AMNEAL PHARMACEUTICALS, INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-38485  
Entity Registrant Name Amneal Pharmaceuticals, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 93-4225266  
Entity Address, Address Line One 400 Crossing Boulevard,  
Entity Address, City or Town Bridgewater  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 08807  
City Area Code 908  
Local Phone Number 947-3120  
Title of 12(b) Security Class A Common Stock, par value $0.01 per share  
Trading Symbol AMRX  
Security Exchange Name NASDAQ  
Entity Current Reporting Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   314,079,309
Entity Central Index Key 0001723128  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net revenue $ 724,508 $ 701,780 $ 1,419,928 $ 1,360,971
Cost of goods sold 438,255 451,833 877,784 872,964
Gross profit 286,253 249,947 542,144 488,007
Selling, general and administrative 124,266 116,462 242,554 229,057
Research and development 47,964 36,054 88,004 75,352
Intellectual property legal development expenses 2,017 1,042 3,784 2,026
Restructuring and other charges 1,024 220 1,595 1,690
(Credit) charges related to legal matters, net (390) 699 (390) 95,058
Other operating (income) expense 0 0 (5,122) 100
Operating income (loss) 111,372 95,470 211,719 84,724
Other (expense) income:        
Interest expense, net (65,101) (65,719) (122,040) (131,422)
Foreign exchange gain (loss), net 8,256 (262) 12,503 (1,459)
Increase in tax receivable agreement liability (4,420) (13,444) (15,107) (15,392)
Other income, net 1,604 4,360 2,122 8,432
Total other expense, net (59,661) (75,065) (122,522) (139,841)
Income (loss) before income taxes 51,711 20,405 89,197 (55,117)
Provision for income taxes 16,101 3,618 28,969 9,774
Net income (loss) 35,610 16,787 60,228 (64,891)
Less: Net income attributable to non-controlling interests (13,193) (10,793) (25,616) (20,758)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 22,417 $ 5,994 $ 34,612 $ (85,649)
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:        
Basic (in dollars per share) $ 0.07 $ 0.02 $ 0.11 $ (0.28)
Diluted (in dollars per share) $ 0.07 $ 0.02 $ 0.11 $ (0.28)
Weighted-average common shares outstanding:        
Basic (in shares) 313,739 309,117 312,404 308,198
Diluted (in shares) 322,363 318,957 323,171 308,198
v3.25.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Other Comprehensive Income [Abstract]        
Net income (loss) $ 35,610 $ 16,787 $ 60,228 $ (64,891)
Less: Net income attributable to non-controlling interests (13,193) (10,793) (25,616) (20,758)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. 22,417 5,994 34,612 (85,649)
Other comprehensive (loss) income:        
Foreign currency translation adjustments arising during the period (4,928) (39) (6,560) (429)
Unrealized (loss) gain on cash flow hedge, net of tax of $0 (7,331) (170) (19,485) 15,373
Reclassification of cash flow hedge to earnings, net of tax of $0 568 (6,516) (5,876) (13,031)
Other comprehensive (loss) income attributable to Amneal Pharmaceuticals, Inc. (11,691) (6,725) (31,921) 1,913
Comprehensive income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 10,726 $ (731) $ 2,691 $ (83,736)
v3.25.2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Unrealized loss on cash flow hedge, net of tax $ 0 $ 0 $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax $ 0 $ 0 $ 0 $ 0
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 71,544 $ 110,552
Restricted cash 9,642 7,868
Inventories 608,973 612,454
Prepaid expenses and other current assets 85,304 80,717
Total current assets 1,584,692 1,587,806
Property, plant and equipment, net 440,327 424,908
Goodwill 597,406 597,436
Intangible assets, net 649,547 732,377
Other assets 44,849 60,133
Total assets 3,422,788 3,501,445
Current liabilities:    
Current portion of liabilities for legal matters 41,515 31,755
Revolving credit facility 290,000 100,000
Current portion of long-term debt, net 31,175 224,213
Total current liabilities 1,107,134 1,129,771
Long-term debt, net 2,146,403 2,161,790
Liabilities for legal matters - long term 74,477 85,479
Total long-term liabilities 2,362,385 2,416,212
Commitments and contingencies (Notes 3, 16 and 18)
Redeemable non-controlling interests 65,802 64,974
Stockholders’ Deficiency    
Preferred stock, $0.01 par value, 2,000 shares authorized at both June 30, 2025 and December 31, 2024; none issued at both June 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 554,623 560,206
Stockholders' accumulated deficit (572,450) (607,062)
Accumulated other comprehensive loss (97,431) (65,510)
Total Amneal Pharmaceuticals, Inc. stockholders’ deficiency (112,118) (109,267)
Non-controlling interests (415) (245)
Total stockholders' deficiency (112,533) (109,512)
Total liabilities and stockholders’ deficiency 3,422,788 3,501,445
Related Party    
Current assets:    
Trade accounts receivable, net 1,592 484
Operating lease right-of-use assets 17,658 10,964
Current liabilities:    
Accounts payable and accrued expenses 63,396 22,311
Current portion of operating lease liabilities 2,701 3,396
Operating lease liabilities 16,441 9,391
Other long-term liabilities 15,607 50,900
Nonrelated Party    
Current assets:    
Trade accounts receivable, net 807,637 775,731
Operating lease right-of-use assets 33,241 31,388
Financing lease right-of-use assets 55,068 56,433
Current liabilities:    
Accounts payable and accrued expenses 666,817 735,450
Current portion of operating lease liabilities 8,223 9,435
Current portion of financing lease liabilities 3,307 3,211
Operating lease liabilities 27,623 24,814
Financing lease liabilities 56,020 56,889
Other long-term liabilities 25,814 26,949
Common Class A    
Stockholders’ Deficiency    
Common stock 3,140 3,099
Common Class B    
Stockholders’ Deficiency    
Common stock $ 0 $ 0
v3.25.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 2,000,000 2,000,000
Preferred stock, shares issued (in shares) 0 0
Common Class A    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 314,043,000 309,881,000
Common Class B    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 0 0
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 60,228 $ (64,891)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 120,272 111,100
Unrealized foreign currency (gain) loss (11,813) 2,080
Amortization of debt issuance costs and discount 13,686 14,252
Reclassification of cash flow hedge (5,876) (13,031)
Intangible asset impairment charges 0 920
Stock-based compensation 15,532 13,446
Inventory provision 38,432 41,493
Other operating charges and credits, net 2,254 (1,431)
Changes in assets and liabilities:    
Trade accounts receivable, net (32,615) (155,843)
Inventories (36,039) (35,447)
Prepaid expenses, other current assets and other assets (10,015) (8,418)
Related party receivables (1,108) (628)
Accounts payable, accrued expenses and other liabilities (67,004) 122,026
Related party payables 5,293 9,619
Net cash provided by operating activities 91,227 35,247
Cash flows from investing activities:    
Purchases of property, plant and equipment (35,992) (19,824)
Acquisition of intangible assets (5,100) (10,450)
Deposits for future acquisition of property, plant and equipment (4,632) (940)
Proceeds from sale of property, plant and equipment 1,379 0
Proceeds from sale of subsidiary 0 4,989
Net cash used in investing activities (44,345) (26,225)
Cash flows from financing activities:    
Payments of principal on debt, revolving credit facilities, financing leases and other (251,076) (78,877)
Borrowings on revolving credit facilities 218,000 48,000
Proceeds from exercise of stock options 754 386
Employee payroll tax withholding on restricted stock unit and performance stock unit vesting (21,828) (7,371)
Tax and other distributions to non-controlling interests (24,958) (8,883)
Payment of principal on notes payable - related party 0 (11,496)
Payments of deferred financing and refinancing costs (1,745) 0
Net cash used in financing activities (80,853) (58,241)
Effect of foreign exchange rate on cash (777) (266)
Net decrease in cash, cash equivalents, and restricted cash (34,748) (49,485)
Cash, cash equivalents, and restricted cash - beginning of period 118,420 99,107
Cash, cash equivalents, and restricted cash - end of period 83,672 49,622
Cash and cash equivalents - end of period 71,544 43,769
Restricted cash - end of period 9,642 5,853
Long-term restricted cash included in other assets - end of period 2,486 0
Cash, cash equivalents, and restricted cash - end of period 83,672 49,622
Supplemental disclosure of cash flow information:    
Cash paid for interest 112,643 136,541
Cash paid, net for income taxes 12,565 10,209
Supplemental disclosure of non-cash investing and financing activity:    
Payable for acquisition of intangible assets 7,000 0
Note receivable for sale of subsidiary - related party 0 7,177
Loan for land purchase - related party $ 502 $ 0
v3.25.2
Consolidated Statements of Changes in Stockholders’ [(Deficiency) Equity] - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Common Class A
Additional Paid-in Capital
Stockholders’ Accumulated Deficit
Accumulated Other Comprehensive Loss
Non- Controlling Interests
Shares beginning balance (in shares) at Dec. 31, 2023   306,565        
Stockholders' equity beginning balance at Dec. 31, 2023 $ 20,011 $ 3,066 $ 539,240 $ (490,176) $ (32,349) $ 230
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (85,903)     (85,649)   (254)
Foreign currency translation adjustments (429)       (429)  
Stock-based compensation 13,446   13,446      
Exercise of stock options (in shares)   139        
Exercise of stock options 386 $ 1 385      
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   2,795        
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (7,342) $ 28 (7,370)      
Unrealized gain (loss) on cash flow hedge, net of tax 15,373       15,373  
Reclassification of cash flow hedge to earnings, net of tax of $0 (13,031)       (13,031)  
Shares ending balance (in shares) at Jun. 30, 2024   309,499        
Stockholders' equity ending balance at Jun. 30, 2024 (57,489) $ 3,095 545,701 (575,825) (30,436) (24)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2023 41,293          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 21,012          
Tax and other distributions, net (8,883)          
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2024 53,422          
Shares beginning balance (in shares) at Mar. 31, 2024   308,623        
Stockholders' equity beginning balance at Mar. 31, 2024 (63,629) $ 3,086 538,720 (581,819) (23,711) 95
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 5,875     5,994   (119)
Foreign currency translation adjustments (39)       (39)  
Stock-based compensation 6,724   6,724      
Exercise of stock options (in shares)   129        
Exercise of stock options 358 $ 1 357      
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   747        
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (92) $ 8 (100)      
Unrealized gain (loss) on cash flow hedge, net of tax (170)       (170)  
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,516)       (6,516)  
Shares ending balance (in shares) at Jun. 30, 2024   309,499        
Stockholders' equity ending balance at Jun. 30, 2024 (57,489) $ 3,095 545,701 (575,825) (30,436) (24)
Redeemable Non-Controlling Interests, beginning balance at Mar. 31, 2024 47,022          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 10,912          
Tax and other distributions, net (4,512)          
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2024 53,422          
Shares beginning balance (in shares) at Dec. 31, 2024   309,881        
Stockholders' equity beginning balance at Dec. 31, 2024 (109,512) $ 3,099 560,206 (607,062) (65,510) (245)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 34,442     34,612   (170)
Foreign currency translation adjustments (6,560)       (6,560)  
Stock-based compensation 15,532   15,532      
Exercise of stock options (in shares)   274        
Exercise of stock options 754 $ 2 752      
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   3,888        
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (21,828) $ 39 (21,867)      
Unrealized gain (loss) on cash flow hedge, net of tax (19,485)       (19,485)  
Reclassification of cash flow hedge to earnings, net of tax of $0 (5,876)       (5,876)  
Shares ending balance (in shares) at Jun. 30, 2025   314,043        
Stockholders' equity ending balance at Jun. 30, 2025 (112,533) $ 3,140 554,623 (572,450) (97,431) (415)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2024 64,974          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 25,786          
Tax and other distributions, net (24,958)          
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2025 65,802          
Shares beginning balance (in shares) at Mar. 31, 2025   313,385        
Stockholders' equity beginning balance at Mar. 31, 2025 (132,000) $ 3,134 545,806 (594,867) (85,740) (333)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 22,335     22,417   (82)
Foreign currency translation adjustments (4,928)       (4,928)  
Stock-based compensation 8,274   8,274      
Exercise of stock options (in shares)   249        
Exercise of stock options 685 $ 2 683      
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   409        
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (136) $ 4 (140)      
Unrealized gain (loss) on cash flow hedge, net of tax (7,331)       (7,331)  
Reclassification of cash flow hedge to earnings, net of tax of $0 568       568  
Shares ending balance (in shares) at Jun. 30, 2025   314,043        
Stockholders' equity ending balance at Jun. 30, 2025 (112,533) $ 3,140 $ 554,623 $ (572,450) $ (97,431) $ (415)
Redeemable Non-Controlling Interests, beginning balance at Mar. 31, 2025 72,611          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 13,275          
Tax and other distributions, net (20,084)          
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2025 $ 65,802          
v3.25.2
Consolidated Statements of Changes in Stockholders’ [(Deficiency) Equity] (Parenthetical) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Unrealized loss on cash flow hedge, net of tax $ 0 $ 0 $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax $ 0 $ 0 $ 0 $ 0
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The interim unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission and U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements include all adjustments that in the opinion of management are necessary for a fair presentation of the financial position, results of operations, and cash flows of Amneal Pharmaceuticals, Inc. (the “Company”) for the periods presented. However, these financial statements do not include all information and accompanying notes required for annual financial statements prepared in accordance with U.S. GAAP. The interim unaudited consolidated financial statements should be read in conjunction with the audited annual financial statements included in the Company’s 2024 Annual Report on Form 10-K.
Use of Estimates
The preparation of financial statements requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, contingent liabilities, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.
Reclassification
The prior period balance of $0.1 million, formerly included in the caption “change in fair value of contingent consideration” for the six months ended June 30, 2024 has been reclassified to the caption “other operating (income) expense” in the consolidated statements of operations to conform to the current period presentation. This reclassification did not impact operating income or net loss.
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and usefulness of income tax disclosures. ASU 2023-09 requires that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense captions on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
License Agreements
Refer to Note 5. Alliance and Collaboration in the Company’s 2024 Annual Report on Form 10-K for further information related to revenue recognition associated with license agreements.
Concentration of Revenue
The following table summarizes revenues from each of the Company’s customers which individually accounted for 10% or more of its total net revenue:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Customer A23 %22 %23 %21 %
Customer B16 %16 %16 %15 %
Customer C21 %22 %21 %22 %
Disaggregated Revenue
During the fourth quarter of 2024, the Company changed the presentation of disaggregated net revenue in its Affordable Medicines segment from a classification primarily based on significant therapeutic classes to a classification primarily based on significant dosage forms to reflect the full product offering of the segment. The new presentation did not change the composition of the Company’s reportable segments and, therefore, did not change historical total net revenue in any segment. All prior periods were changed to conform to the current period’s presentation.
The Company’s significant dosage forms for its Affordable Medicines segment, therapeutic classes for its Specialty segment and sales channels for its AvKARE segment, as determined based on net revenue for the three and six months ended June 30, 2025 and 2024, are set forth below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Affordable Medicines
Oral solid$178,262 $175,956 $357,215 $345,269 
Auto-Injector
66,594 58,281 114,754 100,899 
Transdermal40,710 49,697 83,773 90,222 
Injectable34,646 39,081 69,434 74,303 
Biosimilar25,248 29,500 53,788 56,192 
Oral liquid17,879 24,096 41,427 56,025 
Other dosage forms (1)
68,185 49,287 124,607 92,561 
Subtotal dosage forms
431,524 425,898 844,998 815,471 
International1,901 1,430 3,135 3,151 
Total Affordable Medicines Revenue433,425 427,328 848,133 818,622 
Specialty
Hormonal / allergy35,418 31,775 69,617 61,150 
Central nervous system83,425 63,906 151,035 130,182 
Other therapeutic classes8,700 8,360 15,188 13,464 
Subtotal therapeutic classes
127,543 104,041 235,840 204,796 
License agreement (2)
500 — 500 4,479 
Total Specialty net revenue128,043 104,041 236,340 209,275 
AvKARE
Distribution99,663 116,135 204,558 225,848 
Government label45,418 36,210 95,558 71,162 
Institutional10,132 11,768 21,141 22,626 
Other7,827 6,298 14,198 13,438 
Total AvKARE net revenue163,040 170,411 335,455 333,074 
Total net revenue$724,508 $701,780 $1,419,928 $1,360,971 
(1)Includes net revenue from sales of transmucosal, ophthalmic, topical, nasal and inhalation dosage forms.
(2)Refer to Note 5. Alliance and Collaboration in the Company’s 2024 Annual Report on Form 10-K for information about revenue recognized under license agreements for the three and six months ended June 30, 2024. Revenue recognized under license agreements for the three and six months ended June 30, 2025 was not material.
A rollforward of the major categories of sales-related deductions for the six months ended June 30, 2025 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, 2024$498,537 $25,968 $160,490 $135,488 
Provision related to sales recorded in the period1,930,680 65,110 37,504 133,909 
Credits/payments issued during the period(1,930,660)(62,648)(37,691)(151,947)
Balance at June 30, 2025$498,557 $28,430 $160,303 $117,450 
v3.25.2
Alliance and Collaboration
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Alliance and Collaboration Alliance and Collaboration
The Company has entered into several alliance, collaboration, license, distribution and similar agreements with respect to certain of its products and services with third-party pharmaceutical companies. The consolidated statements of operations include revenue recognized under agreements the Company has entered into to develop marketing and/or distribution relationships with its partners to fully leverage the technology platform and revenue recognized under development agreements.
These agreements generally obligate the Company to provide research and development (“R&D”) services over multiple periods.
Except as disclosed below, as of and for the three and six months ended June 30, 2025, there were no material changes to our alliance and collaboration agreements as described in Note 5. Alliance and Collaboration in our 2024 Annual Report on Form 10-K.
The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
PartnerCaption in Statement of Operations2025202420252024
Orion Corporation
Research and development (1)
$(912)$(683)$(2,524)$(1,294)
Zambon Biotech S.A.
Net revenue (2)
$— $— $— $3,479 
Knight Therapeutics International S.A.
Net revenue (3)
$— $— $— $1,000 
mAbxience S.L.
Research and development (4)
$— $— $— $3,000 
Metsera, Inc.
Net revenue(5)
$1,973 $— $1,973 $— 
(1)Services performed for Orion Corporation on a cost basis are recorded as a reduction to R&D expense.
(2)Delivery of a functional license (out-licensing revenue).
(3)Non-refundable license fee.
(4)Clinical milestone payment.
(5)Development activities performed on behalf of Metsera, Inc. on a cost plus margin basis are recorded as net revenue.
The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of June 30, 2025 and December 31, 2024 (in thousands):
Party
Caption in Balance Sheet
June 30, 2025December 31, 2024
Orion Corporation
Accounts payable and accrued expenses (1)
$5,071 $5,008 
Orion Corporation
Other long-term liabilities (1)
$1,624 $3,453 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
Metsera, Inc.
Prepaid expenses and other current assets (2)
$1,973 $335 
Metsera, Inc.
Other long-term liabilities (3)
$1,557 $— 
(1)Comprised of deferred income as of June 30, 2025 and December 31, 2024.
(2)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2024.
(3)Comprised of construction costs contributed.

