Revenue growth remains volatile, yet the company achieved a notable gross margin improvement to 44.3% in 2026Q1 compared to 36.5% in 2023Q4.
| Sales/Revenue | 3.05B | 3.02B | 2.79B | 2.39B | 2.21B | 2.09B | 1.99B | 1.63B | 1.66B | 1.03B | 1.02B | 866.28M |
| Revenue Growth % | 7.62% | 8.05% | 16.73% | 8.2% | 5.67% | 5.08% | 22.51% | -2.2% | 60.88% | 1.52% | 17.54% | - |
| Cost of Goods Sold | 1.87B | 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 | 1.18B | 1.14B | 1.02B | 863.87M | 791.46M | 768.97M | 628.39M | 353M | 716.4M | 526.18M | 597.46M | 499.23M |
| Gross Margin % | 38.66% | 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 | 818.24M | 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 | 595.12M | 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 | 186.53M | 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 | 1.63M | 0 | 103.96M | 35.07M | 278.03M | 41.19M | 19.93M | 109.79M | 2.85M | -47K | -669K | 0 |
| Operating Income | 359.29M | 423.09M | 249.33M | 204.37M | -94.93M | 152.72M | 91.16M | -248.68M | -19.67M | 245.1M | 284.88M | 227.23M |
| Operating Margin % | 11.8% | 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 | 565.9M | 646.66M | 485.52M | 433.77M | 145.25M | 386.12M | 326.54M | -41.45M | 117.73M | 291.04M | 317.9M | 252.68M |
| EBITDA Margin % | 18.58% | 21.42% | 17.38% | 18.12% | 6.57% | 18.44% | 16.39% | -2.55% | 7.08% | 28.16% | 31.22% | 29.17% |
| EBITDA Growth % | -5.88% | 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) | 206.6M | 223.57M | 236.19M | 229.4M | 240.18M | 233.41M | 235.39M | 207.24M | 137.4M | 45.94M | 33.02M | 25.45M |
| EBIT | 419.41M | 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 | -237.51M | -241.09M | -258.6M | -210.63M | -158.67M | -136.32M | -146M | -168.21M | -143.57M | -71.06M | -55.28M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 158.38M | 0 | 0 | 0 | 0 | 0 | 0 | 45.84M |
| Interest Expense | 237.51M | 241.09M | 258.6M | 210.63M | 158.38M | 136.32M | 146M | 168.21M | 143.57M | 71.06M | 55.28M | 0 |
| Other Income/Expense | -177.4M | -283.88M | -304.34M | -244.64M | -153.2M | -121.35M | -126.94M | 28.44M | -183.05M | -73.78M | -70.06M | -60.58M |
| Pretax Income | 181.9M | 139.21M | -55.01M | -40.27M | -248.13M | 31.37M | -35.78M | -220.24M | -202.72M | 171.32M | 214.82M | 175.58M |
| Pretax Margin % | 5.97% | 4.61% | -1.97% | -1.68% | -11.22% | 1.5% | -1.8% | -13.54% | -12.19% | 16.57% | 21.1% | 20.27% |
| Income Tax | 584K | 11.28M | 18.86M | 8.45M | 6.66M | 11.2M | -104.36M | 383.33M | -1.42M | 2M | 5.39M | 4.95M |
| Effective Tax Rate % | 0.32% | 8.1% | -34.29% | -20.99% | -2.68% | 35.69% | 291.67% | -174.05% | 0.7% | 1.17% | 2.51% | 2.82% |
| Net Income | 122.36M | 72.06M | -116.89M | -83.99M | -129.99M | 10.62M | 91.06M | -361.92M | -169.73M | 167.65M | 207.38M | 169.45M |
| Net Margin % | 4.02% | 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 % | 1037.76% | 161.65% | -39.16% | 35.38% | -1323.51% | -88.33% | 125.16% | -113.24% | -201.24% | -19.16% | 22.38% | - |
| Net Income (Continuing) | 181.31M | 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 | -558K | 76.76M | 64.73M | 41.52M | -89.49M | 6.63M | 53.47M | 114.78M | 391.61M | 10.16M | 9.35M | 8.27M |
| EPS (Diluted) | 0.37 | 0.22 | -0.38 | -0.48 | -0.86 | 0.07 | 0.61 | -4.57 | -1.33 | 1.46 | 1.10 | 0.90 |
| EPS Growth % | 954.88% | 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 | 0.62 | -4.57 | -1.33 | 1.46 | 1.10 | 0.90 |
| Diluted Shares Outstanding | 328.93M | 324.81M | 308.98M | 176.14M | 150.94M | 151.82M | 148.91M | 132.11M | 127.25M | 114.86M | 189M | 189M |
| Basic Shares Outstanding | 328.93M | 313.37M | 308.98M | 174.99M | 150.94M | 148.92M | 149.28M | 132.09M | 127.25M | 114.86M | 189M | 189M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 223.84% | 96.74% | 152.36% |
High Debt Servicing Burden
According to the provided quarterly income statements, Amneal's revenue growth has exhibited significant volatility, ranging from a low of 1.2% in 2023Q4 to a peak of 18.4% in 2024Q4, suggesting that top-line expansion remains highly sensitive to the timing of product launches and government contract cycles.
The inconsistent growth trajectory appears to reflect the inherent lumpiness of the specialty and generic pharmaceutical business model. While recent quarters show a stabilization in the mid-single digits, investors should monitor whether this reflects sustainable demand for complex generics or merely the impact of periodic tender wins within the AvKARE segment.
As reported in financial statements, Amneal achieved a gross margin of 44.3% in 2026Q1, a notable improvement from the 36.5% levels observed in late 2023, which may indicate a successful shift in product mix toward higher-barrier specialty and biosimilar offerings that command superior pricing power.
The expansion in gross margins suggests that the company's strategic pivot away from commodity generics is beginning to yield tangible results. However, maintaining these levels will likely require continued success in the complex pipeline, as any regression toward lower-margin legacy products could quickly erode these gains.
Based on the income statement data, Amneal's operating income has fluctuated significantly, reaching $133.5M in 2026Q1, yet the company's ability to scale operating leverage remains hampered by persistent SG&A expenses that have trended upward alongside revenue, limiting the conversion of gross profit into bottom-line earnings.
The lack of consistent operating margin expansion suggests that the company is struggling to achieve meaningful economies of scale. Investors should investigate whether the rising SG&A costs are necessary investments for future growth or indicative of an inefficient cost structure that prevents the company from fully capitalizing on its revenue gains.
Data from the last ten quarters reveals that Amneal's net income has frequently dipped into negative territory, with a net margin of -16.0% in 2023Q4, highlighting that reported earnings are often obscured by non-operating items and the significant interest burden associated with the company's capital structure.
The frequent swings between profitability and loss suggest that the bottom line is highly sensitive to factors outside of core operational performance, such as debt servicing and potential restructuring costs. This volatility warrants caution, as it complicates the assessment of the company's true underlying earnings power and long-term viability.
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.