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1 Earnings Call Q3 2025 October 30, 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; anticipated product approvals; expected or estimated operating results and financial performance; and statements regarding our positioning for 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; a U.S. government shutdown could adversely impact our regulatory, operational and financial performance; 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 ability to identify, make, and integrate acquisitions or investments in complementary businesses and products on advantageous terms; 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 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 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 (loss), 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 (benefit from) 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) loss on refinancing, (viii) (credit) charges related to certain legal matters, including interest, net, (ix) asset impairment charges, (x) (decrease) increase in tax receivable agreement liability, (xi) other and (xii) net income attributable to non-controlling interests, and (B) include non-GAAP provision for income taxes. Non-GAAP adjusted diluted EPS for the nine months September 30, 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) (benefit from) provision for 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) (credits) 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) (decrease) increase 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 A N O T H E R C O N S E C U T I VE Q U A R T E R O F G R O W T H • Q3 revenue of $785M, +12%; adjusted EBITDA of $160M, +1%; adjusted EPS of $0.17, +6% • Q3 includes R&D milestone of $22.5M for bXOLAIR® BLA submission • All three segments growing revenues in Q3 (Specialty +8%, Affordable Medicines +8% & AvKARE +24%) A D V A N C I N G K E Y G R O W T H D R I V E R S • Very strong CREXONT® uptake continues with approximately 17,000 Parkinson’s patients on therapy • Brekiya® DHE autoinjector launched, next branded launch, for migraine & cluster headache • Significant new product launch cycle meaningfully expands Affordable Medicines portfolio • Biosimilars portfolio poised to expand, including BLA submission for bXOLAIR® in September • Collaboration with Metsera for developing new obesity therapies is on track U P D A T E F Y 2 0 2 5 G U I D A N C E • Update 2025 guidance for adjusted EBITDA between $675M to $685M and adjusted EPS of $0.75 to $0.80 • Successful debt refinancing lowers interest cost and extends maturities from 2028 to 2032 Note: Growth percentages reflect comparisons to prior year. Q3 2025 key highlights
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4 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, Brekiya ® for migraine and cluster headache and other Specialty assets • Advance Biosimilars pipeline, including biosimilar for XOLAIR® • 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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5 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% 25% 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 69 (64%) 44 (95%) 3 commercial + 5 pipeline A d j u s t e d E B I T D A( 2 ) $339M $675M - $685M +8% to +9% O p e r a t i n g C a s h F l o w $2M $300M - $330M N e t L e v e r a g e( 2 ) 7.4x 3.7x (1) Reflects Full Year 2025 Guidance for Net Revenues, Adjusted EBITDA and Operating Cash Flow; Other metrics as of Q3 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. 5 Successful transformation and track record of success: Diversification, growth and deleveraging to create value
