Q2 2026 Amneal Pharmaceuticals Inc Earnings Call

July 30, 2026

Operator 3: Good morning, and welcome to the Amneal Pharmaceuticals Q2 2026 earnings call. I will now turn the call over to Amneal's Head of Investor Relations, Tony DiMeo.

Operator: Good morning, and welcome to the Amneal Pharmaceuticals' Q2 2026 earnings call. I will now turn the call over to Amneal's Head of Investor Relations, Tony DiMeo.

Speaker #2: Good morning, and thank you for joining Amneal Pharmaceuticals' second quarter 2026 earnings call. Today, we issued a press release reporting Q2 results. The earnings press release and presentation are available on the IR page of amneal.com.

Anthony DiMeo: Good morning, and thank you for joining Amneal Pharmaceuticals' Q2 2026 earnings call. Today, we issued a press release reporting Q2 results. The earnings press release and presentation are available on the IR page of amneal.com. Certain statements made on this call regarding matters that are not historical facts, including but not limited to management's outlook or predictions, are forward-looking statements that are based solely on information that is now available to us. Please see the sections entitled "Cautionary Statements on Forward-Looking Statements" in our press release and presentation for factors that may impact future performance. We also discuss non-GAAP measures. Information on use of these measures and reconciliation to GAAP are in the earnings release and presentation. On the call today are Chirag and Chintu Patel, co-founders and co-CEOs, Tassos Konidaris, CFO, Joe Renda for specialty, and Jason Daly, Chief Legal Officer.

Tony DiMeo: Good morning, and thank you for joining Amneal Pharmaceuticals' Q2 2026 earnings call. Today, we issued a press release reporting Q2 results. The earnings press release and presentation are available on the IR page of amneal.com. Certain statements made on this call regarding matters that are not historical facts, including but not limited to management's outlook or predictions, are forward-looking statements that are based solely on information that is now available to us. Please see the sections entitled "Cautionary Statements on Forward-Looking Statements" in our press release and presentation for factors that may impact future performance. We also discuss non-GAAP measures. Information on use of these measures and reconciliation to GAAP are in the earnings release and presentation.

Speaker #2: Certain statements made on this call regarding matters that are not historical facts—including but not limited to management's outlook or predictions—are forward-looking statements. That are based solely on information that is now available to us.

Speaker #2: Please see the sections entitled "Cautionary Statements on Forward-Looking Statements" in our press release and presentation for factors that may impact future performance. We also discussed non-GAAP measures.

Speaker #2: Information on use of these measures and reconciliations to GAAP are in the earnings release and presentation. On the call today are Chirag and Chintu Patel.

Tony DiMeo: On the call today are Chirag and Chintu Patel, co-founders and co-CEOs, Tasos Konidaris, CFO, Joe Renda for specialty, and Jason Daly, Chief Legal Officer. I will now hand the call over to Chirag.

Speaker #2: Co-founders and co-CEOs. Tassos Konidaris, and Jason Daley, Chief Legal Officer. I will now hand the call over to Chirag.

Anthony DiMeo: I will now hand the call over to Chirag.

Speaker #3: Thank you. Good morning, everyone. Amneal is in the midst of the most transformative period in our company's history. We are growing as one of the America's leading affordable medicines businesses, with an increasingly diversified and high-impact medicines portfolio.

Chirag Patel: Thank you. Good morning, everyone. Amneal is in the midst of the most transformative period in our company's history. We are growing as one of America's leading affordable medicines businesses with an increasingly diversified and high-impact medicines portfolio, including specialty brands, Biosimilars, GLP-1s, and complex generics across dosage forms such as transdermals and injectables. As we execute our strategy, we're building a larger, more impactful Amneal. That continued momentum is reflected in our Q2 results, where the company delivered revenue of $796 million, adjusted EBITDA of $206 million, and adjusted EPS of $0.30. At the halfway point of the year, we're pleased to once again raise our 2026 outlook. This year reflects our seventh consecutive year of top and bottom-line growth.

Speaker #3: Including specialty brands, biosimilars, GLP-1s, and complex generics, across dosage forms, such as transdermals and injectables. As we execute our strategy, we are building a larger, more impactful Amneal.

Speaker #3: That continued momentum is reflected in our second quarter results, where the company delivered revenue of $796 million, adjusted EBITDA of $206 million, and adjusted EPS of $0.30.

Speaker #3: At the halfway point of the year, we are pleased to once again raise our $2026 outlook. This year, reflects our seventh consecutive year of top and bottom-line growth.

Speaker #3: As a purpose-driven company, we have a tremendous opportunity to help the next era of affordable medicines here in the United States and globally, by expanding access for patients and providers.

Chirag Patel: As a purpose-driven company, we have a tremendous opportunity to help the next era of affordable medicines here in the United States and globally by expanding access for patients and providers. While Amneal has always been growth-oriented, the scale of the opportunity in front of us today has never been greater. With that, let me touch on key growth opportunities. First, in affordable medicines, our base business remains strong, resilient, and growing, with highly relevant and in-demand therapies. In women's health, demand for transdermal patches increased following the revised FDA guidance late last year. We are increasing our capacity. Looking forward, our pipeline remains focused on high-value opportunities such as elagolix, where complexity, reliable supply, customer relationship, and executions are key. Second, in biosimilars, we're building a new large growth platform for Amneal.

Speaker #3: While Amneal has always been a growth-oriented, the scale of the opportunity in front of us today has never been greater. With that, let me touch on key growth opportunities.

Speaker #3: First, in affordable medicines, our base business remains strong, resilient, and growing. With highly relevant and in-demand therapies. In women's health, demand for transdermal patches increased following the revised FDA guidance late last year.

Speaker #3: We are increasing our capacity. Looking forward, our pipeline remains focused on a high-value opportunities such as lendriotide, where complexity, y, reliable supply, customer relationship, and executions are key.

Speaker #3: Second, in biosimilars, we're building a new, large growth platform for Amneal. With the pending acquisition of Akashi, we would become a fully integrated global biosimilar player.

Chirag Patel: With the pending acquisition of Kashiv, we would become a fully integrated global biosimilar player from development to commercial supply. The timing is incredibly compelling. The US biosimilars market is entering a major growth cycle driven by an unprecedented wave of biologics losing exclusivity, streamlined regulatory pathways, attractive commercial structures emerging, including private labels, and accelerating market adoption. Over the next decade, 118 biologics are expected to lose exclusivity in the United States alone, with relatively limited development expected for most molecules. Accordingly, we see a broad set of biosimilar opportunities with limited competition that can support reliable and repeatable value creation. Amneal is well-positioned to capitalize on these opportunities. Approximately 75% of our biosimilar portfolio will be focused on targeted lower competition, while 25% will address larger market opportunities. That mix gives us significant growth potential and meaningful upside. Biosimilars align with our commercial strength as well.

Speaker #3: From development to commercial supply. At the time and the timing is incredibly compelling. The U.S. biosimilars market is entering a major growth cycle driven by an unprecedented wave of biologics losing exclusivity.

Speaker #3: Streamlined regulatory pathways, attractive commercial structures, emerging—including private labels. And accelerating market adoption. Over the next decade, 118 biologics are expected to lose exclusivity in the United States alone.

Speaker #3: With relatively limited development expected for most molecules, accordingly, we see a broad set of biosimilar opportunities with limited competition that can support reliable and repeatable value creation.