ApiJect Systems Collaboration Agreement

On May 8, 2025, the Company entered into a 15-year strategic collaboration agreement with ApiJect Systems, Corp. and related entities (“ApiJect”), a medical technology company focused on advanced drug delivery (“ApiJect Agreement”). Under the ApiJect Agreement, Amneal will install and operate manufacturing equipment leased from Apiject at the Company’s Brookhaven, New York facility. This equipment will be used to support production of ApiJect’s proprietary blow fill seal (“BFS”) delivery systems and Amneal’s growing injectable portfolio.

The Company concluded the agreement contains a financing lease pursuant to Accounting Standards Codification Topic 842, Leases. The lease will commence on the date the equipment is available for Amneal’s use, which is expected to be in the second half of 2025. During the lease term, the Company shall pay ApiJect a low-digit royalty for any of Amneal’s commercial products that are manufactured utilizing the equipment, which will be accounted for as variable lease payments. At the conclusion of the ApiJect Agreement, the Company has the right to purchase the equipment from ApiJect for a nominal amount. Amneal and ApiJect will also collaborate on the development of additional injectable product programs utilizing ApiJect’s BFS platform. The Company is entitled to receive consideration from ApiJect for development work performed under these programs.
The ApiJect Agreement did not have a material impact on the Company’s financial statements as of and for the three and six months ended June 30, 2025.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
Set forth in the following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Provision for income taxes$16,101 $3,618 $28,969 $9,774 
Effective tax rate31.1 %17.7 %32.5 %(17.7)%
For the three and six months ended June 30, 2025, the period-over-period change in the provision for income taxes was primarily related to differences in jurisdictional mix of income, the utilization of net operating losses in the prior period and discrete items related to share-based compensation in the current period.
Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Increase in tax receivable agreement liability$4,420 $13,444 $15,107 $15,392 
June 30, 2025December 31, 2024
Tax receivable agreement liability- short term$50,900 $2,985 
Tax receivable agreement liability- long term15,107 50,900 
Total$66,007 $53,885 
Refer to Note 6. Income Taxes in the Company’s 2024 Annual Report on Form 10-K for information about the Company’s TRA. During the six months ended June 30, 2025, the Company made payments of $3.0 million, associated with the TRA.
Contingent Tax Receivable Agreement Liability
The Company had an unrecorded contingent TRA liability of $118.7 million as of June 30, 2025. If utilization of the Company’s deferred tax assets becomes more-likely-than-not in the future, at such time, the unrecorded contingent TRA liability will be recorded through charges in the Company’s consolidated statements of operations.
v3.25.2
[Earnings (Loss)] per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
[Earnings (Loss)] per Share Earnings (Loss) per Share
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Numerator:
Net income (loss) attributable to Amneal Pharmaceuticals, Inc.$22,417 $5,994 $34,612 $(85,649)
Denominator:
Weighted-average shares outstanding - basic
313,739 309,117 312,404 308,198 
Effect of dilutive securities:
Stock options964 1,095 1,031 — 
Restricted stock units
3,155 4,522 4,390 — 
Performance stock units4,505 4,223 5,346 — 
Weighted-average shares outstanding - diluted
322,363 318,957 323,171 308,198 
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$0.07 $0.02 $0.11 $(0.28)
Diluted
$0.07 $0.02 $0.11 $(0.28)
The following table presents potentially dilutive securities excluded from the computations of diluted earnings (loss) per share of Class A common stock (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Stock options347 
(1)
347 
(1)
347 
(1)
2,277 
(3)
Restricted stock units— — — 10,207 
(3)
Performance stock units1,953 
(2)
2,871 
(2)
1,953 
(2)
7,639 
(3)
(1)Excluded from the computation of diluted earnings per share of Class A common stock because the exercise price of the stock options exceeded the average market price of the Class A common stock during the period (out-of-the-money).
(2)Excluded from the computation of diluted earnings per share of Class A common stock because the performance vesting conditions were not met during the period.
(3)Excluded from the computation of diluted loss per share of Class A common stock because the effect of their inclusion would have been anti-dilutive since there was a net loss attributable to the Company during the period.
v3.25.2
Trade Accounts Receivable, Net
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Trade Accounts Receivable, Net Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
June 30,
2025		December 31,
2024
Gross accounts receivable$1,338,536 $1,303,788 
Allowance for credit losses(3,912)(3,552)
Contract charge-backs and sales volume allowances(498,557)(498,537)
Cash discount allowances(28,430)(25,968)
Subtotal(530,899)(528,057)
Trade accounts receivable, net$807,637 $775,731 
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,
2025		December 31,
2024
Customer A34 %37 %
Customer B25 %21 %
Customer C27 %29 %
v3.25.2
Inventories
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following (in thousands):
June 30,
2025		December 31,
2024
Raw materials
$211,203 $207,697 
Work in process
55,096 52,835 
Finished goods
342,674 351,922 
Total inventories$608,973 $612,454 
v3.25.2
Prepaid Expenses and Other Current Assets
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were comprised of the following (in thousands):
June 30,
2025		December 31,
2024
Deposits and advances$3,738 $1,868 
Prepaid insurance6,168 8,264 
Prepaid regulatory fees2,319 6,958 
Income and other tax receivables17,594 16,829 
Prepaid taxes5,489 7,516 
Other current receivables
16,327 9,142 
Chargebacks receivable
6,115 6,378 
Other prepaid assets27,554 23,762 
Total prepaid expenses and other current assets$85,304 $80,717 
v3.25.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The changes in goodwill by segment were as follows (in thousands):
Affordable MedicinesSpecialtyAvKARETotal
Balance as of December 31, 2023$162,852 $366,312 $69,465 $598,629 
Currency translation(1,193)— — (1,193)
Balance as of December 31, 2024161,659 366,312 69,465 597,436 
Currency translation(30)— — (30)
Balance as of June 30, 2025$161,629 $366,312 $69,465 $597,406 
Intangible assets as of June 30, 2025 and December 31, 2024 were comprised of the following (in thousands):
June 30, 2025December 31, 2024
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.7$1,564,668 $(942,244)$622,424 $1,550,469 $(856,914)$693,555 
Other intangible assets2.283,200 (64,177)19,023 83,200 (58,678)24,522 
Subtotal1,647,868 (1,006,421)641,447 1,633,669 (915,592)718,077 
In-process research and development8,100 — 8,100 14,300 — 14,300 
Total intangible assets$1,655,968 $(1,006,421)$649,547 $1,647,969 $(915,592)$732,377 
Amortization expense related to intangible assets for the three months ended June 30, 2025 and 2024 was $45.8 million and $40.1 million, respectively. Amortization expense related to intangible assets for the six months ended June 30, 2025 and 2024 was $91.0 million and $80.0 million, respectively.
The Company reviews intangible assets with finite lives for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Indefinite-lived intangible assets, including in-process research and development intangible assets, are tested for impairment if impairment indicators arise and, at a minimum, annually. Intangible asset impairments were immaterial for the three and six months ended June 30, 2024 (none for the three and six months ended June 30, 2025).
v3.25.2
Other Assets
 6 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
Other Assets Other Assets
Other assets were comprised of the following (in thousands):
June 30, 2025December 31, 2024
Interest rate swap (1)
$16,436 $35,921 
Security deposits 4,013 3,752 
Long-term prepaid expenses12,269 12,362 
Deferred revolving credit facility costs3,820 2,820 
Long-term restricted cash
2,486 — 
Other long term assets5,825 5,278 
Total other assets
$44,849 $60,133 
(1)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.25.2
Accounts Payable and Accrued Expenses
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses were comprised of the following (in thousands):
June 30, 2025December 31, 2024
Accounts payable$205,812 $258,691 
Accrued returns allowance (1)
160,303 160,490 
Accrued compensation57,012 72,959 
Accrued Medicaid and commercial rebates (1)
117,450 135,488 
Accrued royalties23,851 23,687 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees14,441 17,339 
Accrued other77,722 56,570 
Total accounts payable and accrued expenses$666,817 $735,450 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2024 to June 30, 2025.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
There have been no material changes in the Company’s long-term debt since December 31, 2024, except as disclosed below. Refer to Note 15. Debt in the Company’s 2024 Annual Report on Form 10-K for additional information and definitions of terms used in this note.
Term Loans
The following is a summary of the Company’s indebtedness under its term loans (in thousands):
June 30, 2025December 31, 2024
Term Loan Due 2025$— $191,979 
Term Loan Due 20282,263,460 2,292,856 
Total debt2,263,460 2,484,835 
Less: debt issuance costs(85,882)(98,832)
Total debt, net of debt issuance costs2,177,578 2,386,003 
Less: current portion of long-term debt(31,175)(224,213)
Total long-term debt, net$2,146,403 $2,161,790 
Term Loan Due 2025
In January 2025, the Company paid the entire remaining principal balance of $192.0 million then outstanding on its Term Loan Due 2025, plus accrued interest thereon of $0.7 million, with $190.0 million of new borrowings under the Amended New Revolving Credit Facility and cash on hand. As of June 30, 2025 and December 31, 2024, $290.0 million and $100.0 million, respectively, were outstanding on the Amended New Revolving Credit Facility.
Rondo Revolving Credit Facility

On April 9, 2025, the Company executed an amendment to the Rondo Revolving Credit Facility (“Amended Rondo Revolving Credit Facility”) that, among other things, (i) increased the aggregate revolving commitment from $70 million to $125 million, (ii) increased the letter of credit commitment from $60 million to $90 million, and (iii) extended the maturity to April 9, 2030. The Amended Rondo Credit Facility bears a variable annual interest rate of one-month adjusted term SOFR, subject to a floor of 0.1% plus 2.00%. The annual interest rate for borrowings may be reduced or increased by 0.25% based on step-downs and step-ups determined by the total net leverage ratio, as defined in that agreement.