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6 $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 $675 – 685M 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 prior year 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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7 7 Aligned with large, growing U.S. markets and favorable macro trends Retail Generics (1) Injectables (2) Biosimilars (3) WW GLP-1 / Peptides (5) • Stable pricing environment with growing volumes and less competition per product • Complex products face fewer rivals and stay longer in market • Provides acute therapies for hospitals amid ongoing market shortages • U.S. institutional market has less competitors than retail Gx • Double the LOEs in the next decade vs. the prior decade • U.S. biosimilar adoption is strong (80%+) • Lower development costs (fewer phase 3) and shorter timelines • Expanding Neurology and Endocrinology markets with therapies for chronic disease • Requires strong value proposition for brands and clear market access strategy • Strong demand for current class of medicines, still early innings • New injectables (including combination products) and oral therapies emerging (1) Estimated U.S. retail market size at the manufacturers level, per management estimates. (2) Estimated U.S. injectables market size for all institutional injectable products per IQVIA as of June 2025. (3) Estimated U.S. biosimilar market size per Statifacts U.S. Biosimilars Industry Report published Jan 2025. (4) Estimated U.S. specialty market size for the portion of Central Nervous System (CNS) and Endocrinology (Endo) market that Amneal serves per Future Market Insights, Inc. (through commercial products or pipeline programs). (5) Estimated WW GLP-1/Peptides market size per Grandview Research report for GLP-1 Receptor Agonist Market. (6) Hales CM, Servais J, Martin CB, Kohen D. Prescription drug use among adults aged 40–79 in the United States and Canada. NCHS Data Brief, no 347. Hyattsville, MD: National Center for Health Statistics. 2019. (7) JAMA Intern Med. 2024;184(9):1121-1123. doi:10.1001/jamainternmed.2024.2781. (8) Per IQVIA report: Assessing the Biosimilar Void in the U.S. (Feb 2025). 69% U.S. adults on 1 Rx(6) 4+ Average Rx’s for 65+ U.S. population(7) ~$234B Brand products loss of exclusivity 2025-2034(8) 92% U.S. prescriptions are generics(8) U.S. Pharma macro trends $26B $29B 2025 2030 $16B $21B 2025 2030 $23B $50B 2025 2030 $11B $14B 2025 2030 $70B $150B+ 2025 2030 Specialty Branded (CNS & Endo) (4)
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8 8 Amneal’s diverse portfolio with growth drivers across business areas Injectables Specialty Branded • $1.4B FY 2024 revenue, up +12% vs. prior year • Diverse portfolio of complex products across dosage forms • Ability to develop and commercialize complex products is driving portfolio mix shift towards high impact medicines • $165M FY 2024 revenue, up +17% vs. prior year • Expanding portfolio of 40+ injectables in durable category and addressing market shortages • Deep capabilities across R&D, manufacturing and commercial to drive business at scale • $125M FY 2024 revenue, up +91% vs. prior year • Initial commercial portfolio of ALYMSYS®, RELEUKO® & FYLNETRA® • 5 additional biosimilar pipeline products added through in-licensing; expect to launch 2026-27 • $446M FY 2024 revenue, up +14% vs. prior year • Focused on Neurology (CREXONT®, RYTARY® and Brekiya® autoinjector) and Endocrinology (UNITHROID®) • Well-positioned to add more Specialty products over time • Strategic collaboration with Metsera for GLP-1s represents an integrated business model with significant growth expected over time • Leveraging Amneal’s core competencies in complex pharmaceutical R&D and manufacturing R E T A I L G E N E R I C S I N J E C T A B L E S B I O S I M I L A R S S P E C I A L T Y B R A N D E D W W G L P-1 / P E P T I D E S Note: Retail Generics, Injectables, and Biosimilars net revenues are part of the Affordable Medicines segment.