Speaker #3: Amneal is well-positioned to capitalize on these opportunities. Approximately 75% of our biosimilar portfolio will be focused on targeted, lower-competition, while 25% will address larger market opportunities.

Speaker #3: That mix gives us significant growth potential and meaningful upside. Biosimilars align with our commercial strength as well. Through private label and customer relationship, we can bring products to market efficiently, leveraging our leading U.S.

Chirag Patel: Through private label and customer relationship, we can bring products to market efficiently, leveraging our leading US retail and institutional presence, channel access, and scale. This is a natural extension of our affordable medicines strategy. Overall, biosimilars are the next major growth area for Amneal and fit directly in our mission: expanding access, providing affordability, and building a durable long-term growth platform. Third, in specialty, we have a differentiated branded product portfolio. Treximet continues to gain traction, and recent Phase IV data reinforces its potential to become a first-line treatment option for Parkinson's patients. Also, Brekiya continues to see very strong uptake in its first several quarters on the market as it addresses an important unmet need for migraine and cluster headache sufferers. Fourth, in distribution, Amneal continues to provide diversification and access to important government and institutional channels, representing a meaningful opportunity to grow this business over time.

Speaker #3: retail and institutional presence. Channel access and scale. This is a national extension of our affordable medicines strategy. Overall, biosimilars are the next major growth area for Amneal, and fit directly in our mission: expanding access, widening affordability, and building a durable, long-term growth platform.

Speaker #3: Third, in specialty, we have a differentiated branded product portfolio. Rexon continues to gain traction, and recent phase four data reinforces its potential to become a first-line treatment option.

Speaker #3: For Parkinson's patients. Also, Brakeya continues to see very strong uptake in its first several quarters on the market, as it addresses an important unmet need for migraine and cluster headache sufferers.

Speaker #3: Fourth, in distribution, Abcat continues to provide diversification and access to important government and institutional channels. Representing a meaningful opportunity growth is business over time.

Speaker #3: In summary, we are incredibly excited about the ongoing strategic evolution of Amneal, and highly confident in our ability to sustain this momentum going forward.

Chirag Patel: In summary, we are incredibly excited about the ongoing strategic evolution of Amneal and highly confident in our ability to sustain this momentum going forward. I'll now turn it over to Chintu.

Speaker #3: I will now turn it over to Chintu.

Speaker #2: Thank you, Chirag, and good morning, everyone. I would like to thank our Amneal team for another quarter of very strong execution. Our team continues to deliver across operations, quality, supply chain, R&D, commercial execution, and customer service.

Chintu Patel: Thank you, Chirag, and good morning, everyone. I would like to thank our Amneal team for another quarter of very strong execution. Our team continues to deliver across operations, quality, supply chain, R&D, commercial execution, and customer service. This consistency allows us to grow while also building towards the next generation of opportunities, such as specialty, biosimilars, and GLP-1s. Let me begin with an update on one of our manufacturing sites in India. One week ago, the Gujarat region experienced a severe rainfall and flooding, which impacted one of our facilities in India. Most importantly, all Amneal employees are safe and accounted for. We expect a limited impact on a select number of products. We look to resume operation within the next few weeks. I will provide an update on three areas. First, the strength of our operating platform. Second, the strategic fit and capabilities Kashiv brings in biosimilar.

Speaker #2: This consistency allows us to grow while also building towards the next generation of opportunities such as specialty, biosimilars, and GLP-1s. Let me begin with an update on one of our manufacturing sites in India.

Speaker #2: One week ago, the Gujarat region experienced severe rainfall and flooding, which impacted one of our facilities in India. Most importantly, all Amneal employees are safe and accounted for.

Speaker #2: We expect a limited impact on a select number of products. We look to resume operation within the next few weeks. I will provide an update on three areas.

Speaker #2: First, the strength of our operating platform. Second, the strategic fit and capabilities Kashi brings in biosimilar. And third, the continued momentum across our pipeline.

Chintu Patel: Third, the continued momentum across our pipeline. First in operation, our global high-quality manufacturing and supply chain capabilities remain a core competitive advantage. If you walk into an Amneal facility today, it looks remarkably different than just several years ago. Through digitization, automation, and deploying AI tools in different areas, we are unveiling our next generation of manufacturing and quality while also driving continued efficiencies. Strategically, we have built a broad operational network with deep expertise across dosage forms. This matters more than ever. Patients, providers, and all stakeholders of the healthcare system are focused on the quality, reliability, and resiliency of the pharmaceutical supply chain. We are excited to expand our capabilities and capacity in complex dosage forms, including transdermals, sterile injectables, and long-acting depots, enabling Amneal to increase our volumes and drive very meaningful near-term growth.

Speaker #2: First, in operation, our global high-quality manufacturing and supply chain capabilities remain a core competitive advantage. If you walk into an Amneal facility today, it looks remarkably different than just several years ago.

Speaker #2: Through digitization, automation, and deploying AI tools in different areas, we are unavailing our next generation of manufacturing and quality while also driving continued efficiencies.

Speaker #2: Strategically, we have built a broad operational network with deep expertise across dosage forms. These matters more than ever. Patients, providers, and all stakeholders of the healthcare system are focused on the quality, reliability, and resiliency of the pharmaceutical supply chain.

Speaker #2: We are excited to expand our capabilities and capacity in complex dosage forms, including transdermal, sterile injectables, and long-acting depots unavailing Amneal to increase our volumes and drive very meaningful near-term growth.

Speaker #2: Our scale, leading U.S. manufacturing footprint, and a strong technical capabilities positions us to deliver reliable, high-quality supply while addressing important market needs and drug shortages.

Chintu Patel: Our scale, leading US manufacturing footprint, and strong technical capabilities position us to deliver reliable, high-quality supply while addressing important market needs and drug shortages. To that point, we are pleased to share that Amneal's Brookhaven, New York site was recently selected as one of only seven companies in the FDA PreCheck Pilot Program, alongside other leading companies such as Eli Lilly and Regeneron. The program is intended to advance US drug manufacturing and strengthen supply chain resiliency by allowing earlier FDA engagement on facility readiness and support access to critical medicine. For Amneal, it is an important recognition of our robust US manufacturing, particularly as we expand into sterile injectable manufacturing here in the US over the next few years. Second, we are very excited about the Kashiv acquisition, which will add the in-house biologics capabilities we need to succeed in biosimilars.

Speaker #2: To that point, we are pleased to share that Amneal's Brookhaven, New York site was recently selected as one of only seven companies in the FDA's pre-check pilot program.

Speaker #2: Alongside other leading companies such as Eli Lilly and Rich and Roth. The program is intended to advance U.S. drug manufacturing and strengthen supply chain resiliency by allowing earlier FDA engagement on facility readiness and support access to critical medicine.

Speaker #2: For Amneal, it is an important recognition of our robust U.S. manufacturing, particularly as we expand into sterile injectable manufacturing here in the U.S. over the next few years.

Speaker #2: Second, we are very excited about the Kashi acquisition, which will add the in-house biologics capabilities we need to succeed in biosimilars. The end-to-end capabilities will span cell line and clone development, protein characterization, process development, clinical execution, regulatory expertise, and scaled biologics manufacturing in India and the U.S.

