Amneal Pharmaceuticals Inc (AMRX) Reports 14% Increase in Q3 2023 Net Revenue
Amneal Pharmaceuticals Inc (NYSE:AMRX) reported a 14% increase in Q3 2023 net revenue, reaching $620 million.
The company's GAAP net income was $10 million, with a diluted EPS of $0.06.
Adjusted net income for Q3 2023 was $60 million, with an adjusted EBITDA of $154 million.
Amneal Pharmaceuticals Inc (NYSE:AMRX) affirmed its previously announced increased 2023 full year guidance.
On November 7, 2023, Amneal Pharmaceuticals Inc (NYSE:AMRX) released its Q3 2023 earnings report. The company reported a 14% increase in net revenue, reaching $620 million, compared to $546 million in Q3 2022. This growth was driven by all three business segments, with Generics growing by 12%, AvKARE by 25%, and Specialty by 9%.
Financial Highlights
Amneal Pharmaceuticals Inc (NYSE:AMRX) reported a GAAP net income of $10 million for Q3 2023, compared to a net loss of $3 million in Q3 2022. The company's adjusted EBITDA for Q3 2023 was $154 million, marking a 22% increase compared to the same period in 2022. This growth reflects strong revenue performance, durable adjusted gross margins, and continued operating expense leverage.
The company's diluted EPS for Q3 2023 was $0.06, compared to a loss of $0.02 for Q3 2022. The adjusted diluted EPS for Q3 2023 was $0.19, compared to $0.14 for Q3 2022.
2023 Full Year Guidance
Amneal Pharmaceuticals Inc (NYSE:AMRX) affirmed its previously announced increased 2023 full year guidance. The company expects net revenue to be between $2.37 billion and $2.42 billion, adjusted EBITDA to be between $540 million and $550 million, and adjusted diluted EPS to be between $0.51 and $0.58.
Company's Performance Analysis
The company's strong financial performance in Q3 2023 is a testament to the successful execution of its strategy, the success of its new launches, and the continued diversification of its portfolio. The company is on track to launch more than 40 new generic products in 2023, and its new biosimilars are outperforming. The company expects continued strong growth and momentum across its business.
Important Financial Tables
The company's consolidated statements of operations show a net revenue of $620 million for Q3 2023, compared to $546 million for Q3 2022. The company's net income attributable to Amneal Pharmaceuticals, Inc. was $10 million in Q3 2023, compared to a net loss of $3 million in Q3 2022.
The company's condensed consolidated balance sheets show total assets of $3.69 billion as of September 30, 2023, compared to $3.80 billion as of December 31, 2022. The company's total liabilities and stockholders' equity were also $3.69 billion as of September 30, 2023, compared to $3.80 billion as of December 31, 2022.
Explore the complete 8-K earnings release (here) from Amneal Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
