AMNEAL PHARMACEUTICALS, INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-38485  
Entity Registrant Name Amneal Pharmaceuticals, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 93-4225266  
Entity Address, Address Line One 400 Crossing Boulevard,  
Entity Address, City or Town Bridgewater  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 08807  
City Area Code 908  
Local Phone Number 947-3120  
Title of 12(b) Security Class A Common Stock, par value $0.01 per share  
Trading Symbol AMRX  
Security Exchange Name NASDAQ  
Entity Current Reporting Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   319,022,792
Entity Central Index Key 0001723128  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net revenue $ 722,519 $ 695,420
Cost of goods sold 402,406 439,529
Gross profit 320,113 255,891
Selling, general and administrative 138,860 118,288
Research and development 38,383 40,040
Intellectual property legal development expenses 1,542 1,767
Acquisition costs 5,153 0
Restructuring and other charges 650 571
Charges related to legal matters, net 694 0
Other operating income (6,941) (5,122)
Operating income (loss) 141,772 100,347
Other (expense) income:    
Interest expense, net (53,361) (56,939)
Foreign exchange (loss) gain, net (7,800) 4,247
Loss on refinancing (3,510) 0
Decrease (increase) in tax receivable agreement liability 2,333 (10,687)
Other income, net 742 518
Total other expense, net (61,596) (62,861)
Income before income taxes 80,176 37,486
Provision for income taxes 2,176 12,868
Net income 78,000 24,618
Less: Net income attributable to non-controlling interests (15,744) (12,423)
Net income attributable to Amneal Pharmaceuticals, Inc. $ 62,256 $ 12,195
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:    
Basic (in dollars per share) $ 0.20 $ 0.04
Diluted (in dollars per share) $ 0.19 $ 0.04
Weighted-average common shares outstanding:    
Basic (in shares) 316,023 311,054
Diluted (in shares) 328,933 323,961
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Other Comprehensive Income [Abstract]    
Net income $ 78,000 $ 24,618
Less: Net income attributable to non-controlling interests (15,744) (12,423)
Net income attributable to Amneal Pharmaceuticals, Inc. 62,256 12,195
Other comprehensive (loss) income:    
Foreign currency translation adjustments arising during the period (8,830) (1,632)
Unrealized gain (loss) on cash flow hedge, net of tax of $0 4,394 (12,154)
Reclassification of cash flow hedge to earnings, net of tax of $0 2,878 (6,444)
Other, net of tax of $0 136 0
Other comprehensive loss attributable to Amneal Pharmaceuticals, Inc. (1,422) (20,230)
Comprehensive income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 60,834 $ (8,035)
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Unrealized loss on cash flow hedge, net of tax $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax 0 0
Other, net of tax $ 0 $ 0
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 197,656 $ 282,029
Restricted cash 4,174 28,842
Inventories 641,618 606,302
Prepaid expenses and other current assets 103,091 98,395
Total current assets 1,797,907 1,911,181
Property, plant and equipment, net 444,607 442,950
Goodwill 593,800 595,470
Intangible assets, net 534,869 563,498
Other assets 54,880 57,805
Total assets 3,540,218 3,678,280
Current liabilities:    
Current portion of liabilities for legal matters 10,550 43,256
Current portion of long-term debt, net 6,200 6,761
Total current liabilities 728,049 881,633
Long-term debt, net 2,565,558 2,565,115
Liabilities for legal matters - long term 70,021 71,819
Total long-term liabilities 2,772,226 2,790,684
Commitments and contingencies (Notes 3, 16 and 18)
Redeemable non-controlling interests 85,912 77,292
Stockholders’ Deficiency    
Preferred stock, $0.01 par value, 2,000 shares authorized at both March 31, 2026 and December 31, 2025; none issued at both March 31, 2026 and December 31, 2025 0 0
Additional paid-in capital 536,299 571,794
Stockholders’ accumulated deficit (472,749) (535,005)
Accumulated other comprehensive loss (112,151) (110,729)
Total Amneal Pharmaceuticals, Inc. stockholders’ deficiency (45,411) (70,794)
Non-controlling interests (558) (535)
Total stockholders’ deficiency (45,969) (71,329)
Total liabilities and stockholders’ deficiency 3,540,218 3,678,280
Related Party    
Current assets:    
Receivables 508 470
Operating lease right-of-use assets 14,473 15,216
Current liabilities:    
Accounts payable and accrued expenses 33,039 55,485
Current portion of operating lease liabilities 2,830 2,705
Operating lease liabilities 13,467 14,195
Related party payables - long term 456 19,132
Nonrelated Party    
Current assets:    
Receivables 850,860 895,143
Operating lease right-of-use assets 46,748 38,832
Financing lease right-of-use assets 52,934 53,328
Current liabilities:    
Accounts payable and accrued expenses 662,975 761,316
Current portion of operating lease liabilities 8,922 8,668
Current portion of financing lease liabilities 3,533 3,442
Operating lease liabilities 41,101 33,233
Financing lease liabilities 54,876 54,927
Related party payables - long term 26,747 32,263
Common Class A    
Stockholders’ Deficiency    
Common stock 3,190 3,146
Common Class B    
Stockholders’ Deficiency    
Common stock $ 0 $ 0
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 2,000,000 2,000,000
Preferred stock, shares issued (in shares) 0 0
Common Class A    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 318,998,000 314,565,000
Common Class B    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 0 0
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 78,000 $ 24,618
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 43,191 60,159
Unrealized foreign currency loss (gain) 8,215 (3,596)
Amortization of debt issuance costs and discount 3,890 6,811
Reclassification of cash flow hedge 2,878 (6,444)
Loss on refinancing 3,510 0
Stock-based compensation 8,816 7,258
Inventory provision 13,353 23,669
Other operating charges and credits, net 1,486 1,313
Changes in assets and liabilities:    
Trade accounts receivable, net 44,013 21,148
Inventories (54,959) (13,263)
Prepaid expenses, other current assets and other assets (13,400) (513)
Related party receivables (56) (2)
Accounts payable, accrued expenses and other liabilities (124,578) (112,626)
Related party payables (41,102) (1,124)
Net cash (used in) provided by operating activities (26,743) 7,408
Cash flows from investing activities:    
Purchases of property, plant and equipment (8,175) (13,162)
Acquisition of intangible assets (7,850) (4,200)
Deposits for future acquisition of property, plant and equipment (5,685) (960)
Proceeds from sale of property, plant and equipment 0 524
Net cash used in investing activities (21,710) (17,798)
Cash flows from financing activities:    
Payments of principal on debt, revolving credit facilities, financing leases and other (140,842) (235,528)
Proceeds from issuance of debt 134,673 0
Payments of deferred financing and refinancing costs (1,982) 0
Borrowings on revolving credit facilities 0 218,000
Proceeds from exercise of stock options 38 69
Employee payroll tax withholding on restricted stock unit vesting (44,305) (21,639)
Tax and other distributions to non-controlling interests (7,147) (68)
Proceeds from alliance party 510 0
Net cash used in financing activities (59,055) (39,166)
Effect of foreign exchange rate on cash (1,023) (470)
Net decrease in cash, cash equivalents, and restricted cash (108,531) (50,026)
Cash, cash equivalents, and restricted cash - beginning of period 312,939 118,420
Cash, cash equivalents, and restricted cash - end of period 204,408 68,394
Cash and cash equivalents - end of period 197,656 59,187
Restricted cash - end of period 4,174 6,583
Long-term restricted cash included in other assets - end of period 2,578 2,624
Cash, cash equivalents, and restricted cash - end of period 204,408 68,394
Supplemental disclosure of cash flow information:    
Cash paid for interest 56,450 56,323
Cash received (paid), net for income taxes 2,453 (3,613)
Supplemental disclosure of non-cash investing and financing activity:    
Tax distributions to non-controlling interests 0 4,806
Acquisition of product rights and licenses $ 1,350 $ 1,700
v3.26.1
Consolidated Statements of Changes in Stockholders’ Deficiency - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Stockholders' equity beginning balance $ (71,329) $ (109,512)
Net income (loss) 62,233 12,107
Foreign currency translation adjustments (8,830) (1,632)
Stock-based compensation 8,816 7,258
Exercise of stock options 38 69
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (44,305) (21,692)
Unrealized gain on cash flow hedge, net of tax of $0 4,394 (12,154)
Reclassification of cash flow hedge to earnings, net of tax of $0 2,878 (6,444)
Other, net of tax of $0 136 0
Stockholders' equity ending balance (45,969) (132,000)
Increase (Decrease) in Temporary Equity [Roll Forward]    
Redeemable Non-Controlling Interests, beginning balance 77,292 64,974
Net income (loss) 15,767 12,511
Tax and other distributions, net (7,147) (4,874)
Redeemable Non-Controlling Interests, ending balance 85,912 72,611
Additional Paid-in Capital    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Stockholders' equity beginning balance 571,794 560,206
Stock-based compensation 8,816 7,258
Exercise of stock options 38 69
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (44,349) (21,727)
Stockholders' equity ending balance 536,299 545,806
Stockholders’ Accumulated Deficit    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Stockholders' equity beginning balance (535,005) (607,062)
Net income (loss) 62,256 12,195
Stockholders' equity ending balance (472,749) (594,867)
Accumulated Other Comprehensive Loss    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Stockholders' equity beginning balance (110,729) (65,510)
Foreign currency translation adjustments (8,830) (1,632)
Unrealized gain on cash flow hedge, net of tax of $0 4,394 (12,154)
Reclassification of cash flow hedge to earnings, net of tax of $0 2,878 (6,444)
Other, net of tax of $0 136  
Stockholders' equity ending balance (112,151) (85,740)
Non- Controlling Interests    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Stockholders' equity beginning balance (535) (245)
Net income (loss) (23) (88)
Stockholders' equity ending balance $ (558) $ (333)
Class A Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Shares beginning balance (in shares) 314,565 309,881
Stockholders' equity beginning balance $ 3,146 $ 3,099
Exercise of stock options (in shares) 14 25
Exercise of stock options $ 0 $ 0
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares) 4,419 3,479
Restricted stock unit vesting, net of shares withheld to cover payroll taxes $ 44 $ 35
Shares ending balance (in shares) 318,998 313,385
Stockholders' equity ending balance $ 3,190 $ 3,134
v3.26.1
Consolidated Statements of Changes in Stockholders’ Deficiency (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Unrealized loss on cash flow hedge, net of tax $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax 0 0
Other, net of tax $ 0 $ 0
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The interim unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission and U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements include all adjustments that in the opinion of management are necessary for a fair presentation of the financial position, results of operations, and cash flows of Amneal Pharmaceuticals, Inc. (the “Company”) for the periods presented. However, these financial statements do not include all information and accompanying notes required for annual financial statements prepared in accordance with U.S. GAAP. The interim unaudited consolidated financial statements should be read in conjunction with the audited annual financial statements included in the Company’s 2025 Annual Report on Form 10-K.
Use of Estimates
The preparation of financial statements requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, contingent liabilities, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”), which amends the accounting guidance to exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2025, the FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”), which are amendments that are intended to better align hedge accounting with entities’ risk‑management activities, including revisions related to assessing similar risk exposure for groups of forecasted transactions, hedging interest payments on choose‑your‑rate debt instruments, and other improvements to cash flow, fair value, and net investment hedge models. ASU 2025‑09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025-11”), which are amendments intended to improve the navigability and clarity of interim reporting guidance by reorganizing Topic 270, adding a comprehensive list of interim disclosure requirements sourced from other Accounting
Standards Codification (“ASC”) topics, and clarifying when interim reporting guidance applies. The ASU also introduces a disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. ASU 2025‑11 is effective for public business entities for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. The majority of the Company’s revenue is recognized from shipping products to customers. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
License Agreements
Refer to Note 4. Alliance and Collaboration in the Company’s 2025 Annual Report on Form 10-K for further information related to revenue recognition associated with license agreements.
Concentration of Revenue
The following table summarizes revenues from each of the Company’s customers that individually accounted for 10% or more of its total net revenue in any of the periods presented:
Three Months Ended March 31,
20262025
Customer A24 %24 %
Customer B16 %15 %
Customer C19 %21 %
Disaggregated Revenue
The Company’s significant dosage forms within its Affordable Medicines segment, therapeutic classes within its Specialty segment, and sales channels within its AvKARE segment, each determined based on net revenue for the three months ended March 31, 2026 and 2025, are presented below (in thousands):
Three Months Ended March 31,
20262025
Affordable Medicines
Oral solid$171,100 $178,953 
Transdermal73,963 43,063 
Injectable49,938 34,788 
Auto-Injector
41,912 48,160 
Biosimilar22,301 28,540 
Oral liquid12,092 23,548 
Other dosage forms (1)
46,612 56,422 
Subtotal dosage forms
417,918 413,474 
International5,319 1,234 
Total Affordable Medicines Revenue423,237 414,708 
Specialty
Central nervous system83,383 67,610 
Hormonal / allergy35,932 34,199 
Other therapeutic classes13,950 6,488 
Subtotal therapeutic classes
133,265 108,297 
AvKARE
Distribution89,149 104,895 
Government label59,949 50,140 
Institutional9,819 11,009 
Other7,100 6,371 
Total AvKARE net revenue166,017 172,415 
Total net revenue$722,519 $695,420 
(1)Includes net revenue from sales of transmucosal, ophthalmic, topical, nasal and inhalation dosage forms.
