Amneal reported third‑quarter 2025 results with net revenue of $785 million, up 12% year‑over‑year from $702 million in Q3 2024. GAAP net income was $2 million, and diluted earnings per share were $0.01, compared with a net loss of $0.2 million and diluted EPS of $0.00 in Q3 2024.
Adjusted EBITDA increased to $160 million, a 1% rise from $158 million in Q3 2024, and adjusted diluted EPS was $0.17, beating analyst expectations of $0.14.
Specialty sales drove growth, with CREXONT and UNITHROID contributing to an 8% rise in specialty revenue. The launch of BREKIYA on October 27 added to the migraine market. Affordable Medicines revenue grew 8% to $461 million, and the AvKARE segment expanded 24% to $199 million.
Adjusted gross margin contracted 150 basis points year‑over‑year to 42.7% due to higher commercial costs supporting Crexont and BREKIYA and a $22.5 million milestone payment related to the Xolair BLA filing. Management noted that year‑to‑date margins are improving and that full‑year gross margins are expected to rise.
Amneal updated its 2025 full‑year outlook, raising guidance for adjusted EBITDA to $675 million–$685 million and adjusted EPS to $0.75–$0.80, while maintaining net revenue guidance of $3.0 billion–$3.1 billion.
The company’s biopharmaceutical transformation continues, with 69 ANDAs pending, 64% of which are complex products, and new manufacturing facilities for GLP‑1 production in India. Refinancing extended debt maturities to 2032, improving financial stability.
Management emphasized that the company remains focused on expanding its portfolio in injectables, biosimilars, and specialty branded products, and that the launch of BREKIYA addresses a significant unmet need in migraine and cluster headache markets.
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