Amneal Pharmaceuticals, Inc. · NASDAQ:AMRX
Amneal Pharmaceuticals — Merger or Acquisition (April 2026)
33 slides from Amneal Pharmaceuticals's merger presentation, Apr 22, 2026
Slide 1: Amneal Pharmaceuticals, Inc. DEFA14A Important Information
Amneal Pharmaceuticals, Inc. (Name of Registrant as Specified in Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): ☒ No fee required. ☐ Fee paid previously with preliminary materials. ☐ Fee computed on table in e
Slide 2: Amneal Pharmaceuticals Agrees to Acquire Kashiv BioSciences Creating a Global Biosimilar Leader
Amneal Pharmaceuticals Agrees to Acquire Kashiv BioSciences Creating a Global Biosimilar Leader April 22, 2026
Slide 3: Cautionary statement on forward looking statements and non-GAAP financial measures
Cautionary statement on forward looking statements and non-GAAP financial measures The foregoing contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act.
Slide 4: Today's presenters
Today’s presenters Chirag Patel Highly Strategic Deal Creates Global Biosimilar Leader Co-founder Massive opportunity given upcoming biologic LOEs Chintu Patel Biosimilar Portfolio & Pipeline Co-founder Platform to launch multiple biosimilars each year Tasos Konidaris Significant Growth Potential &
Slide 5: Acquisition creates a global biosimilar leader
Acquisition creates a global biosimilar leader HIGHLY STRATEGIC & COMBINED BIOSIMILAR DIVERSIFIES AND ATTRACTIVE DEAL COMPLEMENTARY PORTFOLIO AND EXTENDS AMNEAL’S STRUCTURE AND TRANSACTION CAPABILITIES GROWTH PROFILE SIGNIFICANT SYNERGIES Direct access to $300B+ global Multiple biosimilar launches A
Slide 6: Kashiv BioSciences is an established global biosimilar platform
Kashiv BioSciences is an established global biosimilar platform Piscataway, NJ: Monoclonal antibodies and Chicago, IL: U.S. FDA- approved facility 12+ 4 fusion proteins production; ~6,000L capacity with two commercial biosimilars installed with ~24,000L total planned; R&D facility (RELEUKO® and FYLN
Slide 7: Adds leading biologic R&D and manufacturing expertise
Adds leading biologic R&D and manufacturing expertise R&D • End-to-end biologics capabilities spanning robust analytical development and protein characterization, clinical study design and regulatory expertise • Expertise across major biological technology platforms including microbials, mAbs, fusio
Slide 8: Attractive transaction structure balances upfront value and success-based consideration
Attractive transaction structure balances upfront value and success-based consideration TERMS • Upfront considerations: $375M equity and $375M cash • Other considerations: Up to $350M in potential payments based on achievement of certain regulatory milestones, potential royalties based on commercial
Slide 9: Amneal's strong financial profile
Amneal’s strong financial profile (3) Amneal Standalone Preliminary Combined Company Financials 2025 Prior 2026 Updated 2026 2026 2027 2030 (1) (2) Actual Guidance Guidance Net Revenue $3.02B $3.05B – $3.15B $3.05B – $3.15B $3.05B – $3.15B $3.30B – $3.50B $4.25B – $4.5B (6) % growth 8% 1% to 4% 1% t
Slide 10: Biosimilars accelerates Amneal's path to America's #1 affordable medicines company
Biosimilars Accelerates Acquisition creates an integrated Expect 12+ commercial products global biosimilars platform with and 20+ pipeline products by 2030 expansive portfolio, capabilities Amneal and access to global market toward goal of Specialty becoming Focus on neurology & endocrinology fuelin
Slide 11: Global biosimilars market expanding from ~$40B to ~$191B
Global biosimilars market expanding from ~$40B to ~$191B (2) GLOBAL BIOSIMILAR MARKET U.S. LOEs OF $234B FOR 118 BIOLOGICS AND (1) (3) EXPECTED TO GROW ~5X WORLDWIDE LOEs OF $300B+ OVER NEXT 10 YEARS Biologics sales exposure # of biologics with LOE U.S. International $50 18 ~$191B $45 16 $40 14 $35
