Business
Amneal Reports Third Quarter 2020 Financial Results
‒ Q3 2020 Net Revenue of $519 million; GAAP Net Loss of $(9) million; Diluted Loss per Share of $(0.06) ‒ ‒ Q3 2020 Adjusted Net Income (1) of $49 million;
About this update from Amneal Pharmaceuticals, Inc.
[{"type":"text","content":"\n‒ Q3 2020 Net Revenue of $519 million; GAAP Net Loss of $(9) million; Diluted Loss per Share of $(0.06) ‒\n\n‒ Q3 2020 Adjusted Net Income (1) of $49 million; Adjusted EBITDA (1) of $114 million; Adjusted Diluted EPS (1) of $0.16‒\n\n‒ Updating 2020 Full Year Financial Outlook ‒\n\n BRIDGEWATER, N.J.--(BUSINESS WIRE)--\nAmneal Pharmaceuticals, Inc. (NYSE: AMRX) (the “Company”) announced its results today for the third quarter ended September 30, 2020.\n\n“Amneal delivered another strong quarter, providing further evidence that our Amneal 2.0 strategy is positioning the company for sustained growth,” said Chirag and Chintu Patel, Co-Chief Executive Officers. “While the COVID pandemic continues to affect some aspects of the business, we continue to focus on execution, improving the productivity of our operations and building a strong, diverse platform of generic and specialty pharmaceuticals. We appreciate the hard work of our employees in achieving these results and supporting Amneal’s mission of bringing affordable medicines to patients.”\n\nNet revenue in the third quarter of 2020 was $519 million, an increase of 37% compared to $378 million in the third quarter of 2019. This increase was primarily attributable to $90 million from our AvKARE acquisition, and $51 million from new product launches including EluRyng and Sucralfate Oral Suspension as well as broad generic volume growth, partially offset by competition to Levothyroxine Sodium Tabs and Diclofenac Gel 1%. Net loss attributable to Amneal Pharmaceuticals, Inc. was $9 million in the third quarter compared to a net loss of $265 million in prior year period. The year over year improvement was primarily driven by lower intangible asset impairment and restructuring charges, lower interest and taxes, favorable foreign exchange, and stronger underlying performance, partially offset by the prior year benefit of the gain from the reduction in the tax receivable agreement liability. Diluted loss per share in the third quarter was $0.06 compared to a loss of $2.03 in the prior year period.\n\nAdjusted EBITDA(1) in the third quarter of 2020 was $114 million, an increase of 60% compared to the prior year period, primarily due to higher Generic adjusted gross profit driven primarily by new launches and the addition of AvKARE. Adjusted net income(1) of $49 million in the third quart...