A rollforward of the major categories of sales-related deductions for the three months ended March 31, 2026 is as follows (in thousands):
Contract
Charge - Backs
and Sales
Volume
Allowances		Cash Discount
Allowances		Accrued
Returns
Allowance		Accrued
Medicaid and
Commercial
Rebates
Balance at December 31, 2025$801,186 $40,992 $179,471 $119,486 
Provision related to sales recorded in the period949,343 32,792 19,684 33,368 
Credits/payments issued during the period(1,109,817)(41,415)(19,020)(71,119)
Balance at March 31, 2026$640,712 $32,369 $180,135 $81,735 
v3.26.1
Alliance and Collaboration
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Alliance and Collaboration Alliance and Collaboration
The Company has entered into several alliance, collaboration, license, distribution and similar agreements with respect to certain of its products and services with third-party pharmaceutical companies. The consolidated statements of operations include revenue recognized under agreements the Company has entered into to develop marketing and/or distribution relationships with its partners to fully leverage the technology platform and revenue recognized under development agreements.
These agreements generally obligate the Company to provide research and development (“R&D”) services over multiple periods.
Except as disclosed below, as of and for the three months ended March 31, 2026, there were no material changes to our alliance and collaboration agreements as described and defined in Note 4. Alliance and Collaboration in the Company’s 2025 Annual Report on Form 10-K.
The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
Party
Caption in Statement of Operations20262025
Orion Corporation
Research and development (1)
$(683)$(1,134)
Orion Corporation
Research and development (2)
$(286)$(478)
Pfizer Inc. (formerly Metsera, Inc.)
Other operating income (3)
$(6,877)$— 
(1)Deferred income was recognized as a reduction to R&D expense as services were performed under the Orion Agreement.
(2)Reimbursable R&D services performed under the Orion Agreement were recorded as a reduction to R&D expense.
(3)Gain from derecognizing financing obligation (refer to the Pfizer Collaboration Agreement section below).
The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of March 31, 2026 and December 31, 2025 (in thousands):
Party
Caption in Balance Sheet
March 31, 2026December 31, 2025
Orion Corporation
Accounts payable and accrued expenses (1)
$4,328 $4,811 
Orion Corporation
Other long-term liabilities (1)
$614 $814 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
mAbxience S.L.
Accounts payable and accrued expenses (2)
$— $7,500 
Pfizer Inc. (formerly Metsera, Inc.)
Prepaid expenses and other current assets (3)
$— $321 
Pfizer Inc. (formerly Metsera, Inc.)
Other long-term liabilities (4)
$10,552 $9,378 
(1)Comprised of deferred income as of March 31, 2026 and December 31, 2025.
(2)Comprised of an accrued milestone as of December 31, 2025 for a Food and Drug Administration (“FDA”) approval.
(3)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2025.
(4)Comprised of construction costs contributed, as defined in the Company’s collaboration agreement with Pfizer Inc. (“Pfizer”). As of March 31, 2026, the funding received from Pfizer represented a contract obligation for future manufacturing services (deferred income). As of December 31, 2025 the funding received from Pfizer was allocated between two performance obligations: (i.) a financing obligation in accordance with ASC 470, Debt of $6.4 million and (ii.) a contract obligation for future manufacturing services of $3.0 million (refer to the Pfizer Collaboration Agreement section below).

Pfizer Collaboration Agreement
On November 13, 2025, Metsera, Inc. (“Metsera”) was acquired by Pfizer. On January 30, 2026, Pfizer exercised its rights under the change-in-control provision in the Metsera collaboration agreement with the Company to shorten the agreement’s term from seven years to four years from the date of first commercial sale. As a result, the Company’s rebate and construction cost reimbursement obligations have been eliminated. Pfizer’s cost sharing commitment of up to $100 million for construction costs and all other terms of the agreement remain unchanged.
In connection with the notice from Pfizer, the Company recognized a gain of $6.9 million in other operating income for the three months ended March 31, 2026 to derecognize the financing obligation previously recognized in accordance with ASC 470, Debt through the date of the notice. The Company will classify all future proceeds received from Pfizer for construction costs contributed as a contract obligation for future manufacturing services (recorded as deferred income within other long‑term liabilities on the consolidated balance sheet). As of March 31, 2026, no commercial products have been launched under this collaboration agreement. Refer to Note 13. Other Long-Term Liabilities for additional information.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
Set forth in the following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended March 31,
20262025
Provision for income taxes$2,176 $12,868 
Effective tax rate2.7 %34.3 %
For the three months ended March 31, 2026, the period-over-period change in the provision for income taxes primarily reflected differences in jurisdictional mix of income, the impact of the One Big Beautiful Bill Act (the “OBBBA”), and discrete items related to share-based compensation in the current period.
Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands):
Statements of Operations
Three Months Ended March 31,
20262025
(Decrease) increase in tax receivable agreement liability$(2,333)$10,687 
The $2.3 million decrease in the TRA liability for the three months ended March 31, 2026 was related to a change in estimate for the 2025 tax year. No amount was recorded for the 2026 tax year as of March 31, 2026.
Balance Sheet
March 31, 2026December 31, 2025
Tax receivable agreement liability - short term (1)
$16,323 $38,832 
Tax receivable agreement liability - long term (1)
— 18,656 
Total$16,323 $57,488 
(1) Refer to Note 18. Related Party Transactions.
Refer to Note 5. Income Taxes in the Company’s 2025 Annual Report on Form 10-K for information about the Company’s TRA. During the three months ended March 31, 2026, the Company made payments of $38.8 million associated with the TRA liability for the 2024 tax year.
Contingent Tax Receivable Agreement Liability
The Company had an unrecorded contingent TRA liability of $131.4 million as of March 31, 2026. If utilization of the Company’s deferred tax assets becomes more-likely-than-not in the future, at such time, the unrecorded contingent TRA liability will be recorded through charges in the Company’s consolidated statements of operations.
v3.26.1
Earnings per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
Three Months Ended
March 31,
20262025
Numerator:
Net income attributable to Amneal Pharmaceuticals, Inc.
$62,256 $12,195 
Denominator:
Weighted-average shares outstanding - basic
316,023 311,054 
Effect of dilutive securities:
Stock options742 1,097 
Restricted stock units
5,220 5,624 
Performance stock units6,948 6,186 
Weighted-average shares outstanding - diluted
328,933 323,961 
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$0.20 $0.04 
Diluted
$0.19 $0.04 
The following table presents potentially dilutive securities excluded from the computations of diluted earnings per share of Class A common stock (in thousands):
Three Months Ended March 31,
20262025
Stock options (1)
293 347 
Performance stock units (2)
1,847 1,961 
(1)Excluded from the computation of diluted earnings per share of Class A common stock because the exercise price of the stock options exceeded the average market price of the Class A common stock during the period (out-of-the-money).
(2)Excluded from the computation of diluted earnings per share of Class A common stock because the performance vesting conditions were not met during the period.
v3.26.1
Trade Accounts Receivable, Net
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Trade Accounts Receivable, Net Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Gross accounts receivable$1,527,006 $1,740,324 
Allowance for credit losses(3,065)(3,003)
Contract charge-backs and sales volume allowances(640,712)(801,186)
Cash discount allowances(32,369)(40,992)
Subtotal(676,146)(845,181)
Trade accounts receivable, net$850,860 $895,143 
Concentration of Receivables
Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:
March 31,
2026		December 31,
2025
Customer A33 %39 %
Customer B26 %23 %
Customer C26 %26 %
v3.26.1
Inventories
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Raw materials
$229,124 $227,353 
Work in process
63,081 55,455 
Finished goods
349,413 323,494 
Total inventories$641,618 $606,302 
v3.26.1
Prepaid Expenses and Other Current Assets
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Deposits and advances$2,961 $4,437 
Prepaid insurance5,028 6,723 
Prepaid regulatory fees5,374 8,109 
Income and other tax receivables20,005 18,662 
Prepaid taxes13,492 17,068 
Accrued royalty income
16,858 14,332 
Other current receivables
6,165 5,295 
Chargebacks receivable
8,256 5,972 
Other prepaid assets24,952 17,797 
Total prepaid expenses and other current assets$103,091 $98,395 
v3.26.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The changes in goodwill by segment were as follows (in thousands):
Affordable MedicinesSpecialtyAvKARETotal
Balance as of December 31, 2024$161,659 $366,312 $69,465 $597,436 
Currency translation(1,966)— — (1,966)
Balance as of December 31, 2025159,693 366,312 69,465 595,470 
Currency translation(1,670)— — (1,670)
Balance as of March 31, 2026$158,023 $366,312 $69,465 $593,800 
Intangible assets as of March 31, 2026 and December 31, 2025 were comprised of the following (in thousands):
March 31, 2026December 31, 2025
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.2$1,520,423 $(1,004,479)$515,944 $1,519,694 $(977,819)$541,875 
Other intangible assets1.782,700 (71,875)10,825 82,700 (69,177)13,523 
Total
1,603,123 (1,076,354)526,769 1,602,394 (1,046,996)555,398 
In-process research and development8,100 — 8,100 8,100 — 8,100 
Total intangible assets$1,611,223 $(1,076,354)$534,869 $1,610,494 $(1,046,996)$563,498 
Amortization expense related to intangible assets for the three months ended March 31, 2026 and 2025 was $30.0 million and $45.2 million, respectively.
The Company reviews intangible assets with finite lives for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Indefinite-lived intangible assets, including in-process research and development intangible assets, are tested for impairment if impairment indicators arise and, at a minimum, annually. No intangible asset impairments were recorded for the three months ended March 31, 2026 and 2025.
v3.26.1
Other Assets
 3 Months Ended
Mar. 31, 2026
Other Assets [Abstract]  
Other Assets Other Assets
Other assets were comprised of the following (in thousands):
March 31, 2026December 31, 2025
Interest rate swap (1)
$10,150 $5,756 
Security deposits 3,762 3,932 
Long-term deposits and prepaid expenses
28,246 33,615 
Deferred revolving credit facility costs4,910 5,197 
Long-term restricted cash
2,578 2,068 
Other long-term assets
5,234 7,237 
Total other assets
$54,880 $57,805 
(1)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.26.1
Accounts Payable and Accrued Expenses
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses were comprised of the following (in thousands):
March 31, 2026December 31, 2025
Accounts payable$227,675 $254,671 
Accrued returns allowance (1)
180,135 179,471 
Accrued compensation54,271 79,886 
Accrued Medicaid and commercial rebates (1)
81,735 119,486 
Accrued royalties24,144 30,040 
Accrued professional fees22,879 14,514 
Accrued interest7,975 18,663 
Accrued other64,161 64,585 
Total accounts payable and accrued expenses$662,975 $761,316 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2025 to March 31, 2026.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
There have been no material changes in the Company’s long-term debt since December 31, 2025, except as disclosed below. Refer to Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for additional information and definitions of certain terms used in this note.
The following is a summary of the Company’s indebtedness under its term loans and senior notes (in thousands):
March 31, 2026December 31, 2025
Term Loan Due 2032$2,089,500 $2,094,750 
Senior Notes Due 2032600,000 600,000 
Total debt2,689,500 2,694,750 
Less: debt issuance costs(117,742)(122,874)
Total debt, net of debt issuance costs2,571,758 2,571,876 
Less: current portion of long-term debt(6,200)(6,761)
Total long-term debt, net$2,565,558 $2,565,115 
Repricing Amendment to Term Loan Credit Agreement
On February 2, 2026, the Company entered into a repricing amendment for the Term Loan Due 2032 (the “Repricing Amendment”). The Repricing Amendment reduced the applicable interest rate margins on the Term Loan Due 2032 by 50 basis points to 3.00% per annum for term SOFR benchmark rate loans and 2.00% per annum for base rate loans. The stated maturity date of August 1, 2032 and the aggregate principal outstanding did not change as a result of the Repricing Amendment.
In connection with the Repricing Amendment, the Company recognized a loss of $3.5 million for the three months ended March 31, 2026, related to costs incurred as part of this transaction and the write‑off of unamortized debt issuance costs associated with the modified portion of the Term Loan Due 2032.
v3.26.1
Other Long-Term Liabilities
 3 Months Ended
Mar. 31, 2026
Other Liabilities Disclosure [Abstract]  
Other Long-Term Liabilities Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

March 31, 2026December 31, 2025
Long-term compensation$10,852 $11,354 
Deferred income (1)
14,663 7,324 
Other long-term liabilities1,232 13,585 
Total other long-term liabilities$26,747 $32,263 
(1)Deferred income was primarily from alliance and collaboration agreements with Orion Corporation, Zambon Biotech S.A., and Pfizer. Refer to Note 3. Alliance and Collaboration for additional information.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification for each reporting period. The following table sets forth the Company’s financial assets that were measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):
Fair Value Measurement Based on
March 31, 2026TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$10,150 $— $10,150 $— 
December 31, 2025
Assets
Interest rate swap (1)
$5,756 $— $5,756 $— 
(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial information and certain assumptions regarding past, present, and future market conditions. Refer to Note 15. Financial Instruments for information on the Company’s interest rate swap.
