AMNEAL PHARMACEUTICALS, INC., 10-Q filed on 8/8/2022
Quarterly Report
v3.22.2
Cover - shares
6 Months Ended
Jun. 30, 2022
Jul. 25, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2022  
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 32-0546926  
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 $0.01 per share  
Trading Symbol AMRX  
Security Exchange Name NYSE  
Entity Current Reporting Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001723128  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   151,408,535
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   152,116,890
v3.22.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Net revenue $ 559,355 $ 535,075 $ 1,056,988 $ 1,028,180
Cost of goods sold 353,724 322,577 676,786 624,120
Cost of goods sold impairment charges 5,112 0 5,112 0
Gross profit 200,519 212,498 375,090 404,060
Selling, general and administrative 98,806 86,157 197,471 176,883
Research and development 50,748 52,864 103,546 101,046
In-process research and development impairment charges 0 710 0 710
Intellectual property legal development expenses 821 1,365 1,585 4,947
Acquisition, transaction-related and integration expenses 241 4,283 675 7,085
Charges related to legal matters, net 251,877 0 249,551 0
Insurance recoveries for property losses and associated expenses (1,911) 0 (1,911) 0
Restructuring and other charges 0 0 731 363
Change in fair value of contingent consideration (270) 0 (70) 0
Other operating income (1,175) 0 (1,175) 0
Operating (loss) income (198,618) 67,119 (175,313) 113,026
Other (expense) income:        
Interest expense, net (35,623) (34,083) (68,958) (67,968)
Foreign exchange loss, net (5,429) (2,244) (7,442) (156)
Loss on refinancing (291) 0 (291) 0
Other income, net 7,230 4,032 9,352 4,826
Total other expense, net (34,113) (32,295) (67,339) (63,298)
(Loss) income before income taxes (232,731) 34,824 (242,652) 49,728
Provision for income taxes 7,350 2,648 3,889 3,007
Net (loss) income (240,081) 32,176 (246,541) 46,721
Less: Net loss (income) attributable to non-controlling interests 119,273 (17,644) 124,015 (25,483)
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest (120,808) 14,532 (122,526) 21,238
Accretion of redeemable non-controlling interest 0 0 (438) 0
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. $ (120,808) $ 14,532 $ (122,964) $ 21,238
Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.'s class A common stockholders:        
Basic (in dollars per share) $ (0.80) $ 0.10 $ (0.82) $ 0.14
Diluted (in dollars per share) $ (0.80) $ 0.10 $ (0.82) $ 0.14
Weighted-average common shares outstanding:        
Basic (in shares) 150,993 148,996 150,445 148,507
Diluted (in shares) 150,993 151,986 150,445 151,606
v3.22.2
Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Other Comprehensive Income [Abstract]        
Net (loss) income $ (240,081) $ 32,176 $ (246,541) $ 46,721
Less: Net loss (income) attributable to non-controlling interests 119,273 (17,644) 124,015 (25,483)
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest (120,808) 14,532 (122,526) 21,238
Accretion of redeemable non-controlling interest 0 0 (438) 0
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. (120,808) 14,532 (122,964) 21,238
Other comprehensive (loss) income:        
Foreign currency translation adjustments arising during the period (11,628) 182 (15,707) (6,184)
Unrealized gain on cash flow hedge, net of tax 14,070 704 67,694 21,476
Less: Other comprehensive income attributable to non-controlling interests (1,225) (448) (26,180) (7,750)
Other comprehensive income attributable to Amneal Pharmaceuticals, Inc. 1,217 438 25,807 7,542
Comprehensive (loss) income attributable to Amneal Pharmaceuticals, Inc. $ (119,591) $ 14,970 $ (97,157) $ 28,780
v3.22.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 91,979 $ 247,790
Restricted cash 6,203 8,949
Trade accounts receivable, net 688,849 662,583
Inventories 533,028 489,389
Prepaid expenses and other current assets 232,204 110,218
Related party receivables 1,338 1,179
Total current assets 1,553,601 1,520,108
Property, plant and equipment, net 483,625 514,158
Goodwill 600,974 593,017
Intangible assets, net 1,204,224 1,166,922
Other assets 79,836 20,614
Total assets 4,041,405 3,939,664
Current liabilities:    
Accounts payable and accrued expenses 561,692 525,345
Current portion of liabilities for legal matters 275,338 58,000
Revolving credit facility 85,000 0
Current portion of long-term debt, net 29,920 30,614
Related party payables - short term 24,904 47,861
Total current liabilities 993,064 677,243
Long-term debt, net 2,622,447 2,680,053
Note payable - related party 38,856 38,038
Related party payables - long term 10,654 9,619
Other long-term liabilities 79,213 38,903
Total long-term liabilities 2,857,465 2,878,541
Commitments and contingencies (Notes 5 and 13)
Redeemable non-controlling interests 17,885 16,907
Stockholders' Equity    
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued at both June 30, 2022 and December 31, 2021 0
Additional paid-in capital 675,588 658,350
Stockholders' accumulated deficit (399,161) (276,197)
Accumulated other comprehensive income (loss) 868 (24,827)
Total Amneal Pharmaceuticals, Inc. stockholders' equity 280,327 360,340
Non-controlling interests (107,336) 6,633
Total stockholders' equity 172,991 366,973
Total liabilities and stockholders' equity 4,041,405 3,939,664
Class A Common Stock    
Stockholders' Equity    
Common stock 1,510 1,492
Class B Common Stock    
Stockholders' Equity    
Common stock 1,522 1,522
Excluding Related Party    
Current assets:    
Operating lease right-of-use assets 36,490 39,899
Financing lease right-of-use assets 63,443 64,475
Current liabilities:    
Current portion of operating lease liabilities 10,096 9,686
Current portion of financing lease liabilities 3,318 3,101
Operating lease liabilities 28,904 32,894
Financing lease liabilities 60,011 60,251
Related Party    
Current assets:    
Operating lease right-of-use assets 19,212 20,471
Current liabilities:    
Current portion of operating and financing lease liabilities - related party 2,796 2,636
Operating lease liabilities $ 17,380 $ 18,783
v3.22.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2022
Dec. 31, 2021
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
Class A Common Stock    
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) 151,196,000 149,413,000
Class B Common Stock    
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) 152,117,000 152,117,000
v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ (246,541) $ 46,721
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 117,511 112,037
Unrealized foreign currency loss 8,014 124
Amortization of debt issuance costs and discount 4,388 4,473
Loss on refinancing 291 0
Intangible asset impairment charges 5,112 710
Insurance recoveries for property and equipment losses (1,000) 0
Stock-based compensation 16,327 12,962
Inventory provision 17,748 25,805
Change in fair value of contingent consideration (70) 0
Other operating charges and credits, net 3,449 2,764
Changes in assets and liabilities:    
Trade accounts receivable, net (26,561) (13,167)
Inventories (65,395) (54,580)
Prepaid expenses, other current assets and other assets (119,747) (23,988)
Related party receivables (159) 7,383
Accounts payable, accrued expenses and other liabilities 273,947 (21,137)
Related party payables 7,508 (3,912)
Net cash (used in) provided by operating activities (5,178) 96,195
Cash flows from investing activities:    
Purchases of property, plant and equipment (15,842) (19,585)
Deposits for future acquisition of property, plant, and equipment (3,955) (1,667)
Acquisition of intangible assets (10,000) (500)
Acquisitions of businesses, net of cash acquired (84,714) (73,828)
Proceeds from insurance recoveries for property and equipment losses 1,000 0
Net cash used in investing activities (113,511) (95,580)
Cash flows from financing activities:    
Payments of deferred financing and refinancing costs (1,622) 0
Payments of principal on debt, financing leases and other (63,010) (33,876)
Borrowings on revolving credit facility 85,000 0
Proceeds from exercise of stock options 239 681
Employee payroll tax withholding on restricted stock unit vesting (3,291) (2,378)
Tax distributions to non-controlling interests (9,917) (27,551)
Acquisition of redeemable non-controlling interest (1,722) 0
Payments of deferred consideration for acquisitions - related party (43,998) 0
Payments of principal on financing lease - related party 0 (93)
Repayment of related party note 0 (1,000)
Net cash used in financing activities (38,321) (64,217)
Effect of foreign exchange rate on cash (1,547) (366)
Net decrease in cash, cash equivalents, and restricted cash (158,557) (63,968)
Cash, cash equivalents, and restricted cash - beginning of period 256,739 347,121
Cash, cash equivalents, and restricted cash - end of period 98,182 283,153
Cash and cash equivalents - end of period 91,979 278,306
Restricted cash - end of period 6,203 4,847
Supplemental disclosure of cash flow information:    
Cash paid for interest 57,322 61,441
Cash (received) paid for income taxes, net (6,747) 4,610
Supplemental disclosure of non-cash investing and financing activity:    
Contingent consideration for acquisition 8,796 0
Payable for acquisition of intangible assets 31,500 0
Deferred consideration for acquisition - related party 0 30,099
Contingent consideration for acquisition - related party $ 0 $ 6,100
v3.22.2
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Subsequent To Combination
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Stockholders' Accumulated Deficit
Accumulated Other Comprehensive (Loss) Income
Non- Controlling Interests
Non- Controlling Interests
Subsequent To Combination
Shares beginning balance (in shares) at Dec. 31, 2020     147,674 152,117          
Stockholders' equity beginning balance at Dec. 31, 2020 $ 344,932   $ 1,475 $ 1,522 $ 628,413 $ (286,821) $ (41,318) $ 41,661  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 42,742         21,238   21,504  
Foreign currency translation adjustments (6,184)           (3,049) (3,135)  
Stock-based compensation 12,962       12,962        
Exercise of stock options (in shares)     249            
Exercise of stock options 681   $ 2   686   (34) 27  
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)     1,286            
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (2,457)   $ 13   596   (169) (2,897)  
Unrealized gain on cash flow hedge, net of tax 21,476           10,591 10,885  
Tax distributions, net   $ (25,880)             $ (25,880)
Non-controlling interests from the KSP Acquisition 2,000             2,000  
Shares ending balance (in shares) at Jun. 30, 2021     149,209 152,117          
Stockholders' equity ending balance at Jun. 30, 2021 390,272   $ 1,490 $ 1,522 642,657 (265,583) (33,979) 44,165  
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2020 11,804                
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Net (loss) income 3,979                
Tax distributions, net (1,671)                
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2021 14,112                
Shares beginning balance (in shares) at Mar. 31, 2021     148,715 152,117          
Stockholders' equity beginning balance at Mar. 31, 2021 366,708   $ 1,485 $ 1,522 634,484 (280,115) (34,361) 43,693  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income 29,993         14,532   15,461  
Foreign currency translation adjustments 182           90 92  
Stock-based compensation 7,632       7,632        
Exercise of stock options (in shares)     5            
Exercise of stock options 5       9     (4)  
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)     489            
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (308)   $ 5   532   (56) (789)  
Unrealized gain on cash flow hedge, net of tax 704           348 356  
Tax distributions, net   (16,644)             (16,644)
Non-controlling interests from the KSP Acquisition 2,000             2,000  
Shares ending balance (in shares) at Jun. 30, 2021     149,209 152,117          
Stockholders' equity ending balance at Jun. 30, 2021 390,272   $ 1,490 $ 1,522 642,657 (265,583) (33,979) 44,165  
Redeemable Non-Controlling Interests, beginning balance at Mar. 31, 2021 13,079                
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Net (loss) income 2,183                
Tax distributions, net (1,150)                
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2021 14,112                
Shares beginning balance (in shares) at Dec. 31, 2021     149,413 152,117          
Stockholders' equity beginning balance at Dec. 31, 2021 366,973   $ 1,492 $ 1,522 658,350 (276,197) (24,827) 6,633  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income (250,945)         (122,526)   (128,419)  
Foreign currency translation adjustments (15,707)           (7,816) (7,891)  
Stock-based compensation 16,327       16,327        
Exercise of stock options (in shares)     54            
Exercise of stock options 239       193     46  
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)     1,729            
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (3,377)   $ 18   718   (112) (4,001)  
Unrealized gain on cash flow hedge, net of tax 67,694           33,623 34,071  
Tax distributions, net   (7,330)             (7,330)
Reclassification of redeemable non-controlling interest (883)         (438)   (445)  
Shares ending balance (in shares) at Jun. 30, 2022     151,196 152,117          
Stockholders' equity ending balance at Jun. 30, 2022 172,991   $ 1,510 $ 1,522 675,588 (399,161) 868 (107,336)  
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2021 16,907                
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Net (loss) income 4,404                
Tax distributions, net (2,587)                
Reclassification of redeemable non-controlling interest 883                
Acquisition of redeemable non-controlling interest (1,722)                
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2022 17,885                
Shares beginning balance (in shares) at Mar. 31, 2022     150,775 152,117          
Stockholders' equity beginning balance at Mar. 31, 2022 407,407   $ 1,506 $ 1,522 666,799 (278,353) (349) 16,282  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net (loss) income (242,128)         (120,808)   (121,320)  
Foreign currency translation adjustments (11,628)           (5,792) (5,836)  
Stock-based compensation 8,262       8,262        
Exercise of stock options (in shares)     47            
Exercise of stock options 128       128        
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)     374            
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (233)   $ 4   399     (636)  
Unrealized gain on cash flow hedge, net of tax 14,070           7,009 7,061  
Tax distributions, net   $ (2,887)             $ (2,887)
Shares ending balance (in shares) at Jun. 30, 2022     151,196 152,117          
Stockholders' equity ending balance at Jun. 30, 2022 172,991   $ 1,510 $ 1,522 $ 675,588 $ (399,161) $ 868 $ (107,336)  
Redeemable Non-Controlling Interests, beginning balance at Mar. 31, 2022 16,420                
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Net (loss) income 2,047                
Tax distributions, net (582)                
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2022 $ 17,885                
v3.22.2
Nature of Operations
6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations Nature of Operations
Amneal Pharmaceuticals, Inc. (the “Company”) is a pharmaceutical company specializing in developing, manufacturing, marketing and distributing high-value generic and branded specialty pharmaceutical products across a broad array of dosage forms and therapeutic areas. The Company operates principally in the United States, India, and Ireland, and sells to wholesalers, distributors, hospitals, chain pharmacies and individual pharmacies, either directly or indirectly. The Company is a holding company, whose principal assets are common units (“Amneal Common Units”) of Amneal Pharmaceuticals, LLC (“Amneal”).
In 2018, Amneal completed the acquisition of Impax Laboratories, Inc. (“Impax”), a generic and specialty pharmaceutical company. In 2020, Amneal 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”) (collectively, the “Rondo Acquisitions”). AvKARE, LLC is one of the largest private label providers of generic pharmaceuticals in the U.S. federal agency sector, primarily focused on serving the Department of Defense and the Department of Veterans Affairs. R&S is a national pharmaceutical wholesaler focused primarily on offering 340b-qualified entities products to provide consistency in care and pricing.
The group of investors, together with their affiliates and certain assignees, who owned Amneal when it was a private company (the “Members”) held 50.2% of Amneal Common Units and the Company held the remaining 49.8% as of June 30, 2022.
v3.22.2
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2022
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, should be read in conjunction with the Company’s annual audited financial statements for the year ended December 31, 2021 included in the Company’s 2021 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 June 30, 2022, cash flows for the six months ended June 30, 2022 and 2021 and the results of its operations, its comprehensive (loss) income and its changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021. The consolidated balance sheet data at December 31, 2021 was derived from the Company’s audited annual financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America.
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 2021 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, billbacks, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, initial and subsequent valuation of contingent consideration recognized in business combinations, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements
Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the Company’s annual disclosures as of and for the year ending December 31, 2022, with early adoption permissible. The Company elected to adopt this guidance during the quarter ended June 30, 2022 in connection with the recognition of cash incentive related to the India Production Linked Incentive Scheme for the Pharmaceutical Sector (“PLI Scheme”). Refer to Note 19. Government Grants, for additional information.
Recently Issued Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides elective amendments for entities that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.  These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), to expand and clarify the scope of Topic 848 to include derivative instruments on discounting transactions. The amendments in this ASU are effective in the same timeframe as ASU 2020-04. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Reclassification
The prior period balance related to liabilities for legal proceedings of $58.0 million, formerly included in accounts payable and accrued expenses as of December 31, 2021, has been reclassified to the balance sheet caption liabilities for legal proceedings to conform to the current period presentation in the consolidated balance sheets.
v3.22.2
Acquisitions
6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
Saol Baclofen Franchise Acquisition
On December 30, 2021, the Company entered into an asset purchase agreement with certain entities affiliated with Saol International Limited (collectively, “Saol”), a private specialty pharmaceutical company, pursuant to which it agreed to acquire Saol’s baclofen franchise, including Lioresal®, LYVISPAH™, and a pipeline product under development (the “Saol Acquisition”). The Saol Acquisition expands the Company’s commercial institutional and specialty portfolio in neurology while adding commercial infrastructure in advance of its entry into the biosimilar institutional market. The transaction closed on February 9, 2022.
Consideration for the Saol Acquisition included $84.7 million, paid at closing with cash on hand, and contingent royalty payments based on annual net sales for certain acquired assets, beginning in 2023. Cash paid at closing included $1.1 million for inventory acquired in excess of the normalized level, as defined in the asset purchase agreement (working capital adjustment).
For the six months ended June 30, 2022, the Company incurred $0.1 million in transaction costs associated with the Saol Acquisition, which was recorded in acquisition, transaction-related and integration expenses (none for the three months ended June 30, 2022).
The Saol Acquisition was accounted for under the acquisition method of accounting, with Amneal as the accounting acquirer. The preliminary purchase price was calculated as follows (in thousands):
Cash$84,714 
Contingent consideration (royalties) (1)
8,796 
Fair value of consideration transferred$93,510 
(1)The estimated fair value of contingent consideration on the acquisition date was $8.8 million and was based on significant Level 3 inputs that were not observable in the market. Key assumptions included the discount rate, projected year of payments and expected net product sales. Refer to Note 10. Fair Value Measurements, for additional information on the methodology and determination of this liability.
The following is a summary of the preliminary purchase price allocation for the Saol Acquisition (in thousands):
Preliminary Fair Values as of
February 9, 2022
Inventory$2,162 
Prepaid expenses and other current assets98 
Goodwill7,553 
Intangible assets83,815 
Total assets acquired93,628 
Accounts payable and accrued expenses118 
Fair value of consideration transferred$93,510 
The acquired intangible assets are being amortized over their estimated useful lives as follows (in thousands):

Preliminary Fair Value
Weighted-Average
Useful Life (in years)
Marketed product rights$83,815 11.6
The estimated fair value of the identifiable intangible assets was determined using the “income approach,” which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. The assumptions, including the expected projected cash flows, utilized in the purchase price allocation and in determining the purchase price were based on management's best estimates as of the closing date of the Saol Acquisition on February 9, 2022.
Some of the more significant assumptions inherent in the development of those asset valuations included the estimated net cash flows for each year for each asset (including net revenues, cost of sales, selling and marketing costs and working capital / contributory asset charges), the appropriate discount rate to select in order to measure the risk inherent in each future cash flow stream, the assessment of each asset’s life cycle, the potential regulatory and commercial success risks, competitive trends impacting the asset and each cash flow stream, as well as other factors. The underlying assumptions used to prepare the discounted cash flow analysis may change; accordingly, for these and other reasons, actual results may vary significantly from estimated results.
Goodwill is calculated as the excess of the consideration transferred over the net assets recognized. Of the total goodwill acquired in connection with the Saol Acquisition, $5.2 million was allocated to the Company’s Generics segment and $2.4 million was allocated to the Company’s Specialty segment.
From the acquisition date of February 9, 2022 to June 30, 2022, the Saol Acquisition contributed net revenue and an operating loss of $9.3 million and $2.0 million, respectively. For the three months ended June 30, 2022, the Saol Acquisition contributed net revenue and an operating loss of $6.3 million and $1.9 million, respectively.
Puniska Healthcare Pvt. Ltd.
On November 2, 2021, the Company entered into a definitive agreement to acquire Puniska Healthcare Pvt. Ltd. (“Puniska”), a privately held manufacturer of parenteral and injectable drugs in India, and land in a transaction valued at $93.0 million (the “Puniska Acquisition”). Upon execution of the agreement, the Company paid $72.9 million with cash on hand for approximately 74% of the equity interests of Puniska. Upon approval of the transaction by the government of India in March 2022, the Company paid, with cash on hand, an additional $1.7 million for the remaining 26% of the equity interests of Puniska (included in redeemable non-controlling interests in the Company’s consolidated balance sheet as of December 31, 2021) and $14.2 million for the satisfaction of a preexisting payable to the sellers (included in related party payables-short term in the Company’s consolidated balance sheet as of December 31, 2021). During December 2021, the Company paid $4.3 million with cash on hand for land associated with the Puniska Acquisition.
There were no transaction costs associated with the Puniska Acquisition for the three and six months ended June 30, 2022.
The Puniska Acquisition, excluding the land acquired in December 2021, was accounted for under the acquisition method of accounting, with Amneal as the accounting acquirer. The preliminary purchase price was calculated as follows (in thousands):
Cash (1)
$72,880 
Payable to sellers (2)
14,162 
Fair value of consideration transferred$87,042 
(1)     Cash includes the payment made upon execution of the agreement.
(2)     Due to the short-term nature of the payable to the sellers, the principal amount approximates fair value.
The following is a summary of the preliminary purchase price allocation for the Puniska Acquisition (in thousands):
Preliminary Fair Values as of
November 2, 2021
Cash$165 
Trade accounts receivable, net 232 
Inventories1,092 
Prepaid expenses and other current assets4,473
Property, plant and equipment 53,423
Goodwill30,091
Operating lease-right-of-use assets 234
Other assets 1,303
Total assets acquired91,013 
Accounts payable and accrued expenses1,732
Operating lease liabilities234
Other long-term liabilities263
Total liabilities assumed2,229 
Redeemable non-controlling interests 1,742
Fair value of consideration transferred$87,042 
Goodwill is calculated as the excess of the consideration transferred and fair value of the redeemable non-controlling interests over the net assets recognized. All of the goodwill acquired in connection with the Puniska Acquisition was allocated to the Company’s Generics segment.
Kashiv Specialty Pharmaceuticals, LLC Acquisition
On January 11, 2021, the Company and Kashiv Biosciences, LLC (a related party, see Note 15. Related Party Transactions) (“Kashiv”) entered into a definitive agreement for Amneal to acquire a 98% interest in Kashiv Specialty Pharmaceuticals, LLC (“KSP”), a subsidiary of Kashiv focused on the development of innovative drug delivery platforms, novel 505(b)(2) drugs and complex generics (the “KSP Acquisition”).
On April 2, 2021, the Company completed the KSP Acquisition.  Under the terms of the transaction, the cash portion of the consideration was $104.5 million, comprised of a purchase price of $100.1 million (including initial and deferred consideration) and a working capital adjustment of $4.4 million.  The initial cash purchase price was funded by cash on hand. For further detail of the purchase price, refer to the table below.
Transaction costs associated with the KSP Acquisition were $2.0 million and $3.1 million for the three and six months ended June 30, 2021, respectively, and were included in acquisition, transaction-related and integration expenses (none for the three and six months ended June 30, 2022).
The KSP Acquisition was accounted for under the acquisition method of accounting, with Amneal as the accounting acquirer.
The purchase price was calculated as follows (in thousands):
Cash, including working capital payments$74,440 
Deferred consideration (1)
30,099 
Contingent consideration (regulatory milestones) (2)
500 
Contingent consideration (royalties) (2)
5,200 
Settlement of Amneal trade accounts payable due to KSP (3)
(7,117)
Fair value consideration transferred$103,122 

(1)The deferred consideration was stated at the fair value estimate of $30.1 million, which is the $30.5 million contractually stated amount less a $0.4 million discount. The deferred consideration consisted of $30.0 million, which the Company paid in January 2022 and $0.5 million, which the Company expects to pay during the three months ending September 30, 2022. As the deferred consideration is non-interest bearing, the Company, using guideline companies and market borrowings with comparable risk profiles, discounted the deferred consideration at 1.7% over the period from April 2, 2021 to the maturity dates, for a fair value of $30.1 million on the date of acquisition. This discount was amortized to interest expense over the life of the deferred consideration utilizing the effective interest rate method.

