BRIDGEWATER, N.J. - Amneal Pharmaceuticals, Inc. (NYSE: AMRX) ('Amneal' or the 'Company') announced its results for the second quarter ended June 30, 2022.
'Solid second quarter results reflect topline growth across all three segments and meaningful acceleration in performance from the first quarter. Our core business is strong as we expect acceleration in the second half of 2022 and further momentum in the years ahead. On the horizon are a number of key catalyst launches in high growth areas that will build upon our strong, diversified core business performance,' said Chirag and Chintu Patel, Co-Chief Executive Officers.
Net revenue in the second quarter of 2022 was $559 million, an increase of 5% compared to $535 million in the second quarter of 2021. The increase was driven by growth across all three segments with solid broad-based performance in Generics, including Injectables, Specialty growth driven by Rytary and Unithroid, and the expansion of AvKARE's distribution channel.
Net loss attributable to Amneal Pharmaceuticals, Inc. was $121 million in the second quarter of 2022 compared to net income of $15 million in the second quarter of 2021. Net loss in the quarter included a pre-tax charge of $263 million for the previously disclosed preliminary settlement of the Opana ER antitrust litigation. Adjusted EBITDA(1) in the second quarter of 2022 was $135 million, a decrease of 6% compared to the second quarter of 2021, reflective of lower gross profit due to product mix and a tough comparison to the prior year. Diluted loss per share and adjusted diluted EPS(1) in the second quarter of 2022 were $(0.80) and $0.19, respectively, compared to $0.10 and $0.23, respectively, in the second quarter of 2021.
About Amneal
Amneal Pharmaceuticals, Inc. (NYSE: AMRX), headquartered in Bridgewater, NJ, is a fully-integrated essential medicines company. We make healthy possible through the development, manufacturing, and distribution of generic and specialty pharmaceuticals, primarily within the United States. The Company has a diverse portfolio of over 250 products in its Generics segment and is expanding across a broad range of complex products and therapeutic areas, including injectables and biosimilars. In its Specialty segment, Amneal has a growing portfolio of branded pharmaceutical products focused primarily on central nervous system and endocrine disorders, with a pipeline focused on unmet needs. Through its AvKARE segment, the Company is a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. For more information, please visit www.amneal.com.
Cautionary Statement on Forward-Looking Statements
Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements regarding management's intentions, plans, beliefs, expectations or forecasts for the future, including among other things: discussions of future operations; expected or estimated operating results and financial performance, the Company's growth prospects and opportunities as well as its strategy for growth; product development and launches; the successful commercialization and market acceptance of new products, and expenditures. Words such as 'plans,' 'expects,' 'will,' 'anticipates,' 'estimates,' and similar words are intended to identify estimates and forward-looking statements.
The reader is cautioned not to rely on these forward-looking statements. These forward-looking statements are based on current expectations of future events. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company.
Such risks and uncertainties include, but are not limited to: our ability to successfully develop, license, acquire and commercialize new products on a timely basis; the competition we face in the pharmaceutical industry, in general, specifically from brand and generic drug product companies, and the impact of that competition on our ability to set prices; our ability to obtain exclusive marketing rights for our products; our ability to manage our growth through acquisitions and otherwise; our dependence on the sales of a limited number of products for a substantial portion of our total revenues; the continuing trend of consolidation of certain customer groups; our dependence on third-party suppliers and distributors for raw materials for our products and certain finished goods and any associated supply chain disruptions; existing and future legal proceedings, the outcome of which are uncertain and may divert management resources and require us to incur substantial defense or settlement payments and costs; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; the impact of severe weather; the impact of the ongoing COVID-19 pandemic, and the emergence of variant strains; risks related to federal regulation of arrangements between manufacturers of branded and generic products; our reliance on certain licenses to proprietary technologies from time to time; the significant amount of resources we expend on research and development; the risk of product liability and other claims against us by consumers and other third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws; changes to Food and Drug Administration ('FDA') product approval requirements; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; our dependence on third-party agreements for a portion of our product offerings; the impact of global economic conditions, including any economic effects stemming from adverse geopolitical events, an economic downturn and inflation rates; our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms; our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, and the impact of interest rate fluctuations on such indebtedness; our obligations under a tax receivable agreement may be significant; and the high concentration of ownership of our Class A Common Stock and the fact that we are controlled by the Amneal Group. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission, including under Item 1A, 'Risk Factors' in the Company's most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect the occurrence of events or circumstances after the date hereof.
Contact:
Anthony DiMeo
Head of Investor Relations
E: anthony.dimeo@amneal.com
AMNEAL PHARMACEUTICALS, INC. 
