Amneal Touts Strong 2025 Finish and Upbeat 2026 Growth Forecast

BRIDGEWATER, N.J. – February 27, 2026 – Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) today announced robust financial results for the fourth quarter and full year 2025, marking its sixth consecutive year of consistent growth and issuing an optimistic forecast for 2026. The company reported full-year net revenue of $3.02 billion, an 8% increase over the prior year, and successfully met or exceeded all of its 2025 guidance metrics.

The strong performance was driven by a diversified portfolio that saw growth across its major business segments and a series of successful product launches in high-value areas. For the full year, Amneal posted a net income of $72 million, a significant turnaround from a net loss of $117 million in 2024. Adjusted EBITDA, a key measure of profitability, rose 10% to $688 million for the year.

“Our full year 2025 performance highlights the durability of our diversified portfolio and the successful execution of our strategy,” said Chirag and Chintu Patel, Co-Chief Executive Officers, in a statement. “Looking ahead, we believe Amneal is very well positioned to deliver substantial growth and create long-term value for years to come.”

A Strategy of Diversification and Innovation

Amneal's growth strategy hinges on a balanced approach across three core segments: Specialty, Affordable Medicines, and AvKARE. This model proved effective throughout 2025, with each division contributing to the top-line expansion.

The Specialty segment was a standout performer, with net revenue surging 38% in the fourth quarter and 19% for the full year. This growth was largely propelled by the “strong uptake” of CREXONT®, a treatment for Parkinson's disease launched in 2024, which has already reached approximately 23,000 patients in the U.S. The segment also benefited from continued strength in UNITHROID® and the successful launch of its newest branded product, the BREKIYA® autoinjector for migraine and cluster headaches.

Meanwhile, the Affordable Medicines segment, which includes generics, injectables, and biosimilars, delivered a 4% revenue increase for the full year. The division achieved several critical milestones, including the launch of its first two inhalation products and its fourth and fifth biosimilars, solidifying its position in complex and high-barrier-to-entry markets.

The AvKARE segment, which distributes pharmaceuticals to U.S. federal and institutional customers, also posted impressive results, with revenue climbing 24% in the fourth quarter and 12% for the full year, reaching $745 million.

Expanding Access with Complex Generics and Biosimilars

Amneal is making significant inroads in expanding access to crucial medicines, particularly through its focus on complex generics and biosimilars. The company's recent advancements in the respiratory field are a prime example. In the fourth quarter of 2025, Amneal secured FDA approval for its generic version of PROAIR® HFA (albuterol sulfate), a rescue inhaler with annual U.S. sales of approximately $1.5 billion. This followed a tentative approval for its generic version of QVAR® HFA (beclomethasone dipropionate), an asthma maintenance therapy with a market size of around $329 million.

These approvals represent a major strategic victory, marking Amneal's entry into the highly complex and lucrative inhalation market, a culmination of years of specialized research and development. The company's pipeline remains robust, with plans to file another 10-15 key complex programs in 2026, including more inhalation and injectable products.

Biosimilars are another key pillar of this strategy. With the recent approval of two denosumab biosimilars, Amneal is poised to capture a share of a market driven by the upcoming patent cliff, where blockbuster biologic drugs are set to lose exclusivity. The company expects to have six commercial biosimilars on the U.S. market by 2027, building on the $126 million in revenue generated by its first three biosimilars in 2024. This focus on complex generics and biosimilars positions Amneal to capitalize on a massive market opportunity as healthcare systems globally seek more affordable treatment options.

Fortifying the Financial Foundation

Alongside its commercial successes, Amneal has taken decisive steps to strengthen its balance sheet and enhance financial flexibility. A significant debt refinancing completed in August 2025 successfully extended the company's debt maturities to 2032. This was followed by a debt repricing in February 2026, which is estimated to reduce annual cash interest expense by an additional $11 million.

These strategic financial maneuvers, combined with strong operational performance, have enabled Amneal to improve its financial health. The company reduced its net leverage from 3.9x at the end of 2024 to 3.5x by the close of 2025, a clear indicator of its disciplined capital management and robust operating cash flow, which stood at $340 million for the year.

This fortified financial position provides the company with the stability and resources needed to continue investing in its high-growth pipeline and commercial launches.

A Confident Outlook Amid a Competitive Landscape

Building on its 2025 momentum, Amneal has provided confident financial guidance for 2026. The company projects net revenue between $3.05 billion and $3.15 billion and expects Adjusted EBITDA to rise to a range of $720 million to $760 million. The forecast for Adjusted Diluted EPS is set between $0.93 and $1.03, a projected growth of 12% to 24% over 2025.

While the overall outlook is positive, the guidance reflects a nuanced view of the competitive landscape. The Specialty segment's revenue is expected to be flat year-over-year, as anticipated generic competition for its older Parkinson's drug, RYTARY®, is projected to temporarily offset the continued strong growth from CREXONT®. However, the Affordable Medicines segment is forecast to grow by a healthy 7% to 8%.

Despite a slightly muted immediate market reaction, with Amneal's stock trading relatively flat post-announcement, the company's ability to consistently meet or exceed its own projections in recent years has built a track record of reliability. The strength of its pipeline, which includes 59 pending abbreviated new drug applications (ANDAs) and 52 additional products in development—the vast majority of which are complex formulations—provides a solid foundation for achieving its long-term growth ambitions.