AMNEAL PHARMACEUTICALS, INC., 10-Q filed on 11/12/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
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 $0.01 per share  
Trading Symbol AMRX  
Security Exchange Name NASDAQ  
Entity Current Reporting Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   309,844,430
Entity Central Index Key 0001723128  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net revenue $ 702,468 $ 620,040 $ 2,063,439 $ 1,776,626
Cost of goods sold 432,910 387,509 1,305,874 1,145,888
Gross profit 269,558 232,531 757,565 630,738
Selling, general and administrative 118,692 113,006 347,749 320,672
Research and development 61,097 41,375 136,449 117,864
Intellectual property legal development expenses 1,967 886 3,993 3,350
Restructuring and other charges 172 1,043 1,862 1,635
Change in fair value of contingent consideration (1,030) 3,120 (930) (787)
(Credit) charges related to legal matters, net (149) (2,620) 94,909 (1,039)
Other operating expense (income) 0 73 0 (1,138)
Operating income 88,809 75,648 173,533 190,181
Other (expense) income:        
Interest expense, net (65,511) (50,909) (196,933) (151,081)
Foreign exchange gain (loss), net 2,274 (2,939) 815 (617)
Increase in tax receivable agreement liability (11,327) (677) (26,719) (1,908)
Other income, net 1,178 1,834 9,610 6,616
Total other expense, net (73,386) (52,691) (213,227) (146,990)
Income (loss) before income taxes 15,423 22,957 (39,694) 43,191
Provision for (benefit from) income taxes 3,666 (2,076) 13,440 (1,431)
Net income (loss) 11,757 25,033 (53,134) 44,622
Less: Net income attributable to non-controlling interests (11,913) (15,351) (32,671) (29,966)
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. $ (156) $ 9,682 $ (85,805) $ 14,656
Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.'s Class A common stockholders:        
Basic (in dollars per share) $ 0 $ 0.06 $ (0.28) $ 0.10
Diluted (in dollars per share) $ 0 $ 0.06 $ (0.28) $ 0.09
Weighted-average common shares outstanding:        
Basic (in shares) 309,647 154,219 308,685 153,363
Diluted (in shares) 309,647 159,691 308,685 156,284
v3.24.3
Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Other Comprehensive Income [Abstract]        
Net income (loss) $ 11,757 $ 25,033 $ (53,134) $ 44,622
Less: Net income attributable to non-controlling interests (11,913) (15,351) (32,671) (29,966)
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. (156) 9,682 (85,805) 14,656
Other comprehensive (loss) income:        
Foreign currency translation adjustments arising during the period (2,236) (3,086) (2,665) (1,029)
Unrealized loss on cash flow hedge, net of tax of $0 (34,523) (5,292) (19,150) (11,250)
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,587) 0 (19,618) 0
Less: Other comprehensive loss attributable to non-controlling interests 0 4,160 0 6,133
Other comprehensive loss attributable to Amneal Pharmaceuticals, Inc. (43,346) (4,218) (41,433) (6,146)
Comprehensive (loss) income attributable to Amneal Pharmaceuticals, Inc. $ (43,502) $ 5,464 $ (127,238) $ 8,510
v3.24.3
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Unrealized gain (loss) on cash flow hedge, net of tax $ 0 $ 0 $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax $ 0 $ 0 $ 0 $ 0
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 74,006 $ 91,542
Restricted cash 4,339 7,565
Inventories 596,359 581,384
Prepaid expenses and other current assets 81,956 82,685
Total current assets 1,513,294 1,377,863
Property, plant and equipment, net 431,020 447,574
Goodwill 598,324 598,629
Intangible assets, net 780,189 890,423
Other assets 36,274 55,517
Total assets 3,460,978 3,472,569
Current liabilities:    
Current portion of liabilities for legal matters 30,181 76,988
Revolving credit facility 140,000 179,000
Current portion of long-term debt, net 224,692 34,125
Total current liabilities 1,095,209 846,595
Long-term debt, net 2,169,607 2,386,004
Note payable - related party 0 41,447
Liabilities for legal matters - long term 85,479 316
Total long-term liabilities 2,399,449 2,564,670
Commitments and contingencies (Notes 4, 17 and 19)
Redeemable non-controlling interests 59,887 41,293
Stockholders' (Deficiency) Equity    
Preferred stock, $0.01 par value, 2,000 shares authorized at both September 30, 2024 and December 31, 2023; none issued at both September 30, 2024 and December 31, 2023 0 0
Additional paid-in capital 553,233 539,240
Stockholders' accumulated deficit (575,981) (490,176)
Accumulated other comprehensive loss (73,782) (32,349)
Total Amneal Pharmaceuticals, Inc. stockholders' (deficiency) equity (93,432) 19,781
Non-controlling interests (135) 230
Total stockholders' (deficiency) equity (93,567) 20,011
Total liabilities and stockholders' (deficiency) equity 3,460,978 3,472,569
Related Party    
Current assets:    
Trade accounts receivable, net 8,579 955
Operating lease right-of-use assets 11,473 12,954
Current liabilities:    
Accounts payable and accrued expenses 12,922 7,321
Current portion of operating lease liabilities 3,327 2,825
Operating lease liabilities 10,265 12,787
Other long-term liabilities 26,186 11,776
Nonrelated Party    
Current assets:    
Trade accounts receivable, net 748,055 613,732
Operating lease right-of-use assets 32,872 30,329
Financing lease right-of-use assets 57,532 59,280
Current liabilities:    
Accounts payable and accrued expenses 671,085 534,662
Current portion of operating lease liabilities 9,702 9,207
Current portion of financing lease liabilities 3,300 2,467
Operating lease liabilities 26,210 24,095
Financing lease liabilities 57,558 58,566
Other long-term liabilities 24,144 29,679
Common Class A    
Stockholders' (Deficiency) Equity    
Common stock 3,098 3,066
Common Class B    
Stockholders' (Deficiency) Equity    
Common stock $ 0 $ 0
v3.24.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
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) 309,770,000 306,565,000
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
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net (loss) income $ (53,134) $ 44,622
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 170,061 172,467
Unrealized foreign currency (gain) loss (754) 1,563
Amortization of debt issuance costs and discount 2,662 6,884
Intangible asset impairment charges 920 2,036
Change in fair value of contingent consideration (930) (787)
Stock-based compensation 20,558 20,848
Inventory provision 63,611 56,637
Other operating charges and credits, net (50) 6,370
Changes in assets and liabilities:    
Trade accounts receivable, net (134,031) 49,055
Inventories (78,545) (103,092)
Prepaid expenses, other current assets and other assets (2,082) 24,810
Related party receivables (483) (1,131)
Accounts payable, accrued expenses and other liabilities 168,879 (74,685)
Related party payables 20,339 4,157
Net cash provided by operating activities 177,021 209,754
Cash flows from investing activities:    
Purchases of property, plant and equipment (36,769) (33,351)
Acquisition of intangible assets (14,050) (2,488)
Deposits for future acquisition of property, plant and equipment (1,107) (1,658)
Proceeds from sale of subsidiary 4,989 0
Net cash used in investing activities (46,937) (37,497)
Cash flows from financing activities:    
Payments of deferred financing and refinancing costs 0 (542)
Payments of principal on debt, revolving credit facilities, financing leases and other (133,383) (151,510)
Borrowings on revolving credit facilities 48,000 110,000
Proceeds from exercise of stock options 1,003 408
Employee payroll tax withholding on restricted stock unit vesting (7,565) (2,222)
Tax distributions to non-controlling interests (14,442) (67,875)
Payment of principal on notes payable - related party (44,200) 0
Net cash used in financing activities (150,587) (111,741)
Effect of foreign exchange rate on cash (259) (136)
Net (decrease) increase in cash, cash equivalents, and restricted cash (20,762) 60,380
Cash, cash equivalents, and restricted cash - beginning of period 99,107 35,227
Cash, cash equivalents, and restricted cash - end of period 78,345 95,607
Cash and cash equivalents - end of period 74,006 86,929
Restricted cash - end of period 4,339 8,678
Cash, cash equivalents, and restricted cash - end of period 78,345 95,607
Supplemental disclosure of cash flow information:    
Cash paid for interest 202,914 136,600
Cash paid, net for income taxes 9,056 426
Supplemental disclosure of non-cash investing and financing activity:    
Tax distributions to non-controlling interests 0 1,062
Payable for acquisition of intangible assets 2,000 8,500
Note receivable for sale of subsidiary - related party $ 7,177 $ 0
v3.24.3
Consolidated Statements of Changes in Stockholders’ (Deficiency) Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Common Class A
Common Stock
Old PubCo, Common Class A
Common Stock
Old PubCo, Common Class B
Additional Paid-in Capital
Stockholders' Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Non- Controlling Interests
Shares beginning balance (in shares) at Dec. 31, 2022     151,490 152,117        
Stockholders' equity beginning balance at Dec. 31, 2022 $ 183,979   $ 1,514 $ 1,522 $ 691,629 $ (406,183) $ 9,939 $ (114,442)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income 22,141         14,656   7,485
Foreign currency translation adjustments (1,029)           (525) (504)
Stock-based compensation 20,848       20,848      
Exercise of stock options (in shares)     149          
Exercise of stock options 408   $ 1   405   4 (2)
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)     2,707          
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (2,210)   $ 27   2,568   76 (4,881)
Unrealized gain (loss) on cash flow hedge, net of tax (11,250)           (5,621) (5,629)
Tax distributions (58,651)             (58,651)
Reclassification of cash flow hedge to earnings, net of tax of $0 0              
Shares ending balance (in shares) at Sep. 30, 2023     154,346 152,117        
Stockholders' equity ending balance at Sep. 30, 2023 154,236   $ 1,542 $ 1,522 715,450 (391,527) 3,873 (176,624)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2022 24,949              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Net (loss) income 22,481              
Tax distributions, net (10,286)              
Redeemable Non-Controlling Interests, ending balance at Sep. 30, 2023 37,144              
Shares beginning balance (in shares) at Jun. 30, 2023     154,050 152,117        
Stockholders' equity beginning balance at Jun. 30, 2023 150,768   $ 1,540 $ 1,522 708,233 (401,209) 8,083 (167,401)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income 15,540         9,682   5,858
Foreign currency translation adjustments (3,086)           (1,554) (1,532)
Stock-based compensation 6,691       6,691      
Exercise of stock options (in shares)     149          
Exercise of stock options 408   $ 1   405   4 (2)
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)     147          
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (153)   $ 1   121   4 (279)
Unrealized gain (loss) on cash flow hedge, net of tax (5,292)           (2,664) (2,628)
Tax distributions (10,640)             (10,640)
Reclassification of cash flow hedge to earnings, net of tax of $0 0              
Shares ending balance (in shares) at Sep. 30, 2023     154,346 152,117        
Stockholders' equity ending balance at Sep. 30, 2023 154,236   $ 1,542 $ 1,522 715,450 (391,527) 3,873 (176,624)
Redeemable Non-Controlling Interests, beginning balance at Jun. 30, 2023 32,106              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Net (loss) income 9,493              
Tax distributions, net (4,455)              
Redeemable Non-Controlling Interests, ending balance at Sep. 30, 2023 37,144              
Shares beginning balance (in shares) at Dec. 31, 2023   306,565            
Stockholders' equity beginning balance at Dec. 31, 2023 20,011 $ 3,066     539,240 (490,176) (32,349) 230
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income (86,170)         (85,805)   (365)
Foreign currency translation adjustments (2,665)           (2,665)  
Stock-based compensation 20,558       20,558      
Exercise of stock options (in shares)   363            
Exercise of stock options 1,003 $ 4     999      
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   2,842            
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (7,536) $ 28     (7,564)      
Unrealized gain (loss) on cash flow hedge, net of tax (19,150)           (19,150)  
Reclassification of cash flow hedge to earnings, net of tax of $0 (19,618)           (19,618)  
Shares ending balance (in shares) at Sep. 30, 2024   309,770            
Stockholders' equity ending balance at Sep. 30, 2024 (93,567) $ 3,098     553,233 (575,981) (73,782) (135)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2023 41,293              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Net (loss) income 33,036              
Tax distributions, net (14,442)              
Redeemable Non-Controlling Interests, ending balance at Sep. 30, 2024 59,887              
Shares beginning balance (in shares) at Jun. 30, 2024   309,499            
Stockholders' equity beginning balance at Jun. 30, 2024 (57,489) $ 3,095     545,701 (575,825) (30,436) (24)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income (267)         (156)   (111)
Foreign currency translation adjustments (2,236)           (2,236)  
Stock-based compensation 7,112       7,112      
Exercise of stock options (in shares)   224            
Exercise of stock options 617 $ 3     614      
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   47            
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (194)       (194)      
Unrealized gain (loss) on cash flow hedge, net of tax (34,523)           (34,523)  
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,587)           (6,587)  
Shares ending balance (in shares) at Sep. 30, 2024   309,770            
Stockholders' equity ending balance at Sep. 30, 2024 (93,567) $ 3,098     $ 553,233 $ (575,981) $ (73,782) $ (135)
Redeemable Non-Controlling Interests, beginning balance at Jun. 30, 2024 53,422              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Net (loss) income 12,024              
Tax distributions, net (5,559)              
Redeemable Non-Controlling Interests, ending balance at Sep. 30, 2024 $ 59,887              
v3.24.3
Consolidated Statements of Changes in Stockholders’ (Deficiency) Equity (Parenthetical) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]    
Unrealized gain (loss) on cash flow hedge, net of tax $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax $ 0 $ 0
v3.24.3
Nature of Operations
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations Nature of Operations
Amneal Pharmaceuticals, Inc. (the “Company”) is a global pharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines, including retail generics, injectables, and biosimilars in our Generics segment and specialty branded pharmaceuticals. The Company operates principally in the United States (“U.S.”), India, and Ireland, and sells to wholesalers, distributors, hospitals, governmental agencies, chain pharmacies and individual pharmacies, either directly or indirectly. The Company is a holding company whose principal assets are 100% of the common units of Amneal Pharmaceuticals LLC (“Amneal”).
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), should be read in conjunction with the Company’s annual audited financial statements for the year ended December 31, 2023 included in the Company’s 2023 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in annual financial statements have been omitted from the accompanying unaudited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of September 30, 2024, cash flows for the nine months ended September 30, 2024 and 2023 and the results of its operations, its comprehensive (loss) income and its changes in stockholders’ (deficiency) equity for the three and nine months ended September 30, 2024 and 2023. The consolidated balance sheet data at December 31, 2023 was derived from the Company’s audited annual financial statements, but does not include all disclosures required by U.S. GAAP.
Except for the updates included in this note, the accounting policies of the Company are set forth in Note 2. Summary of Significant Accounting Policies contained in the Company’s 2023 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.
Reclassification
The prior period balances related to the TRA (as defined in Note 5. Income Taxes) of $0.7 million and $1.9 million, formerly included in other income, net for the three and nine months ended September 30, 2023, respectively, have been reclassified to the income statement caption increase in tax receivable agreement liability to conform to the current period presentation in the consolidated statements of operations. This reclassification did not impact total other expense, net or net income.
The prior period balance related to long-term liabilities for legal matters of $0.3 million, formerly included in other long-term liabilities as of December 31, 2023, has been reclassified to the balance sheet caption liabilities for legal matters - long term to conform to the current period presentation in the consolidated balance sheets. This reclassification did not impact total long-term liabilities or total liabilities.
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which provides improvements to reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosures to include the title and position of the chief operating decision maker (“CODM”), significant segment expenses that are regularly provided to the CODM, a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. ASU 2023-07 also requires all annual disclosures currently required by Topic 280 to be included in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to 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 December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and usefulness of income tax disclosures. ASU 2023-09 requires that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2024, the FASB issued 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.
v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). 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 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 which individually accounted for 10% or more of its total net revenue:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Customer A24 %24 %22 %24 %
Customer B14 %17 %15 %15 %
Customer C24 %21 %23 %21 %
Customer D11 %10 %10 %10 %
Disaggregated Revenue
The Company’s significant therapeutic classes for its Generics and Specialty segments and sales channels for its AvKARE segment, as determined based on net revenue for the three and nine months ended September 30, 2024 and 2023, are set forth below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Generics
Anti-infective$5,454 $7,382 $17,966 $18,648 
Hormonal / allergy132,643 126,425 363,930 357,711 
Antiviral4,371 7,150 12,544 36,221 
Central nervous system108,962 96,587 340,186 264,773 
Cardiovascular system36,420 32,459 123,629 98,108 
Gastroenterology14,467 18,858 45,391 53,127 
Oncology44,471 37,722 131,270 76,846 
Metabolic disease / endocrine
8,640 11,026 29,298 35,227 
Respiratory9,459 7,832 34,002 31,783 
Dermatology19,280 17,279 58,829 53,232 
Other therapeutic classes38,670 27,270 81,263 80,974 
International and other4,508 867 7,659 1,714 
Total Generics net revenue427,345 390,857 1,245,967 1,108,364 
Specialty
Hormonal / allergy32,283 28,494 93,433 82,268 
Central nervous system73,401 61,142 203,583 180,844 
License agreement (1)
2,048 — 6,527 — 
Other therapeutic classes7,906 7,668 21,370 22,864 
Total Specialty net revenue115,638 97,304 324,913 285,976 
AvKARE
Distribution101,605 81,904 327,453 248,929 
Government label41,936 32,764 113,098 87,150 
Institutional9,394 10,551 32,020 28,395 
Other6,550 6,660 19,988 17,812 
Total AvKARE net revenue159,485 131,879 492,559 382,286 
Total net revenue$702,468 $620,040 $2,063,439 $1,776,626 
(1)Refer to Note 4. Alliance and Collaboration for information about revenue recognized under license agreements.
A rollforward of the major categories of sales-related deductions for the nine months ended September 30, 2024 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, 2023$559,334 $23,892 $136,486 $90,690 
Provision related to sales recorded in the period2,685,886 92,879 67,779 197,524 
Credits/payments issued during the period(2,807,921)(91,369)(56,190)(171,822)
Balance at September 30, 2024$437,299 $25,402 $148,075 $116,392 
v3.24.3
Alliance and Collaboration
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [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 R&D services over multiple periods. The Company’s significant arrangements are discussed below.
Orion Corporation License Agreement
On December 28, 2022, Amneal signed a long-term license agreement with Orion Corporation (“Orion”), a globally operating Finnish pharmaceutical company, to commercialize a number of its complex generic products in most parts of Europe, Australia and New Zealand (the “Orion Agreement”). The initial term of the Orion Agreement commences upon commercial launch of the products and will continue for eight years. The Orion Agreement will automatically renew for successive two-year terms unless either party declines such renewal in writing at least one year in advance.
During the three and nine months ended September 30, 2024, the Company recognized $0.5 million and $1.8 million, respectively, as a reduction to R&D expense related to services performed under the Orion Agreement. During the three and nine months ended September 30, 2023, the Company recognized $0.3 million and $0.9 million, respectively, as a reduction to R&D expense related to services performed under the Orion Agreement. As of September 30, 2024, deferred income of $10.3 million and $0.3 million was recorded in accounts payable and accrued expenses and other long-term liabilities, respectively. As of December 31, 2023, deferred income of $7.8 million and $4.7 million was recorded in accounts payable and accrued expenses and other long-term liabilities, respectively. As of September 30, 2024, no products have been supplied by Amneal under the Orion Agreement. Refer to Note 5. Alliance and Collaboration in our 2023 Annual Report on Form 10-K for additional information.
ONGENTYS® License Agreement
On December 5, 2023, the Company entered into a license agreement with BIAL-Portela & Ca., S.A. (“BIAL”) for the exclusive royalty-free right to market and distribute ONGENTYS® (opicapone) in the U.S. starting on December 18, 2023 and ending at such time when generic opicapone sales reach certain predetermined thresholds (the “BIAL License Agreement”). ONGENTYS® is BIAL’s proprietary, once-daily, peripherally-acting, highly-selective catechol-O-methyltransferase inhibitor approved by the FDA in 2020 as an add-on treatment to carbidopa/levodopa in patients with Parkinson’s disease experiencing “Off” episodes. Under the BIAL Agreement, the Company is responsible for commercialization and marketing of ONGENTYS® in the U.S. and BIAL is responsible for manufacturing and supply. The BIAL Agreement also requires the Company to spend a minimum of $6.0 million in medical and marketing activities directly related to ONGENTYS® of which $4.7 million was expensed through September 30, 2024. The Company commenced distribution of ONGENTYS® in January 2024.
During December 2023, the Company paid a nonrefundable license fee of $12.5 million to BIAL, which was capitalized as an intangible asset and will be amortized to cost of sales over a period of eight years. The BIAL License Agreement provides for potential future milestone payments totaling $22.5 million, depending on cumulative net sales of ONGENTYS®.
Knight Therapeutics International S.A. License Agreement
On January 24, 2024, the Company entered into a 15-year license, distribution and supply agreement with Knight Therapeutics International S.A. (“Knight”) granting Knight the exclusive rights to seek regulatory approval and commercialize IPX203 in Canada and Latin America (the “Knight License Agreement”). The Knight License Agreement will automatically renew for successive two-year periods unless either party provides notice declining such renewal at least one year in advance.
Knight will be responsible for the performance of all R&D activities, regulatory approval, commercialization, and marketing activities for the territories in the agreement to be conducted to obtain regulatory approval for each product. Upon achieving regulatory approval for products, Amneal will be responsible for manufacturing and supplying products to Knight.
During the three and nine months ended September 30, 2024, the Company recorded net revenue of $1.0 million and $2.0 million, respectively, for payments received for a nonrefundable license fee and a regulatory milestone. The Knight License Agreement provides for potential future milestone payments totaling $9.5 million, contingent upon regulatory approval, launch dates and cumulative net sales targets by Knight. The agreement also includes low-double digit royalty payments based on net sales of IPX203.
License Agreement with Zambon Biotech