There were no transfers between levels in the fair value hierarchy during the three months ended March 31, 2026.
Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
The carrying amounts of cash, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments.
The following is a summary of the Company’s indebtedness at fair value (in thousands):
March 31, 2026December 31, 2025
Term Loan Due 2032$2,096,030 $2,115,698 
Senior Notes Due 2032$618,000 $633,000 
The Term Loan Due 2032 and Senior Notes Due 2032 are each in the Level 2 category within the fair value level hierarchy. The fair values were determined using market data for valuation.
Refer to Note 12. Debt in this Quarterly Report on Form 10-Q and Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for information about its indebtedness, including definitions of terms.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
There were no non-recurring fair value measurements during the three months ended March 31, 2026 and 2025.
v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
The Company uses an interest rate swap to manage its exposure to market risks for changes in interest rates. Changes in fair value will be recognized in other comprehensive loss and reclassified to interest expense, net, in the period in which the hedged transaction affect earnings. During the three months ended March 31, 2026, the Company reclassified a net loss (increase in interest expense) of $2.9 million from accumulated other comprehensive loss. As of March 31, 2026, $7.6 million in net losses were recorded in accumulated other comprehensive loss associated with the impact of all interest rates swaps, with $11.7 million, net, expected to be reclassified within 12 months. Refer to Note 17. Stockholders’ Deficiency in this Quarterly Report on Form 10-Q and Note 18. Financial Instruments in the Company’s 2025 Annual Report on Form 10-K for defined terms and additional information.
During the three months ended March 31, 2025, the Company reclassified a net gain (decrease in interest expense) of $6.4 million from accumulated other comprehensive loss. As of December 31, 2025, $14.8 million in net losses were recorded in accumulated other comprehensive loss.
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
March 31, 2026December 31, 2025
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$10,150 Other Assets$5,756 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Commercial Manufacturing, Collaboration, License, and Distribution Agreements
The Company continues to seek to enhance its product line and develop a balanced portfolio of differentiated products through product acquisitions and in-licensing. Accordingly, the Company, in certain instances, may be contractually obligated to make potential future development, regulatory, and commercial milestone, royalty and/or profit-sharing payments in conjunction with collaborative agreements or acquisitions that the Company has entered with third parties. The Company has also licensed certain technologies or IP from various third parties. The Company is generally required to make upfront payments and other payments upon successful completion of regulatory or sales milestones. The agreements generally permit the Company to terminate the agreement with no significant continuing obligation. The Company could be required to make significant payments pursuant to these arrangements. These payments are contingent upon the occurrence of certain future events and, given the nature of these events, it is unclear when, if ever, the Company may be required to pay such amounts. Further, the timing of any future payment is not reasonably estimable. Refer to Note 3. Alliance and Collaboration for additional information. Certain of these arrangements are with related parties. Refer to Note 18. Related Party Transactions for additional information.
Contingencies
Legal Proceedings
The Company’s legal proceedings are complex, constantly evolving, and subject to uncertainty. As such, the Company cannot predict the outcome or impact of its significant legal proceedings which are set forth below. Additionally, the Company manufactures and derives a portion of its revenue from the sale of pharmaceutical products in the opioid class of drugs and may therefore face claims arising from the regulation and/or consumption of such products. While the Company believes it has meritorious claims and/or defenses to the matters described below (and intends to vigorously prosecute and defend them), the nature and cost of litigation is unpredictable, and an unfavorable outcome of such proceedings could include damages, fines, penalties and injunctive or administrative remedies.
For any proceedings where losses are probable and reasonably capable of estimation, the Company accrues a potential loss. When the Company has a probable loss for which a reasonable estimate of the liability is a range of losses and no amount within that range is a better estimate than any other amount, the Company records the loss at the low end of the range. While these accruals have been deemed reasonable by the Company’s management, the assessment process relies heavily on estimates and assumptions that may ultimately prove inaccurate or incomplete. Additionally, unforeseen circumstances or events may lead the Company to subsequently change its estimates and assumptions. Unless otherwise indicated below, the Company is unable at this time to estimate the possible loss or the range of loss, if any, associated with such legal proceedings and claims. Any such claims, proceedings, investigations or litigation, regardless of the merits, might result in substantial costs to defend or settle, borrowings under the Company’s debt agreements, restrictions on product use or sales, or otherwise harm the Company’s business. The ultimate resolution of any or all claims, legal proceedings or investigations are inherently uncertain and difficult to predict, could differ materially from the Company’s estimates and could have a material adverse effect on its results of operations and/or cash flows in any given accounting period, or on its overall financial condition. The Company currently intends to vigorously prosecute and/or defend these proceedings as appropriate. From time to time, however, the Company may settle or otherwise resolve these matters on terms and conditions that it believes to be in its best interest. An insurance recovery, if any, is recorded in the period in which it is probable the recovery will be realized.
Liabilities for legal matters were comprised of the following (in thousands):
MatterMarch 31, 2026December 31, 2025
Civil prescription opioid litigation (1)
$9,283 $42,271 
Other
1,267 985 
Current portion of liabilities for legal matters$10,550 $43,256 
Civil prescription opioid litigation (Liabilities for legal matters - long term)(1)
$70,021 $71,819 
(1)As of March 31, 2026, the total current and long-term liabilities of $79.3 million for civil prescription opioid litigation were primarily comprised of a $78.6 million liability for the Nationwide Opioids Settlement Agreement effective January 23, 2026, as defined and described in the section Civil Prescription Opioid Litigation below. Of the $78.6 million accrued for this settlement agreement, $77.5 million was for cash payments and $1.1 million was for the supply of naloxone nasal spray.
As of March 31, 2026, the remaining cash payments under the Nationwide Opioids Settlement Agreement, due on March 1 of each year, were as follows (in thousands):
Amount Due
2027$12,670 
202812,389 
202912,389 
203012,389 
203111,939 
2032 to 2034
35,816 
Total settlement payments$97,592 
Less: imputed interest at a rate of 5.5%
(20,062)
Total $77,530 
The discount-related imputed interest will be amortized to interest expense over the life of the liability using the effective interest method. Interest expense associated with the Nationwide Opioids Settlement Agreement for the three months ended March 31, 2026 was immaterial.
Refer to Note 19. Commitments and Contingencies in the Company’s Annual Report on Form 10-K for a general discussion of Medicaid Reimbursement and Price Reporting Matters and Patent Litigation.
Other Litigation Related to the Company’s Business
United States Department of Justice Investigations

On May 15, 2023, Amneal Pharmaceuticals LLC (“Amneal”) received a Civil Investigative Demand (“CID”) from the Civil Division of the United States Department of Justice (the “Civil Division”) requesting information and documents related to the
manufacturing and shipping of diclofenac sodium 1% gel labeled as “prescription only” after the reference listed drug’s label was converted to over-the-counter. In October 2024, the Company received supplemental CIDs seeking additional information related to the same subject matter. The Company is continuing to cooperate with the Civil Division’s investigation. However, no assurance can be given as to the timing or outcome of the investigation.
In Re Generic Pharmaceuticals Pricing Antitrust Litigation
Beginning in March 2016, purchasers of generic drugs filed multiple putative antitrust class action complaints against a substantial number of generic pharmaceutical manufacturers, including the Company, alleging an illegal conspiracy to fix prices, rig bids, and allocate markets and customers. They seek monetary damages and equitable relief, including disgorgement and restitution. Most of these lawsuits were consolidated in the United States District Court for the Eastern District of Pennsylvania (See In re Generic Pharmaceuticals Pricing Antitrust Litigation, MDL No. 2724 (E.D. Pa.)). Some purchasers filed similar lawsuits in state courts in Pennsylvania, Connecticut, and New York. The Company has filed several motions to dismiss these cases, and some of those motions remain pending.
In 2019 and 2020, Attorneys General of 43 States and the Commonwealth of Puerto Rico named the Company in two complaints alleging a similar conspiracy and seeking similar relief. These cases are pending in the District of Connecticut. See Connecticut, et al. v. Teva Pharmaceuticals USA, Inc., et al., 3:19-cv-00710-MPS and Connecticut, et al. v. Sandoz, Inc. et al., 3:20-cv-00802-MPS.
In Connecticut, et al. v. Sandoz, Inc. et al., on April 15, 2026, the Court granted the Company’s individual motion for summary judgment with respect to the states’ claim that the Company participated in an overreaching conspiracy involving more than 80 drugs and denied the Company’s motion with respect to an alleged conspiracy involving only one drug, phenytoin.
The multi-district litigation (“MDL”) court selected Humana Inc. v. Actavis Elizabeth, LLC et al., No. 2:18-cv-03299-CMR (“Humana I”), which names Impax Laboratories, LLC (“Impax”) as a defendant, as a bellwether and set a five-week trial for September 2026. On March 26, 2026, Impax filed an individual motion for summary judgment and four joint motions for summary judgment in Humana I. Oral argument on those motions are scheduled to be held June 4-5, 2026. The other MDL cases and the state court cases are in various stages of pleading and discovery. No other trials involving the Company have been set.
Civil Prescription Opioid Litigation
As a result of the Court’s Stipulation and Order dated February 26, 2026, pursuant to the settlement of the political subdivision cases in MDL 2804, the state and federal cases against the Company relating to the sale of prescription opioid pain relievers have been reduced from over 800 cases to less than 105 cases, comprised of 53 cases in MDL 2804 and other federal courts, and 52 state court cases. Plaintiffs in the remaining cases are political subdivisions (pending dismissal), schools, hospitals, pension funds, third-party payors, and individuals. Nearly all federal court cases are consolidated for pre-trial proceedings in Case No. 17-mdl-2804 (N.D. Ohio). There are no firm trial dates in the state-court cases.
The New York, Alaska, and Maryland Attorneys General have withdrawn their subpoenas seeking information regarding the Company’s business concerning opioid-containing products.
In 2023, the Company reached settlements with the New Mexico Attorney General and West Virginia political subdivisions and a settlement with a group of private hospitals in Alabama. On March 30, 2026, the court in Alabama dismissed the hospital cases against the Company pursuant to the settlement agreement.
In late April 2024, the Company reached a nationwide settlement in principle on the primary financial terms, with no admission of wrongdoing, for a nationwide resolution to the opioids cases filed and that might have been filed by state Attorneys General, political subdivisions and Native American tribes. In September 2025, the Native American tribal participation reached a sufficient percentage to effectuate the tribal settlement. On January 23, 2026, the Company determined that it will make effective its nationwide agreement to settle a substantial majority of the opioids-related claims brought against the Company by various states and subdivisions (the “Nationwide Opioids Settlement Agreement”), having previously secured sufficient participation by those states and subdivisions, including all eligible state and territorial Attorneys General and all subdivisions that previously sued the Company. The Nationwide Opioids Settlement Agreement became effective on January 29, 2026, and the Company made its first installment payment of $23.8 million to the settlement administrator on that date. An additional installment payment of $12.1 million was made on February 26, 2026. The settlement is payable through 2034. Under the settlement, the Company agreed to pay up to $92.5 million in cash and provide $177.4 million (valued at $125/twin pack) in naloxone nasal spray to help treat opioid overdoses. In lieu of receiving product, the settling parties can opt to receive 25% of the naloxone nasal spray’s value (up to $44.4 million) in cash during the last four years of the ten-year payment term, which
could increase the total amount of cash the Company would pay up to $136.9 million. In March 2026, five states elected to receive $11.6 million in free naloxone nasal spray with the remaining states electing to receive the 25% cash conversion. As a result, and assuming other states do not subsequently decide to instead receive settlement product, Amneal will pay $41.4 million in cash in equal distributions of $10.4 million from 2031 to 2034, resulting in the Company paying a total of $133.5 million.
For the three months ended March 31, 2026, charges related to legal matters, net were $0.7 million, primarily comprised of a $21.2 million charge associated with certain states electing a 25% cash conversion in lieu of product under the Nationwide Opioids Settlement Agreement, partially offset by a $20.8 million discount recorded on the expected settlement payments as of the agreement’s effective date. Refer to the section Legal Proceedings above for the amounts accrued for prescription opioid litigation as of March 31, 2026 and December 31, 2025. For the remaining cases not covered by the Nationwide Prescription Opioids Settlement Agreement, primarily brought by other hospitals, schools and individuals, the Company did not record a liability as of March 31, 2026 and December 31, 2025, because it concluded that a loss was not probable and estimable.
During July 2025, the Company deposited an aggregate of $24.2 million into dedicated accounts as a step in the process to finalize a definitive settlement agreement. These deposits, which were classified as restricted cash in the Company’s consolidated balance sheet as of December 31, 2025, remained the property of the Company until a definitive settlement agreement was reached and the funds were used to make the first installment payment.
