Amneal Pharmaceuticals, Inc. · NASDAQ:AMRX
Amneal Pharmaceuticals — Q3 2026 Earnings Presentation
34 slides from Amneal Pharmaceuticals's earnings presentation, Nov 3, 2026
Slide 1: Amneal Pharmaceuticals Q3 2026 Earnings Call
Amneal Pharmaceuticals Q3 2026 Earnings Call November 3, 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: 2026 reflects our 7th consecutive year of growth
2026 reflects our 7th consecutive year of growth – and growth is accelerating • Q3 revenue of $863M, +10%; adjusted EBITDA of $207M, +30%; adjusted EPS of $0.26, +53% STRONG Q3 RESULTS • Specialty +20% driven by all brands (CREXONT®, BREKIYA® and UNITHROID®); Affordable Medicines DRIVEN BY ALL AREAS
Slide 4: Successful track record: Diversification, growth and deleveraging to create value
Successful track record: Diversification, growth and deleveraging to create value 2019 2025 2026 2030(1) Net Revenue $1.6B $3.02B $3.15 - $3.25B $4.25B – $4.5B Adjusted EBITDA(2) $339M $688M $800 - $815M $1.15B – $1.25B Substantial Adjusted EPS(2) $0.35 $0.83 $1.04 - $1.08 $1.65 – $1.85 & durable Op
Slide 5: Strong and sustainable top and bottom-line growth
Strong and sustainable top and bottom-line growth Net Revenue +10% and Adjusted EBITDA +13% CAGR from 2019 to 2026E $3.15 –3.25B $3.0B $2.8B $745 $2.4B $663 $2.2B $2.1B $532 $2.0B $529 $406 $349 $446 $294 $1.6B $391 $378 $374 $318 $356 $78 $718 $834 $292 $452 $490 $569 $800 – $815M $627M $688M $1,23
Slide 6: Amneal is well positioned to deliver sustainable long-term growth
Amneal is well positioned to deliver sustainable long-term growth Segment Key Strategy for Growth Historical Long-term Areas Growth Rate Growth (2020-2026 CAGR) Projection(2) Total Diversified portfolio focused on expanding in Specialty, +12% High single-digits Company injectables, biosimilars, GLP-
Slide 7: Specialty
Specialty Armneal
Slide 8: Growing Specialty business with key branded products
Growing Specialty business with key branded products (CREXONT® and Brekiya®) Specialty Revenue by Year Continued Specialty growth +9% revenue CAGR from 2020 to 2026 Driven by key branded products • Q3 YTD 2026 Specialty revenue $433M +20%, driven by growth of key products: CREXONT®, BREKIYA® autoinj
Slide 9: In Specialty, expect $300-500M U.S. peak sales for CREXONT
In Specialty, expect $300-500M U.S. peak sales for CREXONT® for Parkinson’s Disease CREXONT® on-track to be the Phase 4 data shows substantial Leading Branded Therapy in benefit vs. other oral therapies, Parkinson’s Disease including more “Good On” time C R E X O N T ® P r e s c r i p t i o n G r o
Slide 10: BREKIYA autoinjector launch ahead of expectations
BREKIYA® 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 13% of 332M Delivers same pow
Slide 11: Amneal's two new GLP-1 dedicated sites on-track to be operational by 2028
Amneal’s two new GLP-1 dedicated sites on-track to be operational by 2028 GLOBAL OBESITY AND Deep expertise in complex drug development & manufacturing $150B+ METABOLIC DISEASE MARKET 2 0 2 4 - 2 0 3 0 (1) Strong track record of delivering quality and innovation at scale Trusted developer, manufactu
Slide 12: Affordable Medicines
Affordable Medicines Armneal
Slide 13: Affordable Medicines accelerating growth driven by new complex launches
Affordable Medicines accelerating growth driven by new complex launches Segment Revenue by Year Scaling Durable Growth Through +7% CAGR from 2020 to 2026 Complex Product Expansion ($ millions) • Q3 YTD 2026 Affordable Medicines revenue grew +12% Double with Q3 2026 revenue up +19%, driven by continu
Slide 14: 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) ~64 pipeline programs 12% ~$52B TAM 41% 42% 41% 37% 52% 46% 44%
Slide 15: Wave of new launches in Affordable Medicines from 2025 and 2026 nearly complete
Wave of new launches in Affordable Medicines from 2025 and 2026 nearly complete New Product Dosage Form Therapeutic Area Brand IQVIA(1) Approval Launch Lenalidomide Capsule Hematology / Oncology Revlimid® $3.8B(2) Q1’25 Q1’26 Rifaximin Tablet Gastroenterology Xifaxan® $3.0B(2) Q1’25 Undisclosed Mesa
Slide 16: Robust 2027-2029 Affordable Medicines pipeline to drive next leg of growth