On February 23, 2024, the Company entered into a license, distribution and supply agreement with Zambon Biotech S.A. (“Zambon”) granting Zambon the exclusive rights to seek regulatory approval and commercialize IPX203 in Europe (the “Zambon License Agreement”). The term for the Zambon License Agreement is 15 years commencing from the commercial launch of the product, which can automatically renew for successive two-year periods unless either party provides notice declining such renewal at least one year in advance. Zambon will be responsible for the performance of all R&D activities, regulatory approval, commercialization, and marketing activities for the territories in the agreement to be conducted to obtain regulatory approval for each product. Upon achieving regulatory approval for products, Amneal will be responsible for manufacturing and supplying products to Zambon.
In connection with the execution of the agreement, the Company was entitled to a nonrefundable license fee of €5.0 million, or $5.4 million, which was received in April 2024. Of the license fee, the Company allocated €3.2 million, or $3.5 million, to the delivery of a functional license, which was recorded as net revenue during the nine months ended September 30, 2024. In September 2024, the Company received €1.5 million, or $1.6 million for a regulatory milestone. Of the regulatory milestone, the Company allocated €1.0 million, or $1.0 million, to the delivery of a functional license, which was recorded as net revenue during the three and nine months ended September 30, 2024. In addition, the Company is eligible to receive future milestone payments totaling €70.0 million, or $78.1 million, as of September 30, 2024, from Zambon, contingent upon regulatory approval of the product, and achievement of certain annual net sales targets by Zambon. The Zambon License Agreement also includes single-digit to low-double digit royalty payments based on net sales of IPX203.
Biosimilar Licensing and Supply Agreements
Bevacizumab
On May 7, 2018, the Company entered into a licensing and supply agreement with mAbxience S.L. (“mAbxience”) for its biosimilar candidate for Avastin® (bevacizumab). The supply agreement was subsequently amended on March 2, 2021 and the licensing agreement was amended on March 4, 2021. Pursuant to the agreement, the Company will be the exclusive partner in the U.S. market and pay up-front, development and regulatory milestone payments and commercial milestone payments on reaching pre-agreed sales targets in the market to mAbxience, up to $78.3 million.
On April 13, 2022, the FDA approved the Company’s biologics license application for bevacizumab-maly, a biosimilar referencing Avastin®. In connection with this regulatory approval and associated activity, the Company paid milestones of $26.5 million during the year ended December 31, 2022, which were capitalized as product rights intangible assets and are being amortized to cost of sales over their estimated useful lives of seven years. On March 29, 2024, the Company paid a sales-based milestone of $9.5 million, which was capitalized as a product rights intangible asset and is being amortized to cost of sales.
Denosumab
On October 12, 2023, the Company entered into a licensing and supply agreement with mAbxience to be the exclusive U.S. partner for two denosumab biosimilars referencing both Prolia® and XGEVA®. Denosumab is a monoclonal antibody drug that inhibits bone reabsorption. It is indicated for two major categories of therapy: bone metastasis from various forms of cancer and prevention of bone pain and fractures, including osteoporosis-related injuries. mAbxience is responsible for the clinical and regulatory approval for the two products and regulatory fees will be shared by the parties. Upon approval of each product, mAbxience will be responsible for supply and the Company will be responsible for commercialization.
During the year ended December 31, 2023, the Company recorded R&D expense for a $2.5 million payment made upon execution of the agreement and an additional $2.5 million for a developmental milestone. During the three and nine months ended September 30, 2024, the Company recorded R&D expense of $3.5 million and $6.5 million, respectively, for clinical, development and regulatory milestones. The agreement provides for potential future milestone payments to mAbxience of up to $62.5 million as follows: (i) up to $15.0 million for regulatory approval and initial commercial launch milestones; and (ii) up to $47.5 million for the achievement of annual commercial milestones.
Collaboration to Develop and Supply Medicines for Obesity and Metabolic Diseases
On September 30, 2024, the Company and Metsera, Inc. (“Metsera”), a clinical stage biopharmaceutical company, entered into a collaboration agreement to develop and supply a new portfolio of weight loss medicines globally (the “Metsera Agreement”). The Company will serve as Metsera’s preferred supply partner for developed markets, including the United States and Europe. In addition, the Company has been granted an exclusive license to commercialize Metsera products covered under the agreement in selected emerging markets, including India and certain countries in Southeast Asia, Africa and the Middle East.
Under the terms of the Metsera Agreement, the Company will be responsible for performing certain development activities on behalf of Metsera and will receive cost plus a margin, as defined. Upon Metsera obtaining regulatory approval, the Company will manufacture commercial products on behalf of Metsera for cost plus a margin, as defined. The Company is also entitled to a tiered quarterly earn-out calculated as a low-single digit percentage of Metsera’s gross profit, as defined.
The Company plans to construct two new greenfield manufacturing facilities (the “Manufacturing Facilities”) in India; one for peptide synthesis and one for sterile fill-finish manufacturing. Metsera will contribute an agreed percentage of the construction costs, up to $100 million, subject to annual maximums, as defined. In consideration for the funding by Metsera, the Company will i.) provide a rebate on the price of each unit of commercial injectable product produced by the Company and purchased by Metsera and ii.) provide a payment to Metsera for each unit of commercial product manufactured on behalf of itself or third parties using the Manufacturing Facilities, in aggregate up to the amount funded by Metsera for construction costs.
The initial term of the Metsera Agreement is seven years from the first commercial sale. Metsera has the sole right to renew the agreement for an additional 5-year period. Following this initial renewal, the agreement may be extended by mutual written consent.
The Metsera Agreement did not have a material impact on the Company’s financial statements as of and for the three and nine months ended September 30, 2024.
Agreements with Kashiv Biosciences, LLC
For details on the Company’s related party agreements with Kashiv Biosciences, LLC (“Kashiv”), refer to Note 19. Related Party Transactions in this Form 10-Q and Note 24. Related Party Transactions in the Company’s 2023 Annual Report on Form 10-K.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended September 30, 2024, the Company’s provision for income taxes and effective tax rate were $3.7 million and 23.8%, respectively, as compared to a benefit from income taxes and effective tax rate of $(2.1) million and (9.0)%, respectively, for the three months ended September 30, 2023. For the nine months ended September 30, 2024, the Company’s provision for income taxes and effective tax rate were $13.4 million and (33.9)%, respectively, as compared to a benefit from income taxes and effective tax rate of $(1.4) million and (3.3)%, respectively, for the nine months ended September 30, 2023. For the three and nine months ended September 30, 2024, the period-over-period changes in the provision for income taxes were primarily related to changes in the jurisdictional mix of income and a discrete Indian tax benefit of approximately $2.9 million from the utilization of a loss carryforward during the three months ended September 30, 2023.
The Company recorded deferred tax assets for (i) its outside basis difference in its investment in Amneal on May 4, 2018, (ii) the net operating loss of Impax Laboratories, Inc. (“Impax”), which was acquired by the Company in 2018, from January 1, 2018 through May 4, 2018, (iii) certain federal and state credits, and (iv) interest carryforwards of Impax that were attributable to the Company.
The Company records its valuation allowances against its deferred tax assets (“DTAs”) when it is more likely than not that all or a portion of a DTA will not be realized. The Company routinely evaluates the realizability of its DTAs by assessing the likelihood that its DTAs will be recovered based on all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, estimates of future taxable income, tax planning strategies and results of operations. Estimating future taxable income is inherently uncertain and requires judgment. In projecting future taxable income, the Company considers its historical results and incorporates certain assumptions, including projected new product launches, revenue growth, and operating margins, among others.
The Company established a valuation allowance on its DTAs based upon all available objective and verifiable evidence, both positive and negative, including historical levels of pre-tax income (loss) both on a consolidated basis and tax reporting entity basis, legislative developments, expectations and risks associated with estimates of future pre-tax income, and prudent and feasible tax planning strategies. Since first establishing a valuation allowance, the Company has generated cumulative consolidated three-year pre-tax losses through September 30, 2024. As a result of the losses through September 30, 2024, the Company determined that it is more likely than not that it will not realize the benefits of its gross DTAs and therefore maintained its valuation allowance. As of September 30, 2024 and December 31, 2023, this valuation allowance was $564.5 million and $566.5 million, respectively, and reduced the carrying value of these gross DTAs to zero.
In 2018, the Company entered into a tax receivable agreement (“TRA”) for which it was generally required to pay the holders of Amneal common units, on a one-to-one basis, 85% of the applicable tax savings, if any, in U.S. federal and state income tax that it is deemed to realize as a result of certain tax attributes of their Amneal common units sold to the Company (or exchanged in a taxable sale) and that are created as a result of (i) the sales of their Amneal common units for shares of Class A common stock of the Company prior to the Reorganization (as defined in Note 1. Nature of Operations in our 2023 Annual Report on Form 10-K) and (ii) tax benefits attributable to payments made under the TRA. In conjunction with the valuation allowance recorded on the DTAs, the Company reversed the accrued TRA liability of $192.8 million during 2019. As part of the Reorganization, the TRA was amended to reduce the Company’s future obligation to pay 85% of the tax benefits subject to the TRA to 75% of such realized benefits. This agreement will not cause the acceleration of payments under the TRA.
As noted above, the Company has determined it is more-likely-than-not it will be unable to utilize its DTAs subject to the TRA; therefore, as of September 30, 2024 and December 31, 2023, the Company has not recognized the contingent liability under the TRA related to the tax savings it may realize from common units sold or exchanged. If utilization of these DTAs becomes more-likely-than-not in the future, at such time, these TRA liabilities (which amounted to approximately $185.0 million at September 30, 2024 and December 31, 2023) will be recorded through charges in the Company’s consolidated statements of operations.
The timing and amount of any payments under the TRA may vary depending on the timing of the Company’s taxable income and the tax rate in effect at the time of realization of the Company’s taxable income. Under certain conditions, such as a change of control or other early termination event, the Company could be obligated to make TRA payments in advance of tax benefits being realized. Payments could also be in excess of the tax savings that the Company may ultimately realize.
Although the DTAs were not determined to be realizable as of September 30, 2024 and December 31, 2023, the Company assessed that a TRA liability of $30.4 million and $3.8 million at those dates, respectively, had become probable. For the three months ended September 30, 2024 and 2023, the Company recorded expenses associated with the TRA of $11.3 million and $0.7 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded expenses associated with the TRA of $26.7 million and $1.9 million, respectively. In future periods, the Company will continue to evaluate whether any future TRA payments become probable and can be estimated and, if so, an estimate of payment will be accrued. Refer to Note 19. Related Party Transactions for the current and long-term portions of the TRA liability as of September 30, 2024 and December 31, 2023.
Any future recognition of these TRA liabilities will be recorded through charges in the Company’s consolidated statements of operations. However, if the tax attributes are not utilized in future years, it is reasonably possible no amounts would be paid under the TRA in excess of the $30.4 million accrued as of September 30, 2024. Should the Company determine that a DTA with a valuation allowance is realizable in a subsequent period, the related valuation allowance will be reversed and, if a resulting TRA payment is determined to be probable, a corresponding TRA liability will be recorded.
The Company continuously monitors government proposals to make changes to tax laws, including proposed legislation in certain foreign jurisdictions resulting from the adoption of the Organization for Economic Cooperation and Development (“OECD”) policies (refer to Note 7. Income Taxes in the Company’s 2023 Annual Report on Form 10-K). The OECD has issued a two-pillar approach to global taxation, focusing on global profit allocation and a global minimum tax rate of at least 15%. Legislation for the “Pillar Two” proposal, applying to the Company, has been enacted in Ireland, and it is effective with the financial year beginning on January 1, 2024. As the tax rates of the other jurisdictions in which the Company operates exceed 15%, the Company does not believe there is any potential additional exposure besides in Ireland.
Since Pillar Two taxes are an alternative minimum tax, deferred taxes will not need to be recorded or remeasured. Instead, Pillar Two taxes will be expensed as incurred. For interim tax provision purposes, the Pillar Two tax related to Ireland taxes is included in the calculation of the Company’s provision for income taxes.
v3.24.3
Earnings (Loss) per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings (Loss) per Share Earnings (Loss) per Share
Following the implementation of the Reorganization on November 7, 2023, all outstanding shares of Old PubCo Class A common stock and Old PubCo Class B common stock were exchanged for an equivalent number of shares of Class A common stock of the Company.
Basic (loss) earnings per share of the Company’s Class A common stock is computed by dividing net (loss) income attributable to Amneal Pharmaceuticals, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) income per share of Class A common stock is computed by dividing net (loss) income attributable to Amneal Pharmaceuticals, Inc. by the weighted-average number of shares of Class A common stock outstanding, adjusted to give effect to potentially dilutive securities. The weighted-average number of shares of Class A common stock for all periods prior to the Reorganization includes shares of Old PubCo Class A common stock.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock (in thousands, except per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator:
Net (loss) income attributable to Amneal Pharmaceuticals, Inc.
$(156)$9,682 $(85,805)$14,656 
Denominator:
Weighted-average shares outstanding - basic
309,647 154,219 308,685 153,363 
Effect of dilutive securities:
Stock options— 534 — 178 
Restricted stock units
— 4,052 — 2,448 
Performance stock units— 886 — 295 
Weighted-average shares outstanding - diluted
309,647 159,691 308,685 156,284 
Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$(—)$0.06 $(0.28)$0.10 
Diluted
$(—)$0.06 $(0.28)$0.09 
Prior to the Reorganization, shares of Old PubCo Class B common stock did not share in the earnings or losses of the Company and, therefore, were not participating securities. As such, separate presentation of basic and diluted (loss) earnings per share of Old PubCo Class B common stock under the two-class method was not presented. Effective with the Reorganization, all outstanding shares of Old PubCo Class B common stock were surrendered and canceled.
The following table presents potentially dilutive securities excluded from the computations of diluted (loss) earnings per share of Class A common stock (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Stock options
2,054 (1)432 (2)2,054 (1)432 (2)
Restricted stock units
10,059 (1)— 10,059 (1)— 
Performance stock units
7,609 (1)4,636 (3)7,609 (1)4,636 (3)
Shares of Old PubCo Class B common stock
— 152,117 (4)— 152,117 (4)
(1)Excluded from the computation of diluted loss per share of Class A common stock because the effect of their inclusion would have been anti-dilutive since there was a net loss attributable to the Company during the period.
(2)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 Class A common stock during the period (out-of-the-money).
(3)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.
(4)Shares of Old PubCo Class B common stock were considered potentially dilutive shares of Old PubCo Class A common stock. Shares of Old PubCo Class B common stock were excluded from the computations of diluted loss per share of Class A common stock because the effect of their inclusion would have been anti-dilutive under the if-converted method.
v3.24.3
Trade Accounts Receivable, Net
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Trade Accounts Receivable, Net Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
September 30,
2024		December 31,
2023
Gross accounts receivable$1,213,417 $1,199,980 
Allowance for credit losses(2,661)(3,022)
Contract charge-backs and sales volume allowances(437,299)(559,334)
Cash discount allowances(25,402)(23,892)
Subtotal(465,362)(586,248)
Trade accounts receivable, net$748,055 $613,732 
Concentration of Receivables
Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:
September 30,
2024		December 31,
2023
Customer A35 %40 %
Customer B30 %24 %
Customer C19 %22 %
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following (in thousands):
September 30,
2024		December 31,
2023
Raw materials
$211,626 $217,744 
Work in process
61,689 59,563 
Finished goods
323,044 304,077 
Total inventories$596,359 $581,384 
v3.24.3
Prepaid Expenses and Other Current Assets
 9 Months Ended
Sep. 30, 2024
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):
September 30,
2024		December 31,
2023
Deposits and advances$3,251 $2,200 
Prepaid insurance9,953 8,334 
Prepaid regulatory fees5,159 6,331 
Income and other tax receivables16,250 13,168 
Prepaid taxes5,977 11,899 
Other current receivables
7,855 9,929 
Chargebacks receivable (1)
5,488 7,876 
Other prepaid assets28,023 22,948 
Total prepaid expenses and other current assets$81,956 $82,685 
(1)When a sale occurs on a contract item in the Company’s AvKARE segment, the difference between the cost paid to the manufacturer by the Company and the contract cost that the end customer has with the manufacturer is rebated back to the Company by the manufacturer. The Company establishes a chargeback receivable and a reduction to cost of goods sold in the same period as the related sale.
v3.24.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2024
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):
GenericsSpecialtyAvKARETotal
Balance as of December 31, 2022$163,076 $366,312 $69,465 $598,853 
Currency translation(224)— — (224)
Balance as of December 31, 2023162,852 366,312 69,465 598,629 
Currency translation(305)— — (305)
Balance as of September 30, 2024$162,547 $366,312 $69,465 $598,324 
Intangible assets as of September 30, 2024 and December 31, 2023 were comprised of the following (in thousands):
September 30, 2024December 31, 2023
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights7.0$1,553,009 $(815,238)$737,771 $1,198,971 $(703,297)$495,674 
Other intangible assets2.8111,800 (83,682)28,118 111,800 (72,896)38,904 
Subtotal1,664,809 (898,920)765,889 1,310,771 (776,193)534,578 
In-process research and development14,300 — 14,300 355,845 — 355,845 
Total intangible assets$1,679,109 $(898,920)$780,189 $1,666,616 $(776,193)$890,423 
Amortization expense related to intangible assets for the three months ended September 30, 2024 and 2023 was $43.3 million and $40.6 million, respectively. Amortization expense related to intangible assets for the nine months ended September 30, 2024 and 2023 was $123.3 million and $122.5 million, respectively.
The following table presents future amortization expense for the next five years and thereafter, excluding $14.3 million of in-process research and development (“IPR&D”) intangible assets (in thousands):
Future
Amortization
Remainder of 2024$50,296 
2025162,768 
2026115,150 
202794,650 
202875,108 
202968,072 
Thereafter199,845 
   Total$765,889 
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 IPR&D, are tested for impairment if impairment indicators arise and, at a minimum, annually. Intangible asset impairments were immaterial for all periods presented.
On August 7, 2024, the FDA approved the Company’s new drug application for CREXONT® (combination of carbidopa and levodopa extended release capsules), previously referred to as IPX203. The Company began selling CREXONT®, which is indicated for the treatment of Parkinson’s disease, in September 2024. Upon FDA approval, the Company reclassified the related IPR&D intangible asset of $341.5 million to product rights intangible assets. Pursuant to Accounting Standards Codification Topic 350, Intangibles - Goodwill and Other, the Company performed the necessary fair value test required for reclassifying an indefinite-lived intangible asset to a finite-lived intangible asset and concluded that the CREXONT® intangible asset was not impaired. The Company began amortizing the CREXONT® intangible asset to cost of goods sold over its expected economic life, commencing with the first sale of CREXONT® in September 2024.
v3.24.3
Other Assets
 9 Months Ended
Sep. 30, 2024
Other Assets [Abstract]  
Other Assets Other Assets
Other assets were comprised of the following (in thousands):
September 30, 2024December 31, 2023
Interest rate swap (1)
$17,939 $37,089 
Security deposits 3,679 3,602 
Long-term prepaid expenses4,699 3,273 
Deferred revolving credit facility costs3,164 4,427 
Other long term assets6,793 7,126 
Total $36,274 $55,517 
(1)Refer to Note 15. Fair Value Measurements and Note 16. Financial Instruments for information about the Company’s interest rate swap.
v3.24.3
Accounts Payable and Accrued Expenses
 9 Months Ended
Sep. 30, 2024
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):
September 30, 2024December 31, 2023
Accounts payable$235,000 $143,572 
Accrued returns allowance (1)
148,075 136,486 
Accrued compensation64,900 71,122 
Accrued Medicaid and commercial rebates (1)
116,392 90,690 
Accrued royalties26,102 23,342 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees16,263 11,005 
Accrued other54,127 48,219 
Total accounts payable and accrued expenses$671,085 $534,662 
(1)Refer to Note 3. Revenue Recognition for a rollforward of the balance from December 31, 2023 to September 30, 2024.
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
There have been no material changes in the Company’s long-term debt since December 31, 2023, except as disclosed below. Refer to Note 16. Debt in the Company’s 2023 Annual Report on Form 10-K for additional information and definitions of terms used in this note.
Term Loans
The following is a summary of the Company’s indebtedness under its term loans (in thousands):
September 30, 2024December 31, 2023
Term Loan Due May 2025$191,979 $191,979 
Term Loan Due May 20282,307,553 2,351,647 
Total debt2,499,532 2,543,626 
Less: debt issuance costs(105,233)(123,497)
Total debt, net of debt issuance costs2,394,299 2,420,129 
Less: current portion of long-term debt(224,692)(34,125)
Total long-term debt, net$2,169,607 $2,386,004 
Revolving Credit Facilities
During the nine months ended September 30, 2024, the Company (i) borrowed $20.0 million and repaid $59.0 million under the Amended New Revolving Credit Facility and (ii) borrowed and repaid $28.0 million under the Amended Rondo Revolving Credit Facility. As of September 30, 2024 and December 31, 2023, $140.0 million and $179.0 million, respectively, was outstanding on the Amended New Revolving Credit Facility.
Note Payable - Related Party
During the nine months ended September 30, 2024, the Company repaid principal of $44.2 million and interest of $10.0 million associated with the Sellers Notes from cash on hand. As of September 30, 2024, the Sellers Notes and accrued interest have been fully repaid. The Sellers Notes, net of unamortized discount, were included in notes payable-related party and accrued interest was included in related party payables-short term and long-term as of December 31, 2023. Refer to Note 19. Related Party Transactions for accrued interest on the Sellers Notes.
v3.24.3
Other Long-Term Liabilities
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
Other Long-Term Liabilities Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

