UPDATE: Amneal Pharmaceuticals (AMRX) Tops Q4 EPS by 3c, Revenues Beat; Offers FY20 Revenue Guidance Above Consensus, Provides FY20 EPS Outlook

(Updated - February 26, 2020 6:37 AM EST)

Amneal Pharmaceuticals (NYSE: AMRX) reported Q4 EPS of $0.08, $0.03 better than the analyst estimate of $0.05. Revenue for the quarter came in at $397 million versus the consensus estimate of $394.78 million.

• Q4 2019 Net Revenue of $397 million; GAAP Loss per share of ($0.23); Net Loss of ($32 million)
• Q4 2019 Adjusted EBITDA(1) of $81 million; Adjusted Diluted EPS (1) of $0.08
• Full Year Net Revenue of $1.63 billion; GAAP Loss per share of ($2.74); Net Loss of ($362 million)
• Full Year Adjusted EBITDA(1) of $356 million; Adjusted Diluted EPS (1) of $0.35
• Provides 2020 Financial Outlook

“Since our return as Co-CEOs last August, we have made significant progress reinvigorating our business and taking the necessary actions to support growth in 2020 and beyond,” said Chirag and Chintu Patel, Co-Chief Executive Officers. “2019 was a transition year, but we entered 2020 with strong momentum driven by our team’s relentless focus on execution and addressing inefficiencies across the business. Our execution was highlighted by 30 new awards across our base Generics portfolio and 15 new product launches since August, including two key complex first-to-market launches. Our Specialty business drove impressive growth for our key marketed products, we continued work to expand our pipeline and launched an aggressive strategy to identify near-term opportunities to grow our franchises. We also delivered on our promise to diversify our business with the AvKARE transaction - enhancing our government distribution business and unit dose capabilities - and broadening our geographic reach with our license and supply agreement with Fosun Pharma to supply products for the growing Chinese market. These achievements are helping to propel our 2020 focus and we are confident Amneal is well-positioned to drive long-term growth and value for all our stakeholders in 2020 and beyond.”

GUIDANCE:

Amneal Pharmaceuticals sees FY2020 EPS of $0.45-$0.60, versus the consensus of $0.52. Amneal Pharmaceuticals sees FY2020 revenue of $1.875-1.975 billion, versus the consensus of $1.7 billion.

Amneal’s full year 2020 estimates, which include the impact of our January 31, 2020 transaction with AvKARE, Inc. and its related affiliate doing business as R&S Northeast LLC, are based on management's current expectations, including with respect to prescription trends, pricing levels, inventory levels, the costs incurred and benefits realized of restructuring activities and the anticipated timing of future product launches and events. The Company cannot provide a reconciliation between non-GAAP projections and the most directly comparable GAAP measures 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 U.S. GAAP reported results for 2020.

For earnings history and earnings-related data on Amneal Pharmaceuticals (AMRX) click here.

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