AMNEAL PHARMACEUTICALS, INC., 10-Q filed on 5/7/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 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 $0.01 per share  
Trading Symbol AMRX  
Security Exchange Name NASDAQ  
Entity Current Reporting Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   313,419,599
Entity Central Index Key 0001723128  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net revenue $ 695,420 $ 659,191
Cost of goods sold 439,529 421,131
Gross profit 255,891 238,060
Selling, general and administrative 118,288 112,595
Research and development 40,040 39,298
Intellectual property legal development expenses 1,767 984
Restructuring and other charges 571 1,470
Charges related to legal matters, net 0 94,359
Other operating (income) expense (5,122) 100
Operating income (loss) 100,347 (10,746)
Other (expense) income:    
Interest expense, net (56,939) (65,703)
Foreign exchange gain (loss), net 4,247 (1,197)
Increase in tax receivable agreement liability (10,687) (1,948)
Other income, net 518 4,072
Total other expense, net (62,861) (64,776)
Income (loss) before income taxes 37,486 (75,522)
Provision for income taxes 12,868 6,156
Net income (loss) 24,618 (81,678)
Less: Net income attributable to non-controlling interests (12,423) (9,965)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 12,195 $ (91,643)
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:    
Basic (in dollars per share) $ 0.04 $ (0.30)
Diluted (in dollars per share) $ 0.04 $ (0.30)
Weighted-average common shares outstanding:    
Basic (in shares) 311,054 307,279
Diluted (in shares) 323,961 307,279
v3.25.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Other Comprehensive Income [Abstract]    
Net income (loss) $ 24,618 $ (81,678)
Less: Net income attributable to non-controlling interests (12,423) (9,965)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. 12,195 (91,643)
Other comprehensive (loss) income:    
Foreign currency translation adjustments arising during the period (1,632) (390)
Unrealized (loss) gain on cash flow hedge, net of tax of $0 (12,154) 15,543
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,444) (6,515)
Other comprehensive (loss) income attributable to Amneal Pharmaceuticals, Inc. (20,230) 8,638
Comprehensive loss attributable to Amneal Pharmaceuticals, Inc. $ (8,035) $ (83,005)
v3.25.1
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Unrealized loss on cash flow hedge, net of tax $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax $ 0 $ 0
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 59,187 $ 110,552
Restricted cash 6,583 7,868
Inventories 601,433 612,454
Prepaid expenses and other current assets 88,524 80,717
Total current assets 1,510,450 1,587,806
Property, plant and equipment, net 427,231 424,908
Goodwill 597,497 597,436
Intangible assets, net 689,136 732,377
Other assets 45,418 60,133
Total assets 3,365,249 3,501,445
Current liabilities:    
Current portion of liabilities for legal matters 43,503 31,755
Revolving credit facility 290,000 100,000
Current portion of long-term debt, net 31,790 224,213
Total current liabilities 1,075,824 1,129,771
Long-term debt, net 2,153,979 2,161,790
Liabilities for legal matters - long term 72,979 85,479
Total long-term liabilities 2,348,814 2,416,212
Commitments and contingencies (Notes 3, 16 and 18)
Redeemable non-controlling interests 72,611 64,974
Stockholders’ Deficiency    
Preferred stock, $0.01 par value, 2,000 shares authorized at both September 30, 2024 and December 31, 2023; none issued at both March 31, 2025 and December 31, 2024 0 0
Additional paid-in capital 545,806 560,206
Stockholders' accumulated deficit (594,867) (607,062)
Accumulated other comprehensive loss (85,740) (65,510)
Total Amneal Pharmaceuticals, Inc. stockholders’ deficiency (131,667) (109,267)
Non-controlling interests (333) (245)
Total stockholders' deficiency (132,000) (109,512)
Total liabilities and stockholders’ deficiency 3,365,249 3,501,445
Related Party    
Current assets:    
Trade accounts receivable, net 487 484
Operating lease right-of-use assets 10,447 10,964
Current liabilities:    
Accounts payable and accrued expenses 66,205 22,311
Current portion of operating lease liabilities 3,449 3,396
Operating lease liabilities 8,520 9,391
Other long-term liabilities 10,687 50,900
Nonrelated Party    
Current assets:    
Trade accounts receivable, net 754,236 775,731
Operating lease right-of-use assets 29,103 31,388
Financing lease right-of-use assets 55,967 56,433
Current liabilities:    
Accounts payable and accrued expenses 628,572 735,450
Current portion of operating lease liabilities 8,986 9,435
Current portion of financing lease liabilities 3,319 3,211
Operating lease liabilities 22,854 24,814
Financing lease liabilities 56,604 56,889
Other long-term liabilities 23,191 26,949
Common Class A    
Stockholders’ Deficiency    
Common stock 3,134 3,099
Common Class B    
Stockholders’ Deficiency    
Common stock $ 0 $ 0
v3.25.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 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) 313,385,000 309,881,000
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
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 24,618 $ (81,678)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 60,159 55,528
Unrealized foreign currency (gain) loss (3,596) 1,511
Amortization of debt issuance costs and discount 6,811 6,803
Reclassification of cash flow hedge (6,444) (6,515)
Intangible asset impairment charges 0 920
Stock-based compensation 7,258 6,722
Inventory provision 23,669 22,923
Other operating charges and credits, net 1,313 1,350
Changes in assets and liabilities:    
Trade accounts receivable, net 21,148 (55,173)
Inventories (13,263) (12,200)
Prepaid expenses, other current assets and other assets (513) (11,708)
Related party receivables (2) (562)
Accounts payable, accrued expenses and other liabilities (112,626) 62,174
Related party payables (1,124) 5,495
Net cash provided by (used in) operating activities 7,408 (4,410)
Cash flows from investing activities:    
Purchases of property, plant and equipment (13,162) (9,198)
Acquisition of intangible assets (4,200) (9,700)
Deposits for future acquisition of property, plant and equipment (960) (862)
Proceeds from sale of property, plant and equipment 524 0
Net cash used in investing activities (17,798) (19,760)
Cash flows from financing activities:    
Payments of principal on debt, revolving credit facilities, financing leases and other (235,528) (63,377)
Borrowings on revolving credit facilities 218,000 48,000
Proceeds from exercise of stock options 69 28
Employee payroll tax withholding on restricted stock unit and performance stock unit vesting (21,639) (7,212)
Tax distributions to non-controlling interests (68) (594)
Net cash used in financing activities (39,166) (23,155)
Effect of foreign exchange rate on cash (470) (165)
Net decrease in cash, cash equivalents, and restricted cash (50,026) (47,490)
Cash, cash equivalents, and restricted cash - beginning of period 118,420 99,107
Cash, cash equivalents, and restricted cash - end of period 68,394 51,617
Cash and cash equivalents - end of period 59,187 46,520
Restricted cash - end of period 6,583 5,097
Long-term restricted cash included in other assets - end of period 2,624 0
Cash, cash equivalents, and restricted cash - end of period 68,394 51,617
Supplemental disclosure of cash flow information:    
Cash paid for interest 56,323 64,514
Cash paid, net for income taxes 3,613 4,567
Supplemental disclosure of non-cash investing and financing activity:    
Tax distributions to non-controlling interests 4,806 3,777
Payable for acquisition of intangible assets $ 1,700 $ 0
v3.25.1
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 (loss) income (91,778)     (91,643)   (135)
Foreign currency translation adjustments (390)       (390)  
Stock-based compensation 6,722   6,722      
Exercise of stock options (in shares)   10        
Exercise of stock options 28   28      
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   2,048        
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (7,250) $ 20 (7,270)      
Unrealized loss on cash flow hedge, net of tax 15,543       15,543  
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,515)       (6,515)  
Shares ending balance (in shares) at Mar. 31, 2024   308,623        
Stockholders' equity ending balance at Mar. 31, 2024 (63,629) $ 3,086 538,720 (581,819) (23,711) 95
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2023 41,293          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net (loss) income 10,100          
Tax distributions, net (4,371)          
Redeemable Non-Controlling Interests, ending balance at Mar. 31, 2024 47,022          
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 (loss) income 12,107     12,195   (88)
Foreign currency translation adjustments (1,632)       (1,632)  
Stock-based compensation 7,258   7,258      
Exercise of stock options (in shares)   25        
Exercise of stock options 69   69      
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   3,479        
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (21,692) $ 35 (21,727)      
Unrealized loss on cash flow hedge, net of tax (12,154)       (12,154)  
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,444)       (6,444)  
Shares ending balance (in shares) at Mar. 31, 2025   313,385        
Stockholders' equity ending balance at Mar. 31, 2025 (132,000) $ 3,134 $ 545,806 $ (594,867) $ (85,740) $ (333)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2024 64,974          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net (loss) income 12,511          
Tax distributions, net (4,874)          
Redeemable Non-Controlling Interests, ending balance at Mar. 31, 2025 $ 72,611          
v3.25.1
Consolidated Statements of Changes in Stockholders’ (Deficiency) Equity (Parenthetical)
 3 Months Ended
Mar. 31, 2025
USD ($)
Statement of Stockholders' Equity [Abstract]  
Unrealized loss on cash flow hedge, net of tax $ 0
Reclassification of cash flow hedge to earnings, net of tax $ 0
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The interim unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission and U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements include all adjustments that in the opinion of management are necessary for a fair presentation of the financial position, results of operations, and cash flows of Amneal Pharmaceuticals, Inc. (the “Company”) for the periods presented. However, these financial statements do not include all information and accompanying notes required for annual financial statements prepared in accordance with U.S. GAAP. The interim unaudited consolidated financial statements should be read in conjunction with the audited annual financial statements included in the Company’s 2024 Annual Report on Form 10-K.
Use of Estimates
The preparation of financial statements requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, contingent liabilities, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.
Reclassification
