Amneal Reports Fourth Quarter and Full Year 2022 Financial Results

March 2, 2023

‒ Q4 2022 Net Revenue of $610 million; GAAP Net Loss of $4 million; Diluted Loss per Share of $0.03 ‒ 
‒ Q4 2022 Adjusted Net Income of $71 million (1), Adjusted EBITDA (1) of $154 million; Adjusted Diluted EPS (1) of $0.23 ‒ 
‒ Full Year 2022 Net Revenue of $2.21 billion; GAAP Net Loss of $130 million; Diluted Loss per Share of $0.86 ‒ 
‒ Full Year 2022 Adjusted Net Incomeof $208 million (1); Adjusted EBITDA (1) of $514 million; Adjusted Diluted EPS (1) of $0.68 ‒ 
‒ Provides 2023 Financial Guidance of $2.25 to $2.35 billion in net revenue and $500 to $530 million in adjusted EBITDA –

Amneal Pharmaceuticals, Inc. (NYSE: AMRX) (“Amneal” or the “Company”) announced its results today for the fourth quarter and full year ended December 31, 2022.

“2022 was a year of solid execution and very good progress in advancing key strategic priorities marked by a robust cadence of new innovations in Generics, scaling our injectables portfolio, advancing our Specialty pipeline and entering the U.S. biosimilars market. Furthermore, we are creating the foundation for international expansion, primarily in Europe and India. We enter 2023 poised for continued momentum, including the upcoming IPX203 launch for Parkinson’s, continued biosimilars uptake, and key complex generics launches. Taken altogether, we expect these new growth drivers will build upon and significantly expand our reach in making healthy possible,” said Chirag and Chintu Patel, Co-Chief Executive Officers.

Net revenue in the fourth quarter of 2022 was $610 million, an increase of 14% compared to $537 million in the fourth quarter of 2021. The increase was driven by Generic new product launches, expansion of the AvKARE distribution channel and strong performance of promoted Specialty products. Net loss attributable to Amneal Pharmaceuticals, Inc. was $4 million in the fourth quarter of 2022 compared to a net loss of $6 million in the fourth quarter of 2021. Adjusted EBITDA(1) in the fourth quarter of 2022 was $154 million, an increase of 26% compared to the fourth quarter of 2021, reflective of stronger revenue performance and stable operating expenses. Diluted loss per share in the fourth quarter of 2022 was $0.03, a decrease of 25% from a loss of $0.04 for the fourth quarter of 2021. Adjusted diluted EPS(1) in the fourth quarter of 2022 was $0.23, an increase of 35% from $0.17 in the fourth quarter of 2021.

Net revenue for the year ended December 31, 2022 was $2.21 billion, an increase of 6% compared to $2.09 billion for the year ended December 31, 2021. Revenue growth was driven by Generic new product launches, strong performance of key products including Rytary® and Unithroid®, and expansion of the AvKARE business. Net loss attributable to Amneal Pharmaceuticals, Inc. was $130 million for the year ended December 31, 2022 compared to net income of $11 million for the year ended December 31, 2021. Net loss for the year ended December 31, 2022 included a $263 million pre-tax charge for settlement of the Opana® anti-trust litigation. Adjusted EBITDA(1) for the year ended December 31, 2022 was $514 million, an increase of $2 million compared to the year ended December 31, 2021, reflective of revenue growth offset by lower adjusted gross margin due to unfavorable product mix and investments to drive upcoming new product launches. Diluted loss per share for the year ended December 31, 2022 was $0.86 compared to diluted income per share of $0.07 for the year ended December 31, 2021. Adjusted diluted EPS(1) in the year ended December 31, 2022 was $0.68, a decrease of 13% from $0.78 for the year ended December 31, 2021.

(1) 

See “Non-GAAP Financial Measures” below.

2023 Financial Guidance

 

Full Year 2023 Guidance

Net revenue

$2.25 billion - $2.35 billion

Adjusted EBITDA (1)

$500 million - $530 million

Adjusted diluted EPS (2)

$0.40 - $0.50

Operating cash flow (3)

$200 million - $230 million

Capital expenditures

$50 million - $60 million

Weighted average diluted shares outstanding (4)

Approximately 307 million

(1) 

Includes 100% of EBITDA from the AvKARE acquisition.

(2) 

Accounts for 35% non-controlling interest in AvKARE.

(3) 

Represents cash provided by operating activities. Guidance does not contemplate one-time and non-recurring items such as legal settlements and other discrete items.

(4) 

Assumes the weighted average diluted shares outstanding of class A and class B common stock under the if-converted method.

Amneal’s 2023 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. The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company cannot provide a reconciliation between non-GAAP projections and the most directly comparable measures in accordance with GAAP without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. The items include, but are not limited to, acquisition-related expenses, restructuring expenses and benefits, asset impairments and other gains and losses. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results.

Conference Call Information

Amneal will host a conference call and live webcast at 8:30 am Eastern Time today, March 2, 2023, to discuss its results. The live webcast and presentation will be accessible through the Investor Relations section of the Company’s website at https://investors.amneal.com. To access the call through a conference line, dial (844) 200-6205 (in the U.S.) or (929) 526-1599 (international callers). The access code for the call is 477511. A replay of the conference call will be posted shortly after the call and will be available for seven days. To access the replay, dial (866) 813-9403 (in the U.S.) or +44 (204) 525-0658 (international callers). The access code for the replay is 942331.

