# Amneal Pharmaceuticals, Inc. (AMRX)

> Source: Nexqual · https://nexqual.com/AMRX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Amneal Pharmaceuticals, Inc. (AMRX), nexqual.com/AMRX" · informational, not investment advice.

**Price:** USD 20.48 (+1.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.2 · day 20.21–20.58 · 52w 9.99–21.18 · market cap $7.13B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.12B, net income $157M (5.0% margin), free cash flow $128M (SEC filings).
- Valuation: P/E 45.3x (avg 56.8x at the last 1 fiscal year-ends), net debt $2.44B.
- Earnings quality: non-operating income -$253M vs operating income $454M over the last four quarters; P/E excluding non-operating income ≈17.4x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $7.7M; 4 not under a Rule 10b5-1 plan ($7.7M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.57 on a 1–5 scale) (7 analysts), mean target USD 23 (range 20–27).
- Total return with dividends: 1Y +96.5% vs S&P 500 +14.9%; 5Y +261.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.24, revenue estimate $814M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.09B | $2.21B | $2.39B | $2.79B | $3.02B | $3.12B |
| Gross profit | $769M | $785M | $821M | $1.02B | $1.11B | — |
| Operating income | $153M | -$94.9M | $204M | $249M | $394M | $454M |
| Net income | $13.2M | -$271M | -$84.0M | -$117M | $72.1M | $157M |
| EPS (diluted) | $0.07 | -$0.86 | -$0.48 | -$0.38 | $0.22 | — |
| Free cash flow | $194M | $18.7M | $302M | $243M | $270M | $128M |
| Gross margin | 36.7% | 35.5% | 34.3% | 36.5% | 36.9% | — |
| Operating margin | 7.3% | -4.3% | 8.5% | 8.9% | 13.1% | 14.6% |
| Net margin | 0.6% | -12.2% | -3.5% | -4.2% | 2.4% | 5.0% |
| Revenue growth | +5.1% | +5.7% | +8.2% | +16.7% | +8.0% | — |
| Cash + short-term investments | $248M | $26.0M | $91.5M | $111M | $282M | — |
| Total debt | $2.71B | $2.62B | $2.42B | $2.39B | $2.57B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 45.3x · P/E ex non-operating (est.) ≈17.4x · P/S 2.3x · EV/Sales 3.1x · P/FCF 55.8x · P/B 216.0x · FCF yield 1.79% · Earnings yield 2.21% · Net debt $2.44B · EV $9.58B
P/E at fiscal year-ends: Dec 2025 56.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Kiely John | Director | 50,000 | $882K | 20% | No | Too little history (no open-market trades in 2023) |
| 2026-08-12 | Shah Nikita | Executive Vice President | 146,403 | $2.6M | 36.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-11…2026-08-12 | Daly Jason B. | EVP, Chief Legal Officer | 216,613 | $3.8M | 86% | No | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Autor Deborah M. | Director | 34,819 | $451K | 27.1% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.57 on a 1–5 scale), 7 analysts; mean target USD 23 (low 20, high 27).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | JP Morgan | Target raised | Overweight | $22 → $24 |
| 2026-09-23 | Oppenheimer | Initiated | Outperform | $27 |
| 2026-09-17 | Barclays | Target raised | Overweight | $16 → $20 |
| 2026-09-09 | Leerink Partners | Initiated | Outperform | $23 |
| 2026-08-03 | UBS | Target raised | Buy | $23 → $25 |
| 2026-07-15 | UBS | Target raised | Buy | $19 → $23 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +96.5% | +261.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +97.0% | +29.2% |
| Volatility (annualized) | 35.6% | 46.6% |
| Max drawdown | -22.3% (Feb 2026→May 2026) | -76.5% (Oct 2021→Mar 2023) |

## Peers (Drug Manufacturers - Specialty & Generic)
ALKS (Alkermes plc) USD 44.18 +1.61% · HIMS (Hims & Hers Health, Inc.) USD 29.13 -0.27% · LNTH (Lantheus Holdings, Inc.) USD 100.1 -0.14% · KNSA (Kiniksa Pharmaceuticals Interna) USD 80.79 +1.37% · RGC (Regencell Bioscience Holdings L) USD 9.81 -9.17% · RDY (Dr. Reddy's Laboratories Ltd) USD 13.23 +0.30%

