Slides
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1 Earnings Call Q1 2025 May 2, 2025
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2 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, financial results, or forecasts for the future, including among other things: discussions of future operations; expected or estimated operating results and financial performance; and statements regarding our positioning, including our ability to drive sustainable long-term growth, and other non-historical statements. Words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and similar words, or the negatives thereof, 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, including with respect to future market conditions, company performance and financial results, operational investments, business prospects, new strategies and growth initiatives, the competitive environment, and other 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 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; the impact of illegal distribution and sale by third parties of counterfeit versions of our products or stolen products; the impact of negative market perceptions of us and the safety and quality of our products; our revenues are derived from the sales of a limited number of products, a substantial portion of which are through a limited number of customers; 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; the imposition of tariffs may adversely affect our business, results of operations and financial condition; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; our dependence on information technology systems and infrastructure and the potential for cybersecurity incidents, and risks associated with artificial intelligence; the impact of a prolonged business interruption within our supply chain; our ability to attract, hire and retain highly skilled personnel; 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 claims brought against us by third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to government contracting, healthcare fraud abuse and health information privacy and security and changes in such laws; changes to Food and Drug Administration 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; 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 potential expansion into additional international markets subjecting us to increased regulatory, economic, social and political uncertainties; our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms; the impact of global economic, political or other catastrophic events; 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. N O N - G A A P F I N A N C I A L M E A S U R E S This presentation includes certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted EPS, adjusted operating cash flow and net leverage, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP. Adjusted diluted EPS reflects diluted earnings per share based on adjusted net income, which is net income (loss) adjusted to (A) exclude (i) non-cash interest, (ii) GAAP provision for income taxes, (iii) amortization, (iv) stock-based compensation, (v) acquisition, site closure expenses, and idle facility expenses, (vi) restructuring and other charges, (vii) charges related to certain legal matters, including interest, net, (viii) asset impairment charges, (xiv) increase in tax receivable agreement liability, (x) other and (xi) net income attributable to non- controlling interests, and (B) include non-GAAP provision for income taxes. Non-GAAP adjusted diluted EPS for the three months March 31, 2025 and 2024 and year ended December 31, 2024 was calculated using the weighted average fully diluted shares outstanding of Class A common stock. Adjusted EBITDA reflects net income (loss) adjusted to exclude (i) interest expense, net, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) acquisition, site closure, and idle facility expenses, (vi) restructuring and other charges, (vii) loss on refinancing (viii) charges related to legal matters, net, (ix) asset impairment charges, (x) foreign exchange loss (gain), (xi) change in fair value of contingent consideration, (xii) (insurance recoveries) charges for property losses and associated expenses, net, (xiii) regulatory approval of milestone, (xiv) amortization of upfront payment, (xv) increase (decrease) in tax receivable agreement liability, (xvi) reorganization expense, and (xvii) other. Net leverage is calculated as the total outstanding principal on the Company’s debt less cash and cash equivalents, divided by adjusted EBITDA for the last twelve months or year ended, as applicable. Adjusted operating cash flow reflects cash flow from operations excluding discrete items such as legal settlement payments. Management uses these non-GAAP measures internally to evaluate and manage the Company’s operations and to better understand its business because they facilitate a comparative assessment of the Company’s operating performance relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance. The compensation committee of the Company’s board of directors also uses certain of these measures to evaluate management’s performance and set its compensation. The Company believes that these non-GAAP measures also provide useful information to investors regarding certain financial and business trends relating to the Company’s financial condition and operating results facilitates an evaluation of the financial performance of the Company and its operations on a consistent basis. Providing this information therefore allows investors to make independent assessments of the Company’s financial performance, results of operations and trends while viewing the information through the eyes of management. These non-GAAP measures are subject to limitations. The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements; do not reflect changes in, or cash requirements for, working capital needs; and do not reflect interest expense, or the requirements necessary to service interest or principal payments on debt. Further, our historical adjusted results are not intended to project our adjusted results of operations or financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures in conjunction with the Company’s GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to any measure determined in accordance with GAAP. Readers should review the reconciliations included in the appendix, and should not rely on any single financial measure to evaluate the Company’s business. A reconciliation of each historical non-GAAP measure to the most directly comparable GAAP measure is set forth herein. Cautionary statement on forward looking statements
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3 Agenda 1 Strategy & Business Update Chirag and Chintu Patel, Co-founders and Co-CEOs 2 Financial Results Tasos Konidaris, EVP & CFO 3 Q&A Chirag Patel, Co-CEO and President Chintu Patel, Co-CEO Tasos Konidaris, EVP & CFO Andy Boyer, EVP – Affordable Medicines Jason Daly, EVP & Chief Legal Officer Joe Renda, SVP – Specialty Q1 2025 earnings call
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4 Another Strong Quarter of Growth in Q1 2025 • Q1 revenue $695M +5%, adjusted EBITDA $170M +12% & adjusted EPS $0.21 +50% • Continued broad-based revenue growth across all three business segments in Q1 with Affordable Medicines +6%, Specialty +3% and AvKARE +6% Advancing Key Growth Drivers • Successful CREXONT® uptake: strong script growth and expanding coverage (~60%) • Expanding complex portfolio with eight new product launches so far in 2025 including 4th 505(b)(2) injectable (BORUZUTM), and filing of two denosumab biosimilar BLA’s • Collaboration with Metsera for developing new obesity therapies on-track Diversified Portfolio and Resilient Business • Diversified portfolio of 280+ products with multitude of growth drivers • One of the largest U.S. manufacturing footprints in the industry , in particular for complex products across drug dosage forms and Specialty products including CREXONT • 2/3 of Affordable Medicines & Specialty revenues are made in the U.S. Q1 2025 key highlights Note: Growth percentages reflect comparisons to prior year.
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5 Amneal Pharmaceuticals Built for Growth Consistently growing +11% net revenue and +13% adjusted EBITDA CAGR from 2019 to 2024 Providing access & affordability Deeply purpose-driven company focused on innovation and providing access to affordable medicines Global scale & capabilities Across R&D, manufacturing, commercial and distribution Diversified & expanding in high-growth areas Specialty, Biosimilars, GLP-1, Injectables, Complex products, and Distribution Leader in quality Trusted provider of medicines for 22+ years; 105 successful FDA inspections over our history Leader in complex innovations 280+ products with best-in-class R&D capabilities across dosage forms Global diversified biopharmaceutical company delivering substantial value creation for all stakeholders
