Friday, Amneal Pharmaceuticals Inc AMRX reported fourth-quarter 2023 revenues of $616.98 million, up 1% Y/Y, missing the consensus of $634.23 million.
The increase was driven by AvKARE revenues growing 38% due to new launches and Specialty revenues growing 2% driven by key branded products, partially offset by Generics revenues declining 9% as the strong performance of biosimilars and complex generics was offset by the timing of orders.
Amneal Pharmaceuticals’ adjusted EPS decreased 39% to $0.14, beating the consensus of $0.09.
Net loss attributable to Amneal Pharmaceuticals was $99 million in the fourth quarter of 2023 compared to a net loss of $4 million in the fourth quarter of 2022, primarily due to non-cash intangible asset impairment charges and costs associated with term loan refinancing.
The adjusted EBITDA in the fourth quarter of 2023 was $142 million, a decrease of 8% Y/Y, primarily due to R&D and commercial investments.
“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,” said Chirag and Chintu Patel, Co-Chief Executive Officers.
Guidance: Amneal forecasts fiscal year 2024 revenues of $2.55 billion-$2.65 billion versus consensus of $2.58 billion and adjusted EPS of $0.53-$0.63 versus consensus of $0.59.
Amneal expects the fiscal year 2024 adjusted EBITDA of $580 million-$620million, with operating cash flow of $260 million-$300 million and capital expenditures of $60 million-$70 million, compared to $558 million, $346 million, and $43 million in 2023, respectively.
Price Action: AMRX shares are up 2.54% at $5.38 on the last check Friday.
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