In addition, a commitment fee based on the average daily unused amount of the Amended Rondo Revolving Credit Facility is assessed at a rate based on total net leverage ratio, between 0.25% and 0.50% per annum.
In connection with this amendment, the Company incurred costs of $1.7 million associated with the Amended Rondo Revolving Credit Facility, which were capitalized and will be amortized over the life of the Amended Rondo Revolving Credit Facility.
v3.25.2
Other Long-Term Liabilities
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Long-Term Liabilities Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

June 30, 2025December 31, 2024
Uncertain tax positions$524 $1,252 
Long-term compensation17,095 17,125 
Other long-term liabilities8,195 8,572 
Total other long-term liabilities$25,814 $26,949 
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification for each reporting period. The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in thousands):
Fair Value Measurement Based on
June 30, 2025TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$16,436 $— $16,436 $— 
December 31, 2024
Assets
Interest rate swap (1)
$35,921 $— $35,921 $— 
(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial information and certain assumptions regarding past, present, and future market conditions. Refer to Note 15. Financial Instruments for information on the Company’s interest rate swap.
There were no transfers between levels in the fair value hierarchy during the six months ended June 30, 2025.
Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
The carrying amounts of cash, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments.
The following is a summary of the Company’s indebtedness at fair value (in thousands):
June 30, 2025December 31, 2024
Term Loan Due 2025$— $192,579 
Term Loan Due 2028$2,305,900 $2,364,508 
The Term Loan Due 2025 and Term Loan Due 2028 are each in the Level 2 category within the fair value level hierarchy. The fair values were determined using market data for valuation.
Refer to Note 15. Debt in the Company’s 2024 Annual Report on Form 10-K for detailed information about its indebtedness, including definitions of terms.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
There were no non-recurring fair value measurements during the six months ended June 30, 2025 and 2024.
v3.25.2
Financial Instruments
 6 Months Ended
Jun. 30, 2025
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. During the three and six months ended June 30, 2025, the Company reclassified a net loss of $0.6 million (increase in interest expense, net) and net gain of $5.9 million (decrease in interest expense, net), respectively, from accumulated other comprehensive loss. Approximately $19.2 million of net losses included in accumulated other comprehensive loss as of June 30, 2025 are expected to be reclassified into earnings within the next 12 months as interest payments are made on the Company’s Term Loan Due 2028 and amortization of the amounts included in accumulated other comprehensive loss occurs.
As of June 30, 2025, the total loss, net of income taxes of $0, related to the Company’s cash flow hedge of $19.0 million, was recognized in accumulated other comprehensive loss. Refer to Note 17. Stockholders’ Deficiency in this Quarterly Report on Form 10-Q and Note 19. Financial Instruments in our Annual Report on Form 10-K for additional information.
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
June 30, 2025December 31, 2024
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$16,436 Other Assets$35,921 
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Commercial Manufacturing, Collaboration, License, and Distribution Agreements
The Company continues to seek to enhance its product line and develop a balanced portfolio of differentiated products through product acquisitions and in-licensing. Accordingly, the Company, in certain instances, may be contractually obligated to make potential future development, regulatory, and commercial milestone, royalty and/or profit-sharing payments in conjunction with collaborative agreements or acquisitions that the Company has entered with third parties. The Company has also licensed certain technologies or IP from various third parties. The Company is generally required to make upfront payments and other payments upon successful completion of regulatory or sales milestones. The agreements generally permit the Company to terminate the agreement with no significant continuing obligation. The Company could be required to make significant payments pursuant to these arrangements. These payments are contingent upon the occurrence of certain future events and, given the nature of these events, it is unclear when, if ever, the Company may be required to pay such amounts. Further, the timing of any future payment is not reasonably estimable. Refer to Note 3. Alliance and Collaboration for additional information. Certain of these arrangements are with related parties. Refer to Note 18. Related Party Transactions for additional information.
Contingencies
Legal Proceedings
The Company's legal proceedings are complex, constantly evolving, and subject to uncertainty. As such, the Company cannot predict the outcome or impact of its significant legal proceedings which are set forth below. Additionally, the Company manufactures and derives a portion of its revenue from the sale of pharmaceutical products in the opioid class of drugs and may therefore face claims arising from the regulation and/or consumption of such products. While the Company believes it has meritorious claims and/or defenses to the matters described below (and intends to vigorously prosecute and defend them), the nature and cost of litigation is unpredictable, and an unfavorable outcome of such proceedings could include damages, fines, penalties and injunctive or administrative remedies.
For any proceedings where losses are probable and reasonably capable of estimation, the Company accrues a potential loss. When the Company has a probable loss for which a reasonable estimate of the liability is a range of losses and no amount within that range is a better estimate than any other amount, the Company records the loss at the low end of the range. While these accruals have been deemed reasonable by the Company’s management, the assessment process relies heavily on estimates and assumptions that may ultimately prove inaccurate or incomplete. Additionally, unforeseen circumstances or events may lead the Company to subsequently change its estimates and assumptions. Unless otherwise indicated below, the Company is unable at this time to estimate the possible loss or the range of loss, if any, associated with such legal proceedings and claims. Any such claims, proceedings, investigations or litigation, regardless of the merits, might result in substantial costs to defend or settle, borrowings under the Company’s debt agreements, restrictions on product use or sales, or otherwise harm the Company’s business. The ultimate resolution of any or all claims, legal proceedings or investigations are inherently uncertain and difficult to predict, could differ materially from the Company’s estimates and could have a material adverse effect on its results of operations and/or cash flows in any given accounting period, or on its overall financial condition. The Company currently intends to vigorously prosecute and/or defend these proceedings as appropriate. From time to time, however, the Company may settle or otherwise resolve these matters on terms and conditions that it believes to be in its best interest. An insurance recovery, if any, is recorded in the period in which it is probable the recovery will be realized.
For the six months ended June 30, 2024, charges related to legal matters, net of $95.1 million were primarily associated with a settlement in principle on the primary financial terms for a nationwide resolution to the opioids cases that have been filed and that might have been filed against the Company by political subdivisions and Native American tribes across the U.S. (refer to the section Civil Prescription Opioid Litigation below). (Credit) charges related to legal matters, net for all other periods presented were immaterial.
Liabilities for legal matters were comprised of the following (in thousands):
MatterJune 30, 2025December 31, 2024
Civil prescription opioid litigation$40,006 $29,671 
Other
1,509 2,084 
Current portion of liabilities for legal matters$41,515 $31,755 
Civil prescription opioid litigation (Liabilities for legal matters - long term)$74,477 $85,479 
Refer to the respective discussions below for information about the significant matters summarized above.
Refer to Note 20. Commitments and Contingencies in our Annual Report on Form 10-K for a general discussion of Medicaid Reimbursement and Price Reporting Matters and Patent Litigation.
Other Litigation Related to the Company’s Business
United States Department of Justice Investigations

On May 15, 2023, Amneal Pharmaceuticals LLC (“Amneal”) received a Civil Investigative Demand (“CID”) from the Civil Division of the United States Department of Justice (the “Civil Division”) requesting information and documents related to the manufacturing and shipping of diclofenac sodium 1% gel labeled as “prescription only” after the reference listed drug’s label was converted to over-the-counter. In October 2024, the Company received supplemental CIDs seeking additional information related to the same subject matter. The Company is continuing to cooperate with the Civil Division’s investigation. However, no assurance can be given as to the timing or outcome of the investigation.
In Re Generic Pharmaceuticals Pricing Antitrust Litigation
Beginning in March 2016, various purchasers of generic drugs filed multiple putative antitrust class action complaints against a substantial number of generic pharmaceutical manufacturers, including the Company and Impax Laboratories, Inc. (“Impax”), alleging an illegal conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers. They seek unspecified monetary damages and equitable relief, including disgorgement and restitution. Most of these lawsuits were consolidated in the United States District Court for the Eastern District of Pennsylvania (See In re Generic Pharmaceuticals Pricing Antitrust Litigation, No. 2724 (E.D. Pa.)). Some purchasers have brought similar lawsuits in state courts in Pennsylvania, Connecticut, and New York.
In 2019 and 2020, Attorneys General of 43 States and the Commonwealth of Puerto Rico named the Company in two complaints alleging a similar conspiracy and seeking similar damages. These cases are pending in the District of Connecticut. See Connecticut, et al. v. Teva Pharmaceuticals USA, Inc., et al., 3:19-cv-00710-MPS and Connecticut, et al. v. Sandoz, Inc. et al., 3:20-cv-00802-MPS.
In these matters, the Company and Impax have filed various motions to dismiss, some of which remain pending. Fact discovery is underway in MDL No. 2724 and in one of the State Attorneys General cases naming the Company as a defendant, Connecticut, et al. v. Teva Pharmaceuticals USA, Inc., et al.. In the other, Connecticut, et al. v. Sandoz, Inc. et al., defendants’ joint motions for summary judgement were fully briefed on April 7, 2025, and defendant-specific motions for summary judgement were filed on July 9, 2025.
Trials for the first multi-district litigation (“MDL”) cases chosen for bellwether treatment, none of which name the Company or Impax as defendants, have been stayed pending the Third Circuit’s review of the MDL court’s class certification decision. The MDL court has chosen a second round of MDL cases for bellwether treatment, one of which names Impax as a defendant. No scheduling orders have been set.
Civil Prescription Opioid Litigation
The Company is named in over 900 state and federal cases relating to the sale of prescription opioid pain relievers. Plaintiffs are political subdivisions, schools, hospitals, Native American tribes, pension funds, third-party payors, and individuals. Nearly all federal court cases are consolidated for pre-trial proceedings in Case No. 17-mdl-2804 (N.D. Ohio). The Company also is named in state court cases pending in seven states. There are no firm trial dates in those state-court cases.
The Company has received a subpoena from the New York Attorney General, a subpoena from the Maryland Attorney General, and a CID issued by the Alaska Attorney General all seeking information regarding its business concerning opioid-containing products. The Company has cooperated and continues to cooperate with these requests.
In 2023, the Company reached settlements with the New Mexico Attorney General and West Virginia political subdivisions and a settlement in principle with a group of private hospitals in Alabama. In late April 2024, the Company reached a nationwide settlement in principle on the primary financial terms, with no admission of wrongdoing, for a nationwide resolution to the opioids cases filed and that might have been filed by state Attorneys General, political subdivisions and Native American tribes. The settlement in principle is subject to execution of a definitive settlement agreement. The settlement would be payable over ten years. Under the settlement in principle, the Company would agree to pay $92.5 million in cash and provide $180.0 million (valued at $125/twin pack) in naloxone nasal spray to help treat opioid overdoses. In lieu of receiving product, the settling parties can opt to receive 25% of the naloxone nasal spray’s value (up to $45.0 million) in cash during the last four years of the ten years payment term, which could increase the total amount of cash the Company would agree to pay up to $137.5 million. In April 2025, the Company finalized documentation for the nationwide resolution, which is contingent upon reaching sufficient participation from state Attorneys General, political subdivisions, and Native American tribes. In June 2025, the Company confirmed participation from all state Attorneys General and territorial Attorneys General. The process for political subdivision and Native American tribe participation is ongoing.
As of March 31, 2024, the Company concluded the loss related to the opioid litigation was probable, and the related loss was reasonably estimable considering the settlement in principle. As a result, the Company recorded a charge of $94.4 million associated with the settlement in principle during the three months ended March 31, 2024, to increase the liability as of March 31, 2024 to $115.6 million. The liability as of June 30, 2025 was $114.5 million, of which $74.5 million was classified as long-term. While this liability has been deemed reasonable by the Company’s management, it could significantly change as the definitive settlement agreement is finalized. As of December 31, 2024, the Company had a liability of $115.2 million related to its prescription opioid litigation, of which $85.5 million was classified as long-term. For the remaining cases not covered by the settlement in principle, primarily brought by other hospitals, schools and individuals, the Company has not recorded a liability as of June 30, 2025 or December 31, 2024, because it concluded that a loss was not probable and estimable.
United States Department of Justice / Drug Enforcement Administration Subpoenas

On July 7, 2017, Amneal Pharmaceuticals of New York, LLC received an administrative subpoena issued by the Long Island, NY District Office of the Drug Enforcement Administration (the “DEA”) requesting information related to compliance with certain recordkeeping and reporting requirements. On or about April 12, 2019 and May 28, 2019, the Company received grand jury subpoenas from the U.S. Attorney’s Office for the Eastern District of New York (the “USAO”) relating to similar topics concerning the Company’s suspicious order monitoring program and its compliance with the Controlled Substances Act. The Company is cooperating with the USAO in responding to the subpoenas. The Company has entered into a tolling agreement with respect to potential criminal charges through November 15, 2025. The Company entered into a tolling agreement with the
USAO that tolled the statute of limitations for potential civil claims through November 15, 2024. It is not possible to determine the exact outcome of these investigations.

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

On October 7, 2019, Amneal received a subpoena from the New York State Department of Financial Services seeking documents and information related to sales of opioid products in the state of New York. The Company is cooperating with the request and providing responsive information. It is not possible to determine the exact outcome of this investigation.

Ranitidine Litigation

The Company was named, along with numerous other brand and generic pharmaceutical manufacturers, wholesale distributors, retail pharmacy chains, and repackagers of ranitidine-containing products in a federal MDL (In re Zantac/Ranitidine NDMA Litigation (MDL No. 2924), Southern District of Florida). Plaintiffs alleged defendants failed to disclose and/or concealed the alleged inherent presence of N-Nitrosodimethylamine (or “NDMA”) in ranitidine products and the alleged associated risk of cancer. The MDL court’s dismissal of claims by all plaintiffs against the Company and other generic drug manufacturers on preemption grounds is on appeal in the 11th Circuit. Plaintiffs filed their merits brief on April 10, 2024. The generic drug manufacturers, including the Company, filed their briefs on July 25, 2024. Plaintiffs’ reply brief was filed November 8, 2024. The briefing also addresses the MDL court’s December 6, 2022 exclusion of plaintiff’s general causation experts. The 11th Circuit will set an oral argument date in October 2025.

The Company has also been named in state court cases in four states. The Company has filed motions to dismiss those cases. On August 17, 2023, the judge in the consolidated Illinois state court cases granted a motion to dismiss all such cases in which the Company had been named, holding all claims preempted. The Company has reached an agreement in principle, which is not material, to settle the 95 cases pending against it in California state court. Currently, there is a September 15, 2025 trial date in the one case pending in New Mexico brought by the Attorney General, but the court indicated that date will be continued. There are no other trial dates involving the Company in any of the state court cases.
Metformin Litigation

Beginning in 2020, Amneal was named as a defendant in several putative class action lawsuits filed and consolidated in the United States District Court for the District of New Jersey, seeking compensation for economic loss allegedly incurred in connection with their purchase of generic metformin allegedly contaminated with NDMA. See In Re Metformin Marketing and Sales Practices Litigation (No. 2:20-cv-02324-MCA-MAH) (“In re Metformin”), Marcia E. Brice v. Amneal Pharmaceuticals, Inc., No. 2:20-cv-13728 (D.N.J.), and Michael Hann v. Amneal Pharmaceuticals of New York, LLC et al., No. 2:23-cv-22902 (D.N.J.). On January 7, 2025, the court dismissed the Third Amended Complaint in In re Metformin without prejudice and granted plaintiffs the opportunity to amend their complaint. On February 20, 2025, plaintiffs filed a Fourth Amended Complaint in In re Metformin, which incorporated the allegations of plaintiff Brice and plaintiff Hann, and then filed notices of voluntary dismissal of Marcia E. Brice v. Amneal Pharmaceuticals, Inc., No. 2:20-cv-13728 (D.N.J.) and Michael Hann v. Amneal Pharmaceuticals of New York, LLC et al., No. 2:23-cv-22902 (D.N.J.) as standalone actions. Defendants filed a motion to dismiss the Fourth Amended Complaint. Plaintiffs’ response in opposition was filed on April 7, 2025 and defendants’ reply was filed on April 22, 2025.

