Amneal shares leap on better-than-feared guidance By Investing.com
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BRIDGEWATER, N.J. – Amneal Pharmaceuticals, Inc. (NASDAQ:) today announced financial results for the fourth quarter ended December 31, 2023, showcasing an EPS beat and a slight revenue miss compared to analyst expectations. The company reported an adjusted EPS of $0.14, surpassing the analyst estimate of $0.09. However, revenue for the quarter was $617 million, falling short of the consensus estimate of $634.89 million.
The company’s full-year 2024 financial guidance indicated an optimistic outlook, with projected EPS ranging from $0.53 to $0.63, closely bracketing the analyst consensus of $0.59. Revenue forecasts for the same period are set between $2.55 billion and $2.65 billion, with the midpoint slightly below the consensus estimate of $2.58 billion.
Amneal’s stock responded positively to the news, climbing 8.5% as investors reacted to the better-than-feared guidance. This upsurge reflects confidence in the company’s future performance despite the mixed fourth-quarter results.
For the fourth quarter of 2023, Amneal saw a 1% increase in net revenue YoY, from $610 million in the fourth quarter of 2022 to $617 million. The growth was primarily driven by a 38% increase in AvKARE revenues due to new product launches and a 2% rise in Specialty revenues, led by key branded products. However, these gains were partially offset by a 9% decline in Generics revenues.
The company reported a net loss of $99 million for the quarter, a significant increase from the $4 million net loss in the same period last year. This was largely due to non-cash intangible asset impairment charges and costs related to term loan refinancing. Adjusted EBITDA for the quarter was $142 million, down 8% YoY, attributed to investments in research and development and commercial activities to drive future growth.
Chirag and Chintu Patel, Co-Chief Executive Officers of Amneal, commented on the company’s performance, stating, “Amneal had a very successful year in 2023 as we delivered strong execution and growth across our diversified pharmaceutical business. We are starting 2024 with substantial momentum and key catalysts, including complex high-value products, biosimilars, and specialty, to further expand our reach.”
The company’s full-year 2023 net revenue increased by 8% to $2.39 billion compared to the previous year, with growth across all business segments. The net loss for the year improved to $84 million from $130 million in 2022. Adjusted EBITDA for the full year was $558 million, a $44 million increase from the previous year, reflecting strong revenue growth and continued operating expense leverage.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
BRIDGEWATER, N.J. – Amneal Pharmaceuticals, Inc. (NASDAQ:) today announced financial results for the fourth quarter ended December 31, 2023, showcasing an EPS beat and a slight revenue miss compared to analyst expectations. The company reported an adjusted EPS of $0.14, surpassing the analyst estimate of $0.09. However, revenue for the quarter was $617 million, falling short of the consensus estimate of $634.89 million.
The company’s full-year 2024 financial guidance indicated an optimistic outlook, with projected EPS ranging from $0.53 to $0.63, closely bracketing the analyst consensus of $0.59. Revenue forecasts for the same period are set between $2.55 billion and $2.65 billion, with the midpoint slightly below the consensus estimate of $2.58 billion.
Amneal’s stock responded positively to the news, climbing 8.5% as investors reacted to the better-than-feared guidance. This upsurge reflects confidence in the company’s future performance despite the mixed fourth-quarter results.
For the fourth quarter of 2023, Amneal saw a 1% increase in net revenue YoY, from $610 million in the fourth quarter of 2022 to $617 million. The growth was primarily driven by a 38% increase in AvKARE revenues due to new product launches and a 2% rise in Specialty revenues, led by key branded products. However, these gains were partially offset by a 9% decline in Generics revenues.
The company reported a net loss of $99 million for the quarter, a significant increase from the $4 million net loss in the same period last year. This was largely due to non-cash intangible asset impairment charges and costs related to term loan refinancing. Adjusted EBITDA for the quarter was $142 million, down 8% YoY, attributed to investments in research and development and commercial activities to drive future growth.
Chirag and Chintu Patel, Co-Chief Executive Officers of Amneal, commented on the company’s performance, stating, “Amneal had a very successful year in 2023 as we delivered strong execution and growth across our diversified pharmaceutical business. We are starting 2024 with substantial momentum and key catalysts, including complex high-value products, biosimilars, and specialty, to further expand our reach.”
The company’s full-year 2023 net revenue increased by 8% to $2.39 billion compared to the previous year, with growth across all business segments. The net loss for the year improved to $84 million from $130 million in 2022. Adjusted EBITDA for the full year was $558 million, a $44 million increase from the previous year, reflecting strong revenue growth and continued operating expense leverage.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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