Revenue reached $862.7M in 2026Q3 with 10.0% year-over-year growth, but operating margin compressed from 19.8% in 2026Q1 to 11.1% in 2026Q3 and gross margin fell to 38.7%, suggesting operating leverage is fading.
Amneal Pharmaceuticals, Inc. (AMRX) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 3.2B | 3.02B | 2.79B | 2.39B | 2.21B | 2.09B | 1.99B | 1.63B | 1.66B | 1.03B | 1.02B | 866.28M |
| Revenue Growth % | 8.88% | 8.05% | 16.73% | 8.2% | 5.67% | 5.08% | 22.51% | -2.2% | 60.88% | 1.52% | 17.54% | - |
| Cost of Goods Sold | 1.91B | 1.88B | 1.77B | 1.53B | 1.42B | 1.32B | 1.36B | 1.27B | 946.59M | 507.48M | 420.77M | 367.05M |
| COGS % of Revenue | - | 62.37% | 63.48% | 63.91% | 64.22% | 63.27% | 68.46% | 78.3% | 56.92% | 49.1% | 41.32% | 42.37% |
| Gross Profit | 1.29B | 1.14B | 1.02B | 863.87M | 791.46M | 768.97M | 628.39M | 353M | 716.4M | 526.18M | 597.46M | 499.23M |
| Gross Margin % | 40.24% | 37.63% | 36.52% | 36.09% | 35.78% | 36.73% | 31.54% | 21.7% | 43.08% | 50.9% | 58.68% | 57.63% |
| Gross Profit Growth % | - | 11.33% | 18.12% | 9.15% | 2.92% | 22.37% | 78.02% | -50.73% | 36.15% | -11.93% | 19.68% | - |
| Operating Expenses | 787.16M | 713M | 771.11M | 659.5M | 886.39M | 616.26M | 537.24M | 601.68M | 440.89M | 300.98M | 323.5M | 277.81M |
| OpEx % of Revenue | - | 23.62% | 27.6% | 27.55% | 40.07% | 29.43% | 26.96% | 37% | 26.51% | 29.12% | 31.77% | 32.07% |
| Selling, General & Admin | 573.68M | 526.83M | 476.44M | 429.68M | 399.7M | 365.5M | 326.73M | 289.6M | 230.44M | 109.05M | 118.76M | 109.68M |
| SG&A % of Revenue | - | 17.45% | 17.05% | 17.95% | 18.07% | 17.46% | 16.4% | 17.81% | 13.86% | 10.55% | 11.66% | 12.66% |
| Research & Development | 182.68M | 186.18M | 190.71M | 194.75M | 208.66M | 209.56M | 190.59M | 202.29M | 210.45M | 191.94M | 204.75M | 136.87M |
| R&D % of Revenue | - | 6.17% | 6.83% | 8.14% | 9.43% | 10.01% | 9.56% | 12.44% | 12.65% | 18.57% | 20.11% | 15.8% |
| Other Operating Expenses | 1000K | 0 | 103.96M | 35.07M | 278.03M | 41.19M | 19.93M | 109.79M | 2.85M | -47K | -669K | 0 |
| Operating Income | 498.77M | 423.09M | 249.33M | 204.37M | -94.93M | 152.72M | 91.16M | -248.68M | -19.67M | 245.1M | 284.88M | 227.23M |
| Operating Margin % | 15.61% | 14.02% | 8.92% | 8.54% | -4.29% | 7.29% | 4.57% | -15.29% | -1.18% | 23.71% | 27.98% | 26.23% |
| Operating Income Growth % | - | 69.69% | 22% | 315.29% | -162.16% | 67.53% | 136.66% | -1164.08% | -108.03% | -13.96% | 25.37% | - |
| EBITDA | 692.24M | 646.66M | 485.52M | 433.77M | 145.25M | 386.12M | 326.54M | -41.45M | 117.73M | 291.04M | 317.9M | 252.68M |
| EBITDA Margin % | 21.66% | 21.42% | 17.38% | 18.12% | 6.57% | 18.44% | 16.39% | -2.55% | 7.08% | 28.16% | 31.22% | 29.17% |
| EBITDA Growth % | 31.14% | 33.19% | 11.93% | 198.65% | -62.38% | 18.25% | 887.85% | -135.21% | -59.55% | -8.45% | 25.81% | - |
