Business
Amneal Reports First Quarter 2023 Financial Results
‒ Q1 2023 Net Revenue of $558 million; GAAP Net Loss of $7 million; Diluted Loss per Share of $0.05 ‒ ‒ Adjusted EBITDA (1) of $116 million; Adjusted Diluted
About this update from Amneal Pharmaceuticals, Inc.
[{"type":"text","content":"\n‒ Q1 2023 Net Revenue of $558 million; GAAP Net Loss of $7 million; Diluted Loss per Share of $0.05 ‒\n\n\n‒ Adjusted EBITDA (1) of $116 million; Adjusted Diluted EPS (1) of $0.12 ‒\n\n\n‒ Affirming 2023 Full Year Guidance ‒\n\n\n BRIDGEWATER, N.J.--(BUSINESS WIRE)--\nAmneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal” or the “Company”) announced its actual results today for the first quarter ended March 31, 2023.\n\n\n“We are very pleased with our strong first quarter results and start to 2023. We are confident in our continued momentum driven by the broad-based strength of our diverse and increasingly complex generics portfolio, uptake of our new biosimilars, expansion of our AvKARE business, and the continued growth and potential of our specialty portfolio. Today we are also happy to announce the successful inspection of our fourth and largest injectables facility, and we are working closely with the U.S. FDA ahead of our June 30th PDUFA date for IPX203 in Parkinson’s. These are key building blocks and good indicators of our continued success as we execute our strategy, drive sustainable long-term growth, reduce debt, and create value for all of our stakeholders,” said Chirag and Chintu Patel, Co-Chief Executive Officers.\n\n\nNet revenue in the first quarter of 2023 was $558 million, an increase of 12% compared to $498 million in the first quarter of 2022. The increase was driven by growth across all three business segments with strong performance across our complex Generics portfolio, growth of Rytary® and Unithroid® in Specialty, and continued expansion of AvKARE’s distribution channel.\n\n\nNet loss attributable to Amneal Pharmaceuticals, Inc. was $7 million in the first quarter of 2023 compared to a net loss of $2 million in the first quarter of 2022. Adjusted EBITDA(1) in the first quarter of 2023 was $116 million, an increase of 16% compared to the first quarter of 2022, reflective of robust revenue performance and favorable operating expenses. Diluted loss per share in the first quarter of 2023 was $0.05 compared to a loss of $0.01 for the first quarter of 2022. Adjusted diluted EPS(1) in both the first quarter of 2023 and 2022 was $0.12.\n\n\n(1) See “Non-GAAP Financial Measures” below.\n\n\nAffirming Full Year 2023 Guidance\n\n\nThe Company is affirming its previously provided full year 2023 guidance.\n\n\n\n\n \n...