Amneal Pharmaceuticals, Inc. · NASDAQ:AMRX
Amneal Pharmaceuticals — Q4 2025 Earnings Presentation
32 slides from Amneal Pharmaceuticals's earnings presentation, Feb 27, 2026
Slide 1: Amneal Pharmaceuticals Q4 2025 Earnings Call
Amneal Pharmaceuticals Q4 2025 Earnings Call February 27, 2026
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 This presentation includes certain non-GAAP financial measures, including EBITDA and adjusted EBI
Slide 3: Q4 2025 key highlights
Q4 2025 key highlights • Q4 revenue of $814M, +11%; adjusted EBITDA of $175M, +13%; adjusted EPS of $0.21, +75% ROBUST Q4 & FY2025 • FY2025 revenue of $3.02B, +8% with all segments growing – led by Specialty growing +19% RESULTS AND STRONG • FY2025 adjusted EBITDA of $688M, +10% and adjusted EPS of
Slide 4: Expanding access with a growing portfolio of affordable and innovative medicines
Expanding access with a growing portfolio of affordable and innovative medicines Specialty Branded Complexity Portfolio of specialty therapies fueling high-value growth, including CREXONT® for Parkinson’s, Brekiya® autoinjector in migraine space and UNITHROID® for hypothyroidism With multiple Biosim
Slide 5: Successful transformation and track record: Diversification, growth and deleveraging to create value
Successful transformation and track record: Diversification, growth and deleveraging to create value 2019 2025 $1.6B $3.0B Net Revenues -2% +8% 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% 24% D e e p P i p el i n e Pending ANDAs (% non-oral solids) 97 (44%
Slide 6: Strong and sustainable top and bottom-line growth expected to continue going forward
Strong and sustainable top and bottom-line growth expected to continue going forward $3.05 – $3.0B 3.15B $2.8B $745 $2.4B $663 $2.2B $2.0B $2.1B $406 $532 $529 Net Revenue +11% $1.6B $294 $349 $446 CAGR from 2019 to 2025 $374 $391 $356 $378 $318 $78 $292 $490 $569 $718 $834 Adjusted EBITDA +13%
Slide 7: Aligned with large, growing U.S. pharmaceutical markets and favorable macro trends
Aligned with large, growing U.S. pharmaceutical markets and favorable macro trends Retail Generics(1) Injectables(2) Biosimilars(3) Specialty Branded WW GLP-1 / Peptides(5) (CNS & Endo)(4) $26B $29B $21B $50B $14B $150B+ $16B $11B $26B $70B 2025 2030 2025 2030 2025 2030 2025 2030 2025 2030 • Stable
Slide 8: Well positioned to deliver sustainable long-term growth
Well positioned to deliver sustainable long-term growth Segment Key Strategy for Growth FY 2025 Historical Long-term Areas Revenue Growth Rate Growth (2020-2025 CAGR) Projection(2) Total Diversified portfolio focused on expanding in Specialty, $3.019B +9% High single-digits Company GLP-1, injectable
Slide 9: Expanding Specialty business with new therapeutic offerings
Expanding Specialty business with new therapeutic offerings Specialty Revenue by Year Continued Specialty growth +8% revenue CAGR from 2020 to 2025 Driven by CREXONT®, UNITHROID® and Brekiya® • FY2025 Specialty revenue $529M grew +19% driven by all key branded products, including CREXONT®, RYTARY®,
Slide 10: In Specialty, expect $300-500M U.S. peak sales for CREXONT for Parkinson's Disease
In Specialty, expect $300-500M U.S. peak sales for CREXONT® for Parkinson’s Disease Currently treating CREXONT® on-track to be the Phase 4 interim data shows ~23,000 Leading Branded Therapy in substantial clinical benefit U.S. PD patients of Parkinson’s Disease vs. other therapies ~700K patients on
Slide 11: Brekiya autoinjector successfully launched in Q4
Brekiya® (dihydroergotamine mesylate) autoinjector successfully launched in Q4 For the acute treatment of migraine with or without aura and cluster headaches in adults First and only DHE autoinjector allowing patients Strong initial physician and patient uptake for to self-administer same medicine u
Slide 12: Continued progress with our strategic collaboration in the GLP-1 space
Continued progress with our strategic collaboration 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; Strong track record of delivering quality and innovation at scale $150B+ Trusted developer, manufacture
Slide 13: Affordable Medicines accelerating growth driven by new complex launches
Affordable Medicines accelerating growth driven by new complex launches Segment Revenue by Year Scaling Durable Growth Through +5% CAGR from 2020 to 2025 Complex Product Expansion ($ millions) ~7-8% • FY2025 Affordable Medicines revenue grew +4% vs 2024; $1,746 growth Expect FY2026 growth to acceler
Slide 14: In Affordable Medicines, we are in the midst of a significant new product launch phase
In Affordable Medicines, we are in the midst of a significant new product launch phase New Product Dosage Form Therapeutic Area Brand IQVIA1 Approval Launch Lenalidomide Capsule Hematology / Oncology Revlimid® $6.6B(2) Q1’25 Q1’26 Rifaximin Tablet Gastroenterology Xifaxan® $2.9B(2) Q1’25 Undisclosed
Slide 15: Diversified Affordable Medicines portfolio with complex products
Diversified Affordable Medicines portfolio with complex products Purposeful Mix Shift Deep Pipeline towards a more complex portfolio with focus on complex products Affordable Medicines net revenues mix ($’s) Pipeline mix (# of products) ~44 pipeline programs 6% ~$75B TAM 41% 42% 36% 46% 44% 56% 52%
Slide 16: Biosimilars represents the next wave of affordable medicines in the U.S.