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9 Segment Key Areas Strategy for Growth FY 2024 Revenue Historical Growth Rate ( 2 0 2 0-2 0 2 4 C AGR) Growth Projection (2) A f f o r d a b l e M e d i c i n e s (1) Retail Generics Injectables Biosimilars Differentiated portfolio of 280+ mainly complex products: • #4 U.S. Retail Generics business with 20-30 new launches each year and strong quality track record • Top 10 and growing U.S. injectables business with new 505(b)(2) injectable products and significant capacity • Expanding U.S. biosimilars portfolio with 3 commercial products and 5 more launches expected 2026-2027 $1.685B +6% High single-digits S p e c i a l t y Parkinson’s Endocrinology GLP-1 / Peptides Grow specialty branded portfolio focused on Neurology (CREXONT®, RYTARY® and Breykia® autoinjector), Endocrinology (UNITHROID®) and obesity (novel injectable and oral therapies with Metsera) $446M +6% High single-digits $500M+ by 2027; New GLP-1 sites online by 2028 A v K A R E Government Distribution Unit Dose Growth driven by large portfolio of products and ongoing cadence of new product launches, including from Amneal $663M +23% Double-digits $900M+ by 2027 T o t a l C o m p a n y Diversified portfolio focused on expanding in Specialty, GLP-1, injectables, biosimilars & complex products $2.794B +9% 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 Well positioned to deliver sustainable long-term growth across our diversified portfolio of affordable and innovative medicines
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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 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. (1) Reflects trailing twelve months sales per IQVIA as of August 2025. (2) Market size reflects the total market across all approved indications. Our product is approved for a subset of these indications. (3) Distributed through Specialty Pharmacy, not captured in IQVIA. (4) Not yet approved, estimated approval date Significant new product launches in Affordable Medicines segment Pr oduct Dosage F or m Ther apeutic Ar ea Br an d IQV IA (1) Appr oval L aun ch Lenalidomide Capsule Hematology / Oncology Revlimid® $7.4B(2) Q1’25 Q1’26 Rifaximin Tablet Gastroenterology Xifaxan® $2.8B(2) Q1’25 Undisclosed Mesalamine DR Tablet Gastroenterology Asacol® HD $101M Q1’25 Q1’25 Everolimus Tablet Oncology Afinitor® $114M Q1’25 Q1’25 Prednisolone acetate Ophthalmic Ophthalmology Pred-Forte® $198M Q2’25 Q4’25 Sodium oxybate Oral solution Neurology (narcolepsy) Xyrem® n/a(3) Q3’25 Undisclosed Bimatoprost Ophthalmic Ophthalmology Lumigan® $684M Q3’25 Undisclosed Risperidone ER Vial Psychiatry Risperdal Consta® $192M Q3’25 Q4’25 Beclomethasone dipropionate Inhalation Respiratory (asthma) QVAR® $329M Q4’25 Q1’26 Cyclosporine Ophthalmic Ophthalmology Restasis® $2.0B Q4’25(4) Q1’26 Albuterol sulfate Inhalation Respiratory (asthma) ProAir® HFA $1.6B Q4’25(4) Undisclosed Iohexol Vial Diagnostic Omnipaque® $629M Q4’25(4) Q1’26 Epinephrine (3 presentations) SDV/MDV/PFS Emergency/Critical Care Adrenalin® $195M Q4’25/Q1’26(4) Q4’25/Q1’26 Romidepsin injection Vial Oncology Romidepsin $76M Q1’26(4) Q1’26 Eltrombopag Tablet Hematology Promacta® $1.3B Q1’26(4) Q1’26 Lanreotide injection PFS Endocrinology/Oncology Somatuline® Depot $989M Q1’26(4) Q1’26 Denosumab biosimilars Vial Osteoporosis/Bone Cancer PROLIA® & XGEVA® $5.3B Q4’25(4) Undisclosed Omalizumab biosimilar PFS Immunology/Allergy XOLAIR® $4.2B Q3’26(4) Undisclosed Approved Pending
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12 Affordable Medicines Specialty Retail Injectables Biosimilars 2025 ✓ Launched: Memantine/Donepezil, Everolimus, Mesalamine, Pitavastatin, Fosfomycin tromethamine, Prucalopride Succinate, Pilocarpine ophthalmic, Loteprednol etabonate (2 presentations) ✓ Approved and to launch: Rifaximin (tentative), Lenalidomide, Gx Xyrem®, Bimatoprost Ophthalmic Solution, Eltrombopag (tentative), Milnacipran (tentative), Macitentan (tentative), Gx Pred-Forte®, Neomycin and Polymyxin B Sulfates and Hydrocortisone Otic (Suspension), Doxycycline (tentative), Isotretinoin, Scopolamine, Gx QVAR® (tentative) ❑Pending ANDA: Gx Restasis®, Gx ProAir® HFA, Neomycin and Polymyxin B Sulfates and Hydrocortisone Otic (Solution) ✓ Launched: Exenatide pen injector, Sodium phosphate, Labetalol, Phytonadione, Methylene Blue (amp), BORUZUTM [505(b)(2)], TEPADINA® bag ✓ Approved and to launch: Gx Risperdal Consta®, Epinephrine (MDV), Calcitonin Salmon, Sodium acetate (vial), Labetalol