Amneal Pharmaceuticals, Inc. (NYSE: AMRX), headquartered in Bridgewater, NJ, is a fully integrated global essential medicines company. We make healthy possible through the development, manufacturing, and distribution of a diverse portfolio of approximately 270 generic and specialty pharmaceuticals, primarily within the United States. In its Generics segment, the Company is expanding across a broad range of complex product categories and therapeutic areas, including injectables and biosimilars. In its Specialty segment, Amneal has a growing portfolio of branded pharmaceuticals focused primarily on central nervous system and endocrine disorders, with a pipeline focused on unmet needs. Through its AvKARE segment, the Company is a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. For more information, please visit www.amneal.com.

Cautionary Statement on Forward-Looking Statements

Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future, including among other things: discussions of future operations, including international expansion; expected or estimated operating results and financial performance; the Company’s growth prospects and opportunities as well as its strategy for growth; product development and launches; the successful commercialization and market acceptance of new products, and 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; our ability to manage our growth through acquisitions and otherwise; 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; 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 secure satisfactory terms when negotiating a refinancing or other new indebtedness; our dependence on third-party agreements for a portion of our product offerings; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; risks related to federal regulation of arrangements between manufacturers of branded and generic products; our reliance on certain licenses to proprietary technologies from time to time; the significant amount of resources we expend on research and development; the risk of product liability and other claims against us by consumers and other third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws; changes to Food and Drug Administration product approval requirements; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; 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 ability to attract, hire and retain highly skilled personnel; 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.

Non-GAAP Financial Measures

This release includes certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted earnings per share, adjusted gross profit, adjusted gross margin, adjusted operating income, adjusted cost of goods sold, adjusted selling general and administrative expense, and adjusted research and development expense, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP. The calculation of non-GAAP adjusted diluted earnings per share assumes the conversion of all outstanding shares of class B Common Stock to shares of class A Common Stock under the if-converted method.

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.

As previously disclosed, beginning in the first quarter of 2022, we no longer exclude research and development milestone expenses related to license and collaboration agreements from our non-GAAP financial measures and our line item components, including adjusted research and development, adjusted EBITDA, adjusted operating income, adjusted net income and adjusted earnings per share. Prior period adjusted results have been revised to reflect this change. Refer to our Form 8-K filed with the Securities and Exchange Commission on May 4, 2022 for a full reconciliation of previously reported non-GAAP results to revised non-GAAP results for prior periods.

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 net income, diluted earnings per share, gross profit, gross margin, operating income, cost of goods sold, selling general and administrative expense, and research and development expense or any other measure determined in accordance with GAAP. Readers should review the reconciliations included below, 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 below.

 

Amneal Pharmaceuticals, Inc.

Consolidated Statements of Operations

(Unaudited; In thousands, except per share amounts)

 

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net revenue

$

609,759

 

 

$

536,896

 

 

$

2,212,304

 

 

$

2,093,669

 

Cost of goods sold

 

389,046

 

 

 

348,490

 

 

 

1,416,485

 

 

 

1,302,004

 

Cost of goods sold impairment charges

 

5,325

 

 

 

22,004

 

 

 

11,111

 

 

 

22,692

 

Gross profit

 

215,388

 

 

 

166,402

 

 

 

784,708

 

 

 

768,973

 

Selling, general and administrative

 

102,158

 

 

 

97,224

 

 

 

399,700

 

 

 

365,504

 

Research and development

 

41,907

 

 

 

51,874

 

 

 

195,688

 

 

 

201,847

 

In-process research and development impairment charges

 

12,970

 

 

 

 

 

 

12,970

 

 

 

710

 

Intellectual property legal development expenses

 

1,362

 

 

 

1,142

 

 

 

4,358

 

 

 

7,716

 

Acquisition, transaction-related and integration expenses

 

(5

)

 

 

836

 

 

 

709

 

 

 

8,055

 

Restructuring and other charges

 

109

 

 

 

1,069

 

 

 

1,421

 

 

 

1,857

 

Change in fair value of contingent consideration

 

2,226

 

 

 

(100

)

 

 

731

 

 

 

200

 

(Insurance recoveries) charges for property losses and associated expenses, net

 

 

 

 

(2,818

)

 

 

(1,911

)

 

 

5,368

 

Charges related to legal matters, net

 

20,094

 

 

 

6,000

 

 

 

269,930

 

 

 

25,000

 

Other operating income

 

(1,465

)

 

 

 

 

 

(3,960

)

 

 

 

Operating (loss) income

 

36,032

 

 

 

11,175

 

 

 

(94,928

)

 

 

152,716

 

Other (expense) income:

 

 

 

 

 

 

 

Interest expense, net

 

(47,028

)

 

 

(33,957

)

 

 

(158,377

)

 

 

(136,325

)

Foreign currency exchange gain (loss), net

 

569

 

 

 

(170

)

 

 

(12,364

)

 

 

(355

)

Loss on refinancing - revolving credit facility

 

 

 

 

 

 

 

(291

)

 

 

 

Other income, net

 

2,772

 

 

 

6,633

 

 

 

17,833

 

 

 

15,330

 

Total other expense, net

 

(43,687

)

 

 

(27,494

)

 

 

(153,199

)

 

 

(121,350

)

(Loss) income before income taxes

 

(7,655

)

 

 

(16,319

)

 

 

(248,127

)

 

 

31,366

 

(Benefit from) provision for income taxes

 

(1,797

)

 

 

4,140

 

 

 

6,662

 

 

 

11,196

 

Net (loss) income

 

(5,858

)

 

 

(20,459

)

 

 

(254,789

)

 

 

20,170

 

Less: Net loss (income) attributable to non-controlling interests

 

1,525

 

 

 

14,082

 

 

 

125,241

 

 

 

(9,546

)

Net (loss) income attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest

 

(4,333

)

 

 

(6,377

)

 

 

(129,548

)

 

 

10,624

 

Accretion of redeemable non-controlling interest

 

 

 

 

 

 

 

(438

)

 

 

 

Net (loss) income attributable to Amneal Pharmaceuticals, Inc.