The prior period balance of $0.1 million, formerly included in the caption “change in fair value of contingent consideration” for the three months ended March 31, 2024 has been reclassified to the caption “other operating income (expense)” in the consolidated statements of operations to conform to the current period presentation. This reclassification did not impact operating income (loss) or net income (loss).
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and usefulness of income tax disclosures. ASU 2023-09 requires that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense captions on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
v3.25.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
License Agreements
Refer to Note 5. Alliance and Collaboration in the Company’s 2024 Annual Report on Form 10-K for further information related to revenue recognition associated with license agreements.
Concentration of Revenue
The following table summarizes revenues from each of the Company’s customers which individually accounted for 10% or more of its total net revenue:
Three Months Ended March 31,
20252024
Customer A24 %21 %
Customer B15 %15 %
Customer C21 %23 %
Customer D9 %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 months ended March 31, 2025 and 2024, are set forth below (in thousands):
Three Months Ended March 31,
20252024
Affordable Medicines
Oral solid$178,953 $169,313 
Auto-Injector
48,160 42,618 
Transdermal43,063 40,525 
Injectable34,788 35,222 
Biosimilar28,540 26,692 
Oral liquid23,548 31,929 
Other dosage forms (1)
56,422 43,274 
Subtotal dosage forms
413,474 389,573 
International1,234 1,721 
Total Affordable Medicines Revenue414,708 391,294 
Specialty
Hormonal / allergy34,199 29,375 
Central nervous system67,610 66,276 
Other therapeutic classes6,488 5,104 
Subtotal therapeutic classes
108,297 100,755 
License agreement (2)
— 4,479 
Total Specialty net revenue108,297 105,234 
AvKARE
Distribution104,895 109,713 
Government label50,140 34,952 
Institutional11,009 10,858 
Other6,371 7,140 
Total AvKARE net revenue172,415 162,663 
Total net revenue$695,420 $659,191 
(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.
A rollforward of the major categories of sales-related deductions for the three months ended March 31, 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 period947,394 31,957 20,822 65,370 
Credits/payments issued during the period(951,607)(28,158)(15,836)(85,105)
Balance at March 31, 2025$494,324 $29,767 $165,476 $115,753 
v3.25.1
Alliance and Collaboration
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, 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.
As of and for the three months ended March 31, 2025, there were no material changes to our alliance and collaboration agreements as described in Note 5. Alliance and Collaboration in our 2024 Annual Report on Form 10-K.
The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
PartnerCaption in Statement of Operations20252024
Orion Corporation
Research and development (1)
$(1,612)$(611)
Zambon Biotech S.A.
Net revenue (2)
$— $3,479 
Knight Therapeutics International S.A.
Net revenue (3)
$— $1,000 
mAbxience S.L.
Research and development (4)
$— $3,000 
(1)The Company recognizes reductions to R&D for services performed.
(2)Delivery of a functional license (out-licensing revenue).
(3)Non-refundable license fee.
(4)Clinical milestone payment.
The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of March 31, 2025 and December 31, 2024 (in thousands):
Party
Caption in Balance Sheet
March 31, 2025December 31, 2024
Orion Corporation
Accounts payable and accrued expenses (1)
$5,281 $5,008 
Orion Corporation
Other long-term liabilities (1)
$2,033 $3,453 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
Metsera, Inc.
Prepaid expenses and other current assets (2)
$— $335 
(1)Comprised of deferred income as of March 31, 2025 and December 31, 2024.
(2)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2024.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
Set forth in the following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended March 31,
20252024
Provision for income taxes$12,868 $6,156 
Effective tax rate34.3 %(8.2)%
For the three months ended March 31, 2025, the period-over-period change in the provision for income taxes was primarily related to differences in jurisdictional mix of income, the utilization of net operating losses in the prior period and discrete items related to share-based compensation in the current period.
Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands)
Three Months Ended March 31,
20252024
Increase in tax receivable agreement liability$10,687 $1,948 
March 31, 2025December 31, 2024
Tax receivable agreement liability- short term$50,900 $2,985 
Tax receivable agreement liability- long term10,687 50,900 
Total$61,587 $53,885 
Refer to Note 6. Income Taxes in the Company’s 2024 Annual Report on Form 10-K for information about the Company’s TRA. During the three months ended March 31, 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 $123.1 million as of March 31, 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.
v3.25.1
Earnings (Loss) per Share
 3 Months Ended
Mar. 31, 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
March 31,
20252024
Numerator:
Net income (loss) attributable to Amneal Pharmaceuticals, Inc.
$12,195 $(91,643)
Denominator:
Weighted-average shares outstanding - basic
311,054 307,279 
Effect of dilutive securities:
Stock options1,097 — 
Restricted stock units
5,624 — 
Performance stock units6,186 — 
Weighted-average shares outstanding - diluted
323,961 307,279 
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$0.04 $(0.30)
Diluted
$0.04 $(0.30)
The following table presents potentially dilutive securities excluded from the computations of diluted earnings (loss) per share of Class A common stock (in thousands):
Three Months Ended
March 31,
20252024
Stock options347 
(1)
2,406 
(3)
Restricted stock units— 10,837 
(3)
Performance stock units1,961 
(2)
7,827 
(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 for the three months ended March 31, 2025.
(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.
v3.25.1
Trade Accounts Receivable, Net
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Trade Accounts Receivable, Net Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
March 31,
2025		December 31,
2024
Gross accounts receivable$1,282,214 $1,303,788 
Allowance for credit losses(3,887)(3,552)
Contract charge-backs and sales volume allowances(494,324)(498,537)
Cash discount allowances(29,767)(25,968)
Subtotal(527,978)(528,057)
Trade accounts receivable, net$754,236 $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:
March 31,
2025		December 31,
2024
Customer A36 %37 %
Customer B20 %21 %
Customer C29 %29 %
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following (in thousands):
March 31,
2025		December 31,
2024
Raw materials
$207,575 $207,697 
Work in process
58,645 52,835 
Finished goods
335,213 351,922 
Total inventories$601,433 $612,454 
v3.25.1
Prepaid Expenses and Other Current Assets
 3 Months Ended
Mar. 31, 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):
March 31,
2025		December 31,
2024
Deposits and advances$2,438 $1,868 
Prepaid insurance5,203 8,264 
Prepaid regulatory fees4,640 6,958 
Income and other tax receivables19,726 16,829 
Prepaid taxes3,227 7,516 
Other current receivables
20,509 9,142 
Chargebacks receivable
5,336 6,378 
Other prepaid assets27,445 23,762 
Total prepaid expenses and other current assets$88,524 $80,717 
v3.25.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 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 translation61 — — 61 
Balance as of March 31, 2025$161,720 $366,312 $69,465 $597,497 
Intangible assets as of March 31, 2025 and December 31, 2024 were comprised of the following (in thousands):
March 31, 2025December 31, 2024
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.8$1,558,670 $(899,407)$659,263 $1,550,469 $(856,914)$693,555 
Other intangible assets2.483,200 (61,427)21,773 83,200 (58,678)24,522 
Subtotal1,641,870 (960,834)681,036 1,633,669 (915,592)718,077 
In-process research and development8,100 — 8,100 14,300 — 14,300 
Total intangible assets$1,649,970 $(960,834)$689,136 $1,647,969 $(915,592)$732,377 
Amortization expense related to intangible assets for the three months ended March 31, 2025 and 2024 was $45.2 million and $39.9 million, respectively.
The Company reviews intangible assets with finite lives for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Indefinite-lived intangible assets, including in-process research and development intangible assets, are tested for impairment if impairment indicators arise and, at a minimum, annually. Intangible asset impairments were immaterial for the three months ended March 31, 2024 (none for the three months ended March 31, 2025).
v3.25.1
Other Assets
 3 Months Ended
Mar. 31, 2025
Other Assets [Abstract]  
Other Assets Other Assets
Other assets were comprised of the following (in thousands):
March 31, 2025December 31, 2024
Interest rate swap (1)
$23,767 $35,921 
Security deposits 3,795 3,752 
Long-term prepaid expenses10,957 12,362 
Deferred revolving credit facility costs2,451 2,820 
Long-term restricted cash
2,624 — 
Other long term assets1,824 5,278 
Total other assets
$45,418 $60,133 
(1)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.25.1
Accounts Payable and Accrued Expenses
 3 Months Ended
Mar. 31, 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):
March 31, 2025December 31, 2024
Accounts payable$192,532 $258,691 
Accrued returns allowance (1)
165,476 160,490 
Accrued compensation41,598 72,959 
Accrued Medicaid and commercial rebates (1)
115,753 135,488 
Accrued royalties24,506 23,687 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees18,410 17,339 
Accrued other60,071 56,570 
Total accounts payable and accrued expenses$628,572 $735,450 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2024 to March 31, 2025.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
There have been no material changes in the Company’s long-term debt since December 31, 2024, except as disclosed below. Refer to Note 15. Debt in the Company’s 2024 Annual Report on Form 10-K for additional information and definitions of terms used in this note.
Term Loans
The following is a summary of the Company’s indebtedness under its term loans (in thousands):
March 31, 2025December 31, 2024
Term Loan Due 2025$— $191,979 
Term Loan Due 20282,278,158 2,292,856 
Total debt2,278,158 2,484,835 
Less: debt issuance costs(92,389)(98,832)
Total debt, net of debt issuance costs2,185,769 2,386,003 
Less: current portion of long-term debt(31,790)(224,213)
Total long-term debt, net$2,153,979 $2,161,790 
In January 2025, the Company paid the entire remaining principal balance of $192.0 million then outstanding on its Term Loan Due 2025, plus accrued interest thereon of $0.7 million, with $190.0 million of new borrowings under the Amended New Revolving Credit Facility and cash on hand. As of March 31, 2025 and December 31, 2024, $290.0 million and $100.0 million, respectively, was outstanding on the Amended New Revolving Credit Facility.
v3.25.1
Other Long-Term Liabilities
 3 Months Ended
Mar. 31, 2025
Other Liabilities Disclosure [Abstract]  
Other Long-Term Liabilities Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