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6 G L P - 1 / P E P T I D E S 2028 C R E X O N T ® L A U N C H I N S P E C I A L T Y 2024 B I O S I M I L A R S 2022 A v K A R E D I S T R I B U T I O N 2020 C O M P L E X P R O D U C T S 2019 S P E C I A L T Y 2018 I N J E C T A B L E S 2016 Entering a new chapter of growth in 2025 and beyond • Drive sustainable long-term growth through superb execution, innovation, and tuck-in business development • Demonstrated ability to execute our strategic plan and deliver strong financial performance and de-leverage 2019 – 2 0 2 4 : D I V E R S I F I E D B U S I N E S S A N D E X P A N D E D P O R T F O L I O O R A L S O L I D P R O D U C T S 2002 2 0 2 5 & B E Y O N D : N E W E R A O F G R O W T H A S A G L O B A L B I O P H A R M A C E U T I C A L C O M P A N Y • Growing CREXONT® for Parkinson’s Disease, other Specialty assets and Biosimilars • Expanding in high-growth areas such as GLP-1 / Peptides • Leveraging our proven track record of innovation, high quality, strong execution and outstanding customer service in these new areas of growth
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7 2019 2025 (1) N e t R e v e n u e s $1.6B -2% $3.0 - $3.1B +7% to +11% I n c r e a s e d D i v e r s i f i c a t i o n Oral solid generics % of total revenue 53% 23% D e e p P i p e l i n e Pending ANDAs (% non-oral solids) Pipeline products (% non-oral solids) Biosimilars 97 (44%) 80 (64%) 3 pipeline 81 (65%) 47 (96%) 3 commercial + 5 pipeline A d j u s t e d E B I T D A( 2 ) $339M $650M - $675M +4% to +8% O p e r a t i n g C a s h F l o w $2M $255M - $285M N e t L e v e r a g e( 2 ) 7.4x 3.9x (1) Reflects Full Year 2025 Guidance for Net Revenues, Adjusted EBITDA and Operating Cash Flow; Other metrics as of Q1 2025. (2) Adjusted EBITDA and Net Leverage are non-GAAP measures. Refer to non-GAAP reconciliations in the appendix. Note: Growth percentages reflect comparisons to prior year. 7 Successful transformation and track record of success: Diversification, growth and deleveraging to create value
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8 $1,231 $1,051 $914 $942 $902 $967 $78 $292 $452 $490 $569 $718 $318 $356 $378 $374 $390 $446 $294 $349 $406 $532 $663 Net Revenue +11% from 2019 to 2024 CAGR Adjusted EBITDA +13% from 2019 to 2024 CAGR 2019 2020 2021 2022 2023 2024 $2.0B $2.1B $2.2B $2.4B $2.8B $1.6B $627M$558M$514M$512M$433M$339M $3.0 – $3.1B $650 – 675M 2025E Note: Totals may not add due to rounding. (1) Affordable Medicines includes Retail Generics, Injectables, Biosimilars and International net revenues. (2) New launches reflects new product launches since 2019 and biosimilars. (3) Adjusted EBITDA is a non-GAAP measure. Refer to the non-GAAP reconciliation in the appendix for 2019-2024 adjusted EBITDA. Strong and sustainable revenue growth and profitability driven by all business areas R E V E N U E Pre-2019 Affordable Medicines(1) Adjusted EBITDA(3)Affordable Medicines New Launches(2) Specialty AvKARE
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9 Segment 2024 Revenue Strategy for Growth Growth Projection (2) A f f o r d a b l e M e d i c i n e s(1) $1.685B Leading retail and injectables portfolio with durable and impactful complex products including 505(b)(2) injectables; ongoing cadence of new product launches, expanding biosimilars portfolio and international expansion High single-digits S p e c i a l t y $446M Grow branded portfolio focused on Neurology (CREXONT®, RYTARY®, ONGENTYS® & DHE autoinjector) & UNITHROID® High single-digits $500M+ revenue by 2027 A v K A R E $663M Grow across distribution, government and institutional channels driven by new product launches Double-digits $900M+ revenue by 2027 T o t a l C o m p a n y $2.794B Sustainable growth driven by all aspects of our diversified and expanding portfolio High single-digits (1) Affordable Medicines includes Retail Generics, Injectables, Biosimilars and International net revenues. (2) Growth projection reflects the potential outcomes of delivering our long-term strategy and is based on the current macro environment and expected product pipeline launches, among other assumptions. 9 Formula for sustainable long-term revenue growth
