Amneal Pharmaceuticals, Inc.

Total net revenue in Q2 was $796 million, up 10% year over year. Adjusted EBITDA was $206 million, up 12%, and adjusted EPS was $0.30, up 20%. Adjusted gross margin was 46.2%, up 60 basis points year over year. By segment, Affordable Medicines revenue was $490 million, up 13%; Specialty revenue was $149 million, up 17%; and AvKARE revenue was $157 million, down 4%. For full-year 2026, Amneal raised revenue guidance by $50 million to $3.1 billion-$3.2 billion, adjusted EBITDA guidance by $10 million to $750 million-$780 million, and EPS guidance by $0.01 to $0.96-$1.06. CapEx guidance was increased from about $110 million to about $150 million, while operating cash flow guidance was maintained. Management said guidance includes an estimated $20 million negative impact from the India flood, and the recent Term Loan B repricing is expected to save $12 million in annual interest expense.

Chirag Patel described Amneal as being in the “most transformative period” in its history, emphasizing a more diversified portfolio across Affordable Medicines, Specialty, biosimilars, GLP-1s, and complex generics. He was upbeat about the company’s long runway, saying the business can keep scaling through complex launches, biosimilars, and newer branded products. His tone was confident and expansive, with repeated emphasis on growth opportunities rather than near-term caution.

Tasos Konidaris said Q2 unfolded as expected, with revenue growth accelerating and broad-based momentum across the business. He tied the beat-and-raise to strong execution, favorable mix, and expense discipline, and highlighted the 46.2% adjusted gross margin, the 12% adjusted EBITDA increase, and the 20% EPS increase. He also noted the successful repricing of the $2.084 billion Term Loan B due in 2032, which reduced interest expense by 50 basis points and should save $12 million annually; cash flow guidance was held, while CapEx rose to about $150 million to support near-term opportunities.

Analysts pressed on the timing and contribution of lanreotide and XOLAIR, and management said lanreotide has a Q3 goal date and some conservative forecast inclusion, while XOLAIR is very late in 2026 or could slip to January 5 and is not included in this year’s guidance. Questions on tariffs drew a cautious response: management said it has a large U.S. manufacturing network and will wait for more information while collaborating with the administration. On CREXONT, management said 80% of scripts are now coming from general neurologists and reiterated the goal of making it a first-line Parkinson’s therapy.