On Friday, Amneal Pharmaceuticals Inc (NASDAQ:AMRX) reported third-quarter adjusted EPS of $0.16, down from $0.19 a year ago, beating the consensus of $0.14.
The company reported sales of $702.47 million, up 13% year-over-year, beating the consensus of $696.80 million.
Generic net revenue increased by 9% to $427.35 million, driven by the strong performance of new product launches and biosimilars.
Specialty net revenue increased 19% to $115.64 million, driven by promoted products in neurology and endocrinology, including the recent launches of CREXONT and ONGENTYS for Parkinson's disease.
AvKARE's net revenue increased by 21% to $159.49 million, driven by growth across its distribution and government-label sales channels.
Adjusted EBITDA in the third quarter of 2024 was $158 million, an increase of 2% compared to the third quarter of 2023, reflective of strong revenue performance and higher gross margins, partially offset by a $20 million research and development milestone payment associated with the company's exclusive license of Omalizumab during the third quarter of 2024.
"Q3 was an excellent quarter where we continued to drive strong financial results across our diversified business and we announced three strategic actions to solidify our long-term growth:
- We launched CREXONT for the treatment of Parkinson's disease.
- We announced our collaboration with Metsera, Inc. to leverage Amneal's expertise and supply next-generation medicines for obesity and metabolic diseases.
- We expanded our deep pipeline by in-licensing a new high-value biosimilar," said Chirag and Chintu Patel, Co-CEOs.
Guidance: Amneal has reaffirmed its 2024 revenue guidance of $2.7 billion—$2.8 billion and adjusted EPS of $0.57-$0.63, versus the consensus of $2.76 billion and $0.60, respectively.
The company expects 2024 adjusted EBITDA of $610 million—$630 million, operating cash flow of $280 million—$320 million and capital expenditures of $60 million—$70 million.
Price Action: At last check on Friday, AMRX stock down up 4.88% to $8.19 during the premarket session.
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