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10 Our R&D and manufacturing capabilities are a competitive advantage with one of the largest U.S. manufacturing footprints in the industry Strong R&D and manufacturing capabilities delivering complex & high-value dosage forms Global network of FDA-approved, cGMP manufacturing sites I N J E C T I B L E S & S T E R I L E T R A N S D E R M A L S O R A L S O L I D S , L I Q U I D S & T O P I C A L S O P H T H A L M I C S & O T I C S I N H A L A T I O N D E V I C E S • Peptides (including GLP-1) and API • Sterile Fill Finish • Microspheres • Liposomes • General and Oncology Injectables • Matrix • Hydrogel • Form Fill Seal • Hormonals • IR/ER tablets • Hard and Softgel Capsules • Oral liquids • Creams • Solutions • Suspension • Emulsion • Metered Dose • Dry Powder • Nasal Spray Pumps • Blow Fill Seal Inhalation • Rings • Autoinjectors • Co-located manufacturing and R&D centers maximize efficiency • In-house API capabilities • Constructing two large-volume manufacturing facilities for peptide synthesis & sterile fill-finish production • Internally operated facilities help maintain control of the supply chain • Trusted manufacturer with track record of delivering best-in-class quality
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11 Affordable Medicines Segment Specialty Segment Retail Injectables Biosimilars 2025 ✓ Launched: Memantine/Donepezil, Everolimus, Mesalamine, Pitavastatin, Fosfomycin tromethamine ✓ Approved: Rifaximin (tentative), Lenalidomide, Pilocarpine ophthalmic ❑To launch: Gx Restasis®, Gx Pred- Forte®, Eltrombopag, Gx Xyrem®, Gx ProAir®, Isotretinoin, Macitentan, Scopolamine, Doxycycline, Neomycin and Polymyxin B Sulfates and Hydrocortisone Otic (2 presentations), Prucalopride Succinate, Bromocriptine, ✓ Launched: Exenatide pen injector, Sodium phosphate, Labetalol, Phytonadione, BORUZUTM (4th 505(b)(2) injectable launch) ❑To launch: Gx Risperdal Consta®, Epinephrine (MDV, SDV and PFS), Sodium bicarbonate (vial), Phytonadione (PFS), Nicardipine (IV bag & vial), Paricalcitol (vial), Sodium acetate (vial), Cupric chloride (vial), and 1 more 505(b)(2) injectable product ✓ Q1 BLA filing: 2 denosumab biosimilars (for Prolia® & XGEVA®) ❑Q3 sBLA filing: 2 peg- filgrastim biosimilars (On- Body injector & Prefilled autoinjector for Neulasta®) ❑Q4 filing: omalizumab biosimilar (for XOLAIR®) Look to in-license 1-2 or more biosimilars per year ❑Q2: DHE autoinjector (migraine and cluster headache) goal date with 2H 2025 potential launch once approved by the FDA ❑Long-term: GLP-1 new sites on-track to be complete by 2028 Potential high-value opportunities Note: Selected new product launches listed. Additional opportunities not disclosed. All trademarks are the property of their respective owners. PFS = Prefilled Syringe; MDV = Multiple-dose vial; RTU = Ready-to-use; SDV = Single-dose vial; BLA = Biologics License Application. New product launches and pipeline across our portfolio
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12 T i m i n g P r o g r a m T h e r a p e u t i c A r e a Launched Q1 2024 ONGENTYS® Parkinson’s Disease Launched Sept. 2024 CREXONT® Parkinson’s Disease Q2’25 FDA goal date; 2H’25 potential launch DHE Autoinjector Migraine and Cluster Headache • Therapeutic focus today on Neurology (Parkinson’s Disease and migraine) and Endocrinology • Successful commercialization of CREXONT® for Parkinson’s Disease • Well-positioned to add more Specialty products through pipeline & business development R e v e n u e $ m i l l i o n s Q 1 2 0 2 5 % G r o w t h RYTARY® $44 (10%) CREXONT® $9 NM UNITHROID® $33 +14% All Other $22 (18%)(1) Total Specialty $108 +3% S p e c i a l t y h i g h l i g h t s E x p a n d i n g p o r t f o l i o C o n t i n u e d S p e c i a l t y g r o w t h C R E X O N T b u i l d i n g m o m e n t u m N e x t G r o w t h D r i v e r s L a u n c h e s & n e a r- t e r m p i p e l i n e Expanding specialty business with new therapeutic offerings (1) Reflects $4 million of out-licensing revenue in the prior year period.