$

(4,333

)

 

$

(6,377

)

 

$

(129,986

)

 

$

10,624

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.'s Class A common stockholders:

 

 

 

 

 

 

 

Basic

$

(0.03

)

 

$

(0.04

)

 

$

(0.86

)

 

$

0.07

 

Diluted

$

(0.03

)

 

$

(0.04

)

 

$

(0.86

)

 

$

0.07

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

151,476

 

 

 

149,369

 

 

 

150,944

 

 

 

148,922

 

Diluted

 

151,476

 

 

 

149,369

 

 

 

150,944

 

 

 

151,821

 

 

Amneal Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(Unaudited; In thousands)

 

 

December 31,
2022

 

December 31,
2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

25,976

 

$

247,790

Restricted cash

 

9,251

 

 

8,949

Trade accounts receivable, net

 

741,791

 

 

662,583

Inventories

 

530,735

 

 

489,389

Prepaid expenses and other current assets

 

103,565

 

 

110,218

Related party receivables

 

500

 

 

1,179

Total current assets

 

1,411,818

 

 

1,520,108

Property, plant and equipment, net

 

469,815

 

 

514,158

Goodwill

 

598,853

 

 

593,017

Intangible assets, net

 

1,096,093

 

 

1,166,922

Operating lease right-of-use assets

 

38,211

 

 

39,899

Operating lease right-of-use assets - related party

 

17,910

 

 

20,471

Financing lease right-of-use assets

 

63,424

 

 

64,475

Other assets

 

103,217

 

 

20,614

Total assets

$

3,799,341

 

$

3,939,664

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

538,199

 

$

525,345

Current portion of liabilities for legal matters

 

107,483

 

 

58,000

Revolving credit facility

 

60,000

 

 

Current portion of long-term debt, net

 

29,961

 

 

30,614

Current portion of operating lease liabilities

 

8,321

 

 

9,686

Current portion of operating and financing lease liabilities - related party

 

2,869

 

 

2,636

Current portion of financing lease liabilities

 

3,488

 

 

3,101

Related party payables - short term

 

2,479

 

 

47,861

Total current liabilities

 

752,800

 

 

677,243

Long-term debt, net

 

2,591,981

 

 

2,680,053

Note payable - related party

 

39,706

 

 

38,038

Operating lease liabilities

 

32,126

 

 

32,894

Operating lease liabilities - related party

 

15,914

 

 

18,783

Financing lease liabilities

 

60,769

 

 

60,251

Related party payable - long term

 

9,649

 

 

9,619

Other long-term liabilities

 

87,468

 

 

38,903

Total long-term liabilities

 

2,837,613

 

 

2,878,541

Redeemable non-controlling interests

 

24,949

 

 

16,907

Total stockholders' equity

 

183,979

 

 

366,973

Total liabilities and stockholders' equity

$

3,799,341

 

$

3,939,664

 

Amneal Pharmaceuticals, Inc.

Consolidated Statements of Cash Flows

(Unaudited; In thousands)

 

 

Years Ended December 31,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net (loss) income

$

(254,789

)

 

$

20,170

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

240,175

 

 

 

233,406

 

Unrealized foreign currency loss (gain)

 

15,190

 

 

 

175

 

Amortization of debt issuance costs and discount

 

8,595

 

 

 

9,203

 

Loss on refinancing - revolving credit facility

 

291

 

 

 

 

Intangible asset impairment charges

 

24,081

 

 

 

23,402

 

Change in fair value of contingent consideration

 

731

 

 

 

200

 

Stock-based compensation

 

31,847

 

 

 

28,412

 

Inventory provision

 

51,096

 

 

 

54,660

 

Insurance recoveries for property and equipment losses

 

(1,000

)

 

 

(5,000

)

Non-cash property losses

 

 

 

 

5,152

 

Other operating charges and credits, net

 

8,828

 

 

 

5,633

 

Changes in assets and liabilities:

 

 

 

Trade accounts receivable, net

 

(79,717

)

 

 

(23,621

)

Inventories

 

(102,396

)

 

 

(49,015

)

Prepaid expenses, other current assets and other assets

 

9,882

 

 

 

(21,981

)

Related party receivables

 

646

 

 

 

7,311

 

Accounts payable, accrued expenses and other liabilities

 

109,568

 

 

 

(43,932

)

Related party payables

 

2,072

 

 

 

(2,355

)

Net cash provided by operating activities

 

65,100

 

 

 

241,820

 

Cash flows from investing activities:

 

 

 

Purchases of property, plant and equipment

 

(46,407

)

 

 

(47,728

)

Acquisition of intangible assets

 

(41,800

)

 

 

(1,700

)

Deposits for future acquisition of property, plant, and equipment

 

(2,388

)

 

 

(3,211

)

Acquisitions of businesses, net of cash acquired

 

(84,714

)

 

 

(146,543

)

Proceeds from insurance recoveries for property and equipment losses

 

1,000

 

 

 

5,000

 

Net cash used in investing activities

 

(174,309

)

 

 

(194,182

)

Cash flows from financing activities:

 

 

 

Payments of deferred financing and refinancing costs

 

(1,663

)

 

 

 

Payments of principal on debt, revolving credit facility, financing leases and other

