AMNEAL PHARMACEUTICALS, INC., 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 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 $0.01 per share  
Trading Symbol AMRX  
Security Exchange Name NASDAQ  
Entity Current Reporting Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   314,362,920
Entity Central Index Key 0001723128  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Net revenue $ 784,513 $ 702,468 $ 2,204,441 $ 2,063,439
Cost of goods sold 510,539 432,910 1,388,323 1,305,874
Gross profit 273,974 269,558 816,118 757,565
Selling, general and administrative 137,815 118,692 380,369 347,749
Research and development 63,352 61,097 151,356 136,449
Intellectual property legal development expenses 2,437 1,967 6,221 3,993
Restructuring and other charges 143 172 1,738 1,862
(Credit) charges related to legal matters, net 0 (149) (390) 94,909
Other operating income (117) (1,030) (5,239) (930)
Operating income (loss) 70,344 88,809 282,063 173,533
Other (expense) income:        
Interest expense, net (62,814) (65,511) (184,854) (196,933)
Foreign exchange (loss) gain, net (3,431) 2,274 9,072 815
Decrease (increase) in tax receivable agreement liability 20,808 (11,327) 5,701 (26,719)
Loss on refinancing (31,365) 0 (31,365) 0
Other income, net 1,235 1,178 3,357 9,610
Total other expense, net (75,567) (73,386) (198,089) (213,227)
Income (loss) before income taxes (5,223) 15,423 83,974 (39,694)
(Benefit from) provision for income taxes (23,355) 3,666 5,614 13,440
Net income (loss) 18,132 11,757 78,360 (53,134)
Less: Net income attributable to non-controlling interests (15,763) (11,913) (41,379) (32,671)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 2,369 $ (156) $ 36,981 $ (85,805)
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:        
Basic (in dollars per share) $ 0.01 $ 0 $ 0.12 $ (0.28)
Diluted (in dollars per share) $ 0.01 $ 0 $ 0.11 $ (0.28)
Weighted-average common shares outstanding:        
Basic (in shares) 314,168 309,647 312,998 308,685
Diluted (in shares) 324,754 309,647 323,704 308,685
v3.25.3
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Other Comprehensive Income [Abstract]        
Net income (loss) $ 18,132 $ 11,757 $ 78,360 $ (53,134)
Less: Net income attributable to non-controlling interests (15,763) (11,913) (41,379) (32,671)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. 2,369 (156) 36,981 (85,805)
Other comprehensive (loss) income:        
Foreign currency translation adjustments arising during the period (9,088) (2,236) (15,648) (2,665)
Unrealized loss on cash flow hedge, net of tax of $0 (3,526) (34,523) (23,011) (19,150)
Reclassification of cash flow hedge to earnings, net of tax of $0 4,162 (6,587) (1,714) (19,618)
Other comprehensive loss attributable to Amneal Pharmaceuticals, Inc. (8,452) (43,346) (40,373) (41,433)
Comprehensive loss attributable to Amneal Pharmaceuticals, Inc. $ (6,083) $ (43,502) $ (3,392) $ (127,238)
v3.25.3
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 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
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 201,249 $ 110,552
Restricted cash 34,727 7,868
Inventories 614,500 612,454
Prepaid expenses and other current assets 101,511 80,717
Total current assets 1,838,478 1,587,806
Property, plant and equipment, net 434,991 424,908
Goodwill 595,945 597,436
Intangible assets, net 587,938 732,377
Other assets 39,458 60,133
Total assets 3,599,874 3,501,445
Current liabilities:    
Current portion of liabilities for legal matters 40,598 31,755
Revolving credit facility 0 100,000
Current portion of long-term debt, net 7,202 224,213
Total current liabilities 862,106 1,129,771
Long-term debt, net 2,566,500 2,161,790
Liabilities for legal matters - long term 74,477 85,479
Total long-term liabilities 2,779,943 2,416,212
Commitments and contingencies (Notes 3, 16 and 18)
Redeemable non-controlling interests 67,780 64,974
Stockholders’ Deficiency    
Preferred stock, $0.01 par value, 2,000 shares authorized at both September 30, 2025 and December 31, 2024; none issued at both September 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 563,363 560,206
Stockholders' accumulated deficit (570,081) (607,062)
Accumulated other comprehensive loss (105,883) (65,510)
Total Amneal Pharmaceuticals, Inc. stockholders’ deficiency (109,458) (109,267)
Non-controlling interests (497) (245)
Total stockholders' deficiency (109,955) (109,512)
Total liabilities and stockholders’ deficiency 3,599,874 3,501,445
Related Party    
Current assets:    
Receivables 1,292 484
Operating lease right-of-use assets 16,875 10,964
Current liabilities:    
Accounts payable and accrued expenses 68,212 22,311
Current portion of operating lease liabilities 2,826 3,396
Operating lease liabilities 15,676 9,391
Other long-term liabilities 8,587 50,900
Nonrelated Party    
Current assets:    
Receivables 885,199 775,731
Operating lease right-of-use assets 31,769 31,388
Financing lease right-of-use assets 54,420 56,433
Current liabilities:    
Accounts payable and accrued expenses 731,825 735,450
Current portion of operating lease liabilities 7,985 9,435
Current portion of financing lease liabilities 3,458 3,211
Operating lease liabilities 26,405 24,814
Financing lease liabilities 55,672 56,889
Other long-term liabilities 32,626 26,949
Common Class A    
Stockholders’ Deficiency    
Common stock 3,143 3,099
Common Class B    
Stockholders’ Deficiency    
Common stock $ 0 $ 0
v3.25.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 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) 314,311,000 309,881,000
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
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 78,360 $ (53,134)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 174,345 170,061
Unrealized foreign currency gain (8,606) (754)
Amortization of debt issuance costs and discount 18,716 22,280
Reclassification of cash flow hedge (1,713) (19,618)
Loss on refinancing 31,365 0
Intangible asset impairment charges 22,784 920
Stock-based compensation 23,751 20,558
Inventory provision 59,326 63,611
Other operating charges and credits, net 3,575 (980)
Changes in assets and liabilities:    
Trade accounts receivable, net (110,228) (134,031)
Inventories (66,846) (78,545)
Prepaid expenses, other current assets and other assets (20,173) (2,082)
Related party receivables (830) (483)
Accounts payable, accrued expenses and other liabilities 2,744 168,879
Related party payables 3,107 20,339
Net cash provided by operating activities 209,677 177,021
Cash flows from investing activities:    
Purchases of property, plant and equipment (48,290) (36,769)
Acquisition of intangible assets (12,514) (14,050)
Deposits for future acquisition of property, plant and equipment (7,384) (1,107)
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 (66,809) (46,937)
Cash flows from financing activities:    
Proceeds from issuance of debt 2,694,750 0
Payments of principal on debt, revolving credit facilities, financing leases and other (2,805,384) (133,383)
Payments of deferred financing and refinancing costs (74,973) 0
Borrowings on revolving credit facilities 218,000 48,000
Proceeds from exercise of stock options 1,407 1,003
Employee payroll tax withholding on restricted stock unit and performance stock unit vesting (21,957) (7,565)
Tax and other distributions to non-controlling interests (38,825) (14,442)
Payment of principal on notes payable - related party 0 (44,200)
Proceeds from alliance party 5,572 0
Net cash used in financing activities (21,410) (150,587)
Effect of foreign exchange rate on cash (1,471) (259)
Net increase (decrease) in cash, cash equivalents, and restricted cash 119,987 (20,762)
Cash, cash equivalents, and restricted cash - beginning of period 118,420 99,107
Cash, cash equivalents, and restricted cash - end of period 238,407 78,345
Cash and cash equivalents - end of period 201,249 74,006
Restricted cash - end of period 34,727 4,339
Long-term restricted cash included in other assets - end of period 2,431 0
Cash, cash equivalents, and restricted cash - end of period 238,407 78,345
Supplemental disclosure of cash flow information:    
Cash paid for interest 156,447 202,914
Cash paid, net for income taxes 17,576 9,056
Supplemental disclosure of non-cash investing and financing activity:    
Payable for acquisition of intangible assets 411 2,000
Note receivable for sale of subsidiary - related party 0 7,177
Loan for land purchase - related party $ 482 $ 0
v3.25.3
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) (86,170)     (85,805)   (365)
Foreign currency translation adjustments (2,665)       (2,665)  
Stock-based compensation 20,558   20,558      
Exercise of stock options (in shares)   363        
Exercise of stock options 1,003 $ 4 999      
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   2,842        
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (7,536) $ 28 (7,564)      
Unrealized gain (loss) on cash flow hedge, net of tax (19,150)       (19,150)  
Reclassification of cash flow hedge to earnings, net of tax of $0 (19,618)       (19,618)  
Shares ending balance (in shares) at Sep. 30, 2024   309,770        
Stockholders' equity ending balance at Sep. 30, 2024 (93,567) $ 3,098 553,233 (575,981) (73,782) (135)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2023 41,293          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 33,036          
Tax and other distributions, net (14,442)          
Redeemable Non-Controlling Interests, ending balance at Sep. 30, 2024 59,887          
Shares beginning balance (in shares) at Jun. 30, 2024   309,499        
Stockholders' equity beginning balance at Jun. 30, 2024 (57,489) $ 3,095 545,701 (575,825) (30,436) (24)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (267)     (156)   (111)
Foreign currency translation adjustments (2,236)       (2,236)  
Stock-based compensation 7,112   7,112      
Exercise of stock options (in shares)   224        
Exercise of stock options 617 $ 3 614      
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   47        
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (194) $ 0 (194)      
Unrealized gain (loss) on cash flow hedge, net of tax (34,523)       (34,523)  
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,587)       (6,587)  
Shares ending balance (in shares) at Sep. 30, 2024   309,770        
Stockholders' equity ending balance at Sep. 30, 2024 (93,567) $ 3,098 553,233 (575,981) (73,782) (135)
Redeemable Non-Controlling Interests, beginning balance at Jun. 30, 2024 53,422          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 12,024          
Tax and other distributions, net (5,559)          
Redeemable Non-Controlling Interests, ending balance at Sep. 30, 2024 59,887          
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) 36,729     36,981   (252)
Foreign currency translation adjustments (15,648)       (15,648)  
Stock-based compensation 23,751   23,751      
Exercise of stock options (in shares)   512        
Exercise of stock options 1,407 $ 5 1,402      
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   3,918        
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (21,957) $ 39 (21,996)      
Unrealized gain (loss) on cash flow hedge, net of tax (23,011)       (23,011)  
Reclassification of cash flow hedge to earnings, net of tax of $0 (1,714)       (1,714)  
Shares ending balance (in shares) at Sep. 30, 2025   314,311        
Stockholders' equity ending balance at Sep. 30, 2025 (109,955) $ 3,143 563,363 (570,081) (105,883) (497)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2024 64,974          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 41,631          
Tax and other distributions, net (38,825)          
Redeemable Non-Controlling Interests, ending balance at Sep. 30, 2025 67,780          
Shares beginning balance (in shares) at Jun. 30, 2025   314,043        
Stockholders' equity beginning balance at Jun. 30, 2025 (112,533) $ 3,140 554,623 (572,450) (97,431) (415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 2,287     2,369   (82)
Foreign currency translation adjustments (9,088)       (9,088)  
Stock-based compensation 8,219   8,219      
Exercise of stock options (in shares)   238        
Exercise of stock options 653 $ 3 650      
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   30        
Restricted stock unit and performance stock unit vesting, net of shares withheld to cover payroll taxes (129) $ 0 (129)      
Unrealized gain (loss) on cash flow hedge, net of tax (3,526)       (3,526)  
Reclassification of cash flow hedge to earnings, net of tax of $0 4,162       4,162  
Shares ending balance (in shares) at Sep. 30, 2025   314,311        
Stockholders' equity ending balance at Sep. 30, 2025 (109,955) $ 3,143 $ 563,363 $ (570,081) $ (105,883) $ (497)
Redeemable Non-Controlling Interests, beginning balance at Jun. 30, 2025 65,802          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 15,845          
Tax and other distributions, net (13,867)          
Redeemable Non-Controlling Interests, ending balance at Sep. 30, 2025 $ 67,780          
v3.25.3
Consolidated Statements of Changes in Stockholders’ (Deficiency) Equity (Parenthetical) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 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
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 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 balances of $1.0 million and $0.9 million, formerly included in the caption “change in fair value of contingent consideration” for the three and nine months ended September 30, 2024, respectively, have been reclassified to the caption “other operating income” in the consolidated statements of operations to conform to the current period presentation. This reclassification did not impact operating income or net loss.
Restricted Cash
As of September 30, 2025, the Company had a total restricted cash balance of $34.7 million in its bank accounts, of which $24.2 million was associated with a short-term liability for a settlement in principle on the primary financial terms 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 (refer to Note 16. Commitments and Contingencies for additional information). The remainder of the restricted cash balance as of September 30, 2025 primarily related to the purchase of certain land and equipment in India. As of December 31, 2024, the Company had a total restricted cash balance of $7.9 million in its bank accounts primarily related to the purchase of certain land and equipment in India.