Hydrochloride ❑Pending ANDA: Epinephrine (SDV & PFS), Romidepsin RTU, Zinc Sulfate, Phytonadione (PFS), Iohexol, Lanreotide ✓ Q1 BLA filing: 2 denosumab biosimilars (for Prolia® & XGEVA®) ✓ Q3 BLA filing: omalizumab biosimilar (for XOLAIR®) ❑Q4 sBLA filing: 2 peg- filgrastim biosimilars (On- Body injector & Prefilled autoinjector for Neulasta®) Look to in-license 1-2 or more biosimilars per year ✓ Q4: Brekiya® DHE autoinjector (migraine and cluster headache) launched in Oct. ❑Long-term: Metsera GLP-1 collaboration, new sites on-track to be complete by 2028 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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13 • $482M Q3’25 LTM Specialty revenue, +12% vs Q3’24 LTM • Therapeutic focus on Neurology (Parkinson’s disease and migraine) and Endocrinology (hypothyroidism) • Successful commercialization of CREXONT® for Parkinson’s Disease in first year of launch • Breyika® DHE autoinjector for migraine and cluster headache launched in October • Well-positioned to add more Specialty products through pipeline & business development over time R e v e n u e $ m i l l i o n s Q 3 2 0 2 5 % G r o w t h Q 3 Y T D 2025 % G r o w t h RYTARY® $44 (18%) $146 (4%) CREXONT® $20 NM $40 NM UNITHROID® $38 +17% $106 +14% All Other $23 (10%) $70 (10%)(1) Total Specialty $125 +8% $362 +11% 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 b r a n d e d 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 ® m o m e n t u m a n d U N I T H R O I D ® s t r e n g t h Expanding Specialty business with new therapeutic offerings (1) Reflects $7 million of out-licensing revenue in the prior year period. Other $79M Endocrinology $143M Parkinson's franchise $260M Q3'25 LTM $482M
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14 S T R O N G F I R S T Y E A R R E S U L T S A H E A D O F E X P E C T A T I O N S Strong adoption of CREXONT® for Parkinson’s Disease 1M+ U.S. Parkinson's Disease (PD) patient population, ~700K 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 2% in one year post launch, tracking well ahead of RYTARY, signaling strong adoption momentum Insurance coverage of ~60%, up from ~30% at the end of 2024, tracking well ahead of RYTARY 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 Sept 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 June 2025 Jul 2025 Aug 2025 Sep 2025 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 ) (Month Ending) CREXONT® ON -TRACK TO BE LEADING BRANDED THERAPY FOR GROWING PARKINSON’S PATIENT POPULATION (1) Stocchi F et al. Parkinsonism Relat Disord. 2014;20(2):204-211. (2) Source: IQVIA monthly script data as of month end September 2025. Currently treating ~17,000 U.S. PD patients Expect $300-500M U.S. peak sales
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15 The CREXONT impact of more “Good On” time for Parkinson’s patients * Hauser RA, Espay AJ, Ellenbogen AL, et al. IPX203 vs IR CD/LD for the treatment of motor fluctuations in Parkinson disease: the RISE-PD randomized clinical trial. JAMA Neurol. 2023;80(10):1062–1069. doi:10.1001/jamaneurol.2023.2679 According to a head-to-head trial, CREXONT provides more “Good On” time per day, and 1.6 more hours of “Good On” time per dose compared to immediate release CD/LD. * I remember thinking, ‘could this actually give me my time back?’ And it has, more than I expected. — Laura “ ” Before, I felt like I was constantly fighting for control. Now, I have the freedom to focus on the things I enjoy again. — Lori “ ” I’m really happy with CREXONT. I don’t have to think about dosing constantly. I found something that helps me feel more like old myself again. — Navin “ ”With CREXONT, the longer-acting formulation gave me a smoother experience. Fewer doses. Less up and down. It’s helped me stay focused on my life, not my medication. — Dr. John Morgan “ ”
