Amneal Pharma Q2 Profit Down, But Beats Street; Lifts Full-year Outlook - Update

(RTTNews) - (Adds Outlook)

Amneal Pharmaceuticals, Inc. (AMRX) has raised its annual revenue outlook to a range of $2.70 billion to $2.80 billion from $2.55 billion to $2.65 billion expected earlier.

Excluding items, full-year profit per share is now projected to be $0.57 to $0.63, compared with the prior outlook of $0.53 to $0.63.

Analysts, on average, forecast the firm to post adjusted income per share of $0.61, on revenue of $2.65 billion, for the year.

Chirag and Chintu Patel, Co-CEOs of Amneal, said: "We are pleased to raise full year 2024 guidance driven by broad-based growth across our business. Coupled with this week's approval of CREXONT for Parkinson's disease, Amneal is well positioned to continue delivering durable long-term growth."

Q2 Results:

Amneal Pharmaceuticals, Inc. (AMRX) released a profit for second quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $5.994 million, or $0.02 per share. This compares with $11.917 million, or $0.08 per share, in last year's second quarter.

Excluding items, Amneal Pharmaceuticals, Inc. reported adjusted earnings of $51.430 million or $0.16 per share for the period.

Analysts on average had expected the company to earn $0.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 17.1% to $701.780 million from $599.046 million last year.

Amneal Pharmaceuticals, Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $5.994 Mln. vs. $11.917 Mln. last year. -EPS (Q2): $0.02 vs. $0.08 last year. -Revenue (Q2): $701.780 Mln vs. $599.046 Mln last year.