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.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”), which amends the accounting guidance to exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 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 that individually accounted for 10% or more of its total net revenue in any of the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Customer A23 %24 %24 %22 %
Customer B14 %14 %15 %15 %
Customer C22 %24 %21 %23 %
Customer D
10 %11 %9 %10 %
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 nine months ended September 30, 2025 and 2024, are set forth below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Affordable Medicines
Oral solid$180,460 $161,215 $537,675 $506,484 
Auto-Injector
78,940 70,690 193,694 171,589 
Transdermal47,599 43,891 131,372 134,113 
Injectable54,368 43,169 123,802 117,472 
Biosimilar17,009 30,678 70,797 86,870 
Oral liquid16,415 22,543 57,842 78,568 
Other dosage forms (1)
59,662 50,652 184,269 143,213 
Subtotal dosage forms
454,453 422,838 1,299,451 1,238,309 
International6,288 4,507 9,423 7,658 
Total Affordable Medicines Revenue460,741 427,345 1,308,874 1,245,967 
Specialty
Central nervous system77,631 73,401 228,666 203,583 
Hormonal / allergy37,685 32,283 107,302 93,433 
Other therapeutic classes9,924 7,906 25,112 21,370 
Subtotal therapeutic classes
125,240 113,590 361,080 318,386 
License agreement (2)
— 2,048 500 6,527 
Total Specialty net revenue125,240 115,638 361,580 324,913 
AvKARE
Distribution96,216 101,605 300,774 327,453 
Government label87,755 41,936 183,313 113,098 
Institutional5,853 9,394 26,994 32,020 
Other8,708 6,550 22,906 19,988 
Total AvKARE net revenue198,532 159,485 533,987 492,559 
Total net revenue$784,513 $702,468 $2,204,441 $2,063,439 
(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 nine months ended September 30, 2024.
A rollforward of the major categories of sales-related deductions for the nine months ended September 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 period2,997,271 101,106 66,146 197,417 
Credits/payments issued during the period(2,971,261)(96,116)(59,468)(215,925)
Balance at September 30, 2025$524,547 $30,958 $167,168 $116,980 
v3.25.3
Alliance and Collaboration
 9 Months Ended
Sep. 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 nine months ended September 30, 2025, there were no material changes to our alliance and collaboration agreements as described and defined 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 nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Party
Caption in Statement of Operations2025202420252024
Orion Corporation
Research and development (1)
$(1,285)$(506)$(3,808)$(1,800)
Zambon Biotech S.A.
Net revenue (2)
$— $1,048 $— $4,527 
Knight Therapeutics International S.A.
Net revenue (3)
$— $1,000 $— $2,000 
mAbxience S.L.
Research and development (4)
$— $3,500 $— $6,500 
Metsera, Inc.
Net revenue (5)
$245 $— $2,218 $— 
(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 September 30, 2025 and December 31, 2024 (in thousands):
Party
Caption in Balance Sheet
September 30, 2025December 31, 2024
Orion Corporation
Accounts payable and accrued expenses (1)
$4,754 $5,008 
Orion Corporation
Other long-term liabilities (1)
$1,031 $3,453 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
Metsera, Inc.
Prepaid expenses and other current assets (2)
$318 $335 
Metsera, Inc.
Other long-term liabilities (3)
$8,208 $— 
(1)Comprised of deferred income as of September 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, as defined in the Company’s collaboration agreement with Metsera, Inc. The Company concluded the funding received from Metsera shall be allocated between two performance obligations: (i.) a financing obligation in accordance with ASC 470, Debt and (ii.) a contract obligation for future manufacturing services. For the nine months ended September 30, 2025, the Company recorded $5.6 million as a cash inflow from financing activities for the financing obligation and $2.6 million as a cash inflow from operating activities for the contract obligation.

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. 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 nine months ended September 30, 2025.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
(Benefit from) 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 September 30,Nine Months Ended September 30,
2025202420252024
(Benefit from) provision for income taxes$(23,355)$3,666 $5,614 $13,440 
Effective tax rate447.2 %23.8 %6.7 %(33.9)%
For the three and nine months ended September 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, the impact of the One Big Beautiful Bill Act (the “OBBBA”) and discrete items related to share-based compensation in the current period.
One Big Beautiful Bill Act
On July 4, 2025, President Trump signed the OBBBA, which includes a broad range of tax reform provisions affecting businesses, including, but not limited to, extending or making permanent certain business and international tax measures initially established under the 2017 Tax Cuts and Jobs Act and eliminating the requirement to capitalize and amortize U.S.-based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred. These provisions resulted in a reduction of the Company’s current income tax liabilities of $23.5 million during each of the three and nine months ended September 30, 2025.
Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Decrease) increase in tax receivable agreement liability$(20,808)$11,327 $(5,701)$26,719 
September 30, 2025December 31, 2024
Tax receivable agreement liability - short term (1)
$37,093 $2,985 
Tax receivable agreement liability - long term (1)
8,105 50,900 
Total$45,198 $53,885 
(1) Refer to Note 18. Related Party Transactions.
The decrease in the tax receivable agreement liability for the three and nine months ended September 30, 2025 is a result of income tax planning, the effects of the OBBBA, and the refinancing of the Company’s debt in the third quarter of 2025 (refer to Note 12. Debt for additional information).
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 nine months ended September 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 $141.4 million as of September 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.
v3.25.3
Earnings (Loss) per Share
 9 Months Ended
Sep. 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
September 30,		Nine Months Ended
September 30,
2025202420252024
Numerator:
Net income (loss) attributable to Amneal Pharmaceuticals, Inc.$2,369 $(156)$36,981 $(85,805)
Denominator:
Weighted-average shares outstanding - basic
314,168 309,647 312,998 308,685 
Effect of dilutive securities:
Stock options882 — 981 — 
Restricted stock units
4,129 — 4,303 — 
Performance stock units5,575 — 5,422 — 
Weighted-average shares outstanding - diluted
324,754 309,647 323,704 308,685 
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$0.01 $(—)$0.12 $(0.28)
Diluted
$0.01 $(—)$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 and Nine Months Ended
September 30,
20252024
Stock options347 
(1)
2,054 
(3)
Restricted stock units— 10,059 
(3)
Performance stock units1,960 
(2)
7,609 
(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.
v3.25.3
Trade Accounts Receivable, Net
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Trade Accounts Receivable, Net Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
September 30,
2025		December 31,
2024
Gross accounts receivable$1,444,631 $1,303,788 
Allowance for credit losses(3,927)(3,552)
Contract charge-backs and sales volume allowances(524,547)(498,537)
Cash discount allowances(30,958)(25,968)
Subtotal(559,432)(528,057)
Trade accounts receivable, net$885,199 $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:
September 30,
2025		December 31,
2024
Customer A35 %37 %
Customer B23 %21 %
Customer C28 %29 %
v3.25.3
Inventories
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following (in thousands):
September 30,
2025		December 31,
2024
Raw materials
$219,741 $207,697 
Work in process
53,472 52,835 
Finished goods
341,287 351,922 
Total inventories$614,500 $612,454 
v3.25.3
Prepaid Expenses and Other Current Assets
 9 Months Ended
Sep. 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):
September 30,
2025		December 31,
2024
Deposits and advances$2,226 $1,868 
Prepaid insurance10,488 8,264 
Prepaid regulatory fees6,437 6,958 
Income and other tax receivables15,777 16,829 
Prepaid taxes18,194 7,516 
Other current receivables
14,841 9,142 
Chargebacks receivable
7,028 6,378 
Other prepaid assets26,520 23,762 
Total prepaid expenses and other current assets$101,511 $80,717 
v3.25.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 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(1,491)— — (1,491)
Balance as of September 30, 2025$160,168 $366,312 $69,465 $595,945 
Intangible assets as of September 30, 2025 and December 31, 2024 were comprised of the following (in thousands):
September 30, 2025December 31, 2024
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.5$1,517,578 $(954,013)$563,565 $1,550,469 $(856,914)$693,555 
Other intangible assets2.083,200 (66,927)16,273 83,200 (58,678)24,522 
Subtotal1,600,778 (1,020,940)579,838 1,633,669 (915,592)718,077 
In-process research and development8,100 — 8,100 14,300 — 14,300 
Total intangible assets$1,608,878 $(1,020,940)$587,938 $1,647,969 $(915,592)$732,377 
Amortization expense related to intangible assets for the three months ended September 30, 2025 and 2024 was $39.6 million and $43.3 million, respectively. Amortization expense related to intangible assets for the nine months ended September 30, 2025 and 2024 was $130.6 million and $123.3 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.
For each of the three and nine months ended September 30, 2025, the Company recorded $22.8 million of intangible asset impairment charges in cost of goods sold. The charges primarily related to a Specialty segment product right for which the Company significantly reduced the cash flow forecast after receipt of a complete response letter dated July 22, 2025 from the U.S. Food and Drug Administration (“FDA”) regarding a supplemental new drug application.
Intangible asset impairments were immaterial for the three and nine months ended September 30, 2024.
v3.25.3
Other Assets
 9 Months Ended
Sep. 30, 2025
Other Assets [Abstract]  
Other Assets Other Assets
Other assets were comprised of the following (in thousands):
September 30, 2025December 31, 2024
Interest rate swap (1)
$5,168 $35,921 
Security deposits 3,795 3,752 
Long-term prepaid expenses13,115 12,362 
Deferred revolving credit facility costs5,488 2,820 
Long-term restricted cash
2,431 — 
Other long term assets9,461 5,278 
Total other assets
$39,458 $60,133 
(1)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.25.3
Accounts Payable and Accrued Expenses
 9 Months Ended
Sep. 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):
September 30, 2025December 31, 2024
Accounts payable$266,358 $258,691 
Accrued returns allowance (1)
167,168 160,490 
Accrued compensation63,899 72,959 
Accrued Medicaid and commercial rebates (1)
116,980 135,488 
Accrued royalties27,493 23,687 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees19,424 17,339 
Accrued other60,277 56,570 
Total accounts payable and accrued expenses$731,825 $735,450 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2024 to September 30, 2025.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Changes in the Company’s long-term debt since December 31, 2024 are disclosed below. Refer to Note 15. Debt in the Company’s 2024 Annual Report on Form 10-K for additional information and definitions of certain terms used in this note.
The following is a summary of the Company’s indebtedness under its term loans and senior notes (in thousands):
September 30, 2025December 31, 2024
Term Loan Due 2032$2,100,000 $— 
Senior Notes Due 2032600,000 — 
Term Loan Due 2025— 191,979 
Term Loan Due 2028— 2,292,856 
Total debt2,700,000 2,484,835 
Less: debt issuance costs(126,298)(98,832)
Total debt, net of debt issuance costs2,573,702 2,386,003 
Less: current portion of long-term debt(7,202)(224,213)
Total long-term debt, net$2,566,500 $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.
Refinancing
On August 1, 2025, the Company borrowed $2.1 billion under new seven-year term loans (the “Term Loan Due 2032”) pursuant to an amendment to the Term Loan Credit Agreement (the “Amended Term Loan Agreement”) and completed a private offering of $600 million aggregate principal amount of 6.875% senior secured notes due 2032 at par (the “Senior Notes Due 2032”). The Company also entered into an amendment to the New Revolving Credit Facility (the “Amended New Revolving Credit Facility”). The Company used the net proceeds of the Term Loan Due 2032 and the Senior Notes due 2032 to refinance the Term Loan Due 2028 in full, to repay outstanding amounts borrowed under the New Revolving Credit Facility in full, and to pay related fees, premiums and expenses. Additionally, the amendment to the Term Loan Credit Agreement modified the Term Loan Credit Agreement, to provide additional flexibility to the Company and its restricted subsidiaries, including without limitation, with respect to representations and warranties, affirmative and negative covenants and incremental and equivalent term loan facilities.
Amended Term Loan Agreement
The Term Loan Due 2032 has a maturity date of August 1, 2032. Quarterly principal payments are due in an amount equal to 1.00% per annum of the original principal amount thereof, commencing on the last business day of the fiscal quarter ending December 31, 2025, with the remaining balance due on August 1, 2032. From the date of the refinancing to September 30, 2025, no principal payments were due or paid under the Term Loan Due 2032. Interest is payable on the Term Loan Due 2032 at a rate equal to the term secured overnight financing rate (“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 Loan Due 2032 is 3.50% per annum for term SOFR benchmark rate loans and 2.50% per annum for base rate loans.
The Term Loan Agreement involved multiple lenders that were considered members of a loan syndicate. In determining whether the refinancing of the Term Loan Due 2028 was to be accounted for as a debt extinguishment or a debt modification, the Company considered whether creditors remained the same or changed and whether the changes in debt terms were substantial, on a lender-by-lender basis, in accordance with the guidance in ASC 470, Debt. As a result of this analysis, the Company legally has separate loans from each lender in the syndicate of the Term Loan Due 2032, and each lender has a contractual right to payments from the Company. The Company concluded that, on a lender-by-lender basis, debt held by 99% of the lenders included in the refinancing was considered modified, with the remaining debt held by lenders considered to be extinguished. In accordance with ASC 470, the Company capitalized costs of $49.4 million associated with the Term Loan Due 2032, primarily comprised of lender fees, which were combined with $73.4 million of unamortized debt issuance costs associated with the Term Loan Due 2028. The resulting debt discount balance of $122.8 million will be amortized to interest expense over the life of the Term Loan Due 2032 using the effective interest method. In connection with the refinancing, the Company recognized a loss of $31.4 million for the three and nine months ended September 30, 2025, which was primarily comprised of debt issuance costs associated with the portion of the Term Loan Due 2028 that was modified.
Amended New Revolving Credit Facility
The Amended New Revolving Credit Facility extends the maturity of the New Revolving Credit Facility to August 1, 2030 and contains modifications to certain provisions of the New Revolving Credit Agreement including, without limitation, the representations and warranties and affirmative and negative covenants thereunder, to incorporate most of the modifications that were made to the corresponding provisions in the Term Loan Credit Agreement under the Amended Term Loan Agreement. The aggregate revolving commitments of the lenders under the Amended New Revolving Credit Facility continue to be $600.0 million.

