third quarter 2026
Filed Nov 3, 2026Q3 2026 Net Revenue of $863 million; GAAP Net Loss of $22 million; Diluted Loss per Share of $(0.06); Adjusted EBITDA of $207 million; Adjusted Diluted EPS of $0.26
Net revenue increased 10%, adjusted EBITDA increased 30%, adjusted diluted EPS increased 53%, and the Company increased full-year net revenue, adjusted EBITDA, and adjusted diluted EPS guidance. GAAP results moved to a net loss, reflecting acquisition and integration costs and a higher tax provision.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenue, three months ended September 30, 2026GAAP | $862.7M | – | 10% |
| Net revenue, nine months ended September 30, 2026GAAP | $2.38B | – | – |
| Gross profit, three months ended September 30, 2026GAAP | $334.1M | – | – |
| Gross margin, three months ended September 30, 2026GAAP | 38.7% | – | – |
| Adjusted gross profit, three months ended September 30, 2026non-GAAP | $373.1M | – | – |
| Adjusted gross margin, three months ended September 30, 2026non-GAAP | 43.2% | – | – |
| Gross profit, nine months ended September 30, 2026GAAP | $988.7M | – | – |
| Gross margin, nine months ended September 30, 2026GAAP | 41.5% | – | – |
| Adjusted gross profit, nine months ended September 30, 2026non-GAAP | $1.09B | – | – |
| Adjusted gross margin, nine months ended September 30, 2026non-GAAP | 45.7% | – | – |
| Selling, general and administrative expense, three months ended September 30, 2026GAAP | $139.6M | – | – |
| Research and development expense, three months ended September 30, 2026GAAP | $68.37M | – | – |
| Acquisition and integration costs, three months ended September 30, 2026GAAP | $22.32M | – | – |
| Operating income, three months ended September 30, 2026GAAP | $95.42M | – | – |
| Adjusted operating income, three months ended September 30, 2026non-GAAP | $192.2M | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $367.0M | – | – |
| Adjusted operating income, nine months ended September 30, 2026non-GAAP | $574.0M | – | – |
| Net income, three months ended September 30, 2026GAAP | $12.31M | – | – |
| Net loss attributable to Amneal Pharmaceuticals, Inc., three months ended September 30, 2026GAAP | −$21.70M | – | – |
| Adjusted net income, three months ended September 30, 2026non-GAAP | $89.50M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $159.9M | – | – |
| Net income attributable to Amneal Pharmaceuticals, Inc., nine months ended September 30, 2026GAAP | $98.22M | – | – |
| Adjusted net income, nine months ended September 30, 2026non-GAAP | $277.9M | – | – |
| Diluted (loss) earnings per share, three months ended September 30, 2026GAAP | $(0.06) | – | – |
| Adjusted diluted earnings per share, three months ended September 30, 2026non-GAAP | $0.26 | – | 53% |
| Diluted earnings per share, nine months ended September 30, 2026GAAP | $0.29 | – | – |
| Adjusted diluted earnings per share, nine months ended September 30, 2026non-GAAP | $0.83 | – | – |
| EBITDA, three months ended September 30, 2026non-GAAP | $127.2M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $207.0M | – | 30% |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $615.5M | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $50.31M | – | – |
| Purchases of property, plant and equipment, nine months ended September 30, 2026GAAP | −$70.66M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Affordable Medicines, three months ended September 30, 2026Driven by biosimilars, women’s health patches, and new launches. | $547.1M | – | 19% |
| Specialty, three months ended September 30, 2026Driven by key branded products, including CREXONT®, BREKIYA® autoinjector, and UNITHROID®. | $150.3M | – | 20% |
| AvKARE, three months ended September 30, 2026Decreased as expected due to a non-recurring cardiovascular product launch in the prior year. | $165.3M | – | -17% |
| Affordable Medicines, nine months ended September 30, 2026Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in this segment. | $1.46B | – | – |
| Specialty, nine months ended September 30, 2026 | $432.8M | – | – |
| AvKARE, nine months ended September 30, 2026Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in the Affordable Medicines segment. | $488.3M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year 2026 outlook
- Revenue$3.15 billion - $3.25 billion
- NoteAdjusted EBITDA: $800 million - $815 million
- NoteAdjusted diluted EPS: $1.04 - $1.08
- NoteOperating cash flow: $325 million - $375 million
- NoteOperating cash flow, excluding discrete items: $350 million - $400 million
- NoteCapital expenditures: ~$150 million
- NoteOperating cash flow guidance reflects working capital, including higher inventory levels in key growth areas.
- NoteOperating cash flow, excluding discrete items excludes opioid settlement costs of approximately $36 million and Kashiv acquisition and integration costs of approximately $40 million.
- NoteAdjusted diluted EPS assumes approximately 340 million weighted-average diluted shares outstanding for the year ending December 31, 2026.
What drove it
- Affordable Medicines growth was driven by biosimilars, women’s health patches, and new launches.
- Specialty growth was driven by CREXONT®, BREKIYA® autoinjector, and UNITHROID®.
- Adjusted EBITDA reflected higher revenue, higher gross profit, and lower operating expenses.
- The Company cited key catalysts and new launches including women’s health patches, biosimilars, injectables such as lanreotide, CREXONT®, and BREKIYA® autoinjector.
- The Kashiv integration is proceeding well, according to the Co-Founders and Co-Chief Executive Officers.
