Slide 1: Amneal Pharmaceuticals Q2 2026 Earnings Call
Amneal Pharmaceuticals Q2 2026 Earnings Call July 30, 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: Q2 2026 highlights
Q2 2026 highlights • Q2 revenue of $796M, +10%; adjusted EBITDA of $206M, +12%; adjusted EPS of $0.30, +20% STRONG PERFORMANCE • Specialty and Affordable Medicines growing revenues in the first half (+20% and +8%, respectively) and CONTINUES IN Q2 2026 robust first half margins (~27% 1H adjusted EBI
Slide 4: Kashiv acquisition on-track; Creates a global biosimilar leader
Kashiv acquisition on-track; Creates a global biosimilar leader • Look forward to closing in the months ahead, pending receipt of shareholder approvals and satisfaction of closing conditions • U.S. Hart-Scott-Rodino waiting period expired in June; India regulatory authority approval received • Preli
Slide 5: Multiple growth drivers shaping the future of Amneal
With multiple growth drivers shaping Biosimilars the future of Amneal, we expect our Expect 12+ commercial products momentum and impact will continue and 20+ pipeline products by 2030 in the years ahead Specialty Focus on neurology & endocrinology Expanding access fueling high-value growth with a gr
Slide 6: Successful track record: Diversification, growth and deleveraging to create value
Successful track record: Diversification, growth and deleveraging to create value 2019 2025 2030(2) Net Revenue $1.6B $3.02B $4.25B – $4.5B Substantial Adjusted EBITDA(1) $339M $688M $1.15B – $1.25B & durable growth Operating Cash Flow $2M $340M $700M+ Net leverage 7.4x 3.5x < 3x by 2028 Affordable
Slide 7: 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 $3.1 – 3.2B $3.0B $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 $452 $490 $569 $718 $834 $750 – Adjusted EB
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: Specialty
Specialty Armneal
Slide 10: Expanding Specialty business with new branded products (CREXONT® and Brekiya®)
Expanding Specialty business with new branded products (CREXONT® and Brekiya®) Specialty Revenue by Year Continued Specialty growth +8% revenue CAGR from 2020 to 2025 Driven by key branded products • 1H 2026 Specialty revenue $283M +20% vs. 1H 2025, driven by growth of all promoted products, CREXONT
Slide 11: 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 33,000+ CREXONT® on-track to be the Phase 4 data shows substantial U.S. Parkinson’s patients Leading Branded Therapy in benefit vs. other oral therapies, have been prescribed Parkinson’s Disease including more 'Good
Slide 12: Brekiya® autoinjector launch ahead of expectations
Brekiya® (dihydroergotamine mesylate) autoinjector launch ahead of expectations First and only DHE autoinjector allowing patients Strong initial physician and patient uptake for to self-administer same medicine used in hospitals Brekiya autoinjector since launch in Q4 2025 Large addressable market 1
Slide 13: 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 $150B+ Trusted developer, manufacture
Slide 14: Affordable Medicines
Affordable Medicines Armneal
Slide 15: Affordable Medicines accelerating growth driven by new complex launches
Affordable Medicines accelerating growth driven by new complex launches Segment Revenue by Year Scaling Durable Growth Through +5% CAGR from 2020 to 2025 Complex Product Expansion ($ millions) • 1H 2026 Affordable Medicines revenue grew +8% with High- Q2 2026 revenue up +13%, driven by continued str
Slide 16: 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 IQVIA(1) Approval Launch Lenalidomide Capsule Hematology / Oncology Revlimid® $5.1B(2) Q1’25 Q1’26 Rifaximin Tablet Gastroenterology Xifaxan® $2.9B(2) Q1’25 Undisclos
Slide 17: Diversified Affordable Medicines portfolio with complex products
Diversified Affordable Medicines portfolio with complex products Purposeful Mix Shift Deep Pipeline towards a more complex portfolio with focus on complex products Affordable Medicines net revenues mix ($’s) Pipeline mix (# of products) ~66 pipeline programs 8% ~$48B TAM 41% 42% 41% 36% 46% 44% 56%
Slide 18: 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 19: Combined biosimilar portfolio targets $100B+ opportunity
Combined biosimilar portfolio targets $100B+ opportunity BIOSIMILAR BIOLOGIC THERAPEUTIC AREA U.S. MARKET SIZE (1) ALYMSYS® (2) Avastin® Oncology $1.8B ~$14B TAM RELEUKO® NEUPOGEN Oncology $0.4B FYLNETRA® PFS, OBI & AI (3) Neulasta® Neutropenia $2.0B BONCRESA (2) Prolia® Osteoporosis $3.3B 6 commerc
Slide 20: Growing injectables portfolio with new 505(b)(2) and key complex products
Growing injectables portfolio with new 505(b)(2) and key complex products D i f f e r e n t i a t e d P o r t f o l i o with 505(b)(2) Injectable products Differentiated & Complex expanding capacity & capabilities represent new vector for growth Injectable Launches • Portfolio of 40+ injectables wit