Slide 12: Biosimilars represent next wave of U.S. affordable medicines
Biosimilars represent INCREASED U.S. ADOPTION (1) Improves patient access by 2x or more next wave of U.S. 80%+ Drives substantial savings to U.S. healthcare system with ~$20B estimated (3) affordable medicines (2) adoption for most molecules savings in 2024 alone R&D cost reduced from IMPROVED R&D C
Slide 13: Transaction positions Amneal as a global biosimilar leader
Transaction positions Amneal as a global biosimilar leader Amneal joins a group of several fully integrated global biosimilar companies VERTICAL INTEGRATION IS A COMPETITIVE STRENGTH No clear market leader in Portfolio selection and fast R&D Capture complete economics U.S. biosimilars today executio
Slide 14: Enhances Amneal's leadership position in Affordable Medicines
Enhances Amneal’s leadership position in Affordable Medicines BUILT LEADERSHIP IN AFFORDABLE MEDICINES BUILDING GLOBAL LEADER IN BIOSIMILARS #3 20-30 6 4 Ranked U.S. Retail generics business launches per year commercial biosimilars biologics manufacturing EXPANDING OUR expected by 2027 and R&D facil
Slide 15: Complementary capabilities create a global biosimilar leader
Complementary capabilities create a global biosimilar leader DEVELOPMENT MANUFACTURING COMMERCIALIZATION In-house end-to-end Scaled biologics platform Built commercial engine biologic development from cell line to approval allowing for parallel R&D and commercial production leveraging strong Gx + Sp
Slide 16: Combined biosimilar portfolio targets $100B+ opportunity
Combined biosimilar portfolio targets $100B+ opportunity (1) BIOSIMILAR BIOLOGIC THERAPEUTIC AREA U.S. MARKET SIZE (2) ALYMSYS® Avastin® Oncology $1.8B RELEUKO® NEUPOGEN Oncology $0.4B FYLNETRA® PFS, OBI & AI Neulasta® Neutropenia $1.9B ~$14B TAM (2) BONCRESA Prolia® Osteoporosis $3.5B 6 commercial
Slide 17: Upcoming near-term opportunities from Kashiv BioSciences
Upcoming near-term opportunities from Kashiv BioSciences Lanreotide Omalizumab Abatacept Certolizumab Undisclosed gSomatuline Depot bXOLAIR bORENCIA bCIMZIA Endocrinology & THERAPEUTIC AREA Asthma & Allergy Immunology Immunology Hematology Oncology U.S. PATIENT ~200K ~16M ~1.3M ~1.8M ~30K POPULATION
Slide 18: Combination is highly synergistic in several strategic areas
Combination is highly synergistic in several strategic areas • Leverages commercial capabilities in Specialty (market access) and COMMERCIAL & Retail (private label), where we expect most future contracting to occur OPERATIONAL SYNERGIES • Increases presence in U.S. hospital market by expanding port
Slide 19: Extending Amneal's track record of diversification and financial strength
Extending Amneal’s superb track record of diversification and financial strength (2) 2019 2025 2030 Net Revenue $1.6B $3.02B $4.25B – $4.5B (1) Substantial $339M $688M Adjusted EBITDA $1.15B – $1.25B & durable Operating Cash Flow $2M $340M $700M+ growth Net leverage 7.4x 3.5x < 3x Affordable Medicin
Slide 20: In summary, acquisition creates a global biosimilar leader
In summary, acquisition creates a global biosimilar leader HIGHLY STRATEGIC & COMBINED BIOSIMILAR DIVERSIFIES AND ATTRACTIVE DEAL COMPLEMENTARY PORTFOLIO AND EXTENDS AMNEAL’S STRUCTURE AND TRANSACTION CAPABILITIES GROWTH PROFILE SIGNIFICANT SYNERGIES Direct access to $300B+ global Multiple biosimila
Slide 21: Preliminary Q1 2026 Results
Preliminary Q1 2026 Results 20
Slide 22: Preliminary Q1 2026 results
Preliminary Q1 2026 results $ millions (except per share data) Q1 2026 Q1 2025 Change Net Revenue $723 $695 +4% (1) Adjusted Gross Margin 48.2% 43.1% +510 bps (1) Adjusted EBITDA $202 $170 +19% (1) Adjusted EPS $0.27 $0.21 +29% Note: The Q1’26 preliminary financial results are based on the most rece