In connection with this amendment, the Company incurred costs of $2.0 million, which were capitalized and combined with the existing $2.0 million of unamortized deferred financing costs associated with the New Revolving Credit Facility at the time of the refinancing. These costs will be amortized over the life of the New Amended Revolving Credit Facility.

Senior Notes

The Senior Notes Due 2032 were issued at par pursuant to an indenture dated August 1, 2025. The Senior Notes Due 2032 mature on August 1, 2032 (no principal is due until maturity) and bear interest at a rate of 6.875% per year. Interest is payable on February 1 and August 1 of each year, beginning on February 1, 2026.

In accordance with ASC 470, Debt, the Company capitalized costs of $6.0 million associated with the issuance of the Senior Secured Notes Due 2032, primarily comprised of lender fees. Capitalized costs will be amortized to interest expense over the life of the Senior Secured Notes Due 2032 using the effective interest method.

The Senior Notes Due 2032 and related guarantees represent senior secured obligations of the Company and the guarantors, respectively, ranking pari passu with existing and future senior indebtedness and senior to any future subordinated debt. The Senior Notes Due 2032 and the related guarantees are secured (x) on a first-priority basis by liens on fixed asset collateral, which consists of substantially all of the assets (other than ABL priority collateral) that secure the Company’s and the guarantors’ obligations under the Term Loan due 2032 on a pari passu basis, and (y) on a second-priority basis by liens on the collateral that secures the obligations under the New Revolving Credit Facility on a first-priority basis, which generally includes the Company’s and the guarantors’ cash, inventory and accounts receivable and related assets.

The indenture governing the Senior Notes Due 2032 includes customary high-yield covenants that restrict the Company’s ability to incur additional indebtedness, pay dividends or make other restricted payments, create liens, engage in affiliate transactions, merge or consolidate, dispose of substantial assets, and imposes limitations on the ability of restricted subsidiaries to make payments to the Company.
Rondo Revolving Credit Facility

On April 9, 2025, the Company amended and restated the Rondo Revolving Credit Facility (“Amended Rondo Revolving Credit Facility”) to, among other things, (i) increase the aggregate revolving commitment from $70 million to $125 million, (ii) increase the letter of credit commitment from $60 million to $90 million, and (iii) extend the maturity to April 9, 2030. The Amended Rondo Credit Facility bears a variable annual interest rate of adjusted term SOFR or the base rate, plus the applicable margin, in each case, subject to a floor of 0.0%. The applicable margin is between 1.75% and 3.00% (in the case of adjusted term SOFR loans) and 0.75% and 2.00% (in the case of base rate loans), and 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 the Amended Rondo Revolving Credit Facility.

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 0.20% and 0.35% 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.
v3.25.3
Other Long-Term Liabilities
 9 Months Ended
Sep. 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):

September 30, 2025December 31, 2024
Uncertain tax positions$216 $1,252 
Long-term compensation18,353 17,125 
Other long-term liabilities14,057 8,572 
Total other long-term liabilities$32,626 $26,949 
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024 (in thousands):
Fair Value Measurement Based on
September 30, 2025TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$5,168 $— $5,168 $— 
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 nine months ended September 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):
September 30, 2025December 31, 2024
Term Loan Due 2032$2,107,875 $— 
Senior Notes Due 2032$621,750 $— 
Term Loan Due 2025$— $192,579 
Term Loan Due 2028$— $2,364,508 
The Term Loan Due 2032, Senior Notes Due 2032, 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 12. Debt in this Quarterly Report on Form 10-Q and 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 fair value measurements during the nine months ended September 30, 2025 and 2024.
v3.25.3
Financial Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
On August 28, 2025, the Company completed a transaction whereby it (i) terminated the November 2023 Swap (as defined in Note 19. Financial Instruments in our 2024 Annual Report on Form 10-K); (ii) received cash settlement of $7.7 million from the counterparty to the November 2023 Swap, which represented approximately 50% of the fair value of the November 2023 Swap as of August 28, 2025, and (iii) entered into a new interest rate lock agreement with the same counterparty by blending and extending the remaining asset position, or $7.7 million, of the November 2023 Swap into the new agreement (the “August 2025 Swap”).

The August 2025 Swap has a notional value of $650.0 million associated with the Term Loan Due 2032. Under the terms of the August 2025 Swap, the Company will make payments based on a fixed interest rate of 3.1636% in exchange for receiving payments from the counterparty based on a variable interest rate of one-month SOFR, subject to a 0.50% floor. The August 2025 Swap has a termination date of May 6, 2030.

The August 2025 Swap qualifies for hedge accounting. Changes in fair value will be recognized in other comprehensive loss and reclassified to interest expense, net, in the period in which the hedged transaction affect earnings. During the three and nine months ended September 30, 2025, the Company reclassified a net loss (increase in interest expense) of $4.2 million and a net income (decrease in interest expense) of $1.7 million, respectively, from accumulated other comprehensive loss. As of September 30, 2025, $18.4 million in net losses were recorded in accumulated other comprehensive loss associated with the impact of all interest rates swaps, with $11.7 million, net, expected to be reclassified within 12 months. Refer to Note 17. Stockholders’ Deficiency in this Quarterly Report on Form 10-Q and Note 19. Financial Instruments in our 2024 Annual Report on Form 10-K for defined terms and additional information.
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
September 30, 2025December 31, 2024
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$5,168 Other Assets$35,921 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 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 nine months ended September 30, 2024, charges related to legal matters, net of $94.9 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):
MatterSeptember 30, 2025December 31, 2024
Civil prescription opioid litigation$39,613 $29,671 
Other
985 2,084 
Current portion of liabilities for legal matters$40,598 $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, 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 has 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 judgment were fully briefed on April 7, 2025. The Court denied one of those motions, related to claim-splitting, on August 13, 2025, and denied in substantial part another of those motions, related to the timeliness of Plaintiffs’ claims, on October 31, 2025. two other joint motions for summary judgment, related to Plaintiffs’ overarching conspiracy and state law claims, remain pending. In Connecticut, et al. v. Sandoz, Inc. et al., defendant-specific motions for summary judgment, including a motion filed by the Company, were served on July 9, 2025. Responses to those defendant-specific motions were served on October 7, 2025, and replies are due November 21, 2025.
Trials for the first multi-district litigation (“MDL”) cases chosen for bellwether treatment, none of which name the Company as a defendant, have been stayed pending the Third Circuit’s review of the MDL court’s class certification decision. The MDL court selected the Humana I case – which names Impax Laboratories, LLC (“Impax”) as a defendant – as a subsequent bellwether. See Humana Inc. v. Actavis Elizabeth, LLC et al., No. 2:18-cv-03299-CMR. Summary judgment motions in Humana I are due on March 6, 2026, and replies are due on April 20, 2026. Trial is scheduled to begin on September 15, 2026.
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. In September 2025, the Native American tribal participation reached a sufficient percentage to effectuate the tribal settlement. 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 September 30, 2025 was $114.1 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 with state Attorneys General and political subdivisions 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 September 30, 2025 or December 31, 2024, because it concluded that a loss was not probable and estimable.
During July 2025, the Company deposited an aggregate of $24.2 million into dedicated accounts as a step in the process to finalize a definitive settlement agreement. These deposits, which were classified as restricted cash in the Company’s consolidated balance sheet as of September 30, 2025, remain the property of the Company until a definitive settlement agreement is reached and the funds are used to make the first installment payment.
United States Department of Justice / Drug Enforcement Administration Subpoenas

On July 7, 2017, Amneal Pharmaceuticals of New York, LLC received an administrative subpoena issued by the Long Island, NY District Office of the Drug Enforcement Administration (the “DEA”) requesting information related to compliance with certain recordkeeping and reporting requirements. On or about April 12, 2019 and May 28, 2019, the Company received grand jury subpoenas from the U.S. Attorney’s Office for the Eastern District of New York (the “USAO”) relating to similar topics concerning the Company’s suspicious order monitoring program and its compliance with the Controlled Substances Act. The Company 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 heard oral argument on October 2025. The timeline for the 11th Circuit Court of Appeals’ rulings is uncertain.
The Company has also been named in state court cases in four states. The Company 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, which is not material, to settle the 95 cases pending against it in California state court. The process for completing the settlement, which the Company does not expect to be material, is in progress. There are no trial dates involving the Company in any of the state court cases.
Metformin Litigation

Beginning in 2020, Amneal was named as a defendant in several putative class action lawsuits filed and consolidated in the United States District Court for the District of New Jersey, seeking compensation for economic loss allegedly incurred in connection with their purchase of generic metformin allegedly contaminated with NDMA. See In Re Metformin Marketing and Sales Practices Litigation (No. 2:20-cv-02324-MCA-MAH) (“In re Metformin”), 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 purported to plead, on behalf of a nationwide class and California subclass, the following counts: breach of warranty; unjust enrichment; fraud; and violation of California’s Unfair Competition Law. The complaint sought damages, including punitive damages, restitution, other equitable monetary relief, injunctive relief, prejudgment interest and attorneys’ fees and costs. On 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 a First Amended complaint. Defendants moved to dismiss the First Amended Complaint on February 20, 2025, and on September 29, 2025, the court granted the motion to dismiss without prejudice, holding that plaintiff’s claims were preempted by the Federal Food, Drug, and Cosmetic Act. On October 3, 2025, plaintiff filed a Second Amended Complaint with additional factual allegations and added counts of breach of express warranty and negligence. Defendants’ motion to dismiss the Second
Amendment Complaint was filed on October 31, 2025, plaintiff’s response is due on December 5, 2025, and defendants’ reply is due on January 9, 2026.

