Amneal Pharmaceuticals, Inc. · NASDAQ:AMRX
Amneal Pharmaceuticals — Q3 2025 Earnings Presentation
34 slides from Amneal Pharmaceuticals's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Earnings Call
Q3 2025 Earnings Call October 30, 2025 1
Slide 2: Cautionary statement on forward looking statements
Cautionary statement on forward looking statements Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements reg
Slide 3: Q3 2025 key highlights
Q3 2025 key highlights A N OT HE R • Q3 revenue of $785M, +12%; adjusted EBITDA of $160M, +1%; adjusted EPS of $0.17, +6% C ON S E C U T IVE QU A RT E R OF • Q3 includes R&D milestone of $22.5M for bXOLAIR® BLA submission G ROWT H • All three segments growing revenues in Q3 (Specialty +8%, Affordabl
Slide 4: Entering a new chapter of growth in 2025 and beyond
Entering a new chapter of growth in 2025 and beyond GLP-1 / PEPTIDES 2028+ CREXONT® LAUNCH 2019 – 2024: IN SPECIALTY 2025 & B E YON D : 2024 D IV E RS IFIE D B U S IN E S S A N D N E W E RA OF G ROWT H A S A E XPA N D E D PORT FOLIO G LOB A L B IOPHA RM A C E U T IC A L BIOSIMILARS C OM PA N Y 2022
Slide 5: Successful transformation and track record of success
Successful transformation and track record of success: Diversification, growth and deleveraging to create value 2019 2025 (1) $1.6B $3.0 - $3.1B Net Revenues -2% +7% to +11% I n c r e a s e d D i v e r si f i c a ti on Oral solid generics % of total revenue 53% 25% D e e p P i p el i n e Pending AND
Slide 6: Strong and sustainable revenue growth and profitability driven by all business areas
Strong and sustainable revenue growth and profitability driven by all business areas $3.0 – $3.1B $2.8B $2.4B $663 $2.2B $2.1B $2.0B $532 $349 $406 $446 Net Revenue +11% $1.6B $294 from 2019 to 2024 CAGR $390 $374 $356 $378 $318 $78 $718 Adjusted EBITDA +13% $292 $452 $490 $569 from 2019 to 2024 CAG
Slide 7: Aligned with large, growing U.S. markets and favorable macro trends
Aligned with large, growing U.S. markets and favorable macro trends Specialty Branded Retail Generics (1) Injectables (2) Biosimilars (3) (CNS & Endo)(4) WW GLP-1 / Peptides(5) $26B $29B $21B $50B $14B $150B+ $16B $11B $23B $70B 2025 2030 2025 2030 2025 2030 2025 2030 2025 2030 • Stable pricing envi
Slide 8: Amneal's diverse portfolio with growth drivers across business areas
Amneal’s diverse portfolio with growth drivers across business areas Injectables Specialty Branded WW G LP -1 / RE T A IL G E N E RIC S IN JE C T A B LE S B IOS IM ILA RS S PE C IA LT Y B RA N D E D PE PT ID E S • $1.4B FY 2024 revenue, • $165M FY 2024 revenue, • $125M FY 2024 revenue, • $446M FY 20
Slide 9: Well positioned to deliver sustainable long-term growth
Well positioned to deliver sustainable long-term growth across our diversified portfolio of affordable and innovative medicines FY 2024 Historical Growth Segment Key Areas Strategy for Growth Growth Rate (2) Revenue (2020 -2024 CAGR) Projection Differentiated portfolio of 280+ mainly complex product
Slide 10: R&D and manufacturing capabilities are a competitive advantage
Our R&D and manufacturing capabilities are a competitive advantage with one of the largest U.S. manufacturing footprints in the industry Strong R&D and manufacturing capabilities Global network of FDA-approved, delivering complex & high-value dosage forms cGMP manufacturing sites INJECTIBLES ORAL SO
Slide 11: Significant new product launches in Affordable Medicines segment
Significant new product launches in Affordable Medicines segment Product Dosage Form Therapeutic Area Brand IQVIA (1) Approval Launch Lenalidomide Capsule Hematology / Oncology Revlimid® $7.4B(2) Q1’25 Q1’26 Rifaximin Tablet Gastroenterology Xifaxan® $2.8B(2) Q1’25 Undisclosed Mesalamine DR Tablet G
Slide 12: New product launches and pipeline across our portfolio
New product launches and pipeline across our portfolio Affordable Medicines Specialty Retail Injectables Biosimilars ✓ Launched: Memantine/Donepezil, Everolimus, ✓ Launched: Exenatide pen ✓ Q1 BLA filing: 2 denosumab ✓ Q4: Brekiya® DHE Mesalamine, Pitavastatin, Fosfomycin injector, Sodium phosphate,
Slide 13: Expanding Specialty business with new therapeutic offerings
Expanding Specialty business with new therapeutic offerings Specialty highlights Continued Specialty growth Expanding branded portfolio CREXONT® momentum and UNITHROID® strength $482M • $482M Q3’25 LTM Specialty revenue, +12% vs Q3’24 LTM Revenue Q3 YTD Q3 2025 % Growth % Growth $ millions 2025 • Th
Slide 14: Strong adoption of CREXONT for Parkinson's Disease
Strong adoption of CREXONT® for Parkinson’s Disease Currently treating ~17,000 CREXONT® ON-TRACK TO BE LEADING BRANDED THERAPY FOR GROWING PARKINSON’S PATIENT POPULATION U.S. PD patients S T RON G FIRS T YE A R RE S U LT S A HE A D OF E XPE C T A T ION S 1M+ U.S. Parkinson's Disease (PD) patient pop
Slide 15: The CREXONT impact of more "Good On" time
The CREXONT impact of more “Good On” time for Parkinson’s patients According to a head-to-head trial, CREXONT provides more “Good On” time per day, and 1.6 more hours of “Good On” time per dose compared to immediate release CD/LD.* “ I’m really happy with CREXONT. I don’t have “ I remember thinking,
Slide 16: Brekiya (dihydroergotamine mesylate) injection