 

(123,272

)

 

 

(78,086

)

Borrowings on revolving credit facility

 

85,000

 

 

 

 

Proceeds from exercise of stock options

 

662

 

 

 

853

 

Employee payroll tax withholding on restricted stock unit vesting

 

(3,571

)

 

 

(2,664

)

Payments of deferred consideration for acquisitions - related party

 

(44,498

)

 

 

 

Acquisition of redeemable non-controlling interests

 

(1,722

)

 

 

 

Tax distributions to non-controlling interest

 

(17,556

)

 

 

(57,132

)

Payments of principal on financing lease - related party

 

 

 

 

(93

)

Repayment of related party note

 

 

 

 

(1,000

)

Net cash used in financing activities

 

(106,620

)

 

 

(138,122

)

Effect of foreign exchange rate on cash

 

(5,683

)

 

 

102

 

Net decrease in cash, cash equivalents, and restricted cash

 

(221,512

)

 

 

(90,382

)

Cash, cash equivalents, and restricted cash - beginning of period

 

256,739

 

 

 

347,121

 

Cash, cash equivalents, and restricted cash - end of period

$

35,227

 

 

$

256,739

 

Cash and cash equivalents - end of period

$

25,976

 

 

$

247,790

 

Restricted cash - end of period

$

9,251

 

 

$

8,949

 

Cash, cash equivalents, and restricted cash - end of period

$

35,227

 

 

$

256,739

 

 

Amneal Pharmaceuticals, Inc.

Non-GAAP Reconciliations

(Unaudited, In thousands)

 

Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA (1)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

2021

Net (loss) income

$

(5,858

)

 

$

(20,459

)

 

$

(254,789

)

 

$

20,170

Adjusted to add (deduct):

 

 

 

 

 

 

 

Interest expense, net

 

47,028

 

 

 

33,957

 

 

 

158,377

 

 

 

136,325

(Benefit from) provision for income taxes

 

(1,797

)

 

 

4,140

 

 

 

6,662

 

 

 

11,196

Depreciation and amortization

 

61,056

 

 

 

61,183

 

 

 

240,175

 

 

 

233,406

EBITDA (Non-GAAP)

$

100,429

 

 

$

78,821

 

 

$

150,425

 

 

$

401,097

Adjusted to add (deduct):

 

 

 

 

 

 

 

Stock-based compensation expense

 

7,831

 

 

 

7,742

 

 

 

31,847

 

 

 

28,412

Acquisition, site closure, and idle facility expenses (2)

 

3,452

 

 

 

6,027

 

 

 

15,682

 

 

 

20,003

Restructuring and other charges

 

109

 

 

 

 

 

 

1,378

 

 

 

788

Loss on refinancing

 

 

 

 

 

 

 

291

 

 

 

Inventory related charges

 

 

 

 

16

 

 

 

 

 

 

261

Charges related to legal matters, net (3)

 

20,094

 

 

 

6,000

 

 

 

269,930

 

 

 

25,000

Asset impairment charges (4)

 

18,551

 

 

 

22,353

 

 

 

26,909

 

 

 

24,105

Foreign exchange (gain) loss

 

(569

)

 

 

170

 

 

 

12,364

 

 

 

355

Change in fair value of contingent consideration

 

2,226

 

 

 

(100

)

 

 

731

 

 

 

200

(Insurance recoveries) charges for property losses and

associated expenses, net (5)

 

 

 

 

(2,818

)

 

 

(1,911

)

 

 

5,368

Regulatory approval milestone

 

 

 

 

 

 

 

5,000

 

 

 

Other

 

1,909

 

 

 

3,592

 

 

 

1,464

 

 

 

6,680

Adjusted EBITDA (Non-GAAP)

$

154,032

 

 

$

121,803

 

 

$

514,110

 

 

$

512,269

 

Amneal Pharmaceuticals, Inc.

Non-GAAP Reconciliations

(Unaudited; In thousands, except per share amounts)

 

Reconciliation of Net (Loss) Income to Adjusted Net Income and Calculation of Adjusted Diluted Earnings per Share (1)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net (loss) income

$

(5,858

)

 

$

(20,459

)

 

$

(254,789

)

 

$

20,170

 

Adjusted to add (deduct):

 

 

 

 

 

 

 

Non-cash interest

 

1,885

 

 

 

2,123

 

 

 

7,715

 

 

 

8,355

 

GAAP (benefit from) provision for income taxes

 

(1,797

)

 

 

4,140

 

 

 

6,662

 

 

 

11,196

 

Amortization

 

42,851

 

 

 

41,543

 

 

 

164,997

 

 

 

164,069

 

Stock-based compensation expense

 

7,831

 

 

 

7,742

 

 

 

31,847

 

 

 

28,412

 

Acquisition, site closure expenses, and idle facility expenses (2)

 

3,452

 

 

 

6,027

 

 

 

15,682

 

 

 

20,003

 

Restructuring and other charges

 

109

 

 

 

 

 

 

1,378

 

 

 

788

 

Loss on refinancing

 

 

 

 

 

 

 

291

 

 

 

 

Inventory related charges

 

 

 

 

16

 

 

 

 

 

 

261

 

Charges related to legal matters, including interest, net (3)

 

21,564

 

 

 

6,000

 

 

 

273,226

 

 

 

25,000

 

Asset impairment charges (4)

 

18,485

 

 

 

22,353

 

 

 

26,843

 

 

 

24,105

 

Regulatory approval milestone

 

 

 

 

 

 

 

5,000

 

 

 

 

Change in fair value of contingent consideration

 