In addition, on June 27, 2025, Amneal was named as a defendant along with CVS in a putative consumer class action lawsuit in the United States District Court for the Northern District of Illinois. See Hatfield v. CVS Health Corporation, No. 1:25-cv-7248 (N.D. Ill.). The complaint in Hatfield made factual allegations similar to those in the Leonard case and purported to plead, individually and on behalf of a class of purchasers in Illinois and states with similar consumer protection laws, counts of violation of the Illinois Consumer Fraud Act and unjust enrichment. On June 30, 2025, plaintiff filed a motion for class certification, and, upon joint stipulation of the parties, the court agreed to hold that motion in abeyance. On July 28, 2025, plaintiff filed an amended complaint to identify the correct defendants and add jurisdictional allegations. On September 26, 2025, defendants moved to dismiss plaintiff’s amended complaint. Plaintiff’s response to the motion to dismiss was filed on October 27, 2025, and defendants’ reply is due on November 17, 2025.

Amneal Pharmaceuticals LLC et al. v. Sandoz Inc.

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

In response to these notice letters, on January 7, 2025, the Company and Impax filed a first patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, Case No. 3:25-cv-00181-GC-TJB. On April 1, 2025, the Company and Impax filed a First Amended Complaint in response to a second notice letter from Sandoz, adding claims for infringement of additional patents. On April 14, 2025, Sandoz filed an Answer, Affirmative Defense, and Counterclaims for non-infringement and invalidity of the asserted patents. This lawsuit is currently in discovery. The filing of this lawsuit triggered a 30-month stay of FDA approval of the Sandoz ANDA from the date of receipt of the notice letter. CREXONT® is also subject to a regulatory exclusivity until August 7, 2027.

On June 20, 2025, the Company and Impax filed a new patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, captioned Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 2:25-11981-GC-TJB, in response to a third notice letter from Sandoz relating to CREXONT®. On September 4, 2025, the Company and Impax filed a First Amended Complaint in response to a fourth notice letter from Sandoz, adding claims for infringement of additional patents. On October 2, 2025, Sandoz filed an Answer, Affirmative Defense, and Counterclaims for non-infringement and invalidity of the asserted patents. No schedule has yet been set in this lawsuit.