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13 S t r o n g f i r s t y e a r r e s u l t s Ahead of expectations Strong adoption of CREXONT® for Parkinson’s Disease • 1M+ U.S. Parkinson's Disease (PD) patient population, ~700K PD patients on CD/LD therapy, and 90K+ new diagnoses each year with one new PD patient diagnosed every six minutes(1) • Longest-lasting oral CD/LD formulation available due to innovative formulation combining IR and ER with novel technology designed to target area of absorption in the body • Market share at over 1% today and expect 3%+ by year-end, ahead of our expectations and RYTARY’s launch, signaling physician confidence and adoption momentum • Increased coverage to ~60% in April, up from ~30% in Dec 2024, with addition of several formularies: Veterans Administration, UnitedHealthcare, CVS Health and Cigna Commercial; Expect over 70% coverage as CREXONT coverage (% of covered lives and quality of insurance coverage) tracking well ahead of RYTARY - 200 400 600 800 1,000 1,200 1,400 C R E X O N T ® P R E S C R I P T I O N G R O W T H (T R x) ( 2) ( W e e k E n d i n g ) C R E X O N T ® o n- t r a c k t o b e l e a d i n g b r a n d e d t h e r a p y for growing Parkinson’s patient population (1) Stocchi F et al. Parkinsonism Relat Disord. 2014;20(2):204-211. (2) Source: IQVIA weekly script data as of WE 4/18/25. Rx data for week ending 11/29/24, 12/27/24, and 1/3/25 reflects holiday impact. Expect $300-500M U.S. peak sales
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14 DHE autoinjector is a potential new treatment for episodic migraine and cluster headache D H E ( d i h y d r o e r g o t a m i n e m e s y l a t e ) a u t o i n j e c t o r Potential to self-administer with same medication used in hospitals 13% of 332M ~43M 46% of 43M ~20M ~883K 15% of 883K ~132K Migraine & cluster headache prevalence(1) Patients treated with prescription medication(2) Patients treated with cGRP for acute migraine Patients not responding to cGRPs for acute migraine 15%(3) Designed to be used at any point during the attack and may protect patients from headache recurrence (4)(5) Potential to provide the same powerful medication used in hospitals, in a ready-to-use, single-dose autoinjector (6) Intended to deliver one dose subcutaneously, which may be helpful for patients who respond inadequately to oral therapies due to nausea/vomiting, gastroparesis, or delayed dosing (6) Potential to give patients the ability to self-administer, with no need for refrigeration, assembly, or priming the device (1) Cohen F, et al, “Prevalence and burden of migraine in the United States: A systematic review”, Headache, 2024 (2) Lipton RB, et al, “Migraine in the United States Epidemiology and patterns of health care use”, Neurology, 2002 (3) Per clinical trial data, around 20% of patients taking Ubrelvy and around 10% of patients taking Nurtec ODT would be considered "failures" as they would not experience pain relief at 2 hours post-dose compared to a placebo group. Using average of both to arrive at 15%. (4) Winner P, Ricalde O, Le Force B, Saper J, Margul B. Arch Neurol. 1996;53(2):180-184. doi:10.1001/archneur. 1996.00550020092020 (5) Mather PJ, Silberstein SD, Schulman EA, Hopkins MM. Headache. 1991;31(8):525-532. doi:10.1111/j.1526-4610.1991.hed3108525.x4 (6) Silberstein SD, Shrewsbury SB, Hoekman J. Headache. 2020;60(1):40-57. doi:10.1111/head.13700 * Sustained represents a duration of approximately 24-72 hours † Cluster headache results reported using IV administration F i r s t a n d o n l y a u t o i n j e c t o r t o d e l i v e r the power of DHE for sustained* pain relief (4)(5)† Note: DHE autoinjector application is pending with the U.S. FDA. Expect $50-100M U.S. peak salesPotential broad usage among patients who experience severe, treatment-resistant headaches
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15 Strategic collaboration with Metsera represents a new, integrated business model to drive innovation at scale and speed in the GLP-1 space Development Amneal has leading capabilities from formulation design, peptide chemistry, drug-device development and CMC activities with over 1,000 scientists Manufacturing Constructing two new, world-class, large- volume manufacturing facilities for peptide synthesis and sterile fill-finish production, and leverage existing Amneal manufacturing sites Commercialization • Metsera’s preferred & majority supplier in U.S., Europe and other markets • Amneal granted license to commercialize in ~20 emerging markets, including India Amneal is uniquely positioned to be a trusted and collaborative partner because of our expertise, scale and speed Deep expertise in complex drug development & manufacturing; Strong track record of delivering quality and innovation at scale Trusted developer, manufacturer and distributor of diverse portfolio of 280+ pharmaceutical products Extensive in-house capabilities, including API and sterile fill-finish manufacturing G L O B A L O B E S I T Y A N D M E T A B O L I C D I S E A S E M A R K E T 2024 - 2 0 3 0 ( 1 ) $150B+ $50B+ (1) Estimated global GLP-1 market size per Grand View Research GLP-1 Receptor Agonist Market Size 2025 – 2030. Note: CMC = Chemical, manufacturing and control.