| D&A (Non-Cash Add-back) | 193.48M | 223.57M | 236.19M | 229.4M | 240.18M | 233.41M | 235.39M | 207.24M | 137.4M | 45.94M | 33.02M | 25.45M |
| EBIT | 474.29M | 380.3M | 203.58M | 271.38M | 200.03M | 167.69M | 110.22M | -52.04M | -59.15M | 242.38M | 270.1M | 227.23M |
| Net Interest Income | -223.55M | -241.09M | -258.6M | -210.63M | -158.38M | -136.32M | -146M | -168.21M | -143.57M | -71.06M | -55.28M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.84M |
| Interest Expense | 223.55M | 241.09M | 258.6M | 210.63M | 158.38M | 136.32M | 146M | 168.21M | 143.57M | 71.06M | 55.28M | 0 |
| Other Income/Expense | -277.31M | -283.88M | -304.34M | -244.64M | -153.2M | -121.35M | -126.94M | 28.44M | -183.05M | -73.78M | -70.06M | -60.58M |
| Pretax Income | 221.46M | 139.21M | -55.01M | -40.27M | -248.13M | 31.37M | -35.78M | -220.24M | -202.72M | 171.32M | 214.82M | 175.58M |
| Pretax Margin % | 6.93% | 4.61% | -1.97% | -1.68% | -11.22% | 1.5% | -1.8% | -13.54% | -12.19% | 16.57% | 21.1% | 20.27% |
| Income Tax | 11.96M | 11.28M | 18.86M | 8.45M | 6.66M | 11.2M | -104.36M | 383.33M | -1.42M | 2M | 5.39M | 4.95M |
| Effective Tax Rate % | 5.4% | 8.1% | -34.29% | -20.99% | -2.68% | 35.69% | 291.67% | -174.05% | 0.7% | 1.17% | 2.51% | 2.82% |
| Net Income | 147.54M | 72.06M | -116.89M | -83.99M | -129.99M | 10.62M | 91.06M | -361.92M | -169.73M | 167.65M | 207.38M | 169.45M |
| Net Margin % | 4.62% | 2.39% | -4.18% | -3.51% | -5.88% | 0.51% | 4.57% | -22.25% | -10.21% | 16.22% | 20.37% | 19.56% |
| Net Income Growth % | 2400.64% | 161.65% | -39.16% | 35.38% | -1323.51% | -88.33% | 125.16% | -113.24% | -201.24% | -19.16% | 22.38% | - |
| Net Income (Continuing) | 209.49M | 127.93M | -73.88M | -48.72M | -254.79M | 20.17M | 68.58M | -603.57M | -201.3M | 169.32M | 209.43M | 170.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 109.45M | 76.76M | 64.73M | 41.52M | -89.49M | 6.63M | 53.47M | 114.78M | 391.61M | 10.16M | 9.35M | 8.27M |
| EPS (Diluted) | 0.44 | 0.22 | -0.38 | -0.48 | -0.86 | 0.07 | 0.61 | -4.57 | -1.33 | 1.46 | 1.10 | 0.90 |
| EPS Growth % | 2776.71% | 157.89% | 20.83% | 44.19% | -1328.57% | -88.52% | 113.35% | -243.61% | -191.1% | 32.73% | 22.22% | - |
| EPS (Basic) | - | 0.23 | -0.38 | -0.48 | -0.86 | 0.07 | 0.61 | -4.57 | -1.33 | 1.46 | 1.10 | 0.90 |
| Diluted Shares Outstanding | 335.73M | 324.81M | 308.98M | 176.14M | 150.94M | 151.82M | 148.91M | 132.11M | 127.25M | 114.86M | 189M | 189M |
| Basic Shares Outstanding | 335.73M | 313.37M | 308.98M | 174.99M | 150.94M | 148.92M | 148.91M | 132.09M | 127.25M | 114.86M | 189M | 189M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 223.84% | 96.74% | 152.36% |
Quick answers to the most common questions about buying AMRX stock.
