Amneal raises 2026 outlook after revenue grows 10% to $863 million
Key Facts
Amneal Pharmaceuticals reported on November 3 results for the third quarter ended September 30, 2026, posting net revenue of $863 million, up 10% from $785 million in the year-earlier period. The company raised its full-year forecasts for revenue, adjusted earnings before interest, taxes, depreciation and amortization, and adjusted diluted earnings per share, citing what it described as strong and broad-based performance. The higher targets came alongside a lower operating cash flow forecast, signaling that business growth had not fully translated into expected cash for the year. Adjusted earnings before interest, taxes, depreciation and amortization were $207 million, up 30% year over year. Adjusted diluted earnings per share also rose to $0.26 from $0.17, a 53% increase.
The Affordable Medicines and Specialty segments led revenue growth, with revenue in the former rising 19% during the quarter, supported by biosimilars, women’s health patches and new launches. Specialty segment revenue increased 20%, with contributions from CREXONT, self-injected BREKIYA and UNITHROID. The co-chief executive officers said broad-based performance had enabled them to raise 2026 guidance again. They cited women’s health patches, biosimilars and lanreotide injections, alongside CREXONT and BREKIYA, as growth drivers. They added that the integration of Kashiv was progressing well and that they were excited about the long-term growth potential in biosimilars. By contrast, AvKARE revenue fell 17%, as expected, due to a nonrecurring cardiovascular product launch in the prior year.
On a GAAP basis, the company posted a net loss attributable to it of $22 million in the third quarter, compared with net income of $2 million a year earlier. The company said higher revenue and gross profit did not offset the impact of nonrecurring acquisition and integration costs and a higher tax provision. Acquisition and integration costs were $22.32 million in the quarter, compared with no such costs in the year-earlier period. The company attributed the 2026 costs mainly to the acquisition and integration of Kashiv. It also attributed diluted loss per share to a higher share count following the acquisition. The contrast between a net loss and growth in adjusted earnings highlights the effect of integration costs and taxes on the quarter’s accounting result.
Amneal raised its 2026 revenue range to $3.15–$3.25 billion from $3.10–$3.20 billion previously. It increased its forecast for adjusted earnings before interest, taxes, depreciation and amortization to $800–$815 million, compared with a previous range of $750 to $780 million. It also raised its adjusted diluted earnings per share forecast to $1.04–$1.08 from $0.96–$1.06. The co-chief executive officers said growth across the company’s segments and key products had given it a basis to raise guidance again. The company said its 2026 estimates are based on management’s expectations for prescription trends, pricing levels and the timing of product launches. They also include its estimates for restructuring costs and benefits and its long-term strategy.
By contrast, the company cut its 2026 operating cash flow forecast to $325–$375 million from $350–$400 million previously. It attributed the adjustment to working capital, including higher inventory levels in key growth areas. Excluding miscellaneous items, the forecast range is now $350–$400 million, down from $375–$425 million. The excluded items include estimated opioid settlement costs of about $36 million and estimated Kashiv acquisition and integration costs of about $40 million. The reduction in the overall range means the company expects lower operating cash despite raising its revenue and adjusted profitability targets. The cash flow estimate also remains tied to inventory levels and working capital through the rest of the year.
The results follow a second quarter in which Amneal revenue was $796 million, compared with $725 million in the second quarter of 2025, while net income was $58 million versus $22 million. The company said in July that strong first-half performance gave it confidence to raise guidance for the second time during the year. In the third-quarter results, revenue for the first nine months of 2026 totaled about $2.381 billion, compared with $2.204 billion in the same period of 2025. The company had set November 3 as the date to report results before the market opened, with an audio webcast at 8:30 a.m. Eastern time. AMRX shares closed at $20.44 in the November 2 session, on the eve of the results announcement.