Robust 2027-2029 Affordable Medicines pipeline to drive next leg of growth 2027-2029 EXPECTED NEW LAUNCHES OUR NEXT LAUNCH CYCLE IS DIFFERENTIATED Across dosage forms focused on unique, high-value opportunities 40 ~60 expected ~$51B in launches (1) IQVIA sales (2) across 2027–2029 represented by the
Slide 17: 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 updates to U.S. LOE
Slide 18: 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 ~$15B TAM RELEUKO® NEUPOGEN Oncology $0.4B FYLNETRA® PFS, OBI & AI Neulasta® Neutropenia $2.1B BONCRESA (2) Prolia® Osteoporosis $3.7B 6 commercial
Slide 19: 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 Recent complex injectable (2) expanding capacity & capabilities represent new vector for growth approvals with ~$2B TAM • Portfolio of 40+ inject
Slide 20: 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 +15% CAGR from 2020 to 2026 driven by new products and expanding channels • Expect FY2026 revenue of $625 to $700 million due to ($ millions) large 2025 launch and focus on more pro
Slide 21: Q3 and YTD 2026 Financial Performance
Q3 and YTD 2026 Financial Performance 21
Slide 22: Q3 2026 Financial Performance
Q3 2026 Financial Performance Results(1) Q3 2026 Q3 2025 Change Key Drivers / Commentary $ millions except for EPS Net Revenue $863 $785 +10.0% • Growth in Specialty and Affordable Medicines Adjusted Gross Margin 43.2% 42.7% +50 bps • Reflects favorable mix Adjusted R&D Expense $56 $63 (11.6%) • Low
Slide 23: Q3 YTD 2026 financial performance
Q3 YTD 2026 financial performance Results(1) Q3 YTD Q3 YTD Change Key Drivers / Commentary $ millions except for EPS 2026 2025 Net Revenue $2,381 $2,204 +8.0% • Growth in Specialty and Affordable Medicines Adjusted Gross Margin 45.7% 43.7% +200 bps • Reflects favorable mix Adjusted R&D Expense $135
Slide 24: Q3 2026 and YTD 2026 performance by segment
Q3 2026 and YTD 2026 performance by segment Results(1) Third Quarter Q3 Year-to-Date Q3 Key Drivers / Commentary $ millions 2026 2025 2026 2025 • Strong performance of complex products, including $547 $461 $1,460 $1,309 Net Revenue transdermal patches for Women’s Health and biosimilars, Affordable +
Slide 25: Expect net leverage below 3x by 2028
Expect net leverage below 3x by 2028 $ millions Sep 30, 2026 June 30, 2026 Dec 31, 2025 (1) Gross debt $3,231 $2,784 $2,695 (2) • Net debt increase in Q3 reflects Kashiv acquisition Total cash $157 $128 $282 Net debt (3) $3,073 $2,657 $2,413 • Expect ~3.6x in Q4, and to be below 3x by 2028 Adjusted
Slide 26: Updated full year 2026 guidance
Updated full year 2026 guidance Updated 2026 Prior 2026 Guidance (1) 2025 Actual Guidance (as of Q3) (as of Q2) (1) Net Revenue $3.15B – $3.25B $3.1B – $3.2B $3.02B % growth +4% to +8% +3% to +6% +8% Adjusted EBITDA $800M – $815M $750M – $780M $688M % growth +16% to +18% +9% to +13% +10% (2) Adjuste
Slide 27: Appendix
Amrneal 2 Oo ro 7) a a x
Slide 28: Reconciliation of net income to EBITDA and adjusted EBITDA
Reconciliation of net income to EBITDA and adjusted EBITDA Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 28
Slide 29: Reconciliation of net income (loss) to EBITDA and adjusted EBITDA
Reconciliation of net income (loss) to EBITDA and adjusted EBITDA Year Ended December 31, ($) 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 30: Reconciliation of net income to adjusted results
Reconciliation of net income 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: Reconciliations of cost of goods sold
Reconciliations of cost of goods sold 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: 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 September 30, 2026 Three Months Ended September 30, 2025 Affordable Medicines Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 ($) in millions, unaudited As Reported
Slide 33: Additional reconciliations
Additional reconciliations Reconciliation of selling, general & administrative to adjusted selling, general & administrative expense: Three Months Ended September 30, Nine Months Ended September 30, ($) in millions, unaudited 2026 2025 2026 2025 Selling, general and administrative expense $ 139.6 $
Slide 34: 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 (3) Less: Nine months ended September 30, 2025 (443) (513) Add: N
Amneal Pharmaceuticals — Q3 2026 Earnings Presentation on 6ix