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

On May 7, 2025, the Liquidating Trustee on Behalf of the Vyera Liquidating Trust Established Under the Subchapter V Plan of Reorganization of debtors Vyera Pharmaceuticals, LLC and Phoenixus AG filed an adversary proceeding in the United States Bankruptcy Court for the District of Delaware against the Company and Impax, seeking to recover approximately $55.4 million in allegedly fraudulent transfers made by the debtors to Impax to purchase the drug Daraprim in 2015. (See Carickhoff v. Amneal Pharmaceuticals, Inc, et al., Adv. Pro. No. 25-50903-JKS (Bankr. D. Del.)). Impax filed a motion to dismiss on September 9, 2025. Plaintiff’s response to the motion to dismiss is due on December 1, 2025, and Impax’s reply is due on January 26, 2026.
v3.25.3
Stockholders’ (Deficiency) Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders’ (Deficiency) Equity Stockholders’ (Deficiency) Equity
Refer to Note 21. Stockholders’ (Deficiency) Equity in our 2024 Annual Report on Form 10-K for additional information.
Changes in Accumulated Other Comprehensive Loss by Component (in thousands):
Foreign
currency
translation
adjustments		Unrealized gain (loss) on cash
flow hedge, net
of tax		Accumulated
other
comprehensive loss
Balance December 31, 2024$(71,860)$6,350 $(65,510)
Other comprehensive loss before reclassification(15,648)(23,011)(38,659)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (1,714)(1,714)
Balance September 30, 2025$(87,508)$(18,375)$(105,883)
Balance December 31, 2023$(66,072)$33,723 $(32,349)
Other comprehensive loss before reclassification
(2,665)(19,150)(21,815)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (19,618)(19,618)
Balance September 30, 2024$(68,737)$(5,045)$(73,782)
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 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 nine months ended September 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 September 30,Nine Months Ended September 30,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations2025202420252024
Kashiv Biosciences LLC
Development and commercialization agreement - OmaluzimabResearch and development$22,500 $20,000 $22,500 $20,000 
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$3,602 $2,783 $9,218 $6,425 
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$3,353 $3,021 $11,148 $11,741 
Development and commercialization agreement - Pegfilgrastim Auto Injector - milestoneResearch and development$— $— $3,000 $— 
Development and commercialization agreement - CarfilzomibResearch and development$— $— $2,000 $— 
Parking space leaseResearch and development$— $25 $25 $75 
Development and commercialization agreement - long-acting injectableResearch and development$— $— $— $500 
Sale of subsidiary - interest income on loan receivableInterest expense, net$— $(198)$— $(330)
Sale of subsidiary - gain on sale Other income, net$— $— $— $(3,760)
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses $— $— $(99)$(422)
Storage agreementResearch and development$(71)$(63)$(189)$(189)
Generic development supply agreement - research and development materialResearch and development$(502)$(633)$(502)$(681)
Other Related Parties
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$4,634 $4,689 $15,973 $14,910 
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $592 $1,776 $1,776 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$338 $— $6,046 $— 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$333 $324 $987 $962 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$185 $3,771 $2,512 $9,016 
Tracy Properties LLC - operating leaseSelling, general and administrative$152 $98 $478 $462 
Avtar Investments, LLC - consulting servicesResearch and development$60 $66 $180 $195 
R&S Solutions - equipment purchaseProperty, plant and equipment$47 $— $207 $— 
AvPROP, LLC - operating leaseSelling, general and administrative$46 $45 $150 $139 
Alkermes PlcInventory and cost of goods sold$3 $83 $67 $189 
Sellers Notes - interest expenseInterest expense, net$— $266 $— $9,986 
Land purchase from family members of the Co-Chief Executive OfficersProperty, plant and equipment$— $— $11,289 $— 
Members - tax receivable agreement (TRA liability)(Decrease) increase in tax receivable agreement liability$(20,808)$11,327 $(5,701)$26,719 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
September 30, 2025December 31, 2024
Kashiv - various agreements951 447 
AzaTech Pharma LLC223 21 
Apace Packaging, LLC - packaging agreement81 — 
Alkermes Plc37 16 
Related party receivables - short term $1,292 $484 
Members - tax receivable agreement$37,093 $2,985 
Kashiv - various agreements28,336 16,908 
Apace Packaging, LLC - packaging agreement1,390 1,205 
Ellodi Pharmaceuticals, L.P.1,014 — 
AzaTech Pharma LLC - supply agreement337 1,151 
Avtar Investments LLC - consulting services40 60 
Alkermes Plc2 2 
Related party payables - short term $68,212 $22,311 
Members - tax receivable agreement$8,105 $50,900 
Land purchase from family members of the Co-Chief Executive Officers482 — 
Related party payables - long term $8,587 $50,900 
Equipment Purchases
The Company purchased $0.2 million of equipment from R&S Solutions LLC during the nine months ended September 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 nine ended September 30, 2025, the Company recorded research and development expense of $0.3 million and $6.0 million, respectively, related to these agreements, including a $0.3 million and $3.0 million estimate for funding the research and development commitment, respectively. As of September 30, 2025, the Company has a remaining liability of $1.0 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 $11.3 million, of which $10.8 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.
The Company anticipates using the facilities 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 nine months ended September 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.
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.
Refer to Note 3. Acquisitions and Note 23. Related Party Transactions in the Company’s 2024 Annual Report on Form 10-K for information on the Company’s other agreements with Kashiv.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Affordable Medicines, Specialty, and AvKARE.
Chief Operating Decision Makers
The Company’s Co-Chief Executive Officers are the Company’s chief operating decision makers (“CODMs”). The CODMs evaluate the financial performance of the Company based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, since they are excluded from the measure of segment profitability reviewed by the Company’s CODMs. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s CODMs.
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended September 30, 2025
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$460,741 $125,240 $198,532 $— $784,513 
Cost of goods sold280,463 73,808 156,268 — 510,539 
Gross profit180,278 51,432 42,264 — 273,974 
Selling, general and administrative37,173 33,580 A15,234 51,828 137,815 
Research and development55,124 B8,228 B— — 63,352 
Intellectual property legal development expenses2,378 59 — — 2,437 
Restructuring and other charges90 — — 53 143 
Other operating income(117)— — — (117)
Operating income (loss)$85,630 $9,565 $27,030 $(51,881)$70,344 
Three Months Ended September 30, 2024
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$427,345 $115,638 $159,485 $— $702,468 
Cost of goods sold249,342 52,342 131,226 — 432,910 
Gross profit178,003 63,296 28,259 — 269,558 
Selling, general and administrative30,951 27,723 A15,145 44,873 118,692 
Research and development57,099 B3,998 B— — 61,097 
Intellectual property legal development expenses1,786 181 — — 1,967 
Restructuring and other charges17 — — 155 172 
Credit related to legal matters, net
(149)— — — (149)
Other operating income
— (1,030)— — $(1,030)
Operating income (loss)$88,299 $32,424 $13,114 $(45,028)$88,809 
Nine Months Ended September 30, 2025
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$1,308,874 $361,580 $533,987 $— $2,204,441 
Cost of goods sold775,742 182,686 429,895 — 1,388,323 
Gross profit533,132 178,894 104,092 — 816,118 
Selling, general and administrative105,114 94,872 A46,007 134,376 380,369 
Research and development128,003 B23,353 B— — 151,356 
Intellectual property legal development expenses6,069 152 — — 6,221 
Restructuring and other charges773 471 — 494 1,738 
Credit related to legal matters, net(390)— — — (390)
Other operating income(5,239)— — — (5,239)
Operating income (loss)$298,802 $60,046 $58,085 $(134,870)$282,063 
Nine Months Ended September 30, 2024
Affordable Medicines (1)
SpecialtyAvKARE Corporate
and Other		Total
Company
Net revenue$1,245,967 $324,913 $492,559 $— $2,063,439 
Cost of goods sold750,167 143,284 412,423 — 1,305,874 
Gross profit495,800 181,629 80,136 — 757,565 
Selling, general and administrative95,663 79,529 A44,694 127,863 347,749 
Research and development123,173 B13,276 B— — 136,449 
Intellectual property legal development expenses3,778 215 — — 3,993 
Restructuring and other charges70 1,024 — 768 1,862 
Charges related to legal matters, net94,909 — — — 94,909 
Other operating income
— (930)— — (930)
Operating income (loss)$178,207 $88,515 $35,442 $(128,631)$173,533 
(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 September 30,Nine Months Ended September 30,
2025202420252024
Employee compensation and benefits$10,972 $8,163 $32,635 $26,055 
Product marketing11,273 12,129 29,168 32,272 
Commercial operations and salesforce9,769 6,467 29,347 17,494 
Other (1)
1,566 964 3,722 3,708 
Total$33,580 $27,723 $94,872 $79,529 
(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 September 30,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$13,905 $1,089 $11,182 $1,940 
Materials and supplies6,230 1,358 8,873 138 
Product development and studies (1)
673 2,823 2,179 (34)
Milestones22,500 — 23,850 — 
Facilities costs1,755 409 1,599 1,596 
Regulatory fees2,317 — 1,550 — 
Other (2)
7,744 2,549 7,866 358 
Total$55,124 $8,228 $57,099 $3,998 
Nine Months Ended September 30,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$42,139 $3,908 $35,258 $6,074 
Materials and supplies22,865 2,011 24,856 850 
Product development and studies (1)
1,360 7,513 3,779 481 
Milestones29,100 3,000 28,475 — 
Facilities costs5,182 1,894 4,984 4,341 
Regulatory fees4,834 — 2,338 2,338 — 
Other (2)
22,523 5,027 23,483 1,530 
Total$128,003 $23,353 $123,173 $13,276 
(1)For the three and nine months ended September 30, 2025, Affordable Medicines included a $1.3 million and $3.8 million reduction to product development and studies expense, respectively, 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.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
Except as disclosed below, as of and for the three and nine months ended September 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 nine months ended September 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.
v3.25.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2025
shares
Sep. 30, 2025
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Deborah Autor [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On September 5, 2025, Deborah Autor, a director of the Company, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Ms. Autor’s plan provides for the sale of 34,819 shares of Class A common stock upon the vesting of restricted stock unit awards through December 31, 2026.
Name Deborah Autor  
Title a director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 5, 2025  
Expiration Date December 31, 2026.  
Arrangement Duration 482 days  
Aggregate Available 34,819 34,819
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 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 balances of $1.0 million and $0.9 million, formerly included in the caption “change in fair value of contingent consideration” for the three and nine months ended September 30, 2024, respectively, have been reclassified to the caption “other operating income” in the consolidated statements of operations to conform to the current period presentation. This reclassification did not impact operating income or net loss.
Restricted Cash
Restricted Cash
As of September 30, 2025, the Company had a total restricted cash balance of $34.7 million in its bank accounts, of which $24.2 million was associated with a short-term liability for a settlement in principle on the primary financial terms 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 (refer to Note 16. Commitments and Contingencies for additional information). The remainder of the restricted cash balance as of September 30, 2025 primarily related to the purchase of certain land and equipment in India. As of December 31, 2024, the Company had a total restricted cash balance of $7.9 million in its bank accounts primarily related to the purchase of certain land and equipment in India.
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.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”), which amends the accounting guidance to exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Revenue
The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 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.
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 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 that individually accounted for 10% or more of its total net revenue in any of the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Customer A23 %24 %24 %22 %
Customer B14 %14 %15 %15 %
Customer C22 %24 %21 %23 %
Customer D
10 %11 %9 %10 %
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 nine months ended September 30, 2025 and 2024, are set forth below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Affordable Medicines
Oral solid$180,460 $161,215 $537,675 $506,484 
Auto-Injector
78,940 70,690 193,694 171,589 
Transdermal47,599 43,891 131,372 134,113 
Injectable54,368 43,169 123,802 117,472 
Biosimilar17,009 30,678 70,797 86,870 
Oral liquid16,415 22,543 57,842 78,568 
Other dosage forms (1)
59,662 50,652 184,269 143,213 
Subtotal dosage forms
454,453 422,838 1,299,451 1,238,309 
International6,288 4,507 9,423 7,658 
Total Affordable Medicines Revenue460,741 427,345 1,308,874 1,245,967 
Specialty
Central nervous system77,631 73,401 228,666 203,583 
Hormonal / allergy37,685 32,283 107,302 93,433 
Other therapeutic classes9,924 7,906 25,112 21,370 
Subtotal therapeutic classes
125,240 113,590 361,080 318,386 
License agreement (2)
— 2,048 500 6,527 
Total Specialty net revenue125,240 115,638 361,580 324,913 
AvKARE
Distribution96,216 101,605 300,774 327,453 
Government label87,755 41,936 183,313 113,098 
Institutional5,853 9,394 26,994 32,020 
Other8,708 6,550 22,906 19,988 
Total AvKARE net revenue198,532 159,485 533,987 492,559 
Total net revenue$784,513 $702,468 $2,204,441 $2,063,439 
(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 nine months ended September 30, 2024.
Schedule of Major Categories of Sales-Related Deductions
A rollforward of the major categories of sales-related deductions for the nine months ended September 30, 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 period2,997,271 101,106 66,146 197,417 
Credits/payments issued during the period(2,971,261)(96,116)(59,468)(215,925)
Balance at September 30, 2025$524,547 $30,958 $167,168 $116,980 
v3.25.3
Alliance and Collaboration (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Party
Caption in Statement of Operations2025202420252024
Orion Corporation
Research and development (1)
$(1,285)$(506)$(3,808)$(1,800)
Zambon Biotech S.A.
Net revenue (2)
$— $1,048 $— $4,527 
Knight Therapeutics International S.A.
Net revenue (3)
$— $1,000 $— $2,000 
mAbxience S.L.
Research and development (4)
$— $3,500 $— $6,500 
Metsera, Inc.
Net revenue (5)
$245 $— $2,218 $— 
(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 September 30, 2025 and December 31, 2024 (in thousands):
Party
Caption in Balance Sheet
September 30, 2025December 31, 2024
Orion Corporation
Accounts payable and accrued expenses (1)
$4,754 $5,008 
Orion Corporation
Other long-term liabilities (1)
$1,031 $3,453 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
Metsera, Inc.
Prepaid expenses and other current assets (2)
$318 $335 
Metsera, Inc.
Other long-term liabilities (3)
$8,208 $— 
(1)Comprised of deferred income as of September 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, as defined in the Company’s collaboration agreement with Metsera, Inc. The Company concluded the funding received from Metsera shall be allocated between two performance obligations: (i.) a financing obligation in accordance with ASC 470, Debt and (ii.) a contract obligation for future manufacturing services. For the nine months ended September 30, 2025, the Company recorded $5.6 million as a cash inflow from financing activities for the financing obligation and $2.6 million as a cash inflow from operating activities for the contract obligation.
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Set forth in the following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Benefit from) provision for income taxes$(23,355)$3,666 $5,614 $13,440 
Effective tax rate447.2 %23.8 %6.7 %(33.9)%
Schedule of Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Decrease) increase in tax receivable agreement liability$(20,808)$11,327 $(5,701)$26,719 
September 30, 2025December 31, 2024
Tax receivable agreement liability - short term (1)
$37,093 $2,985 
Tax receivable agreement liability - long term (1)
8,105 50,900 
Total$45,198 $53,885 
v3.25.3
Earnings (Loss) per Share (Tables)
 9 Months Ended
Sep. 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
September 30,		Nine Months Ended
September 30,
2025202420252024
Numerator:
Net income (loss) attributable to Amneal Pharmaceuticals, Inc.$2,369 $(156)$36,981 $(85,805)
Denominator:
Weighted-average shares outstanding - basic
314,168 309,647 312,998 308,685 
Effect of dilutive securities:
Stock options882 — 981 — 
Restricted stock units
4,129 — 4,303 — 
Performance stock units5,575 — 5,422 — 
Weighted-average shares outstanding - diluted
324,754 309,647 323,704 308,685 
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$0.01 $(—)$0.12 $(0.28)
Diluted
$0.01 $(—)$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 and Nine Months Ended
September 30,
20252024
Stock options347 
(1)
2,054 
(3)
Restricted stock units— 10,059 
(3)
Performance stock units1,960 
(2)
7,609 
(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.
v3.25.3
Trade Accounts Receivable, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
September 30,
2025		December 31,
2024
Gross accounts receivable$1,444,631 $1,303,788 
Allowance for credit losses(3,927)(3,552)
Contract charge-backs and sales volume allowances(524,547)(498,537)
Cash discount allowances(30,958)(25,968)
Subtotal(559,432)(528,057)
Trade accounts receivable, net$885,199 $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:
September 30,
2025		December 31,
2024
Customer A35 %37 %
Customer B23 %21 %
Customer C28 %29 %
v3.25.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories were comprised of the following (in thousands):
September 30,
2025		December 31,
2024
Raw materials
$219,741 $207,697 
Work in process
53,472 52,835 
Finished goods
341,287 351,922 
Total inventories$614,500 $612,454 
v3.25.3
Prepaid Expenses and Other Current Assets (Tables)
 9 Months Ended
Sep. 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):
September 30,
2025		December 31,
2024
Deposits and advances$2,226 $1,868 
Prepaid insurance10,488 8,264 
Prepaid regulatory fees6,437 6,958 
Income and other tax receivables15,777 16,829 
Prepaid taxes18,194 7,516 
Other current receivables
14,841 9,142 
Chargebacks receivable
7,028 6,378 
Other prepaid assets26,520 23,762 
Total prepaid expenses and other current assets$101,511 $80,717 
v3.25.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 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(1,491)— — (1,491)
Balance as of September 30, 2025$160,168 $366,312 $69,465 $595,945 
Schedule of Finite-Lived Intangible Assets
Intangible assets as of September 30, 2025 and December 31, 2024 were comprised of the following (in thousands):
September 30, 2025December 31, 2024
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.5$1,517,578 $(954,013)$563,565 $1,550,469 $(856,914)$693,555 
Other intangible assets2.083,200 (66,927)16,273 83,200 (58,678)24,522 
Subtotal1,600,778 (1,020,940)579,838 1,633,669 (915,592)718,077 
In-process research and development8,100 — 8,100 14,300 — 14,300 
Total intangible assets$1,608,878 $(1,020,940)$587,938 $1,647,969 $(915,592)$732,377 
v3.25.3
Other Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Other Assets [Abstract]  
Schedule of Other Assets
Other assets were comprised of the following (in thousands):
September 30, 2025December 31, 2024
Interest rate swap (1)
$5,168 $35,921 
Security deposits 3,795 3,752 
Long-term prepaid expenses13,115 12,362 
Deferred revolving credit facility costs5,488 2,820 
Long-term restricted cash
2,431 — 
Other long term assets9,461 5,278 
Total other assets
$39,458 $60,133 
(1)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.25.3
Accounts Payable and Accrued Expenses (Tables)
 9 Months Ended
Sep. 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):
September 30, 2025December 31, 2024
Accounts payable$266,358 $258,691 
Accrued returns allowance (1)
167,168 160,490 
Accrued compensation63,899 72,959 
Accrued Medicaid and commercial rebates (1)
116,980 135,488 
Accrued royalties27,493 23,687 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees19,424 17,339 
Accrued other60,277 56,570 
Total accounts payable and accrued expenses$731,825 $735,450 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2024 to September 30, 2025.
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The following is a summary of the Company’s indebtedness under its term loans and senior notes (in thousands):
September 30, 2025December 31, 2024
Term Loan Due 2032$2,100,000 $— 
Senior Notes Due 2032600,000 — 
Term Loan Due 2025— 191,979 
Term Loan Due 2028— 2,292,856 
Total debt2,700,000 2,484,835 
Less: debt issuance costs(126,298)(98,832)
Total debt, net of debt issuance costs2,573,702 2,386,003 
Less: current portion of long-term debt(7,202)(224,213)
Total long-term debt, net$2,566,500 $2,161,790 
v3.25.3
Other Long-Term Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