Brekiya® (dihydroergotamine mesylate) injection For the acute treatment of migraine with or without aura and cluster headaches in adults FIRS T A N D ON LY A U T OIN JE C T OR T O D E LIV E R T HE POWE R OF D HE FOR S U S T A IN E D * PA IN RE LIE F ( 4 - 8) † Provides the same powerful medication u
Slide 17: Strategic collaboration with Metsera in the GLP-1 space
Strategic collaboration with Metsera represents a new, integrated business model to drive innovation at scale and speed in the GLP-1 space GLOBAL OBESITY AND METABOLIC DISEASE MARKET 2 0 2 4 - 2 0 3 0 (1) Deep expertise in complex drug development & manufacturing; $150B+ Strong track record of deliv
Slide 18: Our biosimilars portfolio is well-positioned for growth
Our biosimilars portfolio is well-positioned for growth B IOS IM ILA R M A RK E T OU R S T RA T E G Y PROD U C T N A M E T HE RA PE U T IC U . S . M A RK E T N E XT WA V E OF WIT H A N E XPA N D IN G B IOS IM ILA R & B IOLOG IC A RE A S IZE ($B ) ( 2) STATUS A FFORD A B LE M E D IC IN E S PORT FOLIO
Slide 19: Growing injectables portfolio with new 505(b)(2) injectables
Growing injectables portfolio with addition of new 505(b)(2) injectables Differentiated Portfolio New 505(b)(2) Injectable products with expanding capacity & capabilities represent new vector for growth • Portfolio of 40+ injectables generated $165M revenues in 2024, • PEMRYDI RTU®: 1st RTU version
Slide 20: Diversified Affordable Medicines portfolio driving sustainable growth
Diversified Affordable Medicines portfolio driving sustainable growth Purposeful Mix Shift Deep Pipeline towards a more complex portfolio with focus on complex products Affordable Medicines net revenues mix ($’s) Pipeline mix (# of products) ~44 pipeline programs 5% ~$75B TAM 41% 36% 46% 44% 56% 52%
Slide 21: Delivering continued double-digit growth in AvKARE segment
Delivering continued double-digit growth in AvKARE segment AvKARE Revenue by Year Well Positioned for Long-term Growth +23% revenue CAGR from 2020 to 2024 driven by new products and expanding channels ($ millions) $704 $663 Wholesaler and re-packager selling to U.S. Government agencies, clinics and
Slide 22: Q3 2025 financial performance
Q3 2025 financial performance Results(1) Q3 2025 Q3 2024 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $785 $702 +11.7% • Driven by broad-based growth across all business segments Adjusted Gross Margin 42.7% 44.2% (150 bps) • Typical volatility mostly driven by product mix Ad
Slide 23: Q3 YTD 2025 financial performance
Q3 YTD 2025 financial performance Results(1) Q3 YTD Q3 YTD Change Key Drivers / Commentary $ millions except for EPS 2025 2024 Net Revenue $2,204 $2,063 +6.8% • Driven by broad-based growth across all business segments Adjusted Gross Margin 43.7% 42.4% +130 bps • Reflects favorable product mix and o
Slide 24: Q3 2025 performance by segment
Q3 2025 performance by segment Results(1) Third Quarter Q3 Year-to-Date Q3 Key Drivers / Commentary $ millions 2025 2024 2025 2024 $461 $427 $1,309 $1,246 Net Revenue • Strong performance of complex products and new launches Affordable +7.8% +5.0% Medicines Adjusted 41.7% 44.3% 43.3% 42.6% • Mostly
Slide 25: Updated full year 2025 guidance
Updated full year 2025 guidance Updated 2025 Guidance Prior 2025 Guidance 2024 Actual (1) (1) Net Revenue $3.0 – $3.1B $3.0 – $3.1B $2.8B % growth +7% to +11% +7% to +11% +17% Adjusted EBITDA $675 – $685M $665 – $685M $627M % growth +8% to +9% +6% to +9% +12% (2) Adjusted Diluted EPS $0.75 – $0.80 $
Slide 26: Debt maturities extended at lower cost; Net leverage of 3.7x
Debt maturities extended at lower cost; Net leverage of 3.7x as of Q3 $ millions Sep 30, 2025 Jun 30, 2025 Dec 31, 2024 Driving continued de-leveraging (1) Gross debt $2,700 $2,553 $2,585 • Gross debt increase from Q2 to Q3 reflects July refinancing (2) Total cash $201 $72 $111 • Successful full deb
Slide 27: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations
Slide 28: Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA
Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) System implementation expense and change in fair value of contingent consider
Slide 29: Reconciliation of net (loss) income to EBITDA and Adjusted EBITDA
Reconciliation of net (loss) income to EBITDA and Adjusted EBITDA Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) System implementation expense, formerly included in their own captions in the
Slide 30: Reconciliation of net income (loss) to adjusted results
Reconciliation of net income (loss) to adjusted results Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) System implementation expense and change in fair value of contingent consideration, for
Slide 31: Reconciliations of cost of goods sold
Reconciliations of cost of goods sold Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 31
Slide 32: Reconciliations of COGS and segment gross profit to adjusted results
Reconciliations of COGS and segment gross profit to adjusted results Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 32
Slide 33: Additional reconciliations
Additional reconciliations Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 33
Slide 34: Calculation of last twelve months gross and net leverage
Calculation of last twelve months gross and net leverage Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) Beginning in the first quarter of 2022, the Company no longer excluded research and de
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