Amneal Pharmaceuticals (AMRX) Q2 2026 Earnings Report

The call conveyed strong operational and financial momentum: double-digit revenue, EBITDA and EPS growth in Q2, raised full-year guidance, successful debt repricing, and a strategic acquisition (Kashiv) that meaningfully expands biosimilars capacity and pipeline. Commercial momentum in Specialty (CREXONT, BREKIYA) and multiple complex generic approvals/launches underpin the growth story. Near-term headwinds are limited: a flood-hit India site with an estimated ~$20M impact, a modest revenue decline in AvKARE, timing uncertainty for some biosimilar launches (e.g., XOLAIR), and increased near-term CapEx. Overall, positives (growth, guidance lift, strategic acquisition and capacity expansion) substantially outweigh the lowlights, supporting a constructive outlook.

Amneal reiterated strong Q2 results and raised its full‑year 2026 outlook: Q2 revenue was $796M with adjusted EBITDA of $206M and adjusted EPS of $0.30 (adjusted gross margin 46.2%, up 60 bps), Affordable Medicines revenue $490M (+13%), Specialty $149M (+17%) and AvKARE $157M (‑4%); new product launches added $45M in Q2 and first‑half results show total revenues +7%, adjusted EBITDA +16% and adjusted EPS +27%. Management increased FY2026 revenue guidance by $50M to $3.1B–$3.2B, raised adjusted EBITDA to $750M–$780M (+$10M) and nudged adjusted EPS to $0.96–$1.06 (+$0.01), while raising CapEx to ~ $150M (from ~$110M) and maintaining operating cash‑flow guidance; the plan incorporates an estimated $20M negative impact from the India flood. On financing and leverage, the Term Loan B was repriced (‑50 bps, ≈$12M annual interest savings) with a one‑notch credit upgrade and a path to net leverage below 3x by 2028. Finally, the pending Kashiv acquisition (expected to close soon) is expected to deliver $400M–$500M of financial benefits, expand drug‑substance capacity from ~26,000 L (end 2026) to ~75,000 L (2028), bring a >20‑program biosimilars pipeline (targeting ~6 commercial biosimilars by 2027 within a ~$14B TAM), and the guidance conservatively reflects a Q3 lanreotide goal date while XOLAIR is not included for FY26.