On March 29, 2021, a plaintiff filed a complaint in the United States District Court for the Middle District of Alabama asserting claims against manufacturers of valsartan, losartan, and metformin based on the alleged presence of nitrosamines in those products. The only allegations against the Company concern metformin (See Davis v. Camber Pharmaceuticals, Inc., et al., C.A. No. 2:21-00254 (M.D. Ala.) (the “Davis Action”)). On May 5, 2021, the United States Judicial Panel on Multidistrict Litigation transferred the Davis Action into the In re: Valsartan, Losartan, and Irbesartan Products Liability Litigation MDL for pretrial proceedings.

UFCW Local 1500 Welfare Fund v. Takeda Pharmaceuticals U.S.A., Inc.

On November 14, 2023, UFCW Local 1500 Welfare Fund and other health plans filed a purported class action lawsuit in the United States District Court for the Southern District of New York against multiple manufacturers, including the Company, alleging an illegal conspiracy to restrict output of generic COLCRYS®. See UFCW Local 1500 Welfare Fund et al. v. Takeda Pharma. U.S.A., Inc. et al, No. 1:23-cv-10030 (S.D.N.Y.). On February 28, 2024, Takeda Pharmaceuticals U.S.A., Inc. filed a motion to transfer the case to the United States District Court for the Eastern District of Pennsylvania. On March 13, 2024 and
March 27, 2024, Amneal submitted a letter and brief, respectively, informing the Court of its position that the Eastern District of Pennsylvania lacks personal jurisdiction over Amneal. That motion remains pending and the deadline to respond to the complaint is set at 45 days after the court resolves the motion to transfer.

Indian Tax Authority Matters

Amneal Pharmaceuticals Pvt. Ltd. and RAKS Pharmaceuticals Pvt. Ltd., which are subsidiaries of the Company, are currently involved in litigations with Indian tax authorities concerning Central Excise Tax, Service Tax, Goods & Services Tax, and Value Added Tax for various periods of time between 2014 and 2017. These subsidiaries have contested certain of these assessments, which are at various stages of the administrative process. The Company strongly believes its Indian subsidiaries have meritorious defenses in the matter.

Guaifenesin Litigation

On September 5, 2024, Amneal was named as a defendant along with CVS Pharmacy, Inc. (“CVS”) in a putative consumer class action lawsuit in the United States District Court for the Northern District of California alleging that generic guaifenesin products manufactured by Amneal contain benzene through the use of carbomer, an inactive ingredient. See Leonard v. CVS Pharmacy, Inc., No. 5:24-cv-06280 (N.D. Cal.). The complaint purports to plead, on behalf of a nationwide class and California subclass, the following counts: breach of warranty; unjust enrichment; fraud; and violation of California’s Unfair Competition Law. The complaint seeks damages, including punitive damages, restitution, other equitable monetary relief, injunctive relief, prejudgment interest and attorneys’ fees and costs. On December 30, 2024, the Company and CVS jointly filed a motion to dismiss. On January 21, 2025, in lieu of filing a response to defendants’ motion to dismiss, plaintiff filed an amended complaint. Defendants’ motion to dismiss the amended complaint was filed on February 20, 2025, plaintiff filed her response to the motion to dismiss on March 24, 2025, and defendants filed their reply on April 14, 2025. That motion is fully briefed, and the Court notified the parties that it will take the motion under submission without oral argument.

Amneal Pharmaceuticals LLC et al. v. Sandoz Inc.

On November 25, 2024, the Company and Impax Laboratories, LLC received a notice letter from Sandoz Inc. (“Sandoz”) stating that it had filed an ANDA with the U.S. Food and Drug Administration (“FDA”) seeking approval to market generic versions of CREXONT®, an extended-release oral capsule formulation of carbidopa and levodopa for the treatment of Parkinson’s disease. The notice letter included a Paragraph IV certification alleging that certain patents covering CREXONT® are invalid, unenforceable, or will not be infringed by the manufacture, use, or sale of Sandoz’s generic product.

In response to this notice letter, on January 7, 2025, the Company and Impax Laboratories, LLC filed a patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, Case Nos. 3:25-cv-00181-GC-TJB and 2:25-11981. On April 1, 2025, the Company and Impax Laboratories, LLC filed a First Amended Complaint in response to a second notice letter from Sandoz, adding claims for infringement of additional patents. On April 14, 2025, Sandoz filed an Answer, Affirmative Defense, and Counterclaims for non-infringement and invalidity of the asserted patents. This lawsuit is currently in discovery. The filing of this lawsuit triggered a 30-month stay of FDA approval of the Sandoz ANDA from the date of receipt of the notice letter. CREXONT® is also subject to a regulatory exclusivity until August 7, 2027.

On June 20, 2025, the Company and Impax Laboratories, LLC filed a new patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, captioned Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 2:25-11981, in response to a third notice letter from Sandoz relating to CREXONT®. This lawsuit is in its initial pleadings stage.

Carickhoff v. Amneal Pharmaceuticals, Inc., et al.

On May 7, 2025, the Liquidating Trustee on Behalf of the Vyera Liquidating Trust Established Under the Subchapter V Plan of Reorganization of debtors Vyera Pharmaceuticals, LLC and Phoenixus AG filed an adversary proceeding in the United States Bankruptcy Court for the District of Delaware against the Company and Impax Laboratories, LLC, seeking to recover approximately $55.4 million in allegedly fraudulent transfers made by the debtors to Impax Laboratories, LLC to purchase the drug Daraprim in 2015. (See Carickhoff v. Amneal Pharmaceuticals, Inc, et al., Adv. Pro. No. 25-50903-JKS (Bankr. D. Del.)). The deadline to respond to the trustee’s Complaint is September 9, 2025.
v3.25.2
Stockholders’ (Deficiency) Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders’ (Deficiency) Equity Stockholders’ (Deficiency) Equity
Refer to Note 21. Stockholders’ (Deficiency) Equity in our 2024 Annual Report on Form 10-K for additional information.
Changes in Accumulated Other Comprehensive Loss by Component (in thousands):
Foreign
currency
translation
adjustments
Unrealized gain (loss) on cash
flow hedge, net
of tax
Accumulated
other
comprehensive loss
Balance December 31, 2024$(71,860)$6,350 $(65,510)
Other comprehensive loss before reclassification(6,560)(19,485)(26,045)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (5,876)(5,876)
Balance June 30, 2025$(78,420)$(19,011)$(97,431)
Balance December 31, 2023$(66,072)$33,723 $(32,349)
Other comprehensive (loss) income before reclassification
(429)15,373 14,944 
Reclassification of cash flow hedge to earnings, net of tax of $0
— (13,031)(13,031)
Balance June 30, 2024$(66,501)$36,065 $(30,436)
v3.25.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company has various business agreements with certain parties in which there is some common ownership. However, the Company does not directly own or manage any of such related parties. Except as disclosed below, as of and for the three and six months ended June 30, 2025, there were no material changes to our related party agreements or relationships as described in Note 23. Related Party Transactions and Note 21. Stockholders’ (Deficiency) Equity in our 2024 Annual Report on Form 10-K.
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 Operations2025202420252024
Kashiv Biosciences LLC
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$3,564 $4,194 $7,795 $8,720 
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$1,293 $2,426 $5,616 $3,642 
Development and commercialization agreement - Pegfilgrastim Auto Injector - milestoneResearch and development$3,000 $— $3,000 $— 
Development and commercialization agreement - CarfilzomibResearch and development$2,000 $— $2,000 $— 
Parking space leaseResearch and development$— $25 $25 $50 
Development and commercialization agreement - long-acting injectableResearch and development$— $— $— $500 
Generic development supply agreement - research and development materialResearch and development$— $— $— $(48)
Sale of subsidiary - interest income on loan receivableInterest expense, net$— $(132)$— $(132)
Sale of subsidiary - gain on sale Other income, net$— $(3,760)$— $(3,760)
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses $— $— $(103)$(422)
Storage agreementResearch and development$(71)$(49)$(118)$(126)
Other Related Parties
Members - tax receivable agreement (TRA liability)Increase in tax receivable agreement liability$4,420 $13,444 $15,107 $15,392 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$6,204 $5,220 $11,339 $10,221 
Land purchase from family members of the Co-Chief Executive OfficersProperty, plant and equipment$11,289 $— $11,289 $— 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$1,438 $— $5,708 $— 
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $592 $1,184 $1,184 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$330 $324 $654 $638 
Tracy Properties LLC - operating leaseSelling, general and administrative$149 $221 $326 $364 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$10 $2,933 $2,327 $5,245 
R&S Solutions - equipment purchaseProperty, plant and equipment$— $— $160 $— 
Avtar Investments, LLC - consulting servicesResearch and development$60 $60 $120 $129 
AvPROP, LLC - operating leaseSelling, general and administrative$51 $50 $104 $94 
Alkermes PlcInventory and cost of goods sold$(28)$94 $64 $106 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
June 30, 2025December 31, 2024
AzaTech Pharma LLC - supply agreement$1,130 $21 
Kashiv - various agreements420 447 
Alkermes42 16 
Related party receivables - short term $1,592 $484 
Members - tax receivable agreement$50,900 $2,985 
Kashiv - various agreements7,375 16,908 
Apace Packaging, LLC - packaging agreement2,099 1,205 
Ellodi Pharmaceuticals, L.P.1,752 — 
AzaTech Pharma LLC - supply agreement1,170 1,151 
Avtar Investments LLC - consulting services100 60 
Alkermes Plc— 2 
Related party payables - short term $63,396 $22,311 
Members - tax receivable agreement$15,107 $50,900 
Land purchase from family members of the Co-Chief Executive Officers500 — 
Related party payables - long term $15,607 $50,900 
Equipment Purchases
The Company purchased $0.2 million of equipment from R&S Solutions LLC during the six months ended June 30, 2025, which is included in property, plant and equipment in the Company’s consolidated balance sheets. A member of Company management beneficially owns equity securities of R&S Solutions LLC.
Securities Purchase Agreement and License and Collaboration Agreement
On January 3, 2025, the Company entered into a securities purchase agreement and a license and collaboration agreement with Ellodi Pharmaceuticals, L.P. (“Ellodi”) and certain entities affiliated with TPG for which the Company paid $3.0 million for limited liability partnership units of Ellodi and committed to fund certain research and development expenses. Ellodi is a pre-clinical gastroenterology-focused specialty pharmaceutical company. An observer of our Board is a partner in TPG Capital and a board director of Ellodi. During the three and six ended June 30, 2025, the Company recorded research and development expense of $1.4 million and $5.7 million, respectively, related to these agreements, including a $1.4 million and $2.7 million estimate for funding the research and development commitment, respectively. As of June 30, 2025, the Company has a remaining liability of $1.8 million associated with these agreements.
Amneal has the option to obtain, under certain conditions, an exclusive royalty bearing and sub-licensable world-wide license to a late-stage gastroenterology-focused pipeline product under development. If exercised, the Company will be responsible for remaining development activities and obtaining regulatory approval of the product. The license and collaboration agreement provides for potential future milestone payments to Ellodi for regulatory and commercial milestones of up to $48.5 million and royalties on commercial sales.
Acquisition of Land From Related Parties
On April 18, 2025, the Company executed an agreement to acquire parcels of land in India from two family members of the Company’s Co-Chief Executive Officers. The Company plans to utilize this land to construct two new greenfield peptide manufacturing facilities. The total purchase price for this acquisition was $11.4 million, of which $10.9 million was paid to the sellers. The remaining payment of $0.5 million will be deferred until three years following the acquisition date as partial security for the sellers’ indemnity obligations. It is anticipated that the facilities will be used to manufacture products for the Company, as well as support the Company’s collaboration agreement with Metsera, Inc. For additional information related to the Company’s agreement with Metsera, Inc., refer to Note 3. Alliance and Collaboration in this Quarterly Report on Form 10-Q and Note 5. Alliance and Collaboration in the Company’s 2024 Annual Report on Form 10-K.
Kashiv Biosciences LLC Development Supply Agreement
In December 2022, Amneal and Kashiv entered into a development supply agreement specific to four generic product candidates. Under that agreement, Amneal maintained a right of first offer and negotiation to the in-licensing of each generic product candidate. Amneal and Kashiv previously entered into a license and supply agreement for one product candidate in March 2024. Refer to Note 23. Related Party Transactions in our 2024 Annual Report on Form 10-K for additional information.

In May 2025, Amneal and Kashiv entered into a separate license agreement for the development and commercialization of Carfilzomib (the “Carfilzomib License Agreement"). The existing development supply agreement remains effective for the remaining two generic product candidates. Subject to the terms of the Carfilzomib License Agreement, Amneal is responsible for development, regulatory approval, and commercialization of the product candidate in the U.S. The term of the agreement is 10 years from the respective product’s launch date in the U.S.

During the three and six months ended June 30, 2025, the Company recorded R&D expense for a $2.0 million payment made upon execution of the license agreement. The agreement provides for potential future milestone payments to Kashiv of up to $23.0 million as follows: (i) up to $18.0 million for U.S. regulatory approval and initial commercial launch milestones and (ii) up to $5.0 million for the achievement of annual commercial milestones. In addition, the agreement provides for Amneal to pay a profit share up 50% of net profits, after considering manufacturing and allowable costs to deduct as defined in the agreement.