March 31, 2025December 31, 2024
Uncertain tax positions$549 $1,252 
Long-term compensation15,535 17,125 
Other long-term liabilities7,107 8,572 
Total other long-term liabilities$23,191 $26,949 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 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 March 31, 2025 and December 31, 2024 (in thousands):
Fair Value Measurement Based on
March 31, 2025TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$23,767 $— $23,767 $— 
December 31, 2024
Assets
Interest rate swap (1)
$35,921 $— $35,921 $— 
(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial information and certain assumptions regarding past, present, and future market conditions. Refer to Note 15. Financial Instruments for information on the Company’s interest rate swap.
There were no transfers between levels in the fair value hierarchy during the three months ended March 31, 2025.
Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
The carrying amounts of cash, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments.
The following is a summary of the Company’s indebtedness at fair value (in thousands):
March 31, 2025December 31, 2024
Term Loan Due 2025$— $192,579 
Term Loan Due 2028$2,320,873 $2,364,508 
The Term Loan Due 2025 and Term Loan Due 2028 are each in the Level 2 category within the fair value level hierarchy. The fair values were determined using market data for valuation.
Refer to Note 15. Debt in the Company’s 2024 Annual Report on Form 10-K for detailed information about its indebtedness, including definitions of terms.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
There were no non-recurring fair value measurements during the three months ended March 31, 2025 and 2024.
v3.25.1
Financial Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
The Company uses an interest rate swap to manage its exposure to market risks for changes in interest rates. During the three months ended March 31, 2025, the Company reclassified a net gain of $6.4 million from accumulated other comprehensive loss to a reduction of interest expense, net. Approximately $15.0 million of net losses included in accumulated other comprehensive loss as of March 31, 2025 are expected to be reclassified into earnings within the next 12 months as interest payments are made on the Company’s Term Loan Due 2028 and amortization of the amounts included in accumulated other comprehensive loss occurs.
As of March 31, 2025, the total loss, net of income taxes, related to the Company’s cash flow hedge of $12.2 million, was recognized in accumulated other comprehensive loss. Refer to Note 17. Stockholders’ Deficiency in this Quarterly Report on Form 10-Q and Note 19. Financial Instruments in our Annual Report on Form 10-K for additional information.
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
March 31, 2025December 31, 2024
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$23,767 Other Assets$35,921 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 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 three months ended March 31, 2024, charges related to legal matters, net of $94.4 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).
Liabilities for legal matters were comprised of the following (in thousands):
MatterMarch 31, 2025December 31, 2024
Civil prescription opioid litigation$41,903 $29,671 
Other
1,600 2,084 
Current portion of liabilities for legal matters$43,503 $31,755 
Civil prescription opioid litigation (Liabilities for legal matters - long term)$72,979 $85,479 
Refer to the respective discussions below for information about the significant matters summarized above.
Refer to Note 20. Commitments and Contingencies in our Annual Report on Form 10-K for a general discussion of Medicaid Reimbursement and Price Reporting Matters and Patent Litigation.
Other Litigation Related to the Company’s Business
United States Department of Justice Investigations