Concerns
- GAAP net loss attributable to Amneal Pharmaceuticals, Inc. was $(21,695), compared with net income of $2,369 in the prior-year quarter.
- The Company said higher revenue and gross profit were more than offset by non-recurring acquisition and integration costs and a higher tax provision.
- Operating cash flow guidance was reduced to $325 million - $375 million, reflecting working capital, including higher inventory levels in key growth areas.
- Net leverage was 3.9x as of September 30, 2026, compared with 3.5x as of December 31, 2025.
- AvKARE net revenue decreased 17% because of a non-recurring cardiovascular product launch in the prior year.
- Severe rain caused water damage at an India facility during the third week of July 2026, temporarily suspending operations while remediation, repairs, and restoration were completed.
What to watch
- Execution of the Kashiv integration and realization of anticipated biosimilar growth potential.
- The pace of launches and growth from women’s health patches, biosimilars, lanreotide, CREXONT®, and BREKIYA® autoinjector.
- Inventory levels and working-capital effects on operating cash flow.
- Progress toward the full-year 2026 net revenue range of $3.15 billion - $3.25 billion and adjusted EBITDA range of $800 million - $815 million.
- Debt, gross leverage, and net leverage following financing for the Kashiv Acquisition.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $157,399.
- Restricted cash as of September 30, 2026: $14,174.
- Cash, cash equivalents, and restricted cash as of September 30, 2026: $180,253.
- Gross debt as of September 30, 2026: $3,230,747.
- Net debt as of September 30, 2026: $3,073,348.
- Long-term debt, net as of September 30, 2026: $2,915,501.
- Gross leverage as of September 30, 2026: 4.1x.
- Net leverage as of September 30, 2026: 3.9x.
- Net cash used in investing activities for the nine months ended September 30, 2026: $(616,685).
- Acquisition of Kashiv, net of cash and restricted cash acquired, for the nine months ended September 30, 2026: $(421,047).
- Deposits for future acquisition of property, plant and equipment for the nine months ended September 30, 2026: $(28,376).
- Net cash provided by financing activities for the nine months ended September 30, 2026: $435,491.
Analysis
Amneal reported third-quarter net revenue of $862,684, up 10% from $784,513. Growth was broad across the two principal growth businesses: Affordable Medicines revenue increased 19%, driven by biosimilars, women’s health patches, and new launches, while Specialty revenue increased 20%, led by CREXONT®, BREKIYA® autoinjector, and UNITHROID®. AvKARE revenue decreased 17%, which the Company attributed to a non-recurring cardiovascular product launch in the prior-year period.
Profitability improved on both a reported operating basis and an adjusted basis. GAAP gross margin was 38.7%, compared with 34.9%, while adjusted gross margin was 43.2%, compared with 42.7%. GAAP operating income was $95,415, compared with $70,344, and adjusted operating income was $192,173, compared with $144,827. Adjusted EBITDA increased 30% to $207,029, reflecting higher revenue, higher gross profit, and lower operating expenses.
GAAP earnings attributable to Amneal were affected by Kashiv-related and other items. Net loss attributable to Amneal Pharmaceuticals, Inc. was $(21,695), compared with net income of $2,369, and diluted loss per share was $(0.06), compared with diluted earnings per share of $0.01. The Company cited non-recurring acquisition and integration costs and a higher tax provision. Adjusted net income was $89,505, compared with $54,402, and adjusted diluted EPS increased 53% to $0.26 from $0.17. Third-quarter acquisition and integration costs were $22,320, while charges for property losses and associated expenses were $5,369.
Cash generation was weaker for the nine-month period. Net cash provided by operating activities was $50,312, compared with $209,677, while inventory increased by $(158,346) and prepaid expenses, other current assets and other assets increased by $(113,073). The Company updated operating cash flow guidance to $325 million - $375 million and said the revision reflected working capital, including higher inventory levels in key growth areas. Capital expenditures guidance remained ~$150 million.
The Company increased full-year 2026 guidance for net revenue to $3.15 billion - $3.25 billion, adjusted EBITDA to $800 million - $815 million, and adjusted diluted EPS to $1.04 - $1.08. The Kashiv Acquisition also affected the balance sheet and leverage profile: gross debt was $3,230,747, net debt was $3,073,348, gross leverage was 4.1x, and net leverage was 3.9x as of September 30, 2026. The filing identifies launch execution, Kashiv integration, working capital, and leverage as key areas for monitoring.
Management, verbatim
Amneal delivered another quarter of strong, broad-based performance, enabling us to increase our 2026 guidance once more. As we prepare to enter 2027, our financial performance is accelerating driven by a number of key catalysts and new launches, including Women’s Health patches, biosimilars, injectables such as lanreotide, CREXONT ® , and BREKIYA ® autoinjector. The Kashiv integration is proceeding well, and we are excited about the long-term growth potential in biosimilars. With the breadth and depth of opportunities across our portfolio, we remain highly confident in Amneal’s robust growth outlook.
Chirag and Chintu Patel, Co-Founders and Co-Chief Executive Officers of Amneal
Not in the filing
stated, not guessed- Previous-release outlook section was not provided; therefore, actual results versus prior guidance cannot be assessed.
- Quarterly operating cash flow was not reported.
- Free cash flow was not reported.
- Capital returns, including share repurchases and dividends, were not reported.
- Prior-quarter comparisons were not reported for the reported metrics.
- Full-year 2026 guidance for gross margin, operating expenses, and tax rate was not reported.
- Fourth-quarter 2026 guidance was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.