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16 Product name Biosimilar Biologic Brand Therapeutic Area U.S. Market Size ($B) (2) Status A L Y M S Y S ® B e v a c i z u m a b- m a l y A v a s t i n ® O n c o l o g y $1.2 1 st 3 b i o s i m i l a r s g e n e r a t e d $12 5 M i n 2 0 2 4 r e v e n u e s R E L E U K O ® F i l g r a s t i m- a y o w N E U P O G E N ® O n c o l o g y $0.4 F Y L N E T R A ® P e g f i l g r a s t i m- p b b k N e u l a s t a ® N e u t r o p e n i a $0.8 D e n o s u m a b P r o l i a ® O s t e o p o r o s i s $2.9 Q 1 ’ 2 5 B L A f i l i n g D e n o s u m a b X G E V A ® B o n e C a n c e r $1.5 Q 1 ’ 2 5 B L A f i l i n g P e g f i l g r a s t i m O B I & A I N e u l a s t a ® N e u t r o p e n i a $0.8 Q 3 ’ 2 5 s B L A f i l i n g O m a l i z u m a b X O L A I R ® A s t h m a & A l l e r g i e s $2.8 Q 4 ’ 2 5 B L A f i l i n g O u r S t r a t e g y With an Expanding Portfolio • To date, in-licensing molecules and leveraging commercial biosimilar business platform • Look to in-license additional biosimilars to expand portfolio, targeting early to market opportunities • Strategic goal is to be vertically integrated across development, manufacturing and commercial for a broad portfolio of commercial biosimilars and a cadence of new launches over time B i o s i m i l a r M a r k e t Next Wave of Affordable Medicines • Growing U.S. adoption of biosimilars (80%+ for some molecules), similar to Europe, to improve patient access and drive cost savings • ~$192B of branded products losing exclusivity 2024-2028(1), including key biologics • Relatively limited number of players (e.g. 10-15) given complexity, cost & development timelines, with 3-5 competitors per molecule typically Expect 6 biosimilars across 8 presentations by 2027 Our biosimilars portfolio is well-positioned for growth (1) Per IQVIA report: The Global Use of Medicines 2024: Outlook to 2028. (2) Total U.S. net sales market size for each molecule (originator + biosimilar where applicable) in full year 2024. Note: OBI = On-body Injector; AI = Autoinjector; BLA = Biologics License Application; sBLA = Supplemental Biologics License Application
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17 • Portfolio of 40+ injectables generated $165M revenues in 2024, growing +17% vs. 2023, and addition of 4 new 505(b)(2) injectables • Expect 10+ new injectable launches per year (12 launches in 2024), focused on complex areas, such as drug/devices, peptides, long-acting injectables and LVP bags, and 505(b)(2) opportunities • Expanded capacity from ~20M to ~80M units across 4 sites and 21 manufacturing lines with capabilities across dosage forms (vials, bottles, pre-mixed bags, pre-filled syringes and cytotoxic oncology) • Overall, chronic drug shortages in the U.S. market remain with 241 drug shortages currently(1), about half are injectables • PEMRYDI RTU®: 1st RTU version of pemetrexed (for treating lung cancer) • FOCINVEZ®: 1st RTU version of fosaprepitant (for nausea prevention due to chemotherapy) • Potassium Phosphates IV bags: 1st RTU version of commonly used injectable • BORUZUTM: new presentation of bortezomib for RTU subcutaneous or IV administration • 10 to 12 more 505(b)(2) injectables in development N e w 5 0 5 ( b ) ( 2 ) I n j e c t a b l e l a u n c h e s represents new vector for growth D i f f e r e n t i a t e d P o r t f o l i o with expanding capacity & capabilities Growing injectables portfolio with addition of new 505(b)(2) injectables (1) Per ASHP active drug shortage report as of April 2025. Note: RTU = Ready-to-use
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18 35% 44% 48% 54% 56% 59% 65% 96% 65% 56% 52% 46% 44% 41% 35% 4% 2019 2020 2021 2022 2023 2024 ANDAs Pipeline Non-Oral Solid Oral Solid Affordable Medicines net revenues mix ($’s) Pipeline mix (# of products) (1) ~47 pipeline programs ~$72B TAM ~81 ANDA’s ~$19B TAM 280+ commercial products P u r p o s e f u l M i x S h i f t towards a more complex portfolio D e e p P i p e l i n e with focus on complex products Expect 20-30 new launches per year Note: Total may not add due to rounding. Total Addressable market (TAM) are approximate IQVIA (brand + active generics) MAT Feb 2025 sales. (1) AvKARE sales of Amneal label products, royalty income and international revenues are included within Affordable Medicines Non-OSD consistent with how the Company manages its portfolio. Diversified Affordable Medicines portfolio driving sustainable growth (1)