Chintu Patel: The end-to-end capabilities will span cell line and clone development, protein characterization, process development, clinical execution, regulatory expertise, and scaled biologics manufacturing in India and US. Kashiv is a biologics platform built over a decade with deep scientific expertise across monoclonal antibodies, fusion proteins, cytokines, microbial products, and other complex modalities. Kashiv's drug substance capacity is expected to expand from approximately 26,000 liters by the end of 2026 to approximately 75,000 liters by 2028. With Kashiv, we will be able to do it all in biologics. Kashiv brings the science, development, and manufacturing engine, and Amneal brings the US commercial engine with our leading retail position and channel expertise. This is a powerful combination. Together, this combined model will allow us to advance multiple molecules at the same time, make smart portfolio decisions more quickly, and capture more economics across the value chain.

Speaker #2: Kashi is a biologics platform built over a decade with deep scientific expertise across monoclonal antibodies, fusion proteins, cytokines, microbial products, and other complex modalities.

Speaker #2: Kashi's drug-substance capacity is expected to expand from approximately 26,000 liters by the end of 2026 to approximately 75,000 liters by 2028. With Kashi, we will be able to do it all in biologics.

Speaker #2: Kashi brings the science, development, and manufacturing engine, and Amneal brings the U.S. commercial engine with our leading retail position and channel expertise. This is a powerful combination.

Speaker #2: Together, this combined model will allow us to advance multiple molecules at the same time, make smart portfolio decisions, move quickly, and capture more economics across the value chain.

Speaker #2: With our current and future biosimilar capacity, we are well positioned to supply a meaningful share at launch with access capacity to respond to market demand as needed.

Chintu Patel: With our current and future biosimilar capacity, we are well-positioned to supply a meaningful share at launch with excess capacity to respond to market demand as needed. In addition, the combined pipeline of over 20 biosimilar programs supports a meaningful number of new launches over time. We are very excited about upcoming biosimilar opportunities for XOLAIR, Orencia, CIMZIA, and Antilate, which are attractive molecules with significant market potential and relatively limited competition. We believe each has the potential to become a meaningful growth driver. Longer term, the pipeline extends well into the 2030s, providing substantial runway for growth. Turning to our affordable medicine pipeline. Importantly, we are in the midst of the most concentrated and impactful wave of high-value new launches in our company's history. It is not just the number of launches that matters. It is the value, complexity, and durability of these products.

Speaker #2: In addition, the combined pipeline of over 20 biosimilar programs supports a meaningful number of new launches over time. We are very excited about upcoming biosimilar opportunities for Zolair, Orencia, Simzia, and Endplate, which are attractive molecules with significant market potential and relatively limited competition.

Speaker #2: We believe each has the potential to become a meaningful growth driver. Longer term, the pipeline extends well into the 2030s, providing substantial runway for growth.

Speaker #2: Third, turning to our affordable medicine pipeline, we are in the midst of the most concentrated and impactful wave of high-value new launches in our company's history.

Speaker #2: Importantly, it is not just the number of launches that matters. It is the value, complexity, and durability of these products. These momentum is the result of choices we made many years ago.

Chintu Patel: This momentum is the result of choices we made many years ago. We deliberately prioritized complex generics and differentiated dosage forms, including injectables, ophthalmics, inhalation products, drug-device combinations, 505(b)(2) opportunities, and other non-oral solid dosage forms, where technical complexity and execution create long-term durable value. Our recent approvals and upcoming launches show the strategy is working. This includes the recent approval of romidepsin in oncology, additional strengths of presentation of iohexol, and ready-to-use sodium bicarbonate, our latest 505(b)(2) injectables, along with potential approval of lanreotide in Q3. Each product reflects the high-impact opportunities that we have been building towards and demonstrates the strength of our affordable medicines pipeline. The wheel of innovation continues to turn with another 12 to 15 high-value complex ANDA filings planned this year, including 2 more metered-dose inhalation products.

Speaker #2: We deliberately prioritized complex generics and differentiated dosage forms, including injectables, ophthalmics, inhalation products, drug device combinations, 5582 opportunities, and other non-oral solid dosage forms.

Speaker #2: Where technical complexity and execution create long-term durable value. Our recent approvals and upcoming launches show the strategies working. These include the recent approval of Romidexin in oncology, additional strengths of presentation of Iohexol, and ready-to-use sodium bicarbonate, our latest 5582 injectables.

Speaker #2: Along with potential approval of Landriotide in Q3. Each product reflects the high impact opportunities that we have been building towards and demonstrate the strength of our affordable medicines pipeline.

Speaker #2: And the wheel of innovation continues to turn, with another 12 to 15 high-value complex ANDA filings planned this year, including two more metered-dose inhalation products.

Speaker #2: These opportunities exemplify Amneal's core strengths: strong R&D, complex manufacturing, deep customer relationships, and a track record of reliable supply. We are using the same playbook that built our affordable medicines business and applying it to biosimilars.

Chintu Patel: These opportunities exemplify Amneal's core strengths: strong R&D, complex manufacturing, deep customer relationships, and a track record of reliable supply. We are using the same playbook that built our affordable medicines business and applying it to biosimilars. In specialty, we are pleased with the continued strong performance of CREXONT and Brekiya. These successful product launches reflect our ability to develop new medicines, build brands, and bring forward therapies that improve patient care. For CREXONT, the real-world evidence for Parkinson's patients is very compelling. We recently shared data from our first phase IV open-label study that showed patients converting to CREXONT had 3 or more hours of ON time per day versus RYTARY and other carbidopa/levodopa therapies, and a meaningful improvement in symptom control. In Q4, we are starting a new phase IV study looking at the impact of CREXONT on treatment-naive patients recently diagnosed with PD and disease progression.

Speaker #2: In Specialty, we are pleased with the continued strong performance of Kraxon and Brakea. These successful product launches reflect our ability to develop new medicines, build brands, and bring forward therapies that improve patient care.

Speaker #2: For KRAZATI, the real-world evidence for Parkinson's patients is very compelling. We recently shared data from our first Phase IV open-label study that showed patients converting to KRAZATI had three or more hours of good on-time per day versus Rytary and other carbidopa-levodopa therapies.

Speaker #2: And a meaningful improvement in symptom control. In Q4, we are starting a new phase four study looking at the impact of Kraxon on treatment-naive patients recently diagnosed with PD and disease progression.

Speaker #2: More broadly, we are building on this specialty foundation with additional R&D pipeline opportunities. While Kraxon and Brakea are key growth drivers today, they represent the beginning of a broader specialty pipeline that we are advancing and we look to share more in the future.

Chintu Patel: More broadly, we are building on this specialty foundation with additional R&D pipeline opportunities. While CREXONT and Brekiya are key growth drivers today, they represent the beginning of a broader specialty pipeline that we are advancing, and we look to share more in the future. Taken together, we are well-positioned for continued growth and remain laser-focused on executing across our key operational, commercial, and pipeline opportunities. I will now hand it over to Tasos.

Speaker #2: Taken together, we are well positioned for continued growth and remain laser-focused on executing across our key operational, commercial, and pipeline opportunities. I will now hand it over to Tassos.

Speaker #3: Thank you, Chuntu, and good morning, everyone. The second quarter played out as expected with revenue growth accelerating and broad-based momentum building across our business.