Sale of Subsidiary
On April 30, 2024, Amneal closed on the sale of a wholly owned subsidiary in India to a subsidiary of Kashiv for total consideration of ₹1.0 billion, or $12.2 million. Total consideration consisted of a ₹416.2 million, or $5.0 million, cash payment at closing and the assumption of a loan payable of ₹598.6 million, or $7.2 million, payable to another subsidiary of Amneal in India. The loan payable bore interest of 11% on the unpaid principal and was due on or before December 31, 2024. The subsidiary’s assets and liabilities were primarily comprised of a building under construction and a note payable, respectively. The subsidiary had no business activity, other than the construction of the building. As a result of the sale, the Company recognized a pre-tax gain of $3.8 million in other income for the three and six months ended June 30, 2024. The entire receivable was collected by Amneal in December 2024.
Lease Extension
Refer to Note 20. Leases in this Quarterly Report on Form 10-Q for information on a lease extension with a related party.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Affordable Medicines (formerly known as Generics), Specialty, and AvKARE. During the fourth quarter of 2024, the Company changed the name of its Generics segment to “Affordable Medicines” to reflect the full product offering of the segment. The name change did not result in any change to the composition of the Company’s reportable segments and, therefore, did not result in any change to its historical results.
Chief Operating Decision Makers
The Company’s Co-Chief Executive Officers are the Company’s chief operating decision makers (“CODMs”). The CODMs evaluate the financial performance of the Company based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, since they are excluded from the measure of segment profitability reviewed by the Company’s CODMs. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s CODMs.
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended June 30, 2025
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$433,425 $128,043 $163,040 $— $724,508 
Cost of goods sold252,646 55,795 129,814 — 438,255 
Gross profit180,779 72,248 33,226 — 286,253 
Selling, general and administrative34,226 30,314 
A
15,079 44,647 124,266 
Research and development41,899 
B
6,065 
B
— — 47,964 
Intellectual property legal development expenses1,978 39 — — 2,017 
Restructuring and other charges683 341 — — 1,024 
Credit related to legal matters, net(390)— — — (390)
Operating income (loss)
$102,383 $35,489 $18,147 $(44,647)$111,372 
Three Months Ended June 30, 2024
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$427,328 $104,041 $170,411 $— $701,780 
Cost of goods sold260,903 46,142 144,788 — 451,833 
Gross profit166,425 57,899 25,623 — 249,947 
Selling, general and administrative31,627 26,610 
A
14,642 43,583 116,462 
Research and development31,703 
B
4,351 
B
— — 36,054 
Intellectual property legal development expenses1,032 10 — — 1,042 
Restructuring and other charges53 78 — 89 220 
Charges related to legal matters, net
699 — — — 699 
Operating income (loss)
$101,311 $26,850 $10,981 $(43,672)$95,470 
Six Months Ended June 30, 2025
Affordable Medicines (1)
Specialty
AvKARE
Corporate
and Other
Total
Company
Net revenue$848,133 $236,340 $335,455 $— $1,419,928 
Cost of goods sold495,279 108,878 273,627 — 877,784 
Gross profit352,854 127,462 61,828 — 542,144 
Selling, general and administrative67,941 61,292 
A
30,773 82,548 242,554 
Research and development72,879 
B
15,125 
B
— — 88,004 
Intellectual property legal development expenses3,691 93 — — 3,784 
Restructuring and other charges683 471 — 441 1,595 
Credit related to legal matters, net(390)— — — (390)
Other operating income(5,122)— — — (5,122)
Operating income (loss)
$213,172 $50,481 $31,055 $(82,989)$211,719 
Six Months Ended June 30, 2024
Affordable Medicines (1)
Specialty
AvKARE
Corporate
and Other		Total
Company
Net revenue$818,622 $209,275 $333,074 $— $1,360,971 
Cost of goods sold500,825 90,942 281,197 — 872,964 
Gross profit317,797 118,333 51,877 — 488,007 
Selling, general and administrative64,712 51,806 
A
29,549 82,990 229,057 
Research and development66,074 
B
9,278 
B
— — 75,352 
Intellectual property legal development expenses1,992 34 — — 2,026 
Restructuring and other charges53 1,024 — 613 1,690 
Charges related to legal matters, net95,058 — — — 95,058 
Other operating expense— 100 — — 100 
Operating income (loss)
$89,908 $56,091 $22,328 $(83,603)$84,724 
(1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in Affordable Medicines.
Significant Expense Categories Provided to the Chief Operating Decision Makers
Selling, General and Administrative Expenses - Specialty Segment
A.The CODMs review certain selling, general and administrative expenses (“SG&A”) for the Specialty segment and, separately, on a departmental basis. The CODMs do not review SG&A for the Affordable Medicines and AvKARE segments. SG&A for the Specialty segment was comprised of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Employee compensation and benefits$10,791 $9,055 $21,663 $17,892 
Product marketing9,884 11,615 17,895 20,143 
Commercial operations and salesforce8,787 4,762 19,578 11,027 
Other (1)
852 1,178 2,156 2,744 
Total$30,314 $26,610 $61,292 $51,806 
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B.Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
Three Months Ended June 30,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$14,693 $1,279 $12,487 $2,049 
Materials and supplies8,108 450 6,025 281 
Product development and studies (1)
756 2,371 635 82 
Milestones6,350 — 1,125 — 
Facilities costs1,793 735 1,693 1,498 
Regulatory fees2,932 — 834 — 
Other (2)
7,267 1,230 8,904 441 
Total$41,899 $6,065 $31,703 $4,351 
Six Months Ended June 30,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$28,234 $2,819 $24,076 $4,134 
Materials and supplies16,635 653 15,983 712 
Product development and studies (1)
687 4,690 1,600 515 
Milestones6,600 3,000 4,625 — 
Facilities costs3,427 1,485 3,385 2,745 
Regulatory fees2,517 — 788 788 — 
Other (2)
14,779 2,478 15,617 1,172 
Total$72,879 $15,125 $66,074 $9,278 
(1)For the three and six months ended June 30, 2025, Affordable Medicines included a $0.9 million and $2.5 million, respectively, reduction to product development and studies expense for services performed under the license agreement with Orion Corporation. Refer to Note 3. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes repairs and maintenance, outside testing, professional fees and other expenses not presented to the CODMs.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
Except as disclosed below, as of and for the three and six months ended June 30, 2025, there were no material changes to our lease agreements as described in Note 17. Leases in our 2024 Annual Report on Form 10-K.
On April 23, 2025, the Company executed a lease renewal for an R&D and manufacturing facility in New Jersey. This renewal extended the lease term by ten years through November 30, 2035. The aggregate payments over the renewal period are $11.6 million.
On May 7, 2025, the Company executed a lease extension with a related party, Sutaria Family Realty, LLC, for a manufacturing facility in Hauppauge, New York. This agreement extended the existing lease term by seven years through March 31, 2033. The aggregate payments over the extension period are $12.4 million.
Leases Leases
Except as disclosed below, as of and for the three and six months ended June 30, 2025, there were no material changes to our lease agreements as described in Note 17. Leases in our 2024 Annual Report on Form 10-K.
On April 23, 2025, the Company executed a lease renewal for an R&D and manufacturing facility in New Jersey. This renewal extended the lease term by ten years through November 30, 2035. The aggregate payments over the renewal period are $11.6 million.
On May 7, 2025, the Company executed a lease extension with a related party, Sutaria Family Realty, LLC, for a manufacturing facility in Hauppauge, New York. This agreement extended the existing lease term by seven years through March 31, 2033. The aggregate payments over the extension period are $12.4 million.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Opioid Settlement in Principle
As discussed in Note 16. Commitments and Contingencies, the Company reached a nationwide settlement in principle for a resolution to the opioid cases filed and that might have been filed by state Attorneys General, political subdivisions and Native American tribes. During July 2025, the Company deposited an aggregate of $24.2 million into dedicated accounts as a step in the process to finalize a definitive settlement agreement. These deposits remain the property of the Company until a definitive settlement agreement is reached and the funds are used to make the first installment payment.
Refinancing
On August 1, 2025, Amneal issued $600 million aggregate principal amount of 6.875% senior secured notes due 2032 (the “Senior Notes Due 2032”) at par in a private offering. Concurrently with the offering of the Senior Notes Due 2032, Amneal borrowed $2.1 billion aggregate principal amount of new seven-year term loans (the “Term Loans Due 2032”) under a new term loan facility, and used the net proceeds of the Term Loans Due 2032 and the Senior Notes Due 2032 to refinance its existing Term Loan Due 2028 in full, repay outstanding amounts borrowed under its Amended New Revolving Credit Facility and to pay related fees, premiums and expenses.
Interest is payable on the Term Loans Due 2032 at a rate equal to the term SOFR benchmark rate or the base rate, plus an applicable margin, in each case, subject to a term SOFR benchmark rate floor of 0.50% or a base rate floor of 1.00%, as applicable. The applicable margin for the Term Loans Due 2032 is 3.50% per annum for term SOFR benchmark rate loans and 2.50% per annum for base rate loans.

In addition, Amneal entered into a second amendment to the Amended New Revolving Credit Facility which extends the maturity to August 1, 2030.
AvKARE Excess Cash Distribution
On July 31, 2025, we made a $7.0 million cash distribution to the AvKARE Sellers from excess cash on hand.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The interim unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission and U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements include all adjustments that in the opinion of management are necessary for a fair presentation of the financial position, results of operations, and cash flows of Amneal Pharmaceuticals, Inc. (the “Company”) for the periods presented. However, these financial statements do not include all information and accompanying notes required for annual financial statements prepared in accordance with U.S. GAAP. The interim unaudited consolidated financial statements should be read in conjunction with the audited annual financial statements included in the Company’s 2024 Annual Report on Form 10-K.
Use of Estimates
Use of Estimates
The preparation of financial statements requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, contingent liabilities, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates
Reclassification
Reclassification
The prior period balance of $0.1 million, formerly included in the caption “change in fair value of contingent consideration” for the six months ended June 30, 2024 has been reclassified to the caption “other operating (income) expense” in the consolidated statements of operations to conform to the current period presentation. This reclassification did not impact operating income or net loss.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and usefulness of income tax disclosures. ASU 2023-09 requires that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense captions on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Revenue
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
v3.25.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments
The following table summarizes revenues from each of the Company’s customers which individually accounted for 10% or more of its total net revenue:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Customer A23 %22 %23 %21 %
Customer B16 %16 %16 %15 %
Customer C21 %22 %21 %22 %
Schedule of Disaggregated Revenue
The Company’s significant dosage forms for its Affordable Medicines segment, therapeutic classes for its Specialty segment and sales channels for its AvKARE segment, as determined based on net revenue for the three and six months ended June 30, 2025 and 2024, are set forth below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Affordable Medicines
Oral solid$178,262 $175,956 $357,215 $345,269 
Auto-Injector
66,594 58,281 114,754 100,899 
Transdermal40,710 49,697 83,773 90,222 
Injectable34,646 39,081 69,434 74,303 
Biosimilar25,248 29,500 53,788 56,192 
Oral liquid17,879 24,096 41,427 56,025 
Other dosage forms (1)
68,185 49,287 124,607 92,561 
Subtotal dosage forms
431,524 425,898 844,998 815,471 
International1,901 1,430 3,135 3,151 
Total Affordable Medicines Revenue433,425 427,328 848,133 818,622 
Specialty
Hormonal / allergy35,418 31,775 69,617 61,150 
Central nervous system83,425 63,906 151,035 130,182 
Other therapeutic classes8,700 8,360 15,188 13,464 
Subtotal therapeutic classes
127,543 104,041 235,840 204,796 
License agreement (2)
500 — 500 4,479 
Total Specialty net revenue128,043 104,041 236,340 209,275 
AvKARE
Distribution99,663 116,135 204,558 225,848 
Government label45,418 36,210 95,558 71,162 
Institutional10,132 11,768 21,141 22,626 
Other7,827 6,298 14,198 13,438 
Total AvKARE net revenue163,040 170,411 335,455 333,074 
Total net revenue$724,508 $701,780 $1,419,928 $1,360,971 
(1)Includes net revenue from sales of transmucosal, ophthalmic, topical, nasal and inhalation dosage forms.
(2)Refer to Note 5. Alliance and Collaboration in the Company’s 2024 Annual Report on Form 10-K for information about revenue recognized under license agreements for the three and six months ended June 30, 2024. Revenue recognized under license agreements for the three and six months ended June 30, 2025 was not material.
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, 2025 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, 2024$498,537 $25,968 $160,490 $135,488 
Provision related to sales recorded in the period1,930,680 65,110 37,504 133,909 
Credits/payments issued during the period(1,930,660)(62,648)(37,691)(151,947)
Balance at June 30, 2025$498,557 $28,430 $160,303 $117,450 
v3.25.2
Alliance and Collaboration (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Company’s Alliance and Collaboration Agreements
The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
PartnerCaption in Statement of Operations2025202420252024
Orion Corporation
Research and development (1)
$(912)$(683)$(2,524)$(1,294)
Zambon Biotech S.A.
Net revenue (2)
$— $— $— $3,479 
Knight Therapeutics International S.A.
Net revenue (3)
$— $— $— $1,000 
mAbxience S.L.
Research and development (4)
$— $— $— $3,000 
Metsera, Inc.
Net revenue(5)
$1,973 $— $1,973 $— 
(1)Services performed for Orion Corporation on a cost basis are recorded as a reduction to R&D expense.
(2)Delivery of a functional license (out-licensing revenue).
(3)Non-refundable license fee.
(4)Clinical milestone payment.
(5)Development activities performed on behalf of Metsera, Inc. on a cost plus margin basis are recorded as net revenue.
The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of June 30, 2025 and December 31, 2024 (in thousands):
Party
Caption in Balance Sheet
June 30, 2025December 31, 2024
Orion Corporation
Accounts payable and accrued expenses (1)
$5,071 $5,008 
Orion Corporation
Other long-term liabilities (1)
$1,624 $3,453 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
Metsera, Inc.
Prepaid expenses and other current assets (2)
$1,973 $335 
Metsera, Inc.
Other long-term liabilities (3)
$1,557 $— 
(1)Comprised of deferred income as of June 30, 2025 and December 31, 2024.
(2)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2024.
(3)Comprised of construction costs contributed.
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Set forth in the following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Provision for income taxes$16,101 $3,618 $28,969 $9,774 
Effective tax rate31.1 %17.7 %32.5 %(17.7)%
Schedule of Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Increase in tax receivable agreement liability$4,420 $13,444 $15,107 $15,392 
June 30, 2025December 31, 2024
Tax receivable agreement liability- short term$50,900 $2,985 
Tax receivable agreement liability- long term15,107 50,900 
Total$66,007 $53,885 
v3.25.2
Earnings (Loss) per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of (Loss) Earnings per Share, Basic and Diluted
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Numerator:
Net income (loss) attributable to Amneal Pharmaceuticals, Inc.$22,417 $5,994 $34,612 $(85,649)
Denominator:
Weighted-average shares outstanding - basic
313,739 309,117 312,404 308,198 
Effect of dilutive securities:
Stock options964 1,095 1,031 — 
Restricted stock units
3,155 4,522 4,390 — 
Performance stock units4,505 4,223 5,346 — 
Weighted-average shares outstanding - diluted
322,363 318,957 323,171 308,198 
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$0.07 $0.02 $0.11 $(0.28)
Diluted
$0.07 $0.02 $0.11 $(0.28)
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) per Share
The following table presents potentially dilutive securities excluded from the computations of diluted earnings (loss) per share of Class A common stock (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Stock options347 
(1)
347 
(1)
347 
(1)
2,277 
(3)
Restricted stock units— — — 10,207 
(3)
Performance stock units1,953 
(2)
2,871 
(2)
1,953 
(2)
7,639 
(3)
(1)Excluded from the computation of diluted earnings per share of Class A common stock because the exercise price of the stock options exceeded the average market price of the Class A common stock during the period (out-of-the-money).
(2)Excluded from the computation of diluted earnings per share of Class A common stock because the performance vesting conditions were not met during the period.
(3)Excluded from the computation of diluted loss per share of Class A common stock because the effect of their inclusion would have been anti-dilutive since there was a net loss attributable to the Company during the period.
v3.25.2
Trade Accounts Receivable, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
June 30,
2025		December 31,
2024
Gross accounts receivable$1,338,536 $1,303,788 
Allowance for credit losses(3,912)(3,552)
Contract charge-backs and sales volume allowances(498,557)(498,537)
Cash discount allowances(28,430)(25,968)
Subtotal(530,899)(528,057)
Trade accounts receivable, net$807,637 $775,731 
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,
2025		December 31,
2024
Customer A34 %37 %
Customer B25 %21 %
Customer C27 %29 %
v3.25.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories were comprised of the following (in thousands):
June 30,
2025		December 31,
2024
Raw materials
$211,203 $207,697 
Work in process
55,096 52,835 
Finished goods
342,674 351,922 
Total inventories$608,973 $612,454 
v3.25.2
Prepaid Expenses and Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were comprised of the following (in thousands):
June 30,
2025		December 31,
2024
Deposits and advances$3,738 $1,868 
Prepaid insurance6,168 8,264 
Prepaid regulatory fees2,319 6,958 
Income and other tax receivables17,594 16,829 
Prepaid taxes5,489 7,516 
Other current receivables
16,327 9,142 
Chargebacks receivable
6,115 6,378 
Other prepaid assets27,554 23,762 
Total prepaid expenses and other current assets$85,304 $80,717 
v3.25.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in goodwill by segment were as follows (in thousands):
Affordable MedicinesSpecialtyAvKARETotal
Balance as of December 31, 2023$162,852 $366,312 $69,465 $598,629 
Currency translation(1,193)— — (1,193)
Balance as of December 31, 2024161,659 366,312 69,465 597,436 
Currency translation(30)— — (30)
Balance as of June 30, 2025$161,629 $366,312 $69,465 $597,406 
Schedule of Finite-Lived Intangible Assets
Intangible assets as of June 30, 2025 and December 31, 2024 were comprised of the following (in thousands):
June 30, 2025December 31, 2024
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.7$1,564,668 $(942,244)$622,424 $1,550,469 $(856,914)$693,555 
Other intangible assets2.283,200 (64,177)19,023 83,200 (58,678)24,522 
Subtotal1,647,868 (1,006,421)641,447 1,633,669 (915,592)718,077 
In-process research and development8,100 — 8,100 14,300 — 14,300 
Total intangible assets$1,655,968 $(1,006,421)$649,547 $1,647,969 $(915,592)$732,377 
v3.25.2
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
Schedule of Other Assets
Other assets were comprised of the following (in thousands):
June 30, 2025December 31, 2024
Interest rate swap (1)
$16,436 $35,921 
Security deposits 4,013 3,752 
Long-term prepaid expenses12,269 12,362 
Deferred revolving credit facility costs3,820 2,820 
Long-term restricted cash
2,486 — 
Other long term assets5,825 5,278 
Total other assets
$44,849 $60,133 
(1)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.25.2
Accounts Payable and Accrued Expenses (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses were comprised of the following (in thousands):
June 30, 2025December 31, 2024
Accounts payable$205,812 $258,691 
Accrued returns allowance (1)
160,303 160,490 
Accrued compensation57,012 72,959 
Accrued Medicaid and commercial rebates (1)
117,450 135,488 
Accrued royalties23,851 23,687 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees14,441 17,339 
Accrued other77,722 56,570 
Total accounts payable and accrued expenses$666,817 $735,450 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2024 to June 30, 2025.
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The following is a summary of the Company’s indebtedness under its term loans (in thousands):
June 30, 2025December 31, 2024
Term Loan Due 2025$— $191,979 
Term Loan Due 20282,263,460 2,292,856 
Total debt2,263,460 2,484,835 
Less: debt issuance costs(85,882)(98,832)
Total debt, net of debt issuance costs2,177,578 2,386,003 
Less: current portion of long-term debt(31,175)(224,213)
Total long-term debt, net$2,146,403 $2,161,790 
v3.25.2
Other Long-Term Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