(2)    Kashiv is eligible to receive up to an additional $8.0 million in contingent payments upon the achievement of certain regulatory milestones and potential royalty payments from high single-digits to mid double-digits, depending on the amount of aggregate annual net sales for certain future pharmaceutical products. The estimated fair value of contingent consideration on the acquisition date was $5.7 million and was based on significant Level 3 inputs that were not observable in the market. Key assumptions included the discount rate, probability of achievement of milestones, projected year of payments and expected net product sales. Refer to Note 10. Fair Value Measurements, for additional information on the methodology and determination of this liability.

(3)    Represented trade accounts payable due to KSP that were effectively settled upon closing of the KSP Acquisition.
The following is a summary of the purchase price allocation for the KSP Acquisition (in thousands):
Final Fair Values as of
April 2, 2021
Cash$112 
Restricted cash500 
Prepaid expenses and other current assets381 
Property, plant and equipment5,375 
Goodwill43,530 
Intangible assets56,400 
Operating lease right-of-use assets9,367 
Total assets acquired115,665 
Accounts payable and accrued expenses1,239 
Operating lease liability9,177 
Related party payable127 
Total liabilities assumed10,543 
Non-controlling interests2,000 
Fair value of consideration transferred$103,122 
Total acquired intangible assets of $56.4 million were comprised of marketed product rights of $29.4 million and in-process research and development (“IPR&D”) of $27.0 million.
The acquired intangible assets are being amortized over their estimated useful lives as follows (in thousands):

Fair Value
Weighted-Average
Useful Life (in years)
Marketed product rights$29,400 5.9
The estimated fair value of the in-process research and development and identifiable intangible assets was determined using the “income approach”, which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. The assumptions, including the expected projected cash flows, utilized in the purchase price allocation and in determining the purchase price were based on management’s best estimates as of the closing date of the KSP Acquisition on April 2, 2021.
Some of the more significant assumptions inherent in the development of those asset valuations included the estimated net cash flows for each year for each asset or product (including net revenues, cost of sales, R&D, selling and marketing costs and working capital / contributory asset charges), the appropriate discount rate to select in order to measure the risk inherent in each future cash flow stream, the assessment of each asset’s life cycle, the potential regulatory and commercial success risks, competitive trends impacting the asset and each cash flow stream, as well as other factors. The underlying assumptions used to prepare the discounted cash flow analysis may change; accordingly, for these and other reasons, actual results may vary significantly from estimated results.
Goodwill is calculated as the excess of the consideration transferred and fair value of the non-controlling interests over the net assets recognized. Of the total goodwill acquired in connection with the KSP Acquisition, $40.8 million was allocated to the Company’s Generics segment and $2.7 million was allocated to the Company’s Specialty segment.
v3.22.2
Revenue Recognition
6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
Concentration of Revenue
The following table summarizes revenues from each of our customers which individually accounted for 10% or more of our total net revenue:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Customer A19 %26 %19 %23 %
Customer B17 %20 %17 %20 %
Customer C21 %21 %22 %23 %
Customer D11 %11 %11 %11 %
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 six months ended June 30, 2022 and 2021 are set forth below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Generics
Anti-Infective$5,566 $9,677 $11,811 $15,590 
Hormonal/ Allergy118,309 111,654 214,677 218,357 
Antiviral (1)
1,296 (261)11,867 (8,202)
Central Nervous System108,787 106,628 189,912 202,919 
Cardiovascular System32,043 36,134 55,496 71,445 
Gastroenterology17,531 19,703 34,151 39,161 
Oncology18,424 33,450 35,632 52,480 
Metabolic Disease/Endocrine9,988 6,881 21,221 13,438 
Respiratory12,118 10,463 17,783 18,641 
Dermatology17,937 14,818 31,414 27,696 
Other therapeutic classes22,329 11,143 57,689 20,874 
International and other567 147 989 546 
Total Generics net revenue364,895 360,437 682,642 672,945 
Specialty
Hormonal/ Allergy24,320 16,012 43,739 32,808 
Central Nervous System65,356 65,130 123,524 132,841 
Gastroenterology484 — 554 — 
Other therapeutic classes6,841 7,493 14,270 18,917 
Total Specialty net revenue97,001 88,635 182,087 184,566 
AvKARE
Distribution64,240 48,316 124,503 93,815 
Government Label22,280 29,172 46,739 60,244 
Institutional6,060 5,780 12,375 10,959 
Other4,879 2,735 8,642 5,651 
Total AvKARE net revenue97,459 86,003 192,259 170,669 
Total net revenue$559,355 $535,075 $1,056,988 $1,028,180 
(1) Antiviral net revenue for the three and six months ended June 30, 2021 reflected lower demand and increased returns activity for Oseltamivir (generic Tamiflu®) above historical levels due to decreased influenza activity during the COVID-19 pandemic.
A rollforward of the major categories of sales-related deductions for the six months ended June 30, 2022 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, 2021$503,902 $23,642 $161,978 $85,737 
Provision related to sales recorded in the period1,567,090 52,895 47,486 61,913 
Credits/payments issued during the period(1,675,244)(53,255)(51,238)(54,879)
Balance at June 30, 2022$395,748 $23,282 $158,226 $92,771 
v3.22.2
Alliance and Collaboration
6 Months Ended
Jun. 30, 2022
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 which generally obligate the Company to provide research and development services over multiple periods. The Company's significant arrangements are discussed below.
Biosimilar Licensing and Supply Agreement
On May 7, 2018, the Company entered into a licensing and supply agreement with Mabxience S.L. 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 will pay development and regulatory milestone payments as well as commercial milestone payments on reaching pre-agreed sales targets in the market to Mabxience, up to $78.0 million. For the three and six months ended June 30, 2021, the Company recognized $7.5 million and $9.5 million, respectively, of research and development expense under this agreement (none for the three and six months ended June 30, 2022).
On April 13, 2022, the Food and Drug Administration (“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 incurred milestone payments of $26.5 million, of which $10.0 million was paid, during the three and six months ended June 30, 2022. The milestones were capitalized as an intangible assets and will be amortized to cost of sales over their estimated useful lives of 7 years.
Agreements with Kashiv Biosciences, LLC
For details on the Company’s related party agreements with Kashiv, refer to Note 15. Related Party Transactions in this Form 10-Q and the Company’s 2021 Annual Report on Form 10-K
v3.22.2
(Loss) Earnings per Share
6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
(Loss) Earnings per Share (Loss) Earnings per Share
Basic (loss) earnings per share of the Company’s class A common stock is computed by dividing net (loss) income attributable to Amneal Pharmaceuticals, Inc. by the weighted-average number of shares of class A common stock outstanding during the period. Diluted (loss) earnings per share of class A common stock is computed by dividing net (loss) income attributable to Amneal Pharmaceuticals, Inc. by the weighted-average number of shares of class A common stock outstanding, adjusted to give effect to potentially dilutive securities.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of class A common stock (in thousands, except per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Numerator:
Net (loss) income attributable to Amneal Pharmaceuticals, Inc.$(120,808)$14,532 $(122,964)$21,238 
Denominator:
Weighted-average shares outstanding - basic150,993 148,996 150,445 148,507 
Effect of dilutive securities:
Stock options— 837 — 815 
Restricted stock units— 2,153 — 2,284 
Weighted-average shares outstanding - diluted
150,993 151,986 150,445 151,606 
Net (loss) earnings per share attributable to Amneal Pharmaceuticals, Inc.’s class A common stockholders:
Basic$(0.80)$0.10 $(0.82)$0.14 
Diluted$(0.80)$0.10 $(0.82)$0.14 
Shares of the Company's class B common stock do not share in the earnings or losses of the Company and, therefore, are not participating securities. As such, separate presentation of basic and diluted (loss) earnings per share of class B common stock under the two-class method has not been presented.
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
June 30,
Six Months Ended
June 30,
2022202120222021
Stock options
2,919 (1)347 (3)2,919 (1)347 (3)
Restricted stock units
10,989 (1)— 10,989 (1)— 
Performance stock units
7,427 (1)5,169 (4)7,427 (1)5,169 (4)
Shares of class B common stock152,117 (2)152,117 (2)152,117 (2)152,117 (2)
(1)Excluded from the computation of diluted earnings 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 for the three and six months ended June 30, 2022.
(2)Shares of class B common stock are considered potentially dilutive shares of class A common stock. Shares of class B common stock have been excluded from the computations of diluted (loss) earnings per share because the effect of their inclusion would have been anti-dilutive under the if-converted method.
(3)Excluded from the computation of diluted earnings per share of class A common stock because the exercise price of the stock options exceeded the average market price of the class A common stock during the period (out-of-the-money).
(4)Excluded from the computation of diluted earnings per share of class A common stock because the performance vesting conditions were not met for each of the three and six months ended June 30, 2021.
v3.22.2
Income Taxes
6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended June 30, 2022, the Company’s provision for income taxes and effective tax rates were $7.4 million and (3.2)%, respectively, compared to $2.6 million and 7.6%, respectively, for the three months ended June 30, 2021. The period-over-period change in the provision for income taxes was primarily related to a change in the mix of foreign income.
For the six months ended June 30, 2022, the Company’s provision for income taxes and effective tax rates were $3.9 million and (1.6)%, respectively, compared to $3.0 million and 6.0%, respectively, for the six months ended June 30, 2021. The period-over-period change in the provision for income taxes was primarily related to a change in the mix of foreign income and a discrete benefit as a result of the completion of an Internal Revenue Service examination and Joint Committee review of the 2012-2018 federal income tax returns, which enabled the Company to recognize previously unrecognized tax benefits.
As of September 30, 2019, the Company established a valuation allowance 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. The Company estimated that as of September 30, 2019, it had generated a cumulative consolidated three-year pre-tax loss, which continued as of December 31, 2021.  As a result of the initial September 30, 2019 and December 31, 2021 analyses, the Company determined that it remained more likely than not that it would not realize the benefits of its gross deferred tax assets (“DTAs”) and, therefore, maintained its valuation allowance. As of December 31, 2021, this valuation allowance was $416.6 million, and it reduced the carrying value of these gross DTAs, net of the impact of the reversal of taxable temporary differences, to zero. As of June 30, 2022, based on its evaluation of available positive and negative evidence, the Company has maintained its position with respect to the valuation allowance.
The Company entered into a tax receivable agreement (“TRA”) for which it is generally required to pay the holders of Amneal Common Units 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 and (ii) tax benefits attributable to payments made under the TRA.  In conjunction with the valuation allowance recorded on the DTAs at September 30, 2019, the Company reversed the TRA liability.
The projection of future taxable income involves significant judgment. Actual taxable income may differ from the Company’s estimates, which could significantly impact the timing of the recognition of the contingent liability under the TRA. As noted above, the Company has determined it is more-likely-than-not it will be unable to utilize all of its DTAs subject to the TRA; therefore, as of June 30, 2022, 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, Amneal will recognize a liability under the TRA as a result of basis adjustments under Internal Revenue Code Section 754. As of both June 30, 2022 and December 31, 2021, the contingent liability associated with the TRA was approximately $206.3 million.
The timing and amount of any payments under the TRA may vary depending upon a number of factors, including the timing and number of Amneal Common Units sold or exchanged for the Company's class A common stock, the price of the Company's class A common stock on the date of sale or exchange, the timing and amount of the Company's taxable income, and the tax rate in effect at the time of realization of the Company's taxable income (the TRA liability is determined based on a percentage of the corporate tax savings from the use of the TRA's attributes). Further sales or exchanges occurring subsequent to June 30, 2022 could result in future Amneal tax deductions and obligations to pay 85% of such benefits to the holders of Amneal Common Units. These obligations could be incremental to and substantially larger than the approximate $206.3 million contingent liability as of June 30, 2022 described above. 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.

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.  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.
v3.22.2
Trade Accounts Receivable, Net
6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Trade Accounts Receivable, Net Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
June 30,
2022
December 31,
2021
Gross accounts receivable$1,109,812 $1,191,792 
Allowance for credit losses(1,933)(1,665)
Contract charge-backs and sales volume allowances(395,748)(503,902)
Cash discount allowances(23,282)(23,642)
Subtotal(420,963)(529,209)
Trade accounts receivable, net$688,849 $662,583 
Concentration of Receivables
Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:
June 30,
2022
December 31,
2021
Customer A34 %37 %
Customer B22 %24 %
Customer C28 %25 %
v3.22.2
Inventories
6 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following (in thousands):
June 30,
2022
December 31,
2021
Raw materials
$220,593 $214,508 
Work in process
71,784 47,802 
Finished goods
240,651 227,079 
Total inventories$533,028 $489,389 
v3.22.2
Fair Value Measurements
6 Months Ended
Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 (in thousands):
Fair Value Measurement Based on
June 30, 2022TotalQuoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap asset (1)
$56,221 $— $56,221 $— 
Liabilities
Deferred compensation plan liabilities (2)
$10,648 $— $10,648 $— 
Contingent consideration liabilities (3)
$14,626 $— $— $14,626 
December 31, 2021
Liabilities
Interest rate swap liability (1)
$11,473 $— $11,473 $— 
Deferred compensation plan liabilities (2)
$13,883 $— $13,883 $— 
Contingent consideration liability (3)
$5,900 $— $— $5,900 
(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 11. 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.
(3)The fair value measurement of contingent consideration liabilities has been classified as Level 3 recurring liabilities as the valuations require judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for various inputs, the estimated fair values could be higher or lower than what the Company determined. As of June 30, 2022, contingent consideration liabilities of $5.8 million associated with the KSP Acquisition and $8.8 million associated with the Saol Acquisition were recorded within related party payables - long term and other long-term liabilities, respectively. As of December 31, 2021, a contingent consideration liability of $5.9 million associated with the KSP Acquisition was recorded within related party payables - long term. Refer to Note 3. Acquisitions for additional information related to contingent consideration associated with the KSP Acquisition and the Saol Acquisition.
There were no transfers between levels in the fair value hierarchy during the six months ended June 30, 2022.
Contingent consideration

On April 2, 2021, the Company completed the KSP Acquisition, which provides for contingent milestone payments of up to an aggregate of $8.0 million (undiscounted) upon the achievement of certain regulatory milestones, as well as contingent royalty payments that are tiered depending on the aggregate annual net sales for certain future pharmaceutical products.

On February 9, 2022, the Company completed the Saol Acquisition, which provides for contingent royalty payments that are tiered depending on the aggregate annual net sales for certain pharmaceutical products, beginning in 2023.

The following table provides a reconciliation of the contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

Six Months Ended
June 30, 2022
Year Ended December 31, 2021
Balance, beginning of period$5,900 $— 
Addition due to the Saol Acquisition8,796 — 
Addition due to the KSP Acquisition— 5,700 
Change in fair value during the period(70)200 
Balance, end of period$14,626 $5,900 


The fair value measurement of the contingent consideration liabilities were determined based on significant unobservable inputs, including the discount rate, estimated probabilities of success, timing of achieving specified regulatory milestones and the estimated amount of future sales of the acquired products. The contingent consideration liabilities were estimated by applying a probability-weighted expected payment model for contingent milestone payments and Monte Carlo simulation models for contingent royalty payments, which were then discounted to present value. Changes to the fair values of the contingent consideration liabilities can result from changes to one or a number of the aforementioned inputs. If different assumptions were used for various inputs, the estimated fair value could be higher or lower than what the Company determined.
The following table summarizes the significant unobservable inputs used in the fair value measurement of our contingent consideration liabilities as of June 30, 2022:

Contingent Consideration Liability
Fair Value as of
June 30, 2022
(in thousands)
Unobservable inputRange
Weighted Average(1)
Regulatory Milestones (KSP Acquisition)$430Discount rate7.9%-9.0%8.0%
Probability of payment1.8%-20.0%17.0%
Projected year of payment2023-20272023
Royalties (KSP Acquisition)$5,400Discount rate12.5%-12.5%12.5%
Probability of payment1.8%-20.0%18.0%
Projected year of payment2023-20322029
Royalties (Saol Acquisition)$8,796Discount rate 16.8%-16.8%16.8%
Projected year of payment 2023-20372027

(1) Unobservable inputs were weighted by the relative fair value of each product candidate acquired.