September 30, 2024December 31, 2023
Uncertain tax positions$526 $497 
Long-term compensation18,098 21,283 
Contingent consideration
— 433 
Other long-term liabilities5,520 7,466 
Total other long-term liabilities$24,144 $29,679 
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Value is determined using pricing models, discounted cash flow methodologies, or similar techniques and also includes instruments for which the determination of fair value requires significant judgment or estimation.
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 and liabilities that were measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):
Fair Value Measurement Based on
September 30, 2024TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$17,939 $— $17,939 $— 
Liabilities
Deferred compensation plan liabilities (2)
$8,560 $— $8,560 $— 
December 31, 2023
Assets
Interest rate swap (1)
$37,089 $— $37,089 $— 
Liabilities
Deferred compensation plan liabilities (2)
$9,100 $— $9,100 $— 
(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 16. Financial Instruments for information on the Company's interest rate swap.
(2)These liabilities are recorded at the value of the amount owed to the plan participants, with changes in value recognized as compensation expense. The calculation of the deferred compensation plan obligation is derived from observable market data by reference to hypothetical investments selected by the participants.
There were no transfers between levels in the fair value hierarchy during the nine months ended September 30, 2024.
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):
September 30, 2024December 31, 2023
Term Loan Due 2025$192,219 $190,779 
Term Loan Due 2028$2,339,282 $2,328,130 
Sellers Notes$— $41,033 
The Term Loan Due 2025 and Term Loan Due 2028 are in the Level 2 category within the fair value level hierarchy. The fair values were determined using market data for valuation. The Sellers Notes are in the Level 2 category within the fair value level hierarchy.
Refer to Note 16. Debt in the Company’s 2023 Annual Report on Form 10-K for detailed 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 nine months ended September 30, 2024 and 2023.
v3.24.3
Financial Instruments
 9 Months Ended
Sep. 30, 2024
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.
Interest Rate Risk
Interest income earned on cash and cash equivalents may fluctuate as interest rates change; however, due to their relatively short maturities, the Company does not hedge these assets or their investment cash flows because the impact of interest rate risk is not material. The Company is exposed to interest rate risk on its debt obligations. The Company’s debt obligations consist of variable-rate and fixed-rate debt instruments. The Company’s primary objective is to achieve the lowest overall cost of funding while managing the variability in cash outflows within an acceptable range. To achieve this objective, the Company initially entered into an interest rate swap on the Term Loan Due 2025. On November 14, 2023, in connection with the refinancing of the Term Loan Due 2025, the Company novated its swap agreement to another counterparty and, in connection with such novation, amended the interest rate swap agreement. Refer to the section “Interest Rate Derivative - Cash Flow Hedge” below and in Note 20. Financial Instruments in the Company’s 2023 Annual Report on Form 10-K for additional information and the definition of certain terms.
Interest Rate Derivative – Cash Flow Hedge
The interest rate swap involves the periodic exchange of payments without the exchange of underlying principal or notional amounts. In October 2019, the Company entered into an interest rate lock agreement for a total notional amount of $1.3 billion to hedge part of the Company's interest rate exposure associated with the variability in future cash flows from changes in the one-month London interbank offered rate (“LIBOR”) associated with the Term Loan Due 2025 (the “October 2019 Swap”). On
May 31, 2023, the Company executed an amendment to the October 2019 Swap that, among other things, changed the variable reference rate from LIBOR to the one-month secured overnight financing rate (“SOFR”) (the “Amended October 2019 Swap”). On November 14, 2023, in connection with the Company’s refinancing of the Term Loan Due 2025 and the New Credit Facility (refer to Note 16. Debt in the Company’s 2023 Annual Report on Form 10-K for definitions and additional information), the Company novated the Amended October 2019 Swap to another counterparty and subsequently amended the interest rate agreement. Specifically, the amendments modified (i) the fixed rate payable by the counterparty from 1.3660% to a new fixed rate of 2.7877% and (ii) extended the termination date through May 4, 2027 (i.e., one year before the Term Loan Due 2028 matures) (the “November 2023 Swap”). The amendments did not change the notional amount of $1.3 billion. The purpose of the November 2023 Swap is to hedge part of the Company's interest rate exposure associated with the variability in future cash flows from changes in the one-month SOFR associated with the Term Loan Due 2028.
The Company used a strategy commonly referred to as “blend and extend,” which allows the existing asset position of the swap agreement to be effectively blended into the new interest rate swap agreement. As a result of this transaction, on November 14, 2023, the Amended October 2019 Swap was de-designated and the unrealized gain of $66.7 million was recorded within accumulated other comprehensive loss and will be amortized as a reduction of interest expense, net, over the original term of the of the Amended October 2019 Swap (until May 2025), as the hedged transactions affect earnings. Additionally, the November 2023 Swap had a fair value of $66.7 million at inception and will be ratably recorded to accumulated other comprehensive loss and reclassified to interest expense, net, over the term of the November 2023 Swap, as the hedged transactions affect earnings.
During the three and nine months ended September 30, 2024, the Company reclassified a gain of $6.6 million and $19.6 million, respectively, from accumulated other comprehensive loss to interest expense, net. Approximately $7.6 million of net gains included in accumulated other comprehensive loss as of September 30, 2024 are expected to be reclassified into earnings within the next 12 months as interest payments are made on the Company’s Term Loan Due 2028 and amortization of the amounts included in accumulated other comprehensive loss occurs.
As of September 30, 2024, the total loss, net of income taxes, related to the Company’s cash flow hedge of $5.0 million, was recognized in accumulated other comprehensive loss.
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
September 30, 2024December 31, 2023
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$17,939 Other Assets$37,089 
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
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 4. Alliance and Collaboration for additional information. Certain of these arrangements are with related parties. Refer to Note 19. 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.
For the three and nine months ended September 30, 2024, (credit) charges related to legal matters, net were $(0.1) million and $94.9 million, respectively. For the nine months ended September 30, 2024, charges related to legal matters, net were primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the U.S. (refer to the section Civil Prescription Opioid Litigation below). For the three months ended September 30, 2023, credit related to legal matters, net of $2.6 million was primarily related to a $5.5 million gain from the settlement of patent infringement matters, partially offset by a $3.0 million charge for the settlement of a customer claim. For the nine months ended September 30, 2023, credit related to legal matters, net of $1.0 million was primarily comprised of $10.0 million from the settlement of patent infringement matters, partially offset by $4.1 million in charges associated with prescription opioid litigation, a $3.0 million charge for the settlement of a customer claim, and a $1.9 million charge for the settlement of a stockholder derivative lawsuit.
Liabilities for legal matters were comprised of the following (in thousands):
MatterSeptember 30, 2024December 31, 2023
Opana ER® antitrust litigation$— $50,000 
Opana ER® antitrust litigation-accrued interest
— 2,347 
Civil prescription opioid litigation29,762 21,189 
Other
419 3,452 
Current portion of liabilities for legal matters$30,181 $76,988 
Civil prescription opioid litigation (Liabilities for legal matters - long term)$85,479 $316 
Refer to the respective discussions below for additional information about the significant matters in the tables above.
Refer to Note 21. Commitments and Contingencies in our 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
Opana ER® Antitrust Litigation