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19 $294 $349 $406 $532 $663 2020 2021 2022 2023 2024 ($ millions) • Wholesaler and re-packager selling to U.S. Government agencies, clinics and hospitals with three sales channels: – Government (VA & DOD) with long-term contracts – Distribution focused on public health institutions and retail pharmacies – Unit Dose through novel re-packaging solutions A v K A R E R e v e n u e b y Y e a r +23% revenue CAGR from 2020 to 2024 W e l l P o s i t i o n e d f o r L o n g- t e r m G r o w t h driven by new products and expanding channels Note: Figures above exclude Amneal label products sold through AvKARE, which are included in our Affordable Medicines segment results. Delivering continued double-digit growth in AvKARE segment
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20 Results (1) $ millions except for EPS Q1 2025 Q1 2024 Change Key Drivers / Commentary Net Revenue $695 $659 +5.5% • Broad-based growth across all business segments Adjusted Gross Margin 43.1% 41.9% +120 bps • Reflects favorable product mix and operating efficiencies Adjusted R&D Expense $40 $39 (2.5%) • In line with prior year Adjusted SG&A Expense $109 $101 (7.4%) • Reflects commercial investments for Specialty product launches Adjusted EBITDA $170 $152 +11.6% • Strong revenues, higher gross margin and operating expense leverage Adjusted Diluted EPS $0.21 $0.14 +50% • Adjusted EBITDA growth and lower interest expense Operating Cash Flow $7 (4) NM • Typical quarterly fluctuations; Reflects timing of receivables & payables (1) Please see the language under the heading "Non-GAAP Financial Measures” in today’s press release for a discussion of these Non-GAAP measures and the Appendix to this presentation for a reconciliation thereof to the most directly comparable GAAP measures. Q1 2025 financial performance
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21 Results (1) $ millions Q1 Key Drivers / Commentary2025 2024 Affordable Medicines Net Revenue $415 +6.0% $391 • Strong performance of new launches and complex products Adjusted Gross Margin 44.1% +230 bps 41.8% • Favorable product mix and operating efficiencies Specialty Net Revenue $108 +2.9% $105 • Growth of key branded products, including CREXONT® for Parkinson’s disease and UNITHROID® for hypothyroidism Adjusted Gross Margin 81.1% (100 bps) 82.1% • Unfavorable product mix AvKARE Net Revenue $172 +6.0% $163 • Continued growth in government channel Adjusted Gross Margin 16.6% +50 bps 16.1% • Favorable mix from higher government channel sales (1) Please see the language under the heading "Non-GAAP Financial Measures” in today’s press release for a discussion of these Non-GAAP measures and the Appendix to this presentation for a reconciliation thereof to the most directly comparable GAAP measures. Q1 2025 performance by segment
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22 2025 Guidance (1) 2024 Actual Net Revenue % growth $3.0 – $3.1B +7% to +11% $2.8B +17% Adjusted EBITDA % growth $650 – $675M +4% to +8% $627M +12% Adjusted Diluted EPS (2) % growth $0.65 – $0.70 +12% to +21% $0.58 -9% Operating Cash Flow $255 – $285M $295M Operating Cash Flow ex-discrete items (3) $280 – $310M $348M Capital Expenditures ~$100M (4) $52M (1) Amneal’s 2025 estimates are based on management’s current expectations, including with respect to prescription trends, pricing levels, the timing of future product launches, the costs incurred and benefits realized of restructuring activities, and our long-term strategy. Please see language under the heading "Non-GAAP Financial Measures” in today’s press release for a discussion of these Non-GAAP measures and the Appendix to this presentation for a reconciliation thereof to the most directly comparable GAAP measures. Non-GAAP estimates cannot be reconciled without unreasonable effort. (2) Assumes weighted average diluted shares outstanding of ~330 million in 2025 guidance, compared to 321 million shares outstanding in 2024. (3) Excludes discrete items such as legal settlement payments. 2024 excludes the final settlement payment of the Opana ER® antitrust litigation of $52M. (4) Reflects estimated capital expenditures, net of expected contributions from an alliance partner of $20 million. Affirming full year 2025 guidance and continued strong growth profile