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 Term Loan, as defined in Note 17. Debt in the Company’s 2021 Annual Report on Form 10-K, is in the Level 2 category within the fair value level hierarchy. The fair value was determined using market data for valuation. The fair value of the Term Loan at June 30, 2022 was approximately $2.3 billion as compared to approximately $2.6 billion at December 31, 2021.
The Rondo Term Loan, as defined in Note 17. Debt in the Company’s 2021 Annual Report on Form 10-K, is in the Level 2 category within the fair value level hierarchy. The fair value of the Rondo Term Loan at June 30, 2022 and December 31, 2021 was $91.3 million and $139.0 million, respectively.
The Sellers Notes are in the Level 2 category within the fair value level hierarchy. The fair value of the Sellers Notes at June 30, 2022 and December 31, 2021 was $38.6 million and $38.0 million, respectively.
Refer to Note 17. Debt in our 2021 Annual Report on Form 10-K for detailed information about our 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 six months ended June 30, 2022 and 2021.
v3.22.2
Financial Instruments
6 Months Ended
Jun. 30, 2022
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.  In order to achieve this objective, the Company has entered into an interest rate swap on the Term Loan.
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 LIBOR associated with the Term Loan.
As of June 30, 2022, the total gain, net of income taxes, related to the Company’s cash flow hedge was $56.2 million, of which $27.6 million was recognized in accumulated other comprehensive income and $28.6 million was recognized in non-controlling interests.
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
June 30, 2022December 31, 2021
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification
Fair ValueBalance Sheet
Classification
Fair Value
Variable-to-fixed interest rate swapOther Assets$56,221 Other long-term liabilities$11,473 
v3.22.2
Goodwill and Other Intangible Assets
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The changes in goodwill for the six months ended June 30, 2022 and for the year ended December 31, 2021 were as follows (in thousands):
June 30,
2022
December 31,
2021
Balance, beginning of period$593,017 $522,814 
Goodwill acquired during the period 7,553 70,584 
Adjustment during the period for Puniska Acquisition3,075 — 
Currency translation(2,671)(381)
Balance, end of period$600,974 $593,017 
As of June 30, 2022, $366.3 million, $165.2 million, and $69.5 million of goodwill was allocated to the Specialty, Generics, and AvKARE segments, respectively. As of December 31, 2021, $363.9 million, $159.6 million, and $69.5 million of goodwill was allocated to the Specialty, Generics, and AvKARE segments, respectively. For the six months ended June 30, 2022, goodwill acquired during the period was associated with the Saol Acquisition. For the year ended December 31, 2021, goodwill acquired during the period was associated with the Puniska Acquisition and the KSP Acquisition. Refer to Note 3. Acquisitions for additional information.
Intangible assets at June 30, 2022 and December 31, 2021 were comprised of the following (in thousands):
June 30, 2022December 31, 2021
Weighted-Average
Amortization Period
(in years)
CostAccumulated
Amortization
NetCostAccumulated
Amortization
Net
Amortizing intangible assets:
Product rights7.9$1,240,871 $(507,894)$732,977 $1,122,612 $(436,902)$685,710 
Other intangible assets4.5133,800 (67,978)65,822 133,800 (58,013)75,787 
Subtotal$1,374,671 $(575,872)$798,799 $1,256,412 $(494,915)$761,497 
In-process research and development
405,425 — 405,425 405,425 — 405,425 
Total intangible assets$1,780,096 $(575,872)$1,204,224 $1,661,837 $(494,915)$1,166,922 
During the six months ended June 30, 2022, the Company recognized $83.8 million of product rights intangible assets associated with the preliminary purchase price allocation of the Saol Acquisition. During the three and six months ended June 30, 2021, the Company recognized $73.8 million of intangible assets associated with the then preliminary purchase price allocation of the KSP Acquisition, consisting of $29.5 million of product rights and $44.3 million of IPR&D. Product rights are amortized to cost of goods sold over their estimated useful lives. Refer to Note 3. Acquisitions for additional information on the preliminary purchase price allocation associated with the Saol Aquisition and the final purchase price allocation associated with the KSP Acquisition.
Amortization expense related to intangible assets was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Amortization$41,982 $43,520 $82,901 $85,192 
The following table presents future amortization expense for the next five years and thereafter, excluding $405.4 million of IPR&D intangible assets (in thousands):
Future
Amortization
Remainder of 2022$88,560 
2023161,146 
2024158,554 
2025120,845 
202672,132 
Thereafter197,562 
   Total$798,799 
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.
For both the three and six months ended June 30, 2022, the Company recognized a $5.1 million of intangible asset impairment charge. This charge was associated with a currently marketed product that experienced significant price erosion without an offsetting increase in customer demand, resulting in significantly lower than expected future margins.
For both the three and six months ended June 30, 2021, the Company recognized a $0.7 million intangible asset impairment charge associated with one IPR&D product, which experienced a delay in its estimated launch date.
v3.22.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2022
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 intellectual property from various third parties. The Company is generally required to make upfront payments as well as 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 5. Alliance and Collaboration for additional information. Certain of these arrangements are with related parties. Refer to Note 15. 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 the legal proceedings 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. The Company is also subject to legal proceedings that are not set forth below. 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 the following 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 for 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 our debt agreements, restrictions on product use or sales, or otherwise injure our business. The ultimate resolution of any or all claims, legal proceedings or investigations are inherently uncertain and difficult to predict, could differ materially from our estimates and could have a material adverse effect on the Company's results of operations and/or cash flows in any given accounting period, or on the Company's 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.
Charges related to legal matters, net were comprised of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Matter2022202120222021
Opana ER® Antitrust Litigation$262,837 $— $262,837 $— 
Insurance Recoveries - Securities Class Action - Cambridge Retirement System v. Amneal (11,500)— (15,500)— 
Galeas v. Amneal— — 1,200 
Other540 — 1,014 — 
   Total$251,877 $— $249,551 $— 
Liabilities for legal matters were comprised of the following (in thousands):
MatterJune 30, 2022December 31, 2021
Opana ER® Antitrust Litigation(1)
$215,000 $— 
Securities Class Action - Fleming v. Impax(1)
33,000 33,000 
Securities Class Action - Cambridge Retirement System v. Amneal(1)
25,000 25,000 
Galeas vs. Amneal1,200 
Other (2)
1,138 — 
   Current portion of liabilities for legal matters$275,338 $58,000 
Opana ER® Antitrust Litigation$50,000 $— 
Imputed interest(2,082)
Accrued interest90 — 
Long-term portion of liabilities for legal matters (included in other long-term liabilities)$48,008 $— 
1) Refer to Note 17. Prepaid Expenses and Other Current Assets for information on settlement escrow deposits associated with these matters. Upon final approval by the court, escrow deposits made by the Company and its insurers will be used to satisfy the associated accrued liabilities.
(2)    Includes $0.2 million of accrued interest associated with the Opana ER® antitrust litigation preliminary settlement.
A schedule of payments associated with the Opana ER® antitrust litigation preliminary settlement is as follows:
DateAmount Due
June 2022$100,000 
July 202215,000 
December 202216,056 
January 202383,944 
January 202450,000 
$265,000 
3% interest is payable on the amounts due in December 2022, January 2023, and January 2024. The Company includes the interest accrual on these amounts as a component of the current portion of liabilities for legal matters. Additional interest of 2.7% was imputed on the $50.0 million long-term liability due in January 2024, resulting in an initial discount of $2.2 million, which will be amortized to interest expense over the life of the liability using the effective interest method.
Refer to the respective discussions below for additional information on the significant matters in the tables above.
Medicaid Reimbursement and Price Reporting Matters
The Company is required to provide pricing information to state agencies, including agencies that administer federal Medicaid programs. Certain state agencies have alleged that manufacturers have reported improper pricing information, which allegedly caused them to overpay reimbursement costs. Other agencies have alleged that manufacturers have failed to timely file required reports concerning pricing information. Liabilities are periodically established by the Company for any potential claims or settlements of overpayment. The Company intends to vigorously defend against any such claims. The ultimate settlement of any potential liability for such claims may be higher or lower than estimated.
Patent Litigation
There is substantial litigation in the pharmaceutical, biological, and biotechnology industries with respect to the manufacture, use, and sale of new products which are the subject of conflicting patent and intellectual property claims. One or more patents often cover the brand name products for which the Company is developing generic versions and the Company typically has patent rights covering the Company’s branded products.
Under federal law, when a drug developer files an Abbreviated New Drug Application (“ANDA”) for a generic drug seeking approval before expiration of a patent which has been listed with the FDA as covering the brand name product, the developer must certify its product will not infringe the listed patent(s) and/or the listed patent is invalid or unenforceable (commonly referred to as a “Paragraph IV” certification). Notices of such certification must be provided to the patent holder, who may file a suit for patent infringement within 45 days of the patent holder’s receipt of such notice. If the patent holder files suit within the 45-day period, the FDA can review and tentatively approve the ANDA, but generally is prevented from granting final marketing approval of the product until a final judgment in the action has been rendered in favor of the generic drug developer, or 30 months from the date the notice was received, whichever is sooner. The Company’s Generics segment is typically subject to patent infringement litigation brought by branded pharmaceutical manufacturers in connection with the Company’s Paragraph IV certifications seeking an order delaying the approval of the Company’s ANDA until expiration of the patent(s) at issue in the litigation.
The uncertainties inherent in patent litigation make the outcome of such litigation difficult to predict. For the Company’s Generics segment, the potential consequences in the event of an unfavorable outcome in such litigation include delaying the launch of its generic products until patent expiration. If the Company were to launch its generic product prior to successful resolution of a patent litigation, the Company could be liable for potential damages measured by the profits lost by the branded product manufacturer rather than the profits earned by the Company if it is found to infringe a valid, enforceable patent, or enhanced treble damages in cases of willful infringement. For the Company’s Specialty segment, an unfavorable outcome may significantly accelerate generic competition ahead of expiration of the patents covering the Company’s branded products. All such litigation typically involves significant expense.
The Company is generally responsible for all the patent litigation fees and costs associated with current and future products not covered by its alliance and collaboration agreements. The Company has agreed to share legal expenses with respect to third-party and Company products under the terms of certain of the alliance and collaboration agreements. The Company records the costs of patent litigation as expense in the period when incurred for products it has developed, as well as for products which are the subject of an alliance or collaboration agreement with a third-party.
Patent Defense Matter
Biogen International GMBH, et al. v. Amneal Pharmaceuticals LLC, et al. (Dimethyl Fumarate)
In June 2017, Biogen International GMBH (“Biogen”) filed suit against Amneal and various other generic manufacturers in the United States District Court for the District of Delaware (“D. Del.”) alleging patent infringement based on the filing of ANDAs by Amneal and others for generic alternatives to Biogen’s Tecfidera® (dimethyl fumarate) capsules product (Biogen International GMBH, et al. v. Amneal Pharmaceuticals LLC, et al., No. 1:17-cv-00823-MN). Biogen also filed suit in June 2017 against Mylan Pharmaceuticals Inc. (“Mylan”) in the United States District Court for the Northern District of West Virginia (“N.D. W. Va.”) relating to Mylan’s own ANDA for Tecfidera®. On June 18, 2020, the N.D. W. Va. court issued an order finding the sole Biogen patent at issue invalid. Biogen appealed the order (the “Mylan Appeal”) to the United States Court of Appeals for the Federal Circuit (the “Federal Circuit”). On September 22, 2020, the D. Del. court entered judgment in favor of the defendants (including Amneal), adopting the finding of invalidity made by the N.D. W. Va. court. Biogen appealed the D. Del. Order (“the Amneal Consolidated Appeal”).
Amneal, like Mylan and a number of other generic manufacturers, launched its generic dimethyl fumarate capsule products “at-risk,” pending the outcome of Biogen’s appeal of the N.D. W. Va. order.

On November 30, 2021, the Federal Circuit affirmed the N.D. W. Va. court’s order that Biogen’s patent is invalid: on March 23, 2022, issued a mandate in the Mylan Appeal as to the invalidity of the patent; and on June 16, 2022, Biogen filed a cert petition with the Supreme Court of the United States (the “U.S. Supreme Court”). The Amneal Consolidated Appeal is currently stayed pending the U.S. Supreme Court’s decision to consider Biogen’s cert petition.
Other Litigation Related to the Company’s Business

Opana ER® FTC Matters

On February 25, 2014, Impax received a Civil Investigative Demand (“CID”) from the Federal Trade Commission (“FTC”) concerning its investigation into the drug Opana® ER and its generic equivalents. On March 30, 2016, the FTC filed a complaint against Impax, Endo Pharmaceuticals Inc. (“Endo”), and others in the United States District Court for the Eastern District of Pennsylvania, alleging that Impax and Endo violated antitrust laws when they entered into a June 2010 settlement agreement that resolved patent litigation in connection with the submission of Impax’s ANDA for generic original Opana® ER. In October 2016, the Court granted Impax’s motion to sever, formally terminating the suit against Impax. In January 2017, the FTC filed a Part 3 Administrative Complaint against Impax with similar allegations regarding the 2010 settlement. Following trial, in May 2018, the Administrative Law Judge ruled in favor of Impax and dismissed the Complaint in its entirety. FTC Complaint Counsel appealed the decision to the full Commission, and in March 2019, the FTC issued an Opinion & Order reversing the Administrative Law Judge’s decision. The Opinion & Order did not provide for any monetary damages but enjoined Impax from entering into future agreements containing certain terms. Impax filed a Petition for Review of the FTC’s Opinion & Order with the United States Court of Appeals for the Fifth Circuit, and on April 13, 2021, the Fifth Circuit issued a decision denying Impax’s Petition for Review, effectively affirming the FTC’s Opinion & Order. On September 10, 2021, Impax filed a petition for writ of certiorari in the U.S. Supreme Court, which was denied in December 2021.

On July 12, 2019, the Company received a CID from the FTC concerning an August 2017 settlement agreement between Impax and Endo, which resolved a subsequent patent infringement and breach of contract dispute between the parties regarding the above-referenced June 2010 settlement agreement related to Opana® ER. The Company cooperated with the FTC regarding the CID. On January 25, 2021, the FTC filed a complaint against Endo, Impax and Amneal in the United States District Court for the District of Columbia, alleging that the 2017 settlement violated antitrust laws. In April 2021, the Company filed a motion to dismiss the FTC’s complaint, which the District Court granted on March 24, 2022. The FTC appealed the District Court’s decision in May 2022, which appeal remains pending. The Company believes it has strong defenses to the FTC’s allegations and intends to vigorously defend the action, however, no assurance can be given as to the timing or outcome of the litigation.
Opana ER® Antitrust Litigation

From June 2014 to April 2015, several 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 and Impax.

In December 2014, the United States Judicial Panel on Multidistrict Litigation (the “JPML”) transferred the actions to the United States District Court for the Northern District of Illinois (“N.D. Ill.”) for coordinated pretrial proceedings, as In Re: Opana ER Antitrust Litigation (MDL No. 2580) (“MDL”). In each case, the complaints allege that Endo engaged in an anticompetitive scheme by, among other things, entering into an anticompetitive settlement agreement with Impax to delay generic competition of Opana ER® and in violation of state and federal antitrust laws. Plaintiffs seek, among other things, unspecified monetary damages, and equitable relief, including disgorgement and restitution. On March 25, 2019, plaintiffs filed motions for class certification and served expert reports. Defendants’ oppositions to class certification and expert reports were filed and served on August 29, 2019. On April 15, 2020, defendants filed motions for summary judgment and each side moved to exclude certain opposing experts. On June 4, 2021, the MDL court granted the end-payor plaintiffs’ and direct purchaser plaintiffs’ class certification motions. Defendants appealed certification of the end-payor plaintiffs’ class, and on July 13, 2021, the Seventh Circuit granted defendants’ petition and remanded the case to the MDL to consider specific issues regarding uninjured class members. On August 11, 2021, the MDL court entered an order certifying end-payor plaintiffs’ class with an amended class definition. On June 4, 2021, the MDL also denied defendants’ summary judgment motion except as to certain state law claims and issued an opinion excluding certain experts of both sides.

In June 2022, Impax entered into a preliminary settlement agreement with the class of direct purchasers and the individual complainants that, if all conditions are satisfied, would result in the resolution of substantially all the direct purchasers’ and individual complainants’ underlying claims and lawsuits in the MDL. In addition, subsequently Impax entered into a separate preliminary settlement agreement with the class of indirect purchasers that, if all conditions are satisfied, would result in the resolution of substantially all the indirect purchasers’ underlying claims and lawsuits in the MDL. The preliminary settlement agreements are referred to herein collectively as the “Preliminary Settlement Agreements,” and the direct purchaser plaintiffs, indirect purchaser plaintiffs, and individual complainants are referred to herein collectively as “the Plaintiffs.”

Pursuant to the Preliminary Settlement Agreements, the Company has agreed to pay a total of $265.0 million between 2022 and mid-January 2024 to resolve substantially all the Plaintiffs’ claims. 3% interest is due on $150.0 million payable between December 2022 and mid-January 2024. The Preliminary Settlement Agreements are not an admission of liability or fault by
Impax, the Company or its subsidiaries, and are subject to a number of other conditions including, with respect to the Preliminary Settlement Agreements between Impax and the purported classes of (i) direct purchaser plaintiffs and (ii) indirect purchaser plaintiffs, court approval. Upon satisfaction of the relevant pre-conditions, including but not limited to court approval of the final settlement agreements, substantially all of the claims and lawsuits in the litigation will have been resolved. During the three and six months ended June 30, 2022, the Company recorded a pre-tax charge of $262.8 million associated with the Preliminary Settlement Agreements. Imputed interest of $2.2 million will be recognized to interest expense during the payment period.

During June 2022, the Company paid $100.0 million into a settlement escrow account, which has been recognized as an escrow deposit as of June 30, 2022 (refer to Note 17. Prepaid Expenses and Other Current Assets). During July 2022, the Company paid an additional $15.0 million into a settlement escrow account.
Sergeants Benevolent Association Health & Welfare Fund v. Actavis, PLC, et. al.

In August 2015, a complaint styled as a class action was filed against Forest Laboratories (a subsidiary of Actavis plc) and numerous generic drug manufacturers, including Amneal, in the United States District Court for the Southern District of New York involving patent litigation settlement agreements between Forest Laboratories and the generic drug manufacturers concerning generic versions of Forest’s Namenda IR product. The complaint (as amended on February 12, 2016) asserts federal and state antitrust claims on behalf of indirect purchasers, who allege in relevant part that during the class period they indirectly purchased Namenda® IR or its generic equivalents in various states at higher prices than they would have absent the defendants’ allegedly unlawful anticompetitive conduct. Plaintiff seeks, among other things, unspecified monetary damages, and equitable relief, including disgorgement and restitution. On September 13, 2016, the Court stayed the indirect purchaser plaintiff’s claims pending factual development or resolution of claims brought in a separate, related complaint by direct purchasers (in which the Company is not a defendant). On September 10, 2018, the Court lifted the stay and referred the case to the assigned Magistrate Judge for supervision of supplemental, non-duplicative discovery in advance of mediation to be scheduled in 2019. The parties thereafter participated in supplemental discovery, as well as supplemental motion-to-dismiss briefing. On December 26, 2018, the Court granted in part and denied in part motions to dismiss the indirect purchaser plaintiff’s claims. On January 7, 2019, Amneal, its relevant co-defendants, and the indirect purchaser plaintiff informed the Magistrate Judge that they had agreed to mediation, which occurred in April 2019. In June 2019, the Company reached a settlement with plaintiff, subject to Court approval. On September 10, 2019, the Court entered an order preliminarily approving the settlement and indefinitely staying the case as to the settling defendants (including the Company). The settlement is now subject to final approval from the Court. The Company anticipates a final determination regarding approval to be made after a trial as to the plaintiff’s claims against the non-settling parties. Trial is scheduled to begin in October 2022. The amount of the settlement was not material to the Company's consolidated financial statements.
Attorney General of the State of Connecticut Interrogatories and Subpoena Duces Tecum

On July 14, 2014, Impax received a subpoena and interrogations from the State of Connecticut Attorney General (“Connecticut AG”) concerning its investigation into sales of Impax's generic product, digoxin. According to the Connecticut AG, the investigation concerned whether anyone engaged in a contract, combination, or conspiracy in restraint of trade or commerce which had the effect of (i) fixing, controlling, or maintaining prices or (ii) allocating or dividing customers or territories relating to the sale of digoxin. Impax cooperated in the investigation and produced documents and information in response to the subpoena in 2014 and 2015. However, no assurance can be given as to the timing or outcome of this investigation.

United States Department of Justice Investigations

On November 6, 2014, Impax disclosed that one of its sales representatives received a grand jury subpoena from the Antitrust Division of the United States Department of Justice (the “DOJ”). On March 13, 2015, Impax received a grand jury subpoena from the DOJ requesting the production of information and documents regarding the sales, marketing, and pricing of four generic prescription medications. Impax has cooperated in the investigation and produced documents and information in response to the subpoenas from 2014 to 2016. However, no assurance can be given as to the timing or outcome of the investigation.

On April 30, 2018, Impax received a CID from the Civil Division of the DOJ (the “Civil Division”). The CID requests the production of information and documents regarding the pricing and sale of Impax’s pharmaceuticals and interactions with other generic pharmaceutical manufacturers regarding whether generic pharmaceutical manufacturers engaged in market allocation and price-fixing agreements, paid illegal remuneration, and caused false claims to be submitted to the Federal government. Impax has cooperated 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
Since March 2016, multiple putative antitrust class action complaints have been filed on behalf of direct purchasers, indirect purchasers (or end-payors), and indirect resellers, as well as individual complaints on behalf of certain direct and indirect purchasers, and municipalities (the “opt-out plaintiffs”) against manufacturers of generic drugs, including Impax and the Company. The complaints allege a conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers for various generic drugs in violation of federal and state antitrust and consumer protection laws. Plaintiffs seek unspecified monetary damages and equitable relief, including disgorgement and restitution. The lawsuits have been consolidated in an MDL in the United States District Court for the Eastern District of Pennsylvania (In re Generic Pharmaceuticals Pricing Antitrust Litigation, No. 2724, (E.D. Pa.)).
On May 10, 2019, Attorneys General of 43 States and the Commonwealth of Puerto Rico filed a complaint in the United States District Court for the District of Connecticut against various manufacturers and individuals, including the Company, alleging a conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers for multiple generic drugs. On November 1, 2019, the State Attorneys General filed an Amended Complaint on behalf of nine additional states and territories. On June 10, 2020, Attorneys General of 46 States, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, the Territory of Guam, the U.S. Virgin Islands, and the District of Columbia filed a new complaint against various manufacturers and individuals, including the Company, alleging a conspiracy to fix prices, rig bids, and allocate markets or customers for additional generic drugs. Plaintiff States seek unspecified monetary damages and penalties and equitable relief, including disgorgement and restitution. On September 9, 2021, the State Attorneys General filed an Amended Complaint on behalf of California in addition to the original Plaintiff States. On March 30, 2022, the State of Alabama voluntarily dismissed all of its claims in the May 10, 2019 and June 10, 2020 actions against all defendants, including the Company, without prejudice. These lawsuits have been incorporated into MDL No. 2724. Fact and document discovery in MDL No. 2724 are proceeding. In May 2021, the court issued a revised order designating certain plaintiffs’ complaints regarding two generic drug products to proceed as bellwether cases, along with the Plaintiff States’ June 10, 2020, complaint involving the Company. No final scheduling order has yet been issued for this matter.
On June 3, 2020, the Company and Impax were also named in a putative class action complaint filed in the Federal Court of Canada in Toronto, Ontario against numerous generic pharmaceutical manufacturers, on behalf of a putative class of individuals who purchased generic drugs in the private sector from 2012 to the present (Kathryn Eaton v. Teva Canada Limited, et. al., No. T-607-20). The complaint alleges price fixing, among other claims, and has not progressed to date.
Prescription Opioid Litigation
The Company and certain of its affiliates have been named as defendants in various matters filed in state and federal courts relating to the sale of prescription opioid pain relievers. Plaintiffs in these actions include state Attorneys General, county and municipal governments, hospitals, Indian tribes, pension funds, third-party payors, and individuals. Plaintiffs seek unspecified monetary damages and other forms of relief based on various causes of action, including negligence, public nuisance, unjust enrichment, and civil conspiracy, as well as alleged violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”), state and federal controlled substances laws and other statutes. All cases involving the Company also name other manufacturers, distributors and retail pharmacies as defendants, and there are numerous other cases involving allegations relating to prescription opioid pain relievers against other manufacturers, distributors, and retail pharmacies in which the Company and its affiliates are not named.
Nearly all cases pending in federal district courts have been consolidated for pre-trial proceedings in an MDL in the United States District Court for the Northern District of Ohio (In re: National Prescription Opiate Litigation, Case No. 17-mdl-2804). There are approximately 915 cases in the MDL in which the Company or its affiliates have been named as defendants. The Company also is named in approximately 119 state court cases pending in eleven states. The Company has filed motions to dismiss in many of these cases. No firm trial dates have been set except in Alabama (July 24, 2023) and in West Virginia (April 3, 2023). The Company will not be involved in the September 2022 trial in New Mexico previously reported as a result of the tentative settlement the Company reached with the New Mexico Attorney General in May 2022 to resolve the New Mexico Attorney General’s claims against the Company. The Company anticipates a final determination regarding approval to be made following a trial as to the plaintiff’s claims against the non-settling defendants.
Securities Class Actions

On April 17, 2017, New York Hotel Trades Council & Hotel Association of New York City, Inc. Pension Fund filed an amended putative class action complaint in the United States District Court for the Northern District of California against Impax and four former Impax officers alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 (Fleming v. Impax Laboratories Inc., et al., No. 4:16-cv-6557-HSG). Plaintiff alleges that Impax (1) concealed collusion with competitors to fix the price of the generic drug digoxin; (2) concealed anticipated erosion in the price of generic drug diclofenac; and (3) overstated the value of the generic drug budesonide. In June 2021, Plaintiffs (New York Hotel Trades Council & Hotel Association of New York City, Inc. Pension Fund, and Sheet Metal Workers’ Pension Fund of Southern California, Arizona and Nevada, who had filed various motions to intervene as a plaintiff in the case) and defendants reached a tentative agreement to settle all claims in the case for $33.0 million, subject to certain terms and conditions and subject to court approval. The proposed settlement is covered in full by insurance (refer to Note 17. Prepaid Expenses and Other Current Assets for amounts deposited into a settlement escrow account). The district court entered an order granting preliminary approval of the settlement on November 22, 2021, and held a fairness hearing on March 31, 2022. On July 15, 2022, the district court entered an order granting final approval of the settlement. On July 21, 2022, a stipulated final judgment was entered, effectively terminating this matter before the district court.