June 30, 2025December 31, 2024
Uncertain tax positions$524 $1,252 
Long-term compensation17,095 17,125 
Other long-term liabilities8,195 8,572 
Total other long-term liabilities$25,814 $26,949 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in thousands):
Fair Value Measurement Based on
June 30, 2025TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$16,436 $— $16,436 $— 
December 31, 2024
Assets
Interest rate swap (1)
$35,921 $— $35,921 $— 
(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial information and certain assumptions regarding past, present, and future market conditions. Refer to Note 15. Financial Instruments for information on the Company’s interest rate swap.
Summary of the Company’s Indebtedness at Fair Value
The following is a summary of the Company’s indebtedness at fair value (in thousands):
June 30, 2025December 31, 2024
Term Loan Due 2025$— $192,579 
Term Loan Due 2028$2,305,900 $2,364,508 
v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
June 30, 2025December 31, 2024
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$16,436 Other Assets$35,921 
v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Liabilities Related to Legal Matters
Liabilities for legal matters were comprised of the following (in thousands):
MatterJune 30, 2025December 31, 2024
Civil prescription opioid litigation$40,006 $29,671 
Other
1,509 2,084 
Current portion of liabilities for legal matters$41,515 $31,755 
Civil prescription opioid litigation (Liabilities for legal matters - long term)$74,477 $85,479 
v3.25.2
Stockholders’ (Deficiency) Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss by Component
Changes in Accumulated Other Comprehensive Loss by Component (in thousands):
Foreign
currency
translation
adjustments
Unrealized gain (loss) on cash
flow hedge, net
of tax
Accumulated
other
comprehensive loss
Balance December 31, 2024$(71,860)$6,350 $(65,510)
Other comprehensive loss before reclassification(6,560)(19,485)(26,045)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (5,876)(5,876)
Balance June 30, 2025$(78,420)$(19,011)$(97,431)
Balance December 31, 2023$(66,072)$33,723 $(32,349)
Other comprehensive (loss) income before reclassification
(429)15,373 14,944 
Reclassification of cash flow hedge to earnings, net of tax of $0
— (13,031)(13,031)
Balance June 30, 2024$(66,501)$36,065 $(30,436)
v3.25.2
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2025
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 Operations2025202420252024
Kashiv Biosciences LLC
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$3,564 $4,194 $7,795 $8,720 
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$1,293 $2,426 $5,616 $3,642 
Development and commercialization agreement - Pegfilgrastim Auto Injector - milestoneResearch and development$3,000 $— $3,000 $— 
Development and commercialization agreement - CarfilzomibResearch and development$2,000 $— $2,000 $— 
Parking space leaseResearch and development$— $25 $25 $50 
Development and commercialization agreement - long-acting injectableResearch and development$— $— $— $500 
Generic development supply agreement - research and development materialResearch and development$— $— $— $(48)
Sale of subsidiary - interest income on loan receivableInterest expense, net$— $(132)$— $(132)
Sale of subsidiary - gain on sale Other income, net$— $(3,760)$— $(3,760)
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses $— $— $(103)$(422)
Storage agreementResearch and development$(71)$(49)$(118)$(126)
Other Related Parties
Members - tax receivable agreement (TRA liability)Increase in tax receivable agreement liability$4,420 $13,444 $15,107 $15,392 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$6,204 $5,220 $11,339 $10,221 
Land purchase from family members of the Co-Chief Executive OfficersProperty, plant and equipment$11,289 $— $11,289 $— 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$1,438 $— $5,708 $— 
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $592 $1,184 $1,184 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$330 $324 $654 $638 
Tracy Properties LLC - operating leaseSelling, general and administrative$149 $221 $326 $364 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$10 $2,933 $2,327 $5,245 
R&S Solutions - equipment purchaseProperty, plant and equipment$— $— $160 $— 
Avtar Investments, LLC - consulting servicesResearch and development$60 $60 $120 $129 
AvPROP, LLC - operating leaseSelling, general and administrative$51 $50 $104 $94 
Alkermes PlcInventory and cost of goods sold$(28)$94 $64 $106 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
June 30, 2025December 31, 2024
AzaTech Pharma LLC - supply agreement$1,130 $21 
Kashiv - various agreements420 447 
Alkermes42 16 
Related party receivables - short term $1,592 $484 
Members - tax receivable agreement$50,900 $2,985 
Kashiv - various agreements7,375 16,908 
Apace Packaging, LLC - packaging agreement2,099 1,205 
Ellodi Pharmaceuticals, L.P.1,752 — 
AzaTech Pharma LLC - supply agreement1,170 1,151 
Avtar Investments LLC - consulting services100 60 
Alkermes Plc— 2 
Related party payables - short term $63,396 $22,311 
Members - tax receivable agreement$15,107 $50,900 
Land purchase from family members of the Co-Chief Executive Officers500 — 
Related party payables - long term $15,607 $50,900 
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended June 30, 2025
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$433,425 $128,043 $163,040 $— $724,508 
Cost of goods sold252,646 55,795 129,814 — 438,255 
Gross profit180,779 72,248 33,226 — 286,253 
Selling, general and administrative34,226 30,314 
A
15,079 44,647 124,266 
Research and development41,899 
B
6,065 
B
— — 47,964 
Intellectual property legal development expenses1,978 39 — — 2,017 
Restructuring and other charges683 341 — — 1,024 
Credit related to legal matters, net(390)— — — (390)
Operating income (loss)
$102,383 $35,489 $18,147 $(44,647)$111,372 
Three Months Ended June 30, 2024
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$427,328 $104,041 $170,411 $— $701,780 
Cost of goods sold260,903 46,142 144,788 — 451,833 
Gross profit166,425 57,899 25,623 — 249,947 
Selling, general and administrative31,627 26,610 
A
14,642 43,583 116,462 
Research and development31,703 
B
4,351 
B
— — 36,054 
Intellectual property legal development expenses1,032 10 — — 1,042 
Restructuring and other charges53 78 — 89 220 
Charges related to legal matters, net
699 — — — 699 
Operating income (loss)
$101,311 $26,850 $10,981 $(43,672)$95,470 
Six Months Ended June 30, 2025
Affordable Medicines (1)
Specialty
AvKARE
Corporate
and Other
Total
Company
Net revenue$848,133 $236,340 $335,455 $— $1,419,928 
Cost of goods sold495,279 108,878 273,627 — 877,784 
Gross profit352,854 127,462 61,828 — 542,144 
Selling, general and administrative67,941 61,292 
A
30,773 82,548 242,554 
Research and development72,879 
B
15,125 
B
— — 88,004 
Intellectual property legal development expenses3,691 93 — — 3,784 
Restructuring and other charges683 471 — 441 1,595 
Credit related to legal matters, net(390)— — — (390)
Other operating income(5,122)— — — (5,122)
Operating income (loss)
$213,172 $50,481 $31,055 $(82,989)$211,719 
Six Months Ended June 30, 2024
Affordable Medicines (1)
Specialty
AvKARE
Corporate
and Other		Total
Company
Net revenue$818,622 $209,275 $333,074 $— $1,360,971 
Cost of goods sold500,825 90,942 281,197 — 872,964 
Gross profit317,797 118,333 51,877 — 488,007 
Selling, general and administrative64,712 51,806 
A
29,549 82,990 229,057 
Research and development66,074 
B
9,278 
B
— — 75,352 
Intellectual property legal development expenses1,992 34 — — 2,026 
Restructuring and other charges53 1,024 — 613 1,690 
Charges related to legal matters, net95,058 — — — 95,058 
Other operating expense— 100 — — 100 
Operating income (loss)
$89,908 $56,091 $22,328 $(83,603)$84,724 
(1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in Affordable Medicines.
Significant Expense Categories Provided to the Chief Operating Decision Makers
Selling, General and Administrative Expenses - Specialty Segment
A.The CODMs review certain selling, general and administrative expenses (“SG&A”) for the Specialty segment and, separately, on a departmental basis. The CODMs do not review SG&A for the Affordable Medicines and AvKARE segments. SG&A for the Specialty segment was comprised of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Employee compensation and benefits$10,791 $9,055 $21,663 $17,892 
Product marketing9,884 11,615 17,895 20,143 
Commercial operations and salesforce8,787 4,762 19,578 11,027 
Other (1)
852 1,178 2,156 2,744 
Total$30,314 $26,610 $61,292 $51,806 
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B.Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
Three Months Ended June 30,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$14,693 $1,279 $12,487 $2,049 
Materials and supplies8,108 450 6,025 281 
Product development and studies (1)
756 2,371 635 82 
Milestones6,350 — 1,125 — 
Facilities costs1,793 735 1,693 1,498 
Regulatory fees2,932 — 834 — 
Other (2)
7,267 1,230 8,904 441 
Total$41,899 $6,065 $31,703 $4,351 
Six Months Ended June 30,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$28,234 $2,819 $24,076 $4,134 
Materials and supplies16,635 653 15,983 712 
Product development and studies (1)
687 4,690 1,600 515 
Milestones6,600 3,000 4,625 — 
Facilities costs3,427 1,485 3,385 2,745 
Regulatory fees2,517 — 788 788 — 
Other (2)
14,779 2,478 15,617 1,172 
Total$72,879 $15,125 $66,074 $9,278 
(1)For the three and six months ended June 30, 2025, Affordable Medicines included a $0.9 million and $2.5 million, respectively, reduction to product development and studies expense for services performed under the license agreement with Orion Corporation. Refer to Note 3. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes repairs and maintenance, outside testing, professional fees and other expenses not presented to the CODMs.
v3.25.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Product Information [Line Items]        
Other operating income (expense) $ 0 $ 0 $ 5,122 $ (100)
Adjustment        
Product Information [Line Items]        
Other operating income (expense)       $ 100
v3.25.2
Revenue Recognition - Concentration of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Customer A        
Concentration Risk [Line Items]        
Concentration risk (percent) 23.00% 22.00% 23.00% 21.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk (percent) 16.00% 16.00% 16.00% 15.00%
Customer C        
Concentration Risk [Line Items]        
Concentration risk (percent) 21.00% 22.00% 21.00% 22.00%
v3.25.2
Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Net revenue $ 724,508 $ 701,780 $ 1,419,928 $ 1,360,971
Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 128,043 104,041 236,340 209,275
AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 163,040 170,411 335,455 333,074
UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 433,425 427,328 848,133 818,622
Oral solid | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 178,262 175,956 357,215 345,269
Auto-Injector | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 66,594 58,281 114,754 100,899
Transdermal | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 40,710 49,697 83,773 90,222
Injectable | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 34,646 39,081 69,434 74,303
Biosimilar | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 25,248 29,500 53,788 56,192
Oral liquid | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 17,879 24,096 41,427 56,025
Other dosage forms | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 68,185 49,287 124,607 92,561
Subtotal dosage forms | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 431,524 425,898 844,998 815,471
International | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 1,901 1,430 3,135 3,151
Hormonal / allergy | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 35,418 31,775 69,617 61,150
Central nervous system | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 83,425 63,906 151,035 130,182
Other therapeutic classes | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 8,700 8,360 15,188 13,464
Subtotal therapeutic classes | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 127,543 104,041 235,840 204,796
License agreement | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 500 0 500 4,479
Distribution | UNITED STATES | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 99,663 116,135 204,558 225,848
Government label | UNITED STATES | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 45,418 36,210 95,558 71,162
Institutional | UNITED STATES | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 10,132 11,768 21,141 22,626
Other | UNITED STATES | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue $ 7,827 $ 6,298 $ 14,198 $ 13,438
v3.25.2
Revenue Recognition - Schedule of Major Categories of Sales-Related Deductions (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Contract Charge - Backs and Sales Volume Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period $ 498,537
Provision related to sales recorded in the period 1,930,680
Credits/payments issued during the period (1,930,660)
Balance, end of period 498,557
Cash Discount Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 25,968
Provision related to sales recorded in the period 65,110
Credits/payments issued during the period (62,648)
Balance, end of period 28,430
Accrued Returns Allowance  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 160,490
Provision related to sales recorded in the period 37,504
Credits/payments issued during the period (37,691)
Balance, end of period 160,303
Accrued Medicaid and Commercial Rebates  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 135,488
Provision related to sales recorded in the period 133,909
Credits/payments issued during the period (151,947)
Balance, end of period $ 117,450
v3.25.2
Alliance and Collaboration - Schedule of Company’s Alliance and Collaboration Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Orion Corporation          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement $ (912) $ (683) $ (2,524) $ (1,294)  
Orion Corporation | Accounts payable and accrued expenses          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 5,071   5,071   $ 5,008
Orion Corporation | Other long-term liabilities          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 1,624   1,624   3,453
Zambon Biotech S.A.          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement 0 0 0 3,479  
Zambon Biotech S.A. | Other long-term liabilities          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 2,530   2,530   2,530
Knight Therapeutics International S.A.          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement 0 0 0 1,000  
mAbxience S.L.          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement 0 0 0 3,000  
Metsera, Inc.          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement 1,973 $ 0 1,973 $ 0  
Metsera, Inc. | Other long-term liabilities          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 1,557   1,557   0
Metsera, Inc. | Prepaid expenses and other current assets          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income $ 1,973   $ 1,973   $ 335
v3.25.2
Alliance and Collaboration - Narrative (Details)
May 08, 2025