For fiscal year 2025, Amneal Pharmaceuticals, Inc. (AMRX) reported total revenue of $3.02B. This represents a 248.5% increase compared to $866.3M in 2015.
Amneal Pharmaceuticals, Inc. (AMRX) is profitable, generating $72.1M in net income for the fiscal year ending 2025 with a net profit margin of 2.4%.
Amneal Pharmaceuticals, Inc. (AMRX) reported an operating income of $423.1M, resulting in an operating profit margin of 14.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Amneal Pharmaceuticals, Inc. (AMRX) generated $1.14B in gross profit for the year, representing a gross profit margin of 37.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and debt servicing
Metrics are mathematically derived from official filings.
Revenue Growth Decelerating Into Mixed Quarters
According to reported quarterly figures, Amneal's revenue grew 10.0% year over year to $862.7M in 2026Q3, following 9.9% in 2026Q2 and a slower 3.9% in 2026Q1, suggesting growth is uneven rather than steadily compounding across the recent period.
The headline acceleration in the most recent quarter is not yet confirmed as durable, since the 2026Q1 print was materially weaker and the trend appears to have been driven by episodic strength rather than a consistent step-up. Based on reported figures, the mix of volume and pricing cannot be isolated from the supplied data, so it is unclear whether the Specialty and biosimilar launches are carrying growth or whether Generics pricing is masking softness. Investors should monitor whether the 2026Q3 revenue level holds in subsequent quarters before extrapolating the growth rate.
Gross Margin Swings Undermine Structural Expansion
Based on reported figures, Amneal's gross margin ranged from 36.0% in 2024Q4 to 44.3% in 2026Q1 before compressing to 38.7% in 2026Q3, indicating that mix and pricing shifts are producing volatility rather than a clean secular expansion.
The sizeable intra-period swings are consistent with a blended portfolio in which lower-margin Generics and higher-margin Specialty and AvKARE revenue shift in relative weight from quarter to quarter. The 2026Q3 compression to 38.7% from 44.3% suggests that either the mix tilted back toward commodity products or that gross-to-net pressure intensified, and the supplied data does not allow these explanations to be separated. Until a sustained run above the low-40s is observed, the biosimilar-driven margin thesis remains an inference rather than a demonstrated trend.
Operating Leverage Fades in Recent Quarters
As reported in the quarterly income statements, Amneal's operating margin fell from 19.8% in 2026Q1 to 11.1% in 2026Q3, while SG&A rose to $139.6M, indicating that operating income is not scaling with revenue in the latest period.
Operating income declined in the most recent quarter even as revenue increased, which points to cost lines growing faster than the top line and undermining any operating leverage thesis. R&D spend of $68.4M in 2026Q3, up sharply from $38.4M a quarter earlier, appears to be a significant contributor and may reflect investment in the pipeline rather than structural overhead inefficiency. Whether this spend is discretionary or recurring cannot be determined from the supplied figures, and that distinction matters for judging the durability of the margin pressure.
Net Income Volatility Obscures Underlying Earnings
According to reported figures, Amneal posted a net loss of $7.5M in 2026Q3 after net income of $57.7M in 2026Q2, while operating income stayed positive at $95.4M, suggesting a large gap between operating and bottom-line results.
The swing from positive operating income to a net loss implies substantial below-the-line charges, most plausibly interest expense given the reported debt-to-equity ratio of 458.91%, though the supplied data does not itemize these items. The EPS series is correspondingly erratic, moving from $0.19 to -$0.06 across two quarters, which limits confidence in using any single period as a run-rate. Investors should examine the non-operating and tax line items directly before treating reported earnings as representative.
Debt Burden Could Overwhelm Operating Gains
Based on reported figures, a debt-to-equity ratio of 458.91% combined with a 1208.4% ROE suggests a thin equity base, meaning modest operating gains could be largely absorbed by interest costs and leave little residual value for shareholders.
The most material challenge to the income statement narrative is that operating profitability does not translate reliably into net income, as evidenced by the 2026Q3 net loss despite positive operating income. An extremely high ROE in this context may reflect a shrunken equity base rather than operational excellence, which warrants caution against extrapolating recent profitability. If revenue growth slows below the 8.0% recent trajectory while financing costs remain elevated, the margin of safety on earnings could erode quickly.