On December 18, 2019, Cambridge Retirement System filed a putative class action complaint in the Superior Court of New Jersey, Somerset County against the Company and certain current or former officers alleging violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 (Cambridge Retirement System v. Amneal Pharmaceuticals, Inc., et al., No. SOM-L-1701-19). Plaintiffs allege that the May 7, 2018, amended registration statement and prospectus issued in connection with the Amneal/Impax business combination was materially false and/or misleading because it failed to disclose that Amneal allegedly engaged in anticompetitive conduct to fix generic drug prices. Plaintiffs filed a motion for class certification on October 30, 2020, and in April 2021 filed a second amended complaint including similar allegations regarding a November 2017 registration statement and prospectus issued in connection with the Amneal/ Impax business combination. The Company’s motion to dismiss and Plaintiff’s motion for class certification are currently pending. In February 2022, the parties reached a tentative agreement to settle the claims, subject to, among other things, the negotiation and court approval of a definitive settlement agreement. On March 28, 2022, the parties executed a settlement agreement for $25.0 million that remains subject to, among other things, final court approval. On April 29, 2022, the court preliminarily approved the settlement. A hearing on final approval of the settlement agreement is set for August 15, 2022. For the three and six months ended June 30, 2022, the Company recorded insurance recoveries of $11.5 million and $15.5 million, respectively, related to this case (refer to Note 17. Prepaid Expenses and Other Current Assets for amounts deposited into a settlement escrow account).
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 amended tolling agreements with the USAO through approximately November 14, 2022. It is not currently possible to determine the exact outcome of these investigations.

On March 14, 2019, Amneal received a subpoena (the “Subpoena”) from the U.S. Attorney’s Office for the Southern District of Florida. The Subpoena requests information and documents generally related to the marketing, sale, and distribution of oxymorphone. The Company has cooperated and produced documents in response to the Subpoena. However, no assurance can be given as to the timing or outcome of the 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 currently possible to determine the exact outcome of this investigation.
Ranitidine Litigation

The Company and its affiliates have been named as defendants, along with numerous other pharmaceutical manufacturers, wholesale distributors, and retail pharmacy chains, in In re Zantac/Ranitidine NDMA Litigation (MDL No. 2924), pending in the Southern District of Florida. Plaintiffs allege that defendants failed to disclose and/or concealed the alleged inherent presence of N-Nitrosodimethylamine (or “NDMA”) in brand-name Zantac® or generic ranitidine and the alleged associated risk of cancer. Consolidated groups of (a) personal injury plaintiffs, (b) economic loss/medical monitoring class action plaintiffs, and (c) third-party payor plaintiffs have each filed master complaints against brand and generic pharmaceutical manufacturers, distributors, retailers, and repackagers of ranitidine-containing products. The Company or its affiliates have been named in the three master complaints and approximately 316 personal injury short form complaints. On December 31, 2020, the Court dismissed in full the three master complaints against the generic manufacturers, including the Company and its affiliates, with leave to file amended complaints on certain claims relating to manufacturing, storage, and transportation. Plaintiffs filed amended complaints in February 2021, and Defendants filed various motions to dismiss the amended complaints in March 2021. On July 8, 2021, the MDL dismissed all claims against the generic drug manufacturers, including the Company and its affiliates, without leave to file further amended complaints. Plaintiffs have appealed the MDL court’s dismissal to the 11th Circuit Court of Appeals, which has consolidated the appeals of the personal injury cases.

On June 18, 2020, Amneal Pharmaceuticals LLC was named in a lawsuit filed in New Mexico brought by the New Mexico Attorney General alleging claims of public nuisance, negligence, and violations of consumer protection laws against various brand and generic manufacturers and store-brand distributors of Zantac®/Ranitidine. Plaintiff seeks unspecified compensatory and punitive damages, as well as abatement, medical monitoring, restitution, and injunctive relief. The Company filed a motion to dismiss on May 17, 2021, and filed a notice of supplemental authority based on the MDL court’s July 2021 dismissal order. The Court denied the motion on August 17, 2021. The Company filed a motion to dismiss based on lack of personal jurisdiction on January 26, 2022, which remains pending. On November 12, 2020, Amneal Pharmaceuticals LLC was named in a public nuisance and consumer protection lawsuit filed in state court in Baltimore, Maryland, on behalf of the Mayor and City Council of Baltimore. Defendants removed the case to federal court and on April 1, 2021, the case was remanded to state court. On August 23, 2021, the Company filed a motion to dismiss, which was granted.

On October 1, 2021, Amneal Pharmaceuticals LLC, and Amneal Pharmaceuticals of New York, LLC, were named in a lawsuit filed in Pennsylvania state court along with twenty-five other defendants, including brand-name manufacturers, generic manufacturers, and one Pennsylvania-based pharmacy. The Complaint tracks the dismissed master personal injury complaint from the MDL and was removed and subsequently transferred to the MDL on November 9, 2021. The case was remanded to Pennsylvania state court on April 22, 2022. The Company filed preliminary objections on May 18, 2022, which remain pending.

On February 8, 2022, plaintiff Gary Ross filed a lawsuit in Illinois state court naming Amneal Pharmaceuticals LLC and Amneal Pharmaceuticals of New York, LLC, along with twenty other defendants, including brand-name manufacturers, generic manufacturers, and retailers. The generic manufacturers filed a motion to dismiss on March 28, 2022.

On March 1, 2022, plaintiff Barbara Martin filed a lawsuit in Illinois state court naming Amneal Pharmaceuticals LLC, Amneal Pharmaceuticals of New York, LLC, and Amneal Pharmaceuticals, Inc., along with seven other defendants, including brand-name manufacturers, generic manufacturers, and retailers. Plaintiff has attempted to serve only Amneal Pharmaceuticals of New York, LLC. The Company filed a motion to dismiss on May 6, 2022.
Metformin Litigation

Amneal and AvKARE, Inc. were named as defendants, along with numerous other manufacturers, retail pharmacies, and wholesalers, in several putative class action lawsuits pending in the United States District Court for the District of New Jersey (“D.N.J.”), consolidated as In Re Metformin Marketing and Sales Practices Litigation (No. 2:20-cv-02324-MCA-MAH). The lawsuits all allege that defendants made and sold to putative class members generic metformin products that were “adulterated” or “contaminated” with NDMA.

An economic loss complaint filed on behalf of consumers and third-party payors who purchased or paid or made reimbursements for metformin alleges that plaintiffs suffered economic losses in connection with their purchases or reimbursements due to the purported contamination. On May 20, 2021, the Court granted Defendants’ motion to dismiss the economic loss complaint, and Plaintiffs filed an amended complaint on June 21, 2021. Defendants again moved to dismiss, and on March 30, 2022, the Court granted in part and denied in part Defendants’ second motion to dismiss. Plaintiffs filed a second amended complaint on May 6, 2022. Defendants again moved to dismiss on June 3, 2022, and briefing is ongoing. Initial discovery has begun. Additionally, medical monitoring class action complaints were filed on behalf of consumers who
consumed allegedly contaminated metformin allege “cellular damage, genetic harm, and/or are at an increased risk of developing cancer” and seek medical monitoring, including evaluation and treatment. These cases are currently stayed.

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 Amneal concern Metformin. (Davis v. Camber Pharmaceuticals, Inc., et al., C.A. No. 2:21-00254 (M.D. Ala.) (the “Davis Action”)). On May 5, 2021, the JPML transferred the Davis Action into the In re: Valsartan, Losartan, and Irbesartan Products Liability Litigation multi-district litigation for pretrial proceedings.

On October 29, 2021, three plaintiffs filed a complaint in the District Court of Douglas County, Nebraska asserting claims against Amneal based on the alleged presence of nitrosamines in metformin. On January 10, 2022, Amneal removed the case to the United States District Court for the District of Nebraska. (Conrad et al v. Amneal Pharmaceuticals, Inc., No. 22-cv-00011-BCB-SMB (D. Neb.)). Amneal moved to dismiss the complaint on March 3, 2022, and on March 31, 2022, one plaintiff filed an amended complaint. Amneal moved to dismiss the amended complaint on June 1, 2022, and briefing is ongoing.

Xyrem® (Sodium Oxybate) Antitrust Litigation

Amneal has been 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 putative 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 settling patent litigation related to Xyrem®. Plaintiffs seek unspecified monetary damages and penalties as well as equitable relief, including disgorgement and restitution. On December 16, 2020, the JPML transferred the actions to the United States District Court for the Northern District of California for consolidated pretrial proceedings consolidated as In re Xyrem (Sodium Oxybate) Antitrust Litigation (No. 5:20-md-02966-LHK). Plaintiffs filed a consolidated amended class complaint in March 2021, which Defendants moved to dismiss. On August 13, 2021, the Court granted in part and denied in part Defendants’ motion, dismissing the federal damages claims and several state-law claims, while permitting the remaining claims to proceed. Discovery is currently ongoing.

Value Drug Company v. Takeda Pharmaceuticals U.S.A., Inc.

On August 5, 2021, Value Drug Company filed a purported class action lawsuit in the United States District Court for the Eastern District of Pennsylvania against Takeda Pharmaceuticals U.S.A., Inc. (“Takeda”) and numerous other manufacturers of generic versions of Takeda’s Colcrys® (colchicine), including Amneal Pharmaceuticals LLC, alleging that the generic manufacturers conspired with Takeda to restrict output of generic Colcrys in order to maintain higher prices, in violation of the antitrust laws. The Company, along with the other defendants, moved to dismiss for failure to state a claim, and on December 28, 2021, the Court granted the motion in full, with leave to amend. On January 18, 2022, Plaintiff filed its amended complaint, making substantively the same antitrust allegations, but alleging that the violations were effectuated by either a single overarching conspiracy or a series of bilateral conspiracies. The Company moved to dismiss the amended complaint for failure to state a claim. On March 30, 2022, the Court granted in part and denied in party defendants’ motion, dismissing the newly pled bilateral conspiracy claims but allowing the revised overarching conspiracy claim to proceed against all defendants. Discovery is currently ongoing.

Galeas v. Amneal Pharmaceuticals, Inc.

On July 27, 2021, Cesy Galeas filed a purported class action lawsuit in the U.S. District Court for the Eastern District of New York against Amneal Pharmaceuticals, Inc., alleging that the payment schedule for certain workers violated New York Labor Law. Specifically, the purported class, which presently consists of one named plaintiff contends that the Company paid the employees all owed wages, but did so bi-weekly, instead of weekly. In March 2022, the parties reached an agreement to settle the claims for $1.2 million, subject to, among other things, court approval of the contemplated settlement agreement. The parties filed a motion to approve the settlement agreement on July 13, 2022. A hearing on final approval of the settlement agreement is expected to be scheduled within the next 6-8 weeks. The Company recorded a $1.2 million charge associated with this matter for the six months ended June 30, 2022.

Russell Thiele, et al. v. Kashiv Biosciences, LLC, et.al.

On March 22, 2022, two purported Amneal stockholders filed a stockholder derivative lawsuit in the Court of Chancery of the State of Delaware against Kashiv and certain members of the Company’s Board of Directors. The Company is named as a nominal defendant. The suit alleges that the Company’s January 2021 acquisition of a 98% interest in KSP, then a wholly owned subsidiary of Kashiv, was unfair to the Company, that the defendant Directors breached fiduciary duties of loyalty and good faith in connection with the transaction, and that the transaction unjustly enriched Kashiv and certain of the defendants
who had a financial interest in Kashiv. The suit, which is allegedly brought on the Company’s behalf, seeks among other remedies rescission of the transaction and unspecified monetary damages. Defendants moved to dismiss the complaint for failure to state a claim and failure to plead demand futility on June 3, 2022, and Plaintiffs filed an amended complaint on July 29, 2022.
v3.22.2
Segment Information
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Generics, Specialty, and AvKARE.
Generics
Generics develops, manufactures and commercializes complex oral solids, injectables, ophthalmics, liquids, topicals, softgels, inhalation products and transdermals across a broad range of therapeutic categories. Generics’ retail and institutional portfolio contains many difficult-to-manufacture products or products that have a high barrier-to-entry, such as oncologics, anti-infectives and supportive care products for healthcare providers.
Specialty
Specialty delivers proprietary medicines to the U.S. market. The Company offers a growing portfolio in core therapeutic categories including central nervous system disorders, endocrinology, parasitic infections and other therapeutic areas. The Company's specialty products are marketed through skilled specialty sales and marketing teams, who call on neurologists, movement disorder specialists, endocrinologists and primary care physicians in key markets throughout the U.S. Specialty also has a number of product candidates that are in varying stages of development.
AvKARE
AvKARE provides pharmaceuticals, medical and surgical products and services primarily to governmental agencies, primarily focused on serving the Department of Defense and the Department of Veterans Affairs.  AvKARE is also a wholesale distributor of bottle and unit dose pharmaceuticals under the registered names of AvKARE and AvPAK, as well as medical and surgical products.  AvKARE is also a packager and wholesale distributor of pharmaceuticals and vitamins to its retail and institutional customers who are located throughout the United States focused primarily on offering 340b-qualified entities products to provide consistency in care and pricing.
Chief Operating Decision Markers
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, since they are excluded from the measure of segment profitability reviewed by the Company’s chief operating decision makers. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s chief operating decision makers.
The tables below present segment information reconciled to total Company financial results, with segment operating income (loss) including gross profit less direct selling, general and administrative expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended June 30, 2022
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$364,895 $97,001 $97,459 $— $559,355 
Cost of goods sold223,423 42,791 87,510 — 353,724 
Cost of goods sold impairment charges5,112 — — — 5,112 
Gross profit136,360 54,210 9,949 — 200,519 
Selling, general and administrative26,558 23,171 12,735 36,342 98,806 
Research and development44,174 6,574 — — 50,748 
Intellectual property legal development expenses 778 43 — — 821 
Acquisition, transaction-related and integration expenses32 — 201 241 
Charges related to legal matters, net483 — — 251,394 251,877 
Insurance recoveries for property losses and associated expenses
(1,911)— — — (1,911)
Change in fair value of contingent consideration— (270)— — (270)
Other operating income(1,175)— — — (1,175)
Operating income (loss)$67,445 $24,660 $(2,786)$(287,937)$(198,618)

Six Months Ended June 30, 2022
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$682,642 $182,087 $192,259 $— $1,056,988 
Cost of goods sold422,453 86,644 167,689 — 676,786 
Cost of goods sold impairment charges5,112 — — — 5,112 
Gross profit255,077 95,443 24,570 — 375,090 
Selling, general and administrative54,151 47,571 26,145 69,604 197,471 
Research and development87,395 16,151 — — 103,546 
Intellectual property legal development expenses 1,550 35 — — 1,585 
Acquisition, transaction-related and integration expenses32 — 635 675 
Charges related to legal matters, net2,157 — — 247,394 249,551 
Insurance recoveries for property losses and associated expenses
(1,911)— — — (1,911)
Restructuring and other charges206 — — 525 731 
Change in fair value of contingent consideration— (70)— — (70)
Other operating income (1,175)— — — (1,175)
Operating income (loss)$112,696 $31,724 $(1,575)$(318,158)$(175,313)
Three Months Ended June 30, 2021
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$360,437 $88,635 $86,003 $— $535,075 
Cost of goods sold204,154 48,683 69,740 — 322,577 
Gross profit156,283 39,952 16,263 — 212,498 
Selling, general and administrative11,797 20,656 13,599 40,105 86,157 
Research and development43,431 9,433 — — 52,864 
In-process research and development charges710 — — — 710 
Intellectual property legal development expenses1,340 25 — — 1,365 
Acquisition, transaction-related and integration expenses— 16 491 3,776 4,283 
Operating income (loss)$99,005 $9,822 $2,173 $(43,881)$67,119 
Six Months Ended June 30, 2021
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$672,945 $184,566 $170,669 $— $1,028,180 
Cost of goods sold389,452 96,881 137,787 — 624,120 
Gross profit283,493 87,685 32,882 — 404,060 
Selling, general and administrative30,559 40,537 27,303 78,484 176,883 
Research and development79,548 21,498 — — 101,046 
In-process research and development charges710 — — — 710 
Intellectual property legal development expenses4,922 25 — — 4,947 
Acquisition, transaction-related and integration expenses— 16 1,422 5,647 7,085 
Restructuring and other charges80 — — 283 363 
Operating income (loss)$167,674 $25,609 $4,157 $(84,414)$113,026 

(1)Operating results for the sale of Amneal products by AvKARE are included in Generics.
v3.22.2
Related Party Transactions
6 Months Ended
Jun. 30, 2022
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 of any of such related parties. Except as disclosed below, as of and for the three and six months ended June 30, 2022, 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 2021 Annual Report on Form 10-K.
Amendment to Kashiv Biosciences LLC License and Commercialization Agreement
In 2017 Kashiv and Amneal entered into an exclusive license and commercialization agreement (the “Kashiv Biosimilar Agreement”) to distribute and sell two biosimilar products, Filgrastim and Pegfilgrastim, in the U.S. Kashiv is responsible for development, regulatory filings, obtaining FDA approval, and manufacturing, 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.
The Kashiv Biosimilar Agreement provided for potential future milestone payments to Kashiv of up to $183.0 million, as follows: (i) up to $22.5 million relating to regulatory approval and execution, (ii) up to $43.0 million for successful delivery of commercial launch inventory, (iii) up to $50.0 million depending on the number of competitors at launch for one product, and (iv) between $15.0 million and $67.5 million for the achievement of cumulative net sales for both products.
In July 2022, the Company and Kashiv amended the Kashiv Biosimilar Agreement to, among other things, (i.) eliminate milestones related to the manufacturing and delivery of the Kashiv products, (ii.) revise the net sales milestones to provide for future milestone payments by the Company to Kashiv of up to $37.5 million for the achievement of cumulative combined net sales goals for both products, and (iii.) adjust the supply price of product that Kashiv manufacturers and supplies to the Company, which will lower the cost per unit of both products.
The remaining milestones are subject to reaching certain commercial sales volume objectives. In addition, the agreement provides for Amneal to pay a profit share equal to 50% of net profits, after considering manufacturing and marketing costs.

On May 27, 2022, the FDA approved the Company’s biologic license application, associated with the amended Kashiv Biosimilar Agreement, for Pegfilgrastim-pbbk. In connection with this regulatory approval and associated activity, the Company incurred a milestone payable to Kashiv of $15.0 million during the three and six months ended June 30, 2022. The milestone was capitalized as an intangible asset and will be amortized to cost of sales over an estimated useful life of 8.3 years.
The following table summarizes the Company’s related party transactions (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations2022202120222021
Kashiv Biosciences LLC
Parking space lease (1)
Cost of goods sold$25 $25 $50 $50 
Development and commercialization agreements - various products (1)
Research and development— — — 32 
License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for Filgrastim(1)
Selling, general and administrative— — 5,000 — 
Development and commercialization agreement - Ganirelix Acetate and Cetrorelix Acetate (1)
Research and development1,706 1,723 644 
Development and commercialization agreements - various products (2)
Research and development— 259 — 150 
Profit sharing - various products (2)
Cost of goods sold— — — 2,680 
Commercial product support for EluRyng and other products (2)
Inventory and cost of goods sold— — — 1,239 
K127 development and commercialization agreement (2)
Research and development— — — 3,000 
Transition services associated with the KSP AcquisitionSelling, general and administrative— — — 300 
Development and commercialization - ConsultingResearch and development— 500 — 500 
License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for Pegfilgrastim-pbbk(1)
Intangible asset15,000 — 15,000 — 
   Total $16,731 $785 $21,773 $8,595 
LAX Hotel, LLC (3)
Financing leaseInventory and cost of goods sold$— $— $— $217 
Interest component of financing leaseInterest expense— — — 362 
Total $— $— $— $579 
Other Related Parties
Kanan, LLC - operating leaseInventory and cost of goods sold$526 $525 $1,052 $1,051 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$305 $299 $601 $586 
PharmaSophia, LLC - research and development services incomeResearch and development$(15)$(42)$(30)$(299)
Fosun International Limited - license and supply agreementNet revenue$— $— $— $— 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$964 $3,416 $1,422 $5,517 
Tracy Properties LLC - operating leaseSelling, general and administrative$136 $131 $271 $262 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$1,431 $837 $2,652 $1,980 
AvPROP, LLC - operating leaseSelling, general and administrative$50 $38 $90 $77 
Tarsadia Investments, LLC - financial consulting servicesSelling, general and administrative$— $— $— $— 
Avtar Investments, LLC consulting servicesSelling, general and administrative$85 $92 $169 $175 
TPG Operations, LLC consulting servicesSelling, general and administrative$— $— $19 $— 
Alkermes Inventory and cost of goods sold$77 $— $107 $— 
R&S Solutions - logistics servicesSelling, general and administrative$20 $— $39 $— 
(1) Agreement between Amneal and Kashiv was not affected by the Acquisition of KSP (refer to Note 3. Acquisitions for additional information).
(2) Agreement between Amneal and Kashiv was acquired with KSP and has become a transaction among Amneal’s consolidated subsidiaries subsequent to the transaction closing on April 2, 2021. The disclosure relates to the historical agreement as a related party transaction through April 2, 2021 (refer to Note 3. Acquisitions for additional information).
(3) During January 2021, LAX Hotel LLC sold its interests in the leased buildings to an unrelated third-party. Therefore, this lease was no longer a related party transaction subsequent to that date.
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
June 30, 2022December 31, 2021
Kashiv - deferred consideration associated with the KSP Acquisition (1)
$500 $30,500 
Kashiv - various agreements(2)
21,715 314 
Sellers of Puniska - consideration for acquisition (3)
— 14,225 
Apace Packaging LLC - packaging agreement1,058 560 
AzaTech Pharma LLC - supply agreement1,055 1,783 
Avtar Investments LLC - consulting services98 37 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes (4)
442 442 
R&S Solutions - logistics services— 
Alkermes29 — 
Related party payables - short term $24,904 $47,861 
PharmaSophia, LLC - research and development agreement$1,111 $1,081 
Sellers of AvKARE LLC and R&S - state tax indemnification204 68 
Kashiv - various agreements23 14 
Apace Packaging, LLC - packaging agreement— 16 
Related party receivables - short term $1,338 $1,179 
Kashiv - contingent consideration (5)
$5,830 $5,900 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes (4)
4,824 3,719 
Related party payables - long term $10,654 $9,619 
(1) As discussed in Note 3. Acquisitions, the purchase price for the KSP Acquisition included a contractually stated amount of deferred consideration of $30.5 million. The deferred consideration consisted of $30.0 million, which the Company paid during January 2022, and $0.5 million, which the Company expects to pay during the third quarter of 2022.
(2) A $5.0 million milestone was payable to Kashiv for regulatory approval of Filgrastim and a $15.0 million milestone was payable to Kashiv for regulatory approval of Pegfilgrastim-pbbk as of June 30, 2022.
(3) As discussed in Note 3. Acquisitions, the purchase price for the Puniska Acquisition included $14.2 million due to the sellers for the satisfaction of a preexisting payable upon approval of the transaction by the government of India. The Company satisfied this liability in March 2022.
(4) Represents accrued interest on the Sellers Notes associated with the Rondo Acquisitions, as defined and discussed in Note 3. Acquisitions and Divestitures and Note 17. Debt in the Company’s 2021 Annual Report on Form 10-K.
(5)     The contingent consideration liability was associated with the KSP Acquisition. Refer to Note 3. Acquisitions for additional information.
Puniska Acquisition - Redeemable Non-Controlling Interests
The Company paid $1.7 million for the remaining 26% equity interest of Puniska (included in redeemable non-controlling interests in the Company’s consolidated balance sheet as of December 31, 2021) upon approval of the Puniska Acquisition by the government of India in March 2022.
v3.22.2
Stockholders’ Equity and Redeemable Non-Controlling Interests
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Stockholders’ Equity and Redeemable Non-Controlling Interests Stockholders’ Equity and Redeemable Non-Controlling Interests
Non-Controlling Interests
The Company consolidates the financial statements of Amneal and its subsidiaries and records non-controlling interests for the portion of Amneal’s economic interests that is not held by the Company. Non-controlling interests are adjusted for capital transactions that impact the non-publicly held economic interests in Amneal.
Under the terms of Amneal's limited liability company agreement, as amended, Amneal is obligated to make tax distributions to its members. During the three and six months ended June 30, 2022, the Company recorded net tax distributions of $2.9 million and $7.3 million, respectively, as a reduction of non-controlling interests. For the three and six months ended June 30, 2021,
the Company recorded tax distributions of $16.6 million and $25.9 million, respectively, as a reduction of non-controlling interests.
As discussed in Note 3. Acquisitions, the Company acquired a 98% interest in KSP on April 2, 2021. The sellers of KSP, a related party, hold the remaining interest. The Company attributes 2% of the net income or loss of KSP to the non-controlling interests.
Redeemable Non-Controlling Interests
As discussed in Note 1. Nature of Operations, the Company acquired a 65.1% controlling interest in both AvKARE, LLC and 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.
Since 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. Upon closing of the Rondo Acquisitions, the redeemable non-controlling interests were recorded as a component of the fair value of consideration transferred at an estimated fair value of $11.0 million. The fair value of the redeemable non-controlling interests was estimated using the Monte-Carlo simulation approach under the option pricing framework, which considers the redemption rights of both the Company and the holders of the Rondo Class B Units.