2,226

 

 

 

(100

)

 

 

731

 

 

 

200

 

(Insurance recoveries) charges for property losses and

associated expenses (5)

 

 

 

 

(2,818

)

 

 

(1,911

)

 

 

5,368

 

Other

 

1,910

 

 

 

3,592

 

 

 

1,607

 

 

 

6,680

 

Provision for income taxes (6)

 

(15,297

)

 

 

(18,193

)

 

 

(56,450

)

 

 

(70,199

)

Net income attributable to non-controlling interests not

associated with our class B common stock

 

(5,958

)

 

 

(1,191

)

 

 

(15,121

)

 

 

(6,582

)

Adjusted net income (Non-GAAP)

$

71,403

 

 

$

50,775

 

 

$

207,708

 

 

$

237,826

 

Weighted average diluted shares outstanding (Non-GAAP)(7)

 

305,145

 

 

 

304,429

 

 

 

304,598

 

 

 

303,937

 

Adjusted diluted earnings per share (Non-GAAP)

$

0.23

 

 

$

0.17

 

 

$

0.68

 

 

$

0.78

 

 

Amneal Pharmaceuticals, Inc.

Non-GAAP Reconciliations

(Unaudited)

 

Explanations for Reconciliations of Net (Loss) Income to EBITDA and Adjusted EBITDA and

Net (Loss) Income to Adjusted Net Income and Calculation of Adjusted Diluted Earnings per Share

 

(1)

Beginning in the first quarter of 2022, we no longer exclude research and development milestone expenses related to license and collaboration agreements from our non-GAAP financial measures and our line item components, including adjusted research and development, adjusted EBITDA, adjusted operating income, adjusted net income and adjusted diluted earnings per share. Prior period adjusted results have been revised to reflect this change. Refer to our Form 8-K filed on May 4, 2022 for additional information.

 

 

 

 

 

(2)

Acquisition, site closure, and idle facility expenses for the three months ended December 31, 2022 primarily included site closure costs associated with the planned cessation of manufacturing at our Hauppauge, NY facility. Acquisition, site closure, and idle facility expenses for the year ended December 31, 2022 primarily included (i) transaction and integration costs associated with the acquisition of the baclofen franchise from certain entities affiliated with Saol International Limited, which closed on February 9, 2022; (ii) integration costs associated with the acquisition of Puniska Healthcare Pvt. Ltd. (“Puniska”), which closed on November 2, 2021; and (iii) site closure costs associated with the planned cessation of manufacturing at our Hauppauge, NY facility. Acquisition, site closure, and idle facility expenses for the three months and year ended December 31, 2021 primarily included (i) transaction and integration costs associated with the acquisition of Kashiv Specialty Pharmaceuticals, LLC; (ii) integration costs associated with the acquisition of AvKARE; (iii) site closure costs associated with the planned cessation of manufacturing at our Hauppauge, NY facility; (iv) transaction and integration costs associated with the acquisition of Puniska; and (v) site closure expenses associated with damage from Tropical Storm Ida to two of our facilities in New Jersey.

 

 

 

 

 

(3)

For the three months ended December 31, 2022 charges related to legal matters, net primarily related to prescription opioid litigation. For the year ended December 31, 2022, charges related to legal matters, net, primarily included charges for (i) the settlements of the Opana ER® antitrust litigation and (ii) prescription opioid litigation, offset by insurance recoveries associated with class action shareholder lawsuits. For the three months and year ended December 31, 2021, charges related to legal matters, net were for legal claims in our Corporate segment.

 

 

 

 

 

(4)

Asset impairment charges for the three months and years ended December 31, 2022 and 2021 were associated with the write-offs of intangible assets and equipment, except for equipment discussed in (5) below.

 

 

 

 

 

(5)

(Insurance recoveries) charges for property losses and associated expenses, net for the year ended December 31, 2022 included $1.9 million of insurance recoveries for damage to two of our facilities in NJ from Tropical Storm Ida. Property losses and associated expenses, net for the three months and year ended December 31, 2021 were associated with damage from Tropical Storm Ida to two of our facilities in New Jersey, net of insurance recoveries. Expenses consisted of impairment of equipment and inventory, and repairs and maintenance and salaries and benefits.

 

 

 

 

 

(6)

The Non-GAAP effective tax rates for the three months ended December 31, 2022 and 2021 were 17.6% and 26.3%, respectively. The Non-GAAP tax rates for the years ended December 31, 2022 and 2021 were 21.4% and 22.7%, respectively.

 

 

(7)

Weighted average diluted shares outstanding consisted of class A common stock and class B common stock under the if-converted method.

 

Amneal Pharmaceuticals, Inc.

Generics Segment

Reconciliation of GAAP to Non-GAAP Operating Results ( 1)

(Unaudited; Table in thousands)

 

 

 

Three Months Ended December 31, 2022

 

Three Months Ended December 31, 2021

 

 

As Reported

 

Adjustments

 

Non-GAAP

 

As Reported

 

Adjustments

 

Non-GAAP

Net revenue

 

$

399,165

 

 

$

 

 

$

399,165

 

 

$

346,266

 

 

$

 

 

$

346,266

 

Cost of goods sold (2)

 

 

249,795

 

 

 

(16,875

)

 

 

232,920

 

 

 

227,446

 

 

 

(16,558

)

 

 

210,888

 

Cost of goods sold impairment charges

 

 

 

 

 

 

 

 

 

 

 

22,004

 

 

 

(22,004

)

 

 

 

Gross profit

 

 

149,370

 

 

 

16,875

 

 