United States Department of Justice / Drug Enforcement Administration Subpoenas

On July 7, 2017, Amneal Pharmaceuticals of New York, LLC received an administrative subpoena issued by the Long Island, NY District Office of the Drug Enforcement Administration (the “DEA”) requesting information related to compliance with certain recordkeeping and reporting requirements. On or about April 12, 2019 and May 28, 2019, the Company received grand jury subpoenas from the U.S. Attorney’s Office for the Eastern District of New York (the “USAO”) relating to similar topics concerning the Company’s suspicious order monitoring program and its compliance with the Controlled Substances Act. The Company has been cooperating with the USAO in responding to the subpoenas. The Company entered into tolling agreements with respect to potential criminal charges through May 15, 2026. The Company entered into tolling agreements with respect to potential civil claims through November 15, 2024. It is not possible to determine the exact outcome of these investigations.

On December 21, 2025, the Company received an administrative subpoena from the DEA relating to sales of controlled substances to Dixon Shane, LLC d/b/a Northeast LLC (“R&S Northeast”), an indirect subsidiary that distributes generic pharmaceuticals manufactured by Amneal and others. On the same date, R&S Northeast received an administrative subpoena from the DEA relating to various policies and procedures relating to controlled substances and controlled substance order monitoring, as well as other information relating to current and former customers. The Company and R&S Northeast have been cooperating with DEA and responding to the subpoenas. It is not possible to determine the exact outcome of this investigation.

Ranitidine Litigation
The Company was named, along with numerous other brand and generic pharmaceutical manufacturers, wholesale distributors, retail pharmacy chains, and repackagers of ranitidine-containing products in a federal MDL (In re Zantac/Ranitidine NDMA Litigation (MDL No. 2924), Southern District of Florida). Plaintiffs alleged defendants failed to disclose and/or concealed the alleged inherent presence of N-Nitrosodimethylamine (or “NDMA”) in ranitidine products and the alleged associated risk of cancer. The MDL court’s dismissal of claims by all plaintiffs against the Company and other generic drug manufacturers on preemption grounds is on appeal in the 11th Circuit. Plaintiffs filed their merits brief on April 10, 2024. The generic drug manufacturers, including the Company, filed their briefs on July 25, 2024. Plaintiffs’ reply brief was filed November 8, 2024. The briefing also addresses the MDL court’s December 6, 2022 exclusion of plaintiff’s general causation experts. The 11th Circuit heard oral argument on October 10, 2025. The timeline for the 11th Circuit Court of Appeals’ rulings is uncertain.
The Company has also been named in state court cases in four states. The Company filed motions to dismiss those cases. On August 17, 2023, the judge in the consolidated Illinois state court cases granted the motion to dismiss all such cases in which the Company had been named, holding all claims preempted. The Company has reached an agreement, which is not material, to settle the 95 cases pending against it in California state court. The process for completing the settlement, which the Company does not expect to be material, is in progress. There are no trial dates involving the Company in any of the state court cases.
Metformin Litigation
Beginning in 2020, Amneal was named as a defendant in several putative class action lawsuits filed and consolidated in the United States District Court for the District of New Jersey, seeking compensation for economic loss allegedly incurred in connection with their purchase of generic metformin allegedly contaminated with NDMA. See In Re Metformin Marketing and
Sales Practices Litigation (No. 2:20-cv-02324-MCA-MAH) (“In re Metformin”). On January 30, 2026, the Court issued an Order granting in part and denying in part Defendants’ motion to dismiss the Fourth Amended Complaint. Discovery is ongoing.
On March 29, 2021, a plaintiff filed a complaint in the United States District Court for the Middle District of Alabama asserting claims against manufacturers of valsartan, losartan, and metformin based on the alleged presence of nitrosamines in those products. The only allegations against the Company concern metformin (See Davis v. Camber Pharmaceuticals, Inc., et al., C.A. No. 2:21-00254 (M.D. Ala.) (the “Davis Action”)). On May 5, 2021, the United States Judicial Panel on Multidistrict Litigation transferred the Davis Action into the In re: Valsartan, Losartan, and Irbesartan Products Liability Litigation MDL for pretrial proceedings.
UFCW Local 1500 Welfare Fund v. Takeda Pharmaceuticals U.S.A., Inc.
On November 14, 2023, UFCW Local 1500 Welfare Fund and other health plans filed a purported class action lawsuit in the United States District Court for the Southern District of New York against multiple manufacturers, including the Company, alleging an illegal conspiracy to restrict output of generic COLCRYS®. See UFCW Local 1500 Welfare Fund et al. v. Takeda Pharma. U.S.A., Inc. et al, No. 1:23-cv-10030 (S.D.N.Y.). On February 28, 2024, Takeda Pharmaceuticals U.S.A., Inc. filed a motion to transfer the case to the United States District Court for the Eastern District of Pennsylvania. On March 13, 2024 and March 27, 2024, Amneal submitted a letter and brief, respectively, informing the court of its position that the Eastern District of Pennsylvania lacks personal jurisdiction over Amneal. On November 17, 2025, the case was referred to a magistrate judge for decision on the motion to transfer venue. The magistrate issued an order transferring the case to the Eastern District of Pennsylvania on April 28, 2026. The deadline to respond to the complaint is June 12, 2026.
Indian Tax Authority Matters
Amneal Pharmaceuticals Pvt. Ltd. and RAKS Pharmaceuticals Pvt. Ltd., which are subsidiaries of the Company, are currently involved in litigations with Indian tax authorities concerning Central Excise Tax, Service Tax, Goods & Services Tax, and Value Added Tax for various periods of time between 2014 and 2017. These subsidiaries have contested certain of these assessments, which are at various stages of the administrative process. The Company strongly believes its Indian subsidiaries have meritorious defenses in the matter.

Guaifenesin Litigation
On September 5, 2024, Amneal was named as a defendant along with CVS Pharmacy, Inc. (“CVS”) in a putative consumer class action lawsuit in the United States District Court for the Northern District of California alleging that generic guaifenesin products manufactured by Amneal contain benzene through the use of carbomer, an inactive ingredient. See Leonard v. CVS Pharmacy, Inc., No. 5:24-cv-06280 (N.D. Cal.) (“Leonard”). The complaint purported to plead, on behalf of a nationwide class and California subclass, the following counts: breach of warranty; unjust enrichment; fraud; and violation of California’s Unfair Competition Law. The complaint sought damages, including punitive damages, restitution, other equitable monetary relief, injunctive relief, prejudgment interest and attorneys’ fees and costs.
On September 29, 2025, the court granted defendants’ motion to dismiss plaintiffs’ First Amended Complaint without prejudice, finding plaintiffs’ claims preempted by the Federal Food, Drug and Cosmetic Act. Plaintiff filed a Second Amended Complaint with additional factual allegations and added counts of breach of express warranty and negligence; defendants moved to dismiss the Second Amendment Complaint on October 31, 2025, and on April 13, 2026, the court granted defendants’ motion to dismiss, again without prejudice. Plaintiffs filed a notice of voluntary dismissal without prejudice on April 22, 2026.
In addition, on June 27, 2025, CVS, which Amneal is defending, was named as a defendant in a putative consumer class action lawsuit in the United States District Court for the Northern District of Illinois. See Hatfield v. CVS Health Corporation, No. 1:25-cv-7248 (N.D. Ill.). Alleging similar facts as the Leonard case, the complaint in Hatfield purported to plead, individually and on behalf of a class of purchasers in Illinois and states with similar consumer protection laws, violations of the Illinois Consumer Fraud Act and unjust enrichment. On June 30, 2025, plaintiff filed a motion for class certification, which the Court held in abeyance. On July 28, 2025, plaintiff filed an amended complaint to identify the correct defendant and add jurisdictional allegations. On September 26, 2025, CVS moved to dismiss plaintiff’s amended complaint. The motion is fully briefed and pending before the Court, with oral argument scheduled for June 10, 2026.
Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 3:25-cv-00181-GC-TJB
On November 25, 2024, the Company and Impax received the first of five notice letters from Sandoz Inc. (“Sandoz”) stating that it had filed an ANDA with the FDA seeking approval to market generic versions of CREXONT®, an extended-release oral capsule formulation of carbidopa and levodopa for the treatment of Parkinson’s disease. The notice letters included a Paragraph IV certifications alleging that certain patents covering CREXONT® are invalid, unenforceable, or will not be infringed by the manufacture, use, or sale of Sandoz’s generic product.
In response to these notice letters, on January 7, 2025, the Company and Impax filed a first patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, Case No. 3:25-cv-00181-GC-TJB. On April 1, 2025, the Company and Impax filed a First Amended Complaint in response to a second notice letter from Sandoz, adding claims for infringement of additional patents. On April 14, 2025, Sandoz filed an Answer, Affirmative Defense, and Counterclaims for non-infringement and invalidity of the asserted patents. This lawsuit is currently in discovery. The filing of this lawsuit triggered a 30-month stay of FDA approval of the Sandoz ANDA from the date of receipt of the notice letter. CREXONT® is also subject to a regulatory exclusivity until August 7, 2027.
On June 20, 2025, the Company and Impax filed a new patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, captioned Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 2:25-11981-GC-TJB, in response to a third notice letter from Sandoz relating to CREXONT®. On September 4, 2025, the Company and Impax filed a First Amended Complaint in response to a fourth notice letter from Sandoz, adding claims for infringement of additional patents. On October 2, 2025, Sandoz filed an Answer, Affirmative Defense, and Counterclaims for non-infringement and invalidity of the asserted patents. On November 12, 2025, the Company and Impax filed a new patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, captioned Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 2:25-17384-GC-TJB. On April 15, 2026, the Company filed a First Amended Complaint in that action adding claims for infringement of additional patents. Scheduling orders have been issued in all three actions, and those actions are in discovery with no trial date set.
Carickhoff v. Amneal Pharmaceuticals, Inc., et al.
On May 7, 2025, the Liquidating Trustee on Behalf of the Vyera Liquidating Trust Established Under the Subchapter V Plan of Reorganization of debtors Vyera Pharmaceuticals, LLC and Phoenixus AG filed an adversary proceeding in the United States Bankruptcy Court for the District of Delaware against the Company and Impax, seeking to recover approximately $55.4 million in allegedly fraudulent transfers made by the debtors to Impax to purchase the drug Daraprim in 2015. (See Carickhoff v. Amneal Pharmaceuticals, Inc, et al., Adv. Pro. No. 25-50903-JKS (Bankr. D. Del.)). Defendants filed a motion to dismiss the complaint on September 9, 2025.
v3.26.1
Stockholders’ Deficiency
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders’ Deficiency Stockholders’ Deficiency
Accumulated Other Comprehensive Loss
Changes in accumulated other Comprehensive loss by component were as follows (in thousands):
Foreign
currency
translation
adjustments
Unrealized (loss) gain on cash
flow hedge, net
of tax
Other
Accumulated
other
comprehensive loss
December 31, 2025$(90,545)$(14,844)$(5,340)$(110,729)
Other comprehensive (loss) gain before reclassification
(8,830)4,394 136 (4,300)
Reclassification of cash flow hedge to earnings, net of tax of $0
— 2,878 — 2,878 
March 31, 2026$(99,375)$(7,572)$(5,204)$(112,151)
December 31, 2024$(71,860)$6,350 $— $(65,510)
Other comprehensive loss before reclassification
(1,632)(12,154)— (13,786)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (6,444)— (6,444)
March 31, 2025$(73,492)$(12,248)$— $(85,740)
Rondo Redeemable Non-Controlling Interests
Beginning January 1, 2026, the holders of the Rondo Class B Units, as defined in Note 20. Stockholders’ (Deficiency) Equity to the Company’s 2025 Annual Report on Form 10-K, have a put right to require the Company to purchase their units for a purchase price that is based on a multiple of Rondo’s earnings before income taxes, depreciation, and amortization, subject to the satisfaction of certain financial targets and other conditions. As of March 31, 2026, no conditions have been met that would make redemption probable or otherwise certain.
Refer to Note 20. Stockholders’ (Deficiency) Equity in the Company’s 2025 Annual Report on Form 10-K for additional information.
v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company has various business agreements with certain third-party companies in which there is some common ownership and/or management between those entities, on the one hand, and the Company, on the other hand. The Company has no direct ownership or management in any of such related party companies. Except as disclosed below, as of and for the three months ended March 31, 2026, there were no material changes to our related party agreements or relationships as defined and described in Note 22. Related Party Transactions and Note 20. Stockholders’ (Deficiency) Equity in the Company’s 2025 Annual Report on Form 10-K.