Anastasios Konidaris: Thank you, Chintu, and good morning, everyone. The second quarter played out as expected, with revenue growth accelerating and broad-based momentum building across our business. Consequently, we are very pleased with our continued strong financial performance and ability to raise our 2026 outlook again this quarter, reflecting the strength and diversification of our business, a number of key growth drivers, and the success of the business model we have strategically built over several years. We expect this momentum to continue through the balance of 2026 and into 2027 and beyond. For the second quarter, total net revenue was $796 million, up 10%. Adjusted EBITDA was $206 million, up 12%, and adjusted EPS was $0.30, up 20%. Our results were driven by strong execution across our three business segments, favorable product mix, and operating expense discipline.

Tasos Konidaris: Thank you, Chintu, and good morning, everyone. The second quarter played out as expected, with revenue growth accelerating and broad-based momentum building across our business. Consequently, we are very pleased with our continued strong financial performance and ability to raise our 2026 outlook again this quarter, reflecting the strength and diversification of our business, a number of key growth drivers, and the success of the business model we have strategically built over several years. We expect this momentum to continue through the balance of 2026 and into 2027 and beyond. For the second quarter, total net revenue was $796 million, up 10%. Adjusted EBITDA was $206 million, up 12%, and adjusted EPS was $0.30, up 20%. Our results were driven by strong execution across our three business segments, favorable product mix, and operating expense discipline.

Speaker #3: Consequently, we are very pleased with our continued strong financial performance and ability to raise our quarter reflecting the strength and diversification of our business and number of key growth drivers and the success of the business model we have strategically built over several years.

Speaker #3: We expect this momentum to continue through the balance of 2026 and into 2027 and beyond. For the second quarter, total net revenue was $796 million, up 10%. Adjusted EBITDA was $206 million, up 12%, and adjusted EPS was $0.30, up 20%.

Speaker #3: Our results were driven by strong execution across our three business segments, favorable product mix, and operating expense discipline. For the second quarter, affordable medicines delivered revenue $490 million, up 13%, reflecting the strength of our broad-based complex portfolio including our women's health products, injectables, and higher naloxone sales.

Anastasios Konidaris: For the second quarter, affordable medicines delivered revenue of $490 million, up 13%, reflecting the strength of our broad-based complex portfolio, including our women's health products, injectables, and higher naloxone sales. New product launches added $45 million to second quarter revenue growth, including two recently launched products, one in ophthalmology and one in urology. Our Specialty revenue was $149 million, up 17%, driven by continued momentum in CREXONT, UNITHROID, and Brekiya, all ahead of expectations. Moving on to AvKARE, where second quarter revenue was $157 million, down 4%, similar to Q1, as growth in the government channel was offset by the low-margin distribution business, as we expected. As we have shared in the past, we remain focused on the unique value we provide in the government channel and continue to expand AvKARE's profitability.

Tasos Konidaris: For the second quarter, affordable medicines delivered revenue of $490 million, up 13%, reflecting the strength of our broad-based complex portfolio, including our women's health products, injectables, and higher naloxone sales. New product launches added $45 million to second quarter revenue growth, including two recently launched products, one in ophthalmology and one in urology. Our Specialty revenue was $149 million, up 17%, driven by continued momentum in CREXONT, UNITHROID, and Brekiya, all ahead of expectations. Moving on to AvKARE, where second quarter revenue was $157 million, down 4%, similar to Q1, as growth in the government channel was offset by the low-margin distribution business, as we expected. As we have shared in the past, we remain focused on the unique value we provide in the government channel and continue to expand AvKARE's profitability.

Speaker #3: In addition, new product launches added $45 million to second quarter revenue growth, including two recently launched products, one in ophthalmology and one in urology.

Speaker #3: Our specialty revenue was $149 million, up 17%, driven by continued momentum in Kraxon, Unithroid, and Brakea, all ahead of expectations. Moving on to Abcar, where second quarter revenue was $157 million, down 4%, similar to the first quarter, as growth in the government channel was offset by the low margin distribution business as we expected.

Speaker #3: As we have shared in the past, we remain focused on the unique value we provide in the government channel and continue to expand Abcar's profitability.

Speaker #3: Moving down the P&L, our second quarter adjusted gross margin was strong at 46.2%, up 60 basis points year over year, reflecting favorable mix and continued operating efficiencies.

Anastasios Konidaris: Moving down the P&L, our second quarter adjusted gross margin was strong at 46.2%, up 60 basis points year over year, reflecting favorable mix and continued operating efficiencies. Adjusted EBITDA grew 12% due to strong revenue growth, gross margin expansion, and disciplined expense management. From an adjusted EPS perspective, the second quarter grew 20%, reflecting the adjusted EBITDA growth and lower interest expense. Let me take a moment to acknowledge the strength of our H1 financial performance, with total revenues up 7%, adjusted EBITDA up 16%, and adjusted EPS growth of 27%. I'm pleased to report that we recently repriced our $2.4 billion Term Loan B due in 2032 and reduced our interest expense by 50 basis points, which equate to $12 million in annual interest expense savings. Given the strength of our business, we're very pleased to raise our full year 2026 guidance against this quarter.

Tasos Konidaris: Moving down the P&L, our second quarter adjusted gross margin was strong at 46.2%, up 60 basis points year over year, reflecting favorable mix and continued operating efficiencies. Adjusted EBITDA grew 12% due to strong revenue growth, gross margin expansion, and disciplined expense management. From an adjusted EPS perspective, the second quarter grew 20%, reflecting the adjusted EBITDA growth and lower interest expense. Let me take a moment to acknowledge the strength of our H1 financial performance, with total revenues up 7%, adjusted EBITDA up 16%, and adjusted EPS growth of 27%. I'm pleased to report that we recently repriced our $2.4 billion Term Loan B due in 2032 and reduced our interest expense by 50 basis points, which equate to $12 million in annual interest expense savings. Given the strength of our business, we're very pleased to raise our full year 2026 guidance against this quarter.

Speaker #3: Adjusted EBITDA grew 12% due to strong revenue growth, gross margin expansion, and disciplined expense management. From an adjusted EPS perspective, the second quarter grew 20%, reflecting the adjusted EBITDA growth and lower interest expense.

Speaker #3: Let me take a moment to acknowledge the strength of our first half financial performance with total revenues up 7%, adjusted EBITDA up 16%, and adjusted EPS growth of 27%.

Speaker #3: Furthermore, I'm pleased to report that we recently replied our 2.4 billion term loan B due in 2032 and reduced our interest expense by 50 basis points, which equate to $12 million in annual interest expense savings.

Speaker #3: Given the strength of our business, we're very pleased to raise our full year 2026 guidance against this quarter. We're increasing our revenue outlook by $50 million, to $3.1 billion to $3.2 billion, with high single-digit growth expected in both specialty and affordable medicines.

Anastasios Konidaris: We're increasing our revenue outlook by $50 million to $3.1 billion to $3.2 billion, with high single-digit growth expected in both Specialty and affordable medicines. We are raising our adjusted EBITDA guidance by $10 million between $750 and $780 million, reflecting strong revenues and higher gross margin. This guidance includes an estimated $20 million of negative impact anticipated as a result of the recent flood in our India facility, as Chintu mentioned earlier on. From an EPS perspective, we're increasing our guidance by $0.01, between $0.96 and $1.06, due to our higher profitability and lower interest expense following our most recent successful debt repricing.