From June 2014 to April 2015, a number of complaints styled as class actions on behalf of direct purchasers and indirect purchasers (or end-payors) and several separate individual complaints on behalf of certain direct purchasers (the “opt-out plaintiffs”) of Opana ER® were filed against Endo Pharmaceuticals Inc. and Impax and consolidated into multi-district litigation (“MDL”) in the U.S. District Court for the Northern District of Illinois.

Impax subsequently entered into settlement agreements with all of the plaintiffs that were subsequently approved by the court. Pursuant to the settlement agreements, the Company agreed to pay a total of $265.0 million between 2022 and mid-January 2024 to resolve substantially all of the plaintiffs’ claims. As of December 31, 2023, the liability for the final settlement payment of $50.0 million, plus 3% stated interest thereon, was included in the current portion of liabilities for legal matters and was paid in January 2024 with cash on hand. The settlement agreements are not an admission of liability or fault by Impax, the Company or its subsidiaries. Upon court approval of the final settlement agreements as discussed above, substantially all the claims and lawsuits in the litigation were resolved.
United States Department of Justice Investigations

On May 15, 2023, 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, various purchasers of generic drugs filed multiple putative antitrust class action complaints against a substantial number of generic pharmaceutical manufacturers, including the Company and Impax, alleging an illegal conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers. They seek unspecified monetary damages and equitable relief, including disgorgement and restitution. The lawsuits were consolidated in the United States District Court for the Eastern District of Pennsylvania (See In re Generic Pharmaceuticals Pricing Antitrust Litigation, No. 2724, (E.D. Pa.)) (“MDL No. 2724”).
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 damages. 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.
Fact discovery is underway in MDL No. 2724 and in the State Attorneys General cases naming the Company as a defendant. Expert discovery is underway in Connecticut, et al. v. Sandoz, Inc. et al., 3:20-cv-00802-MPS. In Connecticut, et al. v. Sandoz, Inc. et al., the Court set deadlines for Motions for Summary Judgment, with defendants’ joint motions due in November 2024 and defendant-specific motions due in July 2025. In the MDL, the Court set a deadline of December 31, 2024 for defendants to respond to certain complaints, and ordered that trials for the first MDL cases chosen for bellwether treatment, none of which name the Company or Impax as defendants, will begin August 8, 2025.
On June 3, 2020, the Company and Impax were named in a complaint filed in the Federal Court of Canada in Toronto, Ontario, making similar claims on behalf of a putative class of individuals who purchased generic drugs in the private sector. See Kathryn Eaton v. Teva Canada Limited, et. al., No. T-607-20. On August 29, 2024, the action was discontinued against the Company and Impax, without prejudice to the plaintiff’s right to seek discovery from the Company and Impax in their capacity as third parties to the action.
Civil Prescription Opioid Litigation
The Company is named in over 900 state and federal cases relating to the sale of prescription opioid pain relievers. Plaintiffs are political subdivisions, schools, hospitals, Native American tribes, pension funds, third-party payors, and individuals. Nearly all federal court cases are consolidated for pre-trial proceedings in Case No. 17-mdl-2804, USDC N.D. OH. The Company also is
named in state court cases pending in seven states. There are no firm trial dates in those state-court cases except in Texas (Dallas County), where the current January 31, 2025 trial-ready date will be reset to a firm September 2025 trial date.
The Company has received a subpoena from the New York Attorney General, a subpoena from the Maryland Attorney General, and a CID issued by the Alaska Attorney General all seeking information regarding its business concerning opioid-containing products. The Company has cooperated and continues to cooperate with these requests.
In 2023, the Company reached settlements with the New Mexico Attorney General and West Virginia political subdivisions and a settlement in principle with a group of private hospitals in Alabama. 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. The settlement in principle is subject to execution of a definitive settlement agreement. The settlement would be payable over ten years. Under the settlement in principle, the Company would agree to pay $92.5 million in cash and provide $180.0 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 $45.0 million) in cash during the last four years of the ten years payment term, which could increase the total amount of cash the Company would agree to pay up to $137.5 million.
As of March 31, 2024, the Company concluded the loss related to the opioid litigation was probable, and the related loss was reasonably estimable considering the settlement in principle. As a result, the Company recorded a charge of $94.4 million associated with the settlement in principle during the three months ended March 31, 2024, to increase the liability as of March 31, 2024 to $115.6 million. The liability as of September 30, 2024 was $115.2 million, of which $85.5 million was classified as long-term. While this liability has been deemed reasonable by the Company’s management, it could significantly change as the definitive settlement agreement is finalized. As of December 31, 2023, the Company had a liability of $21.5 million related to its prescription opioid litigation, of which $0.3 million was classified as long-term. For the remaining cases not covered by the settlement in principle, primarily brought by other hospitals, schools and individuals, the Company has not recorded a liability as of September 30, 2024 or December 31, 2023, because it concluded that a loss was not probable and estimable.
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 is cooperating with the USAO in responding to the subpoenas and has entered civil and criminal tolling agreements with the USAO through November 14, 2024. It is not possible to determine the exact outcome of these investigations.

On March 14, 2019, Amneal received a subpoena from an Assistant U.S. Attorney for the Southern District of Florida (the “AUSA”). The subpoena requested information and documents generally related to the marketing, sale, and distribution of oxymorphone. The Company is cooperating with the AUSA regarding the subpoena. However, no assurance can be given as to the timing or outcome of its underlying investigation.

On October 7, 2019, Amneal received a subpoena from the New York State Department of Financial Services seeking documents and information related to sales of opioid products in the state of New York. The Company is cooperating with the request and providing responsive information. 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 Company has also been named in state court cases in four states. The Company has filed motions to dismiss those cases. On August 17, 2023, the judge in the consolidated Illinois state court cases granted a motion to dismiss all such cases in which
the Company had been named, holding all claims preempted. 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”) and Marcia E. Brice v. Amneal Pharmaceuticals, Inc., No. 2:20-cv-13728 (D.N.J.). A motion to dismiss the Third Amended Complaint in In Re Metformin is fully briefed, and fact discovery is underway.

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.

Xyrem® (Sodium Oxybate) Antitrust Litigation

Amneal was named as a defendant, along with Jazz Pharmaceuticals, Inc. (“Jazz”) and numerous other manufacturers of generic versions of Jazz’s Xyrem® (sodium oxybate), in several class action lawsuits filed in the United States District Court for the Northern District of California and the United States District Court for the Southern District of New York, alleging that the generic manufacturers entered into anticompetitive agreements with Jazz in connection with the settlement of patent litigation related to Xyrem®. The actions were consolidated in the United States District Court for the Northern District of California for pretrial proceedings (In re Xyrem (Sodium Oxybate) Antitrust Litigation, No. 5:20-md-02966-LHK (N.D. Cal.)).

Amneal was also named as a defendant in a similar action filed by Aetna Inc. (“Aetna”) in California state court (Aetna Inc. v. Jazz Pharms., Inc. et. al, No. 22CV010951 (Cal. Super. Ct.)). The California state court held that it lacks jurisdiction over several defendants, including Amneal, on December 27, 2022, and later issued an order dismissing Amneal without prejudice. On August 25, 2023, Aetna filed a motion seeking leave to file a second amended complaint adding Amneal as a defendant, which the Court tentatively granted on October 20, 2023. Aetna filed a second amended complaint naming Amneal on November 17, 2023.

On February 28, 2023, Amneal executed a $1.9 million settlement agreement with class plaintiffs in the federal litigation. Class plaintiffs filed a motion for final approval of the settlement on November 10, 2023, and entered an order granting final approval, certifying settlement class, and dismissing class plaintiffs’ against Amneal with prejudice on April 17, 2024. On December 18, 2023, Amneal executed a $4.0 million settlement with Aetna, United Healthcare Services, Inc. (“United”), Humana Inc. (“Humana”), Molina Healthcare Inc. (“Molina”), and Health Care Service Corporation (“HCSC”). Pursuant to that settlement, the federal court dismissed United, Humana, Molina and HCSC’s claims against Amneal, with prejudice, on February 26, 2024, and the California state court dismissed Aetna’s claims against Amneal, with prejudice, on February 29, 2024. Thus, all claims against Amneal in the federal and state court have been voluntarily dismissed with prejudice pursuant to settlements. In December 2023, the Company recorded $3.0 million for the settlement of claims associated with Xyrem® antitrust litigation. As of December 31, 2023, the Company had a liability of $2.0 million associated with this settlement, which was paid in January 2024.

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. 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. That motion remains pending and the deadline to respond to the complaint is set at 45 days after the court resolves the motion to transfer.
Indian Tax Authority Matters

Amneal Pharmaceuticals Pvt. Ltd., RAKS Pharmaceuticals Pvt. Ltd., and Puniska Healthcare 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. 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.). The complaint purports 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 seeks damages, including punitive damages, restitution, other equitable monetary relief, injunctive relief, prejudgment interest and attorneys’ fees and costs. The Company’s deadline to respond to the complaint, by motion or answer, is December 16, 2024.
v3.24.3
Stockholders’ Equity and Redeemable Non-Controlling Interests
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders’ Equity and Redeemable Non-Controlling Interests Stockholders’ Equity and Redeemable Non-Controlling Interests
Effective with the Reorganization on November 7, 2023, the Company holds 100% of the Amneal Common Units.
In connection with the Reorganization, the Company amended and restated its certificate of incorporation. The voting rights, dividend rights and participation rights of holders of Class A common stock of the Company did not materially change as a result of the amendment. There were no shares of Class B common stock of the Company outstanding as of September 30, 2024 and December 31, 2023.
Non-Controlling Interests
The consolidated financial statements of the Company include the accounts of all entities controlled by the Company, including Amneal and its subsidiaries, through the Company’s direct or indirect ownership of a majority voting interest. The Company records non-controlling interests for the portion of its subsidiaries’ economic interests that it does not hold. Prior to the Reorganization, non-controlling interests were adjusted for capital transactions that impact the non-publicly held economic interests in Amneal.
Prior to the Reorganization, Amneal was obligated to make tax distributions to the group, together with their affiliates and certain assignees, who owned Amneal when it was a private company (the “Members”). During the three and nine months ended September 30, 2023, the Company recorded net tax distributions to the Members of $10.6 million and $58.7 million, respectively, as a reduction of non-controlling interests. Subsequent to the Reorganization, the Company is no longer obligated to make tax distributions to the Members.
The Company acquired a 98% interest in Kashiv Specialty Pharmaceuticals, LLC (“KSP”) on April 2, 2021. The sellers of KSP, a related party, hold the remaining interests. The Company attributes 2% of the net income or loss of KSP to non-controlling interests.
Redeemable Non-Controlling Interests
The Company acquired a 65.1% controlling interest in both AvKARE Inc., a Tennessee corporation, now a limited liability company (“AvKARE, LLC”), and Dixon-Shane, LLC d/b/a R&S Northeast LLC, a Kentucky limited liability company (“R&S”), in 2020.  The sellers of AvKARE, LLC and R&S hold the remaining 34.9% interest (“Rondo Class B Units”) in the holding company that directly owns the acquired companies (“Rondo”). Beginning on January 1, 2026, the holders of the Rondo Class B Units have the right (“Put Right”) to require the Company to acquire the Rondo Class B Units for a purchase price that is based on a multiple of Rondo’s earnings before income taxes, depreciation, and amortization (EBITDA) if certain financial targets and other conditions are met. Additionally, beginning on January 31, 2020, the Company has the right to acquire the Rondo Class B Units based on the same value and conditions as the Put Right. The Rondo Class B Units are also redeemable by the holders upon a change in control. Because the redemption of the Rondo Class B Units is outside of the Company’s control, the units have been presented outside of stockholders’ equity as redeemable non-controlling interests.
The Company attributes 34.9% of the net income or loss associated with Rondo to redeemable non-controlling interests. The Company will also accrete the redeemable non-controlling interests to redemption value upon an event that makes redemption probable. For the three and nine months ended September 30, 2024, the Company recorded tax distributions of $5.6 million and $14.4 million, respectively, as a reduction of redeemable non-controlling interests. For the three and nine months ended September 30, 2023, the Company recorded tax distributions of $4.5 million and $10.3 million, respectively, as a reduction of redeemable non-controlling interests.
Changes in Accumulated Other Comprehensive (Loss) Income by Component (in thousands):
Foreign
currency
translation
adjustments
Unrealized gain (loss) on cash
flow hedge, net
of tax
Accumulated
other
comprehensive (loss) income
Balance December 31, 2023$(66,072)$33,723 $(32,349)
Other comprehensive loss before reclassification(2,665)(19,150)(21,815)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (19,618)(19,618)
Balance September 30, 2024$(68,737)$(5,045)$(73,782)
Balance December 31, 2022$(32,382)$42,321 $9,939 
Other comprehensive loss before reclassification
(525)(5,621)(6,146)
Reallocation of ownership interests
(300)380 80 
Balance September 30, 2023$(33,207)$37,080 $3,873 
v3.24.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company has various business agreements with certain parties in which there is some common ownership. However, the Company does not directly own or manage any of such related parties. Except as disclosed below, as of and for the three and nine months ended September 30, 2024, there were no material changes to our related party agreements or relationships as described in Note 24. Related Party Transactions and Note 22. Stockholders’ Equity in our 2023 Annual Report on Form 10-K.
The following table summarizes the Company’s related party transactions (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations2024202320242023
Kashiv Biosciences LLC
Sale of subsidiary - gain on sale Other income, net$— $— $(3,760)$— 
Sale of subsidiary - interest income on loan receivableInterest expense, net$(198)$— $(330)$— 
Parking space leaseResearch and development$25 $25 $75 $75 
Development and commercialization agreement - Ganirelix Acetate and Cetrorelix AcetateResearch and development$— $(75)$— $(25)
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$3,021 $844 $11,741 $988 
Storage agreementResearch and development$(63)$(18)$(189)$(100)
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$2,783 $90 $6,425 $590 
Generic development supply agreement - research and development materialResearch and development$(633)$(2,209)$(681)$(2,209)
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses and net revenue$— $(246)$(422)$(246)
Development and commercialization agreement - Long-acting injectableResearch and development$— $— $500 $— 
Development and commercialization agreement - OmaluzimabResearch and development$20,000 $— $20,000 $— 
Other Related Parties
Sellers Notes - interest expenseInterest expense, net$266 $— $9,986 $— 
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $592 $1,776 $1,750 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$324 $314 $962 $933 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$4,689 $5,528 $14,910 $11,095 
Tracy Properties LLC - operating leaseSelling, general and administrative$98 $258 $462 $521 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$3,771 $2,588 $9,016 $5,132 
AvPROP, LLC - operating leaseSelling, general and administrative$45 $44 $139 $134 
Avtar Investments, LLC - consulting servicesResearch and development$66 $70 $195 $267 
AlkermesInventory and cost of goods sold$83 $232 $189 $322 
R&S Solutions - logistics servicesSelling, general and administrative$— $46 $— $86 
Members - tax receivable agreement (TRA liability)Increase in tax receivable agreement liability$11,327 $677 $26,719 $1,908 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
September 30, 2024December 31, 2023
Kashiv - sale of subsidiary, including interest$7,474 $— 
Kashiv - various agreements1,096 954 
Alkermes7 1 
AzaTech Pharma LLC - supply agreement2 — 
Related party receivables - short term $8,579 $955 
Kashiv - various agreements$5,309 $3,179 
Apace Packaging, LLC - packaging agreement1,335 1,091 
AzaTech Pharma LLC - supply agreement1,923 1,958 
Avtar Investments LLC - consulting services64 100 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes
— 442 
Members - tax receivable agreement4,289 549 
Alkermes Plc2 2 
Related party payables - short term $12,922 $7,321 
Kashiv - contingent consideration
$— $430 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes
— 8,139 
Members - tax receivable agreement26,186 3,207 
Related party payables - long term $26,186 $11,776 
Kashiv Biosciences
Amendment to Biosimilar License Agreement
In March 2024, the Company amended the Kashiv Biosimilar Agreement (as defined in Note 24. Related Party Transactions in the Company’s 2023 Annual Report on Form 10-K) to include two additional in-development products, a pre-filled auto-injector delivery system for peg-filgrastim and a pre-filled on-body injector (OBI) delivery system for peg-filgrastim. Consistent with the existing terms, Kashiv is responsible for development, regulatory filings, obtaining FDA approval, and manufacturing, and Amneal is responsible for marketing, selling, and pricing activities of these product candidates. The amendment did not change the contractual terms related to existing commercialized biosimilar products.
The amendment provides an incremental $14.5 million in potential future milestone payments specific to these in-development products, including $7.0 million for clinical and developmental milestones and $7.5 million for regulatory approval and first commercial-sales milestones. In addition, the amendment clarifies that future net sales milestones payments of up to $37.5 million, which did not change, shall be contingent upon reaching certain commercial sales volume objectives for the aggregate of all products under the amended agreement. The agreement provides for Amneal to pay a profit share equal to 50% of net profits, after considering manufacturing and marketing costs.
No amounts were paid or recognized during the three and nine months ended September 30, 2024 pursuant to this amendment.