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16 Brekiya® (dihydroergotamine mesylate) injection For the acute treatment of migraine with or without aura and cluster headaches in adults 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) Can be used at any point during an attack and may reduce headache recurrence (4,6,7) Provides the same powerful medication used in hospitals, in a disposable, ready-to-use, single-dose autoinjector (4,8) Delivers one dose subcutaneously in the thigh, which may be helpful for patients who respond inadequately to oral therapies due to nausea/vomiting, gastroparesis, or delayed dosing (4,8,9) Gives patients the ability to self-administer, with no need for refrigeration, assembly, or priming the device (4) (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) Brekiya [package insert]. Bridgewater, NJ: Amneal Pharmaceuticals, LLC; 2025. (5) Data on file. Amneal Pharmaceuticals LLC. (6) Winner P, Ricalde O, Le Force B, Saper J, Margul B. Arch Neurol. 1996;53(2):180-184. doi:10.1001/archneur. 1996.00550020092020 (7) Mather PJ, Silberstein SD, Schulman EA, Hopkins MM. Headache. 1991;31(8):525-532. doi:10.1111/j.1526-4610.1991.hed3108525.x4 (8) Silberstein SD, Shrewsbury SB, Hoekman J. Headache. 2020;60(1):40-57. doi:10.1111/head.13700 (9) Aurora SK, Papapetropoulos S, Kori SH, Kedar A, Abell TL. Cephalagia. 2013;33(6)408-415. doi:10.117/0333102412473371. 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 T H E P O W E R O F D H E F O R S U S T A I N E D * P A I N R E L I E F (4 - 8 ) † Expect $50-100M U.S. peak salesPotential broad usage among patients who experience severe, treatment-resistant headaches * Sustained represents a duration of approximately 24-72 hours † Cluster headache results reported using IV administration
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17 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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18 P R O D U C T N A M E B I O S I M I L A R & B I O L O G I C T H E R A P E U T I C A R E A U . S . M A R K E T S I Z E ( $ B )( 2 ) S T A T U S ALYMSYS® Bevacizumab-maly Avastin® Oncology $1.2 1st 3 biosimilars generated $125M in 2024 revenues RELEUKO® Filgrastim-ayow NEUPOGEN® Oncology $0.4 FYLNETRA® Pegfilgrastim-pbbk Neulasta® Neutropenia $0.8 Denosumab Prolia® Osteoporosis $2.9 Q1’25 BLA filing complete; Dec 2025 goal date Denosumab XGEVA® Bone Cancer $1.5 Pegfilgrastim OBI & AI Neulasta® Neutropenia $0.8 Expect Q4’25 sBLA filing Omalizumab XOLAIR® Asthma & Allergies $3.8(3) Q3’25 BLA filing complete O U R S T R A T E G Y W I T H A N E X P A N D I N G P O R T F O L I O • 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 N E X T W A V E O F A F F O R D A B L E M E D I C I N E S • Growing U.S. adoption of biosimilars (80%+ for some molecules), similar to Europe, to improve patient access and drive cost savings • ~$234B of branded products losing exclusivity 2025-2034(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: Assessing the Biosimilar Void in the U.S. (Feb 2025). (2) Total U.S. net sales market size for each molecule (originator + biosimilar where applicable) in full year 2024. (3) Estimate for net sales in 2025. Note: OBI = On-body Injector; AI = Autoinjector; BLA = Biologics License Application; sBLA = Supplemental Biologics License Application
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19 • Portfolio of 40+ injectables generated $165M revenues in 2024, growth of +17% vs. 2023, and addition of 4 new 505(b)(2) injectables • Expect 10+ new injectable launches per year focused on complex areas, such as drug/devices, peptides, long-acting injectables and LVP bags, and 505(b)(2) opportunities • Expanded capacity across 4 sites and 21 manufacturing lines with capabilities across dosage forms (vials, bottles, pre-mixed bags, pre-filled syringes and cytotoxic oncology) • Overall, chronic drug shortages in the U.S. market remain with ~200 drug shortages currently(1), about half are injectables • PEMRYDI RTU®: 1st RTU version of pemetrexed (for treating lung cancer) • FOCINVEZ®: 1st RTU version of fosaprepitant (for nausea prevention due to chemotherapy) • Potassium Phosphates IV bags: 1st RTU version of commonly used injectable • BORUZUTM: new presentation of bortezomib for RTU subcutaneous or IV administration N e w 5 0 5 ( b ) ( 2 ) I n j e c t a b l e p r o d u c t s represent new vector for growth D i f f e r e n t i a t e d P o r t f o l i o with expanding capacity & capabilities Growing injectables portfolio with addition of new 505(b)(2) injectables (1) Per ASHP active drug shortage report as of October 2025. Note: RTU = Ready-to-use