The following table summarizes the Company’s related party transactions (in thousands):
Three Months Ended March 31,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations20262025
Kashiv Biosciences LLC
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$3,695 $4,231 
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$2,428 $4,323 
Development and commercialization agreement - Pegfilgrastim Auto Injector - milestoneResearch and development$500 $— 
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses and net revenue$(94)$(182)
Storage agreementResearch and development$— $(47)
Parking space leaseResearch and development$— $25 
Other Related Parties
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$5,329 $5,135 
Members - tax receivable agreement(Decrease) increase in tax receivable agreement liability$(2,333)$10,687 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$807 $2,317 
Kanan, LLC - operating leaseInventory and cost of goods sold$630 $592 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$333 $324 
Avtar Investments, LLC - consulting servicesResearch and development$60 $60 
Tracy Properties LLC - operating leaseSelling, general and administrative$53 $177 
AvPROP, LLC - operating leaseSelling, general and administrative$35 $53 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$— $4,270 
R&S Solutions - equipment purchaseProperty, plant and equipment$— $160 
Alkermes PlcInventory and cost of goods sold$— $92 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
March 31, 2026December 31, 2025
Kashiv - various agreements$413 $413 
AzaTech Pharma LLC95 56 
Apace Packaging, LLC - packaging agreement— 1 
Related party receivables - short term $508 $470 
Members - tax receivable agreement$16,323 $38,832 
Kashiv - various agreements14,303 14,980 
Apace Packaging, LLC - packaging agreement1,885 1,353 
AzaTech Pharma LLC - supply agreement450 254 
Avtar Investments LLC - consulting services40 40 
Kanan, LLC - rent related38 — 
Tracy Properties LLC— 26 
Related party payables - short term $33,039 $55,485 
Land purchase from family members of the Co-Chief Executive Officers$456 $476 
Members - tax receivable agreement— 18,656 
Related party payables - long term $456 $19,132 
Master Logistics Services Agreement with DCS
On February 24, 2026, the Company entered into a master logistics services agreement with Direct Customer Solutions, LLC (“DCS”), a third-party logistics provider specializing in the life sciences industry. Under the agreement, DCS will provide logistics services on behalf of the Company, including transportation, warehousing, and end-to-end supply chain management for certain products. A member of Company management beneficially owns outstanding equity securities of DCS.
Pursuant to the agreement, the Company is obligated to pay DCS an immaterial one-time setup fee, a per-unit distribution fee, and a minimum monthly maintenance fee. For the three months ended March 31, 2026, no services were provided under the agreement.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Affordable Medicines, Specialty, and AvKARE.
Chief Operating Decision Makers
The Company’s Co-Chief Executive Officers are the Company’s chief operating decision makers (“CODMs”). The CODMs evaluate the financial performance of the Company based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, since they are excluded from the measure of segment profitability reviewed by the Company’s CODMs. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s CODMs.
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended March 31, 2026
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$423,237 $133,265 $166,017 $— $722,519 
Cost of goods sold232,444 43,020 126,942 — 402,406 
Gross profit190,793 90,245 39,075 — 320,113 
Selling, general and administrative41,318 34,691 A16,680 46,171 138,860 
Research and development33,286 B5,097 B— — 38,383 
Intellectual property legal development expenses1,493 49 — — 1,542 
Acquisition costs— — — 5,153 5,153 
Restructuring and other charges— 347 — 303 650 
Charges related to legal matters, net694 — — — 694 
Other operating income(6,941)— — — (6,941)
Operating income (loss)$120,943 $50,061 $22,395 $(51,627)$141,772 
Three Months Ended March 31, 2025
Affordable Medicines (1)
SpecialtyAvKARE Corporate
and Other		Total
Company
Net revenue$414,708 $108,297 $172,415 $— $695,420 
Cost of goods sold242,633 53,083 143,813 — 439,529 
Gross profit172,075 55,214 28,602 — 255,891 
Selling, general and administrative33,715 30,978 A15,694 37,901 118,288 
Research and development30,980 B9,060 B— — 40,040 
Intellectual property legal development expenses1,713 54 — — 1,767 
Restructuring and other charges— 130 — 441 571 
Other operating income(5,122)— — — (5,122)
Operating income (loss)$110,789 $14,992 $12,908 $(38,342)$100,347 
(1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in Affordable Medicines.
Significant Expense Categories Provided to the Chief Operating Decision Makers
Selling, General and Administrative Expenses - Specialty Segment
A.The CODMs review certain selling, general and administrative expenses (“SG&A”) for the Specialty segment and, separately, on a departmental basis. The CODMs review SG&A for the Affordable Medicines and AvKARE segments in total. SG&A for the Specialty segment was comprised of the following (in thousands):
Three Months Ended March 31,
20262025
Employee compensation and benefits$11,935 $10,872 
Product marketing7,817 8,011 
Commercial operations and salesforce13,773 10,791 
Other (1)
1,166 1,304 
Total$34,691 $30,978 
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B.Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
Three Months Ended March 31,
20262025
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$13,023 $1,319 $13,541 $1,540 
Materials and supplies8,815 60 8,527 203 
Product development and studies (1)
925 2,778 (69)2,319 
Milestones500 — 250 3,000 
Facilities costs1,490 35 1,634 750 
Regulatory fees2,394 — — — 
Other (2)
6,139 905 7,097 1,248 
Total$33,286 $5,097 $30,980 $9,060 
(1)For the three months ended March 31, 2026 and 2025, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $1.0 million and $1.6 million, respectively, as reductions to product development and studies expense for services performed under the license agreement with Orion Corporation. Refer to Note 3. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes repairs and maintenance, outside testing, professional fees and other expenses not presented to the CODMs.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Distribution
During April 2026, we made a $10.5 million distribution, from cash on hand, to the holders of the Rondo Class B Units, as defined in Note 20. Stockholders’ Deficiency (Equity) to the Company’s 2025 Annual Report on Form 10-K.
MSN Laboratories Private Limited Supply and Distribution Agreement

On April 2, 2026, the Company entered into a supply and distribution agreement with MSN Laboratories Private Limited (“MSN”) for the exclusive distribution of generic mirabegron extended‑release tablets in the United States and its territories (the “MSN agreement”). Mirabegron is a generic, AB-rated version of the reference listed drug, Myrbetriq®. In connection with the MSN agreement, the Company made an upfront cash payment of approximately $75.0 million in April 2026 and will pay a per‑unit fee and profit‑sharing to MSN based on product sales. MSN is responsible for the commercial manufacture and supply of the finished product and the Company is responsible for the marketing, promotion, and sale of the product across both retail and government channels. The Company expects an initial commercial launch in the retail channel in 2026, subject to product supply readiness.
Agreement to Acquire Kashiv Biosciences, LLC
On April 21, 2026, the Company entered into a definitive agreement for Amneal to acquire 100% of the outstanding membership interests in Kashiv BioSciences, LLC (“Kashiv”) in a transaction with consideration that includes $375 million of cash and 28,942,108 shares of Class A common stock of the Company at closing, subject to certain purchase price adjustments for cash, and the funding of operations between signing and closing, among others. Consideration also includes up to $350 million in potential contingent payments based on the achievement of certain regulatory milestones in the United States and potential contingent royalties equal to 25% of the amount by which annual aggregate gross profits for certain products exceed specified gross profit hurdle amounts for the corresponding annual royalty periods during the twelve-year period following the closing of the transaction. Acquisition costs for the three months ended March 31, 2026 of $5.2 million primarily included advisory, legal, and accounting fees.
The transaction is subject to approval by the holders of the Company’s common stock not party to the transaction, and the issuance of Class A common stock as consideration is subject to approval by the Company’s common shareholders. Closing of the transaction, which is expected in the second half of 2026, is subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions.
Kashiv is a vertically integrated biopharmaceutical company with numerous commercial and advanced clinical-stage assets and is among the few U.S.-based companies to both manufacture and receive marketing authorization for multiple biosimilars. Certain executive officers and a member of the Board of Directors of the Company beneficially own, directly and through certain revocable or irrevocable trusts for the benefit of their immediate families, outstanding equity securities of Kashiv. In addition, they serve on the Board of Managers of Kashiv. For additional information about related party transactions between the Company and Kashiv, refer to Note 18. Related Party Transactions in this Current Report on Form 10-Q and Note 22. Related Party Transactions in the Company’s 2025 Annual Report on Form 10-K.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The interim unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission and U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements include all adjustments that in the opinion of management are necessary for a fair presentation of the financial position, results of operations, and cash flows of Amneal Pharmaceuticals, Inc. (the “Company”) for the periods presented. However, these financial statements do not include all information and accompanying notes required for annual financial statements prepared in accordance with U.S. GAAP. The interim unaudited consolidated financial statements should be read in conjunction with the audited annual financial statements included in the Company’s 2025 Annual Report on Form 10-K.
Use of Estimates
Use of Estimates
The preparation of financial statements requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, contingent liabilities, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”), which amends the accounting guidance to exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2025, the FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”), which are amendments that are intended to better align hedge accounting with entities’ risk‑management activities, including revisions related to assessing similar risk exposure for groups of forecasted transactions, hedging interest payments on choose‑your‑rate debt instruments, and other improvements to cash flow, fair value, and net investment hedge models. ASU 2025‑09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025-11”), which are amendments intended to improve the navigability and clarity of interim reporting guidance by reorganizing Topic 270, adding a comprehensive list of interim disclosure requirements sourced from other Accounting
Standards Codification (“ASC”) topics, and clarifying when interim reporting guidance applies. The ASU also introduces a disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. ASU 2025‑11 is effective for public business entities for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Revenue Recognition
The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. The majority of the Company’s revenue is recognized from shipping products to customers. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
The Company has entered into several alliance, collaboration, license, distribution and similar agreements with respect to certain of its products and services with third-party pharmaceutical companies. The consolidated statements of operations include revenue recognized under agreements the Company has entered into to develop marketing and/or distribution relationships with its partners to fully leverage the technology platform and revenue recognized under development agreements.
These agreements generally obligate the Company to provide research and development (“R&D”) services over multiple periods.
v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments
The following table summarizes revenues from each of the Company’s customers that individually accounted for 10% or more of its total net revenue in any of the periods presented:
Three Months Ended March 31,
20262025
Customer A24 %24 %
Customer B16 %15 %
Customer C19 %21 %
Schedule of Disaggregated Revenue
The Company’s significant dosage forms within its Affordable Medicines segment, therapeutic classes within its Specialty segment, and sales channels within its AvKARE segment, each determined based on net revenue for the three months ended March 31, 2026 and 2025, are presented below (in thousands):
Three Months Ended March 31,
20262025
Affordable Medicines
Oral solid$171,100 $178,953 
Transdermal73,963 43,063 
Injectable49,938 34,788 
Auto-Injector
41,912 48,160 
Biosimilar22,301 28,540 
Oral liquid12,092 23,548 
Other dosage forms (1)
46,612 56,422 
Subtotal dosage forms
417,918 413,474 
International5,319 1,234 
Total Affordable Medicines Revenue423,237 414,708 
Specialty
Central nervous system83,383 67,610 
Hormonal / allergy35,932 34,199 
Other therapeutic classes13,950 6,488 
Subtotal therapeutic classes
133,265 108,297 
AvKARE
Distribution89,149 104,895 
Government label59,949 50,140 
Institutional9,819 11,009 
Other7,100 6,371 
Total AvKARE net revenue166,017 172,415 
Total net revenue$722,519 $695,420 
(1)Includes net revenue from sales of transmucosal, ophthalmic, topical, nasal and inhalation dosage forms.
Schedule of Major Categories of Sales-Related Deductions
A rollforward of the major categories of sales-related deductions for the three months ended March 31, 2026 is as follows (in thousands):
Contract
Charge - Backs
and Sales
Volume
Allowances		Cash Discount
Allowances		Accrued
Returns
Allowance		Accrued
Medicaid and
Commercial
Rebates
Balance at December 31, 2025$801,186 $40,992 $179,471 $119,486 
Provision related to sales recorded in the period949,343 32,792 19,684 33,368 
Credits/payments issued during the period(1,109,817)(41,415)(19,020)(71,119)
Balance at March 31, 2026$640,712 $32,369 $180,135 $81,735 
v3.26.1
Alliance and Collaboration (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Company’s Alliance and Collaboration Agreements
The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
Party
Caption in Statement of Operations20262025
Orion Corporation
Research and development (1)
$(683)$(1,134)
Orion Corporation
Research and development (2)
$(286)$(478)
Pfizer Inc. (formerly Metsera, Inc.)
Other operating income (3)
$(6,877)$— 
(1)Deferred income was recognized as a reduction to R&D expense as services were performed under the Orion Agreement.
(2)Reimbursable R&D services performed under the Orion Agreement were recorded as a reduction to R&D expense.
(3)Gain from derecognizing financing obligation (refer to the Pfizer Collaboration Agreement section below).
The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of March 31, 2026 and December 31, 2025 (in thousands):
Party
Caption in Balance Sheet
March 31, 2026December 31, 2025
Orion Corporation
Accounts payable and accrued expenses (1)
$4,328 $4,811 
Orion Corporation
Other long-term liabilities (1)
$614 $814 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
mAbxience S.L.
Accounts payable and accrued expenses (2)
$— $7,500 
Pfizer Inc. (formerly Metsera, Inc.)
Prepaid expenses and other current assets (3)
$— $321 
Pfizer Inc. (formerly Metsera, Inc.)
Other long-term liabilities (4)
$10,552 $9,378 
(1)Comprised of deferred income as of March 31, 2026 and December 31, 2025.
(2)Comprised of an accrued milestone as of December 31, 2025 for a Food and Drug Administration (“FDA”) approval.
(3)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2025.