Long-Acting Injectable License and Supply Agreement
In December 2022, Amneal and Kashiv entered into a development supply agreement specific to four generic product candidates. Amneal is responsible for manufacturing batch products and performing certain developmental activities on behalf of Kashiv. Kashiv, as owner of the intellectual property, is responsible for regulatory filings, obtaining FDA approval, marketing, selling, and pricing activities. Pursuant to the terms of the development supply agreement, Amneal is eligible to earn up to $2.4 million related to the aforementioned services.

Pursuant to the development supply agreement, Amneal maintained a right of first offer and negotiation to the licensing of each generic product candidate. In March 2024, Amneal and Kashiv entered into a license and supply agreement for the development and commercialization of a long-acting injectable (the “Injectable License and Supply Agreement"). The existing development supply agreement remains effective for the remaining three generic product candidates.

Subject to the terms of the Injectable License and Supply Agreement, Amneal is responsible for development, regulatory approval, and commercialization of the product candidate in the U.S., whereas Kashiv is responsible for development and
regulatory approval of the product candidate for all other territories outside the U.S. Contingent upon Kashiv obtaining regulatory approval outside the U.S., Amneal shall manufacture the commercial supply for Kashiv at a stated price. The term of the agreement is 10 years from the respective product’s launch date in the U.S.

During the nine months ended September 30, 2024, the Company recorded R&D expense of $0.5 million, for payment made upon execution of the license and supply agreement (none for the three months ended September 30, 2024). The agreement provides for potential future milestone payments to Kashiv of up to $35.0 million as follows: (i) up to $10.0 million relating to developmental milestones; (ii) up to $20.0 million for U.S. regulatory approval and initial commercial launch milestones; and (iii) up to $5.0 million for the achievement of annual commercial milestones. In addition, the agreement provides for Amneal to pay a profit share equal to 50% of net profits, after considering manufacturing and marketing costs.
Sale of Subsidiary
On April 30, 2024, Amneal closed on the sale of a wholly owned subsidiary in India to a subsidiary of Kashiv for total consideration of ₹1.0 billion, or $12.2 million. Total consideration consisted of a ₹416.2 million, or $5.0 million, cash payment at closing and the assumption of a loan payable of ₹598.6 million, or $7.2 million, payable to another subsidiary of Amneal in India. The loan payable bears interest of 11% on the unpaid principal and is due on or before December 31, 2024. The Company is permitted to offset royalties or other amounts payable to Kashiv with any overdue principal and accrued interest on the loan payable. The subsidiary’s assets and liabilities were primarily comprised of a building under construction and a note payable, respectively. The subsidiary had no business activity, other than the construction of the building. As a result of the sale, the Company recognized a pre-tax gain of $3.8 million in other income, net in its Generics segment for the nine months ended September 30, 2024.
Omalizumab Exclusive License and Commercialization Agreement

On July 1, 2024, Kashiv and Amneal entered into an exclusive license and commercialization agreement to distribute and sell Omalizumab, a biosimilar to XOLAIR®, in the U.S. and India. Kashiv is responsible for development, regulatory filings, obtaining FDA approval, and manufacturing for the product, and Amneal is responsible for marketing, selling, and pricing activities. The term of the agreement is 10 years from the respective product’s launch date and automatically renews for terms of three years unless either party provides written notification of termination.

The agreement requires the Company pay $10.0 million as an up-front amount to Kashiv and potential future milestone payments of up to $75.0 million, upon achieving certain developmental and regulatory achievements within agreed-upon timelines. The milestones include: (i) up to $32.5 million in developmental milestone payments, (ii) $22.5 million in regulatory approval and commercial launch milestone payments, and (iii) a $20.0 million sales-based milestone payment, which is contingent upon reaching a defined annual commercial sales volume for the product. In addition, the agreement provides for Amneal to pay a profit share up to 45% of net profits, after considering manufacturing, marketing, royalty and shipping costs.

During the three and nine months ended September 30, 2024, the Company expensed amounts paid to Kashiv for: (i) the upfront amount of $10.0 million in connection with the execution of the agreement and (ii) an additional $10.0 million related to the first developmental milestone.
Refer to Note 3. Acquisitions and Note 24. Related Party Transactions in the Company’s 2023 Annual Report on Form 10-K for information on the Company’s other agreements with Kashiv.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Generics, Specialty, and AvKARE.
Generics
The Company’s Generics segment includes a retail and institutional portfolio of over 270 product families covering an extensive range of dosage forms and delivery systems, including both immediate and extended-release oral solids, powders, liquids, sterile injectables, nasal sprays, inhalation and respiratory products, biosimilar products, ophthalmics, films, transdermal patches and topicals.
Specialty
The Company’s Specialty segment is engaged in the development, promotion, sale and distribution of proprietary branded pharmaceutical products, with a focus on products addressing central nervous system disorders, including Parkinson’s disease, and endocrine disorders. On August 7, 2024, the FDA approved the Company’s new drug application for CREXONT®
(combination of carbidopa and levodopa extended release capsules), previously referred to as IPX203. We began selling CREXONT®, which is indicated for the treatment of Parkinson’s disease, in September 2024.
AvKARE
The Company’s AvKARE segment provides pharmaceuticals, medical and surgical products and services primarily to governmental agencies, predominantly focused on the U.S. Department of Defense and the U.S. Department of Veterans Affairs. AvKARE is a re-packager of bottle and unit dose pharmaceuticals under the registered names of AvKARE and AvPAK. AvKARE is also a wholesale distributor of pharmaceuticals, over the counter drugs and medical supplies to its retail and institutional customers that are located throughout the U.S. focused primarily on offering 340b-qualified entities products to provide consistency in care and pricing. Operating results for the sale of Amneal products by AvKARE are included in the Generics reportable segment.
Chief Operating Decision Makers
The Company’s chief operating decision makers evaluate the financial performance of the Company’s segments based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, because they are excluded from the measure of segment profitability reviewed by the Company’s chief operating decision maker. 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 because it is not reviewed by the Company’s chief operating decision makers.
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 September 30, 2024
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$427,345 $115,638 $159,485 $— $702,468 
Cost of goods sold249,342 52,342 131,226 — 432,910 
Gross profit178,003 63,296 28,259 — 269,558 
Selling, general and administrative30,951 27,723 15,145 44,873 118,692 
Research and development57,099 3,998 — — 61,097 
Intellectual property legal development expenses1,786 181 — — 1,967 
Restructuring and other charges17 — — 155 172 
Change in fair value of contingent consideration— (1,030)— — (1,030)
Credit related to legal matters, net
(149)— — — (149)
Operating income (loss)
$88,299 $32,424 $13,114 $(45,028)$88,809 
Nine Months Ended September 30, 2024
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$1,245,967 $324,913 $492,559 $— $2,063,439 
Cost of goods sold750,167 143,284 412,423 — 1,305,874 
Gross profit495,800 181,629 80,136 — 757,565 
Selling, general and administrative95,663 79,529 44,694 127,863 347,749 
Research and development123,173 13,276 — — 136,449 
Intellectual property legal development expenses3,778 215 — — 3,993 
Restructuring and other charges70 1,024 — 768 1,862 
Change in fair value of contingent consideration— (930)— — (930)
Charges related to legal matters, net94,909 — — — 94,909 
Operating income (loss)
$178,207 $88,515 $35,442 $(128,631)$173,533 
Three Months Ended September 30, 2023
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$390,857 $97,304 $131,879 $— $620,040 
Cost of goods sold236,268 45,551 105,690 — 387,509 
Gross profit154,589 51,753 26,189 — 232,531 
Selling, general and administrative33,538 22,756 14,313 42,399 113,006 
Research and development35,103 6,272 — — 41,375 
Intellectual property legal development expenses815 71 — — 886 
Restructuring and other charges112 931 — — 1,043 
Change in fair value of contingent consideration— 3,120 — — 3,120 
Credit related to legal matters, net(2,500)— — (120)(2,620)
Other operating expense73 — — — 73 
Operating income (loss)
$87,448 $18,603 $11,876 $(42,279)$75,648 