## More
Full page: https://nexqual.com/AMRX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AMRX's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1723128/000172312826000011/amrx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Kashiv Biosciences | "In December 2022, we entered into a development and supply agreement specific to four generic product candidates with Kashiv Biosciences LLC ("Kashiv")." |
| Supplier | Zambon Biotech | "On February 23, 2024, we entered into a license, distribution and supply agreement with Zambon Biotech S.A. ("Zambon") granting Zambon the exclusive rights to seek regulatory approval and commercialize IPX203 in Europe (…" |
| Supplier | Knight Therapeutics International | "On January 24, 2024, we entered into a 15-year license, distribution and supply agreement with Knight Therapeutics International S.A. ("Knight") granting Knight the exclusive rights to seek regulatory approval and commer…" |
| Supplier | Metsera | "Our 2026 estimate is net of expected contributions from Metsera, Inc. under our collaboration and supply agreement." |
| Customer | McKesson (MCK) | "For the year ended December 31, 2025, our four largest customers, Cencora, Inc., McKesson Drug Co., Cardinal Health, Inc., and CVS Health Corporation, collectively accounted for approximately 71% of our consolidated net …" |
| Customer | Cardinal Health (CAH) | "For the year ended December 31, 2025, our four largest customers, Cencora, Inc., McKesson Drug Co., Cardinal Health, Inc., and CVS Health Corporation, collectively accounted for approximately 71% of our consolidated net …" |
| Customer | AvKARE | "Refer to "AvKARE" in the "Segments of the Business" section above for a description of customers served by our AvKARE segment." |
| Customer | Cencora (COR) | "For the year ended December 31, 2025, our four largest customers, Cencora, Inc., McKesson Drug Co., Cardinal Health, Inc., and CVS Health Corporation, collectively accounted for approximately 71% of our consolidated net …" |
| Customer | CVS HEALTH Corp (CVS) | "For the year ended December 31, 2025, our four largest customers, Cencora, Inc., McKesson Drug Co., Cardinal Health, Inc., and CVS Health Corporation, collectively accounted for approximately 71% of our consolidated net …" |
| Partner | Orion Group Holdings Inc (ORN) | "Orion Corporation License Agreement" |
| Partner | ApiJect Systems | "On May 8, 2025, we entered into a 15-year strategic collaboration agreement with ApiJect Systems, Corp. and related entities ("ApiJect"), a medical technology company focused on advanced drug delivery ("ApiJect Agreement…" |
| Partner | Valorum Oncology | "In December 2025, we entered into a distribution agreement with Valorum Oncology, LLC ("Valorum"), under which Valorum serves as exclusive distributor of ALYMSYS® in the U.S. and Puerto Rico." |
| Partner | CVS Health (CVS) | "For example, large wholesalers and retailer customers have formed alliances, such as Walgreens and Cencora, Inc., Rite Aid and McKesson Drug Company, and CVS Caremark and Cardinal Health." |
| Related party | TPG Operations | "A partner in TPG Capital was an observer of our Board of Directors until July 2025, at which time TPG Capital ceased to be a related party." |
| Competitor | Pfizer (PFE) | "Our principal competitors in the generic and biosimilar pharmaceutical market include Teva Pharmaceutical Industries Ltd., Viatris Inc., Sandoz Group, Pfizer Inc., Fresenius Kabi KGaA, Hikma Pharmaceuticals PLC, Dr. Redd…" |
| Competitor | AbbVie (ABBV) | "Our principal competitors in the specialty pharmaceutical market include Supernus Pharmaceuticals, Inc., Jazz Pharmaceuticals PLC, AbbVie Inc., and Alkermes PLC." |

Other companies that name AMRX in their own reports (relationship from AMRX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Vanda Pharmaceuticals Inc. (VNDA) | 10-K 2026-02-12 | "In January 2023, MSN and its commercial partner, Amneal Pharmaceuticals, Inc., informed us of their belief that such circumstances have occurred and have since launched their generic version." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Affordable Medicines | $489.9M | 61.5% | +13.0% | $123.1M | 25.1% |
| AvKARE | $157.0M | 19.7% | -3.7% | $9.3M | 5.9% |
| Specialty | $149.3M | 18.8% | +16.6% | — | — |
| Specialty | $149.3M | 18.8% | +16.6% | $54.9M | 36.7% |
| Corporate costs (not allocated) | — | — | — | -$57.5M | — |
| Total revenue | $796.2M | 100% | — | $129.8M | 16.3% |
The lines above cover 118.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subtotal Dosage Forms | $482.3M | 60.6% | +11.8% |
| Oral Solid | $175.2M | 22.0% | -1.7% |
| Subtotal Therapeutic Classes | $149.3M | 18.8% | +17.1% |
| Central Nervous System | $95.3M | 12.0% | +14.3% |
| Distribution Service | $86.9M | 10.9% | -12.8% |
| Other Dosage Forms | $81.6M | 10.2% | +19.7% |
| Transdermal | $67.0M | 8.4% | +64.7% |
| Ephinephrine Auto Injector | $62.2M | 7.8% | -6.6% |
| Injectable | $56.8M | 7.1% | +63.9% |
| Government Label | $50.2M | 6.3% | +10.5% |
| Hormonal Allergy | $42.1M | 5.3% | +18.9% |
| Biosimilar | $29.1M | 3.7% | +15.4% |
| Institutional | $12.1M | 1.5% | +19.5% |
| Other Therapeutic Classes | $11.9M | 1.5% | +36.2% |
| Oral Liquid | $10.4M | 1.3% | -42.0% |
| Product & Service Other | $7.7M | 1.0% | -1.1% |
| International | $7.6M | 1.0% | +300.5% |
| Total revenue | $796.2M | 100% | — |
The lines above cover 179.3% of total revenue.

## Customer concentration

Period ended 2026-06-30: 23%, 21%, 16% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-07-30)

- "Full Year Guidance – – Successful Debt Repricing in July Reduces Interest Cost – BRIDGEWATER, NJ, July 30, 2026 - Amneal Pharmaceuticals, Inc."
- "This robust first-half performance gives us confidence to raise our full-year 2026 guidance for the second time this year."
- "As we look ahead to the remainder of 2026, 2027 and beyond, we remain highly confident in Amneal's outlook and the breadth and durability of the opportunities across our portfolio," said Chirag and Chintu Patel, Co-Founders and Co-Chief Executive Officers of Amneal."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.24 | $0.25 | -4.1% | $814.1M | 7 |
| Next quarter (ends 2026-12-31) | $0.22 | $0.25 | -10.4% | $823.8M | 7 |
| Current fiscal year (ends 2026-12-31) | $1.03 | $0.98 | +4.9% | $3.16B | 7 |
| Next fiscal year (ends 2027-12-31) | $1.20 | $1.12 | +7.4% | $3.45B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±17.6%; last 8 reports averaged ±2.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 41.8% | ±17.6% |
| 2026-12-18 | 56 | 49.5% | ±12.7% |
| 2027-03-19 | 147 | 55.4% | ±28.1% |
| 2027-06-17 | 237 | 48.9% | ±31.3% |