Amneal Pharmaceuticals, Inc. · NASDAQ:AMRX
Amneal Pharmaceuticals — Q2 2025 Earnings Presentation
33 slides from Amneal Pharmaceuticals's earnings presentation, Aug 5, 2025
Slide 1: Q2 2025 Earnings Call
Q2 2025 Earnings Call August 5, 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: Q2 2025 key highlights
Q2 2025 key highlights • Q2 revenue of $725M, +3%; adjusted EBITDA of $184M, +13%; adjusted EPS of $0.25, +56% A N OT HE R S T RON G QU A RT E R OF G ROWT H • All three segments growing revenues in the first half (Specialty +13%, Affordable Medicines +4% & AvKARE +1%) and robust 1H margins (~25% 1H
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 of 2024 revenue, • $165M of 2024 revenue, • $125M of 2024 revenue, • $446M of 20
Slide 9: Well positioned to deliver sustainable long-term growth across our diversified portfolio
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 270+ 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: 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, ✓ Launched: Exenatide pen ✓ Q1 BLA filing: 2 ✓ Q2: Brekiya® DHE Everolimus, Mesalamine, Pitavastatin, injector, Sodium phosphate, denosumab biosimilar
Slide 12: 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 RYTARY® & UNITHROID® strength $473M • $473M Q2’25 LTM Specialty revenue, +15% vs Q2’24 LTM Revenue Q2 2025 % Growth 1H 2025 % Growth $ million
Slide 13: Strong adoption of CREXONT for Parkinson's Disease
Strong adoption of CREXONT® for Parkinson’s Disease CREXONT® on-track to be leading branded therapy Strong first year results for growing Parkinson’s patient population Ahead of expectations • 1M+ U.S. Parkinson's Disease (PD) patient population, ~700K C R E X O N T ® P R E S C R I P T I O N G R O W
Slide 14: The CREXONT impact of more "Good On" time for Parkinson's patients
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 15: Brekiya DHE autoinjector is a new treatment for episodic migraine and cluster headache
Brekiya® DHE autoinjector is a new treatment for episodic migraine and cluster headache D HE (D IHYD ROE RG OT A M IN E M E S YLA T E ) A U T OIN JE C T OR FIRS T A N D ON LY A U T OIN JE C T OR T O D E LIV E R POT EN T IAL T O S E LF -A D M IN IS T E R WIT H S A M E M E D IC A T ION T HE POWE R OF
Slide 16: Strategic collaboration with Metsera represents a new, integrated business model
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; $150B+ Strong track record of deliv
Slide 17: Our biosimilars portfolio is well-positioned for growth
Our biosimilars portfolio is well-positioned for growth B IOS IM ILA R M A RK E T OU R S T RA T E G Y PROD U C T N A M E T HE RA PE U T IC U . S . M A RK E T N E XT WA V E OF WIT H A N E XPA N D IN G B IOS IM ILA R & B IOLOG IC A RE A S IZE ($B ) ( 2) STATUS A FFORD A B LE M E D IC IN E S PORT FOLIO
Slide 18: Growing injectables portfolio with addition of new 505(b)(2) injectables
Growing injectables portfolio with addition of new 505(b)(2) injectables Differentiated Portfolio New 505(b)(2) Injectable launches with expanding capacity & capabilities represents new vector for growth • Portfolio of 40+ injectables generated $165M revenues in 2024, • PEMRYDI RTU®: 1st RTU version
Slide 19: Diversified Affordable Medicines portfolio driving sustainable growth
Diversified Affordable Medicines portfolio driving sustainable growth Purposeful Mix Shift Deep Pipeline towards a more complex portfolio with focus on complex products Affordable Medicines net revenues mix ($’s) Pipeline mix (# of products) ~47 pipeline programs 4% ~$74B TAM 33% 46% 44% 41% 56% 52%
Slide 20: Delivering continued double-digit growth in AvKARE segment
Delivering continued double-digit growth in AvKARE segment AvKARE Revenue by Year Well Positioned for Long-term Growth +23% revenue CAGR from 2020 to 2024 driven by new products and expanding channels ($ millions) $663 $665 Wholesaler and re-packager selling to U.S. Government agencies, clinics and
Slide 21: Q2 2025 financial performance
Q2 2025 financial performance Results(1) Q2 2025 Q2 2024 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $725 $702 +3.2% • Driven by Specialty and Affordable Medicines growth Adjusted Gross Margin 45.6% 41.0% +470 bps • Reflects favorable product mix in all segments and operati
Slide 22: First half 2025 financial performance
First half 2025 financial performance Results(1) 1H 2025 1H 2024 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $1,420 $1,361 +4.3% • Broad-based growth across all business segments, particularly Specialty Adjusted Gross Margin 44.3% 41.4% +290 bps • Reflects favorable product
Slide 23: Q2 2025 performance by segment
Q2 2025 performance by segment Results(1) Second Quarter First Half Q2 Key Drivers / Commentary $ millions 2025 2024 2025 2024 $433 $427 $848 $819 • Strong performance of complex products and new launches; Net Revenue impacted by timing of supply & uptake of injectables Affordable +1.4% +3.6% Medici
Slide 24: Raising full year 2025 guidance and continued strong growth profile
Raising full year 2025 guidance and continued strong growth profile 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 $665 – $685M $650 – $675M $627M % growth +6% to +9% +4% to +8% +12% (2)
Slide 25: Focused on continued debt paydown and deleveraging
Focused on continued debt paydown and deleveraging $ millions Jun. 30, 2025 Dec. 31, 2024 Driving continued de-leveraging (1) Gross debt $2,553 $2,585 • 3.7x net leverage as of Q2 2025, down from 3.9x in Q4 2024 (2) Total cash $72 $111 • Recent successful debt refinancing lowers interest cost Net de
Slide 26: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations
Slide 27: 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 28: 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 29: 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 30: 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. 30
Slide 31: 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. 31
Slide 32: 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. 32
Slide 33: 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
Amneal Pharmaceuticals — Q2 2025 Earnings Presentation on 6ix