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Amneal Reports Certain Preliminary First Quarter 2023 Financial Results and Affirms Full Year 2023 Financial Guidance
BRIDGEWATER, N.J.--(BUSINESS WIRE)-- Amneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal” or the “Company”) announced certain unaudited preliminary financial
About this update from Amneal Pharmaceuticals, Inc.
[{"type":"text","content":" BRIDGEWATER, N.J.--(BUSINESS WIRE)--\nAmneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal” or the “Company”) announced certain unaudited preliminary financial results for the first quarter ended March 31, 2023. The Company is also affirming financial guidance for the year ending December 31, 2023, which was previously issued on March 2, 2023. The Company plans to report actual first quarter 2023 financial results on May 5, 2023.\n\n\nUnaudited Preliminary Financial Results for the First Quarter Ended March 31, 2023\n\n\nBased on preliminary financial information, Amneal expects to report:\n\n\n\nNet revenue of $550 million to $560 million, an increase of approximately 12% compared to the first quarter of 2022\n\n\n\n\nLoss before income taxes of $10 million to $0, an improvement of approximately 50% compared to the first quarter of 2022\n\n\n\n\nAdjusted EBITDA(1) of $115 million to $120 million, an increase of approximately 18% compared to the first quarter of 2022\n\n\n\n\nLong-term debt(2) of $2.692 billion and cash and cash equivalents and restricted cash of $151 million as of March 31, 2023, resulting in net debt of $2.541 billion as of March 31, 2023, as compared to long-term debt(2) of $2.682 billion and cash and cash equivalents and restricted cash of $35 million as of December 31 2022, resulting in net debt of $2.647 billion as of December 31, 2022\n\n\n\n“We are extremely pleased with the start of 2023 with strong double-digit top line and adjusted EBITDA growth and reduced net debt. We are tracking well across the key vectors of our strategy to drive sustainable growth, higher profitability, and reduce debt over time. In Generics, our large portfolio of complex products continues to perform well, and we are seeing good uptake of our biosimilars which are on-track with our full year plan. In Specialty, we are pleased with the growth of Rytary and Unithroid, and are working closely with the U.S. FDA ahead of our June 30th PDUFA date for IPX203 in Parkinson’s. Finally, AvKARE continues to deliver double-digit revenue growth. In summary, our business continues to flourish, and we believe Amneal is well positioned for continued success,” said Chirag and Chintu Patel, Co-Chief Executive Officers.\n\n\nThe preliminary financial results are based on the most recent information available to the Company’s management. Such preli...