ApiJect Systems, Corp  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Collaborative arrangement term 15 years
v3.25.2
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 16,101 $ 3,618 $ 28,969 $ 9,774
Effective tax rate 31.10% 17.70% 32.50% (17.70%)
v3.25.2
Income Taxes - Schedule of Tax Receivable Agreement (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Increase in tax receivable agreement liability $ 4,420 $ 13,444 $ 15,107 $ 15,392  
Tax receivable agreement liability- short term 50,900   50,900   $ 2,985
Tax receivable agreement liability- long term 15,107   15,107   50,900
Total $ 66,007   $ 66,007   $ 53,885
v3.25.2
Income Taxes - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Payments for tax receivable agreement $ 3.0
Income tax, liabilities under tax receivable agreement unrecorded $ 118.7
v3.25.2
Earnings (Loss) per Share - Computation of Basic and Diluted (Loss) Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net [income (loss)] attributable to Amneal Pharmaceuticals, Inc., basic $ 22,417 $ 5,994 $ 34,612 $ (85,649)
Net [income (loss)] attributable to Amneal Pharmaceuticals, Inc., diluted $ 22,417 $ 5,994 $ 34,612 $ (85,649)
Denominator:        
Weighted-average shares outstanding - basic (in shares) 313,739 309,117 312,404 308,198
Effect of dilutive securities:        
Weighted-average shares outstanding - diluted (in shares) 322,363 318,957 323,171 308,198
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:        
Basic (in dollars per share) $ 0.07 $ 0.02 $ 0.11 $ (0.28)
Diluted (in dollars per share) $ 0.07 $ 0.02 $ 0.11 $ (0.28)
Stock options        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 964 1,095 1,031 0
Restricted stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 3,155 4,522 4,390 0
Performance stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 4,505 4,223 5,346 0
v3.25.2
Earnings (Loss) per Share - Securities Excluded from Diluted Earnings (Loss) per Share Computation (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 347 347 347 2,277
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 0 0 0 10,207
Performance stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 1,953 2,871 1,953 7,639
v3.25.2
Trade Accounts Receivable, Net - Schedule of Trade Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Gross accounts receivable $ 1,338,536 $ 1,303,788
Allowance for credit losses (3,912) (3,552)
Contract charge-backs and sales volume allowances (498,557) (498,537)
Cash discount allowances (28,430) (25,968)
Subtotal (530,899) (528,057)
Nonrelated Party    
Related Party Transaction [Line Items]    
Trade accounts receivable, net $ 807,637 $ 775,731
v3.25.2
Trade Accounts Receivable, Net - Concentration of Receivables (Details) - Customer Concentration Risk - Accounts Receivable
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Customer A    
Concentration Risk [Line Items]    
Concentration risk (percent) 34.00% 37.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (percent) 25.00% 21.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (percent) 27.00% 29.00%
v3.25.2
Inventories - Components of Inventories, Net of Reserves (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 211,203 $ 207,697
Work in process 55,096 52,835
Finished goods 342,674 351,922
Total inventories $ 608,973 $ 612,454
v3.25.2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deposits and advances $ 3,738 $ 1,868
Prepaid insurance 6,168 8,264
Prepaid regulatory fees 2,319 6,958
Income and other tax receivables 17,594 16,829
Prepaid taxes 5,489 7,516
Other current receivables 16,327 9,142
Chargebacks receivable 6,115 6,378
Other prepaid assets 27,554 23,762
Total prepaid expenses and other current assets $ 85,304 $ 80,717
v3.25.2
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning, balance of period $ 597,436 $ 598,629
Currency translation (30) (1,193)
Ending, balance of period 597,406 597,436
Affordable Medicines    
Goodwill [Roll Forward]    
Beginning, balance of period 161,659 162,852
Currency translation (30) (1,193)
Ending, balance of period 161,629 161,659
Specialty    
Goodwill [Roll Forward]    
Beginning, balance of period 366,312 366,312
Currency translation 0 0
Ending, balance of period 366,312 366,312
AvKARE    
Goodwill [Roll Forward]    
Beginning, balance of period 69,465 69,465
Currency translation 0 0
Ending, balance of period $ 69,465 $ 69,465
v3.25.2
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,647,868 $ 1,633,669
Accumulated Amortization (1,006,421) (915,592)
Net 641,447 718,077
In-process research and development 8,100 14,300
Intangible assets, cost 1,655,968 1,647,969
Intangible assets, net $ 649,547 732,377
Product rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 6 years 8 months 12 days  
Cost $ 1,564,668 1,550,469
Accumulated Amortization (942,244) (856,914)
Net $ 622,424 693,555
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 2 years 2 months 12 days  
Cost $ 83,200 83,200
Accumulated Amortization (64,177) (58,678)
Net $ 19,023 $ 24,522
v3.25.2
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 45,800 $ 40,100 $ 91,000 $ 80,000
Intangible asset impairment charges $ 0   $ 0 $ 920
v3.25.2
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Assets [Line Items]    
Other assets $ 44,849 $ 60,133
Interest rate swap    
Other Assets [Line Items]    
Other assets 16,436 35,921
Security deposits    
Other Assets [Line Items]    
Other assets 4,013 3,752
Long-term prepaid expenses    
Other Assets [Line Items]    
Other assets 12,269 12,362
Deferred revolving credit facility costs    
Other Assets [Line Items]    
Other assets 3,820 2,820
Long-term restricted cash    
Other Assets [Line Items]    
Other assets 2,486 0
Other long term assets    
Other Assets [Line Items]    
Other assets $ 5,825 $ 5,278
v3.25.2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Accounts payable $ 205,812 $ 258,691
Accrued returns allowance 160,303 160,490
Accrued compensation 57,012 72,959
Accrued Medicaid and commercial rebates 117,450 135,488
Accrued royalties 23,851 23,687
Commercial chargebacks and rebates 10,226 10,226
Accrued professional fees 14,441 17,339
Accrued other 77,722 56,570
Nonrelated Party    
Related Party Transaction [Line Items]    
Accounts payable and accrued expenses $ 666,817 $ 735,450
v3.25.2
Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 2,263,460 $ 2,484,835
Less: debt issuance costs (85,882) (98,832)
Total debt, net of debt issuance costs 2,177,578 2,386,003
Less: current portion of long-term debt (31,175) (224,213)
Total long-term debt, net 2,146,403 2,161,790
Term Loan Due 2025    
Debt Instrument [Line Items]    
Total debt 0 191,979
Term Loan Due 2028    
Debt Instrument [Line Items]    
Total debt $ 2,263,460 $ 2,292,856
v3.25.2
Debt - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 6 Months Ended
Apr. 09, 2025
Jan. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Apr. 08, 2025
Dec. 31, 2024
Debt Instrument [Line Items]            
Borrowings on revolving credit facilities     $ 218,000 $ 48,000    
Rondo Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt instrument, interest rate floor (percent) 0.10%          
Basis spread on variable rate 2.00%          
Commitment fee percentage on unused capacity (percent) 0.25%          
Rondo Revolving Credit Facility | Minimum            
Debt Instrument [Line Items]            
Commitment fee percentage on unused capacity (percent) 0.25%          
Rondo Revolving Credit Facility | Maximum            
Debt Instrument [Line Items]            
Commitment fee percentage on unused capacity (percent) 0.50%          
Revolving Credit Facility | Term Loan Due 2025            
Debt Instrument [Line Items]            
Repayments of debt   $ 192,000        
Interest expense   700        
Borrowings on revolving credit facilities   $ 190,000        
Revolving Credit Facility | Amended New Revolving Credit Facility | Line of Credit            
Debt Instrument [Line Items]            
Revolving credit facility     $ 290,000     $ 100,000
Revolving Credit Facility | Rondo Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 125,000       $ 70,000  
Revolving Credit Facility | Rondo Revolving Credit Facility | Line of Credit            
Debt Instrument [Line Items]            
Debt issuance costs, gross 1,700          
Letter of Credit | Rondo Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 90,000       $ 60,000  
v3.25.2
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Nonrelated Party    
Other Liabilities [Line Items]    
Other long-term liabilities $ 25,814 $ 26,949
Uncertain tax positions    
Other Liabilities [Line Items]    
Other long-term liabilities 524 1,252
Long-term compensation    
Other Liabilities [Line Items]    
Other long-term liabilities 17,095 17,125
Other long-term liabilities    
Other Liabilities [Line Items]    
Other long-term liabilities $ 8,195 $ 8,572
v3.25.2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Interest rate swap $ 16,436 $ 35,921
Quoted Prices in Active Markets (Level 1)    
Assets    
Interest rate swap 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Interest rate swap 16,436 35,921
Significant Unobservable Inputs (Level 3)    
Assets    
Interest rate swap $ 0 $ 0
v3.25.2
Fair Value Measurements - Summary of the Company’s Indebtedness at Fair Value (Details) - Level 2 - Senior Secured Credit Facility - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Term Loan Due 2025    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 0 $ 192,579
Term Loan Due 2028    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 2,305,900 $ 2,364,508
v3.25.2
Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]                
Derivative gain (loss) reclassified from accumulated OCI into income (loss) $ (600)   $ 5,900          
Cash flow hedge loss to be reclassified within 12 months     19,200          
Total loss, net of tax, related to cash flow hedges (7,331) $ (170) (19,485) $ 15,373        
Total loss, net of tax, related to cash flow hedges (112,533) (57,489) (112,533) (57,489) $ (132,000) $ (109,512) $ (63,629) $ 20,011
Unrealized gain (loss) on cash flow hedge, net of tax                
Derivative [Line Items]                
Total loss, net of tax, related to cash flow hedges $ (19,011) $ 36,065 $ (19,011) $ 36,065   $ 6,350   $ 33,723
v3.25.2
Financial Instruments - Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair Value $ 16,436 $ 35,921
Variable to Fixed Interest Rate Swap | Designated as Hedging Instrument | Other Assets    
Derivative [Line Items]    
Fair Value $ 16,436 $ 35,921
v3.25.2
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
May 07, 2025
USD ($)
Apr. 30, 2024
USD ($)
$ / twinPack
Feb. 28, 2024
Jun. 30, 2025
USD ($)
case
state
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
case
state
Jun. 30, 2024
USD ($)
Dec. 31, 2020
complaint
state
Dec. 31, 2019
state
complaint
Dec. 31, 2024
USD ($)
Dec. 10, 2024
case
Dec. 31, 2023
state
May 15, 2023
Loss Contingencies [Line Items]                            
(Credit) charges related to legal matters, net       $ (390) $ 699   $ (390) $ 95,058            
Liabilities for legal matters - long term       $ 74,477     $ 74,477       $ 85,479      
Opana ER Antitrust Litigation                            
Loss Contingencies [Line Items]                            
(Credit) charges related to legal matters, net         $ 699                  
United States Department of Justice Investigations                            
Loss Contingencies [Line Items]                            
Percentage of prescribed label (percent)                           1.00%
Generic Digoxin and Doxycycline Antitrust Litigation                            
Loss Contingencies [Line Items]                            
Number of states, filed civil lawsuit | state                 43 43        
Loss contingency, new claims filed, number | complaint                 2 2        
Civil prescription opioid litigation                            
Loss Contingencies [Line Items]                            
(Credit) charges related to legal matters, net           $ 94,400                
Number of cases filed | case       900     900              
Number of states with cases | state       7     7              
Litigation settlement agreement terms   10 years                        
Estimated litigation liability       $ 114,500   $ 115,600 $ 114,500       115,200      
Liabilities for legal matters - long term                     $ 85,500      
Civil prescription opioid litigation | Litigation Settlement, Option One                            
Loss Contingencies [Line Items]                            
Litigation settlement amount   $ 92,500                        
Litigation settlement, product supply amount   $ 180,000                        
Litigation settlement, product supply price (in USD per twin pack) | $ / twinPack   125                        
Civil prescription opioid litigation | Litigation Settlement, Option One | Maximum                            
Loss Contingencies [Line Items]                            
Litigation settlement amount   $ 137,500                        
Civil prescription opioid litigation | Litigation Settlement, Option Two                            
Loss Contingencies [Line Items]                            
Litigation settlement agreement terms   4 years                        
Litigation settlement amount   $ 45,000                        
Litigation settlement, percentage of product value   25.00%                        
Ranitidine Litigation                            
Loss Contingencies [Line Items]                            
Number of states with cases | state                         4  
Number of cases | case                       95    
UFCW Local 1500 Welfare Fund v. Takeda Pharmaceuticals U.S.A., Inc.                            
Loss Contingencies [Line Items]                            
Deadline period for defendants     45 days                      
Carickhoff v. Amneal Pharmaceuticals Inc., et al.                            
Loss Contingencies [Line Items]                            
Loss contingency, damages sought, value $ 55,400                          
v3.25.2
Commitments and Contingencies - Schedule of Liabilities For Legal Matters (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 41,515 $ 31,755
Civil prescription opioid litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 40,006 29,671
Civil prescription opioid litigation (Liabilities for legal matters - long term) 74,477 85,479
Other    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 1,509 $ 2,084
v3.25.2
Stockholders’ (Deficiency) Equity - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance $ (132,000) $ (63,629) $ (109,512) $ 20,011
Other comprehensive (loss) income before reclassification     (26,045) 14,944
Reclassification of cash flow hedge to earnings, net of tax of $0     (5,876) (13,031)
Stockholders' equity ending balance (112,533) (57,489) (112,533) (57,489)
Reclassification of cash flow hedge to earnings, net of tax 0 0 0 0
Accumulated other comprehensive loss        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance (85,740) (23,711) (65,510) (32,349)
Stockholders' equity ending balance (97,431) (30,436) (97,431) (30,436)
Foreign currency translation adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance     (71,860) (66,072)
Other comprehensive (loss) income before reclassification     (6,560) (429)
Reclassification of cash flow hedge to earnings, net of tax of $0     0 0