Nine Months Ended September 30, 2023
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$1,108,364 $285,976 $382,286 $— $1,776,626 
Cost of goods sold692,008 135,254 318,626 — 1,145,888 
Gross profit416,356 150,722 63,660 — 630,738 
Selling, general and administrative89,178 67,894 41,268 122,332 320,672 
Research and development98,570 19,294 — — 117,864 
Intellectual property legal development expenses3,240 110 — — 3,350 
Restructuring and other charges211 1,013 — 411 1,635 
Change in fair value of contingent consideration— (787)— — (787)
(Credit) charges related to legal matters, net(2,927)— — 1,888 (1,039)
Other operating income(1,138)— — — (1,138)
Operating income (loss)
$229,222 $63,198 $22,392 $(124,631)$190,181 
(1)Operating results for the sale of Amneal products by AvKARE are included in Generics.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Event
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. $ (156) $ 9,682 $ (85,805) $ 14,656
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Sep. 30, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Gautam Patel [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On August 15, 2024, Gautam Patel, a director of the Company, adopted a 10b5-1 trading plan. Mr. Patel’s plan provides for the sale of 480,000 shares of Class A common stock of the Company through June 30, 2025.
Name Gautam Patel  
Title a director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 15, 2024  
Expiration Date June 30, 2025  
Arrangement Duration 319 days  
Aggregate Available 480,000 480,000
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), should be read in conjunction with the Company’s annual audited financial statements for the year ended December 31, 2023 included in the Company’s 2023 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in annual financial statements have been omitted from the accompanying unaudited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of September 30, 2024, cash flows for the nine months ended September 30, 2024 and 2023 and the results of its operations, its comprehensive (loss) income and its changes in stockholders’ (deficiency) equity for the three and nine months ended September 30, 2024 and 2023. The consolidated balance sheet data at December 31, 2023 was derived from the Company’s audited annual financial statements, but does not include all disclosures required by U.S. GAAP.
Except for the updates included in this note, the accounting policies of the Company are set forth in Note 2. Summary of Significant Accounting Policies contained in the Company’s 2023 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.
Reclassification
Reclassification
The prior period balances related to the TRA (as defined in Note 5. Income Taxes) of $0.7 million and $1.9 million, formerly included in other income, net for the three and nine months ended September 30, 2023, respectively, have been reclassified to the income statement caption increase in tax receivable agreement liability to conform to the current period presentation in the consolidated statements of operations. This reclassification did not impact total other expense, net or net income.
The prior period balance related to long-term liabilities for legal matters of $0.3 million, formerly included in other long-term liabilities as of December 31, 2023, has been reclassified to the balance sheet caption liabilities for legal matters - long term to conform to the current period presentation in the consolidated balance sheets. This reclassification did not impact total long-term liabilities or total liabilities
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which provides improvements to reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosures to include the title and position of the chief operating decision maker (“CODM”), significant segment expenses that are regularly provided to the CODM, a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. ASU 2023-07 also requires all annual disclosures currently required by Topic 280 to be included in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to 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 December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and usefulness of income tax disclosures. ASU 2023-09 requires that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2024, the FASB issued 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.
Revenue
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). 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.
v3.24.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2024
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 which individually accounted for 10% or more of its total net revenue:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Customer A24 %24 %22 %24 %
Customer B14 %17 %15 %15 %
Customer C24 %21 %23 %21 %
Customer D11 %10 %10 %10 %
Schedule of Disaggregated Revenue
The Company’s significant therapeutic classes for its Generics and Specialty segments and sales channels for its AvKARE segment, as determined based on net revenue for the three and nine months ended September 30, 2024 and 2023, are set forth below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Generics
Anti-infective$5,454 $7,382 $17,966 $18,648 
Hormonal / allergy132,643 126,425 363,930 357,711 
Antiviral4,371 7,150 12,544 36,221 
Central nervous system108,962 96,587 340,186 264,773 
Cardiovascular system36,420 32,459 123,629 98,108 
Gastroenterology14,467 18,858 45,391 53,127 
Oncology44,471 37,722 131,270 76,846 
Metabolic disease / endocrine
8,640 11,026 29,298 35,227 
Respiratory9,459 7,832 34,002 31,783 
Dermatology19,280 17,279 58,829 53,232 
Other therapeutic classes38,670 27,270 81,263 80,974 
International and other4,508 867 7,659 1,714 
Total Generics net revenue427,345 390,857 1,245,967 1,108,364 
Specialty
Hormonal / allergy32,283 28,494 93,433 82,268 
Central nervous system73,401 61,142 203,583 180,844 
License agreement (1)
2,048 — 6,527 — 
Other therapeutic classes7,906 7,668 21,370 22,864 
Total Specialty net revenue115,638 97,304 324,913 285,976 
AvKARE
Distribution101,605 81,904 327,453 248,929 
Government label41,936 32,764 113,098 87,150 
Institutional9,394 10,551 32,020 28,395 
Other6,550 6,660 19,988 17,812 
Total AvKARE net revenue159,485 131,879 492,559 382,286 
Total net revenue$702,468 $620,040 $2,063,439 $1,776,626 
(1)Refer to Note 4. Alliance and Collaboration for information about revenue recognized under license agreements.
Schedule of Major Categories of Sales-Related Deductions
A rollforward of the major categories of sales-related deductions for the nine months ended September 30, 2024 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, 2023$559,334 $23,892 $136,486 $90,690 
Provision related to sales recorded in the period2,685,886 92,879 67,779 197,524 
Credits/payments issued during the period(2,807,921)(91,369)(56,190)(171,822)
Balance at September 30, 2024$437,299 $25,402 $148,075 $116,392 
v3.24.3
Earnings (Loss) per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of (Loss) Earnings per Share, Basic and Diluted
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock (in thousands, except per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator:
Net (loss) income attributable to Amneal Pharmaceuticals, Inc.
$(156)$9,682 $(85,805)$14,656 
Denominator:
Weighted-average shares outstanding - basic
309,647 154,219 308,685 153,363 
Effect of dilutive securities:
Stock options— 534 — 178 
Restricted stock units
— 4,052 — 2,448 
Performance stock units— 886 — 295 
Weighted-average shares outstanding - diluted
309,647 159,691 308,685 156,284 
Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$(—)$0.06 $(0.28)$0.10 
Diluted
$(—)$0.06 $(0.28)$0.09 
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 (loss) earnings per share of Class A common stock (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Stock options
2,054 (1)432 (2)2,054 (1)432 (2)
Restricted stock units
10,059 (1)— 10,059 (1)— 
Performance stock units
7,609 (1)4,636 (3)7,609 (1)4,636 (3)
Shares of Old PubCo Class B common stock
— 152,117 (4)— 152,117 (4)
(1)Excluded from the computation of diluted loss per share of Class A common stock because the effect of their inclusion would have been anti-dilutive since there was a net loss attributable to the Company during the period.
(2)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 Class A common stock during the period (out-of-the-money).
(3)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.
(4)Shares of Old PubCo Class B common stock were considered potentially dilutive shares of Old PubCo Class A common stock. Shares of Old PubCo Class B common stock were excluded from the computations of diluted loss per share of Class A common stock because the effect of their inclusion would have been anti-dilutive under the if-converted method.
v3.24.3
Trade Accounts Receivable, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
September 30,
2024		December 31,
2023
Gross accounts receivable$1,213,417 $1,199,980 
Allowance for credit losses(2,661)(3,022)
Contract charge-backs and sales volume allowances(437,299)(559,334)
Cash discount allowances(25,402)(23,892)
Subtotal(465,362)(586,248)
Trade accounts receivable, net$748,055 $613,732 
Schedules of Percent of Gross Trade Receivables
Concentration of Receivables
Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:
September 30,
2024		December 31,
2023
Customer A35 %40 %
Customer B30 %24 %
Customer C19 %22 %
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories were comprised of the following (in thousands):
September 30,
2024		December 31,
2023
Raw materials
$211,626 $217,744 
Work in process
61,689 59,563 
Finished goods
323,044 304,077 
Total inventories$596,359 $581,384 
v3.24.3
Prepaid Expenses and Other Current Assets (Tables)
 9 Months Ended
Sep. 30, 2024
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):
September 30,
2024		December 31,
2023
Deposits and advances$3,251 $2,200 
Prepaid insurance9,953 8,334 
Prepaid regulatory fees5,159 6,331 
Income and other tax receivables16,250 13,168 
Prepaid taxes5,977 11,899 
Other current receivables
7,855 9,929 
Chargebacks receivable (1)
5,488 7,876 
Other prepaid assets28,023 22,948 
Total prepaid expenses and other current assets$81,956 $82,685 
(1)When a sale occurs on a contract item in the Company’s AvKARE segment, the difference between the cost paid to the manufacturer by the Company and the contract cost that the end customer has with the manufacturer is rebated back to the Company by the manufacturer. The Company establishes a chargeback receivable and a reduction to cost of goods sold in the same period as the related sale.
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in goodwill by segment were as follows (in thousands):
GenericsSpecialtyAvKARETotal
Balance as of December 31, 2022$163,076 $366,312 $69,465 $598,853 
Currency translation(224)— — (224)
Balance as of December 31, 2023162,852 366,312 69,465 598,629 
Currency translation(305)— — (305)
Balance as of September 30, 2024$162,547 $366,312 $69,465 $598,324 
Schedule of Finite-Lived Intangible Assets
Intangible assets as of September 30, 2024 and December 31, 2023 were comprised of the following (in thousands):
September 30, 2024December 31, 2023
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights7.0$1,553,009 $(815,238)$737,771 $1,198,971 $(703,297)$495,674 
Other intangible assets2.8111,800 (83,682)28,118 111,800 (72,896)38,904 
Subtotal1,664,809 (898,920)765,889 1,310,771 (776,193)534,578 
In-process research and development14,300 — 14,300 355,845 — 355,845 
Total intangible assets$1,679,109 $(898,920)$780,189 $1,666,616 $(776,193)$890,423 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents future amortization expense for the next five years and thereafter, excluding $14.3 million of in-process research and development (“IPR&D”) intangible assets (in thousands):
Future
Amortization
Remainder of 2024$50,296 
2025162,768 
2026115,150 
202794,650 
202875,108 
202968,072 
Thereafter199,845 
   Total$765,889 
v3.24.3
Other Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Other Assets [Abstract]  
Schedule of Other Assets
Other assets were comprised of the following (in thousands):
September 30, 2024December 31, 2023
Interest rate swap (1)
$17,939 $37,089 
Security deposits 3,679 3,602 
Long-term prepaid expenses4,699 3,273 
Deferred revolving credit facility costs3,164 4,427 
Other long term assets6,793 7,126 
Total $36,274 $55,517 
(1)Refer to Note 15. Fair Value Measurements and Note 16. Financial Instruments for information about the Company’s interest rate swap.
v3.24.3
Accounts Payable and Accrued Expenses (Tables)
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses were comprised of the following (in thousands):
September 30, 2024December 31, 2023
Accounts payable$235,000 $143,572 
Accrued returns allowance (1)
148,075 136,486 
Accrued compensation64,900 71,122 
Accrued Medicaid and commercial rebates (1)
116,392 90,690 
Accrued royalties26,102 23,342 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees16,263 11,005 
Accrued other54,127 48,219 
Total accounts payable and accrued expenses$671,085 $534,662 
(1)Refer to Note 3. Revenue Recognition for a rollforward of the balance from December 31, 2023 to September 30, 2024.
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The following is a summary of the Company’s indebtedness under its term loans (in thousands):
September 30, 2024December 31, 2023
Term Loan Due May 2025$191,979 $191,979 
Term Loan Due May 20282,307,553 2,351,647 
Total debt2,499,532 2,543,626 
Less: debt issuance costs(105,233)(123,497)
Total debt, net of debt issuance costs2,394,299 2,420,129 
Less: current portion of long-term debt(224,692)(34,125)
Total long-term debt, net$2,169,607 $2,386,004 
v3.24.3
Other Long-Term Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

September 30, 2024December 31, 2023
Uncertain tax positions$526 $497 
Long-term compensation18,098 21,283 
Contingent consideration
— 433 
Other long-term liabilities5,520 7,466 
Total other long-term liabilities$24,144 $29,679 
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
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 and liabilities that were measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):
Fair Value Measurement Based on
September 30, 2024TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$17,939 $— $17,939 $— 
Liabilities
Deferred compensation plan liabilities (2)
$8,560 $— $8,560 $— 
December 31, 2023
Assets
Interest rate swap (1)
$37,089 $— $37,089 $— 
Liabilities
Deferred compensation plan liabilities (2)
$9,100 $— $9,100 $— 
(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 16. Financial Instruments for information on the Company's interest rate swap.
(2)These liabilities are recorded at the value of the amount owed to the plan participants, with changes in value recognized as compensation expense. The calculation of the deferred compensation plan obligation is derived from observable market data by reference to hypothetical investments selected by the participants.
Summary of the Company’s Indebtedness at Fair Value
The following is a summary of the Company’s indebtedness at fair value (in thousands):
September 30, 2024December 31, 2023
Term Loan Due 2025$192,219 $190,779 
Term Loan Due 2028$2,339,282 $2,328,130 
Sellers Notes$— $41,033 
v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
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):
September 30, 2024December 31, 2023
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$17,939 Other Assets$37,089 
v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Liabilities Related to Legal Matters
Liabilities for legal matters were comprised of the following (in thousands):
MatterSeptember 30, 2024December 31, 2023
Opana ER® antitrust litigation$— $50,000 
Opana ER® antitrust litigation-accrued interest
— 2,347 
Civil prescription opioid litigation29,762 21,189 
Other
419 3,452 
Current portion of liabilities for legal matters$30,181 $76,988 
Civil prescription opioid litigation (Liabilities for legal matters - long term)$85,479 $316 
v3.24.3
Stockholders’ Equity and Redeemable Non-Controlling Interests (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component
Changes in Accumulated Other Comprehensive (Loss) Income by Component (in thousands):
Foreign
currency
translation
adjustments
Unrealized gain (loss) on cash
flow hedge, net
of tax
Accumulated
other
comprehensive (loss) income
Balance December 31, 2023$(66,072)$33,723 $(32,349)
Other comprehensive loss before reclassification(2,665)(19,150)(21,815)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (19,618)(19,618)
Balance September 30, 2024$(68,737)$(5,045)$(73,782)
Balance December 31, 2022$(32,382)$42,321 $9,939 
Other comprehensive loss before reclassification
(525)(5,621)(6,146)
Reallocation of ownership interests
(300)380 80 
Balance September 30, 2023$(33,207)$37,080 $3,873 
v3.24.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the Company’s related party transactions (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations2024202320242023
Kashiv Biosciences LLC
Sale of subsidiary - gain on sale Other income, net$— $— $(3,760)$— 
Sale of subsidiary - interest income on loan receivableInterest expense, net$(198)$— $(330)$— 
Parking space leaseResearch and development$25 $25 $75 $75 
Development and commercialization agreement - Ganirelix Acetate and Cetrorelix AcetateResearch and development$— $(75)$— $(25)
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$3,021 $844 $11,741 $988 
Storage agreementResearch and development$(63)$(18)$(189)$(100)
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$2,783 $90 $6,425 $590 
Generic development supply agreement - research and development materialResearch and development$(633)$(2,209)$(681)$(2,209)
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses and net revenue$— $(246)$(422)$(246)
Development and commercialization agreement - Long-acting injectableResearch and development$— $— $500 $— 
Development and commercialization agreement - OmaluzimabResearch and development$20,000 $— $20,000 $— 
Other Related Parties
Sellers Notes - interest expenseInterest expense, net$266 $— $9,986 $— 
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $592 $1,776 $1,750 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$324 $314 $962 $933 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$4,689 $5,528 $14,910 $11,095 
Tracy Properties LLC - operating leaseSelling, general and administrative$98 $258 $462 $521 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$3,771 $2,588 $9,016 $5,132 
AvPROP, LLC - operating leaseSelling, general and administrative$45 $44 $139 $134 
Avtar Investments, LLC - consulting servicesResearch and development$66 $70 $195 $267 
AlkermesInventory and cost of goods sold$83 $232 $189 $322 
R&S Solutions - logistics servicesSelling, general and administrative$— $46 $— $86 
Members - tax receivable agreement (TRA liability)Increase in tax receivable agreement liability$11,327 $677 $26,719 $1,908 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
September 30, 2024December 31, 2023
Kashiv - sale of subsidiary, including interest$7,474 $— 
Kashiv - various agreements1,096 954 
Alkermes7 1 
AzaTech Pharma LLC - supply agreement2 — 
Related party receivables - short term $8,579 $955 
Kashiv - various agreements$5,309 $3,179 
Apace Packaging, LLC - packaging agreement1,335 1,091 
AzaTech Pharma LLC - supply agreement1,923 1,958 
Avtar Investments LLC - consulting services64 100 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes
— 442 
Members - tax receivable agreement4,289 549 
Alkermes Plc2 2 
Related party payables - short term $12,922 $7,321 
Kashiv - contingent consideration
$— $430 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes
— 8,139 
Members - tax receivable agreement26,186 3,207 
Related party payables - long term $26,186 $11,776 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$427,345 $115,638 $159,485 $— $702,468 
Cost of goods sold249,342 52,342 131,226 — 432,910 
Gross profit178,003 63,296 28,259 — 269,558 
Selling, general and administrative30,951 27,723 15,145 44,873 118,692 
Research and development57,099 3,998 — — 61,097 
Intellectual property legal development expenses1,786 181 — — 1,967 
Restructuring and other charges17 — — 155 172 
Change in fair value of contingent consideration— (1,030)— — (1,030)
Credit related to legal matters, net
(149)— — — (149)
Operating income (loss)
$88,299 $32,424 $13,114 $(45,028)$88,809 
Nine Months Ended September 30, 2024
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$1,245,967 $324,913 $492,559 $— $2,063,439 
Cost of goods sold750,167 143,284 412,423 — 1,305,874 
Gross profit495,800 181,629 80,136 — 757,565 
Selling, general and administrative95,663 79,529 44,694 127,863 347,749 
Research and development123,173 13,276 — — 136,449 
Intellectual property legal development expenses3,778 215 — — 3,993 
Restructuring and other charges70 1,024 — 768 1,862 
Change in fair value of contingent consideration— (930)— — (930)
Charges related to legal matters, net94,909 — — — 94,909 
Operating income (loss)
$178,207 $88,515 $35,442 $(128,631)$173,533 
Three Months Ended September 30, 2023
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$390,857 $97,304 $131,879 $— $620,040 
Cost of goods sold236,268 45,551 105,690 — 387,509 
Gross profit154,589 51,753 26,189 — 232,531 
Selling, general and administrative33,538 22,756 14,313 42,399 113,006 
Research and development35,103 6,272 — — 41,375 
Intellectual property legal development expenses815 71 — — 886 
Restructuring and other charges112 931 — — 1,043 
Change in fair value of contingent consideration— 3,120 — — 3,120 
Credit related to legal matters, net(2,500)— — (120)(2,620)
Other operating expense73 — — — 73 
Operating income (loss)
$87,448 $18,603 $11,876 $(42,279)$75,648 

