag and Chintu Patel, Co-Founders and Co-Chief Executive Officers of Amneal
Not in the filing
stated, not guessed- Dollar revenue for the Specialty segment.
- Dollar revenue for the Affordable Medicines segment.
- Dollar revenue for the AvKARE segment.
- Prior-year and prior-quarter revenue figures for each reported segment.
- GAAP gross profit and gross margin.
- Non-GAAP gross profit and gross margin.
- GAAP operating income.
- Non-GAAP operating income.
- GAAP and non-GAAP operating expenses.
- GAAP and non-GAAP tax rate.
- Quarterly operating cash flow.
- Quarterly free cash flow.
- Quarterly capital expenditures.
- Cash balance.
- Total debt balance.
- Net debt or net leverage as of June 30, 2026.
- Share repurchases, dividends, or other capital-return activity.
- Prior-quarter comparisons for reported total revenue, net income, diluted income per share, adjusted EBITDA, and adjusted diluted earnings per share.
- Previous-release outlook required for comparison of Q2 2026 actual results with prior guidance.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.