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 six months ended June 30, 2022, the Company recorded tax distributions of $0.6 million and $2.6 million as a reduction of redeemable non-controlling interests, respectively. For the three and six months ended June 30, 2021, the Company recorded tax distributions of $1.2 million and $1.7 million as a reduction of redeemable non-controlling interests, respectively.

Redeemable Non-Controlling Interests - Puniska

As discussed in Note 3. Acquisitions, the Company acquired 74% of the equity interests in Puniska on November 2, 2021. Amneal was required pursuant to the purchase agreement to acquire the remaining 26% of Puniska upon approval of the transaction by the government of India. Since approval of the government of India was outside of the Company’s control, upon closing of the Puniska Acquisition, the equity interests of Puniska that the Company did not own were presented outside of stockholders' equity as redeemable non-controlling interests. The Company attributed 26% of the net losses of Puniska to the redeemable non-controlling interests.
Upon approval of the transaction by the government of India in March 2022, the Company paid the $1.7 million redemption value for the remaining 26% of the equity interests of Puniska. For the six months ended June 30, 2022, the Company recorded accretion of $0.9 million to increase the redeemable non-controlling interests to redemption value.
Changes in Accumulated Other Comprehensive (Loss) Income by Component (in thousands):
Foreign
currency
translation
adjustments
Unrealized (loss) gain on cash
flow hedge, net
of tax
Accumulated
other
comprehensive
(loss) income
Balance December 31, 2020$(14,497)$(26,821)$(41,318)
Other comprehensive loss before reclassification(4,255)20,972 16,717 
Reallocation of ownership interests(93)(133)(226)
Balance December 31, 2021(18,845)(5,982)(24,827)
Other comprehensive loss before reclassification(7,816)33,623 25,807 
Reallocation of ownership interests(115)(112)
Balance June 30, 2022$(26,776)$27,644 $868 
v3.22.2
Prepaid Expenses and Other Current Assets
6 Months Ended
Jun. 30, 2022
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 are comprised of the following (in thousands):
June 30,
2022
December 31,
2021
Deposits and advances$1,694 $1,174 
Prepaid insurance7,478 7,962 
Prepaid regulatory fees1,265 3,710 
Income and other tax receivables11,535 8,850 
Prepaid taxes15,953 16,085 
Escrow deposits for legal settlements(1)
148,500 33,000 
Other current receivables 17,748 9,770 
Other prepaid assets20,895 17,309 
Chargebacks receivable (2)
7,136 12,358 
Total prepaid expenses and other current assets$232,204 $110,218 
(1)Escrow deposits for legal settlements includes preliminary settlement escrow deposits by the Company’s insurers of $48.5 million and $33.0 million as of June 30, 2022 and December 31, 2021, respectively, associated with insured securities class action lawsuits. Escrow deposits for legal settlements also includes an escrow deposit of $100.0 million for preliminary settlement agreements related to the Opana ER® antitrust litigation as of June 30, 2022. Refer to Note 13. Commitments and Contingencies for additional details regarding these matters.
(2)When a sale occurs on a contract item, 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 (rebate) receivable and a reduction to cost of goods sold in the same period as the related sale.
v3.22.2
Other Assets
6 Months Ended
Jun. 30, 2022
Other Assets [Abstract]  
Other Assets Other Assets
Other assets were comprised of the following (in thousands):
June 30,
2022
December 31,
2021
Interest rate swap (1)
$56,221 $— 
Security deposits 5,402 3,895 
Long-term prepaid expenses7,086 5,896 
Deferred revolving credit facility costs2,453 1,603 
Other long term assets8,674 9,220 
Total $79,836 $20,614 
(1)Refer to Note 10. Fair Value Measurements and Note 11. Financial Instruments for information about the Company’s interest rate swap.
v3.22.2
Government Grants
6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Government Grants Government Grants
In November 2021, Amneal Pharmaceuticals Private Limited, a subsidiary of the Company in India, was selected as one of 55 companies to participate in the PLI Scheme. The government of India established the PLI Scheme to make India’s domestic manufacturing more globally competitive and to create global champions within the pharmaceutical sector by encouraging investment and product diversification with a focus on manufacturing complex and high value goods.

Under the PLI Scheme, the Company is eligible to receive up to 10 billion Indian rupees, or approximately $126.9 million (based on conversion rates as of June 30, 2022), over a maximum six-year period, starting in 2022. To be eligible to receive the cash incentives, Amneal must achieve (i) minimum cumulative expenditures towards developmental and/or capital investments and (ii) a minimum percentage growth in sales of eligible products.

The Company has concluded the PLI Scheme is government assistance in the form of a grant and, in the absence of specific accounting guidance under U.S. GAAP, the Company has analogized to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance. The Company has evaluated the PLI Scheme to be a grant related to income and will recognize the cash incentives in the consolidated statements of operations on a systematic basis within other operating income. For the three and six months ended June 30, 2022, the Company recognized $1.2 million of other operating income associated with the PLI Scheme. Receivables from the government of India of $0.9 million and $0.3 million, respectively, were recorded within prepaid and other current assets and other long-term assets as of June 30, 2022, respectively, based on the terms of the PLI Scheme.
v3.22.2
Debt
6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of the Company’s total indebtedness (in thousands):
June 30, 2022December 31, 2021
Term Loan due May 2025$2,577,376 $2,590,876 
Rondo Term Loan due January 202592,000 139,250 
Other— 624 
Total debt2,669,376 2,730,750 
Less: debt issuance costs(17,009)(20,083)
Total debt, net of debt issuance costs2,652,367 2,710,667 
Less: current portion of long-term debt(29,920)(30,614)
Total long-term debt, net$2,622,447 $2,680,053 
There have been no material changes in the Company’s long-term debt since December 31, 2021, except as disclosed below. Refer to Note 17. Debt in our 2021 Annual Report on Form 10-K for additional information.
On June 2, 2022, the Company entered into a revolving credit agreement (the “New Credit Agreement”), which amended the existing senior secured asset backed revolving credit facility (the “Revolving Credit Facility”). The New Credit Agreement (i) replaced the Revolving Credit Facility with a $350.0 million senior secured revolving credit facility (the “New Revolving Credit Facility”) that matures on June 2, 2027, (ii) provides for up to $25.0 million of the New Revolving Credit Facility to be available for the purpose of issuing letters of credit; (iii) provides for up to $35.0 million of the New Revolving Credit Facility to be available for the purpose of issuing swingline loans; (iv) allows the the Company to request an incremental increase in the revolving facility commitments by up to $150.0 million; and (v) terminated the revolving credit facility commitments of lenders under the Revolving Credit Facility.
Interest is payable on the New Revolving Credit Facility at a rate equal to the alternate base rate (“ABR”) or the secured overnight financing rate (“SOFR”), plus an applicable margin, in each case, subject to a ABR floor of 1.00% or a SOFR floor of 0.00%, as applicable. The applicable margin for the New Revolving Credit Facility is initially 0.25% per annum for ABR loans and 1.25% per annum for SOFR loans. The applicable margin on borrowings under the New Revolving Credit Facility thereafter will adjust ranging from 0.25% to 0.50% per annum for ABR loans and from 1.25% to 1.50% per annum for SOFR loans determined by the average historical excess availability. The proceeds of any loans made under the New Revolving Credit Facility can be used for capital expenditures, acquisitions, working capital needs and other general purposes, subject to covenants as described below. The Borrower pays a commitment fee based on the average daily unused amount of the New Revolving Credit Facility at a rate of 0.25% per annum.
Subject to the refinancing, there was a decrease in the borrowing capacity of certain lenders between the New Revolving Credit Facility and the Revolving Credit Facility. As a result, the Company recorded $0.3 million charge for the three and six months ended June 30, 2022 in loss on refinancing. Additionally, the Company incurred costs of $1.6 million associated with the Credit Agreement, which was capitalized as deferred financing costs with the remaining unamortized costs associated with the New Revolving Credit Facility, and will be amortized over the life of the New Credit Agreement.
The New Credit Agreement contains certain negative covenants that, among other things and subject to certain exceptions, restrict the Company’s and certain subsidiaries’ ability to incur additional debt or guarantees, grant liens, make loans, acquisitions or other investments, dispose of assets, merge, dissolve, liquidate or consolidate, pay dividends or other payments on capital stock, make optional payments or modify certain debt instruments, modify certain organizational documents, enter into arrangements that restrict the ability to pay dividends or grant liens, or enter into or consummate transactions with affiliates. The New Revolving Credit Facility also includes a financial covenant whereby the Company must maintain a minimum fixed-charge coverage ratio if certain borrowing conditions are met. The New Revolving Credit Facility contains customary events of default, subject to certain exceptions. Upon the occurrence of certain events of default, the obligations under the New Revolving Credit Facility may be accelerated and the commitments may be terminated.
As of June 30, 2022, the Company had $85.0 million in borrowings under the New Revolving Credit Facility.
During June 2022, the Company prepaid $42.8 million of outstanding principal of the Rondo Term Loan, and repaid the remaining $0.6 million in principal of other debt obligations.
v3.22.2
Property Losses and Associated Expenses
6 Months Ended
Jun. 30, 2022
Unusual or Infrequent Items, or Both [Abstract]  
Property Losses and Associated Expenses Property Losses and Associated Expenses
On September 1, 2021, Tropical Storm Ida brought extreme rainfall and flash flooding to New Jersey that caused damage to two of the Company’s facilities. Operations at these facilities were closed for the majority of September 2021 in order to assess the damage, make repairs and restore operations.

The Company concluded that all inventory on-hand at the time of the flooding was damaged and unsellable and that a majority of the equipment was damaged beyond repair. In addition, the Company incurred significant costs to repair both facilities. Accordingly, the Company recorded $10.4 million of charges for the year ended December 31, 2021.
The Company has insurance policies for property damage, inventory losses and business interruption. Insurance recoveries are recorded in the periods when it is probable they will be realized. During the three and six months ended June 30, 2022, insurance recoveries of $1.9 million associated with property damage and inventory losses were received and recorded in insurance recoveries for property losses and associated expenses.
v3.22.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2022
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, should be read in conjunction with the Company’s annual audited financial statements for the year ended December 31, 2021 included in the Company’s 2021 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 June 30, 2022, cash flows for the six months ended June 30, 2022 and 2021 and the results of its operations, its comprehensive (loss) income and its changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021. The consolidated balance sheet data at December 31, 2021 was derived from the Company’s audited annual financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America.
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 2021 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, billbacks, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, initial and subsequent valuation of contingent consideration recognized in business combinations, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the Company’s annual disclosures as of and for the year ending December 31, 2022, with early adoption permissible. The Company elected to adopt this guidance during the quarter ended June 30, 2022 in connection with the recognition of cash incentive related to the India Production Linked Incentive Scheme for the Pharmaceutical Sector (“PLI Scheme”). Refer to Note 19. Government Grants, for additional information.
Recently Issued Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides elective amendments for entities that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.  These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), to expand and clarify the scope of Topic 848 to include derivative instruments on discounting transactions. The amendments in this ASU are effective in the same timeframe as ASU 2020-04. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Reclassification
Reclassification
The prior period balance related to liabilities for legal proceedings of $58.0 million, formerly included in accounts payable and accrued expenses as of December 31, 2021, has been reclassified to the balance sheet caption liabilities for legal proceedings to conform to the current period presentation in the consolidated balance sheets.
Performance Obligations The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
v3.22.2
Acquisitions (Tables)
6 Months Ended
Jun. 30, 2022
Business Acquisition [Line Items]  
Schedule of Asset Acquisition The preliminary purchase price was calculated as follows (in thousands):
Cash$84,714 
Contingent consideration (royalties) (1)
8,796 
Fair value of consideration transferred$93,510 
(1)The estimated fair value of contingent consideration on the acquisition date was $8.8 million and was based on significant Level 3 inputs that were not observable in the market. Key assumptions included the discount rate, projected year of payments and expected net product sales. Refer to Note 10. Fair Value Measurements, for additional information on the methodology and determination of this liability.
The following is a summary of the preliminary purchase price allocation for the Saol Acquisition (in thousands):
Preliminary Fair Values as of
February 9, 2022
Inventory$2,162 
Prepaid expenses and other current assets98 
Goodwill7,553 
Intangible assets83,815 
Total assets acquired93,628 
Accounts payable and accrued expenses118 
Fair value of consideration transferred$93,510 
Saol Baclofen Franchise Acquisition  
Business Acquisition [Line Items]  
Schedule of Acquired Intangible Assets
The acquired intangible assets are being amortized over their estimated useful lives as follows (in thousands):

Preliminary Fair Value
Weighted-Average
Useful Life (in years)
Marketed product rights$83,815 11.6
Puniska Healthcare Pvt Ltd  
Business Acquisition [Line Items]  
Schedule of Purchase Price
The Puniska Acquisition, excluding the land acquired in December 2021, was accounted for under the acquisition method of accounting, with Amneal as the accounting acquirer. The preliminary purchase price was calculated as follows (in thousands):
Cash (1)
$72,880 
Payable to sellers (2)
14,162 
Fair value of consideration transferred$87,042 
(1)     Cash includes the payment made upon execution of the agreement.
(2)     Due to the short-term nature of the payable to the sellers, the principal amount approximates fair value.
Schedule of Purchase Price Allocation
The following is a summary of the preliminary purchase price allocation for the Puniska Acquisition (in thousands):
Preliminary Fair Values as of
November 2, 2021
Cash$165 
Trade accounts receivable, net 232 
Inventories1,092 
Prepaid expenses and other current assets4,473
Property, plant and equipment 53,423
Goodwill30,091
Operating lease-right-of-use assets 234
Other assets 1,303
Total assets acquired91,013 
Accounts payable and accrued expenses1,732
Operating lease liabilities234
Other long-term liabilities263
Total liabilities assumed2,229 
Redeemable non-controlling interests 1,742
Fair value of consideration transferred$87,042 
Kashiv Specialty Pharmaceuticals, LLC  
Business Acquisition [Line Items]  
Schedule of Acquired Intangible Assets
The acquired intangible assets are being amortized over their estimated useful lives as follows (in thousands):

Fair Value
Weighted-Average
Useful Life (in years)
Marketed product rights$29,400 5.9
Schedule of Purchase Price
The purchase price was calculated as follows (in thousands):
Cash, including working capital payments$74,440 
Deferred consideration (1)
30,099 
Contingent consideration (regulatory milestones) (2)
500 
Contingent consideration (royalties) (2)
5,200 
Settlement of Amneal trade accounts payable due to KSP (3)
(7,117)
Fair value consideration transferred$103,122 

(1)The deferred consideration was stated at the fair value estimate of $30.1 million, which is the $30.5 million contractually stated amount less a $0.4 million discount. The deferred consideration consisted of $30.0 million, which the Company paid in January 2022 and $0.5 million, which the Company expects to pay during the three months ending September 30, 2022. As the deferred consideration is non-interest bearing, the Company, using guideline companies and market borrowings with comparable risk profiles, discounted the deferred consideration at 1.7% over the period from April 2, 2021 to the maturity dates, for a fair value of $30.1 million on the date of acquisition. This discount was amortized to interest expense over the life of the deferred consideration utilizing the effective interest rate method.

(2)    Kashiv is eligible to receive up to an additional $8.0 million in contingent payments upon the achievement of certain regulatory milestones and potential royalty payments from high single-digits to mid double-digits, depending on the amount of aggregate annual net sales for certain future pharmaceutical products. The estimated fair value of contingent consideration on the acquisition date was $5.7 million and was based on significant Level 3 inputs that were not observable in the market. Key assumptions included the discount rate, probability of achievement of milestones, projected year of payments and expected net product sales. Refer to Note 10. Fair Value Measurements, for additional information on the methodology and determination of this liability.

