Branning Brings Expertise in Leading Change Management Across Complex and Rapidly Evolving Organizations
BRIDGEWATER, N.J., Jan. 22, 2019 /PRNewswire/ -- Amneal Pharmaceuticals, Inc. (AMRX) today announced that it has appointed Todd P. Branning as Senior Vice President and Chief Financial Officer, effective today. Mr. Branning will be responsible for leading Amneal's global finance strategies, including oversight for Finance and Accounting, Internal Audit, Investor Relations and Corporate Communications, and Information Technology. Mr. Branning succeeds Bryan Reasons, who will remain with the company through the end of February 2019 to ensure a smooth transition of responsibilities.
Mr. Branning brings more than 25 years of experience leading the finance and accounting strategies as well as corporate financial planning and analysis (FP&A) for public companies, primarily in the pharmaceuticals sector. Most recently, he served as Senior Vice President, Chief Financial Officer, for Teva Pharmaceuticals' multi-billion dollar Global Generic Medicines division.
Mr. Branning's appointment is being made after an extensive search over the past few months to identify and recruit a candidate who will be a strong contributor to the Company during an expected period of evolution and growth. By ensuring ample time between Mr. Branning's appointment and Mr. Reasons' planned departure at the end of February, the Company anticipates an orderly transition of duties as it prepares for 2019 and beyond.
"With Amneal's key integration milestones largely complete, we are now building, leveraging and optimizing our infrastructure," said President and Chief Executive Officer Rob Stewart. "Todd's deep experience driving finance, accounting and change management strategies across complex and rapidly evolving organizations, will be particularly valuable as we continue executing our strategy to deliver growth and sustainable value. We look forward to his leadership and contributions."
"On behalf of our entire Company, I want to thank Bryan for his contributions," said Stewart. "Bryan played an important role in preparing Impax for our successful combination with Amneal. He was instrumental in helping us capture cost synergies at an accelerated pace and spearheaded the efforts to build the financial compliance foundation upon which Amneal can now move forward as a publicly-traded company. I look forward to continuing to work with him through this transition and wish him well in his future endeavors."
"I am honored to join the Amneal team at this exciting point in the evolution of our business," said Mr. Branning. "We have a solid generic and specialty business foundation, a diversified pipeline and strong cash flow to support organic and inorganic growth opportunities. I look forward to working with Rob and the rest of the management team to help Amneal achieve its full potential."
As CFO of Teva Pharmaceuticals' Global Generic Medicines division, Mr. Branning led the finance function, served on the leadership team responsible for managing the day-to-day operations of Teva's largest commercial unit and collaborated closely with Investor Relations, Treasury and Information Technology. Prior to joining Teva in 2016, he served as Vice President, Finance, for Allergan plc. Mr. Branning has also served in financial leadership roles at PricewaterhouseCoopers, PPG Industries, Inc. and Merck & Co., Inc.
Mr. Branning holds an MBA degree from Carnegie Mellon University and a BBA from the University of Miami. He is a Certified Public Accountant and has completed a CFO certification program from The Wharton School at the University of Pennsylvania.
Amneal Pharmaceuticals, Inc. (AMRX), headquartered in Bridgewater, NJ, is an integrated pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. The Company has approximately 6,000 employees in its operations in North America, Asia, and Europe, working together to bring high-quality medicines to patients primarily within the United States.
Amneal is one of the largest generic pharmaceutical manufacturers in the United States, with an expanding portfolio of generic products to include complex dosage forms in a broad range of therapeutic areas. The Company also markets a portfolio of branded pharmaceutical products through its Specialty Pharma division focused principally on central nervous system disorders, endocrinology and parasitic infections. For more information, visit www.amneal.com.
Safe Harbor Statement
Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements regarding management's intentions, plans, beliefs, expectations or forecasts for the future, including, among other things, future operating results and financial performance, product development and launches, integration strategies and resulting cost reduction, market position and business strategy. Words such as "may," "will," "could," "expect," "plan," "anticipate," "intend," "believe," "estimate," "assume," "continue," and similar words are intended to identify estimates and forward-looking statements.
The reader is cautioned not to rely on these forward-looking statements. These forward-looking statements are based on current expectations of future events. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Amneal Pharmaceuticals, Inc. (the "Company"). Such risks and uncertainties include, but are not limited to: the impact of global economic conditions; our ability to integrate the operations of Amneal Pharmaceuticals LLC and Impax Laboratories, LLC pursuant to the business combination completed on May 4, 2018, and our ability to realize the anticipated synergies and other benefits of the combination; our ability to successfully develop and commercialize new products; our ability to obtain exclusive marketing rights for our products and to introduce products on a timely basis; the competition we face in the pharmaceutical industry from brand and generic drug product companies, and the impact of that competition on our ability to set prices and capture or retain market share; our ability to manage our growth; the illegal distribution and sale by third parties of counterfeit versions of our products or of stolen products; market perceptions of us and the safety and quality of our products; our dependence on the sales of a limited number of products for a substantial portion of our total revenues; our ability to develop, license or acquire and introduce new products on a timely basis; the ability of our approved products to achieve expected levels of market acceptance; the risk that we may discontinue the manufacture and distribution of certain existing products; the impact of manufacturing or quality control problems; the risk of product liability and other claims against us by consumers and other third parties; risks related to changes in the regulatory environment, including United States federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws; changes to FDA product approval requirements; risks related to federal regulation of arrangements between manufacturers of branded and generic products; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; our dependence on a few locations that produce a majority of our products; relationships with our major customers; the continuing trend of consolidation of certain customer groups; our reliance on certain licenses to proprietary technologies from time to time; our dependence on third party suppliers and distributors for raw materials for our products and certain finished goods; the time necessary to develop generic and branded drug products; our dependence on third parties for testing required for regulatory approval of our products; our dependence on third party agreements for a portion of our product offerings; our ability to make acquisitions of or investments in complementary businesses and products on advantageous terms; regulatory oversight related to our international operations; our increased exposure to tax liabilities due to our international operations and the impact of recent U.S. tax legislation; payments required by our Tax Receivable Agreement; our involvement in various legal proceedings, including those brought by third parties alleging infringement of their intellectual property rights; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; the significant amount of resources we expend on research and development; our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, and the impact of interest rate fluctuations on such indebtedness; risks inherent in conducting clinical trials; our reporting and payment obligations under the Medicaid rebate program and other government purchase and rebate programs; quarterly fluctuations in our operating results; adjustments to our reserves based on price adjustments and sales allowances; investigations and litigation concerning the calculation of average wholesale prices; the high concentration of ownership of our Class A Common Stock and the fact that we are controlled by a group of stockholders. A further list and descriptions of these risks, uncertainties and other factors can be found in the Company's most recently filed Quarterly Report on Form 10-Q and in the Company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.amneal.com or on request from the Company.
Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect the occurrence of events or circumstances after the date hereof.
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