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20 35% 44% 48% 54% 56% 59% 64% 95% 65% 56% 52% 46% 44% 41% 36% 5% 2019 2020 2021 2022 2023 2024 ANDAs Pipeline Non-Oral Solid Oral Solid Affordable Medicines net revenues mix ($’s) Pipeline mix (# of products) (1) ~44 pipeline programs ~$75B TAM ~69 ANDA’s ~$17B TAM 280+ commercial products P u r p o s e f u l M i x S h i f t towards a more complex portfolio D e e p P i p e l i n e with focus on complex products Expect 20-30 new launches per year Note: Total may not add due to rounding. Total Addressable market (TAM) are approximate IQVIA (brand + active generics) MAT August 2025 sales. (1) AvKARE sales of Amneal label products, royalty income and international revenues are included within Affordable Medicines Non-OSD. Diversified Affordable Medicines portfolio driving sustainable growth (1)
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21 Note: Figures above exclude Amneal label products sold through AvKARE, which are included in our Affordable Medicines segment results. Delivering continued double-digit growth in AvKARE segment ($ 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 $294 $349 $406 $532 $663 $704 2020 2021 2022 2023 2024 Q3'25 LTM
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22 Results (1) $ millions except for EPS Q3 2025 Q3 2024 Change Key Drivers / Commentary Net Revenue $785 $702 +11.7% • Driven by broad-based growth across all business segments Adjusted Gross Margin 42.7% 44.2% (150 bps) • Typical volatility mostly driven by product mix Adjusted R&D Expense $63 $62 (1.8%) Adjusted SG&A Expense $127 $107 (18.3%) • Reflects commercial investments for Specialty product launches Adjusted EBITDA $160 $158 +1.2% • Strong revenue growth coupled with commercial investments Adjusted Diluted EPS $0.17 $0.16 +6.3% • Mostly due to lower interest expense Operating Cash Flow $118 $142 (16.5%) • Robust cash generation and typical volatility mostly due to working capital (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. Q3 2025 financial performance
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23 Results (1) $ millions except for EPS Q3 YTD 2025 Q3 YTD 2024 Change Key Drivers / Commentary Net Revenue $2,204 $2,063 +6.8% • Driven by broad-based growth across all business segments Adjusted Gross Margin 43.7% 42.4% +130 bps • Reflects favorable product mix and operating efficiencies Adjusted R&D Expense $152 $138 (10.4%) • Increase in biosimilar licensing deals Adjusted SG&A Expense $348 $313 (11.4%) • Due to commercial investments for Specialty new product launches Adjusted EBITDA $513 $472 +8.7% • Strong revenue and gross margin growth coupled with commercial and R&D investments Adjusted Diluted EPS $0.62 $0.46 +34.8% • Adjusted EBITDA growth and lower interest expense Operating Cash Flow $210 $177 +18.4% • Robust cash generation, lower interest expense & working capital changes (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. Q3 YTD 2025 financial performance
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24(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. Q3 2025 performance by segment Results (1) $ millions Third Quarter Q3 Year-to-Date Q3 Key Drivers / Commentary2025 2024 2025 2024 Affordable Medicines Net Revenue $461 +7.8% $427 $1,309 +5.0% $1,246 • Strong performance of complex products and new launches Adjusted Gross Margin 41.7% (260 bps) 44.3% 43.3% +70 bps 42.6% • Mostly driven by product mix Specialty Net Revenue $125 +8.3% $116 $362 +11.3% $325 • Growth driven by CREXONT® and UNITHROID® Adjusted Gross Margin 79.9% (30 bps) 80.2% 81.0% +10 bps 80.9% • Mostly driven by product mix AvKARE Net Revenue $199 +24.5% $159 $534 +8.4% $493 • Government channel and substantial new product launch in Q3 2025 Adjusted Gross Margin 21.3% +360 bps 17.7% 19.5% +320 bps 16.3% • Driven by channel and product mix