 

166,245

 

 

 

96,816

 

 

 

38,562

 

 

 

135,378

 

Gross margin %

 

 

37.4

%

 

 

 

 

41.6

%

 

 

28.0

%

 

 

 

 

39.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative (3)

 

 

25,371

 

 

 

(1,319

)

 

 

24,052

 

 

 

18,000

 

 

 

(861

)

 

 

17,139

 

Research and development (4)

 

 

38,127

 

 

 

(1,112

)

 

 

37,015

 

 

 

43,818

 

 

 

(1,030

)

 

 

42,788

 

In-process research and development impairment charges

 

 

12,970

 

 

 

(12,970

)

 

 

 

 

 

 

 

 

 

 

 

 

Intellectual property legal development expenses

 

 

1,332

 

 

 

 

 

 

1,332

 

 

 

1,056

 

 

 

 

 

 

1,056

 

Acquisition, transaction-related and integration expenses

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and other charges

 

 

108

 

 

 

(108

)

 

 

 

 

 

 

 

 

 

 

 

 

Insurance recoveries for property losses and associated expenses, net (5)

 

 

 

 

 

 

 

 

 

 

 

(2,818

)

 

 

2,818

 

 

 

 

Charges related to legal matters, net (6)

 

 

19,958

 

 

 

(19,958

)

 

 

 

 

 

 

 

 

 

 

 

 

Other operating income

 

 

(1,465

)

 

 

 

 

 

(1,465

)

 

 

 

 

 

 

 

 

 

Operating income

 

$

52,968

 

 

$

52,343

 

 

$

105,311

 

 

$

36,760

 

 

$

37,635

 

 

$

74,395

 

 

(1)

Operating results for the sale of Amneal products by AvKARE were included in our Generics segment.

 

 

 

 

 

 

 

(2)

Adjustments for the three months ended December 31, 2022 and 2021, respectively, were comprised of stock-based compensation expense ($1.2 million and $1.4 million), amortization expense ($12.4 million and $10.0 million), site closure and idle facility expenses ($2.7 million and $4.8 million), asset impairment charges ($0.3 million and $0.4 million), and other ($0.3 million and none).

 

 

 

 

 

 

 

(3)

Adjustments for the three months ended December 31, 2022 and 2021, respectively, were comprised of stock-based compensation expense (each $0.5 million) and site closure costs ($0.8 million and $0.4 million)

 

 

 

 

 

 

 

(4)

Adjustments for the three months ended December 31, 2022 and 2021 were comprised of stock-based compensation expense. Non-GAAP adjusted research and development for the three months ended December 31, 2021, as previously reported, has been revised to include $3.6 million of research and development milestone expenses previously excluded.

 

 

 

 

(5)

Adjustments for the three months December 31, 2021 were comprised of expenses associated with damage from Tropical Storm Ida to two of our facilities in New Jersey of $2.2 million, net of insurance recoveries of $5.0 million. Expenses consisted of impairment of equipment and inventory, and repairs and maintenance and salaries and benefits.

 

 

 

 

 

 

 

(6)

Adjustments for the three months ended December 31, 2022 were primarily comprised of charges related to civil prescription opioid litigation.

 

Amneal Pharmaceuticals, Inc.

Generics Segment

Reconciliation of GAAP to Non-GAAP Operating Results ( 1)

(Unaudited; Table in thousands)

 

 

 

Year Ended December 31, 2022

 

Year Ended December 31, 2021

 

 

As Reported

 

Adjustments

 

Non-GAAP

 

As Reported

 

Adjustments

 

Non-GAAP

Net revenue

 

$

1,432,073

 

 

$

 

 

$

1,432,073

 

 

$

1,366,338

 

 

$

 

 

$

1,366,338

 

Cost of goods sold (2)

 

 

890,245

 

 

 

(64,294

)

 

 

825,951

 

 

 

825,568

 

 

 

(55,263

)

 

 

770,305

 

Cost of goods sold impairment charges

 

 

5,786

 

 

 

(5,786

)

 

 

 

 

 

22,692

 

 

 

(22,692

)

 

 

 

Gross profit

 

 

536,042

 

 

 

70,080

 

 

 

606,122

 

 

 

518,078

 

 

 

77,955

 

 

 

596,033

 

Gross margin %

 

 

37.4

%

 

 

 

 

42.3

%

 

 

37.9

%

 

 

 

 

43.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative (3)

 

 

109,781

 

 

 

(9,960

)

 

 

99,821

 

 

 

64,500

 

 

 

(2,664

)

 

 

61,836

 

Research and development (4)

 

 

167,509

 

 

 

(4,819

)

 

 

162,690

 

 

 

158,365

 

 

 

(4,269

)

 

 

154,096

 

In-process research and development impairment charges

 

 

12,970

 

 

 

(12,970

)

 

 

 

 

 

710

 

 

 

(710

)

 

 

 

Intellectual property legal development expenses

 

 

4,251

 

 

 

 

 

 

4,251

 

 

 

7,562

 

 

 

 

 

 

7,562

 

Acquisition, transaction-related and integration expenses

 

 

25

 

 

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and other charges

 

 

821

 

 

 

(821

)

 

 

 

 

 

80

 

 

 

(80

)

 

 

 

(Insurance recoveries) charges for property losses and associated expenses, net (5)

 

 

(1,911

)

 

 

1,911

 

 

 

 

 

 

5,368

 

 

 

(5,368

)

 

 

 

Charges related to legal matters, net (6)

 

 

22,400

 

 

 

(22,400

)

 

 

 

 

 

 

 

 

 

 

 

 

Other operating income

 

 

(3,960

)

 

 

 

 

 

(3,960

)

 

 

 

 

 

 

 

 

 

Operating income

 

$

224,156

 

 

$

119,164

 

 

$

343,320

 

 

$

281,493

 

 

$

91,046

 

 

$

372,539

 

 

(1)

Operating results for the sale of Amneal products by AvKARE were included in our Generics segment.