(4)Comprised of construction costs contributed, as defined in the Company’s collaboration agreement with Pfizer Inc. (“Pfizer”). As of March 31, 2026, the funding received from Pfizer represented a contract obligation for future manufacturing services (deferred income). As of December 31, 2025 the funding received from Pfizer was allocated between two performance obligations: (i.) a financing obligation in accordance with ASC 470, Debt of $6.4 million and (ii.) a contract obligation for future manufacturing services of $3.0 million (refer to the Pfizer Collaboration Agreement section below).
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Set forth in the following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended March 31,
20262025
Provision for income taxes$2,176 $12,868 
Effective tax rate2.7 %34.3 %
Schedule of Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands):
Statements of Operations
Three Months Ended March 31,
20262025
(Decrease) increase in tax receivable agreement liability$(2,333)$10,687 
March 31, 2026December 31, 2025
Tax receivable agreement liability - short term (1)
$16,323 $38,832 
Tax receivable agreement liability - long term (1)
— 18,656 
Total$16,323 $57,488 
(1) Refer to Note 18. Related Party Transactions.
v3.26.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of (Loss) Earnings per Share, Basic and Diluted
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
Three Months Ended
March 31,
20262025
Numerator:
Net income attributable to Amneal Pharmaceuticals, Inc.
$62,256 $12,195 
Denominator:
Weighted-average shares outstanding - basic
316,023 311,054 
Effect of dilutive securities:
Stock options742 1,097 
Restricted stock units
5,220 5,624 
Performance stock units6,948 6,186 
Weighted-average shares outstanding - diluted
328,933 323,961 
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$0.20 $0.04 
Diluted
$0.19 $0.04 
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) per Share
The following table presents potentially dilutive securities excluded from the computations of diluted earnings per share of Class A common stock (in thousands):
Three Months Ended March 31,
20262025
Stock options (1)
293 347 
Performance stock units (2)
1,847 1,961 
(1)Excluded from the computation of diluted earnings per share of Class A common stock because the exercise price of the stock options exceeded the average market price of the Class A common stock during the period (out-of-the-money).
(2)Excluded from the computation of diluted earnings per share of Class A common stock because the performance vesting conditions were not met during the period.
v3.26.1
Trade Accounts Receivable, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Gross accounts receivable$1,527,006 $1,740,324 
Allowance for credit losses(3,065)(3,003)
Contract charge-backs and sales volume allowances(640,712)(801,186)
Cash discount allowances(32,369)(40,992)
Subtotal(676,146)(845,181)
Trade accounts receivable, net$850,860 $895,143 
Schedules of Percent of Gross Trade Receivables
Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:
March 31,
2026		December 31,
2025
Customer A33 %39 %
Customer B26 %23 %
Customer C26 %26 %
v3.26.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories were comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Raw materials
$229,124 $227,353 
Work in process
63,081 55,455 
Finished goods
349,413 323,494 
Total inventories$641,618 $606,302 
v3.26.1
Prepaid Expenses and Other Current Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were comprised of the following (in thousands):
March 31,
2026		December 31,
2025
Deposits and advances$2,961 $4,437 
Prepaid insurance5,028 6,723 
Prepaid regulatory fees5,374 8,109 
Income and other tax receivables20,005 18,662 
Prepaid taxes13,492 17,068 
Accrued royalty income
16,858 14,332 
Other current receivables
6,165 5,295 
Chargebacks receivable
8,256 5,972 
Other prepaid assets24,952 17,797 
Total prepaid expenses and other current assets$103,091 $98,395 
v3.26.1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in goodwill by segment were as follows (in thousands):
Affordable MedicinesSpecialtyAvKARETotal
Balance as of December 31, 2024$161,659 $366,312 $69,465 $597,436 
Currency translation(1,966)— — (1,966)
Balance as of December 31, 2025159,693 366,312 69,465 595,470 
Currency translation(1,670)— — (1,670)
Balance as of March 31, 2026$158,023 $366,312 $69,465 $593,800 
Schedule of Finite-Lived Intangible Assets
Intangible assets as of March 31, 2026 and December 31, 2025 were comprised of the following (in thousands):
March 31, 2026December 31, 2025
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.2$1,520,423 $(1,004,479)$515,944 $1,519,694 $(977,819)$541,875 
Other intangible assets1.782,700 (71,875)10,825 82,700 (69,177)13,523 
Total
1,603,123 (1,076,354)526,769 1,602,394 (1,046,996)555,398 
In-process research and development8,100 — 8,100 8,100 — 8,100 
Total intangible assets$1,611,223 $(1,076,354)$534,869 $1,610,494 $(1,046,996)$563,498 
v3.26.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Other Assets [Abstract]  
Schedule of Other Assets
Other assets were comprised of the following (in thousands):
March 31, 2026December 31, 2025
Interest rate swap (1)
$10,150 $5,756 
Security deposits 3,762 3,932 
Long-term deposits and prepaid expenses
28,246 33,615 
Deferred revolving credit facility costs4,910 5,197 
Long-term restricted cash
2,578 2,068 
Other long-term assets
5,234 7,237 
Total other assets
$54,880 $57,805 
(1)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.26.1
Accounts Payable and Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses were comprised of the following (in thousands):
March 31, 2026December 31, 2025
Accounts payable$227,675 $254,671 
Accrued returns allowance (1)
180,135 179,471 
Accrued compensation54,271 79,886 
Accrued Medicaid and commercial rebates (1)
81,735 119,486 
Accrued royalties24,144 30,040 
Accrued professional fees22,879 14,514 
Accrued interest7,975 18,663 
Accrued other64,161 64,585 
Total accounts payable and accrued expenses$662,975 $761,316 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2025 to March 31, 2026.
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The following is a summary of the Company’s indebtedness under its term loans and senior notes (in thousands):
March 31, 2026December 31, 2025
Term Loan Due 2032$2,089,500 $2,094,750 
Senior Notes Due 2032600,000 600,000 
Total debt2,689,500 2,694,750 
Less: debt issuance costs(117,742)(122,874)
Total debt, net of debt issuance costs2,571,758 2,571,876 
Less: current portion of long-term debt(6,200)(6,761)
Total long-term debt, net$2,565,558 $2,565,115 
v3.26.1
Other Long-Term Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Other Liabilities Disclosure [Abstract]  
Schedule of Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

March 31, 2026December 31, 2025
Long-term compensation$10,852 $11,354 
Deferred income (1)
14,663 7,324 
Other long-term liabilities1,232 13,585 
Total other long-term liabilities$26,747 $32,263 
(1)Deferred income was primarily from alliance and collaboration agreements with Orion Corporation, Zambon Biotech S.A., and Pfizer. Refer to Note 3. Alliance and Collaboration for additional information.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table sets forth the Company’s financial assets that were measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):
Fair Value Measurement Based on
March 31, 2026TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$10,150 $— $10,150 $— 
December 31, 2025
Assets
Interest rate swap (1)
$5,756 $— $5,756 $— 
(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial information and certain assumptions regarding past, present, and future market conditions. Refer to Note 15. Financial Instruments for information on the Company’s interest rate swap.
Schedule of the Company’s Indebtedness at Fair Value
The following is a summary of the Company’s indebtedness at fair value (in thousands):
March 31, 2026December 31, 2025
Term Loan Due 2032$2,096,030 $2,115,698 
Senior Notes Due 2032$618,000 $633,000 
v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
March 31, 2026December 31, 2025
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$10,150 Other Assets$5,756 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Liabilities Related to Legal Matters
Liabilities for legal matters were comprised of the following (in thousands):
MatterMarch 31, 2026December 31, 2025
Civil prescription opioid litigation (1)
$9,283 $42,271 
Other
1,267 985 
Current portion of liabilities for legal matters$10,550 $43,256 
Civil prescription opioid litigation (Liabilities for legal matters - long term)(1)
$70,021 $71,819 
(1)As of March 31, 2026, the total current and long-term liabilities of $79.3 million for civil prescription opioid litigation were primarily comprised of a $78.6 million liability for the Nationwide Opioids Settlement Agreement effective January 23, 2026, as defined and described in the section Civil Prescription Opioid Litigation below. Of the $78.6 million accrued for this settlement agreement, $77.5 million was for cash payments and $1.1 million was for the supply of naloxone nasal spray.
Schedule of Cash Payments
As of March 31, 2026, the remaining cash payments under the Nationwide Opioids Settlement Agreement, due on March 1 of each year, were as follows (in thousands):
Amount Due
2027$12,670 
202812,389 
202912,389 
203012,389 
203111,939 
2032 to 2034
35,816 
Total settlement payments$97,592 
Less: imputed interest at a rate of 5.5%
(20,062)
Total $77,530 
v3.26.1
Stockholders’ Deficiency (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss by Component
Changes in accumulated other Comprehensive loss by component were as follows (in thousands):
Foreign
currency
translation
adjustments
Unrealized (loss) gain on cash
flow hedge, net
of tax
Other
Accumulated
other
comprehensive loss
December 31, 2025$(90,545)$(14,844)$(5,340)$(110,729)
Other comprehensive (loss) gain before reclassification
(8,830)4,394 136 (4,300)
Reclassification of cash flow hedge to earnings, net of tax of $0
— 2,878 — 2,878 
March 31, 2026$(99,375)$(7,572)$(5,204)$(112,151)
December 31, 2024$(71,860)$6,350 $— $(65,510)
Other comprehensive loss before reclassification
(1,632)(12,154)— (13,786)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (6,444)— (6,444)
March 31, 2025$(73,492)$(12,248)$— $(85,740)
v3.26.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the Company’s related party transactions (in thousands):
Three Months Ended March 31,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations20262025
Kashiv Biosciences LLC
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$3,695 $4,231 
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$2,428 $4,323 
Development and commercialization agreement - Pegfilgrastim Auto Injector - milestoneResearch and development$500 $— 
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses and net revenue$(94)$(182)
Storage agreementResearch and development$— $(47)
Parking space leaseResearch and development$— $25 
Other Related Parties
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$5,329 $5,135 
Members - tax receivable agreement(Decrease) increase in tax receivable agreement liability$(2,333)$10,687 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$807 $2,317 
Kanan, LLC - operating leaseInventory and cost of goods sold$630 $592 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$333 $324 
Avtar Investments, LLC - consulting servicesResearch and development$60 $60 
Tracy Properties LLC - operating leaseSelling, general and administrative$53 $177 
AvPROP, LLC - operating leaseSelling, general and administrative$35 $53 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$— $4,270 
R&S Solutions - equipment purchaseProperty, plant and equipment$— $160 
Alkermes PlcInventory and cost of goods sold$— $92 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
March 31, 2026December 31, 2025
Kashiv - various agreements$413 $413 
AzaTech Pharma LLC95 56 
Apace Packaging, LLC - packaging agreement— 1 
Related party receivables - short term $508 $470 
Members - tax receivable agreement$16,323 $38,832 
Kashiv - various agreements14,303 14,980 
Apace Packaging, LLC - packaging agreement1,885 1,353 
AzaTech Pharma LLC - supply agreement450 254 
Avtar Investments LLC - consulting services40 40 
Kanan, LLC - rent related38 — 
Tracy Properties LLC— 26 
Related party payables - short term $33,039 $55,485 
Land purchase from family members of the Co-Chief Executive Officers$456 $476 
Members - tax receivable agreement— 18,656 
Related party payables - long term $456 $19,132 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended March 31, 2026
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$423,237 $133,265 $166,017 $— $722,519 
Cost of goods sold232,444 43,020 126,942 — 402,406 
Gross profit190,793 90,245 39,075 — 320,113 
Selling, general and administrative41,318 34,691 A16,680 46,171 138,860 
Research and development33,286 B5,097 B— — 38,383 
Intellectual property legal development expenses1,493 49 — — 1,542 
Acquisition costs— — — 5,153 5,153 
Restructuring and other charges— 347 — 303 650 
Charges related to legal matters, net694 — — — 694 
Other operating income(6,941)— — — (6,941)
Operating income (loss)$120,943 $50,061 $22,395 $(51,627)$141,772 
Three Months Ended March 31, 2025
Affordable Medicines (1)
SpecialtyAvKARE Corporate
and Other		Total
Company
Net revenue$414,708 $108,297 $172,415 $— $695,420 
Cost of goods sold242,633 53,083 143,813 — 439,529 
Gross profit172,075 55,214 28,602 — 255,891 
Selling, general and administrative33,715 30,978 A15,694 37,901 118,288 
Research and development30,980 B9,060 B— — 40,040 
Intellectual property legal development expenses1,713 54 — — 1,767 
Restructuring and other charges— 130 — 441 571 
Other operating income(5,122)— — — (5,122)
Operating income (loss)$110,789 $14,992 $12,908 $(38,342)$100,347 
(1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in Affordable Medicines.
