Amneal Pharmaceuticals, Inc. · NASDAQ:AMRX
Amneal Pharmaceuticals — Q4 2024 Earnings Presentation
29 slides from Amneal Pharmaceuticals's earnings presentation, Feb 28, 2025
Slide 1: Q4 2024 Earnings Call
Q4 2024 Earnings Call February 28, 2025
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: Agenda
Q4 2024 earnings call Agenda Strategy & Business Update 1 Chirag and Chintu Patel, Co-founders and Co-CEOs Chirag Patel, Chintu Patel, Tasos Konidaris, Co-CEO and President Co-CEO EVP & CFO Financial Results 2 Tasos Konidaris, EVP & CFO 3 Q&A Andy Boyer, EVP – Joe Renda, Jason Daly, SVP Affordable M
Slide 4: Q4 2024 key highlights
Q4 2024 key highlights • 2024 net revenue of $2.8B, up 17%, and adjusted EBITDA of $627M, up 12% Very Strong • Broad-based double-digit revenue growth across all three business segments Full Year 2024 in 2024 with Affordable Medicines +15%, Specialty +14% and AvKARE +25% • Early indicators of succes
Slide 5: Amneal Pharmaceuticals Built for Growth
Amneal Pharmaceuticals Global scale & Built for Growth Diversified & expanding capabilities R&D, manufacturing, in high-growth areas commercial and distribution Specialty, Biosimilars, GLP-1, Injectables, Complex products, and Distribution Leader in complex innovations 280+ products with best-in-cla
Slide 6: 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 7: Successful five-year transformation
Successful five-year transformation 2019 2024 Net Revenues $1.6B $2.8B R e v e n u e G r o w th -2% +17% 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 e r a n d M o r e C o m p l ex P i p el i n e Pending ANDAs (% non-oral solids) 97 (44%) 76 (61
Slide 8: 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 9: Formula for sustainable long-term revenue growth
Formula for sustainable long-term revenue growth 2024 Segment Strategy for Growth Growth Projection (2) Revenue Leading retail and injectables portfolio with durable and impactful complex products including 505(b)(2) injectables; Affordable ongoing cadence of new product launches, expanding M e d i
Slide 10: New product launches and pipeline across our portfolio
New product launches and pipeline across our portfolio Affordable Medicines Segment Specialty Segment Retail Injectables Biosimilars ✓ Launched: Naloxone nasal spray, ✓ Launched: Ropivacaine (IV bag), Atropine ✓ Continued uptake of: ✓ Launched: CREXONT® - IPX203 Fluorometholone acetate, Carvedilol E
Slide 11: Expanding specialty business with new therapeutic offerings
Expanding specialty business with new therapeutic offerings Specialty highlights Double-digit growth in 2024 Next Growth Drivers Expanding portfolio CREXONT building momentum Recent launches & near-term pipeline • Therapeutic focus today on Revenue Q4 FY 2024 Timing Program Therapeutic Area $ millio
Slide 12: Strong early adoption of CREXONT for Parkinson's Disease
Strong early adoption of CREXONT® for Parkinson’s Disease CREXONT® on-track to be leading branded therapy Strong Early Results for growing Parkinson’s patient population Ahead of expectations C R E X O N T ® P R E S C R I P T I O N G R O W T H ( T R x ) (2) • Growing Parkinson's Disease (PD) patient
Slide 13: Strategic collaboration with Metsera for GLP-1s
Strategic collaboration with Metsera for GLP-1s represents a new, integrated business model to drive innovation at scale and speed GLOBAL OBESITY AND METABOLIC DISEASE MARKET 2 0 2 4 - 2 0 3 0 (1) Deep expertise in complex drug development & manufacturing; Approval in Nov’24 for our 1st generic GLP-
Slide 14: Our biosimilars portfolio is well-positioned for growth
Our biosimilars portfolio is well-positioned for growth Biosimilar Market Our Strategy Product name Therapeutic U.S. Market Biosimilar Size ($B) (2) Status Area Next Wave of Affordable Medicines With an Expanding Portfolio Biologic Brand ALYMSYS® • Growing U.S. adoption of • In-licensing molecules a
Slide 15: 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 launches with expanding capacity & capabilities represents new vector for growth • Portfolio of 40+ injectables generated $166M revenues in 2024, • PEMRYDI RTU®: 1st RTU version
Slide 16: Diversified Affordable Medicines portfolio driving sustainable growth
Diversified Affordable Medicines portfolio driving sustainable growth Purposeful Mix Shift Deep Pipeline towards a more complex portfolio with focus on complex products Affordable Medicines net revenues mix ($’s) Pipeline mix (# of products) ~56 pipeline programs 7% ~$57B TAM 44% 41% 39% 52% 46% 56%
Slide 17: Delivering continued double-digit growth in AvKARE segment
Delivering continued double-digit growth in AvKARE segment AvKARE Revenue by Year Well Positioned for Long-term Growth +23% revenue CAGR from 2020 to 2024 driven by new products and expanding channels ($ millions) • Wholesaler and re-packager selling to hospitals and U.S. $663 Government agencies wi
Slide 18: Q4 2024 financial performance
Q4 2024 financial performance Results(1) Q4 2024 Q4 2023 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $731 $617 +18.4% • Broad-based double-digit growth across all business segments Adjusted Gross Margin 42.5% 42.8% (30 bps) • Reflects business mix Adjusted R&D Expense $55 $
Slide 19: Full Year 2024 financial performance
Full Year 2024 financial performance Results(1) Original 2024 2024 2023 Change Key Drivers / Commentary $ millions except for EPS Guidance • Broad-based double-digit growth across all business segments Net Revenue $2,794 $2,394 +16.7% • Exceeded original guidance $2.55 -$2.65B Adjusted Gross Margin
Slide 20: Q4 and Full Year 2024 performance by segment
Q4 and Full Year 2024 performance by segment Results(1) Q4 Full Year Full Year Key Drivers / Commentary $ millions 2024 2023 2024 2023 $439 $363 $1,685 $1,471 • Strong performance of new launches, biosimilars and Net Revenue complex products Affordable +21.0% +14.5% Medicines Adjusted 43.2% 42.8% 42
Slide 21: Full year 2025 guidance reflects continued strong growth profile
Full year 2025 guidance reflects continued strong growth profile 2025 Guidance 2024 Actual (1) Net Revenue $3.0 – $3.1B $2.8B % growth +7% to +11% +17% Adjusted EBITDA $650 – $675M $627M % growth +4% to +8% +12% (2) Adjusted Diluted EPS $0.65 – $0.70 $0.58 % growth +12% to +21% -9% Operating Cash Fl
Slide 22: Robust cash generation and continued deleveraging
Robust cash generation and continued deleveraging $ millions Dec 31, 2024 Dec. 31, 2023 Achieving our de-leveraging targets sooner (1) Gross debt $2,585 $2,767 • 3.9x net leverage at end of 2024, which is one year ahead (2) of our target to be below 4x net leverage Total cash $111 $92 (3) • Paid dow
Slide 23: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations
Slide 24: 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. 24
Slide 25: Reconciliation of net loss to adjusted results
Reconciliation of net 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. 25
Slide 26: Reconciliation of cost of goods sold
Reconciliation 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. 26
Slide 27: Reconciliation of segment gross profit to adjusted results
Reconciliation of 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. 27
Slide 28: 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. 28
Slide 29: 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 28, 2025 for a complete reco
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