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25 Updated 2025 Guidance (1) Prior 2025 Guidance (1) 2024 Actual Net Revenue % growth $3.0 – $3.1B +7% to +11% $3.0 – $3.1B +7% to +11% $2.8B +17% Adjusted EBITDA % growth $675 – $685M +8% to +9% $665 – $685M +6% to +9% $627M +12% Adjusted Diluted EPS (2) % growth $0.75 – $0.80 +29% to +38% $0.70 – $0.75 +21% to +29% $0.58 -9% Operating Cash Flow $300 – $330M $275 – $305M $295M Operating Cash Flow ex-discrete items (3) $300 – $330M $300 – $330M $348M Capital Expenditures ~$100M (4) ~$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 ~325 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 party of $20 million. Updated full year 2025 guidance
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26 $ millions Sep 30, 2025 Jun 30, 2025 Dec 31, 2024 Gross debt (1) $2,700 $2,553 $2,585 Total cash (2) $201 $72 $111 Net debt (3) $2,499 $2,481 $2,474 LTM Adjusted EBITDA (4) $668 $667 $627 Gross leverage (5) 4.0x 3.8x 4.1x Net leverage (6) 3.7x 3.7x 3.9x • Gross debt increase from Q2 to Q3 reflects July refinancing • Successful full debt refinancing lowers interest cost and extends maturities to 2032 from 2028 • 3.7x net leverage in Q3, even with refinancing costs, which reflects strong cash flow generation • Expect to be < 3x net leverage in the next few years through adjusted EBITDA growth and gross debt paydown 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 2032, and borrowings under the revolving credit facilities due in 2030. (2) Includes cash and cash equivalents, and excludes restricted cash. (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 September 30, 2025, June 30, 2025, and year ended December 31, 2024, respectively. (6) Calculated by dividing net debt by adjusted EBITDA for the twelve months ended September 30, 2025, June 30, 2025, and year ended December 31, 2024, respectively. Debt maturities extended at lower cost; Net leverage of 3.7x as of Q3
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Appendix: Non-GAAP Reconciliations
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28 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 fair value of contingent consideration, formerly included in their own captions in the non-GAAP reconciliations, for the three and nine months ended September 30, 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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29 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 in their own captions in the non-GAAP reconciliations, for the years ended December 31, 2024, 2023, 2022 and 2021,, have 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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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) System implementation expense and change in fair value of contingent consideration, formerly included in their own captions in the non-GAAP reconciliations, for the three and nine months ended September 30, 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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31Note: 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
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32Note: 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 COGS and segment gross profit to adjusted results
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33Note: 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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34 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 November 8, 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 October 30, 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 September 30, 2025, December 31, 2024 and December 31, 2019, respectively. (7) Calculated by dividing net debt by adjusted EBITDA for the last twelve months ending September 30, 2025, December 31, 2024 and December 31, 2019, respectively. Calculation of last twelve months gross and net leverage