Slide 23: Q1 2026 total net revenue and performance by segment
Q1 2026 total net revenue and performance by segment $ millions Q1 2026 Q1 2025 Change Notes • Driven by strong performance of high- Total Company $723 $695 +4% margin products across the portfolio • Strong revenues of key products, Affordable Medicines $423 $415 +2% including for Women’s Health & A
Slide 24: Continued deleveraging
Continued deleveraging $ millions Mar 31, 2026 Dec 31, 2025 Mar 31, 2025 (1) Gross debt $2,690 $2,695 $2,568 (2) Total cash $198 $282 $59 (3) Net debt $2,492 $2,413 $2,509 (4) Adjusted EBITDA $720 $688 $645 (5) Gross leverage 3.7x 3.9x 4.0x (6) Net leverage 3.5x 3.5x 3.9x Note: Due to rounding, numb
Slide 25: Appendix
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Slide 26: Combination of Amneal & Kashiv creates a global infrastructure
Combination of Amneal & Kashiv creates a global infrastructure GLOBAL NETWORK OF 20 MANUFACTURING AND R&D SITES 25
Slide 27: Significant phase of new launches in Affordable Medicines
Significant phase of new launches in Affordable Medicines 1 New Product Dosage Form Therapeutic Area Brand IQVIA Approval Launch (2) Lenalidomide Capsule Hematology / Oncology Revlimid® $6.3B Q1’25 Q1’26 (2) Rifaximin Tablet Gastroenterology Xifaxan® $2.9B Q1’25 Undisclosed Mesalamine DR Tablet Gast
Slide 28: Reconciliation of net income (loss) to EBITDA and adjusted EBITDA
Reconciliation of net income (loss) to EBITDA and adjusted EBITDA Three Months Ended March 31, Year Ended December 31, (1) ($) in millions, unaudited 2026 (Preliminary) 2025 2025 2019 Net income (loss) $ 78.0 $ 24.6 $ 127.9 $ (603.6) Adjusted to add: Interest expense, net 53.4 56.9 241.1 168.2 Provi
Slide 29: Reconciliation of net income to EBITDA and adjusted EBITDA (LTM March 2026)
Reconciliation of net income to EBITDA and adjusted EBITDA Last Twelve Months Three Months Ended Ended March 31, 2026 March 31, 2026 ($) in millions, unaudited June 30, 2025 September 30, 2025 December 31, 2025 (Preliminary) (Preliminary) Net income $ 35.6 $ 18.1 $ 49.6 $ 78.0 $ 181.3 Adjusted to ad
Slide 30: Calculation of last twelve months gross and net leverage
Calculation of last twelve months gross and net leverage Last Twelve Months Year Ended December Last Twelve Months Year Ended December (1) (2) (3) (4) ($) in millions, unaudited March 31, 2026 2025 March 31, 2025 2019 EBITDA $ 626 $ 604 $ 549 $ 155 Adjusted EBITDA $ 720 $ 688 $ 645 $ 339 ($) in mill
Slide 31: Reconciliation of net income to EBITDA and adjusted EBITDA (LTM March 2025)
Reconciliation of net income to EBITDA and adjusted EBITDA Last Twelve Months ending March 31, 2025 Last Twelve Months Three Months Ended Ended ($) in millions, unaudited June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2025 Net income (loss) $ 16.8 $ 11.8 $ (20.7) $ 24.6
Slide 32: Reconciliation of net income to adjusted results
Reconciliation of net income to adjusted results Three Months Ended March 31, Year Ended in millions except per share amounts, unaudited 2026 (Preliminary) 2025 December 31, 2025 Net income $ 78.0 $ 24.6 $ 127.9 Adjusted to add (deduct): Non-cash interest 6.7 0.3 23.5 GAAP provision for income taxes
Slide 33: Reconciliations of COGS and gross profit to adjusted results
Reconciliations of COGS and gross profit to adjusted results Three Months Ended March 31, 2026 (Preliminary) Three Months Ended March 31, 2025 ($) in millions, unaudited GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Net revenue $ 722.5 $ — $ 722.5 $ 695.4 $ — $ 695.4 (1) Cost of goods sold 402
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