(3)    Represented trade accounts payable due to KSP that were effectively settled upon closing of the KSP Acquisition.
Schedule of Purchase Price Allocation
The following is a summary of the purchase price allocation for the KSP Acquisition (in thousands):
Final Fair Values as of
April 2, 2021
Cash$112 
Restricted cash500 
Prepaid expenses and other current assets381 
Property, plant and equipment5,375 
Goodwill43,530 
Intangible assets56,400 
Operating lease right-of-use assets9,367 
Total assets acquired115,665 
Accounts payable and accrued expenses1,239 
Operating lease liability9,177 
Related party payable127 
Total liabilities assumed10,543 
Non-controlling interests2,000 
Fair value of consideration transferred$103,122 
v3.22.2
Revenue Recognition (Tables)
6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments
The following table summarizes revenues from each of our customers which individually accounted for 10% or more of our total net revenue:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Customer A19 %26 %19 %23 %
Customer B17 %20 %17 %20 %
Customer C21 %21 %22 %23 %
Customer D11 %11 %11 %11 %
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 six months ended June 30, 2022 and 2021 are set forth below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Generics
Anti-Infective$5,566 $9,677 $11,811 $15,590 
Hormonal/ Allergy118,309 111,654 214,677 218,357 
Antiviral (1)
1,296 (261)11,867 (8,202)
Central Nervous System108,787 106,628 189,912 202,919 
Cardiovascular System32,043 36,134 55,496 71,445 
Gastroenterology17,531 19,703 34,151 39,161 
Oncology18,424 33,450 35,632 52,480 
Metabolic Disease/Endocrine9,988 6,881 21,221 13,438 
Respiratory12,118 10,463 17,783 18,641 
Dermatology17,937 14,818 31,414 27,696 
Other therapeutic classes22,329 11,143 57,689 20,874 
International and other567 147 989 546 
Total Generics net revenue364,895 360,437 682,642 672,945 
Specialty
Hormonal/ Allergy24,320 16,012 43,739 32,808 
Central Nervous System65,356 65,130 123,524 132,841 
Gastroenterology484 — 554 — 
Other therapeutic classes6,841 7,493 14,270 18,917 
Total Specialty net revenue97,001 88,635 182,087 184,566 
AvKARE
Distribution64,240 48,316 124,503 93,815 
Government Label22,280 29,172 46,739 60,244 
Institutional6,060 5,780 12,375 10,959 
Other4,879 2,735 8,642 5,651 
Total AvKARE net revenue97,459 86,003 192,259 170,669 
Total net revenue$559,355 $535,075 $1,056,988 $1,028,180 
(1) Antiviral net revenue for the three and six months ended June 30, 2021 reflected lower demand and increased returns activity for Oseltamivir (generic Tamiflu®) above historical levels due to decreased influenza activity during the COVID-19 pandemic.
Schedule of Major Categories of Sales-Related Deductions
A rollforward of the major categories of sales-related deductions for the six months ended June 30, 2022 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, 2021$503,902 $23,642 $161,978 $85,737 
Provision related to sales recorded in the period1,567,090 52,895 47,486 61,913 
Credits/payments issued during the period(1,675,244)(53,255)(51,238)(54,879)
Balance at June 30, 2022$395,748 $23,282 $158,226 $92,771 
v3.22.2
(Loss) Earnings per Share (Tables)
6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) Per Share, Basic and Diluted
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of class A common stock (in thousands, except per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Numerator:
Net (loss) income attributable to Amneal Pharmaceuticals, Inc.$(120,808)$14,532 $(122,964)$21,238 
Denominator:
Weighted-average shares outstanding - basic150,993 148,996 150,445 148,507 
Effect of dilutive securities:
Stock options— 837 — 815 
Restricted stock units— 2,153 — 2,284 
Weighted-average shares outstanding - diluted
150,993 151,986 150,445 151,606 
Net (loss) earnings per share attributable to Amneal Pharmaceuticals, Inc.’s class A common stockholders:
Basic$(0.80)$0.10 $(0.82)$0.14 
Diluted$(0.80)$0.10 $(0.82)$0.14 
Schedule of Antidilutive Securities Excluded from Computation of Earnings 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
June 30,
Six Months Ended
June 30,
2022202120222021
Stock options
2,919 (1)347 (3)2,919 (1)347 (3)
Restricted stock units
10,989 (1)— 10,989 (1)— 
Performance stock units
7,427 (1)5,169 (4)7,427 (1)5,169 (4)
Shares of class B common stock152,117 (2)152,117 (2)152,117 (2)152,117 (2)
(1)Excluded from the computation of diluted earnings 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 for the three and six months ended June 30, 2022.
(2)Shares of class B common stock are considered potentially dilutive shares of class A common stock. Shares of class B common stock have been excluded from the computations of diluted (loss) earnings per share because the effect of their inclusion would have been anti-dilutive under the if-converted method.
(3)Excluded from the computation of diluted earnings per share of class A common stock because the exercise price of the stock options exceeded the average market price of the class A common stock during the period (out-of-the-money).
(4)Excluded from the computation of diluted earnings per share of class A common stock because the performance vesting conditions were not met for each of the three and six months ended June 30, 2021.
v3.22.2
Trade Accounts Receivable, Net (Tables)
6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Schedule of Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
June 30,
2022
December 31,
2021
Gross accounts receivable$1,109,812 $1,191,792 
Allowance for credit losses(1,933)(1,665)
Contract charge-backs and sales volume allowances(395,748)(503,902)
Cash discount allowances(23,282)(23,642)
Subtotal(420,963)(529,209)
Trade accounts receivable, net$688,849 $662,583 
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:
June 30,
2022
December 31,
2021
Customer A34 %37 %
Customer B22 %24 %
Customer C28 %25 %
v3.22.2
Inventories (Tables)
6 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Components of Inventories
Inventories were comprised of the following (in thousands):
June 30,
2022
December 31,
2021
Raw materials
$220,593 $214,508 
Work in process
71,784 47,802 
Finished goods
240,651 227,079 
Total inventories$533,028 $489,389 
v3.22.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
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 June 30, 2022 and December 31, 2021 (in thousands):
Fair Value Measurement Based on
June 30, 2022TotalQuoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap asset (1)
$56,221 $— $56,221 $— 
Liabilities
Deferred compensation plan liabilities (2)
$10,648 $— $10,648 $— 
Contingent consideration liabilities (3)
$14,626 $— $— $14,626 
December 31, 2021
Liabilities
Interest rate swap liability (1)
$11,473 $— $11,473 $— 
Deferred compensation plan liabilities (2)
$13,883 $— $13,883 $— 
Contingent consideration liability (3)
$5,900 $— $— $5,900 
(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 11. 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.
(3)The fair value measurement of contingent consideration liabilities has been classified as Level 3 recurring liabilities as the valuations require judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for various inputs, the estimated fair values could be higher or lower than what the Company determined. As of June 30, 2022, contingent consideration liabilities of $5.8 million associated with the KSP Acquisition and $8.8 million associated with the Saol Acquisition were recorded within related party payables - long term and other long-term liabilities, respectively. As of December 31, 2021, a contingent consideration liability of $5.9 million associated with the KSP Acquisition was recorded within related party payables - long term. Refer to Note 3. Acquisitions for additional information related to contingent consideration associated with the KSP Acquisition and the Saol Acquisition.
Reconciliation of Contingent Consideration Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The following table provides a reconciliation of the contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

Six Months Ended
June 30, 2022
Year Ended December 31, 2021
Balance, beginning of period$5,900 $— 
Addition due to the Saol Acquisition8,796 — 
Addition due to the KSP Acquisition— 5,700 
Change in fair value during the period(70)200 
Balance, end of period$14,626 $5,900 
Significant Inputs Used in Fair Value Measurements
The following table summarizes the significant unobservable inputs used in the fair value measurement of our contingent consideration liabilities as of June 30, 2022:

Contingent Consideration Liability
Fair Value as of
June 30, 2022
(in thousands)
Unobservable inputRange
Weighted Average(1)
Regulatory Milestones (KSP Acquisition)$430Discount rate7.9%-9.0%8.0%
Probability of payment1.8%-20.0%17.0%
Projected year of payment2023-20272023
Royalties (KSP Acquisition)$5,400Discount rate12.5%-12.5%12.5%
Probability of payment1.8%-20.0%18.0%
Projected year of payment2023-20322029
Royalties (Saol Acquisition)$8,796Discount rate 16.8%-16.8%16.8%
Projected year of payment 2023-20372027

(1) Unobservable inputs were weighted by the relative fair value of each product candidate acquired.
v3.22.2
Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary 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):
June 30, 2022December 31, 2021
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification
Fair ValueBalance Sheet
Classification
Fair Value
Variable-to-fixed interest rate swapOther Assets$56,221 Other long-term liabilities$11,473 
v3.22.2
Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in goodwill for the six months ended June 30, 2022 and for the year ended December 31, 2021 were as follows (in thousands):
June 30,
2022
December 31,
2021
Balance, beginning of period$593,017 $522,814 
Goodwill acquired during the period 7,553 70,584 
Adjustment during the period for Puniska Acquisition3,075 — 
Currency translation(2,671)(381)
Balance, end of period$600,974 $593,017 
Schedule of Finite-Lived Intangible Assets
Intangible assets at June 30, 2022 and December 31, 2021 were comprised of the following (in thousands):
June 30, 2022December 31, 2021
Weighted-Average
Amortization Period
(in years)
CostAccumulated
Amortization
NetCostAccumulated
Amortization
Net
Amortizing intangible assets:
Product rights7.9$1,240,871 $(507,894)$732,977 $1,122,612 $(436,902)$685,710 
Other intangible assets4.5133,800 (67,978)65,822 133,800 (58,013)75,787 
Subtotal$1,374,671 $(575,872)$798,799 $1,256,412 $(494,915)$761,497 
In-process research and development
405,425 — 405,425 405,425 — 405,425 
Total intangible assets$1,780,096 $(575,872)$1,204,224 $1,661,837 $(494,915)$1,166,922 
Finite-lived Intangible Assets Amortization Expense
Amortization expense related to intangible assets was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Amortization$41,982 $43,520 $82,901 $85,192 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents future amortization expense for the next five years and thereafter, excluding $405.4 million of IPR&D intangible assets (in thousands):
Future
Amortization
Remainder of 2022$88,560 
2023161,146 
2024158,554 
2025120,845 
202672,132 
Thereafter197,562 
   Total$798,799 
v3.22.2
Commitment and Contingencies (Tables)
6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Charges and Liabilities Related to Legal Matters
Charges related to legal matters, net were comprised of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Matter2022202120222021
Opana ER® Antitrust Litigation$262,837 $— $262,837 $— 
Insurance Recoveries - Securities Class Action - Cambridge Retirement System v. Amneal (11,500)— (15,500)— 
Galeas v. Amneal— — 1,200 
Other540 — 1,014 — 
   Total$251,877 $— $249,551 $— 
Liabilities for legal matters were comprised of the following (in thousands):
MatterJune 30, 2022December 31, 2021
Opana ER® Antitrust Litigation(1)
$215,000 $— 
Securities Class Action - Fleming v. Impax(1)
33,000 33,000 
Securities Class Action - Cambridge Retirement System v. Amneal(1)
25,000 25,000 
Galeas vs. Amneal1,200 
Other (2)
1,138 — 
   Current portion of liabilities for legal matters$275,338 $58,000 
Opana ER® Antitrust Litigation$50,000 $— 
Imputed interest(2,082)
Accrued interest90 — 
Long-term portion of liabilities for legal matters (included in other long-term liabilities)$48,008 $— 
1) Refer to Note 17. Prepaid Expenses and Other Current Assets for information on settlement escrow deposits associated with these matters. Upon final approval by the court, escrow deposits made by the Company and its insurers will be used to satisfy the associated accrued liabilities.
(2)    Includes $0.2 million of accrued interest associated with the Opana ER® antitrust litigation preliminary settlement.
Schedule of Antitrust Litigation Preliminary Settlement
A schedule of payments associated with the Opana ER® antitrust litigation preliminary settlement is as follows:
DateAmount Due
June 2022$100,000 
July 202215,000 
December 202216,056 
January 202383,944 
January 202450,000 
$265,000 
v3.22.2
Segment Information (Tables)
6 Months Ended
Jun. 30, 2022
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 (loss) including gross profit less direct selling, general and administrative expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended June 30, 2022
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$364,895 $97,001 $97,459 $— $559,355 
Cost of goods sold223,423 42,791 87,510 — 353,724 
Cost of goods sold impairment charges5,112 — — — 5,112 
Gross profit136,360 54,210 9,949 — 200,519 
Selling, general and administrative26,558 23,171 12,735 36,342 98,806 
Research and development44,174 6,574 — — 50,748 
Intellectual property legal development expenses 778 43 — — 821 
Acquisition, transaction-related and integration expenses32 — 201 241 
Charges related to legal matters, net483 — — 251,394 251,877 
Insurance recoveries for property losses and associated expenses
(1,911)— — — (1,911)
Change in fair value of contingent consideration— (270)— — (270)
Other operating income(1,175)— — — (1,175)
Operating income (loss)$67,445 $24,660 $(2,786)$(287,937)$(198,618)

Six Months Ended June 30, 2022
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$682,642 $182,087 $192,259 $— $1,056,988 
Cost of goods sold422,453 86,644 167,689 — 676,786 
Cost of goods sold impairment charges5,112 — — — 5,112 
Gross profit255,077 95,443 24,570 — 375,090 
Selling, general and administrative54,151 47,571 26,145 69,604 197,471 
Research and development87,395 16,151 — — 103,546 
Intellectual property legal development expenses 1,550 35 — — 1,585 
Acquisition, transaction-related and integration expenses32 — 635 675 
Charges related to legal matters, net2,157 — — 247,394 249,551 
Insurance recoveries for property losses and associated expenses
(1,911)— — — (1,911)
Restructuring and other charges206 — — 525 731 
Change in fair value of contingent consideration— (70)— — (70)
Other operating income (1,175)— — — (1,175)
Operating income (loss)$112,696 $31,724 $(1,575)$(318,158)$(175,313)
Three Months Ended June 30, 2021
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$360,437 $88,635 $86,003 $— $535,075 
Cost of goods sold204,154 48,683 69,740 — 322,577 
Gross profit156,283 39,952 16,263 — 212,498 
Selling, general and administrative11,797 20,656 13,599 40,105 86,157 
Research and development43,431 9,433 — — 52,864 
In-process research and development charges710 — — — 710 
Intellectual property legal development expenses1,340 25 — — 1,365 
Acquisition, transaction-related and integration expenses— 16 491 3,776 4,283 
Operating income (loss)$99,005 $9,822 $2,173 $(43,881)$67,119 
Six Months Ended June 30, 2021
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$672,945 $184,566 $170,669 $— $1,028,180 
Cost of goods sold389,452 96,881 137,787 — 624,120 
Gross profit283,493 87,685 32,882 — 404,060 
Selling, general and administrative30,559 40,537 27,303 78,484 176,883 
Research and development79,548 21,498 — — 101,046 
In-process research and development charges710 — — — 710 
Intellectual property legal development expenses4,922 25 — — 4,947 
Acquisition, transaction-related and integration expenses— 16 1,422 5,647 7,085 
Restructuring and other charges80 — — 283 363 
Operating income (loss)$167,674 $25,609 $4,157 $(84,414)$113,026 