Nine Months Ended September 30, 2023
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$1,108,364 $285,976 $382,286 $— $1,776,626 
Cost of goods sold692,008 135,254 318,626 — 1,145,888 
Gross profit416,356 150,722 63,660 — 630,738 
Selling, general and administrative89,178 67,894 41,268 122,332 320,672 
Research and development98,570 19,294 — — 117,864 
Intellectual property legal development expenses3,240 110 — — 3,350 
Restructuring and other charges211 1,013 — 411 1,635 
Change in fair value of contingent consideration— (787)— — (787)
(Credit) charges related to legal matters, net(2,927)— — 1,888 (1,039)
Other operating income(1,138)— — — (1,138)
Operating income (loss)
$229,222 $63,198 $22,392 $(124,631)$190,181 
(1)Operating results for the sale of Amneal products by AvKARE are included in Generics.
v3.24.3
Nature of Operations (Details)
Sep. 30, 2024
Nov. 07, 2023
Amneal Pharmaceuticals, LLC    
Noncontrolling Interest [Line Items]    
Ownership by parent (percent) 100.00% 100.00%
v3.24.3
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Accounting Policies [Abstract]          
Increase in tax receivable agreement liability $ (11,327) $ (677) $ (26,719) $ (1,908)  
Liabilities for legal matters - long term $ 85,479   $ 85,479   $ 316
v3.24.3
Revenue Recognition - Concentration of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Customer A        
Concentration Risk [Line Items]        
Concentration risk (percent) 24.00% 24.00% 22.00% 24.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk (percent) 14.00% 17.00% 15.00% 15.00%
Customer C        
Concentration Risk [Line Items]        
Concentration risk (percent) 24.00% 21.00% 23.00% 21.00%
Customer D        
Concentration Risk [Line Items]        
Concentration risk (percent) 11.00% 10.00% 10.00% 10.00%
v3.24.3
Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Net revenue $ 702,468 $ 620,040 $ 2,063,439 $ 1,776,626
Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 427,345 390,857 1,245,967 1,108,364
Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 115,638 97,304 324,913 285,976
AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 159,485 131,879 492,559 382,286
International and other | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 4,508 867 7,659 1,714
Anti-infective | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 5,454 7,382 17,966 18,648
Hormonal / allergy | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 132,643 126,425 363,930 357,711
Hormonal / allergy | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 32,283 28,494 93,433 82,268
Antiviral | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 4,371 7,150 12,544 36,221
Central nervous system | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 108,962 96,587 340,186 264,773
Central nervous system | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 73,401 61,142 203,583 180,844
License agreement | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 2,048 0 6,527 0
Cardiovascular system | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 36,420 32,459 123,629 98,108
Gastroenterology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 14,467 18,858 45,391 53,127
Oncology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 44,471 37,722 131,270 76,846
Metabolic disease / endocrine | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 8,640 11,026 29,298 35,227
Respiratory | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 9,459 7,832 34,002 31,783
Dermatology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 19,280 17,279 58,829 53,232
Other therapeutic classes | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 38,670 27,270 81,263 80,974
Other therapeutic classes | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 7,906 7,668 21,370 22,864
Distribution | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 101,605 81,904 327,453 248,929
Government label | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 41,936 32,764 113,098 87,150
Institutional | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 9,394 10,551 32,020 28,395
Other | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue $ 6,550 $ 6,660 $ 19,988 $ 17,812
v3.24.3
Revenue Recognition - Schedule of Major Categories of Sales-Related Deductions (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Contract Charge - Backs and Sales Volume Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period $ 559,334
Provision related to sales recorded in the period 2,685,886
Credits/payments issued during the period (2,807,921)
Balance, end of period 437,299
Cash Discount Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 23,892
Provision related to sales recorded in the period 92,879
Credits/payments issued during the period (91,369)
Balance, end of period 25,402
Accrued Returns Allowance  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 136,486
Provision related to sales recorded in the period 67,779
Credits/payments issued during the period (56,190)
Balance, end of period 148,075
Accrued Medicaid and Commercial Rebates  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 90,690
Provision related to sales recorded in the period 197,524
Credits/payments issued during the period (171,822)
Balance, end of period $ 116,392
v3.24.3
Alliance and Collaboration (Details)
€ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 10 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
facility
Jul. 01, 2024
Mar. 29, 2024
USD ($)
Feb. 23, 2024
USD ($)
Jan. 24, 2024
Oct. 12, 2023
product
Dec. 28, 2022
May 07, 2018
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
facility
Sep. 30, 2024
EUR (€)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
facility
Sep. 30, 2024
EUR (€)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
facility
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2024
EUR (€)
facility
Feb. 23, 2024
EUR (€)
Dec. 05, 2023
USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Collaborative arrangement renew for successive term   3 years                                      
Orion Corporation License Agreement                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Collaborative arrangement term             8 years                            
Collaborative arrangement renew for successive term             2 years                            
Collaborative arrangement license revenue agreement                   $ 0.5   $ 0.3 $ 1.8   $ 0.9            
Orion Corporation License Agreement | Accounts Payable and Accrued Liabilities                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Deferred income $ 10.3               $ 7.8 10.3     10.3     $ 10.3 $ 7.8        
Orion Corporation License Agreement | Other long-term liabilities                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Deferred income 0.3               4.7 0.3     0.3     0.3 4.7        
ONGENTYS® License Agreement                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Collaborative arrangement, medical and marketing activities                                         $ 6.0
Collaborative arrangement, medical and marketing activities expense                               4.7          
Collaborative arrangement non-refundable license fee                 $ 12.5                        
Collaborative arrangement non-refundable license fee, amortization period                 8 years                        
License supply agreement, potential future milestone payments                 $ 22.5                        
Knight Therapeutics International S.A. License Agreement                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Collaborative arrangement term         15 years                                
Collaborative arrangement renew for successive term         2 years                                
Collaborative arrangement net revenue agreement                   1.0     2.0                
License supply agreement, potential future milestone payments                         9.5                
Notice period         1 year                                
License Agreement with Zambon Biotech                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Collaborative arrangement term       15 years                                  
Collaborative arrangement renew for successive term       2 years                                  
License supply agreement, potential future milestone payments                         78.1 € 70.0              
Notice period       1 year                                  
Nonrefundable license fee received, amount       $ 5.4                               € 5.0  
Net revenue, portion of license fee                         3.5 3.2              
Received amount for regulatory milestone $ 1.6                 1.6     1.6     $ 1.6     € 1.5    
Net revenue portion of regulatory milestone                   1.0 € 1.0   1.0 € 1.0              
Biosimilar Licensing and Supply Agreement                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
License supply agreement, potential future milestone payments                                 62.5        
Other long term liabilities               $ 78.3                          
Collaborative arrangement maximum milestone paid                                 2.5 $ 26.5      
Estimated useful life (in years)                                   7 years      
Collaborative arrangement aggregate sales-based milestone payment     $ 9.5                                    
Collaborative arrangement, number of products | product           2                              
Collaborative arrangement upfront payment                   $ 3.5     $ 6.5       2.5        
Biosimilar Licensing and Supply Agreement | Regulatory Approval                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
License supply agreement, potential future milestone payments                                 15.0        
Biosimilar Licensing and Supply Agreement | Achievement of Cumulative Net Sales                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
License supply agreement, potential future milestone payments                                 $ 47.5        
Metsera Arrangement                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Collaborative arrangement term 7 years                                        
Number of greenfield manufacturing facilities | facility 2                 2     2     2     2    
Collaborative arrangement, additional renew agreement term 5 years                                        
Metsera Arrangement | Metsera, Inc.                                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                          
Maximum potential future construction costs                         $ 100.0                
v3.24.3
Income Taxes - (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 10 Months Ended 12 Months Ended
Nov. 07, 2023
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Nov. 06, 2023
Dec. 31, 2019
USD ($)
Dec. 31, 2018
Dec. 31, 2023
USD ($)
Income Tax Disclosure [Abstract]                  
Income tax expense (benefit)   $ 3,666 $ (2,076) $ 13,440 $ (1,431)        
Effective tax rate (percent)   23.80% (9.00%) (33.90%) (3.30%)        
Tax credit carryforward, utilized amount     $ 2,900            
Valuation allowance   $ 564,500   $ 564,500         $ 566,500
Tax receivable agreement, payment ratio               0.01  
Percentage of tax receivable agreement paid to other holders of Amneal common units (percent) 75.00%         85.00%   85.00%  
Reversal of accrued tax receivable agreement liability             $ 192,800    
Liabilities recorded under tax receivable agreement   185,000   185,000         185,000
Tax receivable agreement liability   30,400   30,400         $ 3,800
Increase (decrease) in tax receivable agreement liability   $ (11,327) $ (677) $ (26,719) $ (1,908)        
v3.24.3
Earnings (Loss) per Share - Computation of Basic and Diluted (Loss) Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Numerator:        
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. $ (156) $ 9,682 $ (85,805) $ 14,656
Denominator:        
Weighted-average shares outstanding - basic (in shares) 309,647 154,219 308,685 153,363
Effect of dilutive securities:        
Weighted-average shares outstanding - diluted (in shares) 309,647 159,691 308,685 156,284
Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:        
Basic (in dollars per share) $ 0 $ 0.06 $ (0.28) $ 0.10
Diluted (in dollars per share) $ 0 $ 0.06 $ (0.28) $ 0.09
Stock options        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 0 534 0 178
Restricted stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 0 4,052 0 2,448
Performance stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 0 886 0 295
v3.24.3
Earnings (Loss) per Share - Securities Excluded from Diluted Earnings (Loss) per Share Computation (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Shares of Old PubCo Class B common stock | Old PubCo        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 0 152,117 0 152,117
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 2,054 432 2,054 432
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 10,059 0 10,059 0
Performance stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 7,609 4,636 7,609 4,636
v3.24.3
Trade Accounts Receivable, Net - Schedule of Trade Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Gross accounts receivable $ 1,213,417 $ 1,199,980
Allowance for credit losses (2,661) (3,022)
Contract charge-backs and sales volume allowances (437,299) (559,334)
Cash discount allowances (25,402) (23,892)
Subtotal (465,362) (586,248)
Nonrelated Party    
Related Party Transaction [Line Items]    
Trade accounts receivable, net $ 748,055 $ 613,732
v3.24.3
Trade Accounts Receivable, Net - Concentration of Receivables (Details) - Customer Concentration Risk - Accounts Receivable
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Customer A    
Concentration Risk [Line Items]    
Concentration risk (percent) 35.00% 40.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (percent) 30.00% 24.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (percent) 19.00% 22.00%
v3.24.3
Inventories - Components of Inventories, Net of Reserves (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 211,626 $ 217,744
Work in process 61,689 59,563
Finished goods 323,044 304,077
Total inventories $ 596,359 $ 581,384
v3.24.3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deposits and advances $ 3,251 $ 2,200
Prepaid insurance 9,953 8,334
Prepaid regulatory fees 5,159 6,331
Income and other tax receivables 16,250 13,168
Prepaid taxes 5,977 11,899
Other current receivables 7,855 9,929
Chargebacks receivable 5,488 7,876
Other prepaid assets 28,023 22,948
Total prepaid expenses and other current assets $ 81,956 $ 82,685
v3.24.3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Beginning, balance of period $ 598,629 $ 598,853
Currency translation (305) (224)
Ending, balance of period 598,324 598,629
Generics    
Goodwill [Line Items]    
Beginning, balance of period 162,852 163,076
Currency translation (305) (224)
Ending, balance of period 162,547 162,852
Specialty    
Goodwill [Line Items]    
Beginning, balance of period 366,312 366,312
Currency translation 0 0
Ending, balance of period 366,312 366,312
AvKARE    
Goodwill [Line Items]    
Beginning, balance of period 69,465 69,465
Currency translation 0 0
Ending, balance of period $ 69,465 $ 69,465
v3.24.3
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,664,809 $ 1,310,771
Accumulated Amortization (898,920) (776,193)
Net 765,889 534,578
In-process research and development 14,300 355,845
Intangible assets, cost 1,679,109 1,666,616
Intangible assets, net $ 780,189 890,423
Product rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 7 years  
Cost $ 1,553,009 1,198,971
Accumulated Amortization (815,238) (703,297)
Net $ 737,771 495,674
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 2 years 9 months 18 days  
Cost $ 111,800 111,800
Accumulated Amortization (83,682) (72,896)
Net $ 28,118 $ 38,904
v3.24.3
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Aug. 07, 2024
Finite-Lived Intangible Assets [Line Items]          
Amortization of intangible assets $ 43.3 $ 40.6 $ 123.3 $ 122.5  
Intangible asset impairment charges, indefinite-lived $ 0.0 $ 0.0 $ 0.0 $ 0.0  
Marketed Product Rights          
Finite-Lived Intangible Assets [Line Items]          
Finite-lived intangible assets, gross, reclassified         $ 341.5
v3.24.3
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]    
Indefinite-lived intangible assets (excluding goodwill) $ 14,300 $ 355,845
Remainder of 2024 50,296  
2025 162,768  
2026 115,150  
2027 94,650  
2028 75,108  
2029 68,072  
Thereafter 199,845  
Net $ 765,889 $ 534,578
v3.24.3
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Other Assets [Line Items]    
Other assets $ 36,274 $ 55,517
Interest rate swap    
Other Assets [Line Items]    
Other assets 17,939 37,089
Security deposits    
Other Assets [Line Items]    
Other assets 3,679 3,602
Long-term prepaid expenses    
Other Assets [Line Items]    
Other assets 4,699 3,273
Deferred revolving credit facility costs    
Other Assets [Line Items]    
Other assets 3,164 4,427
Other long term assets    
Other Assets [Line Items]    
Other assets $ 6,793 $ 7,126
v3.24.3
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Accounts payable $ 235,000 $ 143,572
Accrued returns allowance 148,075 136,486
Accrued compensation 64,900 71,122
Accrued Medicaid and commercial rebates 116,392 90,690
Accrued royalties 26,102 23,342
Commercial chargebacks and rebates 10,226 10,226
Accrued professional fees 16,263 11,005
Accrued other 54,127 48,219
Nonrelated Party    
Related Party Transaction [Line Items]    
Accounts payable and accrued expenses $ 671,085 $ 534,662
v3.24.3
Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt $ 2,499,532 $ 2,543,626
Less: debt issuance costs (105,233) (123,497)
Total debt, net of debt issuance costs 2,394,299 2,420,129
Less: current portion of long-term debt (224,692) (34,125)
Total long-term debt, net 2,169,607 2,386,004
Term Loan Due May 2025    
Debt Instrument [Line Items]    
Total debt 191,979 191,979
Term Loan Due May 2028    
Debt Instrument [Line Items]    
Total debt $ 2,307,553 $ 2,351,647
v3.24.3
Debt - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Debt Instrument [Line Items]      
Borrowings on revolving credit facilities $ 48,000 $ 110,000  
Amended New Revolving Credit Facility | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Borrowings on revolving credit facilities 20,000    
Repayment of outstanding principal 59,000    
Revolving credit facility 140,000   $ 179,000
Amended Rondo Credit Facility | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Repayment of outstanding principal 28,000    
Sellers Notes - interest expense | Other Payables      
Debt Instrument [Line Items]      
Repayment of outstanding principal 44,200    
Debt instrument, interest payment $ 10,000    
v3.24.3
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Nonrelated Party    
Other Liabilities [Line Items]    
Other long-term liabilities $ 24,144 $ 29,679
Uncertain tax positions    
Other Liabilities [Line Items]    
Other long-term liabilities 526 497
Long-term compensation    
Other Liabilities [Line Items]    
Other long-term liabilities 18,098 21,283
Contingent consideration    
Other Liabilities [Line Items]    
Other long-term liabilities 0 433
Other long-term liabilities    
Other Liabilities [Line Items]    
Other long-term liabilities $ 5,520 $ 7,466
v3.24.3
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Interest rate swap $ 17,939 $ 37,089
Liabilities    
Deferred compensation plan liabilities 8,560 9,100
Quoted Prices in Active Markets (Level 1)    
Assets    
Interest rate swap 0 0
Liabilities    
Deferred compensation plan liabilities 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Interest rate swap 17,939 37,089
Liabilities    
Deferred compensation plan liabilities 8,560 9,100
Significant Unobservable Inputs (Level 3)    
Assets    
Interest rate swap 0 0
Liabilities    
Deferred compensation plan liabilities $ 0 $ 0
v3.24.3
Fair Value Measurements - Summary of the Company’s Indebtedness at Fair Value (Details) - Level 2 - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sellers Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 0 $ 41,033
Term Loan Due 2025 | Senior Secured Credit Facility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value 192,219 190,779
Term Loan Due 2028 | Senior Secured Credit Facility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 2,339,282 $ 2,328,130
v3.24.3
Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 14, 2023
Sep. 30, 2024
Sep. 30, 2024
Dec. 31, 2023
Oct. 31, 2019
Derivative [Line Items]          
Interest rate swap   $ 17,939 $ 17,939 $ 37,089  
Derivative gain reclassified from accumulated OCI into income (loss)   $ 6,600 19,600    
Cash flow hedge gain (loss) to be reclassified within 12 months     7,600    
Total loss, net of tax, related to cash flow hedges     $ (5,000)    
Interest Rate Lock Agreement          
Derivative [Line Items]          
Notional amount         $ 1,300,000
November 2023 Swap          
Derivative [Line Items]          
Notional amount $ 1,300,000        
Derivative, fixed interest rate 2.7877%        
Interest rate swap $ 66,700        
Amended October 2019 Swap          
Derivative [Line Items]          
Derivative, fixed interest rate 1.366%        
Unrealized gain recorded within accumulated other comprehensive income (loss) $ 66,700        
v3.24.3
Financial Instruments - Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Variable to Fixed Interest Rate Swap | Designated as Hedging Instrument | Other Assets    
