Amneal Pharmaceuticals Q3 Profit Tops Estimates; Revenue Up 14%

(RTTNews) - Amneal Pharmaceuticals, Inc. (AMRX) reported third quarter net income of $10 million compared to a net loss of $3 million in the third quarter of 2022. Profit per share was $0.06 compared to a loss of $0.02. Adjusted EPS was $0.19 compared to $0.14. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.11, for the quarter. Analysts' estimates typically exclude special items.

Net revenue in the third quarter of 2023 was $620 million, an increase of 14% compared to $546 million in the third quarter of 2022. The company said its revenue growth was driven by growth across all three business segments with Generics growing 12% due to strong performance of complex portfolio, biosimilar uptake and new product launches, AvKARE growing 25% due to new product introductions, and Specialty growing 9% due to strong performance of key branded products. Analysts on average had estimated $585.69 million in revenue.

The company affirmed previously announced increased 2023 guidance.

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