Slide 21: 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 • 1H 2026 AvKARE revenue $323M, (4%) vs. 1H 2025, $663 $625- reflecting focus on profitable growth and
Slide 22: Q2 and 1H 2026 Financial Performance
Q2 and 1H 2026 Financial Performance 22
Slide 23: Q2 2026 financial performance
Q2 2026 financial performance Results(1) Q2 2026 Q2 2025 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $796 $725 +9.9% • Broad-based growth in Specialty and Affordable Medicines segment Adjusted Gross Margin 46.2% 45.6% +60 bps • Driven by favorable mix Adjusted R&D Expense $
Slide 24: First half 2026 financial performance
First half 2026 financial performance Results(1) 1H 2026 1H 2025 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $1,519 $1,420 +7.0% • Broad-based growth in Specialty and Affordable Medicines segment Adjusted Gross Margin 47.2% 44.3% +290 bps • Reflects favorable product mix an
Slide 25: Q2 2026 and first half 2026 performance by segment
Q2 2026 and first half 2026 performance by segment Results(1) Second Quarter First Half Q2 Key Drivers / Commentary $ millions 2026 2025 2026 2025 $848 • Strong performance of complex products, including $490 $433 $913 Net Revenue transdermal patches for Women’s Health and injectables, Affordable +1
Slide 26: Debt maturities extended at lower cost; Net leverage of 3.6x as of Q2
Debt maturities extended at lower cost; Net leverage of 3.6x as of Q2 $ millions June 30, 2026 Dec 31, 2025 (1) Gross debt $2,784 $2,695 • Net debt increased due to timing of working capital (2) Total cash $128 $282 • Term Loan B re-priced in July 2026 further reduced (3) Net debt $2,657 $2,413 inte
Slide 27: Increased full year 2026 guidance reflects higher growth profile
Increased full year 2026 guidance reflects higher growth profile Updated 2026 Guidance Prior 2026 Guidance (1) 2025 Actual (as of Q2) (as of Q1) Net Revenue $3.1B – $3.2B $3.05B – $3.15B $3.02B % growth +3% to +6% +1% to +4% +8% Adjusted EBITDA $750M – $780M $740M – $770M $688M % growth +9% to +13%
Slide 28: Appendix
Amrneal 2 Oo ro 7) a a x
Slide 29: Our R&D and manufacturing capabilities are a competitive advantage
Our R&D and manufacturing capabilities are a competitive advantage with one of the largest U.S. manufacturing footprints in the industry Strong R&D and manufacturing capabilities Global network of FDA-approved, delivering complex & high-value dosage forms cGMP manufacturing sites INJECTIBLES ORAL SO
Slide 30: Reconciliation of net income to EBITDA and Adjusted EBITDA
Reconciliation of net income to EBITDA and Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, ($) in millions, unaudited 2026 2025 2026 2025 Net income $ 69.6 $ 35.6 $ 147.6 $ 60.2 Adjusted to add: Interest expense, net 55.0 65.1 108.4 122.0 Provision for income taxes 1.4 16.1 3.6
Slide 31: Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA
Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA Year Ended December 31, ($) in millions, unaudited 2025 2024 2023 2022 2021 2020 2019 Net income (loss) $ 127.9 $ (73.9) $ (48.7) $ (254.8) $ 20.1 $ 68.6 $ (603.6) Adjusted to add: Interest expense, net 241.1 258.6 210.6 158.4 136.3 1
Slide 32: Reconciliation of net income (loss) to adjusted results
Reconciliation of net income (loss) to adjusted results Three Months Ended June 30, Six Months Ended June 30, Year Ended in millions except per share amounts, unaudited 2026 2025 2026 2025 December 31, 2025 Net income $ 69.6 $ 35.6 $ 147.6 $ 60.2 $ 127.9 Adjusted to add (deduct): Non-cash interest 6
Slide 33: Reconciliations of cost of goods sold
Reconciliations of cost of goods sold Three Months Ended June 30, Six Months Ended June 30, ($) in millions, unaudited 2026 2025 2026 2025 Net Revenue $ 796.2 $ 724.5 $ 1,518.7 $ 1,419.9 Cost of goods sold 461.7 438.3 864.1 877.8 Gross profit $ 334.5 $ 286.2 $ 654.6 $ 542.1 Gross margin % 42.0 % 39.
Slide 34: Reconciliations of COGS and segment gross profit to adjusted results
Reconciliations of COGS and segment gross profit to adjusted results Affordable Medicines Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Affordable Medicines Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 ($) in millions, unaudited As Reported Adjustments Non-GAAP A
Slide 35: Additional reconciliations
Additional reconciliations Reconciliation of selling, general & administrative to adjusted selling, general & administrative expense: Three Months Ended June 30, Six Months Ended June 30, ($) in millions, unaudited 2026 2025 2026 2025 Selling, general and administrative expense $ 148.7 $ 124.3 $ 287
Slide 36: Calculation of last twelve months gross and net leverage
Calculation of last twelve months gross and net leverage ($) in millions, unaudited EBITDA Adjusted EBITDA (1) Last twelve months (year ended) December 31, 2019 $ 155 $ 339 (2) Last twelve months (year ended) December 31, 2025 604 688 Less: Six months ended June 30, 2025 (3) (332) (354) Add: Six mon