On May 15, 2023, Amneal Pharmaceuticals, LLC (“Amneal”) received a Civil Investigative Demand (“CID”) from the Civil Division of the United States Department of Justice (the “Civil Division”) requesting information and documents related to the manufacturing and shipping of diclofenac sodium 1% gel labeled as “prescription only” after the reference listed drug’s label was converted to over-the-counter. In October 2024, the Company received supplemental CIDs seeking additional information related to the same subject matter. The Company is continuing to cooperate with the Civil Division’s investigation. However, no assurance can be given as to the timing or outcome of the investigation.
In Re Generic Pharmaceuticals Pricing Antitrust Litigation
Beginning in March 2016, various purchasers of generic drugs filed multiple putative antitrust class action complaints against a substantial number of generic pharmaceutical manufacturers, including the Company and Impax Laboratories, Inc. (“Impax”), alleging an illegal conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers. They seek unspecified monetary damages and equitable relief, including disgorgement and restitution. The lawsuits were consolidated in the United States District Court for the Eastern District of Pennsylvania (See In re Generic Pharmaceuticals Pricing Antitrust Litigation, No. 2724 (E.D. Pa.)) (“MDL No. 2724”).
In 2019 and 2020, Attorneys General of 43 States and the Commonwealth of Puerto Rico named the Company in two complaints alleging a similar conspiracy and seeking similar damages. These cases are pending in the District of Connecticut. See Connecticut, et al. v. Teva Pharmaceuticals USA, Inc., et al., 3:19-cv-00710-MPS and Connecticut, et al. v. Sandoz, Inc. et al., 3:20-cv-00802-MPS.
Fact discovery is underway in MDL No. 2724 and in the State Attorneys General cases naming the Company as a defendant. Expert discovery is complete in Connecticut, et al. v. Sandoz, Inc. et al., 3:20-cv-00802-MPS. In Connecticut, et al. v. Sandoz, Inc. et al., 3:20-cv-00802-MSP, defendants’ joint motions for summary judgement were fully briefed on April 7, 2025, and defendant-specific motions for summary judgement are due in July 2025. In Connecticut, et al. v. Teva Pharmaceuticals USA, Inc., et al., 3:19-cv-00710-MPS, defendants jointly moved to dismiss the complaint and Amneal individually moved to dismiss the states’ Ranitidine, Bethanechol, and overarching conspiracy claims. These motions were fully briefed on February 14, 2025.
In MDL No. 2724, defendants including the Company and Impax jointly moved to dismiss certain complaints in December 2024. Amneal individually moved to dismiss plaintiffs’ Bethanechol Chloride claims in American Airlines, Inc., et al v. Actavis Holdco U.S., Inc., et al, 2:24-cv-01430. These motions were fully briefed on February 20, 2025. The MDL Court ordered that trials for the first multi-district litigation (“MDL”) cases chosen for bellwether treatment, none of which name the Company or Impax as defendants, will begin August 8, 2025. The MDL Court has identified the second round of MDL cases chosen for bellwether treatment, one of which names Impax as a defendant. No scheduling orders have been set.
Civil Prescription Opioid Litigation
The Company is named in over 900 state and federal cases relating to the sale of prescription opioid pain relievers. Plaintiffs are political subdivisions, schools, hospitals, Native American tribes, pension funds, third-party payors, and individuals. Nearly all federal court cases are consolidated for pre-trial proceedings in Case No. 17-mdl-2804, USDC N.D. OH. The Company also is named in state court cases pending in six 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.
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 March 31, 2025 was $114.9 million, of which $73.0 million was classified as long-term. While this liability has been deemed reasonable by the Company’s management, it could significantly change as the definitive settlement agreement is finalized. As of December 31, 2024, the Company had a liability of $115.2 million related to its prescription opioid litigation, of which $85.5 million was classified as long-term. For the remaining cases not covered by the settlement in principle, primarily brought by other hospitals, schools and individuals, the Company has not recorded a liability as of March 31, 2025 or December 31, 2024, because it concluded that a loss was not probable and estimable.
United States Department of Justice / Drug Enforcement Administration Subpoenas

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

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

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

Ranitidine Litigation

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

The Company has also been named in state court cases in four states. The Company has filed motions to dismiss those cases. On August 17, 2023, the judge in the consolidated Illinois state court cases granted a motion to dismiss all such cases in which the Company had been named, holding all claims preempted. On December 10, 2024, plaintiffs filed a motion in the Illinois state court cases seeking entry of partial final judgment as to the Company and other generic drug manufacturer defendants to allow plaintiffs to appeal the dismissals of those defendants. The Company has reached an agreement in principle, which is not material, to settle the 95 cases pending against it in California state court. Currently, there is a September 15, 2025 trial date in the one case pending in New Mexico brought by the Attorney General, but the court indicated that date will be continued. There are no other trial dates involving the Company in any of the state court cases.
Metformin Litigation

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

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

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

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

Indian Tax Authority Matters

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

Guaifenesin Litigation

On September 5, 2024, Amneal was named as a defendant along with CVS Pharmacy, Inc. (“CVS”) in a putative consumer class action lawsuit in the United States District Court for the Northern District of California alleging that generic guaifenesin products manufactured by Amneal contain benzene through the use of carbomer, an inactive ingredient. See Leonard v. CVS Pharmacy, Inc., No. 5:24-cv-06280 (N.D. Cal.). The complaint purports to plead, on behalf of a nationwide class and California subclass, the following counts: breach of warranty; unjust enrichment; fraud; and violation of California’s Unfair Competition Law. The complaint seeks damages, including punitive damages, restitution, other equitable monetary relief, injunctive relief, prejudgment interest and attorneys’ fees and costs. On December 30, 2024, the Company and CVS jointly filed a motion to dismiss. On January 21, 2025, in lieu of filing a response to defendants’ motion to dismiss, plaintiff filed an amended complaint. Defendants’ motion to dismiss the amended complaint was filed on February 20, 2025, plaintiff filed her response to the motion to dismiss on March 24, 2025, and defendants filed their reply on April 14, 2025. That motion is fully briefed, and a hearing on the motion is scheduled for June 12, 2025.

Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 3:25-cv-00181-GC-TJB

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

In response to this notice letter, on January 7, 2025, the Company and Impax filed a patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, alleging infringement of U.S. Patent Nos. 10,098,845, 10,292,935, 10,688,058, 10,973,769, 10,987,313, 11,357,733, 11,622,941, 11,666,538, 11,986,449, 12,064,521, 12,109,185, and 12,128,141. On April 1, 2025, the Company and Impax filed a First Amended Complaint in response to a second notice from Sandoz, adding claims for infringement relating to U.S. Patents Nos. 12,178,918, 12,178,919, and 12,194,150. On April 14, 2025, Sandoz filed an Answer, Affirmative Defense, and Counterclaims for non-infringement and invalidity of the asserted patents. 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.
v3.25.1
Stockholders’ Deficiency
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders’ Deficiency Stockholders’ Deficiency
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(1,632)(12,154)(13,786)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (6,444)(6,444)
Balance March 31, 2025$(73,492)$(12,248)$(85,740)
Balance December 31, 2023$(66,072)$33,723 $(32,349)
Other comprehensive (loss) income before reclassification
(390)15,543 15,153 
Reclassification of cash flow hedge to earnings, net of tax of $0
— (6,515)(6,515)
Balance March 31, 2024$(66,462)$42,751 $(23,711)
v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 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 months ended March 31, 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 March 31,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations20252024
Kashiv Biosciences LLC
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$4,323 $1,216 
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$4,231 $4,526 
Parking space leaseResearch and development$25 $25 
Storage agreementResearch and development$(47)$(77)
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses $(182)$(422)
Development and commercialization agreement - long-acting injectableResearch and development$— $500 
Generic development supply agreement - research and development materialResearch and development$— $(48)
Other Related Parties
Members - tax receivable agreement (TRA liability)Increase in tax receivable agreement liability$10,687 $1,948 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$5,135 $5,001 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$4,270 $— 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$2,317 $2,312 
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $592 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$324 $314 
Tracy Properties LLC - operating leaseSelling, general and administrative$177 $143 
R&S Solutions LLC
Property, plant and equipment, net
$160 $— 
Alkermes PlcInventory and cost of goods sold$92 $12 
Avtar Investments, LLC - consulting servicesResearch and development$60 $69 
AvPROP, LLC - operating leaseSelling, general and administrative$53 $44 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
March 31, 2025December 31, 2024
Kashiv - various agreements$446 $447 
AzaTech Pharma LLC - supply agreement25 21 
Alkermes16 16 
Related party receivables - short term $487 $484 
Members - tax receivable agreement$50,900 $2,985 
Kashiv - various agreements5,996 16,908 
Rondo Class B unit holders - tax distributions4,806 — 
Apace Packaging, LLC - packaging agreement1,819 1,205 
AzaTech Pharma LLC - supply agreement1,535 1,151 
Ellodi Pharmaceuticals, L.P.1,107 — 
Avtar Investments LLC - consulting services40 60 
Alkermes Plc2 2 
Related party payables - short term $66,205 $22,311 
Members - tax receivable agreement$10,687 $50,900 
Related party payables - long term $10,687 $50,900 
Equipment Purchases
The Company purchased $0.2 million of equipment from R&S Solutions LLC during the three months ended March 31, 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 months ended March 31, 2025, the Company recorded research and development expense of $4.3 million related to these agreements, including a $1.3 million estimate for funding the research and development commitment. As of March 31, 2025, the Company has a remaining liability of $1.1 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.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Affordable Medicines (formerly known as Generics), Specialty, and AvKARE. During the fourth quarter of 2024, the Company changed the name of its Generics segment to “Affordable Medicines” to reflect the full product offering of the segment. The name change did not result in any change to the composition of the Company’s reportable segments and, therefore, did not result in any change to its historical results.
Chief Operating Decision Makers
The Company’s Co-Chief Executive Officers are the Company’s chief operating decision makers (“CODMs”). The CODMs evaluate the financial performance of the Company based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, since they are excluded from the measure of segment profitability reviewed by the Company’s CODMs. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements,
and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s CODMs.
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):