Significant Expense Categories Provided to the Chief Operating Decision Makers
Selling, General and Administrative Expenses - Specialty Segment
A.The CODMs review certain selling, general and administrative expenses (“SG&A”) for the Specialty segment and, separately, on a departmental basis. The CODMs review SG&A for the Affordable Medicines and AvKARE segments in total. SG&A for the Specialty segment was comprised of the following (in thousands):
Three Months Ended March 31,
20262025
Employee compensation and benefits$11,935 $10,872 
Product marketing7,817 8,011 
Commercial operations and salesforce13,773 10,791 
Other (1)
1,166 1,304 
Total$34,691 $30,978 
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B.Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
Three Months Ended March 31,
20262025
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$13,023 $1,319 $13,541 $1,540 
Materials and supplies8,815 60 8,527 203 
Product development and studies (1)
925 2,778 (69)2,319 
Milestones500 — 250 3,000 
Facilities costs1,490 35 1,634 750 
Regulatory fees2,394 — — — 
Other (2)
6,139 905 7,097 1,248 
Total$33,286 $5,097 $30,980 $9,060 
(1)For the three months ended March 31, 2026 and 2025, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $1.0 million and $1.6 million, respectively, as reductions to product development and studies expense for services performed under the license agreement with Orion Corporation. Refer to Note 3. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes repairs and maintenance, outside testing, professional fees and other expenses not presented to the CODMs.
v3.26.1
Revenue Recognition - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Customer A    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 24.00% 24.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 16.00% 15.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 19.00% 21.00%
v3.26.1
Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Net revenue $ 722,519 $ 695,420
Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 423,237 414,708
AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue 166,017 172,415
Oral solid | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 171,100 178,953
Transdermal | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 73,963 43,063
Injectable | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 49,938 34,788
Auto-Injector | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 41,912 48,160
Biosimilar | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 22,301 28,540
Oral liquid | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 12,092 23,548
Other dosage forms | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 46,612 56,422
Subtotal dosage forms | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 417,918 413,474
International | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 5,319 1,234
Central nervous system | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 83,383 67,610
Hormonal / allergy | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 35,932 34,199
Other therapeutic classes | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 13,950 6,488
Subtotal therapeutic classes | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 133,265 108,297
Distribution | AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue 89,149 104,895
Government label | AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue 59,949 50,140
Institutional | AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue 9,819 11,009
Other | AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue $ 7,100 $ 6,371
v3.26.1
Revenue Recognition - Schedule of Major Categories of Sales-Related Deductions (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Contract Charge - Backs and Sales Volume Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period $ 801,186
Provision related to sales recorded in the period 949,343
Credits/payments issued during the period (1,109,817)
Balance, end of period 640,712
Cash Discount Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 40,992
Provision related to sales recorded in the period 32,792
Credits/payments issued during the period (41,415)
Balance, end of period 32,369
Accrued Returns Allowance  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 179,471
Provision related to sales recorded in the period 19,684
Credits/payments issued during the period (19,020)
Balance, end of period 180,135
Accrued Medicaid and Commercial Rebates  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 119,486
Provision related to sales recorded in the period 33,368
Credits/payments issued during the period (71,119)
Balance, end of period $ 81,735
v3.26.1
Alliance and Collaboration - Schedule of Company’s Alliance and Collaboration Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Orion Corporation | Accounts payable and accrued expenses      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income $ 4,328   $ 4,811
Orion Corporation | Other long-term liabilities      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income 614   814
Orion Corporation | Research and development expense      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Collaborative arrangement license revenue agreement (683) $ (1,134)  
Orion Corporation | Reimbursable research and development      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Collaborative arrangement license revenue agreement (286) (478)  
Zambon Biotech S.A. | Other long-term liabilities      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income 2,530   2,530
mAbxience S.L. | Accounts payable and accrued expenses      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income 0   7,500
Pfizer Inc. (formerly Metsera, Inc.)      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Proceeds from financing obligations     6,400
Deferred income from manufacturing services     3,000
Pfizer Inc. (formerly Metsera, Inc.) | Other long-term liabilities      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income 10,552   9,378
Pfizer Inc. (formerly Metsera, Inc.) | Prepaid expenses and other current assets      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income 0   $ 321
Pfizer Inc. (formerly Metsera, Inc.) | Other operating income      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Collaborative arrangement license revenue agreement $ (6,877) $ 0  
v3.26.1
Alliance and Collaboration - Narrative (Details) - Pfizer Arrangement - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2026
Jan. 29, 2026
Mar. 31, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Collaborative arrangement term (in years) 4 years 7 years  
Pfizer Inc. (formerly Metsera, Inc.)      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Maximum potential future construction costs     $ 100.0
Collaborative arrangement on financing obligation     $ 6.9
v3.26.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Provision for income taxes $ 2,176 $ 12,868
Effective tax rate 2.70% 34.30%
v3.26.1
Income Taxes - Schedule of Tax Receivable Agreement (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]      
(Decrease) increase in tax receivable agreement liability $ (2,333) $ 10,687  
Tax receivable agreement liability - short term 16,323   $ 38,832
Tax receivable agreement liability - long term 0   18,656
Total $ 16,323   $ 57,488
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Decrease (increase) in tax receivable agreement liability $ 2,333 $ (10,687)
Payments for tax receivable agreement 38,800  
Income tax, liabilities under tax receivable agreement unrecorded $ 131,400  
v3.26.1
Earnings per Share - Computation of Basic and Diluted (Loss) Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income attributable to Amneal Pharmaceuticals, Inc. $ 62,256 $ 12,195
Denominator:    
Weighted-average shares outstanding - basic (in shares) 316,023 311,054
Effect of dilutive securities:    
Weighted-average shares outstanding - diluted (in shares) 328,933 323,961
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:    
Basic (in dollars per share) $ 0.20 $ 0.04
Diluted (in dollars per share) $ 0.19 $ 0.04
Net income (loss) attributable to Amneal Pharmaceuticals, Inc., diluted $ 62,256 $ 12,195
Stock options    
Effect of dilutive securities:    
Effect of dilutive securities (in shares) 742 1,097
Restricted stock units    
Effect of dilutive securities:    
Effect of dilutive securities (in shares) 5,220 5,624
Performance stock units    
Effect of dilutive securities:    
Effect of dilutive securities (in shares) 6,948 6,186
v3.26.1
Earnings per Share - Securities Excluded from Diluted Earnings (Loss) per Share Computation (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from earnings per share (in shares) 293 347
Performance stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from earnings per share (in shares) 1,847 1,961
v3.26.1
Trade Accounts Receivable, Net - Schedule of Trade Accounts Receivable, Net (Details) - Nonrelated Party - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Related Party Transaction [Line Items]    
Gross accounts receivable $ 1,527,006 $ 1,740,324
Allowance for credit losses (3,065) (3,003)
Contract charge-backs and sales volume allowances (640,712) (801,186)
Cash discount allowances (32,369) (40,992)
Subtotal (676,146) (845,181)
Trade accounts receivable, net $ 850,860 $ 895,143
v3.26.1
Trade Accounts Receivable, Net - Concentration of Receivables (Details) - Customer Concentration Risk - Accounts Receivable
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Customer A    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 33.00% 39.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 26.00% 23.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 26.00% 26.00%
v3.26.1
Inventories - Schedule of Components of Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 229,124 $ 227,353
Work in process 63,081 55,455
Finished goods 349,413 323,494
Total inventories $ 641,618 $ 606,302
v3.26.1
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deposits and advances $ 2,961 $ 4,437
Prepaid insurance 5,028 6,723
Prepaid regulatory fees 5,374 8,109
Income and other tax receivables 20,005 18,662
Prepaid taxes 13,492 17,068
Accrued royalty income 16,858 14,332
Other current receivables 6,165 5,295
Chargebacks receivable 8,256 5,972
Other prepaid assets 24,952 17,797
Total prepaid expenses and other current assets $ 103,091 $ 98,395
v3.26.1
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Roll Forward]    
Beginning, balance of period $ 595,470 $ 597,436
Currency translation (1,670) (1,966)
Ending, balance of period 593,800 595,470
Affordable Medicines    
Goodwill [Roll Forward]    
Beginning, balance of period 159,693 161,659
Currency translation (1,670) (1,966)
Ending, balance of period 158,023 159,693
Specialty    
Goodwill [Roll Forward]    
Beginning, balance of period 366,312 366,312
Currency translation 0 0
Ending, balance of period 366,312 366,312
AvKARE    
Goodwill [Roll Forward]    
Beginning, balance of period 69,465 69,465
Currency translation 0 0
Ending, balance of period $ 69,465 $ 69,465
v3.26.1
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,603,123 $ 1,602,394
Accumulated Amortization (1,076,354) (1,046,996)
Net 526,769 555,398
In-process research and development 8,100 8,100
Intangible assets, cost 1,611,223 1,610,494
Intangible assets, net $ 534,869 563,498
Product rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 6 years 2 months 12 days  
Cost $ 1,520,423 1,519,694
Accumulated Amortization (1,004,479) (977,819)
Net $ 515,944 541,875
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 1 year 8 months 12 days  
Cost $ 82,700 82,700
Accumulated Amortization (71,875) (69,177)
Net $ 10,825 $ 13,523
v3.26.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets $ 30,000,000.0 $ 45,200,000
Intangible asset impairment charges $ 0 $ 0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net
v3.26.1
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Other Assets [Line Items]    
Total other assets $ 54,880 $ 57,805
Interest rate swap    
Other Assets [Line Items]    
Total other assets 10,150 5,756
Security deposits    
Other Assets [Line Items]    
Total other assets 3,762 3,932
Long-term deposits and prepaid expenses    
Other Assets [Line Items]    
Total other assets 28,246 33,615
Deferred revolving credit facility costs    
Other Assets [Line Items]    
Total other assets 4,910 5,197
Long-term restricted cash    
Other Assets [Line Items]    
Total other assets 2,578 2,068
Other long-term assets    
Other Assets [Line Items]    
Total other assets $ 5,234 $ 7,237
v3.26.1
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - Nonrelated Party - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Related Party Transaction [Line Items]    
Accounts payable $ 227,675 $ 254,671
Accrued returns allowance 180,135 179,471
Accrued compensation 54,271 79,886
Accrued Medicaid and commercial rebates 81,735 119,486
Accrued royalties 24,144 30,040
Accrued professional fees 22,879 14,514
Accrued interest 7,975 18,663
Accrued other 64,161 64,585
Accounts payable and accrued expenses $ 662,975 $ 761,316
v3.26.1
Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt $ 2,689,500 $ 2,694,750
Less: debt issuance costs (117,742) (122,874)
Total debt, net of debt issuance costs 2,571,758 2,571,876
Less: current portion of long-term debt (6,200) (6,761)
Total long-term debt, net 2,565,558 2,565,115
Term Loan Due 2032 | Term Loan    
Debt Instrument [Line Items]    
Total debt 2,089,500 2,094,750
Senior Notes Due 2032 | Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 600,000 $ 600,000
v3.26.1
Debt - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 02, 2026
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]      
Loss on refinancing   $ 3,510 $ 0
Term Loan Due 2032 | Term Loan      
Debt Instrument [Line Items]      
Reduction in basis spread on variable rate 0.50%    
Loss on refinancing   $ 3,500  
Term Loan Due 2032 | Term Loan | SOFR      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent) 3.00%    
Term Loan Due 2032 | Term Loan | Base Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent) 2.00%    
v3.26.1
Other Long-Term Liabilities (Details) - Nonrelated Party - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Other Liabilities [Line Items]    
Long-term compensation $ 10,852 $ 11,354
Deferred revenue 14,663 7,324
Other long-term liabilities 1,232 13,585
Total other long-term liabilities $ 26,747 $ 32,263
v3.26.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Interest rate swap - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Derivative asset $ 10,150 $ 5,756
Quoted Prices in Active Markets (Level 1)    
Assets    
Derivative asset 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Derivative asset 10,150 5,756
Significant Unobservable Inputs (Level 3)    
Assets    
Derivative asset $ 0 $ 0
v3.26.1
Fair Value Measurements - Schedule of the Company’s Indebtedness at Fair Value (Details) - Level 2 - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Term Loan Due 2032 | Term Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 2,096,030 $ 2,115,698
Senior Notes Due 2032 | Senior Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 618,000 $ 633,000
v3.26.1
Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]        
Accumulated other comprehensive loss $ (45,969) $ (132,000) $ (71,329) $ (109,512)
Unrealized (loss) gain on cash flow hedge, net of tax        
Derivative [Line Items]        
Accumulated other comprehensive loss (7,572) (12,248) (14,844) $ 6,350
Designated as Hedging Instrument | Unrealized (loss) gain on cash flow hedge, net of tax        
Derivative [Line Items]        
Derivative gain (loss) reclassified from accumulated oci into income (loss) (2,900) $ 6,400    
Accumulated other comprehensive loss (7,600)   $ (14,800)  
Cash flow hedge loss to be reclassified within 12 months $ 11,700      
v3.26.1
Financial Instruments - Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivatives Designated as Hedging Instruments | Variable-to-fixed interest rate swap | Other Assets    
Derivative [Line Items]    
Fair Value $ 10,150 $ 5,756
v3.26.1
Commitments and Contingencies - Schedule of Liabilities For Legal Matters (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 10,550 $ 43,256
Liabilities for legal matters - long term 70,021 71,819
Liability for legal matters 79,300  
Civil prescription opioid litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 9,283 42,271
Liabilities for legal matters - long term 70,021 71,819
Liability for legal matters 78,600  
Liability to be settled with cash 77,500  
Liability to be settled with products 1,100  
Other    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 1,267 $ 985
v3.26.1
Commitment and Contingencies - Schedule of Cash Payments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2027 $ 12,670
2028 12,389
2029 12,389
2030 12,389
2031 11,939
2032 to 2034 35,816
Total settlement payments 97,592
Less: imputed interest at a rate of 5.5% (20,062)
Total $ 77,530
Imputed interest rate 5.50%
v3.26.1
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended 48 Months Ended
Feb. 26, 2026
USD ($)
case
Jan. 29, 2026
USD ($)
Jan. 23, 2026
USD ($)
May 07, 2025
USD ($)
Apr. 30, 2024
USD ($)
$ / twinPack
Mar. 31, 2026
USD ($)
state
case
Mar. 31, 2026
USD ($)
state
case
Mar. 31, 2025
USD ($)
Dec. 31, 2020
state
complaint
Dec. 31, 2019
state
complaint
Dec. 31, 2034
USD ($)
Feb. 25, 2026
case
Dec. 31, 2025
USD ($)
May 15, 2023
Loss Contingencies [Line Items]                            
Charges related to legal matters, net             $ 694 $ 0            
Escrow deposit                         $ 24,200  
Forecast                            
Loss Contingencies [Line Items]                            
Payments for legal settlements                     $ 133,500      
Civil Prescription Opioids Settlement Agreement                            
Loss Contingencies [Line Items]                            
Payments for legal settlements $ 12,100   $ 23,800                      
United States Department of Justice Investigations                            
Loss Contingencies [Line Items]                            
Percentage of prescribed label (percent)                           1.00%
Generic Digoxin and Doxycycline Antitrust Litigation                            
Loss Contingencies [Line Items]                            
Number of states, filed civil lawsuit | state                 43 43        
Loss contingency, new claims filed, number | complaint                 2 2        
Civil prescription opioid litigation                            
Loss Contingencies [Line Items]                            
Number of cases filed | case 105                     800    
Number of cases filed in MDL and other federal courts | case 53                          
Number of cases filed in state courts | case 52                          
Number of states with cases | state           5 5              
Litigation settlement amount           $ 11,600                
Litigation settlement agreement terms         10 years                  
Litigation settlement on product             $ 21,200              
Litigation settlement discount on expected payments   $ 20,800                        
Civil prescription opioid litigation | Forecast                            
Loss Contingencies [Line Items]                            
Payments for legal settlements                     41,400      
Equal distributions, amount                     $ 10,400      
Civil prescription opioid litigation | Litigation Settlement, Option One                            
Loss Contingencies [Line Items]                            
Litigation settlement amount         $ 92,500                  
Litigation settlement, product supply amount         $ 177,400                  
Litigation settlement, product supply price (in USD per twin pack) | $ / twinPack         125                  
Civil prescription opioid litigation | Litigation Settlement, Option One | Maximum                            
Loss Contingencies [Line Items]                            
Litigation settlement amount         $ 136,900                  
Civil prescription opioid litigation | Litigation Settlement, Option Two                            
Loss Contingencies [Line Items]                            
Litigation settlement amount         $ 44,400                  
Litigation settlement, percentage of product value         25.00% 25.00% 25.00%              
Litigation settlement agreement terms         4 years                  
Ranitidine Litigation                            
Loss Contingencies [Line Items]                            
Number of cases | case           95 95              
Number of states with cases | state           4 4              
Carickhoff v. Amneal Pharmaceuticals Inc., et al.                            