September 30, 2025December 31, 2024
Uncertain tax positions$216 $1,252 
Long-term compensation18,353 17,125 
Other long-term liabilities14,057 8,572 
Total other long-term liabilities$32,626 $26,949 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024 (in thousands):
Fair Value Measurement Based on
September 30, 2025TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$5,168 $— $5,168 $— 
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):
September 30, 2025December 31, 2024
Term Loan Due 2032$2,107,875 $— 
Senior Notes Due 2032$621,750 $— 
Term Loan Due 2025$— $192,579 
Term Loan Due 2028$— $2,364,508 
v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 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):
September 30, 2025December 31, 2024
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$5,168 Other Assets$35,921 
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 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):
MatterSeptember 30, 2025December 31, 2024
Civil prescription opioid litigation$39,613 $29,671 
Other
985 2,084 
Current portion of liabilities for legal matters$40,598 $31,755 
Civil prescription opioid litigation (Liabilities for legal matters - long term)$74,477 $85,479 
v3.25.3
Stockholders’ (Deficiency) Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss by Component
Changes in Accumulated Other Comprehensive Loss by Component (in thousands):
Foreign
currency
translation
adjustments		Unrealized gain (loss) on cash
flow hedge, net
of tax		Accumulated
other
comprehensive loss
Balance December 31, 2024$(71,860)$6,350 $(65,510)
Other comprehensive loss before reclassification(15,648)(23,011)(38,659)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (1,714)(1,714)
Balance September 30, 2025$(87,508)$(18,375)$(105,883)
Balance December 31, 2023$(66,072)$33,723 $(32,349)
Other comprehensive loss before reclassification
(2,665)(19,150)(21,815)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (19,618)(19,618)
Balance September 30, 2024$(68,737)$(5,045)$(73,782)
v3.25.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations2025202420252024
Kashiv Biosciences LLC
Development and commercialization agreement - OmaluzimabResearch and development$22,500 $20,000 $22,500 $20,000 
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$3,602 $2,783 $9,218 $6,425 
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$3,353 $3,021 $11,148 $11,741 
Development and commercialization agreement - Pegfilgrastim Auto Injector - milestoneResearch and development$— $— $3,000 $— 
Development and commercialization agreement - CarfilzomibResearch and development$— $— $2,000 $— 
Parking space leaseResearch and development$— $25 $25 $75 
Development and commercialization agreement - long-acting injectableResearch and development$— $— $— $500 
Sale of subsidiary - interest income on loan receivableInterest expense, net$— $(198)$— $(330)
Sale of subsidiary - gain on sale Other income, net$— $— $— $(3,760)
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses $— $— $(99)$(422)
Storage agreementResearch and development$(71)$(63)$(189)$(189)
Generic development supply agreement - research and development materialResearch and development$(502)$(633)$(502)$(681)
Other Related Parties
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$4,634 $4,689 $15,973 $14,910 
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $592 $1,776 $1,776 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$338 $— $6,046 $— 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$333 $324 $987 $962 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$185 $3,771 $2,512 $9,016 
Tracy Properties LLC - operating leaseSelling, general and administrative$152 $98 $478 $462 
Avtar Investments, LLC - consulting servicesResearch and development$60 $66 $180 $195 
R&S Solutions - equipment purchaseProperty, plant and equipment$47 $— $207 $— 
AvPROP, LLC - operating leaseSelling, general and administrative$46 $45 $150 $139 
Alkermes PlcInventory and cost of goods sold$3 $83 $67 $189 
Sellers Notes - interest expenseInterest expense, net$— $266 $— $9,986 
Land purchase from family members of the Co-Chief Executive OfficersProperty, plant and equipment$— $— $11,289 $— 
Members - tax receivable agreement (TRA liability)(Decrease) increase in tax receivable agreement liability$(20,808)$11,327 $(5,701)$26,719 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
September 30, 2025December 31, 2024
Kashiv - various agreements951 447 
AzaTech Pharma LLC223 21 
Apace Packaging, LLC - packaging agreement81 — 
Alkermes Plc37 16 
Related party receivables - short term $1,292 $484 
Members - tax receivable agreement$37,093 $2,985 
Kashiv - various agreements28,336 16,908 
Apace Packaging, LLC - packaging agreement1,390 1,205 
Ellodi Pharmaceuticals, L.P.1,014 — 
AzaTech Pharma LLC - supply agreement337 1,151 
Avtar Investments LLC - consulting services40 60 
Alkermes Plc2 2 
Related party payables - short term $68,212 $22,311 
Members - tax receivable agreement$8,105 $50,900 
Land purchase from family members of the Co-Chief Executive Officers482 — 
Related party payables - long term $8,587 $50,900 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 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 September 30, 2025
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$460,741 $125,240 $198,532 $— $784,513 
Cost of goods sold280,463 73,808 156,268 — 510,539 
Gross profit180,278 51,432 42,264 — 273,974 
Selling, general and administrative37,173 33,580 A15,234 51,828 137,815 
Research and development55,124 B8,228 B— — 63,352 
Intellectual property legal development expenses2,378 59 — — 2,437 
Restructuring and other charges90 — — 53 143 
Other operating income(117)— — — (117)
Operating income (loss)$85,630 $9,565 $27,030 $(51,881)$70,344 
Three Months Ended September 30, 2024
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$427,345 $115,638 $159,485 $— $702,468 
Cost of goods sold249,342 52,342 131,226 — 432,910 
Gross profit178,003 63,296 28,259 — 269,558 
Selling, general and administrative30,951 27,723 A15,145 44,873 118,692 
Research and development57,099 B3,998 B— — 61,097 
Intellectual property legal development expenses1,786 181 — — 1,967 
Restructuring and other charges17 — — 155 172 
Credit related to legal matters, net
(149)— — — (149)
Other operating income
— (1,030)— — $(1,030)
Operating income (loss)$88,299 $32,424 $13,114 $(45,028)$88,809 
Nine Months Ended September 30, 2025
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$1,308,874 $361,580 $533,987 $— $2,204,441 
Cost of goods sold775,742 182,686 429,895 — 1,388,323 
Gross profit533,132 178,894 104,092 — 816,118 
Selling, general and administrative105,114 94,872 A46,007 134,376 380,369 
Research and development128,003 B23,353 B— — 151,356 
Intellectual property legal development expenses6,069 152 — — 6,221 
Restructuring and other charges773 471 — 494 1,738 
Credit related to legal matters, net(390)— — — (390)
Other operating income(5,239)— — — (5,239)
Operating income (loss)$298,802 $60,046 $58,085 $(134,870)$282,063 
Nine Months Ended September 30, 2024
Affordable Medicines (1)
SpecialtyAvKARE Corporate
and Other		Total
Company
Net revenue$1,245,967 $324,913 $492,559 $— $2,063,439 
Cost of goods sold750,167 143,284 412,423 — 1,305,874 
Gross profit495,800 181,629 80,136 — 757,565 
Selling, general and administrative95,663 79,529 A44,694 127,863 347,749 
Research and development123,173 B13,276 B— — 136,449 
Intellectual property legal development expenses3,778 215 — — 3,993 
Restructuring and other charges70 1,024 — 768 1,862 
Charges related to legal matters, net94,909 — — — 94,909 
Other operating income
— (930)— — (930)
Operating income (loss)$178,207 $88,515 $35,442 $(128,631)$173,533 
(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 September 30,Nine Months Ended September 30,
2025202420252024
Employee compensation and benefits$10,972 $8,163 $32,635 $26,055 
Product marketing11,273 12,129 29,168 32,272 
Commercial operations and salesforce9,769 6,467 29,347 17,494 
Other (1)
1,566 964 3,722 3,708 
Total$33,580 $27,723 $94,872 $79,529 
(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 September 30,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$13,905 $1,089 $11,182 $1,940 
Materials and supplies6,230 1,358 8,873 138 
Product development and studies (1)
673 2,823 2,179 (34)
Milestones22,500 — 23,850 — 
Facilities costs1,755 409 1,599 1,596 
Regulatory fees2,317 — 1,550 — 
Other (2)
7,744 2,549 7,866 358 
Total$55,124 $8,228 $57,099 $3,998 
Nine Months Ended September 30,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$42,139 $3,908 $35,258 $6,074 
Materials and supplies22,865 2,011 24,856 850 
Product development and studies (1)
1,360 7,513 3,779 481 
Milestones29,100 3,000 28,475 — 
Facilities costs5,182 1,894 4,984 4,341 
Regulatory fees4,834 — 2,338 2,338 — 
Other (2)
22,523 5,027 23,483 1,530 
Total$128,003 $23,353 $123,173 $13,276 
(1)For the three and nine months ended September 30, 2025, Affordable Medicines included a $1.3 million and $3.8 million reduction to product development and studies expense, respectively, for services performed under the license agreement with Orion Corporation. Refer to Note 3. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes repairs and maintenance, outside testing, professional fees and other expenses not presented to the CODMs.
v3.25.3
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Product Information [Line Items]          
Other operating income (expense) $ 117 $ 1,030 $ 5,239 $ 930  
Restricted cash 34,727 4,339 34,727 4,339 $ 7,868
Escrow deposit $ 24,200   $ 24,200    
Adjustment          
Product Information [Line Items]          
Other operating income (expense)   $ 1,000   $ 900  
v3.25.3
Revenue Recognition - Concentration of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Customer A        
Concentration Risk [Line Items]        
Concentration risk (percent) 23.00% 24.00% 24.00% 22.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk (percent) 14.00% 14.00% 15.00% 15.00%
Customer C        
Concentration Risk [Line Items]        
Concentration risk (percent) 22.00% 24.00% 21.00% 23.00%
Customer D        
Concentration Risk [Line Items]        
Concentration risk (percent) 10.00% 11.00% 9.00% 10.00%
v3.25.3
Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Net revenue $ 784,513 $ 702,468 $ 2,204,441 $ 2,063,439
Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 125,240 115,638 361,580 324,913
AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 198,532 159,485 533,987 492,559
UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 460,741 427,345 1,308,874 1,245,967
Oral solid | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 180,460 161,215 537,675 506,484
Auto-Injector | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 78,940 70,690 193,694 171,589
Transdermal | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 47,599 43,891 131,372 134,113
Injectable | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 54,368 43,169 123,802 117,472
Biosimilar | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 17,009 30,678 70,797 86,870
Oral liquid | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 16,415 22,543 57,842 78,568
Other dosage forms | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 59,662 50,652 184,269 143,213
Subtotal dosage forms | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 454,453 422,838 1,299,451 1,238,309
International | UNITED STATES | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 6,288 4,507 9,423 7,658
Central nervous system | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 77,631 73,401 228,666 203,583
Hormonal / allergy | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 37,685 32,283 107,302 93,433
Other therapeutic classes | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 9,924 7,906 25,112 21,370
Subtotal therapeutic classes | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 125,240 113,590 361,080 318,386
License agreement | UNITED STATES | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 0 2,048 500 6,527
Distribution | UNITED STATES | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 96,216 101,605 300,774 327,453
Government label | UNITED STATES | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 87,755 41,936 183,313 113,098
Institutional | UNITED STATES | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 5,853 9,394 26,994 32,020
Other | UNITED STATES | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue $ 8,708 $ 6,550 $ 22,906 $ 19,988
v3.25.3
Revenue Recognition - Schedule of Major Categories of Sales-Related Deductions (Details)
$ in Thousands
 9 Months Ended
Sep. 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 2,997,271
Credits/payments issued during the period (2,971,261)
Balance, end of period 524,547
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 101,106
Credits/payments issued during the period (96,116)
Balance, end of period 30,958
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 66,146
Credits/payments issued during the period (59,468)
Balance, end of period 167,168
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 197,417
Credits/payments issued during the period (215,925)
Balance, end of period $ 116,980
v3.25.3
Alliance and Collaboration - Schedule of Company’s Alliance and Collaboration Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Proceeds from alliance party     $ 5,572 $ 0  
Orion Corporation          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement $ (1,285) $ (506) (3,808) (1,800)  
Orion Corporation | Accounts payable and accrued expenses          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 4,754   4,754   $ 5,008