Three Months Ended March 31, 2025
Affordable Medicines (1)
Specialty
AvKARE
Corporate
and Other
Total
Company
Net revenue$414,708 $108,297 $172,415 $— $695,420 
Cost of goods sold242,633 53,083 143,813 — 439,529 
Gross profit172,075 55,214 28,602 — 255,891 
Selling, general and administrative33,715 30,978 
A
15,694 37,901 118,288 
Research and development30,980 
B
9,060 
B
— — 40,040 
Intellectual property legal development expenses1,713 54 — — 1,767 
Restructuring and other charges— 130 — 441 571 
Other operating income(5,122)— — — (5,122)
Operating income (loss)
$110,789 $14,992 $12,908 $(38,342)$100,347 
Three Months Ended March 31, 2024
Affordable Medicines (1)
Specialty
AvKARE
Corporate
and Other		Total
Company
Net revenue$391,294 $105,234 $162,663 $— $659,191 
Cost of goods sold239,922 44,800 136,409 — 421,131 
Gross profit151,372 60,434 26,254 — 238,060 
Selling, general and administrative33,085 25,196 
A
14,907 39,407 112,595 
Research and development34,371 
B
4,927 
B
— — 39,298 
Intellectual property legal development expenses960 24 — — 984 
Restructuring and other charges— 946 — 524 1,470 
Charges related to legal matters, net94,359 — — — 94,359 
Other operating expense— 100 — — 100 
Operating (loss) income
$(11,403)$29,241 $11,347 $(39,931)$(10,746)
(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 March 31,
20252024
Employee compensation and benefits$10,872 $8,837 
Product marketing8,011 8,528 
Commercial operations and salesforce10,791 6,265 
Other (1)
1,304 1,566 
Total$30,978 $25,196 
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B.Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
Three Months Ended March 31,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$13,541 $1,540 $11,589 $2,085 
Materials and supplies8,527 203 9,958 431 
Product development and studies (1)
(69)2,319 965 433 
Milestones250 3,000 3,500 — 
Facilities costs1,634 750 1,692 1,247 
Other (2)
7,097 1,248 6,667 731 
Total$30,980 $9,060 $34,371 $4,927 
(1)For the three months ended March 31, 2025, Affordable Medicines included a $1.6 million reduction to product development and studies expense for services performed under the license agreement with Orion Corporation. Refer to Note 3. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes repairs and maintenance, outside testing, professional fees and other expenses not presented to the CODMs.
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Rondo Revolving Credit Facility
On April 9, 2025, the Company executed an amendment to the Amended Rondo Revolving Credit Facility (as defined in Note 15. Debt in our 2024 Annual Report on Form 10-K) to increase (i) the borrowing capacity from $70.0 million to $125.0 million and (ii) the letter of credit commitment from $60.0 million to $90.0 million, and to extend the maturity to April 9, 2030.
Leases
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 for a manufacturing facility in 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.
Acquisition of Land From Related Parties
During the second quarter of 2025, the Company executed an agreement to acquire parcels of land in India from two family members of the Company’s Co-Chief Executive Officers. The Company plans to utilize this land to construct two new greenfield peptide manufacturing facilities. The total purchase price for this acquisition was $11.4 million, of which
$10.9 million was paid to the sellers. The remaining payment of $0.5 million will be deferred until three years following the acquisition date as partial security for the sellers’ indemnity obligations. It is anticipated that the facilities will be used to manufacture products for the Company, as well as support the Company’s collaboration agreement with Metsera, Inc. For additional information related to the Company’s agreement with Metsera, Inc., refer to Note 3. Alliance and Collaboration in this Quarterly Report on Form 10-Q and Note 5. Alliance and Collaboration in the Company’s 2024 Annual Report on Form 10-K.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 12,195 $ (91,643)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The interim unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission and U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements include all adjustments that in the opinion of management are necessary for a fair presentation of the financial position, results of operations, and cash flows of Amneal Pharmaceuticals, Inc. (the “Company”) for the periods presented. However, these financial statements do not include all information and accompanying notes required for annual financial statements prepared in accordance with U.S. GAAP. The interim unaudited consolidated financial statements should be read in conjunction with the audited annual financial statements included in the Company’s 2024 Annual Report on Form 10-K.
Use of Estimates
Use of Estimates
The preparation of financial statements requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, contingent liabilities, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates
Reclassification
Reclassification
The prior period balance of $0.1 million, formerly included in the caption “change in fair value of contingent consideration” for the three months ended March 31, 2024 has been reclassified to the caption “other operating income (expense)” in the consolidated statements of operations to conform to the current period presentation. This reclassification did not impact operating income (loss) or net income (loss).
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and usefulness of income tax disclosures. ASU 2023-09 requires that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense captions on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Revenue
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
v3.25.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments
The following table summarizes revenues from each of the Company’s customers which individually accounted for 10% or more of its total net revenue:
Three Months Ended March 31,
20252024
Customer A24 %21 %
Customer B15 %15 %
Customer C21 %23 %
Customer D9 %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 months ended March 31, 2025 and 2024, are set forth below (in thousands):
Three Months Ended March 31,
20252024
Affordable Medicines
Oral solid$178,953 $169,313 
Auto-Injector
48,160 42,618 
Transdermal43,063 40,525 
Injectable34,788 35,222 
Biosimilar28,540 26,692 
Oral liquid23,548 31,929 
Other dosage forms (1)
56,422 43,274 
Subtotal dosage forms
413,474 389,573 
International1,234 1,721 
Total Affordable Medicines Revenue414,708 391,294 
Specialty
Hormonal / allergy34,199 29,375 
Central nervous system67,610 66,276 
Other therapeutic classes6,488 5,104 
Subtotal therapeutic classes
108,297 100,755 
License agreement (2)
— 4,479 
Total Specialty net revenue108,297 105,234 
AvKARE
Distribution104,895 109,713 
Government label50,140 34,952 
Institutional11,009 10,858 
Other6,371 7,140 
Total AvKARE net revenue172,415 162,663 
Total net revenue$695,420 $659,191 
(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.
Schedule of Major Categories of Sales-Related Deductions
A rollforward of the major categories of sales-related deductions for the three months ended March 31, 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 period947,394 31,957 20,822 65,370 
Credits/payments issued during the period(951,607)(28,158)(15,836)(85,105)
Balance at March 31, 2025$494,324 $29,767 $165,476 $115,753 
v3.25.1
Alliance and Collaboration (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Company’s Alliance and Collaboration Agreements
The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
PartnerCaption in Statement of Operations20252024
Orion Corporation
Research and development (1)
$(1,612)$(611)
Zambon Biotech S.A.
Net revenue (2)
$— $3,479 
Knight Therapeutics International S.A.
Net revenue (3)
$— $1,000 
mAbxience S.L.
Research and development (4)
$— $3,000 
(1)The Company recognizes reductions to R&D for services performed.
(2)Delivery of a functional license (out-licensing revenue).
(3)Non-refundable license fee.
(4)Clinical milestone payment.
The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of March 31, 2025 and December 31, 2024 (in thousands):
Party
Caption in Balance Sheet
March 31, 2025December 31, 2024
Orion Corporation
Accounts payable and accrued expenses (1)
$5,281 $5,008 
Orion Corporation
Other long-term liabilities (1)
$2,033 $3,453 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
Metsera, Inc.
Prepaid expenses and other current assets (2)
$— $335 
(1)Comprised of deferred income as of March 31, 2025 and December 31, 2024.
(2)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2024.
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended March 31,
20252024
Provision for income taxes$12,868 $6,156 
Effective tax rate34.3 %(8.2)%
Schedule of Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands)
Three Months Ended March 31,
20252024
Increase in tax receivable agreement liability$10,687 $1,948 
March 31, 2025December 31, 2024
Tax receivable agreement liability- short term$50,900 $2,985 
Tax receivable agreement liability- long term10,687 50,900 
Total$61,587 $53,885 
v3.25.1
Earnings (Loss) per Share (Tables)
 3 Months Ended
Mar. 31, 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
March 31,
20252024
Numerator:
Net income (loss) attributable to Amneal Pharmaceuticals, Inc.
$12,195 $(91,643)
Denominator:
Weighted-average shares outstanding - basic
311,054 307,279 
Effect of dilutive securities:
Stock options1,097 — 
Restricted stock units
5,624 — 
Performance stock units6,186 — 
Weighted-average shares outstanding - diluted
323,961 307,279 
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic
$0.04 $(0.30)
Diluted
$0.04 $(0.30)
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) per Share
The following table presents potentially dilutive securities excluded from the computations of diluted earnings (loss) per share of Class A common stock (in thousands):
Three Months Ended
March 31,
20252024
Stock options347 
(1)
2,406 
(3)
Restricted stock units— 10,837 
(3)
Performance stock units1,961 
(2)
7,827 
(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 for the three months ended March 31, 2025.
(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.
v3.25.1
Trade Accounts Receivable, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
March 31,
2025		December 31,
2024
Gross accounts receivable$1,282,214 $1,303,788 
Allowance for credit losses(3,887)(3,552)
Contract charge-backs and sales volume allowances(494,324)(498,537)
Cash discount allowances(29,767)(25,968)
Subtotal(527,978)(528,057)
Trade accounts receivable, net$754,236 $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:
March 31,
2025		December 31,
2024
Customer A36 %37 %
Customer B20 %21 %
Customer C29 %29 %
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories were comprised of the following (in thousands):
March 31,
2025		December 31,
2024
Raw materials
$207,575 $207,697 
Work in process
58,645 52,835 
Finished goods
335,213 351,922 
Total inventories$601,433 $612,454 
v3.25.1
Prepaid Expenses and Other Current Assets (Tables)
 3 Months Ended
Mar. 31, 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):
March 31,
2025		December 31,
2024
Deposits and advances$2,438 $1,868 
Prepaid insurance5,203 8,264 
Prepaid regulatory fees4,640 6,958 
Income and other tax receivables19,726 16,829 
Prepaid taxes3,227 7,516 
Other current receivables
20,509 9,142 
Chargebacks receivable
5,336 6,378 
Other prepaid assets27,445 23,762 
Total prepaid expenses and other current assets$88,524 $80,717 
v3.25.1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 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 translation61 — — 61 
Balance as of March 31, 2025$161,720 $366,312 $69,465 $597,497 
Schedule of Finite-Lived Intangible Assets
Intangible assets as of March 31, 2025 and December 31, 2024 were comprised of the following (in thousands):
March 31, 2025December 31, 2024
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights6.8$1,558,670 $(899,407)$659,263 $1,550,469 $(856,914)$693,555 
Other intangible assets2.483,200 (61,427)21,773 83,200 (58,678)24,522 
Subtotal1,641,870 (960,834)681,036 1,633,669 (915,592)718,077 
In-process research and development8,100 — 8,100 14,300 — 14,300 
Total intangible assets$1,649,970 $(960,834)$689,136 $1,647,969 $(915,592)$732,377 
v3.25.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Other Assets [Abstract]  
Schedule of Other Assets
Other assets were comprised of the following (in thousands):
March 31, 2025December 31, 2024
Interest rate swap (1)
$23,767 $35,921 
Security deposits 3,795 3,752 
Long-term prepaid expenses10,957 12,362 
Deferred revolving credit facility costs2,451 2,820 
Long-term restricted cash
2,624 — 
Other long term assets1,824 5,278 
Total other assets
$45,418 $60,133 
(1)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.25.1
Accounts Payable and Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses were comprised of the following (in thousands):
March 31, 2025December 31, 2024
Accounts payable$192,532 $258,691 
Accrued returns allowance (1)
165,476 160,490 
Accrued compensation41,598 72,959 
Accrued Medicaid and commercial rebates (1)
115,753 135,488 
Accrued royalties24,506 23,687 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees18,410 17,339 
Accrued other60,071 56,570 
Total accounts payable and accrued expenses$628,572 $735,450 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2024 to March 31, 2025.
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The following is a summary of the Company’s indebtedness under its term loans (in thousands):
March 31, 2025December 31, 2024
Term Loan Due 2025$— $191,979 
Term Loan Due 20282,278,158 2,292,856 
Total debt2,278,158 2,484,835 
Less: debt issuance costs(92,389)(98,832)
Total debt, net of debt issuance costs2,185,769 2,386,003 
Less: current portion of long-term debt(31,790)(224,213)
Total long-term debt, net$2,153,979 $2,161,790 
v3.25.1
Other Long-Term Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