 

 

 

 

 

 

 

(2)

Adjustments for the years ended December 31, 2022 and 2021, respectively, were comprised of stock-based compensation expense ($4.8 million and $4.7 million), amortization expense ($44.2 million and $38.0 million), site closure and idle facility expenses ($12.5 million and $11.0 million), inventory related charges (none and $0.2 million), asset impairment charges ($2.8 million and $0.7 million), and other (none and $0.7 million).

 

 

 

 

 

 

 

(3)

Adjustments for the years ended December 31, 2022 and 2021, respectively, were comprised of stock-based compensation expense ($2.5 million, and $1.7 million), site closure expenses ($2.5 million and $0.9 million), a regulatory approval milestone ($5.0 million and none) and other (none and $0.1 million).

 

 

 

 

 

 

 

(4)

Adjustments for the years ended December 31, 2022 and 2021, respectively, were comprised of stock-based compensation expense ($4.8 million and $3.9 million) and other (none and $0.3 million). Non-GAAP adjusted research and development for the year ended December 31, 2021, as previously reported, has been revised to include $15.4 million of research and development milestone expenses previously excluded.

 

 

 

 

(5)

Adjustments for the year ended December 31, 2021 were comprised of expenses associated with damage from Tropical Storm Ida to two of our facilities in New Jersey of $10.4 million, net of insurance recoveries of $5.0 million. Expenses consisted of impairment of equipment and inventory, and repairs and maintenance and salaries and benefits. Adjustments for the year ended December 31, 2022 included $1.9 million of insurance recoveries.

 

 

 

 

 

 

 

(6)

Adjustments for the year ended December 31, 2022 were primarily comprised of charges related to civil prescription opioid litigation.

 

Amneal Pharmaceuticals, Inc.

Specialty Segment

Reconciliation of GAAP to Non-GAAP Operating Results

(Unaudited; Table in thousands)

 

 

Three Months Ended December 31, 2022

 

Three Months Ended December 31, 2021

 

As Reported

 

Adjustments

 

Non-GAAP

 

As Reported

 

Adjustments

 

Non-GAAP

Net revenue

$

102,550

 

 

$

 

 

$

102,550

 

 

$

101,008

 

 

$

 

 

$

101,008

 

Cost of goods sold (1)

 

46,744

 

 

 

(27,327

)

 

 

19,417

 

 

 

49,378

 

 

 

(27,483

)

 

 

21,895

 

Cost of goods sold impairment charges

 

5,325

 

 

 

(5,325

)

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

50,481

 

 

 

32,652

 

 

 

83,133

 

 

 

51,630

 

 

 

27,483

 

 

 

79,113

 

Gross margin %

 

49.2

%

 

 

 

 

81.1

%

 

 

51.1

%

 

 

 

 

78.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative (2)

 

20,259

 

 

 

(119

)

 

 

20,140

 

 

 

21,733

 

 

 

(749

)

 

 

20,984

 

Research and development (3)

 

3,780

 

 

 

(372

)

 

 

3,408

 

 

 

8,056

 

 

 

(300

)

 

 

7,756

 

Intellectual property legal development expenses

 

30

 

 

 

 

 

 

30

 

 

 

86

 

 

 

 

 

 

86

 

Acquisition, transaction-related and integration expenses

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of contingent consideration (4)

 

2,226

 

 

 

(2,226

)

 

 

 

 

 

(100

)

 

 

100

 

 

 

 

Operating income

$

24,184

 

 

$

35,371

 

 

$

59,555

 

 

$

21,855

 

 

$

28,432

 

 

$

50,287

 

 

(1)

Adjustments for the three months ended December 31, 2022 and 2021 were comprised of amortization expense.

 

 

 

 

 

 

 

(2)

Adjustments for the three months ended December 31, 2022 and 2021 were comprised of stock-based compensation expense.

 

 

 

 

 

 

 

(3)

Adjustments for the three months ended December 31, 2022 and 2021 were comprised of stock-based compensation expense. Non-GAAP adjusted research and development for the three months ended December 31, 2021, as previously reported, has been revised to include $1.0 million of research and development milestone expenses previously excluded.

 

 

 

 

 

 

 

(4)

Contingent consideration was recorded in connection with the acquisitions of (i) the baclofen franchise from certain entities affiliated with Saol International Limited and (ii) Kashiv Specialty Pharmaceuticals, LLC.

 

Amneal Pharmaceuticals, Inc.