Derivative [Line Items]    
Fair Value $ 17,939 $ 37,089
v3.24.3
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2024
USD ($)
$ / twinPack
Feb. 28, 2024
Dec. 18, 2023
USD ($)
Feb. 28, 2023
USD ($)
Dec. 31, 2023
USD ($)
state
case
Sep. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
May 15, 2023
Dec. 31, 2020
state
Dec. 31, 2019
state
Loss Contingencies [Line Items]                          
(Credit) charges related to legal matters, net           $ 149   $ 2,620 $ (94,909) $ 1,039      
Liabilities for legal matters - long term         $ 316 85,479     85,479        
Opana ER® antitrust litigation                          
Loss Contingencies [Line Items]                          
(Credit) charges related to legal matters, net               2,600   1,000      
Loss contingency accrual         $ 50,000 265,000     265,000        
Litigation settlement, interest rate         3.00%                
Patent Infringement Matters                          
Loss Contingencies [Line Items]                          
(Credit) charges related to legal matters, net               (5,500)   (10,000)      
Customer Claim                          
Loss Contingencies [Line Items]                          
(Credit) charges related to legal matters, net               $ (3,000)   (3,000)      
Stockholder Derivative Lawsuit                          
Loss Contingencies [Line Items]                          
(Credit) charges related to legal matters, net                   (1,900)      
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
Civil prescription opioid litigation                          
Loss Contingencies [Line Items]                          
(Credit) charges related to legal matters, net             $ (94,400)     $ (4,100)      
Number of cases filed | case         900                
Number of states with cases | state         7                
Litigation settlement agreement terms 10 years                        
Estimated litigation liability         $ 21,500 115,200 $ 115,600   115,200        
Liabilities for legal matters - long term         $ 300 $ 85,500     $ 85,500        
Civil prescription opioid litigation | Litigation Settlement, Option One                          
Loss Contingencies [Line Items]                          
Litigation settlement amount $ 92,500                        
Litigation settlement, product supply amount $ 180,000                        
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 $ 137,500                        
Civil prescription opioid litigation | Litigation Settlement, Option Two                          
Loss Contingencies [Line Items]                          
Litigation settlement agreement terms 4 years                        
Litigation settlement amount $ 45,000                        
Litigation settlement, percentage of product value 25.00%                        
Ranitidine Litigation                          
Loss Contingencies [Line Items]                          
Number of states with cases | state         4                
Xyrem® (Sodium Oxybate) Antitrust Litigation                          
Loss Contingencies [Line Items]                          
Litigation settlement amount     $ 4,000 $ 1,900                  
Estimated litigation liability         $ 2,000                
Litigation settlement expense         $ 3,000                
UFCW Local 1500 Welfare Fund v. Takeda Pharmaceuticals U.S.A., Inc.                          
Loss Contingencies [Line Items]                          
Deadline period for defendants   45 days                      
v3.24.3
Commitments and Contingencies - Schedule of Liabilities For Legal Matters (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 30,181 $ 76,988
Opana ER® antitrust litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 0 50,000
Opana ER® antitrust litigation-accrued interest    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 0 2,347
Civil prescription opioid litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 29,762 21,189
Civil prescription opioid litigation (Liabilities for legal matters - long term) 85,479 316
Other    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 419 $ 3,452
v3.24.3
Stockholders' Equity and Redeemable Non-Controlling Interests - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Nov. 07, 2023
Apr. 02, 2021
Dec. 31, 2020
Jan. 31, 2020
Class of Stock [Line Items]                  
Tax distribution   $ 10.6   $ 58.7          
Kashiv Specialty Pharmaceuticals, LLC                  
Class of Stock [Line Items]                  
Voting interest acquired (percent)             98.00%    
Av Kare Incorporation And R And S Northeast L L C                  
Class of Stock [Line Items]                  
Voting interest acquired (percent)               65.10%  
Tax distribution recorded as a reduction to redeemable non-controlling interest $ 5.6 $ 4.5 $ 14.4 $ 10.3          
Common Class B                  
Class of Stock [Line Items]                  
Common stock, shares outstanding (in shares) 0   0   0        
Amneal Pharmaceuticals, LLC                  
Class of Stock [Line Items]                  
Ownership by parent (percent) 100.00%   100.00%     100.00%      
Sellers of KSP | Kashiv Specialty Pharmaceuticals, LLC                  
Class of Stock [Line Items]                  
Ownership percentage by noncontrolling owners (percent)             2.00%    
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes | Av Kare Incorporation And R And S Northeast L L C                  
Class of Stock [Line Items]                  
Ownership percentage by noncontrolling owners (percent) 34.90%   34.90%           34.90%
v3.24.3
Stockholders' Equity and Redeemable Non-Controlling Interests - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance $ (57,489) $ 150,768 $ 20,011 $ 183,979
Stockholders' equity ending balance (93,567) 154,236 (93,567) 154,236
Reclassification of cash flow hedge to earnings, net of tax 0 0 0 0
Foreign currency translation adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance     (66,072) (32,382)
Other comprehensive loss before reclassification     (2,665) (525)
Reallocation of ownership interests       (300)
Reclassification of cash flow hedge to earnings, net of tax of $0     0  
Stockholders' equity ending balance (68,737) (33,207) (68,737) (33,207)
Unrealized gain (loss) on cash flow hedge, net of tax        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance     33,723 42,321
Other comprehensive loss before reclassification     (19,150) (5,621)
Reallocation of ownership interests       380
Reclassification of cash flow hedge to earnings, net of tax of $0     (19,618)  
Stockholders' equity ending balance (5,045) 37,080 (5,045) 37,080
Accumulated other comprehensive (loss) income        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance (30,436) 8,083 (32,349) 9,939
Other comprehensive loss before reclassification     (21,815) (6,146)
Reallocation of ownership interests       80
Reclassification of cash flow hedge to earnings, net of tax of $0     (19,618)  
Stockholders' equity ending balance $ (73,782) $ 3,873 $ (73,782) $ 3,873
v3.24.3
Related Party Transactions - Related Party Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Other Income Net - Sale of Subsidiary- Gain on Sale | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party $ 0 $ 0 $ (3,760) $ 0  
Interest Expense Net - Sale of Subsidiary - Interest Income on Loan Receivable | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party (198) 0 (330) 0  
Research and development - Parking Space Lease | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 25 25 75 75  
Research and Development - Development and Commercialization Agreement - Ganirelix Acetate and Centrorelix Acetate | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 (75) 0 (25)  
Cost of Goods Sold Development And Commercialization Agreement - Filgrastim And Pegfilgrastim | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 3,021 844 11,741 988  
Research and Development Storage Income | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party (63) (18) (189) (100)  
Inventory and Cost of Goods Sold | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 2,783 90 6,425 590  
Inventory and Cost of Goods Sold | Kanan, LLC - operating lease          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 592 592 1,776 1,750  
Inventory and Cost of Goods Sold | Sutaria Family Realty, LLC - operating lease          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 324 314 962 933  
Inventory and Cost of Goods Sold | Apace Packaging, LLC - packaging agreement          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 4,689 5,528 14,910 11,095  
Inventory and Cost of Goods Sold | AzaTech Pharma LLC - supply agreement          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 3,771 2,588 9,016 5,132  
Inventory and Cost of Goods Sold | Alkermes          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 83 232 189 322  
Research and Development - Generic Development Supply Agreement - Research and Development Material | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party (633) (2,209) (681) (2,209)  
Accounts Payable and Accrued Expenses and Net Revenue - Generic Development Supply Agreement - Development Activity Deferred Income | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 (246) (422) (246)  
Research and Development | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 0 500 0  
Research and Development | Avtar Investments LLC - consulting services          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 66 70 195 267  
Research and Development - Development and Commercialization Agreement - Omaluzimab | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 20,000 0 20,000 0  
Interest Expense, Net | Sellers Notes - interest expense          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 266 0 9,986 0  
Selling, General and Administrative - Operating Lease | Tracy Properties LLC - operating lease          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 98 258 462 521  
Selling, General and Administrative - Operating Lease | AvPROP, LLC - operating lease          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 45 44 139 134  
Selling, General and Administrative - Logistics Services | R&S Solutions - logistics services          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 46 0 86  
Increase in Tax Receivable Agreement Liability - Tax Receivable Agreement T R A Liability | Members - tax receivable agreement          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 11,327 $ 677 26,719 $ 1,908  
Related Party          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 8,579   8,579   $ 955
Accounts payable and accrued expenses 12,922   12,922   7,321
Other long-term liabilities 26,186   26,186   11,776
Related Party | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 1,096   1,096   954
Accounts payable and accrued expenses 5,309   5,309   3,179
Other long-term liabilities 0   0   430
Related Party | Apace Packaging, LLC - packaging agreement          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 1,335   1,335   1,091
Related Party | AzaTech Pharma LLC - supply agreement          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 1,923   1,923   1,958
Related Party | Avtar Investments LLC - consulting services          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 64   64   100
Related Party | Alkermes          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 7   7   1
Related Party | AzaTech Pharma LLC - Supply Agreement          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 2   2   0
Related Party | Members - tax receivable agreement          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 4,289   4,289   549
Other long-term liabilities 26,186   26,186   3,207
Related Party | Kashiv - sale of subsidiary, including interest          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 7,474   7,474   0
Related Party | Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 0   0   442
Related Party | Alkermes Plc          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 2   2   2
Related Party | Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes          
Related Party Transaction [Line Items]          
Other long-term liabilities $ 0   $ 0   $ 8,139
v3.24.3
Related Party Transactions - Narrative (Details)
$ in Thousands, ₨ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 01, 2024
USD ($)
Apr. 30, 2024
USD ($)
Apr. 30, 2024
INR (₨)
Mar. 31, 2024
USD ($)
candidate
product
Dec. 31, 2022
USD ($)
candidate
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Apr. 30, 2024
INR (₨)
Related Party Transaction [Line Items]                    
Number of additional in-development products | product       2            
Number of generic product candidates | candidate         4          
Number of generic product candidates remaining | candidate       3            
Collaborative arrangement renew for successive term 3 years                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsidiary In India                    
Related Party Transaction [Line Items]                    
Consideration on sale of subsidiary   $ 12,200               ₨ 1,000.0
Proceeds from divestiture of businesses   5,000 ₨ 416.2              
Assumption of loan payable   $ 7,200 ₨ 598.6              
Loan payable, interest (percent)   11.00%               11.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsidiary In India | Generics                    
Related Party Transaction [Line Items]                    
Recognised pre-tax gain               $ 3,800    
Research and Development | Kashiv Biosciences LLC                    
Related Party Transaction [Line Items]                    
Amounts of transaction with related party           $ 0 $ 0 $ 500 $ 0  
Kashiv Bio Sciences License and Commercialization Agreement                    
Related Party Transaction [Line Items]                    
Collaborative arrangement aggregate sales-based milestone payment       $ 37,500            
Collaborative arrangement, profit share (percent)       50.00%            
Collaborative arrangement term               10 years    
Kashiv Bio Sciences License and Commercialization Agreement | R&D Reimbursement | Related Party                    
Related Party Transaction [Line Items]                    
Amounts of transaction with related party         $ 2,400          
Ownership interest (percent)           50.00%   50.00%    
Omalizumab Exclusive License And Commercialization Agreement                    
Related Party Transaction [Line Items]                    
License supply agreement, potential future milestone payments $ 75,000                  
Collaborative arrangement aggregate sales-based milestone payment $ 20,000                  
Collaborative arrangement, profit share (percent) 45.00%                  
Collaborative arrangement term 10 years                  
Development Milestones | Kashiv Bio Sciences License and Commercialization Agreement                    
Related Party Transaction [Line Items]                    
License supply agreement, potential future milestone payments       $ 7,000            
Development Milestones | Kashiv Bio Sciences License and Commercialization Agreement | R&D Reimbursement | Related Party                    
Related Party Transaction [Line Items]                    
Collaborative arrangement maximum contingent payments amount               $ 10,000    
Development Milestones | Omalizumab Exclusive License And Commercialization Agreement                    
Related Party Transaction [Line Items]                    
License supply agreement, potential future milestone payments $ 32,500                  
Regulatory Approval | Kashiv Bio Sciences License and Commercialization Agreement                    
Related Party Transaction [Line Items]                    
License supply agreement, potential future milestone payments       7,500            
Regulatory Approval | Kashiv Bio Sciences License and Commercialization Agreement | R&D Reimbursement | Related Party                    
Related Party Transaction [Line Items]                    
Collaborative arrangement maximum contingent payments amount               20,000    
Regulatory Approval | Omalizumab Exclusive License And Commercialization Agreement                    
Related Party Transaction [Line Items]                    
License supply agreement, potential future milestone payments 22,500                  
Initial Commercial Launch Milestones | Kashiv Bio Sciences License and Commercialization Agreement | R&D Reimbursement | Related Party                    
Related Party Transaction [Line Items]                    
Collaborative arrangement maximum contingent payments amount               20,000    
Achievement Of Annual Commercial Milestone | Kashiv Bio Sciences License and Commercialization Agreement | R&D Reimbursement | Related Party                    
Related Party Transaction [Line Items]                    
Collaborative arrangement maximum contingent payments amount               5,000    
Kashiv Biosciences LLC                    
Related Party Transaction [Line Items]                    
Collaborative arrangement upfront payment       $ 14,500            
Kashiv Biosciences LLC | R&D Reimbursement | Related Party | Maximum                    
Related Party Transaction [Line Items]                    
License supply agreement, potential future milestone payments               35,000    
Kashiv Biosciences LLC | Omalizumab Exclusive License And Commercialization Agreement                    
Related Party Transaction [Line Items]                    
Collaborative arrangement upfront payment $ 10,000         $ 10,000   10,000    
Kashiv Biosciences LLC | First Developmental Milestone | Omalizumab Exclusive License And Commercialization Agreement                    
Related Party Transaction [Line Items]                    
Collaborative arrangement upfront payment           $ 10,000   $ 10,000    
v3.24.3
Segment Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2024
product
segment
Segment Reporting [Abstract]  
Number of reportable segments | segment 3
Number of products families | product 270
v3.24.3
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Net revenue $ 702,468 $ 620,040 $ 2,063,439 $ 1,776,626
Cost of goods sold 432,910 387,509 1,305,874 1,145,888
Gross profit 269,558 232,531 757,565 630,738
Selling, general and administrative 118,692 113,006 347,749 320,672
Research and development 61,097 41,375 136,449 117,864
Intellectual property legal development expenses 1,967 886 3,993 3,350
Restructuring and other charges 172 1,043 1,862 1,635
Change in fair value of contingent consideration (1,030) 3,120 (930) (787)
(Credit) charges related to legal matters, net (149) (2,620) 94,909 (1,039)
Other operating expense (income) 0 73 0 (1,138)
Operating income 88,809 75,648 173,533 190,181
Generics        
Segment Reporting Information [Line Items]        
Net revenue 427,345 390,857 1,245,967 1,108,364
AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 159,485 131,879 492,559 382,286
Operating Segments | Generics        
Segment Reporting Information [Line Items]        
Net revenue 427,345 390,857 1,245,967 1,108,364
Cost of goods sold 249,342 236,268 750,167 692,008
Gross profit 178,003 154,589 495,800 416,356
Selling, general and administrative 30,951 33,538 95,663 89,178
Research and development 57,099 35,103 123,173 98,570
Intellectual property legal development expenses 1,786 815 3,778 3,240
Restructuring and other charges 17 112 70 211
Change in fair value of contingent consideration 0 0 0 0
(Credit) charges related to legal matters, net (149) (2,500) 94,909 (2,927)
Other operating expense (income)   73   (1,138)
Operating income 88,299 87,448 178,207 229,222
Operating Segments | Specialty        
Segment Reporting Information [Line Items]        
Net revenue 115,638 97,304 324,913 285,976
Cost of goods sold 52,342 45,551 143,284 135,254
Gross profit 63,296 51,753 181,629 150,722
Selling, general and administrative 27,723 22,756 79,529 67,894
Research and development 3,998 6,272 13,276 19,294
Intellectual property legal development expenses 181 71 215 110
Restructuring and other charges 0 931 1,024 1,013
Change in fair value of contingent consideration (1,030) 3,120 (930) (787)
(Credit) charges related to legal matters, net 0 0 0 0
Other operating expense (income)   0   0
Operating income 32,424 18,603 88,515 63,198
Operating Segments | AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 159,485 131,879 492,559 382,286
Cost of goods sold 131,226 105,690 412,423 318,626
Gross profit 28,259 26,189 80,136 63,660
Selling, general and administrative 15,145 14,313 44,694 41,268
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Restructuring and other charges 0 0 0 0
Change in fair value of contingent consideration 0 0 0 0
(Credit) charges related to legal matters, net 0 0 0 0
Other operating expense (income)   0   0
Operating income 13,114 11,876 35,442 22,392
Corporate and Other        
Segment Reporting Information [Line Items]        
Net revenue 0 0 0 0
Cost of goods sold 0 0 0 0
Gross profit 0 0 0 0
Selling, general and administrative 44,873 42,399 127,863 122,332
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Restructuring and other charges 155 0 768 411
Change in fair value of contingent consideration 0 0 0 0
(Credit) charges related to legal matters, net 0 (120) 0 1,888
Other operating expense (income)   0   0
Operating income $ (45,028) $ (42,279) $ (128,631) $ (124,631)