March 31, 2025December 31, 2024
Uncertain tax positions$549 $1,252 
Long-term compensation15,535 17,125 
Other long-term liabilities7,107 8,572 
Total other long-term liabilities$23,191 $26,949 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2025 and December 31, 2024 (in thousands):
Fair Value Measurement Based on
March 31, 2025TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$23,767 $— $23,767 $— 
December 31, 2024
Assets
Interest rate swap (1)
$35,921 $— $35,921 $— 
(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial information and certain assumptions regarding past, present, and future market conditions. Refer to Note 15. Financial Instruments for information on the Company’s interest rate swap.
Summary of the Company’s Indebtedness at Fair Value
The following is a summary of the Company’s indebtedness at fair value (in thousands):
March 31, 2025December 31, 2024
Term Loan Due 2025$— $192,579 
Term Loan Due 2028$2,320,873 $2,364,508 
v3.25.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 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):
March 31, 2025December 31, 2024
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$23,767 Other Assets$35,921 
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Liabilities Related to Legal Matters
Liabilities for legal matters were comprised of the following (in thousands):
MatterMarch 31, 2025December 31, 2024
Civil prescription opioid litigation$41,903 $29,671 
Other
1,600 2,084 
Current portion of liabilities for legal matters$43,503 $31,755 
Civil prescription opioid litigation (Liabilities for legal matters - long term)$72,979 $85,479 
v3.25.1
Stockholders’ Deficiency (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss by Component
Changes in Accumulated Other Comprehensive Loss by Component (in thousands):
Foreign
currency
translation
adjustments
Unrealized gain (loss) on cash
flow hedge, net
of tax
Accumulated
other
comprehensive loss
Balance December 31, 2024$(71,860)$6,350 $(65,510)
Other comprehensive loss before reclassification(1,632)(12,154)(13,786)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (6,444)(6,444)
Balance March 31, 2025$(73,492)$(12,248)$(85,740)
Balance December 31, 2023$(66,072)$33,723 $(32,349)
Other comprehensive (loss) income before reclassification
(390)15,543 15,153 
Reclassification of cash flow hedge to earnings, net of tax of $0
— (6,515)(6,515)
Balance March 31, 2024$(66,462)$42,751 $(23,711)
v3.25.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 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 March 31,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations20252024
Kashiv Biosciences LLC
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$4,323 $1,216 
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$4,231 $4,526 
Parking space leaseResearch and development$25 $25 
Storage agreementResearch and development$(47)$(77)
Generic development supply agreement - development activity deferred incomeAccounts payable and accrued expenses $(182)$(422)
Development and commercialization agreement - long-acting injectableResearch and development$— $500 
Generic development supply agreement - research and development materialResearch and development$— $(48)
Other Related Parties
Members - tax receivable agreement (TRA liability)Increase in tax receivable agreement liability$10,687 $1,948 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$5,135 $5,001 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$4,270 $— 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$2,317 $2,312 
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $592 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$324 $314 
Tracy Properties LLC - operating leaseSelling, general and administrative$177 $143 
R&S Solutions LLC
Property, plant and equipment, net
$160 $— 
Alkermes PlcInventory and cost of goods sold$92 $12 
Avtar Investments, LLC - consulting servicesResearch and development$60 $69 
AvPROP, LLC - operating leaseSelling, general and administrative$53 $44 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
March 31, 2025December 31, 2024
Kashiv - various agreements$446 $447 
AzaTech Pharma LLC - supply agreement25 21 
Alkermes16 16 
Related party receivables - short term $487 $484 
Members - tax receivable agreement$50,900 $2,985 
Kashiv - various agreements5,996 16,908 
Rondo Class B unit holders - tax distributions4,806 — 
Apace Packaging, LLC - packaging agreement1,819 1,205 
AzaTech Pharma LLC - supply agreement1,535 1,151 
Ellodi Pharmaceuticals, L.P.1,107 — 
Avtar Investments LLC - consulting services40 60 
Alkermes Plc2 2 
Related party payables - short term $66,205 $22,311 
Members - tax receivable agreement$10,687 $50,900 
Related party payables - long term $10,687 $50,900 
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2025
Affordable Medicines (1)
Specialty
AvKARE
Corporate
and Other
Total
Company
Net revenue$414,708 $108,297 $172,415 $— $695,420 
Cost of goods sold242,633 53,083 143,813 — 439,529 
Gross profit172,075 55,214 28,602 — 255,891 
Selling, general and administrative33,715 30,978 
A
15,694 37,901 118,288 
Research and development30,980 
B
9,060 
B
— — 40,040 
Intellectual property legal development expenses1,713 54 — — 1,767 
Restructuring and other charges— 130 — 441 571 
Other operating income(5,122)— — — (5,122)
Operating income (loss)
$110,789 $14,992 $12,908 $(38,342)$100,347 
Three Months Ended March 31, 2024
Affordable Medicines (1)
Specialty
AvKARE
Corporate
and Other		Total
Company
Net revenue$391,294 $105,234 $162,663 $— $659,191 
Cost of goods sold239,922 44,800 136,409 — 421,131 
Gross profit151,372 60,434 26,254 — 238,060 
Selling, general and administrative33,085 25,196 
A
14,907 39,407 112,595 
Research and development34,371 
B
4,927 
B
— — 39,298 
Intellectual property legal development expenses960 24 — — 984 
Restructuring and other charges— 946 — 524 1,470 
Charges related to legal matters, net94,359 — — — 94,359 
Other operating expense— 100 — — 100 
Operating (loss) income
$(11,403)$29,241 $11,347 $(39,931)$(10,746)
(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 March 31,
20252024
Employee compensation and benefits$10,872 $8,837 
Product marketing8,011 8,528 
Commercial operations and salesforce10,791 6,265 
Other (1)
1,304 1,566 
Total$30,978 $25,196 
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B.Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
Three Months Ended March 31,
20252024
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$13,541 $1,540 $11,589 $2,085 
Materials and supplies8,527 203 9,958 431 
Product development and studies (1)
(69)2,319 965 433 
Milestones250 3,000 3,500 — 
Facilities costs1,634 750 1,692 1,247 
Other (2)
7,097 1,248 6,667 731 
Total$30,980 $9,060 $34,371 $4,927 
(1)For the three months ended March 31, 2025, Affordable Medicines included a $1.6 million reduction to product development and studies expense for services performed under the license agreement with Orion Corporation. Refer to Note 3. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes repairs and maintenance, outside testing, professional fees and other expenses not presented to the CODMs.
v3.25.1
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Product Information [Line Items]    
Other operating income (expense) $ 5,122 $ (100)
Adjustment    
Product Information [Line Items]    
Other operating income (expense)   $ 100
v3.25.1
Revenue Recognition - Concentration of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Customer A    
Concentration Risk [Line Items]    
Concentration risk (percent) 24.00% 21.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (percent) 15.00% 15.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (percent) 21.00% 23.00%
Customer D    
Concentration Risk [Line Items]    
Concentration risk (percent) 9.00% 10.00%
v3.25.1
Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Net revenue $ 695,420 $ 659,191
Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 108,297 105,234
AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue 172,415 162,663
UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 414,708 391,294
Oral solid | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 178,953 169,313
Auto-Injector | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 48,160 42,618
Transdermal | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 43,063 40,525
Injectable | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 34,788 35,222
Biosimilar | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 28,540 26,692
Oral liquid | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 23,548 31,929
Other dosage forms | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 56,422 43,274
Subtotal dosage forms | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 413,474 389,573
International | UNITED STATES | Affordable Medicines    
Disaggregation of Revenue [Line Items]    
Net revenue 1,234 1,721
Hormonal / allergy | UNITED STATES | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 34,199 29,375
Central nervous system | UNITED STATES | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 67,610 66,276
Other therapeutic classes | UNITED STATES | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 6,488 5,104
Subtotal therapeutic classes | UNITED STATES | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 108,297 100,755
License agreement | UNITED STATES | Specialty    
Disaggregation of Revenue [Line Items]    
Net revenue 0 4,479
Distribution | UNITED STATES | AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue 104,895 109,713
Government label | UNITED STATES | AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue 50,140 34,952
Institutional | UNITED STATES | AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue 11,009 10,858
Other | UNITED STATES | AvKARE    
Disaggregation of Revenue [Line Items]    
Net revenue $ 6,371 $ 7,140
v3.25.1
Revenue Recognition - Schedule of Major Categories of Sales-Related Deductions (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 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 947,394
Credits/payments issued during the period (951,607)
Balance, end of period 494,324
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 31,957
Credits/payments issued during the period (28,158)
Balance, end of period 29,767
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 20,822
Credits/payments issued during the period (15,836)
Balance, end of period 165,476
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 65,370
Credits/payments issued during the period (85,105)
Balance, end of period $ 115,753
v3.25.1
Alliance and Collaboration - Schedule of Company’s Alliance and Collaboration Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Orion Corporation      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Collaborative arrangement license revenue agreement $ (1,612) $ (611)  
Orion Corporation | Accounts payable and accrued expenses      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income 5,281   $ 5,008
Orion Corporation | Other long-term liabilities      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income 2,033   3,453
Zambon Biotech S.A.      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Collaborative arrangement license revenue agreement 0 3,479  
Zambon Biotech S.A. | Other long-term liabilities      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income 2,530   2,530
Knight Therapeutics International S.A.      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Collaborative arrangement license revenue agreement 0 1,000  
mAbxience S.L.      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Collaborative arrangement license revenue agreement 0 $ 3,000  
Metsera, Inc. | Prepaid expenses and other current assets      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Deferred income $ 0   $ 335
v3.25.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Provision for income taxes $ 12,868 $ 6,156
Effective tax rate 34.30% (8.20%)
v3.25.1
Income Taxes - Schedule of Tax Receivable Agreement (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]      
Increase in tax receivable agreement liability $ 10,687 $ 1,948  
Tax receivable agreement liability- short term 50,900   $ 2,985
Tax receivable agreement liability- long term 10,687   50,900
Total $ 61,587   $ 53,885
v3.25.1
Income Taxes - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Payments for tax receivable agreement $ 3.0
Income tax, liabilities under tax receivable agreement unrecorded $ 123.1
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income (loss) attributable to Amneal Pharmaceuticals, Inc., basic $ 12,195 $ (91,643)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc., diluted $ 12,195 $ (91,643)
Denominator:    
Weighted-average shares outstanding - basic (in shares) 311,054 307,279
Effect of dilutive securities:    
Weighted-average shares outstanding - diluted (in shares) 323,961 307,279
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:    
Basic (in dollars per share) $ 0.04 $ (0.30)
Diluted (in dollars per share) $ 0.04 $ (0.30)
Stock options    
Effect of dilutive securities:    
Effect of dilutive securities (in shares) 1,097 0
Restricted stock units    
Effect of dilutive securities:    
Effect of dilutive securities (in shares) 5,624 0
Performance stock units    
Effect of dilutive securities:    
Effect of dilutive securities (in shares) 6,186 0
v3.25.1
Earnings (Loss) per Share - Securities Excluded from Diluted Earnings (Loss) per Share Computation (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 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 2,406
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 10,837
Performance stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from earnings per share (in shares) 1,961 7,827
v3.25.1
Trade Accounts Receivable, Net - Schedule of Trade Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Gross accounts receivable $ 1,282,214 $ 1,303,788
Allowance for credit losses (3,887) (3,552)
Contract charge-backs and sales volume allowances (494,324) (498,537)
Cash discount allowances (29,767) (25,968)
Subtotal (527,978) (528,057)
Nonrelated Party    
Related Party Transaction [Line Items]    
Trade accounts receivable, net $ 754,236 $ 775,731
v3.25.1
Trade Accounts Receivable, Net - Concentration of Receivables (Details) - Customer Concentration Risk - Accounts Receivable
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Customer A    
Concentration Risk [Line Items]    
Concentration risk (percent) 36.00% 37.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (percent) 20.00% 21.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (percent) 29.00% 29.00%
v3.25.1
Inventories - Components of Inventories, Net of Reserves (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 207,575 $ 207,697
Work in process 58,645 52,835
Finished goods 335,213 351,922
Total inventories $ 601,433 $ 612,454
v3.25.1
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deposits and advances $ 2,438 $ 1,868
Prepaid insurance 5,203 8,264
Prepaid regulatory fees 4,640 6,958
Income and other tax receivables 19,726 16,829
Prepaid taxes 3,227 7,516
Other current receivables 20,509 9,142
Chargebacks receivable 5,336 6,378
Other prepaid assets 27,445 23,762
Total prepaid expenses and other current assets $ 88,524 $ 80,717
v3.25.1
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning, balance of period $ 597,436 $ 598,629
Currency translation 61 (1,193)
Ending, balance of period 597,497 597,436
Affordable Medicines    
Goodwill [Roll Forward]    
Beginning, balance of period 161,659 162,852
Currency translation 61 (1,193)
Ending, balance of period 161,720 161,659
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
v3.25.1
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,641,870 $ 1,633,669
Accumulated Amortization (960,834) (915,592)
Net 681,036 718,077
In-process research and development 8,100 14,300
Intangible assets, cost 1,649,970 1,647,969
Intangible assets, net $ 689,136 732,377
Product rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 6 years 9 months 18 days  
Cost $ 1,558,670 1,550,469
Accumulated Amortization (899,407) (856,914)
Net $ 659,263 693,555
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 2 years 4 months 24 days  
Cost $ 83,200 83,200
Accumulated Amortization (61,427) (58,678)
Net $ 21,773 $ 24,522
v3.25.1
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets $ 45,200 $ 39,900
Intangible asset impairment charges $ 0 $ 920
v3.25.1
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Other Assets [Line Items]    
Other assets $ 45,418 $ 60,133
Interest rate swap    
Other Assets [Line Items]    
