Amneal Pharmaceuticals, Inc. reported significant financial developments in its third quarter and the first nine months of 2024, reflecting both revenue growth and challenges in profitability. For Q3 2024, net revenue reached $702.5 million, a 13.3% increase from $620.0 million in Q3 2023. The nine-month revenue also rose to $2.06 billion, up 16.1% from $1.78 billion in the same period last year. Gross profit for Q3 2024 was $269.6 million, a 15.9% increase from $232.5 million in Q3 2023, while gross profit for the nine months was $757.6 million, up 20.1% year-over-year.
Despite the revenue growth, Amneal faced a net loss of $11.8 million in Q3 2024, compared to a net income of $25.0 million in Q3 2023. For the nine months ended September 30, 2024, the company reported a net loss of $53.1 million, a stark contrast to a net income of $44.6 million in the same period of 2023. This decline in profitability was attributed to increased costs, including a significant rise in legal expenses related to opioid litigation, which totaled $94.9 million for the nine months, compared to a net credit of $1.0 million in the prior year.
The Generics segment contributed to revenue growth, with a 12.4% increase in net revenue to $1.25 billion for the nine months, driven by new product launches. The Specialty segment also saw a 13.6% increase in revenue, primarily from the promoted Parkinson’s franchise, including initial sales of CREXONT®, which received FDA approval in August 2024 and began sales in September 2024.
Amneal's operating income for Q3 2024 was $88.8 million, up 17.4% from $75.6 million in Q3 2023, but the nine-month operating income decreased to $173.5 million from $190.2 million in the previous year. The company’s total debt as of September 30, 2024, was approximately $2.50 billion, down from $2.54 billion at the end of 2023.
Strategically, Amneal has engaged in several licensing agreements, including a significant deal for ONGENTYS® and a collaboration with Metsera, Inc. to develop weight loss medications. The company is also investing in new manufacturing facilities in India, with Metsera contributing up to $100 million towards construction costs.
Overall, while Amneal Pharmaceuticals demonstrated strong revenue growth across its segments, it continues to navigate challenges related to profitability and legal expenses.
About Amneal Pharmaceuticals, Inc.
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