Orion Corporation | Other long-term liabilities          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 1,031   1,031   3,453
Zambon Biotech S.A.          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement 0 1,048 0 4,527  
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 1,000 0 2,000  
mAbxience S.L.          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement 0 3,500 0 6,500  
Metsera, Inc.          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement 245 $ 0 2,218 $ 0  
Proceeds from alliance party     5,600    
Proceeds from contract obligations     2,600    
Metsera, Inc. | Other long-term liabilities          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 8,208   8,208   0
Metsera, Inc. | Prepaid expenses and other current assets          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income $ 318   $ 318   $ 335
v3.25.3
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
v3.25.3
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
(Benefit from) provision for income taxes $ (23,355) $ 3,666 $ 5,614 $ 13,440
Effective tax rate 447.20% 23.80% 6.70% (33.90%)
v3.25.3
Income Taxes - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
Income Tax Disclosure [Abstract]    
Income tax, reduction in current income tax liabilities due to OBBBA impact $ 23.5 $ 23.5
Payments for tax receivable agreement   3.0
Income tax, liabilities under tax receivable agreement unrecorded $ 141.4 $ 141.4
v3.25.3
Income Taxes - Schedule of Tax Receivable Agreement (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Decrease (increase) in tax receivable agreement liability $ (20,808) $ 11,327 $ (5,701) $ 26,719  
Tax receivable agreement liability - short term 37,093   37,093   $ 2,985
Tax receivable agreement liability - long term 8,105   8,105   50,900
Total $ 45,198   $ 45,198   $ 53,885
v3.25.3
Earnings (Loss) per Share - Computation of Basic and Diluted (Loss) Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Net income (loss) attributable to Amneal Pharmaceuticals, Inc., basic $ 2,369 $ (156) $ 36,981 $ (85,805)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc., diluted $ 2,369 $ (156) $ 36,981 $ (85,805)
Denominator:        
Weighted-average shares outstanding - basic (in shares) 314,168 309,647 312,998 308,685
Effect of dilutive securities:        
Weighted-average shares outstanding - diluted (in shares) 324,754 309,647 323,704 308,685
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:        
Basic (in dollars per share) $ 0.01 $ 0 $ 0.12 $ (0.28)
Diluted (in dollars per share) $ 0.01 $ 0 $ 0.11 $ (0.28)
Stock options        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 882 0 981 0
Restricted stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 4,129 0 4,303 0
Performance stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 5,575 0 5,422 0
v3.25.3
Earnings (Loss) per Share - Securities Excluded from Diluted Earnings (Loss) per Share Computation (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 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 2,054 347 2,054
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 10,059 0 10,059
Performance stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 1,960 7,609 1,960 7,609
v3.25.3
Trade Accounts Receivable, Net - Schedule of Trade Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Gross accounts receivable $ 1,444,631 $ 1,303,788
Allowance for credit losses (3,927) (3,552)
Contract charge-backs and sales volume allowances (524,547) (498,537)
Cash discount allowances (30,958) (25,968)
Subtotal (559,432) (528,057)
Nonrelated Party    
Related Party Transaction [Line Items]    
Trade accounts receivable, net $ 885,199 $ 775,731
v3.25.3
Trade Accounts Receivable, Net - Concentration of Receivables (Details) - Customer Concentration Risk - Accounts Receivable
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Customer A    
Concentration Risk [Line Items]    
Concentration risk (percent) 35.00% 37.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (percent) 23.00% 21.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (percent) 28.00% 29.00%
v3.25.3
Inventories - Components of Inventories, Net of Reserves (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 219,741 $ 207,697
Work in process 53,472 52,835
Finished goods 341,287 351,922
Total inventories $ 614,500 $ 612,454
v3.25.3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deposits and advances $ 2,226 $ 1,868
Prepaid insurance 10,488 8,264
Prepaid regulatory fees 6,437 6,958
Income and other tax receivables 15,777 16,829
Prepaid taxes 18,194 7,516
Other current receivables 14,841 9,142
Chargebacks receivable 7,028 6,378
Other prepaid assets 26,520 23,762
Total prepaid expenses and other current assets $ 101,511 $ 80,717
v3.25.3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning, balance of period $ 597,436 $ 598,629
Currency translation (1,491) (1,193)
Ending, balance of period 595,945 597,436
Affordable Medicines    
Goodwill [Roll Forward]    
Beginning, balance of period 161,659 162,852
Currency translation (1,491) (1,193)
Ending, balance of period 160,168 161,659
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
v3.25.3
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,600,778 $ 1,633,669
Accumulated Amortization (1,020,940) (915,592)
Net 579,838 718,077
In-process research and development 8,100 14,300
Intangible assets, cost 1,608,878 1,647,969
Intangible assets, net $ 587,938 732,377
Product rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 6 years 6 months  
Cost $ 1,517,578 1,550,469
Accumulated Amortization (954,013) (856,914)
Net $ 563,565 693,555
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 2 years  
Cost $ 83,200 83,200
Accumulated Amortization (66,927) (58,678)
Net $ 16,273 $ 24,522
v3.25.3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 39,600 $ 43,300 $ 130,600 $ 123,300
Intangible asset impairment charges $ 22,800   $ 22,784 $ 920
Impairment, intangible asset, statement of income or comprehensive income, flag Other operating income (expense)   Other operating income (expense)  
v3.25.3
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Other Assets [Line Items]    
Other assets $ 39,458 $ 60,133
Interest rate swap    
Other Assets [Line Items]    
Other assets 5,168 35,921
Security deposits    
Other Assets [Line Items]    
Other assets 3,795 3,752
Long-term prepaid expenses    
Other Assets [Line Items]    
Other assets 13,115 12,362
Deferred revolving credit facility costs    
Other Assets [Line Items]    
Other assets 5,488 2,820
Long-term restricted cash    
Other Assets [Line Items]    
Other assets 2,431 0
Other long term assets    
Other Assets [Line Items]    
Other assets $ 9,461 $ 5,278
v3.25.3
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Accounts payable $ 266,358 $ 258,691
Accrued returns allowance 167,168 160,490
Accrued compensation 63,899 72,959
Accrued Medicaid and commercial rebates 116,980 135,488
Accrued royalties 27,493 23,687
Commercial chargebacks and rebates 10,226 10,226
Accrued professional fees 19,424 17,339
Accrued other 60,277 56,570
Nonrelated Party    
Related Party Transaction [Line Items]    
Accounts payable and accrued expenses $ 731,825 $ 735,450
v3.25.3
Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 2,700,000 $ 2,484,835
Less: debt issuance costs (126,298) (98,832)
Total debt, net of debt issuance costs 2,573,702 2,386,003
Less: current portion of long-term debt (7,202) (224,213)
Total long-term debt, net 2,566,500 2,161,790
Term Loan Due 2032 | Term Loan    
Debt Instrument [Line Items]    
Total debt 2,100,000 0
Senior Notes Due 2032 | Senior Notes    
Debt Instrument [Line Items]    
Total debt 600,000 0
Term Loan Due 2025 | Term Loan    
Debt Instrument [Line Items]    
Total debt 0 191,979
Term Loan Due 2028 | Term Loan    
Debt Instrument [Line Items]    
Total debt $ 0 $ 2,292,856
v3.25.3
Debt - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 01, 2025
Apr. 09, 2025
Jan. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Apr. 08, 2025
Dec. 31, 2024
Debt Instrument [Line Items]                  
Borrowings on revolving credit facilities           $ 218,000,000 $ 48,000,000    
Loss on refinancing       $ (31,365,000) $ 0 (31,365,000) $ 0    
Unamortized deferred financing cost       $ 126,298,000   $ 126,298,000     $ 98,832,000
Line of Credit | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Debt issuance costs, gross $ 2,000,000                
Unamortized deferred financing cost 2,000,000                
Term Loan Due 2025 | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Repayments of debt     $ 192,000,000            
Interest expense     700,000            
Borrowings on revolving credit facilities     $ 190,000,000            
Senior Notes Due 2032 | Term Loan                  
Debt Instrument [Line Items]                  
Face amount $ 2,100,000,000                
Term of loan 7 years                
Senior Notes Due 2032 | Senior Notes                  
Debt Instrument [Line Items]                  
Face amount $ 600,000,000                
Stated interest rate 6.875%                
Unamortized debt issuance cost $ 6,000,000                
Term Loans Due 2032 | Term Loan                  
Debt Instrument [Line Items]                  
Face amount $ 0                
Quarterly installment rate 1.00%                
Debt instrument, percentage of lenders included in refinancing considered modified 99.00%                
Unamortized debt issuance cost $ 49,400,000                
Debt instrument, unamortized discount $ 122,800,000                
Term Loans Due 2032 | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate floor (percent) 0.50%                
Basis spread on variable rate 3.50%                
Term Loans Due 2032 | Term Loan | Base Rate                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate floor (percent) 1.00%                
Basis spread on variable rate 2.50%                
Term Loan Due 2028 | Term Loan                  
Debt Instrument [Line Items]                  
Unamortized debt issuance cost $ 73,400,000                
Amended New Revolving Credit Facility | Line of Credit                  
Debt Instrument [Line Items]                  
Face amount $ 600,000,000                
Rondo Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate floor (percent)   0.00%              
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)   0.20%              
Rondo Revolving Credit Facility | Maximum                  
Debt Instrument [Line Items]                  
Commitment fee percentage on unused capacity (percent)   0.35%              
Rondo Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate floor (percent)   1.75%              
Basis spread on variable rate   3.00%              
Rondo Revolving Credit Facility | Base Rate                  
Debt Instrument [Line Items]                  
Debt instrument, interest rate floor (percent)   0.75%              
Basis spread on variable rate   2.00%              
Rondo Revolving Credit Facility | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity   $ 125,000,000           $ 70,000,000  
Rondo Revolving Credit Facility | Letter of Credit                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity   90,000,000           $ 60,000,000  
Rondo Revolving Credit Facility | Line of Credit | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Debt issuance costs, gross   $ 1,700,000              
v3.25.3
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Nonrelated Party    
Other Liabilities [Line Items]    
Other long-term liabilities $ 32,626 $ 26,949
Uncertain tax positions    
Other Liabilities [Line Items]    
Other long-term liabilities 216 1,252
Long-term compensation    
Other Liabilities [Line Items]    
Other long-term liabilities 18,353 17,125
Other long-term liabilities    
Other Liabilities [Line Items]    
Other long-term liabilities $ 14,057 $ 8,572
v3.25.3
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Fair Value $ 5,168 $ 35,921
Quoted Prices in Active Markets (Level 1)    
Assets    
Fair Value 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Fair Value 5,168 35,921
Significant Unobservable Inputs (Level 3)    
Assets    
Fair Value $ 0 $ 0
v3.25.3
Fair Value Measurements - Summary of the Company’s Indebtedness at Fair Value (Details) - Level 2 - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Term Loan Due 2032 | Term Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 2,107,875 $ 0
Senior Notes Due 2032 | Senior Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value 621,750 0
Term Loan Due 2025 | Term Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value 0 192,579
Term Loan Due 2028 | Term Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 0 $ 2,364,508
v3.25.3
Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 28, 2025
Sep. 30, 2025
Sep. 30, 2025
November 2023 Swap      
Derivative [Line Items]      
Cash received $ 7.7    
Derivative, notional amount percent of terminated 50.00%    
August 2025 Swap      
Derivative [Line Items]      
Derivative asset $ 7.7    
Notional amount $ 650.0    
Derivative, fixed interest rate 3.1636%    
Derivative, floor interest rate 0.50%    
Derivative gain (loss) reclassified from accumulated oci into income (loss)   $ 4.2 $ (1.7)
Net losses recorded in accumulated other comprehensive loss   $ 18.4 18.4
Unrealized gain (loss) on cash flow hedge, net of tax | August 2025 Swap      
Derivative [Line Items]      
Cash flow hedge loss to be reclassified within 12 months     $ (11.7)
v3.25.3
