Amneal Pharmaceuticals (AMRX) Q3 2026 Earnings Report

The call was strongly positive, supported by double-digit Q3 revenue, EBITDA, and EPS growth; raised 2026 guidance; continued specialty-brand momentum; the completed Kashiv transaction; expanding biosimilar, complex-generic, manufacturing, and GLP-1 platforms; and a favorable 2027-2030 growth outlook. The main negatives were the expected AvKARE revenue decline, lower operating cash flow guidance due to inventory and collection timing, and temporarily higher leverage following the acquisition.

Amneal increased full-year 2026 guidance to revenue of $3.15 billion to $3.25 billion, adjusted EBITDA of between $800 million and $815 million, adjusted EPS of $1.04 and $1.08, and operating cash flow of $325 million-$375 million; it expects to finish 2026 at 3.6x adjusted EBITDA, remain below 3x adjusted EBITDA by 2028, and deliver continued high growth in 2027 and beyond. Lanreotide revenue was about $7 million in Q3, with multiple times of that expected in Q4 and a targeted 30%-40% market share; the 60 mg and 90 mg strengths are expected to launch in the second half of next year. XOLAIR is expected to launch in second half next year, towards late, while denosumab is expected in mid-next year and European lanreotide action is expected in the third quarter next year. Amneal is targeting five additional MDI and soft mist approvals over the next three years, sees a next wave of launch opportunities between 2027 and 2029, expects 2030 revenue of about $4.3 billion to $4.5 billion versus about $3.1 billion to $3.2 billion, and expects gross margins to improve further from probably about 46.5% this year versus about 45.5% last year; Pfizer construction is expected to complete in late 2028 to 2029, CREXONT is expected to perform to probably the middle part or maybe even the higher end of guidance, and BREKIYA autoinjector next year could come close to doubling performance from this year.