Biosimilars represents the next wave of affordable medicines in the U.S. Growing U.S. Shorter timelines Increased wave Limited number adoption of to develop and of biologic LOEs of biosimilar biosimilars lowering costs over next decade players expected 80%+ conversion to Proposed update to U.S. LOE
Slide 17: Biosimilars portfolio and pipeline is well-positioned for growth
Biosimilars portfolio and pipeline is well-positioned for growth PRODUCT NAME Therapeutic U.S. Market size(1) Status Biosimilar Area Biologic brand ALYMSYS® Our biosimilar strategy Bevacizumab-maly Oncology $1.2B Commercial Avastin® RELEUKO® • Initial biosimilars added through in-licensing Filgrasti
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 505(b)(2) Injectable products with expanding capacity & capabilities represent new vector for growth • Portfolio of 40+ injectables with recent addition of new complex • PEMRYDI RTU®: 1st RTU version of
Slide 19: AvKARE segment revenues have more than doubled since 2020
AvKARE segment revenues have more than doubled since 2020 Segment Revenue by Year Well Positioned for Long-term Growth +20% CAGR from 2020 to 2025 driven by new products and expanding channels $745 • FY2025 AvKARE revenue grew +12% vs 2024 driven by ($ millions) $663 $625- government channel; Expect
Slide 20: Q4 2025 financial performance
Q4 2025 financial performance Results(1) Q4 2025 Q4 2024 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $814 $731 +11.5% • Driven by broad-based growth in Specialty and AvKARE segment Adjusted Gross Margin 40.6% 42.5% (190 bps) • Driven by product mix Adjusted R&D Expense $35
Slide 21: Full year 2025 financial performance
Full year 2025 financial performance Results(1) 2025 2024 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $3,019 $2,794 +8.0% • Driven by broad-based growth across all three business segments Adjusted Gross Margin 42.9% 42.4% +50 bps • Reflects favorable product mix and operati
Slide 22: Q4 2025 and Full year 2025 performance by segment
Q4 2025 and Full year 2025 performance by segment Results(1) Fourth Quarter Full Year Q4 Key Drivers / Commentary $ millions 2025 2024 2025 2024 $437 $439 $1,746 $1,685 Net Revenue • Impacted by timing of key products and new launches Affordable (0.6%) +3.6% Medicines Adjusted 37.1% 43.2% 41.8% 42.8
Slide 23: Debt maturities extended at lower cost; Net leverage of 3.5x as of Q4
Debt maturities extended at lower cost; Net leverage of 3.5x as of Q4 $ millions Dec 31, 2025 Dec 31, 2024 Driving continued de-leveraging vs 3.9x in Dec 31, 2024 (1) Gross debt $2,695 $2,585 • Successful full debt refinancing in July 2025 lowered (2) Total cash $282 $111 interest cost and extends m
Slide 24: Full year 2026 guidance reflects continued strong growth profile
Full year 2026 guidance reflects continued strong growth profile 2026 Guidance 2025 Actual (1) Net Revenue $3.05B – $3.15B* $3.02B % growth +1% to +4% +8% Adjusted EBITDA $720M – $760M $688M % growth +5% to +10% +10% (2) Adjusted Diluted EPS $0.93 – $1.03 $0.83 % growth +12% to +24% +43% Operating C
Slide 25: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations
Slide 26: Our 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 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. 27 (1) System implementation expense and change in fair value of contingent consi
Slide 28: 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. 28 (1) System implementation expense and change in fair value of contingent consideration,
Slide 29: Reconciliations of cost of goods sold
Reconciliations of cost of goods sold 29 Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Slide 30: Reconciliations of COGS and segment gross profit to adjusted results
Reconciliations of COGS and segment gross profit to adjusted results 30 Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Slide 31: Additional reconciliations
Additional reconciliations 31 Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Slide 32: 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) Refer to the Company's 8-K filed with the SEC on February 27, 2026 for a complete reco
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