(1)Operating results for the sale of Amneal products by AvKARE are included in Generics.
v3.22.2
Related Party Transactions (Tables)
6 Months Ended
Jun. 30, 2022
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the Company’s related party transactions (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations2022202120222021
Kashiv Biosciences LLC
Parking space lease (1)
Cost of goods sold$25 $25 $50 $50 
Development and commercialization agreements - various products (1)
Research and development— — — 32 
License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for Filgrastim(1)
Selling, general and administrative— — 5,000 — 
Development and commercialization agreement - Ganirelix Acetate and Cetrorelix Acetate (1)
Research and development1,706 1,723 644 
Development and commercialization agreements - various products (2)
Research and development— 259 — 150 
Profit sharing - various products (2)
Cost of goods sold— — — 2,680 
Commercial product support for EluRyng and other products (2)
Inventory and cost of goods sold— — — 1,239 
K127 development and commercialization agreement (2)
Research and development— — — 3,000 
Transition services associated with the KSP AcquisitionSelling, general and administrative— — — 300 
Development and commercialization - ConsultingResearch and development— 500 — 500 
License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for Pegfilgrastim-pbbk(1)
Intangible asset15,000 — 15,000 — 
   Total $16,731 $785 $21,773 $8,595 
LAX Hotel, LLC (3)
Financing leaseInventory and cost of goods sold$— $— $— $217 
Interest component of financing leaseInterest expense— — — 362 
Total $— $— $— $579 
Other Related Parties
Kanan, LLC - operating leaseInventory and cost of goods sold$526 $525 $1,052 $1,051 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$305 $299 $601 $586 
PharmaSophia, LLC - research and development services incomeResearch and development$(15)$(42)$(30)$(299)
Fosun International Limited - license and supply agreementNet revenue$— $— $— $— 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$964 $3,416 $1,422 $5,517 
Tracy Properties LLC - operating leaseSelling, general and administrative$136 $131 $271 $262 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$1,431 $837 $2,652 $1,980 
AvPROP, LLC - operating leaseSelling, general and administrative$50 $38 $90 $77 
Tarsadia Investments, LLC - financial consulting servicesSelling, general and administrative$— $— $— $— 
Avtar Investments, LLC consulting servicesSelling, general and administrative$85 $92 $169 $175 
TPG Operations, LLC consulting servicesSelling, general and administrative$— $— $19 $— 
Alkermes Inventory and cost of goods sold$77 $— $107 $— 
R&S Solutions - logistics servicesSelling, general and administrative$20 $— $39 $— 
(1) Agreement between Amneal and Kashiv was not affected by the Acquisition of KSP (refer to Note 3. Acquisitions for additional information).
(2) Agreement between Amneal and Kashiv was acquired with KSP and has become a transaction among Amneal’s consolidated subsidiaries subsequent to the transaction closing on April 2, 2021. The disclosure relates to the historical agreement as a related party transaction through April 2, 2021 (refer to Note 3. Acquisitions for additional information).
(3) During January 2021, LAX Hotel LLC sold its interests in the leased buildings to an unrelated third-party. Therefore, this lease was no longer a related party transaction subsequent to that date.
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
June 30, 2022December 31, 2021
Kashiv - deferred consideration associated with the KSP Acquisition (1)
$500 $30,500 
Kashiv - various agreements(2)
21,715 314 
Sellers of Puniska - consideration for acquisition (3)
— 14,225 
Apace Packaging LLC - packaging agreement1,058 560 
AzaTech Pharma LLC - supply agreement1,055 1,783 
Avtar Investments LLC - consulting services98 37 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes (4)
442 442 
R&S Solutions - logistics services— 
Alkermes29 — 
Related party payables - short term $24,904 $47,861 
PharmaSophia, LLC - research and development agreement$1,111 $1,081 
Sellers of AvKARE LLC and R&S - state tax indemnification204 68 
Kashiv - various agreements23 14 
Apace Packaging, LLC - packaging agreement— 16 
Related party receivables - short term $1,338 $1,179 
Kashiv - contingent consideration (5)
$5,830 $5,900 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes (4)
4,824 3,719 
Related party payables - long term $10,654 $9,619 
(1) As discussed in Note 3. Acquisitions, the purchase price for the KSP Acquisition included a contractually stated amount of deferred consideration of $30.5 million. The deferred consideration consisted of $30.0 million, which the Company paid during January 2022, and $0.5 million, which the Company expects to pay during the third quarter of 2022.
(2) A $5.0 million milestone was payable to Kashiv for regulatory approval of Filgrastim and a $15.0 million milestone was payable to Kashiv for regulatory approval of Pegfilgrastim-pbbk as of June 30, 2022.
(3) As discussed in Note 3. Acquisitions, the purchase price for the Puniska Acquisition included $14.2 million due to the sellers for the satisfaction of a preexisting payable upon approval of the transaction by the government of India. The Company satisfied this liability in March 2022.
(4) Represents accrued interest on the Sellers Notes associated with the Rondo Acquisitions, as defined and discussed in Note 3. Acquisitions and Divestitures and Note 17. Debt in the Company’s 2021 Annual Report on Form 10-K.
(5)     The contingent consideration liability was associated with the KSP Acquisition. Refer to Note 3. Acquisitions for additional information.
v3.22.2
Stockholders’ Equity and Redeemable Non-Controlling Interests (Tables)
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component
Changes in Accumulated Other Comprehensive (Loss) Income by Component (in thousands):
Foreign
currency
translation
adjustments
Unrealized (loss) gain on cash
flow hedge, net
of tax
Accumulated
other
comprehensive
(loss) income
Balance December 31, 2020$(14,497)$(26,821)$(41,318)
Other comprehensive loss before reclassification(4,255)20,972 16,717 
Reallocation of ownership interests(93)(133)(226)
Balance December 31, 2021(18,845)(5,982)(24,827)
Other comprehensive loss before reclassification(7,816)33,623 25,807 
Reallocation of ownership interests(115)(112)
Balance June 30, 2022$(26,776)$27,644 $868 
v3.22.2
Prepaid Expenses and Other Current Assets (Tables)
6 Months Ended
Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets are comprised of the following (in thousands):
June 30,
2022
December 31,
2021
Deposits and advances$1,694 $1,174 
Prepaid insurance7,478 7,962 
Prepaid regulatory fees1,265 3,710 
Income and other tax receivables11,535 8,850 
Prepaid taxes15,953 16,085 
Escrow deposits for legal settlements(1)
148,500 33,000 
Other current receivables 17,748 9,770 
Other prepaid assets20,895 17,309 
Chargebacks receivable (2)
7,136 12,358 
Total prepaid expenses and other current assets$232,204 $110,218 
(1)Escrow deposits for legal settlements includes preliminary settlement escrow deposits by the Company’s insurers of $48.5 million and $33.0 million as of June 30, 2022 and December 31, 2021, respectively, associated with insured securities class action lawsuits. Escrow deposits for legal settlements also includes an escrow deposit of $100.0 million for preliminary settlement agreements related to the Opana ER® antitrust litigation as of June 30, 2022. Refer to Note 13. Commitments and Contingencies for additional details regarding these matters.
(2)When a sale occurs on a contract item, 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 (rebate) receivable and a reduction to cost of goods sold in the same period as the related sale.
v3.22.2
Other Assets (Tables)
6 Months Ended
Jun. 30, 2022
Other Assets [Abstract]  
Schedule of Other Assets
Other assets were comprised of the following (in thousands):
June 30,
2022
December 31,
2021
Interest rate swap (1)
$56,221 $— 
Security deposits 5,402 3,895 
Long-term prepaid expenses7,086 5,896 
Deferred revolving credit facility costs2,453 1,603 
Other long term assets8,674 9,220 
Total $79,836 $20,614 
(1)Refer to Note 10. Fair Value Measurements and Note 11. Financial Instruments for information about the Company’s interest rate swap.
v3.22.2
Debt (Tables)
6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Summary of Long-term Debt
The following is a summary of the Company’s total indebtedness (in thousands):
June 30, 2022December 31, 2021
Term Loan due May 2025$2,577,376 $2,590,876 
Rondo Term Loan due January 202592,000 139,250 
Other— 624 
Total debt2,669,376 2,730,750 
Less: debt issuance costs(17,009)(20,083)
Total debt, net of debt issuance costs2,652,367 2,710,667 
Less: current portion of long-term debt(29,920)(30,614)
Total long-term debt, net$2,622,447 $2,680,053 
v3.22.2
Nature of Operations - Additional Information (Details)
Jun. 30, 2022
Dec. 31, 2020
Amneal Group    
Noncontrolling Interest [Line Items]    
Ownership by parent (percent) 49.80%  
Amneal Group | Amneal Group    
Noncontrolling Interest [Line Items]    
Ownership percentage by noncontrolling owners (percent) 50.20%  
AvKARE and R&S Acquisitions    
Noncontrolling Interest [Line Items]    
Voting interest acquired (percent)   65.10%
v3.22.2
Summary of Significant Accounting Policies (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Accounting Policies [Abstract]  
Current portion of liabilities for legal matters $ 58.0
v3.22.2
Acquisitions - Additional Information (Details) - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended 9 Months Ended
Mar. 01, 2022
Feb. 09, 2022
Dec. 31, 2021
Nov. 02, 2021
Apr. 02, 2021
Dec. 31, 2021
Dec. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Nov. 01, 2021
Dec. 31, 2020
Business Acquisition [Line Items]                              
Goodwill     $ 593,017,000     $ 593,017,000 $ 593,017,000 $ 600,974,000   $ 600,974,000 $ 600,974,000   $ 593,017,000   $ 522,814,000
Net revenue               559,355,000 $ 535,075,000   1,056,988,000 $ 1,028,180,000      
Operating (loss) income               (198,618,000) 67,119,000   (175,313,000) 113,026,000      
Intangible assets acquired                 73,800,000     73,800,000      
Intangible assets     1,256,412,000     1,256,412,000 1,256,412,000 1,374,671,000   1,374,671,000 1,374,671,000   1,256,412,000    
Specialty                              
Business Acquisition [Line Items]                              
Goodwill     363,900,000     363,900,000 363,900,000 366,300,000   $ 366,300,000 366,300,000   363,900,000    
Net revenue               $ 97,001,000 88,635,000   $ 182,087,000 184,566,000      
Marketed product rights                              
Business Acquisition [Line Items]                              
Intangible assets acquired         $ 83,815,000                    
In-process research and development                              
Business Acquisition [Line Items]                              
Intangible assets acquired                       44,300,000      
Puniska Healthcare Pvt Ltd                              
Business Acquisition [Line Items]                              
Goodwill                           $ 30,091,000  
Definitive acquisition agreement amount       $ 93,000,000                      
Consideration paid in cash on hand $ 1,700,000   $ 14,162,000 $ 72,880,000                      
Voting interest acquired (percent) 26.00%     74.00%       26.00%   26.00% 26.00%        
Acquired non-controlling interest, non-public subsidiary           $ 4,300,000                  
Acquisition, transaction costs               $ 0     $ 0        
Total consideration, net of cash acquired             $ 87,042,000                
Kashiv Specialty Pharmaceuticals, LLC                              
Business Acquisition [Line Items]                              
Goodwill         43,530,000                    
Consideration paid in cash on hand         $ 100,100,000                    
Voting interest acquired (percent)         98.00%                    
Acquisition, transaction costs               0 $ 2,000,000   0 $ 3,100,000      
Total consideration, net of cash acquired         $ 104,500,000               $ 103,122,000    
Working capital costs         4,400,000                    
Intangible assets         56,400,000                    
Kashiv Specialty Pharmaceuticals, LLC | Generics                              
Business Acquisition [Line Items]                              
Goodwill         40,800,000                    
Kashiv Specialty Pharmaceuticals, LLC | Specialty                              
Business Acquisition [Line Items]                              
Goodwill         2,700,000                    
Kashiv Specialty Pharmaceuticals, LLC | Marketed product rights                              
Business Acquisition [Line Items]                              
Intangible assets acquired         29,400,000                    
Kashiv Specialty Pharmaceuticals, LLC | In-process research and development                              
Business Acquisition [Line Items]                              
Intangible assets         27,000,000                    
Saol Baclofen Franchise Acquisition | Generics                              
Business Acquisition [Line Items]                              
Goodwill         5,200,000                    
Saol Baclofen Franchise Acquisition | Specialty                              
Business Acquisition [Line Items]                              
Goodwill         $ 2,400,000                    
Saol Baclofen Franchise Acquisition                              
Business Acquisition [Line Items]                              
Payment for asset acquisition   $ 84,714,000                          
Asset acquisition, inventory acquired   $ 1,100,000                          
Asset acquisition, transaction cost               0     $ 100,000        
Net revenue               6,300,000   $ 9,300,000          
Operating (loss) income               $ (1,900,000)   $ (2,000,000)          
v3.22.2
Acquisitions - Payments to Acquire Business (Details) - USD ($)
$ in Thousands
2 Months Ended 9 Months Ended
Mar. 01, 2022
Feb. 09, 2022
Dec. 31, 2021
Nov. 02, 2021
Apr. 02, 2021
Dec. 31, 2021
Dec. 31, 2021
Sep. 30, 2022
Jun. 30, 2022
Jan. 11, 2022
Dec. 31, 2020
Puniska Healthcare Pvt Ltd                      
Business Acquisition [Line Items]                      
Cash $ 1,700   $ 14,162 $ 72,880              
Fair value consideration transferred           $ 87,042          
Kashiv Specialty Pharmaceuticals, LLC                      
Business Acquisition [Line Items]                      
Cash, including working capital payments             $ 74,440        
Cash         $ 100,100            
Deferred consideration, gross fair value         30,100   30,099        
Contingent consideration (milestones)             500        
Contingent consideration (royalties)             5,200        
Settlement of Amneal trade accounts payable due to KSP             (7,117)        
Fair value consideration transferred         104,500   103,122        
Deferred consideration         30,500       $ 30,100 $ 30,000  
Deferred consideration discount         $ 400            
Deferred consideration, discount rate (percent)         1.70%            
Contingent consideration, maximum liability         $ 8,000            
Contingent consideration     $ 5,900   $ 5,700 $ 5,900 $ 5,900   $ 14,626   $ 0
Kashiv Specialty Pharmaceuticals, LLC | Forecast                      
Business Acquisition [Line Items]                      
Deferred consideration               $ 500      
Saol Baclofen Franchise Acquisition                      
Business Acquisition [Line Items]                      
Cash   $ 84,714                  
Contingent consideration (royalties)   8,796                  
Fair value of consideration transferred   $ 93,510                  
v3.22.2
Acquisitions - Preliminary Purchase Price Allocation for the Acquisitions (Details) - USD ($)
$ in Thousands
6 Months Ended
Feb. 09, 2022
Jun. 30, 2022
Dec. 31, 2021
Nov. 01, 2021
Apr. 02, 2021
Dec. 31, 2020
Business Acquisition [Line Items]            
Goodwill   $ 600,974 $ 593,017     $ 522,814
Puniska Healthcare Pvt Ltd            
Business Acquisition [Line Items]            
Cash       $ 165    
Trade accounts receivable, net       232    
Inventories       1,092    
Prepaid expenses and other current assets       4,473    
Property, plant and equipment       53,423    
Goodwill       30,091    
Operating lease right-of-use assets       234    
Other assets       1,303    
Total assets acquired       91,013    
Accounts payable and accrued expenses       1,732    
Operating lease liability       234    
Other long-term liabilities       263    
Total liabilities assumed       2,229    
Non-controlling interests       1,742    
Fair value of consideration transferred       $ 87,042    
Kashiv Specialty Pharmaceuticals, LLC            
Business Acquisition [Line Items]            
Cash         $ 112  
Restricted cash         500  
Prepaid expenses and other current assets         381  
Property, plant and equipment         5,375  
Goodwill         43,530  
Intangible assets         56,400  
Operating lease right-of-use assets         9,367  
Total assets acquired         115,665  
Accounts payable and accrued expenses         1,239  
Operating lease liability         9,177  
Related party payable         127  
Total liabilities assumed         10,543  
Non-controlling interests         2,000  
Fair value of consideration transferred         $ 103,122  
Saol Baclofen Franchise Acquisition            
Asset Acquisition [Line Items]            
Inventory $ 2,162          
Prepaid expenses and other current assets 98          
Goodwill 7,553          
Intangible assets 83,815 $ 83,800        
Total assets acquired 93,628          
Accounts payable and accrued expenses 118          
Fair value of consideration transferred $ 93,510          
v3.22.2
Acquisitions - Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Apr. 02, 2021
Jun. 30, 2021
Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]      
Preliminary Fair Value   $ 73,800 $ 73,800
Marketed product rights      
Acquired Finite-Lived Intangible Assets [Line Items]      
Preliminary Fair Value $ 83,815    
Weighted-Average Useful Life (in years) 11 years 7 months 6 days    
Marketed product rights | Kashiv Specialty Pharmaceuticals, LLC      
Acquired Finite-Lived Intangible Assets [Line Items]      
Preliminary Fair Value $ 29,400    
Weighted-Average Useful Life (in years) 5 years 10 months 24 days    
v3.22.2
Revenue Recognition - Concentration of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Customer A        
Concentration Risk [Line Items]        
Concentration risk (percent) 19.00% 26.00% 19.00% 23.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk (percent) 17.00% 20.00% 17.00% 20.00%
Customer C        
Concentration Risk [Line Items]        
Concentration risk (percent) 21.00% 21.00% 22.00% 23.00%
Customer D        
Concentration Risk [Line Items]        
Concentration risk (percent) 11.00% 11.00% 11.00% 11.00%
v3.22.2
Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Disaggregation of Revenue [Line Items]        
Net revenue $ 559,355 $ 535,075 $ 1,056,988 $ 1,028,180
Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 364,895 360,437 682,642 672,945
Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 97,001 88,635 182,087 184,566
AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 97,459 86,003 192,259 170,669
International and other | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 567 147 989 546
Anti-Infective | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 5,566 9,677 11,811 15,590
Hormonal/ Allergy | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 118,309 111,654 214,677 218,357
Hormonal/ Allergy | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 24,320 16,012 43,739 32,808
Antiviral | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 1,296 (261) 11,867 (8,202)
Central Nervous System | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 108,787 106,628 189,912 202,919
Central Nervous System | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 65,356 65,130 123,524 132,841
Cardiovascular System | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 32,043 36,134 55,496 71,445
Gastroenterology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 17,531 19,703 34,151 39,161
Gastroenterology | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 484 0 554 0
Oncology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 18,424 33,450 35,632 52,480
Metabolic Disease/Endocrine | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 9,988 6,881 21,221 13,438
Respiratory | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 12,118 10,463 17,783 18,641
Dermatology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 17,937 14,818 31,414 27,696
Other therapeutic classes | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 22,329 11,143 57,689 20,874
Other therapeutic classes | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 6,841 7,493 14,270 18,917
Distribution | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 64,240 48,316 124,503 93,815
Government Label | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 22,280 29,172 46,739 60,244
Institutional | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 6,060 5,780 12,375 10,959
Other | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue $ 4,879 $ 2,735 $ 8,642 $ 5,651
v3.22.2
Revenue Recognition - Schedule of Major Categories of Sales-Related Deductions (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2022
USD ($)
Contract Charge - Backs and Sales Volume Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period $ 503,902
Provision related to sales recorded in the period 1,567,090
Credits/payments issued during the period (1,675,244)
Balance, end of period 395,748
Cash Discount Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 23,642
Provision related to sales recorded in the period 52,895
Credits/payments issued during the period (53,255)
Balance, end of period 23,282
Accrued Returns Allowance  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 161,978
Provision related to sales recorded in the period 47,486
Credits/payments issued during the period (51,238)
Balance, end of period 158,226
Accrued Medicaid and Commercial Rebates  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 85,737
Provision related to sales recorded in the period 61,913
Credits/payments issued during the period (54,879)
Balance, end of period $ 92,771
v3.22.2
Alliance and Collaboration - Additional Information (Details) - USD ($)
3 Months Ended 6 Months Ended
May 07, 2018
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Research and development   $ 50,748,000 $ 52,864,000 $ 103,546,000 $ 101,046,000
Collaborative arrangement maximum milestone payment   26,500,000   26,500,000  
Biosimilar Licensing and Supply Agreement          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement maximum contingent payments amount $ 78,000,000        
Research and development   0 $ 7,500,000 0 $ 9,500,000
Collaborative arrangement maximum milestone paid   $ 10,000,000   $ 10,000,000  
Estimated useful life       7 years  
v3.22.2
(Loss) Earnings per Share - Computation of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Numerator:        
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. $ (120,808) $ 14,532 $ (122,964) $ 21,238
Denominator:        
Weighted-average shares outstanding - basic (in shares) 150,993 148,996 150,445 148,507
Effect of dilutive securities:        
Weighted-average shares outstanding - diluted (in shares) 150,993 151,986 150,445 151,606
Net (loss) earnings per share attributable to Amneal Pharmaceuticals, Inc.’s class A common stockholders:        
Basic (in dollars per share) $ (0.80) $ 0.10 $ (0.82) $ 0.14
Diluted (in dollars per share) $ (0.80) $ 0.10 $ (0.82) $ 0.14
Stock options        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 0 837 0 815
Restricted stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 0 2,153 0 2,284
v3.22.2
(Loss) Earnings per Share - Securities Excluded from Diluted Earnings per Share Computation (Details) - shares
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Class B Common Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 152,117 152,117 152,117 152,117
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 2,919 347 2,919 347
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 10,989 0 10,989 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) 7,427 5,169 7,427 5,169
v3.22.2
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Sep. 30, 2019
Aug. 08, 2022
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Income Tax Contingency [Line Items]              
Percentage of tax receivable agreement paid to other holders of Amneal common units (percent)         85.00%    
Income tax expense (benefit)     $ 7,350 $ 2,648 $ 3,889 $ 3,007  
Effective tax rate (percent)     (3.20%) 7.60% (1.60%) 6.00%  
Estimated pre tax loss period 3 years            
Valuation allowance             $ 416,600
Liabilities under tax receivable agreement     $ 206,300   $ 206,300   $ 206,300
Forecast              
Income Tax Contingency [Line Items]              
Percentage of tax receivable agreement paid to other holders of Amneal common units (percent)   85.00%          
v3.22.2
Trade Accounts Receivable, Net - Schedule of Trade Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Receivables [Abstract]    
Gross accounts receivable $ 1,109,812 $ 1,191,792
Allowance for credit losses (1,933) (1,665)
Contract charge-backs and sales volume allowances (395,748) (503,902)
Cash discount allowances (23,282) (23,642)
Subtotal (420,963) (529,209)
Trade accounts receivable, net $ 688,849 $ 662,583
v3.22.2
Trade Accounts Receivable, Net - Concentration of Receivables (Details) - Customer Concentration Risk - Accounts Receivable
6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Customer A    
Concentration Risk [Line Items]    
Concentration risk (percent) 34.00% 37.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (percent) 22.00% 24.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (percent) 28.00% 25.00%
v3.22.2
Inventories - Components of Inventories, Net of Reserves (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Inventory Disclosure [Abstract]    
Raw materials $ 220,593 $ 214,508
Work in process 71,784 47,802
Finished goods 240,651 227,079
Total inventories $ 533,028 $ 489,389
v3.22.2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Assets    
Interest rate swap asset $ 56,221  
Liabilities    
Interest rate swap liability   $ 11,473
Deferred compensation plan liabilities 10,648 13,883
Contingent consideration liability 14,626 5,900
Kashiv Specialty Pharmaceuticals, LLC    
Liabilities    
Contingent consideration liability 5,800 5,900
Saol Baclofen Franchise Acquisition    
Liabilities    
Contingent consideration liability 8,800  
Quoted Prices in Active Markets (Level 1)    
Assets    
Interest rate swap asset 0  
Liabilities    
Interest rate swap liability   0
Deferred compensation plan liabilities 0 0
Contingent consideration liability 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Interest rate swap asset 56,221  
Liabilities    
Interest rate swap liability   11,473
Deferred compensation plan liabilities 10,648 13,883
Contingent consideration liability 0 0
Significant Unobservable Inputs (Level 3)    
Assets    
Interest rate swap asset 0  
Liabilities    
Interest rate swap liability   0
Deferred compensation plan liabilities 0 0
Contingent consideration liability $ 14,626 $ 5,900
v3.22.2
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Apr. 02, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long term debt $ 2,652,367 $ 2,710,667  
Term Loan | Significant Other Observable Inputs (Level 2)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt fair value 2,300,000 2,600,000  
Term Loan | Significant Other Observable Inputs (Level 2) | Rondo Partners L L C      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt fair value 91,300 139,000  
Sellers Notes | Significant Other Observable Inputs (Level 2)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long term debt $ 38,600 $ 38,000  
Kashiv Specialty Pharmaceuticals, LLC      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contingent consideration, maximum liability     $ 8,000
v3.22.2
Fair Value Measurements - Reconciliation of Contingent Consideration Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Saol Baclofen Franchise Acquisition    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Addition due to the Saol Acquisition $ 8,796 $ 0
Kashiv Specialty Pharmaceuticals, LLC    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 5,900 0
Addition due to the Saol Acquisition 0 5,700
Change in fair value during the period (70) 200
Balance, end of period $ 14,626 $ 5,900
v3.22.2
Fair Value Measurements - Significant Inputs Used in Fair Value Measurements (Details)
$ in Thousands
Jun. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 14,626 $ 5,900
Regulatory Milestones    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value 430  
Royalties    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value 5,400  
Royalties Saol Acquisition    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 8,796  
Minimum | Discount rate | Regulatory Milestones    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.079  
Minimum | Discount rate | Royalties    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.125  
Minimum | Discount rate | Royalties Saol Acquisition    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.168  
Minimum | Probability of payment | Regulatory Milestones    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.018  
Minimum | Probability of payment | Royalties    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.018  
Maximum | Discount rate | Regulatory Milestones    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.090  
Maximum | Discount rate | Royalties    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.125  
Maximum | Discount rate | Royalties Saol Acquisition    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.168  
Maximum | Probability of payment | Regulatory Milestones    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.200  
Maximum | Probability of payment | Royalties    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.200  
Weighted Average | Discount rate | Regulatory Milestones    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.080  
Weighted Average | Discount rate | Royalties    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.125  
Weighted Average | Discount rate | Royalties Saol Acquisition    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.168  
Weighted Average | Probability of payment | Regulatory Milestones    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.170  
Weighted Average | Probability of payment | Royalties    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.180  
v3.22.2
Financial Instruments - Additional Information (Details) - USD ($)
Jun. 30, 2022
Oct. 31, 2019
Derivative [Line Items]    
Net of income taxes, recognized in accumulated other comprehensive income $ 56,200,000  
Accumulated Other Comprehensive (Loss) Income    
Derivative [Line Items]    
Net of income taxes, recognized in accumulated other comprehensive income 27,600,000  
Non- Controlling Interests    
Derivative [Line Items]    
Net of income taxes, recognized in accumulated other comprehensive income $ 28,600,000  
Interest Rate Lock Agreement    
Derivative [Line Items]    
Notional amount   $ 1,300,000,000
v3.22.2
Financial Instruments - Summary of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Derivative [Line Items]    
Fair Value   $ 11,473
Variable to Fixed Interest Rate Swap | Designated as Hedging Instrument | Other Assets    
Derivative [Line Items]    
Fair Value $ 56,221  
Variable to Fixed Interest Rate Swap | Designated as Hedging Instrument | Other long-term liabilities    
Derivative [Line Items]    
Fair Value   $ 11,473
v3.22.2
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Goodwill [Roll Forward]    
Balance, beginning of period $ 593,017 $ 522,814
Goodwill acquired during the period 7,553 70,584
Adjustment during the period for Puniska Acquisition 3,075 0
Currency translation (2,671) (381)
Balance, end of period $ 600,974 $ 593,017
v3.22.2
Goodwill and Other Intangible Assets - Additional Information (Detail)
$ in Thousands