Tasos Konidaris: We're increasing our revenue outlook by $50 million to $3.1 billion to $3.2 billion, with high single-digit growth expected in both Specialty and affordable medicines. We are raising our adjusted EBITDA guidance by $10 million between $750 and $780 million, reflecting strong revenues and higher gross margin. This guidance includes an estimated $20 million of negative impact anticipated as a result of the recent flood in our India facility, as Chintu mentioned earlier on. From an EPS perspective, we're increasing our guidance by $0.01, between $0.96 and $1.06, due to our higher profitability and lower interest expense following our most recent successful debt repricing.

Speaker #3: Also, we're raising our adjusted EBITDA guidance by $10 million, to between $750 and $780 million, reflecting strong revenues and higher gross margin. This guidance includes an estimated $20 million of negative impact anticipated as a result of the recent flood in our India facility, as Chintu mentioned earlier on.

Speaker #3: From an EPS perspective, we're increasing our guidance by a penny between $96 and $1.06, due to our higher profitability and lower interest expense following our most recent successful debt repricing.

Speaker #3: From a capex perspective, we're increasing our expectations from about $110 million to about $150 million to capitalize on multiple near-term opportunities that we see the marketplace, such as greater market demand for our women's health products, and injectable expansion in the US.

Anastasios Konidaris: From a CapEx perspective, we're increasing our expectations from about $110 million to about $150 million to capitalize on multiple near-term opportunities that we see in the marketplace, such as greater market demand for our women's health products and injectable expansion in the US. Finally, we're maintaining our operating cash flow guidance. Turning to Kashiv for a second, we're entering the transaction from a position of strength, supported by a diverse set of growth drivers, strong cash flow, and disciplined balance sheet management. This progress was further validated in April when we received a one-notch credit rating upgrade in our most recent successful Term Loan B repricing. As we have outlined, the Kashiv transaction is compelling both strategically and financially. First, the acquisition enables us to be a leader in the multi-billion dollar global biosimilars market that is growing rapidly.

Tasos Konidaris: From a CapEx perspective, we're increasing our expectations from about $110 million to about $150 million to capitalize on multiple near-term opportunities that we see in the marketplace, such as greater market demand for our women's health products and injectable expansion in the US. Finally, we're maintaining our operating cash flow guidance. Turning to Kashiv for a second, we're entering the transaction from a position of strength, supported by a diverse set of growth drivers, strong cash flow, and disciplined balance sheet management. This progress was further validated in April when we received a one-notch credit rating upgrade in our most recent successful Term Loan B repricing. As we have outlined, the Kashiv transaction is compelling both strategically and financially. First, the acquisition enables us to be a leader in the multi-billion dollar global biosimilars market that is growing rapidly.

Speaker #3: Finally, we're maintaining our operating cash flow guidance. Turning to Kaseep for a second, we're entering the transaction from a position of strength supported by diverse set of growth drivers, strong cash flow and disciplined balance sheet management.

Speaker #3: This progress was further validated in April when we received a one-notch credit rating upgrade and our most recent successful term loan B repricing. As we have outlined, the Kaseep transaction is compelling both strategically and financially.

Speaker #3: First, the acquisition enabled us to be a leader in the multi-billion dollar global biosimilars market that is growing rapidly. Second, we expect to capture $400 to $500 million in financial benefits driven by tax and local incentives, as well as eliminating milestone and profit sharing obligations.

Anastasios Konidaris: Second, we expect to capture $400 to $500 million in financial benefits driven by tax and local incentives, as well as eliminating milestone and profit-sharing obligations. Third, we see a clear path to deleveraging, with net leverage below three times by 2028. We expect the Kashiv transaction to close over the next few weeks, pending shareholder vote tomorrow and satisfaction of closing conditions. With that, I will turn the call back to Chirag.

Tasos Konidaris: Second, we expect to capture $400 to $500 million in financial benefits driven by tax and local incentives, as well as eliminating milestone and profit-sharing obligations. Third, we see a clear path to deleveraging, with net leverage below three times by 2028. We expect the Kashiv transaction to close over the next few weeks, pending shareholder vote tomorrow and satisfaction of closing conditions. With that, I will turn the call back to Chirag.

Speaker #3: Third, we see a clear path to delivering with net leverage below three times by 2028. We expect the Kaseep transaction to close over the next few weeks, pending the shareholder vote tomorrow and satisfaction of closing conditions.

Speaker #3: With that, I will turn the call back to Chirag.

Speaker #2: Thank you, Tassos. I will cue two results that demonstrate the strength of Amneal's diversified business and the momentum across our growth platforms. We're delivering strong performance today, with more significant opportunities ahead than at any point in our company's history.

Chirag Patel: Thank you, Tasos. Our Q2 results demonstrate the strength of Amneal's diversified business and the momentum across our growth platforms. We're delivering strong performance today with more significant opportunities ahead than any point in our company's history. The pending Kashiv acquisition is a natural extension of our strategy that will create a fully integrated global biosimilar platform, provide us access to a very large market opportunity, and establish a major new long-term growth pillar. We're excited about the future and the substantial value creation ahead. Our goal remains clear, to become America's number one affordable medicines company and a leading global provider of essential medicines. Because innovation only matters when it reaches the patient. With that, let's open the call for Q&A.

Speaker #2: The pending Kashi acquisition is a natural extension of our strategy that will create a fully integrated global biosimilar platform, provide us access to a very large market opportunity, and establish a major new long-term growth pillar.

Speaker #2: We're excited about the future and the substantial value creation ahead. Our goal remains clear: to become America's number one affordable medicines company. And a leading global provider of essential medicines.

Speaker #2: Because innovation only matters, when it reaches the patient. With that, let's open the call for Q&A.

Speaker #1: We will now begin the question and answer session. Please limit yourself to one question and one follow-up question. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again.

Operator 3: We will now begin the question and answer session. Please limit yourself to one question and one follow-up question. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question is from the line of Glen Santangelo from Barclays. Your line is now open. Please go ahead.

Operator: We will now begin the question and answer session. Please limit yourself to one question and one follow-up question. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question is from the line of Glen Santangelo from Barclays. Your line is now open. Please go ahead.

Speaker #1: We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device.

Speaker #1: Please stand by while we compile the Q&A roster. Your first question is from the line of Glenn Santangelo from Barclays. Your line is now open.

Speaker #1: Please go ahead.

Speaker #4: Oh, yeah. Thanks, and good morning. Thanks for taking the question. Yeah, just two quick ones from me. Chirag, I think I heard you said you're still expecting the timing for lanreotide to be 3Q.

Glen Santangelo: Thanks, and good morning. Thanks for taking the question. Just two quick ones from me. Chirag, I think I heard you said you're still expecting the timing for lanreotide to be Q3, if memory serves me correct, the biosimilar for XOLAIR, you're expecting later in Q4. I'm just kind of curious as to maybe what you have included in the H2 fiscal 2026 guide for these launches. My second question is really around Kashiv. I think at the time of the deal, you said you were expecting to have six commercial biosimilars in the market by 2027, with a $14 billion TAM. I was just wondering if you could just give us an update on the timing and maybe a little bit more transparency into which launches will be more meaningful here. Thanks.

Speaker #4: And if memory serves me correct, the biosimilar for Zolair, you're expecting later in the fourth quarter. And so I'm just kind of curious as to maybe what you have included in your in the second half fiscal 26 guide for these launches.

Speaker #4: And then my second question is really around Kashiv. I think at the time of the deal, you said you're expecting to have six commercial biosimilars in the market by 2027, with a $14 billion TAM.