Loss Contingencies [Line Items]                            
Loss contingency, damages sought, value       $ 55,400                    
v3.26.1
Stockholders’ Deficiency - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance $ (71,329) $ (109,512)
Other comprehensive (loss) gain before reclassification (4,300) (13,786)
Reclassification of cash flow hedge to earnings, net of tax of $0 2,878 (6,444)
Stockholders' equity ending balance (45,969) (132,000)
Reclassification of cash flow hedge to earnings, net of tax 0 0
Accumulated other comprehensive loss    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (110,729) (65,510)
Stockholders' equity ending balance (112,151) (85,740)
Foreign currency translation adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (90,545) (71,860)
Other comprehensive (loss) gain before reclassification (8,830) (1,632)
Reclassification of cash flow hedge to earnings, net of tax of $0 0 0
Stockholders' equity ending balance (99,375) (73,492)
Unrealized (loss) gain on cash flow hedge, net of tax    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (14,844) 6,350
Other comprehensive (loss) gain before reclassification 4,394 (12,154)
Reclassification of cash flow hedge to earnings, net of tax of $0 2,878 (6,444)
Stockholders' equity ending balance (7,572) (12,248)
Other    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (5,340) 0
Other comprehensive (loss) gain before reclassification 136 0
Reclassification of cash flow hedge to earnings, net of tax of $0 0 0
Stockholders' equity ending balance $ (5,204) $ 0
v3.26.1
Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Related Party      
Related Party Transaction [Line Items]      
Related party receivables - short term $ 508   $ 470
Accounts payable and accrued expenses 33,039   55,485
Related party payables - long term 456   19,132
Kashiv Biosciences LLC | Related Party      
Related Party Transaction [Line Items]      
Related party receivables - short term 413   413
Accounts payable and accrued expenses 14,303   14,980
Kashiv Biosciences LLC | Cost of goods sold      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 3,695 $ 4,231  
Kashiv Biosciences LLC | Inventory and cost of goods sold      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 2,428 4,323  
Kashiv Biosciences LLC | Research and development - Development and commercialization agreement - Pegfilgrastim Auto Injector - milestone      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 500 0  
Kashiv Biosciences LLC | Accounts payable and accrued expenses and net revenue      
Related Party Transaction [Line Items]      
Amounts of transaction with related party (94) (182)  
Kashiv Biosciences LLC | Research and Development - Storage Agreement      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 0 (47)  
Kashiv Biosciences LLC | Research and Development - Parking Space Lease      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 0 25  
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement | Related Party      
Related Party Transaction [Line Items]      
Accounts payable and accrued expenses 1,885   1,353
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement | Inventory and cost of goods sold      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 5,329 5,135  
Members - tax receivable agreement | Related Party      
Related Party Transaction [Line Items]      
Accounts payable and accrued expenses 16,323   38,832
Related party payables - long term 0   18,656
Members - tax receivable agreement | (Decrease) increase in tax receivable agreement liability      
Related Party Transaction [Line Items]      
Amounts of transaction with related party (2,333) 10,687  
AzaTech Pharma LLC - supply agreement | Related Party      
Related Party Transaction [Line Items]      
Accounts payable and accrued expenses 450   254
AzaTech Pharma LLC - supply agreement | Inventory and cost of goods sold      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 807 2,317  
Kanan, LLC - operating lease | Inventory and cost of goods sold      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 630 592  
Sutaria Family Realty, LLC - operating lease | Inventory and cost of goods sold      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 333 324  
Avtar Investments, LLC - consulting services | Related Party      
Related Party Transaction [Line Items]      
Accounts payable and accrued expenses 40   40
Avtar Investments, LLC - consulting services | Research and development      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 60 60  
Tracy Properties LLC - operating lease | Related Party      
Related Party Transaction [Line Items]      
Accounts payable and accrued expenses 0   26
Tracy Properties LLC - operating lease | Selling, General and Administrative - Operating Lease      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 53 177  
AvPROP, LLC - operating lease | Selling, General and Administrative - Operating Lease      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 35 53  
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreements | Research and development      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 0 4,270  
R&S Solutions - equipment purchase | Property, plant and equipment      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 0 160  
Alkermes Plc | Inventory and cost of goods sold      
Related Party Transaction [Line Items]      
Amounts of transaction with related party 0 $ 92  
AzaTech Pharma LLC | Related Party      
Related Party Transaction [Line Items]      
Related party receivables - short term 95   56
Apace Packaging, LLC - packaging agreement | Related Party      
Related Party Transaction [Line Items]      
Related party receivables - short term 0   1
Kanan, LLC - rent related | Related Party      
Related Party Transaction [Line Items]      
Accounts payable and accrued expenses 38   0
Land purchase from family members of the Co-Chief Executive Officers | Related Party      
Related Party Transaction [Line Items]      
Related party payables - long term $ 456   $ 476
v3.26.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.26.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Net revenue $ 722,519 $ 695,420
Cost of goods sold 402,406 439,529
Gross profit 320,113 255,891
Selling, general and administrative 138,860 118,288
Research and development 38,383 40,040
Intellectual property legal development expenses 1,542 1,767
Acquisition costs 5,153 0
Restructuring and other charges 650 571
Charges related to legal matters, net 694 0
Other operating income (6,941) (5,122)
Operating income (loss) 141,772 100,347
Affordable Medicines    
Segment Reporting Information [Line Items]    
Net revenue 423,237 414,708
AvKARE    
Segment Reporting Information [Line Items]    
Net revenue 166,017 172,415
Operating Segments | Affordable Medicines    
Segment Reporting Information [Line Items]    
Net revenue 423,237 414,708
Cost of goods sold 232,444 242,633
Gross profit 190,793 172,075
Selling, general and administrative 41,318 33,715
Research and development 33,286 30,980
Intellectual property legal development expenses 1,493 1,713
Acquisition costs 0  
Restructuring and other charges 0 0
Charges related to legal matters, net 694  
Other operating income (6,941) (5,122)
Operating income (loss) 120,943 110,789
Operating Segments | Specialty    
Segment Reporting Information [Line Items]    
Net revenue 133,265 108,297
Cost of goods sold 43,020 53,083
Gross profit 90,245 55,214
Selling, general and administrative 34,691 30,978
Research and development 5,097 9,060
Intellectual property legal development expenses 49 54
Acquisition costs 0  
Restructuring and other charges 347 130
Charges related to legal matters, net 0  
Other operating income 0 0
Operating income (loss) 50,061 14,992
Operating Segments | AvKARE    
Segment Reporting Information [Line Items]    
Net revenue 166,017 172,415
Cost of goods sold 126,942 143,813
Gross profit 39,075 28,602
Selling, general and administrative 16,680 15,694
Research and development 0 0
Intellectual property legal development expenses 0 0
Acquisition costs 0  
Restructuring and other charges 0 0
Charges related to legal matters, net 0  
Other operating income 0 0
Operating income (loss) 22,395 12,908
Corporate and Other    
Segment Reporting Information [Line Items]    
Net revenue 0 0
Cost of goods sold 0 0
Gross profit 0 0
Selling, general and administrative 46,171 37,901
Research and development 0 0
Intellectual property legal development expenses 0 0
Acquisition costs 5,153  
Restructuring and other charges 303 441
Charges related to legal matters, net 0  
Other operating income 0 0
Operating income (loss) $ (51,627) $ (38,342)
v3.26.1
Segment Information - Schedule of Selling, General and Administrative Expenses on a Departmental Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total $ 138,860 $ 118,288
Selling, General and Administrative Expenses | Specialty    
Segment Reporting Information [Line Items]    
Employee compensation and benefits 11,935 10,872
Product marketing 7,817 8,011
Commercial operations and salesforce 13,773 10,791
Other 1,166 1,304
Total $ 34,691 $ 30,978
v3.26.1
Segment Information - Schedule of Research and Development Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total $ 38,383 $ 40,040
Research and development expense | Affordable Medicines    
Segment Reporting Information [Line Items]    
Employee compensation and benefits 13,023 13,541
Materials and supplies 8,815 8,527
Product development and studies 925 (69)
Milestones 500 250
Facilities costs 1,490 1,634
Regulatory fees 2,394 0
Other 6,139 7,097
Total 33,286 30,980
Research and development expense | Affordable Medicines | Orion Corporation    
Segment Reporting Information [Line Items]    
Product development and studies (1,000) (1,600)
Research and development expense | Specialty    
Segment Reporting Information [Line Items]    
Employee compensation and benefits 1,319 1,540
Materials and supplies 60 203
Product development and studies 2,778 2,319
Milestones 0 3,000
Facilities costs 35 750
Regulatory fees 0 0
Other 905 1,248
Total $ 5,097 $ 9,060
v3.26.1
Subsequent Events (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 30, 2026
Apr. 30, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2026
Subsequent Event [Line Items]          
Acquisition costs     $ 5,153 $ 0  
Kashiv Biosciences, LLC          
Subsequent Event [Line Items]          
Acquisition costs     $ 5,200    
Kashiv Biosciences, LLC | Forecast          
Subsequent Event [Line Items]          
Voting interest acquired (percent)         100.00%
Consideration paid in cash         $ 375,000
Consideration paid in common stock (in shares)         28,942,108
Contingent payments         $ 350,000
Potential contingent royalties (percent)         25.00%
Subsequent Event          
Subsequent Event [Line Items]          
Cash distribution to AvKARE sellers   $ 10,500      
MSN Laboratories Private Limited Supply and Distribution Agreement | Subsequent Event          
Subsequent Event [Line Items]          
Collaborative arrangement upfront payment $ 75,000