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23 $ millions Mar. 31, 2025 Dec. 31, 2024 Gross debt (1) $2,568 $2,585 Total cash (2) $59 $111 Net debt (3) $2,509 $2,474 Adjusted EBITDA (4) $645 $627 Gross leverage (5) 4.0x 4.1x Net leverage (6) 3.9x 3.9x • 3.9x net leverage at end of 2024, one year ahead of our target to be below 4x; Paid down $182M gross debt in 2024 • In 2025, expect further de-leveraging through adjusted EBITDA growth and continued gross debt paydown • Expect to be < 3x net leverage in the next few years • Consistent high level of operating flow generation creates sufficient liquidity to invest in growth and pay down debt Driving continued de-leveraging Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) Includes Term Loan B (TLB) maturities due in 2025 and 2028, and borrowings under the revolving credit facilities due in 2027. (2) Includes cash and cash equivalents. (3) Net debt = Gross debt less total cash. (4) Please see the language under the heading "Non-GAAP Financial Measures” in today’s presentation for a discussion of these Non-GAAP measures and the Appendix to this presentation for a reconciliation thereof to the most directly comparable GAAP measures. (5) Calculated by dividing gross debt by adjusted EBITDA for the twelve months ended March 31, 2025, and year ended December 31, 2024, respectively. (6) Calculated by dividing net debt by adjusted EBITDA for the twelve months ended March 31, 2025, and year ended December 31, 2024, respectively. Focused on continued debt paydown and deleveraging
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Appendix: Non-GAAP Reconciliations
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25 Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) System implementation expense and change in the fair value of contingent consideration, formerly included in their own captions in the non-GAAP reconciliations, for the three months ended March 31, 2024, have been reclassified to the caption “other” to conform to the current period presentation. Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA
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26 Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) System implementation expense, formerly included as its own caption in the non-GAAP reconciliations, for the years ended December 31, 2024, 2023, 2022 and 2021, has been reclassified to the caption “other” to conform to the current period presentation. Reconciliation of net (loss) income to EBITDA and Adjusted EBITDA
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27 Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) System implementation expense and change in the fair value of contingent consideration, formerly included in their own captions in the non-GAAP reconciliations, for the three months ended March 31, 2024 and year ended December 31, 2024, have been reclassified to the caption “other” to conform to the current period presentation. Reconciliation of net income (loss) to adjusted results
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28Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Reconciliations of cost of goods sold and segment gross profit to adjusted results
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29Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Additional reconciliations
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30 Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) Beginning in the first quarter of 2022, the Company no longer excluded research and development milestone expenses related to license and collaboration agreements from its non-GAAP financial measures. The reconciliation of our GAAP to non-GAAP results in the Company’s 8-K filed with the SEC on February 26, 2020 was adjusted accordingly for comparative purposes. Refer to “Reconciliation of net (loss) income to EBITDA and Adjusted EBITDA” herein for the comparative GAAP to non-GAAP results. (2) Refer to the Company's 8-K filed with the SEC on February 28, 2025 for a complete reconciliation of our GAAP to non-GAAP results. (3) Refer to the Company's 8-K filed with the SEC on May 3, 2024 for a complete reconciliation of our GAAP to non-GAAP results. (4) Refer to the Company's 8-K filed with the SEC on May 2, 2025 for a complete reconciliation of our GAAP to non-GAAP results. (5) Represents contractual principal due. (6) Calculated by dividing gross debt by adjusted EBITDA for the last twelve months ending March 31, 2025, December 31, 2024 and December 31, 2019, respectively. (7) Calculated by dividing net debt by adjusted EBITDA for the last twelve months ending March 31, 2025, December 31, 2024 and December 31, 2019, respectively. Calculation of last twelve months gross and net leverage