Speaker #4: I just wonder if you could just give us more an update on the timing and maybe a little bit more transparency into which launches will be more meaningful here.

Speaker #4: Thanks.

Chirag Patel: Great. Good morning, Glen. Lanreotide is on its way. That's what we feel as of today. It has official go date in Q3. We have included some of the forecast number, but not probably the market total-

Speaker #2: Great. Good morning, Glenn. So lanreotide is on its way. That's what we feel as of today. It has official goal date in Q3. So that we have included some of the forecast number, but not probably the market total.

Anastasios Konidaris: It's very conservative.

Tasos Konidaris: It's very conservative.

Chirag Patel: conservative is included. XOLAIR is towards very late end of the year, or could spill into 5 January. Nothing is included for XOLAIR for this year. In Kashiv BioSciences, or your question on the six commercial biosimilars, as you know, we market Alunbras, Raluca, Filnera. We are launching Prolia and XGEVA and look forward to launch XOLAIR sometimes next year, hopefully very early. That becomes six biosimilars commercialized by next year and more to follow there on in 2027, 2028, 2029. Very exciting pipeline. Thank you.

Speaker #2: Conservative is included. And Zolair is towards very late end of the year. Or could spill into the January 5th. So nothing is included for Zolair for this year.

Speaker #2: And in Kashi Biosciences, your question on the six commercial biosimilars, as you know, we market Elimsis, Reluco, PhilNetra. We are launching Prolia and Xgeva.

Speaker #2: And look forward to launch Zolair sometime next year, hopefully very early. So that becomes six biosimilars commercialized by next year, and more to follow thereon in 27, 28, 29.

Speaker #2: Very exciting pipeline. Thank you.

Speaker #4: Thank you.

Glen Santangelo: Thank you

Speaker #1: Your next question. Comes from Chris Scott with JP Morgan. Your line is now open. Please go ahead.

Operator 3: Your next question comes from Chris Schott with JPMorgan. Your line is now open. Please go ahead.

Operator: Your next question comes from Chris Schott with JPMorgan. Your line is now open. Please go ahead.

[Analyst] (JPMorgan): Thank you so much. This is Katarina on for Chris. Just two questions from us. First, just on tariffs, your thoughts on some of these recent headlines from the administration. How should we think about potential impact both for Amneal and the industry, and have there been any discussions between generic manufacturers and the administration since the announcement? Second question is just on Crysvita. It seems like another very strong quarter for the product. Just any interesting trends you guys are seeing in terms of where uptake is coming from or anything else you're kind of seeing in that market? Thank you.

Speaker #5: Thank you so much. This is Katerina on for Chris. Just two questions from us. So first, just on tariffs, your thoughts on some of these recent headlines from the administration.

Speaker #5: How should we think about potential impact both for Amneal and the industry? And have there been any discussions between generic manufacturers and the administration since the announcement?

Speaker #5: And then second question is just on Kirk Sondt. It seems like another very strong quarter for the product. Just any interesting trends you guys are seeing in terms of where uptake is coming from or anything else you're kind of seeing in that market?

Speaker #5: Thank you.

Speaker #2: Thank you. Good morning. As you know, Amneal has a very vast manufacturing network in the United States. We always look and also expanding the our capacity in the United States in sterile and patches, as well.

Chintu Patel: Thank you. Good morning. As you know, Amneal has a very vast manufacturing network in the United States. We always look and also expanding our capacity in the United States in sterile and patches as well. As far as the recent announcement, we look forward for more information and would collaborate with administration as we move forward. Your second question on Crysvita, we're seeing 80% of the scripts coming from general neuro, which wasn't the case for RYTARY, and that continues to happen. As you know, 80% of prescriptions are written by the general neurologist. Very exciting. The phase IV data is exciting as well. Well received, and the script trend is keep going up every week. It's truly a needed therapy for the Parkinson's patient. Our goal will be to make that a first-line therapy to replace the immediate-release product.

Speaker #2: As far as the recent announcement, we look forward for more information and would collaborate with administration as we move forward. Your second question on Kirk Sondt.

Speaker #2: We're seeing 80% of the scripts coming from general. Neuro, which wasn't the case for Reitery, and that continues to happen as you know, 80% is prescription are written by the general neurologist.

Speaker #2: So very exciting the phase four data is exciting as well. Well received and the script trend is keep going up every week. And it's truly a needed therapy for the Parkinson's patient and our goal will be to make that a first-line therapy replace the immediate release product.

Speaker #5: Thanks.

[Analyst] (JPMorgan): Thanks.

Speaker #1: Your next question comes from David Anselim from Piper Sanma. Your line is now open. Please go ahead.

Operator 3: Your next question comes from David Amsellem from Piper Sandler. Your line is now open. Please go ahead.

Operator: Your next question comes from David Amsellem from Piper Sandler. Your line is now open. Please go ahead.

Speaker #4: Thanks. So couple for me. First on Iohexol with the additional SKUs, approved. Can you talk about how big of an opportunity that could be?

David Amsellem: Thanks. Couple from me. First on iohexol, with the additional SKUs approved, can you talk about how big of an opportunity that could be, not just this year, but also in 2027, if you can quantify that, and your views on how long that could be a situation where there's limited competition? And a similar question on lanreotide. Can you just level set for us to the extent you get approved, how long that could be a limited competition situation? And then lastly, on your specialty business and particularly neurology, what's your appetite for adding assets where you can leverage your existing commercial infrastructure in neuro? Thank you.

Speaker #4: Not just this year, but also in 27. If you can quantify that. And your views on how long that could be a situation where there's limited competition.

Speaker #4: And a similar question on lanreotide. Can you just level set for us to the extent you get approved, how long that could be a limited competition situation?

Speaker #4: And then lastly, on your specialty business and particularly neurology, what's your appetite for adding assets where you can leverage your existing commercial infrastructure in neuro?

Speaker #4: Thank you.

Speaker #2: Yeah. Hi, David. Good morning. So Iohexol is a very complex product. And it requires very good supply chain control. And a manufacturing footprint. We're very excited with the new SKUs that are getting approved.

Chintu Patel: Yeah. Hi, David. Good morning. Iohexol is a very complex product, and it requires very good supply chain control and a manufacturing footprint. We are very excited with the new SKUs that are getting approved. We are expecting other one or two more strengths to get approved by end of the year. I think going into next year, we'll complete the entire basket because it has multiple strengths. Same times, we have increased our capacity this year, and we look forward to capitalize on the full market potential next year. From quantification perspective, we think this is a $50-plus million opportunity, maybe more going forward, and we have secured a very good supply chain. Regarding lanreotide, it's the same thing. It's a very complex manufacturing. As you know, it's a drug-device combination. It's a peptide. It's a very unique formulation.

Speaker #2: We are expecting other one or two more strengths to get approved by end of the year. So the entire basket because it has multiple strengths.

Speaker #2: Same times, we have increased our capacity this year. And we look forward to capitalize on the full market potential next year. From quantification perspective, we think this has a 50-plus million dollar opportunity.

Speaker #2: Maybe more going forward. And we have secured a very good supply chain. Regarding lanreotide, it's the same thing. It's a very complex manufacturing. As you know, it's a drug device combination.

Speaker #2: It's a peptide. It's a very unique formulation. So it has a lots of multiple barriers of entry from coming into the market. We have dedicated site and facility.