Specialty Segment

Reconciliation of GAAP to Non-GAAP Operating Results

(Unaudited; Table in thousands)

 

 

Year Ended December 31, 2022

 

Year Ended December 31, 2021

 

As Reported

 

Adjustments

 

Non-GAAP

 

As Reported

 

Adjustments

 

Non-GAAP

Net revenue

$

374,121

 

 

$

 

 

$

374,121

 

 

$

378,319

 

 

$

 

 

$

378,319

 

Cost of goods sold (1)

 

177,107

 

 

 

(108,187

)

 

 

68,920

 

 

 

193,562

 

 

 

(109,979

)

 

 

83,583

 

Cost of goods sold impairment charges

 

5,325

 

 

 

(5,325

)

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

191,689

 

 

 

113,512

 

 

 

305,201

 

 

 

184,757

 

 

 

109,979

 

 

 

294,736

 

Gross margin %

 

51.2

%

 

 

 

 

81.6

%

 

 

48.8

%

 

 

 

 

77.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative (2)

 

90,031

 

 

 

(913

)

 

 

89,118

 

 

 

84,481

 

 

 

(2,830

)

 

 

81,651

 

Research and development (3)

 

28,179

 

 

 

(1,471

)

 

 

26,708

 

 

 

43,482

 

 

 

(1,083

)

 

 

42,399

 

Intellectual property legal development expenses

 

107

 

 

 

 

 

 

107

 

 

 

154

 

 

 

 

 

 

154

 

Acquisition, transaction-related and integration expenses

 

49

 

 

 

(49

)

 

 

 

 

 

16

 

 

 

(16

)

 

 

 

Change in fair value of contingent consideration (4)

 

731

 

 

 

(731

)

 

 

 

 

 

200

 

 

 

(200

)

 

 

 

Operating income

$

72,592

 

 

$

116,676

 

 

$

189,268

 

 

$

56,424

 

 

$

114,108

 

 

$

170,532

 

 

(1)

Adjustments for the years ended December 31, 2022 and 2021 were comprised of amortization expense.

 

 

 

 

 

 

 

(2)

Adjustments for the years ended December 31, 2022 and 2021 were comprised of stock-based compensation expense.

 

 

 

 

 

 

 

(3)

Adjustments for the years ended December 31, 2022 and 2021 were comprised of stock-based compensation expense. Non-GAAP adjusted research and development for the year ended December 31, 2021, as previously reported, has been revised to include $10.4 million of research and development milestone expenses previously excluded.

 

 

 

 

 

 

 

(4)

Contingent consideration was recorded in connection with the acquisitions of (i) the baclofen franchise from certain entities affiliated with Saol International Limited and (ii) Kashiv Specialty Pharmaceuticals, LLC.

 

Amneal Pharmaceuticals, Inc.

AvKARE Segment

Reconciliation of GAAP to Non-GAAP Operating Results (1)

(Unaudited; Table in thousands)

 

 

Three Months Ended December 31, 2022

 

Three Months Ended December 31, 2021

 

As Reported

 

Adjustments

 

Non-GAAP

 

As Reported

 

Adjustments

 

Non-GAAP

Net revenue

$

108,044

 

 

$

 

 

$

108,044

 

 

$

89,622

 

 

$

 

 

$

89,622

 

Cost of goods sold

 

92,507

 

 

 

 

 

 

92,507

 

 

 

71,666

 

 

 

 

 

 

71,666

 

Gross profit

 

15,537

 

 

 

 

 

 

15,537

 

 

 

17,956

 

 

 

 

 

 

17,956

 

Gross margin %

 

14.4

%

 

 

 

 

14.4

%

 

 

20.0

%

 

 

 

 

20.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative (2)

 

14,298

 

 

 

(4,932

)

 

 

9,366

 

 

 

15,932

 

 

 

(8,093

)

 

 

7,839

 

Operating income

$

1,239

 

 

$

4,932

 

 

$

6,171

 

 

$

2,024

 

 

$

8,093

 

 

$

10,117

 

 

(1)

Operating results for the sale of Amneal products by AvKARE were included in our Generics segment.

 

 

 

 

 

 

 

(2)

Adjustments for the three months ended December 31, 2022 and 2021, respectively, were comprised of amortization ($4.9 million and $6.2 million) and other (none and $1.9 million).

 

Amneal Pharmaceuticals, Inc.

AvKARE Segment

Reconciliation of GAAP to Non-GAAP Operating Results (1)

(Unaudited; Table in thousands)

 

 

Year Ended December 31, 2022

 

Year Ended December 31, 2021

 

As Reported

 

Adjustments

 

Non-GAAP

 

As Reported

 

Adjustments

 

Non-GAAP

Net revenue

$

406,110

 

 

$

 

 

$

406,110

 

 

$

349,012

 

 

$

 

 

$

349,012

 

Cost of goods sold

 

349,133

 

 

 

 

 

 

349,133

 

 

 

282,874

 

 

 

 

 

 

282,874

 

Gross profit

 

56,977

 

 

 

 

 

 

56,977

 

 

 

66,138

 

 

 

 

 

 

66,138

 

Gross margin %

 

14.0

%

 

 

 

 

14.0

%

 

 

19.0

%

 

 

 

 

19.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative (2)

 

53,659

 

 

 

(19,324

)

 

 

34,335

 

 

 

57,918

 

 

 

(26,764

)

 

 

31,154

 

Acquisition, transaction-related and integration expenses (3)

 

 

 

 

 

 

 

 

 

 

1,422

 

 

 

(1,422

)

 

 

 

Operating income

$

3,318

 

 

$

19,324

 

 

$

22,642

 

 

$

6,798

 

 

$

28,186

 

 

$

34,984

 

 

(1)

Operating results for the sale of Amneal products by AvKARE were included in our Generics segment.

 

 

 

 

 

 

 

(2)

Adjustments for the years ended December 31, 2022 and 2021, respectively, were comprised of amortization ($19.7 million and $24.7 million) and other ($(0.4) million and $2.1 million).

 

 

 

 

 

 

 

(3)

Adjustments for the year ended December 31, 2021 were comprised of finance integration expenses.

 

Anthony DiMeo
Head of Investor Relations
anthony.dimeo@amneal.com

Source: Amneal Pharmaceuticals, Inc.
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