Financial Instruments - Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair Value $ 5,168 $ 35,921
Variable to Fixed Interest Rate Swap | Designated as Hedging Instrument | Other Assets    
Derivative [Line Items]    
Fair Value $ 5,168 $ 35,921
v3.25.3
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 13, 2025
denied
May 07, 2025
USD ($)
Apr. 30, 2024
USD ($)
$ / twinPack
Feb. 28, 2024
Sep. 30, 2025
USD ($)
case
state
claim
Sep. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
case
state
claim
Sep. 30, 2024
USD ($)
Dec. 31, 2020
state
complaint
Dec. 31, 2019
state
complaint
Dec. 31, 2024
USD ($)
Dec. 31, 2023
state
May 15, 2023
Loss Contingencies [Line Items]                            
(Credit) charges related to legal matters, net         $ 0 $ (149)   $ (390) $ 94,909          
Liabilities for legal matters - long term         74,477     74,477       $ 85,479    
Escrow deposit         $ 24,200     $ 24,200            
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      
Connecticut, et al. v. Teva Pharmaceuticals USA, Inc., et al.                            
Loss Contingencies [Line Items]                            
Loss contingency, claims denied, number | denied 1                          
Loss contingency, pending claims | claim         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         $ 114,100   $ 115,600 $ 114,100       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     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                        
v3.25.3
Commitments and Contingencies - Schedule of Liabilities For Legal Matters (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 40,598 $ 31,755
Civil prescription opioid litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 39,613 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 $ 985 $ 2,084
v3.25.3
Stockholders’ (Deficiency) Equity - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance $ (112,533) $ (57,489) $ (109,512) $ 20,011
Other comprehensive loss before reclassification     (38,659) (21,815)
Reclassification of cash flow hedge to earnings, net of tax of $0     (1,714) (19,618)
Stockholders' equity ending balance (109,955) (93,567) (109,955) (93,567)
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 (97,431) (30,436) (65,510) (32,349)
Stockholders' equity ending balance (105,883) (73,782) (105,883) (73,782)
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 before reclassification     (15,648) (2,665)
Reclassification of cash flow hedge to earnings, net of tax of $0     0 0
Stockholders' equity ending balance (87,508) (68,737) (87,508) (68,737)
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 before reclassification     (23,011) (19,150)
Reclassification of cash flow hedge to earnings, net of tax of $0     (1,714) (19,618)
Stockholders' equity ending balance $ (18,375) $ (5,045) $ (18,375) $ (5,045)
v3.25.3
Related Party Transactions - Related Party Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 03, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Related Party            
Related Party Transaction [Line Items]            
Related party receivables - short term   $ 1,292   $ 1,292   $ 484
Accounts payable and accrued expenses   68,212   68,212   22,311
Other long-term liabilities   8,587   8,587   50,900
Kashiv Biosciences LLC | Related Party            
Related Party Transaction [Line Items]            
Related party receivables - short term   951   951   447
Accounts payable and accrued expenses   28,336   28,336   16,908
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement | Related Party            
Related Party Transaction [Line Items]            
Accounts payable and accrued expenses   1,390   1,390   1,205
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   337   337   1,151
Avtar Investments LLC - consulting services | Related Party            
Related Party Transaction [Line Items]            
Accounts payable and accrued expenses   40   40   60
Alkermes Plc | Related Party            
Related Party Transaction [Line Items]            
Related party receivables - short term   37   37   16
Accounts payable and accrued expenses   2   2   2
Land purchase from family members of the Co-Chief Executive Officers | Related Party            
Related Party Transaction [Line Items]            
Other long-term liabilities   482   482   0
Members - tax receivable agreement | Related Party            
Related Party Transaction [Line Items]            
Accounts payable and accrued expenses   37,093   37,093   2,985
Other long-term liabilities   8,105   8,105   50,900
AzaTech Pharma LLC | Related Party            
Related Party Transaction [Line Items]            
Related party receivables - short term   223   223   21
Apace Packaging, LLC - packaging agreement | Related Party            
Related Party Transaction [Line Items]            
Related party receivables - short term   81   81   $ 0
Research and Development - Development and Commercialization Agreement - Omaluzimab | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   22,500 $ 20,000 22,500 $ 20,000  
Inventory and cost of goods sold | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   3,602 2,783 9,218 6,425  
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   4,634 4,689 15,973 14,910  
Inventory and cost of goods sold | Kanan, LLC - operating lease            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   592 592 1,776 1,776  
Inventory and cost of goods sold | Sutaria Family Realty, LLC - operating lease            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   333 324 987 962  
Inventory and cost of goods sold | AzaTech Pharma LLC - supply agreement            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   185 3,771 2,512 9,016  
Inventory and cost of goods sold | Alkermes Plc            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   3 83 67 189  
Cost of goods sold | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   3,353 3,021 11,148 11,741  
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   0 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   0 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 75  
Research and development - 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  
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 (198) 0 (330)  
Other Income Net - Sale of Subsidiary- Gain on Sale | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 0 0 (3,760)  
Accounts payable and accrued expenses | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 0 (99) (422)  
Research and Development Storage Income | Kashiv Biosciences LLC            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   (71) (63) (189) (189)  
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   (502) (633) (502) (681)  
Research and development | Ellodi Pharmaceuticals, L.P.            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   338 0 6,046 0  
Research and development | Avtar Investments LLC - consulting services            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   60 66 180 195  
Selling, General and Administrative - Operating Lease | Tracy Properties LLC - operating lease            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   152 98 478 462  
Selling, General and Administrative - Operating Lease | AvPROP, LLC - operating lease            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   46 45 150 139  
Property, plant and equipment | R&S Solutions - equipment purchase            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   47 0 207 0  
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   0 0 11,289 0  
Interest expense, net | Sellers Notes - interest expense            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   0 266 0 9,986  
(Decrease) increase in tax receivable agreement liability | Members - tax receivable agreement            
Related Party Transaction [Line Items]            
Amounts of transaction with related party   $ (20,808) $ 11,327 $ (5,701) $ 26,719  
v3.25.3
Related Party Transactions - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Apr. 18, 2025
USD ($)
facility
familymember
Jan. 03, 2025
USD ($)
Dec. 31, 2022
product
candidate
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
May 01, 2025
candidate
Related Party Transaction [Line Items]                
Research and development       $ 63,352 $ 61,097 $ 151,356 $ 136,449  
Number of generic product candidates | candidate     4         2
Number of product candidates | product     1          
Kashiv Bio Sciences License and Commercialization Agreement                
Related Party Transaction [Line Items]                
Collaborative arrangement term           10 years    
Collaborative arrangement upfront payment           $ 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 $ 11,300              
Payment for acquisition of land 10,800              
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       300   6,000    
Estimate funding commitment       300   3,000    
Other liabilities       $ 1,014   $ 1,014    
License agreement   $ 48,500            
v3.25.3
Segment Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.3
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Net revenue $ 784,513 $ 702,468 $ 2,204,441 $ 2,063,439
Cost of goods sold 510,539 432,910 1,388,323 1,305,874
Gross profit 273,974 269,558 816,118 757,565
Selling, general and administrative 137,815 118,692 380,369 347,749
Research and development 63,352 61,097 151,356 136,449
Intellectual property legal development expenses 2,437 1,967 6,221 3,993
Restructuring and other charges 143 172 1,738 1,862
(Credit) charges related to legal matters, net 0 (149) (390) 94,909
Other operating income (117) (1,030) (5,239) (930)
Operating income (loss) 70,344 88,809 282,063 173,533
AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 198,532 159,485 533,987 492,559
Operating Segments | Affordable Medicines        
Segment Reporting Information [Line Items]        
Net revenue 460,741 427,345 1,308,874 1,245,967
Cost of goods sold 280,463 249,342 775,742 750,167
Gross profit 180,278 178,003 533,132 495,800
Selling, general and administrative 37,173 30,951 105,114 95,663
Research and development 55,124 57,099 128,003 123,173
Intellectual property legal development expenses 2,378 1,786 6,069 3,778
Restructuring and other charges 90 17 773 70
(Credit) charges related to legal matters, net   (149) (390) 94,909
Other operating income (117) 0 (5,239) 0
Operating income (loss) 85,630 88,299 298,802 178,207
Operating Segments | Specialty        
Segment Reporting Information [Line Items]        
Net revenue 125,240 115,638 361,580 324,913
Cost of goods sold 73,808 52,342 182,686 143,284
Gross profit 51,432 63,296 178,894 181,629
Selling, general and administrative 33,580 27,723 94,872 79,529
Research and development 8,228 3,998 23,353 13,276
Intellectual property legal development expenses 59 181 152 215
Restructuring and other charges 0 0 471 1,024
(Credit) charges related to legal matters, net   0 0 0
Other operating income 0 (1,030) 0 (930)
Operating income (loss) 9,565 32,424 60,046 88,515
Operating Segments | AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 198,532 159,485 533,987 492,559
Cost of goods sold 156,268 131,226 429,895 412,423
Gross profit 42,264 28,259 104,092 80,136
Selling, general and administrative 15,234 15,145 46,007 44,694
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
Other operating income 0 0 0 0
Operating income (loss) 27,030 13,114 58,085 35,442
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 51,828 44,873 134,376 127,863
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Restructuring and other charges 53 155 494 768
(Credit) charges related to legal matters, net   0 0 0
Other operating income 0 0 0 0
Operating income (loss) $ (51,881) $ (45,028) $ (134,870) $ (128,631)
v3.25.3
Segment Information - Schedule of Selling, General and Administrative Expenses on a Departmental Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Total $ 137,815 $ 118,692 $ 380,369 $ 347,749
Selling, General and Administrative Expenses | Specialty        
Segment Reporting Information [Line Items]        
Employee compensation and benefits 10,972 8,163 32,635 26,055
Product marketing 11,273 12,129 29,168 32,272
Commercial operations and salesforce 9,769 6,467 29,347 17,494
Other 1,566 964 3,722 3,708
Total $ 33,580 $ 27,723 $ 94,872 $ 79,529
v3.25.3
Segment Information - Schedule of Research and Development Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Total $ 63,352 $ 61,097 $ 151,356 $ 136,449
Research and Development Expense | Affordable Medicines        
Segment Reporting Information [Line Items]        
Employee compensation and benefits 13,905 11,182 42,139 35,258
Materials and supplies 6,230 8,873 22,865 24,856
Product development and studies 673 2,179 1,360 3,779
Milestones 22,500 23,850 29,100 28,475
Facilities costs 1,755 1,599 5,182 4,984
Regulatory fees 2,317 1,550 4,834 2,338
Other 7,744 7,866 22,523 23,483
Total 55,124 57,099 128,003 123,173
Research and Development Expense | Affordable Medicines | Orion Corporation        
Segment Reporting Information [Line Items]        
Product development and studies (1,300)   (3,800)  
Research and Development Expense | Specialty        
Segment Reporting Information [Line Items]        
Employee compensation and benefits 1,089 1,940 3,908 6,074
Materials and supplies 1,358 138 2,011 850
Product development and studies 2,823 (34) 7,513 481
Milestones 0 0 3,000 0
Facilities costs 409 1,596 1,894 4,341
Regulatory fees 0 0 0 0
Other 2,549 358 5,027 1,530
Total $ 8,228 $ 3,998 $ 23,353 $ 13,276
v3.25.3
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