Chintu Patel: It has lots of multiple barriers of entry from coming into the market. We have dedicated site and facility. We are controlling our in-house supply chain. We are very positive and optimistic on staying a market leader upon the launch in Q3 as anticipated. Lanreotide and we have inventory to go. We have perfected the manufacturing. We look forward to lanreotide launching Q3 of this year. Great. I'll take the second one on a specialty M&A potential. As we have stated before, company's focus and goal will turn to the specialty side going from next year, and many years to come after that. We have a full mass and great infrastructure for small molecule and large molecule with the pending Kashiv acquisition. We'll keep investing in our internal growth, R&D, and CapEx for affordable medicines and not take our eyes off.

Speaker #2: We have controlling our in-house supply chain. So we are very positive and optimistic on staying market leader upon the launch in Q3 as anticipated.

Speaker #2: So lanreotide and we have inventory to go. We have perfected the manufacturing. So we look forward to lanreotide launch in Q3 of this year.

Speaker #2: Great. And I'll take the second one on a specialty, y, M&A. Potential as we have stated before. Companies focus and goal will turn to the specialty side going from next year.

Speaker #2: And many years to come after that. We have a full mass and great infrastructure for small molecule and large molecule with pending Kashi acquisition.

Speaker #2: So we'll keep investing in our internal growths, R&D, and capex for affordable medicines and not take our eyes off. It's great business. Even the existing business is growing remarkably with the new pipeline launches, the women's health with the lidocaine expansion.

Chintu Patel: It's great business. Even the existing business is growing remarkably with the new pipeline launches, the women's health, with the lidocaine expansion, with the injectable expansion in the United States. I mean, we could not even supply more. That is just a very positive sign. As you know, David, that would be positive because the 90% scripts are written using generics product, and always the complex products are on in shortages, and we are there to support that. Very excited about that. Biosimilars, we have enough, and we will keep expanding with CapEx. With excess cash and other means, we would be focusing on CNS assets. Our team's looking at it, and we are also looking at oncology assets. We'll be adding a pipeline internally and externally, and we'll share with you, when we are ready.

Speaker #2: With the injectable expansion in the United States, I mean, we could not even supply more. So that is just very positive sign. And as you know, David, that would be positive because the 90% scripts are written using generics product.

Speaker #2: And always the complex products are run in shortages. And we are there to support that. So very excited about that. And biosimilars, we have enough.

Speaker #2: And we will keep expanding with capex. Now, with excess cash and other means, we would be focusing on CNS assets. Our team is looking at it.

Speaker #2: And we are also looking at oncology assets. We'll be adding pipeline internally and externally. And we'll share with you when we are ready.

Speaker #1: Your next question comes from Ash Verma with UBS. Your line is now open. Please go ahead.

Operator 3: Your next question comes from Ash Verma with UBS. Your line is now open. Please go ahead.

Operator: Your next question comes from Ash Verma with UBS. Your line is now open. Please go ahead.

Speaker #5: Oh, great. Yeah. Thanks so much for taking questions. And congrats on the progress here. So I had two questions on both individual products. Maybe just on lanreotide.

Ash Verma: Great. Thanks so much for taking our questions, and congrats on the progress here. I had two questions on both the individual products. Maybe just on lenvatinib. You've been reiterating Q3 as an approval and launch. Just help us understand if there could be any gating items from FDA side on granting the approval. Have you had any kind of late cycle review meeting recently? Any back and forth with the FDA that you can talk about? Then on iohexol. This one, you're building out the SKU portfolio. Obviously, is the adoption of iohexol contingent on you having first all the SKUs, or can we start to see meaningful revenue contribution from what you have right now? Then it sort of builds out from the later dosing after that.

Speaker #5: So yeah, you've been reiterating 3Q as an approval and launch. Just help us understand if there could be any gating items from FDA side on granting the approval.

Speaker #5: Have you had any kind of late cycle review meeting recently? Any back and forth with the FDA that you can talk about? And then on Iohexol, so this one yeah.

Speaker #5: So you're building out the SKU portfolio. Obviously, is the adoption of Iohexol contingent on you having first all the SKUs? Or can we start to see meaningful revenue contribution from what you have right now?

Speaker #5: And then it sort of builds out from the later dosing after that. So if you can give any comment on that, that would be great.

Ash Verma: If you can give any comment on that would be great. Thanks.

Speaker #5: Thanks.

Speaker #2: So hi, Ash. Good morning. On a lanreotide, I'll take the first one. We responded to all the queries of FDO very FDA with very comprehensive response.

Chintu Patel: Hi, Ash. Good morning. On lenvatinib, I'll take the first one. We responded to all the queries of FDA with very comprehensive response. We are very optimistic. As of today, we haven't had any negative feedback from FDA. We believe no news is a good news. It is under priority review, as FDA understand it's a unmet need. We remain very optimistic about Q3 launch, and we have inventory to go up on the approval of the product immediately. On iohexol, our strategy was to get all the SKUs together. Our R&D has completed all the work. It's not necessary to have all the SKUs. I think we took a strategic position that way we can get a bigger bite at the market share. Also, we are expanding the capacity.

Speaker #2: We are very optimistic as of today. We haven't had any negative feedback from FDA. So we believe no news is a good news. It is under priority review.

Speaker #2: As FDA understand, it's an unmet need. So we remain very, very optimistic about 3Q launch. And we have inventory to go upon the approval of the product immediately.

Speaker #2: On Iohexol, our strategy was to get all the SKUs together. So our R&D has completed all the work. And it's not necessary to have all the SKUs.

Speaker #2: But I think we took a strategic position so that way we can get a bigger bite at the market share. And also, we are expanding the capacity.

Speaker #2: So in 26, Iohexol does not have meaningful revenue. But in 27 onward, it will add substantial revenue growth.

Chintu Patel: In 2026, iohexol does not have meaningful revenue. In 2027 onward, it will add substantial revenue growth.

Speaker #5: Great. Thank you.

Ash Verma: Great. Thank you.

Speaker #1: Your next question comes from Matt Delatorre with Goldman Sachs. Your line is now open. Please go ahead.

Operator 3: Your next question comes from Matt Dellatorre with Goldman Sachs. Your line is now open. Please go ahead.

Operator: Your next question comes from Matt Dellatorre with Goldman Sachs. Your line is now open. Please go ahead.

Speaker #4: Great, thanks. Good morning, guys, and congrats on the strong quarter. Maybe stepping back a bit—Chirag, you kicked off the call highlighting how Amneal is in the most transformative period in the company's history.

Matt Dellatorre: Great. Thanks. Good morning, guys, and congrats on the strong quarter. Maybe stepping back a bit, Chirag, you kicked off the call highlighting how Amneal is in the most transformative period in the company's history. I think two big things that come to mind here is obviously the recent biosimilars integration and also the Pfizer GLP-1 partnership. I know you discussed the biosimilar side a bit already, but maybe just walk us through what you're most focused on with respect to both of these programs over the next 6 to 12 months. What would you maybe highlight beyond these programs that you're most excited about that you think we should start paying attention to? Just on the affordable medicine side, you guys have highlighted significant pickup in demand for estrogen patches post the recent black box removal for those types of products.

Speaker #4: I think two big things that come to mind here is obviously the recent biosimilars integration and also the Pfizer-Glip1 partnership. And I know you discussed that the biosimilar side a bit already.

