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Amneal Reports Certain Preliminary Third Quarter 2023 Financial Results and Raises Full Year 2023 Financial Guidance
BRIDGEWATER, N.J.--(BUSINESS WIRE)-- Amneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal” or the “Company”) today announced certain unaudited preliminary
About this update from Amneal Pharmaceuticals, Inc.
[{"type":"text","content":" BRIDGEWATER, N.J.--(BUSINESS WIRE)--\nAmneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal” or the “Company”) today announced certain unaudited preliminary financial results for the third quarter ended September 30, 2023. The Company also raised its financial guidance for the year ending December 31, 2023, which was most recently issued on August 4, 2023. The Company plans to report actual third quarter 2023 financial results on November 7, 2023.\n\n\nUnaudited Preliminary Financial Results for the Third Quarter Ended September 30, 2023\n\n\n\nNet revenue of $610 million to $620 million, an increase of approximately 13% compared to the third quarter of 2022\n\n\n\nIncome before income taxes of $18 million to $28 million, which is substantially higher compared to the third quarter of 2022\n\n\n\nAdjusted EBITDA(1) of $150 million to $155 million, an increase of approximately 21% compared to the third quarter of 2022\n\n\n\nNet leverage(1) decreased to approximately 4.6x as of September 30, 2023, compared to 5.3x as of December 31, 2022, due to higher profitability and continued reduction in debt\n\n\n\n“We are pleased to again raise our full year guidance following double-digit revenue and adjusted EBITDA growth in the third quarter. Our strong performance reflects the significant momentum across our business, driven by Amneal’s disciplined execution, continued portfolio diversification, steady cadence of new Generics launches and rapidly increasing uptake of our biosimilars. Specialty is also growing, with IPX203 on-track for potential 2024 launch. AvKARE, our distribution business, continues to deliver strong top and bottom-line growth. Importantly, 2023 is on track to mark Amneal’s fourth consecutive year of revenue and adjusted EBITDA growth, underscoring the strength of our strategy, disciplined approach to capital allocation as we further deleverage, and commitment to shareholder value creation,” said Chirag and Chintu Patel, Co-Chief Executive Officers and Co-Founders.\n\n\nAmneal's preliminary financial results are based on the most recent information available to the Company’s management. Such preliminary financial results are forward-looking statements. Actual results may differ from these preliminary financial results due to the completion of the Company’s financial close procedures, final accounting adjustments and oth...