Stockholders' equity ending balance (78,420) (66,501) (78,420) (66,501)
Unrealized gain (loss) on cash flow hedge, net of tax        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance     6,350 33,723
Other comprehensive (loss) income before reclassification     (19,485) 15,373
Reclassification of cash flow hedge to earnings, net of tax of $0     (5,876) (13,031)
Stockholders' equity ending balance $ (19,011) $ 36,065 $ (19,011) $ 36,065
v3.25.2
Related Party Transactions - Related Party Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 03, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related Party            
Related Party Transaction [Line Items]            
Trade accounts receivable, net   $ 1,592   $ 1,592   $ 484
Accounts payable and accrued expenses   63,396   63,396   22,311
Other long-term liabilities   15,607   15,607   50,900
Kashiv Biosciences LLC | Related Party            
Related Party Transaction [Line Items]            
Trade accounts receivable, net   420   420   447
Accounts payable and accrued expenses   7,375   7,375   16,908
Members - tax receivable agreement | Related Party            
Related Party Transaction [Line Items]            
Accounts payable and accrued expenses   50,900   50,900   2,985
Other long-term liabilities   15,107   15,107   50,900
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement | Related Party            
Related Party Transaction [Line Items]            
Accounts payable and accrued expenses   2,099   2,099   1,205
Land purchase from family members of the Co-Chief Executive Officers | Related Party            
Related Party Transaction [Line Items]            
Other long-term liabilities   500   500   0
Ellodi Pharmaceuticals, L.P. | Related Party            
Related Party Transaction [Line Items]            
Amounts of transaction with related party $ 3,000          
Accounts payable and accrued expenses           0
AzaTech Pharma LLC - supply agreement | Related Party            
Related Party Transaction [Line Items]            
Accounts payable and accrued expenses   1,170   1,170   1,151
Avtar Investments LLC - consulting services | Related Party            
Related Party Transaction [Line Items]            
Accounts payable and accrued expenses   100   100   60
Alkermes | Related Party            
Related Party Transaction [Line Items]            
Trade accounts receivable, net   42   42   16
AzaTech Pharma LLC - supply agreement | Related Party            
Related Party Transaction [Line Items]            
Trade accounts receivable, net   1,130   1,130   21
Alkermes Plc | Related Party            
Related Party Transaction [Line Items]            
Accounts payable and accrued expenses   0   0   $ 2
Cost of goods sold | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   3,564 $ 4,194 7,795 $ 8,720  
Inventory and cost of goods sold | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   1,293 2,426 5,616 3,642  
Inventory and cost of goods sold | Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   6,204 5,220 11,339 10,221  
Inventory and cost of goods sold | Kanan, LLC - operating lease            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   592 592 1,184 1,184  
Inventory and cost of goods sold | Sutaria Family Realty, LLC - operating lease            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   330 324 654 638  
Inventory and cost of goods sold | AzaTech Pharma LLC - supply agreement            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   10 2,933 2,327 5,245  
Inventory and cost of goods sold | Alkermes            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   (28) 94 64 106  
Research and development Development and commercialization agreement - Pegfilgrastim Auto Injector - milestone | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   3,000 0 3,000 0  
Research and development Development and commercialization agreement - Carfilzomib | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   2,000 0 2,000 0  
Research and Development Parking Space Lease | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 25 25 50  
Development and commercialization agreement - long-acting injectable Research and development | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 0 0 500  
Research and Development - Generic Development Supply Agreement - Research and Development Material | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 0 0 (48)  
Interest Expense Net - Sale of Subsidiary - Interest Income on Loan Receivable | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 (132) 0 (132)  
Other Income Net - Sale of Subsidiary- Gain on Sale | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 (3,760) 0 (3,760)  
Accounts payable and accrued expenses | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 0 (103) (422)  
Research and Development Storage Income | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   (71) (49) (118) (126)  
Increase in tax receivable agreement liability | Members - tax receivable agreement            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   4,420 13,444 15,107 15,392  
Property, plant and equipment | Land purchase from family members of the Co-Chief Executive Officers            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   11,289 0 11,289 0  
Property, plant and equipment | R&S Solutions - equipment purchase            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 0 160 0  
Research and development | Ellodi Pharmaceuticals, L.P.            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   1,438 0 5,708 0  
Research and development | Avtar Investments LLC - consulting services            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   60 60 120 129  
Selling, General and Administrative - Operating Lease | Tracy Properties LLC - operating lease            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   149 221 326 364  
Selling, General and Administrative - Operating Lease | AvPROP, LLC - operating lease            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   $ 51 $ 50 $ 104 $ 94  
v3.25.2
Related Party Transactions - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 18, 2025
USD ($)
familymember
facility
Jan. 03, 2025
USD ($)
Apr. 30, 2024
USD ($)
Apr. 30, 2024
INR (₨)
Dec. 31, 2022
product
candidate
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Apr. 30, 2024
INR (₨)
Related Party Transaction [Line Items]                    
Research and development           $ 47,964 $ 36,054 $ 88,004 $ 75,352  
Number of generic product candidates | candidate         4          
Number of product candidates | product         1          
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsidiary In India                    
Related Party Transaction [Line Items]                    
Consideration on sale of subsidiary     $ 12,200             ₨ 1,000,000,000
Proceeds from divestiture of businesses     5,000 ₨ 416,200,000            
Assumption of loan payable     $ 7,200 ₨ 598,600,000            
Loan payable, interest (percent)     11.00%             11.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsidiary In India | Generics Segment                    
Related Party Transaction [Line Items]                    
Recognised pre-tax gain             $ 3,800   $ 3,800  
Kashiv Bio Sciences License and Commercialization Agreement                    
Related Party Transaction [Line Items]                    
Collaborative arrangement term               10 years    
Collaborative arrangement upfront payment           2,000   $ 2,000    
Executive Officer                    
Related Party Transaction [Line Items]                    
Number of family members | familymember 2                  
Number of new greenfield manufacturing facilities | facility 2                  
Total purchase price $ 11,400                  
Payment for acquisition of land 10,900                  
Payment for acquisition of land, deferred $ 500                  
Deferred payments period 3 years                  
Related Party | Maximum | Kashiv Biosciences LLC | R&D Reimbursement                    
Related Party Transaction [Line Items]                    
License supply agreement, potential future milestone payments           $ 23,000   $ 23,000    
Related Party | Kashiv Bio Sciences License and Commercialization Agreement | R&D Reimbursement                    
Related Party Transaction [Line Items]                    
Ownership interest (percent)           50.00%   50.00%    
Related Party | Kashiv Bio Sciences License and Commercialization Agreement | R&D Reimbursement | Development Milestones                    
Related Party Transaction [Line Items]                    
Collaborative arrangement maximum contingent payments amount           $ 18,000   $ 18,000    
Related Party | Kashiv Bio Sciences License and Commercialization Agreement | R&D Reimbursement | Achievement Of Annual Commercial Milestone                    
Related Party Transaction [Line Items]                    
Collaborative arrangement maximum contingent payments amount           5,000   5,000    
R&S Solutions - equipment purchase | Related Party                    
Related Party Transaction [Line Items]                    
Related party transaction, purchases from related party               200    
Ellodi Pharmaceuticals, L.P. | Related Party                    
Related Party Transaction [Line Items]                    
Amounts of transaction with related party   $ 3,000                
Research and development           1,400   5,700    
Estimate funding commitment           1,400   2,700    
Other liabilities           $ 1,752   $ 1,752    
License agreement   $ 48,500                
v3.25.2
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.2
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Net revenue $ 724,508 $ 701,780 $ 1,419,928 $ 1,360,971
Cost of goods sold 438,255 451,833 877,784 872,964
Gross profit 286,253 249,947 542,144 488,007
Selling, general and administrative 124,266 116,462 242,554 229,057
Research and development 47,964 36,054 88,004 75,352
Intellectual property legal development expenses 2,017 1,042 3,784 2,026
Restructuring and other charges 1,024 220 1,595 1,690
(Credit) charges related to legal matters, net (390) 699 (390) 95,058
Other operating (income) expense 0 0 (5,122) 100
Operating income (loss) 111,372 95,470 211,719 84,724
AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 163,040 170,411 335,455 333,074
Operating Segments | Affordable Medicines        
Segment Reporting Information [Line Items]        
Net revenue 433,425 427,328 848,133 818,622
Cost of goods sold 252,646 260,903 495,279 500,825
Gross profit 180,779 166,425 352,854 317,797
Selling, general and administrative 34,226 31,627 67,941 64,712
Research and development 41,899 31,703 72,879 66,074
Intellectual property legal development expenses 1,978 1,032 3,691 1,992
Restructuring and other charges 683 53 683 53
(Credit) charges related to legal matters, net (390) 699 (390) 95,058
Other operating (income) expense     (5,122) 0
Operating income (loss) 102,383 101,311 213,172 89,908
Operating Segments | Specialty        
Segment Reporting Information [Line Items]        
Net revenue 128,043 104,041 236,340 209,275
Cost of goods sold 55,795 46,142 108,878 90,942
Gross profit 72,248 57,899 127,462 118,333
Selling, general and administrative 30,314 26,610 61,292 51,806
Research and development 6,065 4,351 15,125 9,278
Intellectual property legal development expenses 39 10 93 34
Restructuring and other charges 341 78 471 1,024
(Credit) charges related to legal matters, net 0 0 0 0
Other operating (income) expense     0 100
Operating income (loss) 35,489 26,850 50,481 56,091
Operating Segments | AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 163,040 170,411 335,455 333,074
Cost of goods sold 129,814 144,788 273,627 281,197
Gross profit 33,226 25,623 61,828 51,877
Selling, general and administrative 15,079 14,642 30,773 29,549
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Restructuring and other charges 0 0 0 0
(Credit) charges related to legal matters, net 0 0 0 0
Other operating (income) expense     0 0
Operating income (loss) 18,147 10,981 31,055 22,328
Corporate and Other        
Segment Reporting Information [Line Items]        
Net revenue 0 0 0 0
Cost of goods sold 0 0 0 0
Gross profit 0 0 0 0
Selling, general and administrative 44,647 43,583 82,548 82,990
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Restructuring and other charges 0 89 441 613
(Credit) charges related to legal matters, net 0 0 0 0
Other operating (income) expense     0 0
Operating income (loss) $ (44,647) $ (43,672) $ (82,989) $ (83,603)
v3.25.2
Segment Information - Schedule of Selling, General and Administrative Expenses on a Departmental Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total $ 124,266 $ 116,462 $ 242,554 $ 229,057
Selling, General and Administrative Expenses | Specialty        
Segment Reporting Information [Line Items]        
Employee compensation and benefits 10,791 9,055 21,663 17,892
Product marketing 9,884 11,615 17,895 20,143
Commercial operations and salesforce 8,787 4,762 19,578 11,027
Other 852 1,178 2,156 2,744
Total $ 30,314 $ 26,610 $ 61,292 $ 51,806
v3.25.2
Segment Information - Schedule of Research and Development Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total $ 47,964 $ 36,054 $ 88,004 $ 75,352
Research and Development Expense | Affordable Medicines        
Segment Reporting Information [Line Items]        
Employee compensation and benefits 14,693 12,487 28,234 24,076
Materials and supplies 8,108 6,025 16,635 15,983
Product development and studies 756 635 687 1,600
Milestones 6,350 1,125 6,600 4,625
Facilities costs 1,793 1,693 3,427 3,385
Regulatory fees 2,932 834 2,517 788
Other 7,267 8,904 14,779 15,617
Total 41,899 31,703 72,879 66,074
Research and Development Expense | Affordable Medicines | Orion Corporation        
Segment Reporting Information [Line Items]        
Product development and studies (900)   (2,500)  
Research and Development Expense | Specialty        
Segment Reporting Information [Line Items]        
Employee compensation and benefits 1,279 2,049 2,819 4,134
Materials and supplies 450 281 653 712
Product development and studies 2,371 82 4,690 515
Milestones 0 0 3,000 0
Facilities costs 735 1,498 1,485 2,745
Regulatory fees 0 0 0 0
Other 1,230 441 2,478 1,172
Total $ 6,065 $ 4,351 $ 15,125 $ 9,278
v3.25.2
Leases (Details) - USD ($)
$ in Millions
May 07, 2025
Apr. 23, 2025
Leases [Abstract]    
Lease renewal term   10 years
Aggregate payments $ 12.4 $ 11.6
Term of lease 7 years  
v3.25.2
Subsequent Events (Details) - Subsequent Event
$ in Millions
Aug. 01, 2025
USD ($)
Jul. 31, 2025
USD ($)
Jul. 25, 2025
USD ($)
Subsequent Event [Line Items]      
Escrow deposit     $ 24.2
Cash distribution   $ 7.0  
Secured Debt      
Subsequent Event [Line Items]      
Face amount $ 600.0    
Stated interest rate 6.875%    
Term Loans Due 2032      
Subsequent Event [Line Items]      
Face amount $ 2,100.0    
Term of loan 7 years    
Term Loans Due 2032 | Base Rate      
Subsequent Event [Line Items]      
Benchmark rate floor 0.0100    
Basis spread on variable rate 2.50%    
Term Loans Due 2032 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate      
Subsequent Event [Line Items]      
Benchmark rate floor 0.0050    
Basis spread on variable rate 3.50%