Speaker #4: But maybe just walk us through what you're most focused on with respect to both of these programs over the next 6 to 12 months.

Speaker #4: And then what would you maybe highlight beyond these programs that you're most excited about that you think we should start paying attention to? And then just on the affordable medicine side, you guys have highlighted a significant pickup in demand for estrogen patches post the recent black box removal.

Speaker #4: For those types of products. Maybe just walk us through how large is that market potential there? And how much is Amnial positioned to capture?

Matt Dellatorre: Maybe just walk us through how large is that market potential there, and how much is Amneal positioned to capture? Thank you.

Speaker #4: Thank you.

Speaker #2: Great. I'll start with affordable medicines, the existing business, as I said. We are the most excited since last seven years. We used to be used to have these kind of excitement in from 2010 to 2018.

Chirag Patel: Great. I'll start with affordable medicines. The existing business, as I said, we're the most excited since last 7 years. We used to have this kind of excitement from 2010 to 2018, those times have come back. Existing, the two reasons, existing products, huge demand for the estrogen patches, we make them right here in New Jersey. Expansion is underway 24/7. Our teams are working. We were fortunate to work with the equipment supplier to bring the equipment earlier, we look to triple the capacity by next year. It's a huge addition in revenue. Also, we're expanding lidocaine, that is also in shortage. That demand is going up as well, the lidocaine patches.

Speaker #2: And those times have come back. Existing the two reasons. The existing products, huge demand for the patches estrogen patches and we make them right here in New Jersey.

Speaker #2: And expansion is underway 24 by 7. Our teams are working. We're fortunate to work with the equipment supplier to bring them bring the equipment earlier.

Speaker #2: And we look to triple the capacity by next year. So it's a huge addition in revenue. Also, we're expanding lidocaine. That is also in shortage.

Speaker #2: So that demand is going up as well. The patches hormones, I mean, sorry, the lidocaine patches so with patches, with ophthalmics in high demand, with even the regular products being in a high demand, and new product launches, affordable medicines could add it's a bigger range, but it could add one to two billion dollars of new revenue from now to 2030.

Chirag Patel: With the patches, with ophthalmics in high demand, with even the regular products being in a high demand, and new product launches, affordable medicines could add, it's a bigger range, but could add $1 to $2 billion of new revenue from now to 2030. That, we are very excited with our existing pipeline, new product launches, and inline products. Amazing times coming up in affordable medicines category. Biosimilars, we have spoken enough, a huge growth opportunity. Now let's, in specialty, Taxons keep expanding. Braca is breaking the records, UNITHROID is steady Eddie growth. We expect these three brands to continue to grow. On top of it, organic pipeline would be revealed within probably in Q1 next year.

Speaker #2: So that we are very excited with our existing pipeline, new product launches, and the inline products. So amazing times coming up in affordable medicines category.

Speaker #2: Biosimilars, we have spoken enough. A huge growth opportunity. Now let's and specialty Texons keep expanding. Brequia is breaking the records. And Unithroid is steady-headed.

Speaker #2: Growth. So we expect these three brands to continue to grow. On top of it, organic pipeline would be revealed within probably in the first first quarter next year.

Speaker #2: And we will also look to be active in potential partnership, acquisitions of a branded products that fits our commercial infrastructure. And fits our the category we play in.

Chirag Patel: We will also look to be active in potential partnership acquisitions of branded products that fits our commercial infrastructure and fits over the category we play, and we'll keep expanding, and we may add oncology assets as well. Since we have the biosimilar oncology team already, more market knowledge over last three years. That's very exciting news on specialty, and we look to share that as we have that information. On GLP-1 peptides, Pfizer's results are good on clinical trials, and our partnership's moving extremely well. We look to expand the partnership and both plants are coming up as fast as they can and should be operational 2029 and 2030. We look to start supplying in 2030.

Speaker #2: And we'll keep expanding and we may add oncology assets as well. Since we have the biosimilar oncology team already, more market knowledge over the last three years.

Speaker #2: So that's very exciting news on specialty. And we look to share that as we have that information. On Glip1 peptides, Pfizer's results are good.

Speaker #2: On clinical trials and our partnerships, moving extremely well. We look to expand the partnership and our both plants are coming up as fast as they can.

Speaker #2: And should be operational 2029 and 30. And we look to start supplying in 2030. And also we have evaluated the markets that we are we have given the exclusive commercial rights.

Chirag Patel: Also we have evaluated the markets that we are given the exclusive commercial rights, like India and Egypt, and those are looking good as well. Very excited on a GLP-1 peptide opportunity. Also with this large infrastructure, it opens up for additional manufacturing of peptides as well as finished products for either other branded companies or, in the future, some generics products. On biosimilar, Matt, I just want to add, in next six to twelve months, we are very much focused on integrating Kashiv and also advancing our pipeline on abatacept and Nplate and CIMZIA. Our goal is to, because R&D is going to be key, and that's what Amneal is always shining, to work with Kashiv and enhance R&D capabilities where we can file three or four biosimilars a year, which is potentially possible.

Speaker #2: Like India and Egypt and those are looking good as well. So very excited on a Glip1 peptide opportunity. And also with this large infrastructure, it opens up for additional manufacturing of peptides as well as finished products for either other branded companies or in the future, some generics products.

Speaker #4: On biosimilar matter, I just wanted to react. In the next 6 to 12 months, we are very much focused on integrating Kashim and also advancing our pipeline on Abeta and plate and Cynzia.

Speaker #4: Our goal is to because R&D is going to be key and that's what Amnial is always shining. So to work with Kashim and enhance the R&D capabilities where we can file three or four biosimilars a year, which is potentially possible.

Speaker #4: And new into biologics, we are also looking into different platforms within the biologics. And look at some new drug device combination within the biologics to come out with kind of a 552 of biosimilar.

Chirag Patel: New into biologics, we are also looking into different platforms within the biologics and look at some new drug-device combination within the biologics to come out with kind of a 505(b)(2) or biosimilar. We are just focused on biosimilar. There are plenty of products to go, advancing our pipeline and infrastructure and some of the 505(b)(2)s within the biosimilars.

Speaker #4: So we are just focused on biosimilars. There are plenty of products to go advancing our pipeline and infrastructure. And some of the 552s within the biosimilars.

Speaker #4: Great. Thank you so much. Yeah. I think we answered the question.

Matt Dellatorre: Great. Thank you so much.

Chirag Patel: Yeah, I think we answered. Thank you, Mike.

Speaker #2: Thank you, Mike.

Speaker #3: We have reached the end of the Q&A session. I will now turn the call back to Co-CEO Chirag Patel for closing remarks.

Operator 3: We have reached the end of the Q&A session. I will now turn the call back to Co-CEO, Chirag Patel, for closing remarks.

Operator: We have reached the end of the Q&A session. I will now turn the call back to Co-CEO, Chirag Patel, for closing remarks.

Speaker #2: Well, thank you very much, everybody. And have a great Thursday. Take care.

Chirag Patel: Well, thank you very much, everybody, and have a great Thursday. Take care.

Speaker #3: This concludes the Q&A call. Thank you for attending. You may now disconnect.

Operator 3: This concludes today's call. Thank you for attending. You may now disconnect.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.

Operator 1: This event has now concluded. Thank you for joining Amneal Q2 2026 earnings call. The line will disconnect automatically.

Q2 2026 Amneal Pharmaceuticals Inc Earnings Call

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