3 Months Ended 6 Months Ended
Feb. 09, 2022
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
product
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Goodwill [Line Items]              
Goodwill   $ 600,974   $ 600,974   $ 593,017 $ 522,814
Intangible assets acquired     $ 73,800   $ 73,800    
In-process research and development   405,425   405,425   405,425  
Product rights              
Goodwill [Line Items]              
Intangible assets acquired         29,500    
In-process research and development              
Goodwill [Line Items]              
Intangible assets acquired         44,300    
Impairment charges   5,100 $ 700 $ 5,100 $ 700    
Number of products impaired | product       1      
Saol Baclofen Franchise Acquisition              
Goodwill [Line Items]              
Intangible assets $ 83,815     $ 83,800      
Specialty              
Goodwill [Line Items]              
Goodwill   366,300   366,300   363,900  
Generics              
Goodwill [Line Items]              
Goodwill   165,200   165,200   159,600  
AvKARE              
Goodwill [Line Items]              
Goodwill   $ 69,500   $ 69,500   $ 69,500  
v3.22.2
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,374,671 $ 1,256,412
Accumulated Amortization (575,872) (494,915)
Net 798,799 761,497
In-process research and development 405,425 405,425
Intangible assets, cost 1,780,096 1,661,837
Intangible assets, net 1,204,224 1,166,922
In-process research and development    
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization $ 0 0
Product rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 7 years 10 months 24 days  
Cost $ 1,240,871 1,122,612
Accumulated Amortization (507,894) (436,902)
Net $ 732,977 685,710
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 4 years 6 months  
Cost $ 133,800 133,800
Accumulated Amortization (67,978) (58,013)
Net $ 65,822 $ 75,787
v3.22.2
Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization $ 41,982 $ 43,520 $ 82,901 $ 85,192
v3.22.2
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]    
Remainder of 2022 $ 88,560  
2023 161,146  
2024 158,554  
2025 120,845  
2026 72,132  
Thereafter 197,562  
Net $ 798,799 $ 761,497
v3.22.2
Commitment and Contingencies - Schedule of Charges Related to Legal Matters (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Loss Contingencies [Line Items]        
Charges related to legal matters, net $ 251,877 $ 0 $ 249,551 $ 0
Opana ER® Antitrust Litigation        
Loss Contingencies [Line Items]        
Charges related to legal matters, net 262,837 0 262,837 0
Insurance Recoveries - Securities Class Action - Cambridge Retirement System v. Amneal        
Loss Contingencies [Line Items]        
Charges related to legal matters, net (11,500) 0 (15,500) 0
Galeas v. Amneal        
Loss Contingencies [Line Items]        
Charges related to legal matters, net 0 0 1,200
Other        
Loss Contingencies [Line Items]        
Charges related to legal matters, net $ 540 $ 0 $ 1,014 $ 0
v3.22.2
Commitment and Contingencies - Schedule of Liabilities For Legal Matters (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 275,338 $ 58,000
Imputed interest (2,082)  
Accrued interest 90 0
Long-term portion of liabilities for legal matters (included in other long-term liabilities) 48,008 0
Estimated litigation liability   58,000
Opana ER® Antitrust Litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 215,000 0
Opana ER® Antitrust Litigation 50,000 0
Estimated litigation liability 200  
Fleming v. Impax Laboratories, Inc. et al.    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 33,000 33,000
Insurance Recoveries - Securities Class Action - Cambridge Retirement System v. Amneal    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 25,000 25,000
Galeas v. Amneal    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 1,200
Other    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 1,138 $ 0
v3.22.2
Commitment and Contingencies - Schedule of Antitrust Litigation Preliminary Settlement (Details) - Opana ER® Antitrust Litigation
$ in Thousands
6 Months Ended
Jun. 30, 2022
USD ($)
Loss Contingencies [Line Items]  
Amount Due $ 265,000
June 2022  
Loss Contingencies [Line Items]  
Amount Due 100,000
July 2022  
Loss Contingencies [Line Items]  
Amount Due 15,000
December 2022  
Loss Contingencies [Line Items]  
Amount Due 16,056
January 2023  
Loss Contingencies [Line Items]  
Amount Due 83,944
January 2024  
Loss Contingencies [Line Items]  
Amount Due $ 50,000
v3.22.2
Commitments and Contingencies - Additional Information (Details)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Mar. 22, 2022
lawsuit
Mar. 01, 2022
defendant
Feb. 08, 2022
defendant
Oct. 29, 2021
defendant
Oct. 01, 2021
pharmacy
defendant
Dec. 31, 2020
claim
Mar. 13, 2015
medication
Nov. 06, 2014
representative
May 31, 2021
product
Jun. 30, 2022
USD ($)
case
state
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
claim
case
complaint
state
Jun. 30, 2021
USD ($)
Jul. 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
Mar. 28, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jan. 31, 2021
Jun. 10, 2020
state
Nov. 01, 2019
state
May 10, 2019
state
Apr. 17, 2017
officer
Loss Contingencies [Line Items]                                            
Long-term portion of liabilities for legal matters (included in other long-term liabilities)                   $ 48,008   $ 48,008         $ 0          
Litigation settlement, initial discount, amount                   2,200   2,200                    
Charges related to legal matters, net                   262,800   262,800                    
Litigation Settlement Interest                       2,200                    
Escrow deposit                   $ 100,000   $ 100,000                    
Number of pending claims, including third parties | case                   915   915                    
Number of cases | case                   119   119                    
Number of states with cases | state                   11   11                    
Legal settlements covered by insurance                   $ 148,500   $ 148,500         33,000          
Insurance recoveries for property losses and associated expenses                   1,911 $ 0 1,911 $ 0                  
Number of lawsuit filed | lawsuit 2                                          
Subsequent Event                                            
Loss Contingencies [Line Items]                                            
Additional escrow deposit                           $ 15,000                
Kashiv Biosciences LLC                                            
Loss Contingencies [Line Items]                                            
Voting interest acquired (percent)                                   98.00%        
United States Department of Justice Investigations                                            
Loss Contingencies [Line Items]                                            
Number of sales representatives | representative               1                            
Number of generic prescription medications | medication             4                              
Opana ER® Antitrust Litigation                                            
Loss Contingencies [Line Items]                                            
Loss contingency accrual                   265,000   265,000                    
Legal settlements covered by insurance                                 $ 100,000          
Generic Digoxin and Doxycycline Antitrust Litigation                                            
Loss Contingencies [Line Items]                                            
Number of generic prescription medications | product                 2                          
Number of states, filed civil lawsuit | state                                     46   43  
Loss contingency civil lawsuit filed number of additional states | state                                       9    
Fleming v. Impax Laboratories, Inc. et al.                                            
Loss Contingencies [Line Items]                                            
Number of former officers alleging violations | officer                                           4
Legal settlements covered by insurance                     $ 33,000   $ 33,000                  
Insurance Recoveries - Securities Class Action - Cambridge Retirement System v. Amneal                                            
Loss Contingencies [Line Items]                                            
Legal settlements covered by insurance                               $ 25,000            
Insurance recoveries for property losses and associated expenses                   $ 11,500   $ 15,500                    
Ranitidine                                            
Loss Contingencies [Line Items]                                            
Number of claims dismissed | claim           3           3                    
Number of personal injury short form complaints | complaint                       316                    
Ranitidine Pennsylvania Lawsuit                                            
Loss Contingencies [Line Items]                                            
Number of co-defendants | defendant   7 20   25                                  
Number of pharmacies | pharmacy         1                                  
Number of plaintiffs | defendant       3                                    
Galeas v. Amneal                                            
Loss Contingencies [Line Items]                                            
Loss contingency accrual                             $ 1,200              
Litigation settlement amount                       $ 1,200                    
December 2022                                            
Loss Contingencies [Line Items]                                            
Interest rate                   3.00%   3.00%                    
January 2023                                            
Loss Contingencies [Line Items]                                            
Interest rate                   3.00%   3.00%                    
January 2024                                            
Loss Contingencies [Line Items]                                            
Interest rate                   3.00%   3.00%                    
Additional interest rate                   2.70%   2.70%                    
Long-term portion of liabilities for legal matters (included in other long-term liabilities)                   $ 50,000   $ 50,000                    
December 2022 and Mid-January 2024                                            
Loss Contingencies [Line Items]                                            
Interest rate                   3.00%   3.00%                    
Loss contingency accrual                   $ 150,000   $ 150,000                    
v3.22.2
Segment Information - Additional Information (Details)
6 Months Ended
Jun. 30, 2022
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.22.2
Segment Information - Schedules of Segment Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Segment Reporting Information [Line Items]        
Net revenue $ 559,355 $ 535,075 $ 1,056,988 $ 1,028,180
Cost of goods sold 353,724 322,577 676,786 624,120
Cost of goods sold impairment charges 5,112   5,112  
Gross profit 200,519 212,498 375,090 404,060
Selling, general and administrative 98,806 86,157 197,471 176,883
Research and development 50,748 52,864 103,546 101,046
In-process research and development charges 0 710 0 710
Intellectual property legal development expenses 821 1,365 1,585 4,947
Acquisition, transaction-related and integration expenses 241 4,283 675 7,085
Charges related to legal matters, net 251,877 0 249,551 0
Insurance recoveries for property losses and associated expenses (1,911) 0 (1,911) 0
Restructuring and other charges 0 0 731 363
Change in fair value of contingent consideration (270) 0 (70) 0
Other operating income (1,175) 0 (1,175) 0
Operating (loss) income (198,618) 67,119 (175,313) 113,026
Generics        
Segment Reporting Information [Line Items]        
Net revenue 364,895 360,437 682,642 672,945
AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 97,459 86,003 192,259 170,669
Operating Segments | Generics        
Segment Reporting Information [Line Items]        
Net revenue 364,895 360,437 682,642 672,945
Cost of goods sold 223,423 204,154 422,453 389,452
Cost of goods sold impairment charges 5,112   5,112  
Gross profit 136,360 156,283 255,077 283,493
Selling, general and administrative 26,558 11,797 54,151 30,559
Research and development 44,174 43,431 87,395 79,548
In-process research and development charges   710   710
Intellectual property legal development expenses 778 1,340 1,550 4,922
Acquisition, transaction-related and integration expenses 8 0 8 0
Charges related to legal matters, net 483   2,157  
Insurance recoveries for property losses and associated expenses (1,911)   (1,911)  
Restructuring and other charges     206 80
Change in fair value of contingent consideration 0   0  
Other operating income (1,175)   (1,175)  
Operating (loss) income 67,445 99,005 112,696 167,674
Operating Segments | Specialty        
Segment Reporting Information [Line Items]        
Net revenue 97,001 88,635 182,087 184,566
Cost of goods sold 42,791 48,683 86,644 96,881
Cost of goods sold impairment charges 0   0  
Gross profit 54,210 39,952 95,443 87,685
Selling, general and administrative 23,171 20,656 47,571 40,537
Research and development 6,574 9,433 16,151 21,498
In-process research and development charges   0   0
Intellectual property legal development expenses 43 25 35 25
Acquisition, transaction-related and integration expenses 32 16 32 16
Charges related to legal matters, net 0   0  
Insurance recoveries for property losses and associated expenses 0   0  
Restructuring and other charges     0 0
Change in fair value of contingent consideration (270)   (70)  
Other operating income 0   0  
Operating (loss) income 24,660 9,822 31,724 25,609
Operating Segments | AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 97,459 86,003 192,259 170,669
Cost of goods sold 87,510 69,740 167,689 137,787
Cost of goods sold impairment charges 0   0  
Gross profit 9,949 16,263 24,570 32,882
Selling, general and administrative 12,735 13,599 26,145 27,303
Research and development 0 0 0 0
In-process research and development charges   0   0
Intellectual property legal development expenses 0 0 0 0
Acquisition, transaction-related and integration expenses 0 491 0 1,422
Charges related to legal matters, net 0   0  
Insurance recoveries for property losses and associated expenses 0   0  
Restructuring and other charges     0 0
Change in fair value of contingent consideration 0   0  
Other operating income 0   0  
Operating (loss) income (2,786) 2,173 (1,575) 4,157
Corporate and Other        
Segment Reporting Information [Line Items]        
Net revenue 0 0 0 0
Cost of goods sold 0 0 0 0
Cost of goods sold impairment charges 0   0  
Gross profit 0 0 0 0
Selling, general and administrative 36,342 40,105 69,604 78,484
Research and development 0 0 0 0
In-process research and development charges   0   0
Intellectual property legal development expenses 0 0 0 0
Acquisition, transaction-related and integration expenses 201 3,776 635 5,647
Charges related to legal matters, net 251,394   247,394  
Insurance recoveries for property losses and associated expenses 0   0  
Restructuring and other charges     525 283
Change in fair value of contingent consideration 0   0  
Other operating income 0   0  
Operating (loss) income $ (287,937) $ (43,881) $ (318,158) $ (84,414)
v3.22.2
Related Party Transactions - Related Party Agreements (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Related Party Transaction [Line Items]              
Income from related parties     $ 0 $ 0 $ 0 $ 0  
Related party payables - short term     24,904   24,904   $ 47,861
Related party receivables - short term     1,338   1,338   1,179
Related party payables - long term     10,654   10,654   9,619
Kashiv Specialty Pharmaceuticals, LLC              
Related Party Transaction [Line Items]              
Acquisition, purchase price     30,500        
Deferred consideration paid $ 30,000            
Kashiv Specialty Pharmaceuticals, LLC | Forecast              
Related Party Transaction [Line Items]              
Acquisition, purchase price   $ 500          
Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     16,731 785 21,773 8,595  
Related party payables - short term     21,715   21,715   314
Inventory and Cost of Goods Sold - Kanan, LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     526 525 1,052 1,051  
Inventory and Cost of Goods Sold - Sutaria Family Realty, LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     305 299 601 586  
Research and Development - PharmaSophia LLC              
Related Party Transaction [Line Items]              
Income from related parties     (15) (42) (30) (299)  
Inventory and Cost of Goods Sold - Apace KY, LLC d/b/a Apace Packaging LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     964 3,416 1,422 5,517  
Selling, General and Administrative - Tracy Properties LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     136 131 271 262  
Inventory and Cost of Goods Sold - AzaTech Pharma LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     1,431 837 2,652 1,980  
Selling, General and Administrative - AvPROP, LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     50 38 90 77  
Inventory and Cost of Goods Sold - Alkermes              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     77 0 107 0  
Selling, General and Administrative - R&S Solutions - Logistics Services              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     20 0 39 0  
Regulatory Approval | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Related party payables - long term     5,000   5,000    
Filgrastim and PEG-Filgrastim | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Related party payables - long term     15,000   15,000    
Related Party | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Related party payables - short term     500   500   30,500
Related party receivables - short term     23   23   14
Related party payables - long term     5,830   5,830   5,900
Related Party | LAX Hotel, LLC              
Related Party Transaction [Line Items]              
Financing lease     0 0 0 217  
Interest component of financing lease     0 0 0 362  
Financing lease cost and interest expense     0 0 0 579  
Related Party | Avtar Investments LLC - consulting services              
Related Party Transaction [Line Items]              
Related party payables - short term     98   98   37
Related Party | Cost of Goods Sold - Parking Space Lease | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     25 25 50 50  
Related Party | Research and Development - Development and Commercialization Agreements - Various1 | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 0 0 32  
Related Party | Selling, General and Administrative - Development and Commercialization Agreement | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 0 5,000 0  
Related Party | 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     1,706 1 1,723 644  
Related Party | Research and Development - Development and Commercialization Agreements - Various2 | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 259 0 150  
Related Party | Cost of Good Sold - Profit Sharing | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 0 0 2,680  
Related Party | Inventory and Cost of Goods Sold - Commercial Product Support | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 0 0 1,239  
Related Party | Research and Development - K127 Development and Commercialization Agreement | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 0 0 3,000  
Related Party | Selling, General and Administrative - Transition Services | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 0 0 300  
Related Party | Development and commercialization - Consulting | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 500 0 500  
Related Party | Other Intangible Assets | Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     15,000 0 15,000 0  
Related Party | Sales Milestone Expenses | Avtar Investments LLC - consulting services              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     85 92 169 175  
Puniska Healthcare Pvt Ltd              
Related Party Transaction [Line Items]              
Related party payables - short term     0   0   14,225
Apace Packaging, LLC - packaging agreement              
Related Party Transaction [Line Items]              
Related party payables - short term     1,058   1,058   560
Related party receivables - short term     0   0   16
AzaTech Pharma LLC - supply agreement              
Related Party Transaction [Line Items]              
Related party payables - short term     1,055   1,055   1,783
PharmaSophia, LLC - research and development agreement              
Related Party Transaction [Line Items]              
Related party receivables - short term     1,111   1,111   1,081
Rondo Partners L L C              
Related Party Transaction [Line Items]              
Related party payables - short term     442   442   442
Related party receivables - short term     204   204   68
Related party payables - long term     4,824   4,824   3,719
R&S Solutions - logistics services              
Related Party Transaction [Line Items]              
Related party payables - short term     7   7   0
Alkermes              
Related Party Transaction [Line Items]              
Related party payables - short term     29   29   $ 0
Tarsadia Investments, LLC | Sales Milestone Expenses              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     0 0 0 0  
TPG Operations, LLC | Sales Milestone Expenses              
Related Party Transaction [Line Items]              
Amounts of transaction with related party     $ 0 $ 0 $ 19 $ 0  
v3.22.2
Related Party Transactions - Narrative (Details)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Mar. 01, 2022
USD ($)
Dec. 31, 2021
USD ($)
Nov. 02, 2021
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2017
USD ($)
product
Jan. 31, 2021
Related Party Transaction [Line Items]              
Collaborative arrangement maximum milestone payment       $ 26,500 $ 26,500    
Kashiv Bio Sciences License and Commercialization Agreement              
Related Party Transaction [Line Items]              
Number of products in agreement | product           2  
Collaborative arrangement term           10 years  
Collaborative arrangement, profit share (percent)           50.00%  
Kashiv Bio Sciences License and Commercialization Agreement | Regulatory Approval              
Related Party Transaction [Line Items]              
Collaborative arrangement maximum contingent payments amount           $ 22,500  
Kashiv Bio Sciences License and Commercialization Agreement | Successful Delivery of Commercial Launch Inventory              
Related Party Transaction [Line Items]              
Collaborative arrangement maximum contingent payments amount           43,000  
Kashiv Bio Sciences License and Commercialization Agreement | Number of Competitors for Launch of one Product | Maximum              
Related Party Transaction [Line Items]              
Collaborative arrangement maximum contingent payments amount           50,000  
Kashiv Bio Sciences License and Commercialization Agreement | Achievement of Cumulative Net Sales | Minimum              
Related Party Transaction [Line Items]              
Collaborative arrangement maximum contingent payments amount           15,000  
Kashiv Bio Sciences License and Commercialization Agreement | Achievement of Cumulative Net Sales | Maximum              
Related Party Transaction [Line Items]              
Collaborative arrangement maximum contingent payments amount           67,500  
Kashiv Biosciences LLC              
Related Party Transaction [Line Items]              
Collaborative arrangement, upfront payment           183,000  
Voting interest acquired (percent)             98.00%
Collaborative arrangement maximum milestone payment       $ 15,000 $ 15,000    
Estimated useful life         8 years 3 months 18 days    
Kashiv Biosciences LLC | Maximum              
Related Party Transaction [Line Items]              
Collaborative arrangement, upfront payment           $ 37,500  
Puniska Healthcare Pvt Ltd              
Related Party Transaction [Line Items]              
Consideration paid in cash on hand $ 1,700 $ 14,162 $ 72,880        
Voting interest acquired (percent) 26.00%   74.00% 26.00% 26.00%    
v3.22.2
Stockholders' Equity and Redeemable Non-Controlling Interests - Additional Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 01, 2022
Dec. 31, 2021
Nov. 02, 2021
Apr. 02, 2021
Jan. 31, 2020
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Class of Stock [Line Items]                  
Tax distribution           $ (2,900) $ (16,600) $ (7,300) $ (25,900)
Kashiv Specialty Pharmaceuticals, LLC                  
Class of Stock [Line Items]                  
Voting interest acquired (percent)       98.00%          
Consideration paid in cash on hand       $ 100,100          
Kashiv Specialty Pharmaceuticals, LLC | Sellers of KSP                  
Class of Stock [Line Items]                  
Ownership percentage by noncontrolling owners (percent)       2.00%          
Av Kare Incorporation And R And S Northeast L L C                  
Class of Stock [Line Items]                  
Voting interest acquired (percent)         65.10%        
Liabilities incurred, fair value         $ 11,000        
Tax distribution recorded as a reduction to redeemable non-controlling interest           $ (600) $ (1,200) $ (2,600) $ (1,700)
Av Kare Incorporation And R And S Northeast L L C | Rondo Partners L L C                  
Class of Stock [Line Items]                  
Ownership percentage by noncontrolling owners (percent)         34.90% 34.90%   34.90%  
Puniska Healthcare Pvt Ltd                  
Class of Stock [Line Items]                  
Voting interest acquired (percent) 26.00%   74.00%     26.00%   26.00%  
Consideration paid in cash on hand $ 1,700 $ 14,162 $ 72,880            
Increase in redeemable non-controlling interest to redemption value               $ 900  
v3.22.2
Stockholders' Equity and Redeemable Non-Controlling Interests - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance $ 366,973 $ 344,932
Other comprehensive loss before reclassification 25,807 16,717
Reallocation of ownership interests (112) (226)
Stockholders' equity ending balance 172,991 366,973
Foreign currency translation adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (18,845) (14,497)
Other comprehensive loss before reclassification (7,816) (4,255)
Reallocation of ownership interests (115) (93)
Stockholders' equity ending balance (26,776) (18,845)
Unrealized (loss) gain on cash flow hedge, net of tax    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (5,982) (26,821)
Other comprehensive loss before reclassification 33,623 20,972
Reallocation of ownership interests 3 (133)
Stockholders' equity ending balance 27,644 (5,982)
Accumulated Other Comprehensive (Loss) Income    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (24,827) (41,318)
Stockholders' equity ending balance $ 868 $ (24,827)
v3.22.2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Gain Contingencies [Line Items]    
Escrow deposits for legal settlements $ 148,500 $ 33,000
Deposits and advances 1,694 1,174
Prepaid insurance 7,478 7,962
Prepaid regulatory fees 1,265 3,710
Income and other tax receivables 11,535 8,850
Prepaid taxes 15,953 16,085
Other current receivables 17,748 9,770
Other prepaid assets 20,895 17,309
Chargebacks receivable 7,136 12,358
Total prepaid expenses and other current assets 232,204 110,218
Securities Class Action Lawsuits    
Gain Contingencies [Line Items]    
Escrow deposits for legal settlements $ 48,500 33,000
Opana ER® Antitrust Litigation    
Gain Contingencies [Line Items]    
Escrow deposits for legal settlements   $ 100,000
v3.22.2
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Other Assets [Line Items]    
Other assets $ 79,836 $ 20,614
Interest rate swap    
Other Assets [Line Items]    
Other assets 56,221 0
Security deposits    
Other Assets [Line Items]    
Other assets 5,402 3,895
Long-term prepaid expenses    
Other Assets [Line Items]    
Other assets 7,086 5,896
Deferred revolving credit facility costs    
Other Assets [Line Items]    
Other assets 2,453 1,603
Other long term assets    
Other Assets [Line Items]    
Other assets $ 8,674 $ 9,220
v3.22.2
Government Grants - Additional Information (Details)
$ in Thousands, ₨ in Billions
1 Months Ended 3 Months Ended 6 Months Ended
Nov. 30, 2021
INR (₨)
company
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Other operating income   $ 1,175 $ 0 $ 1,175 $ 0  
Prepaid expenses and other current assets   232,204   232,204   $ 110,218
Government of India            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Number of companies | company 55          
Grants receivable ₨ 10 126,900   126,900    
Government grant eligible term 6 years          
Government of India | Prepaid and other current assets            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Prepaid expenses and other current assets   900   900    
Government of India | Other long term assets            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Other long-term assets   $ 300   $ 300    
v3.22.2
Debt - Summary of Long-term Debt (Details) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Total debt $ 2,669,376,000 $ 2,730,750,000
Less: debt issuance costs (17,009,000) (20,083,000)
Total debt, net of debt issuance costs 2,652,367,000 2,710,667,000
Less: current portion of long-term debt (29,920,000) (30,614,000)
Total long-term debt, net 2,622,447,000 2,680,053,000
Other    
Debt Instrument [Line Items]    
Total debt 0 624,000
Term Loan due May 2025    
Debt Instrument [Line Items]    
Total debt 2,577,376,000 2,590,876,000
Rondo Term Loan due January 2025    
Debt Instrument [Line Items]    
Total debt $ 92,000,000 $ 139,250,000
v3.22.2
Debt - Narrative (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 02, 2022
Jun. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]        
Long-term debt   $ 2,669,376,000 $ 2,669,376,000 $ 2,730,750,000
Revolving Credit Facility        
Debt Instrument [Line Items]        
Commitment fee percentage on unused capacity (percent) 0.25%      
Write off of deferred debt issuance cost   300,000 300,000  
Debt issuance costs   1,600,000 1,600,000  
Revolving credit facility   85,000,000 85,000,000  
Line of Credit | Revolving Credit Facility | ABR        
Debt Instrument [Line Items]        
Debt instrument, interest rate floor (percent) 1.00%      
Basis spread on variable rate (percent) 0.25%      
Line of Credit | Revolving Credit Facility | ABR | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 0.25%      
Line of Credit | Revolving Credit Facility | ABR | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 0.50%      
Line of Credit | Revolving Credit Facility | SOFR        
Debt Instrument [Line Items]        
Debt instrument, interest rate floor (percent) 0.00%      
Basis spread on variable rate (percent) 1.25%      
Line of Credit | Revolving Credit Facility | SOFR | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 1.25%      
Line of Credit | Revolving Credit Facility | SOFR | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 1.50%      
Line of Credit | Senior Secured Asset-Backed Revolving Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 350,000,000      
Line of credit facility, increase limit 150,000,000      
Line of Credit | Senior Secured Asset-Backed Revolving Credit Facility | Letter of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity 25,000,000      
Line of Credit | Senior Secured Asset-Backed Revolving Credit Facility | Bridge Loan        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 35,000,000      
Rondo Term Loan        
Debt Instrument [Line Items]        
Prepayment of outstanding principal     42,800,000  
Long-term debt   $ 600,000 $ 600,000  
v3.22.2
Property Losses and Associated Expenses - Narrative (Details)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Sep. 01, 2021
facility
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Unusual or Infrequent Items, or Both [Abstract]            
Number of facilities damaged | facility 2          
Property losses and associated expenses, net           $ 10,400
Insurance recoveries for property losses and associated expenses   $ 1,911 $ 0 $ 1,911 $ 0