Other assets 23,767 35,921
Security deposits    
Other Assets [Line Items]    
Other assets 3,795 3,752
Long-term prepaid expenses    
Other Assets [Line Items]    
Other assets 10,957 12,362
Deferred revolving credit facility costs    
Other Assets [Line Items]    
Other assets 2,451 2,820
Long-term restricted cash    
Other Assets [Line Items]    
Other assets 2,624 0
Other long term assets    
Other Assets [Line Items]    
Other assets $ 1,824 $ 5,278
v3.25.1
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Accounts payable $ 192,532 $ 258,691
Accrued returns allowance 165,476 160,490
Accrued compensation 41,598 72,959
Accrued Medicaid and commercial rebates 115,753 135,488
Accrued royalties 24,506 23,687
Commercial chargebacks and rebates 10,226 10,226
Accrued professional fees 18,410 17,339
Accrued other 60,071 56,570
Nonrelated Party    
Related Party Transaction [Line Items]    
Accounts payable and accrued expenses $ 628,572 $ 735,450
v3.25.1
Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 2,278,158 $ 2,484,835
Less: debt issuance costs (92,389) (98,832)
Total debt, net of debt issuance costs 2,185,769 2,386,003
Less: current portion of long-term debt (31,790) (224,213)
Total long-term debt, net 2,153,979 2,161,790
Term Loan Due 2025    
Debt Instrument [Line Items]    
Total debt 0 191,979
Term Loan Due 2028    
Debt Instrument [Line Items]    
Total debt $ 2,278,158 $ 2,292,856
v3.25.1
Debt - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jan. 31, 2025
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Debt Instrument [Line Items]        
Borrowings on revolving credit facilities   $ 218,000 $ 48,000  
Revolving Credit Facility | Term Loan Due 2025        
Debt Instrument [Line Items]        
Repayments of debt $ 192,000      
Interest expense 700      
Borrowings on revolving credit facilities $ 190,000      
Revolving Credit Facility | Amended New Revolving Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Revolving credit facility   $ 290,000   $ 100,000
v3.25.1
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Nonrelated Party    
Other Liabilities [Line Items]    
Other long-term liabilities $ 23,191 $ 26,949
Uncertain tax positions    
Other Liabilities [Line Items]    
Other long-term liabilities 549 1,252
Long-term compensation    
Other Liabilities [Line Items]    
Other long-term liabilities 15,535 17,125
Other long-term liabilities    
Other Liabilities [Line Items]    
Other long-term liabilities $ 7,107 $ 8,572
v3.25.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Interest rate swap $ 23,767 $ 35,921
Quoted Prices in Active Markets (Level 1)    
Assets    
Interest rate swap 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Interest rate swap 23,767 35,921
Significant Unobservable Inputs (Level 3)    
Assets    
Interest rate swap $ 0 $ 0
v3.25.1
Fair Value Measurements - Summary of the Company’s Indebtedness at Fair Value (Details) - Level 2 - Senior Secured Credit Facility - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Term Loan Due 2025    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 0 $ 192,579
Term Loan Due 2028    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 2,320,873 $ 2,364,508
v3.25.1
Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative gain reclassified from accumulated OCI into income (loss) $ 6,400  
Cash flow hedge gain (loss) to be reclassified within 12 months 15,000  
Total loss, net of tax, related to cash flow hedges $ (12,154) $ 15,543
v3.25.1
Financial Instruments - Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair Value $ 23,767 $ 35,921
Variable to Fixed Interest Rate Swap | Designated as Hedging Instrument | Other Assets    
Derivative [Line Items]    
Fair Value $ 23,767 $ 35,921
v3.25.1
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2024
USD ($)
$ / twinPack
Feb. 28, 2024
Mar. 31, 2025
USD ($)
state
case
Mar. 31, 2024
USD ($)
Dec. 31, 2020
state
complaint
Dec. 31, 2019
complaint
state
Dec. 31, 2024
USD ($)
Dec. 10, 2024
case
Dec. 31, 2023
state
May 15, 2023
Loss Contingencies [Line Items]                    
Charges related to legal matters, net     $ 0 $ 94,359            
Liabilities for legal matters - long term     $ 72,979       $ 85,479      
Opana ER Antitrust Litigation                    
Loss Contingencies [Line Items]                    
Charges related to legal matters, net       94,400            
United States Department of Justice Investigations                    
Loss Contingencies [Line Items]                    
Percentage of prescribed label (percent)                   1.00%
Generic Digoxin and Doxycycline Antitrust Litigation                    
Loss Contingencies [Line Items]                    
Number of states, filed civil lawsuit | state         43 43        
Loss Contingency, New Claims Filed, Number | complaint         2 2        
Civil prescription opioid litigation                    
Loss Contingencies [Line Items]                    
Charges related to legal matters, net       94,400            
Number of cases filed | case     900              
Number of states with cases | state     6              
Litigation settlement agreement terms 10 years                  
Estimated litigation liability     $ 114,900 $ 115,600     115,200      
Liabilities for legal matters - long term             $ 85,500      
Civil prescription opioid litigation | Litigation Settlement, Option One                    
Loss Contingencies [Line Items]                    
Litigation settlement amount $ 92,500                  
Litigation settlement, product supply amount $ 180,000                  
Litigation settlement, product supply price (in USD per twin pack) | $ / twinPack 125                  
Civil prescription opioid litigation | Litigation Settlement, Option One | Maximum                    
Loss Contingencies [Line Items]                    
Litigation settlement amount $ 137,500                  
Civil prescription opioid litigation | Litigation Settlement, Option Two                    
Loss Contingencies [Line Items]                    
Litigation settlement agreement terms 4 years                  
Litigation settlement amount $ 45,000                  
Litigation settlement, percentage of product value 25.00%                  
Ranitidine Litigation                    
Loss Contingencies [Line Items]                    
Number of states with cases | state                 4  
Number of cases | case               95    
UFCW Local 1500 Welfare Fund v. Takeda Pharmaceuticals U.S.A., Inc.                    
Loss Contingencies [Line Items]                    
Deadline period for defendants   45 days                
v3.25.1
Commitments and Contingencies - Schedule of Liabilities For Legal Matters (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 43,503 $ 31,755
Civil prescription opioid litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 41,903 29,671
Civil prescription opioid litigation (Liabilities for legal matters - long term) 72,979 85,479
Other    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 1,600 $ 2,084
v3.25.1
Stockholders’ Deficiency - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance $ (109,512) $ 20,011
Other comprehensive (loss) income before reclassification (13,786) 15,153
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,444) (6,515)
Stockholders' equity ending balance (132,000) (63,629)
Reclassification of cash flow hedge to earnings, net of tax 0 0
Accumulated other comprehensive loss    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (65,510) (32,349)
Stockholders' equity ending balance (85,740) (23,711)
Foreign currency translation adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (71,860) (66,072)
Other comprehensive (loss) income before reclassification (1,632) (390)
Reclassification of cash flow hedge to earnings, net of tax of $0 0 0
Stockholders' equity ending balance (73,492) (66,462)
Unrealized gain (loss) on cash flow hedge, net of tax    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance 6,350 33,723
Other comprehensive (loss) income before reclassification (12,154) 15,543
Reclassification of cash flow hedge to earnings, net of tax of $0 (6,444) (6,515)
Stockholders' equity ending balance $ (12,248) $ 42,751
v3.25.1
Related Party Transactions - Related Party Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2025
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Inventory and cost of goods sold | Kashiv Biosciences LLC        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   $ 4,323 $ 1,216  
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   5,135 5,001  
Inventory and cost of goods sold | AzaTech Pharma LLC - supply agreement        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   2,317 2,312  
Inventory and cost of goods sold | Kanan, LLC - operating lease        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   592 592  
Inventory and cost of goods sold | Sutaria Family Realty, LLC - operating lease        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   324 314  
Inventory and cost of goods sold | Alkermes        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   92 12  
Cost of goods sold | Kashiv Biosciences LLC        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   4,231 4,526  
Research and development - Parking Space Lease | Kashiv Biosciences LLC        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   25 25  
Research and Development Storage Income | Kashiv Biosciences LLC        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   (47) (77)  
Accounts payable and accrued expenses | Kashiv Biosciences LLC        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   (182) (422)  
Research and Development | Kashiv Biosciences LLC        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   0 500  
Research and Development | Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   4,270 0  
Research and Development | Avtar Investments LLC - consulting services        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   60 69  
Research and Development - Generic Development Supply Agreement - Research and Development Material | Kashiv Biosciences LLC        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   0 (48)  
Selling, General and Administrative - Operating Lease | Tracy Properties LLC - operating lease        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   177 143  
Selling, General and Administrative - Operating Lease | AvPROP, LLC - operating lease        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   53 44  
Increase in tax receivable agreement liability | Members - tax receivable agreement        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   10,687 1,948  
Property, plant and equipment, net | R&S Solutions LLC        
Related Party Transaction [Line Items]        
Amounts of transaction with related party   160 $ 0  
Related Party        
Related Party Transaction [Line Items]        
Trade accounts receivable, net   487   $ 484
Accounts payable and accrued expenses   66,205   22,311
Other long-term liabilities   10,687   50,900
Related Party | Kashiv Biosciences LLC        
Related Party Transaction [Line Items]        
Trade accounts receivable, net   446   447
Accounts payable and accrued expenses   5,996   16,908
Related Party | Members - tax receivable agreement        
Related Party Transaction [Line Items]        
Accounts payable and accrued expenses   50,900   2,985
Other long-term liabilities   10,687   50,900
Related Party | Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement        
Related Party Transaction [Line Items]        
Accounts payable and accrued expenses   1,819   1,205
Related Party | AzaTech Pharma LLC - supply agreement        
Related Party Transaction [Line Items]        
Accounts payable and accrued expenses   1,535   1,151
Related Party | Alkermes        
Related Party Transaction [Line Items]        
Trade accounts receivable, net   16   16
Related Party | Avtar Investments LLC - consulting services        
Related Party Transaction [Line Items]        
Accounts payable and accrued expenses   40   60
Related Party | AzaTech Pharma LLC - supply agreement        
Related Party Transaction [Line Items]        
Trade accounts receivable, net   25   21
Related Party | Rondo Class B unit holders - tax distributions        
Related Party Transaction [Line Items]        
Accounts payable and accrued expenses   4,806   0
Related Party | Ellodi Pharmaceuticals, L.P.        
Related Party Transaction [Line Items]        
Amounts of transaction with related party $ 3,000      
Accounts payable and accrued expenses   1,107   0
Related Party | Alkermes Plc        
Related Party Transaction [Line Items]        
Accounts payable and accrued expenses   $ 2   $ 2
v3.25.1
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 03, 2025
Mar. 31, 2025
Mar. 31, 2024
Related Party Transaction [Line Items]      
Research and development   $ 40,040 $ 39,298
R&S Solutions LLC | 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    
License agreement 48,500    
Research and development 4,300    
Estimate funding commitment $ 1,300    
Other liabilities   $ 1,100  
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net revenue $ 695,420 $ 659,191
Cost of goods sold 439,529 421,131
Gross profit 255,891 238,060
Selling, general and administrative 118,288 112,595
Research and development 40,040 39,298
Intellectual property legal development expenses 1,767 984
Restructuring and other charges 571 1,470
Charges related to legal matters, net 0 94,359
Other operating (income) expense (5,122) 100
Operating income (loss) 100,347 (10,746)
AvKARE    
Segment Reporting Information [Line Items]    
Net revenue 172,415 162,663
Specialty    
Segment Reporting Information [Line Items]    
Net revenue 108,297 105,234
Operating Segments | Affordable Medicines    
Segment Reporting Information [Line Items]    
Net revenue 414,708 391,294
Cost of goods sold 242,633 239,922
Gross profit 172,075 151,372
Selling, general and administrative 33,715 33,085
Research and development 30,980 34,371
Intellectual property legal development expenses 1,713 960
Restructuring and other charges 0 0
Charges related to legal matters, net   94,359
Other operating (income) expense (5,122) 0
Operating income (loss) 110,789 (11,403)
Operating Segments | Specialty    
Segment Reporting Information [Line Items]    
Net revenue 108,297 105,234
Cost of goods sold 53,083 44,800
Gross profit 55,214 60,434
Selling, general and administrative 30,978 25,196
Research and development 9,060 4,927
Intellectual property legal development expenses 54 24
Restructuring and other charges 130 946
Charges related to legal matters, net   0
Operating income (loss) 14,992 29,241
Operating Segments | AvKARE    
Segment Reporting Information [Line Items]    
Net revenue 172,415 162,663
Cost of goods sold 143,813 136,409
Gross profit 28,602 26,254
Selling, general and administrative 15,694 14,907
Research and development 0 0
Intellectual property legal development expenses 0 0
Restructuring and other charges 0 0
Charges related to legal matters, net   0
Other operating (income) expense 0 0
Operating income (loss) 12,908 11,347
Operating Segments | Specialty    
Segment Reporting Information [Line Items]    
Other operating (income) expense 0 100
Corporate and Other    
Segment Reporting Information [Line Items]    
Net revenue 0 0
Cost of goods sold 0 0
Gross profit 0 0
Selling, general and administrative 37,901 39,407
Research and development 0 0
Intellectual property legal development expenses 0 0
Restructuring and other charges 441 524
Charges related to legal matters, net   0
Other operating (income) expense 0 0
Operating income (loss) $ (38,342) $ (39,931)
v3.25.1
Segment Information - Schedule of Selling, General and Administrative Expenses on a Departmental Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total $ 118,288 $ 112,595
Selling, General and Administrative Expenses | Specialty    
Segment Reporting Information [Line Items]    
Employee compensation and benefits 10,872 8,837
Product marketing 8,011 8,528
Commercial operations and salesforce 10,791 6,265
Other 1,304 1,566
Total $ 30,978 $ 25,196
v3.25.1
Segment Information - Schedule of Research and Development Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total $ 40,040 $ 39,298
Research and Development Expense | Affordable Medicines    
Segment Reporting Information [Line Items]    
Employee compensation and benefits 13,541 11,589
Materials and supplies 8,527 9,958
Product development and studies (69) 965
Milestones 250 3,500
Facilities costs 1,634 1,692
Other 7,097 6,667
Total 30,980 34,371
Research and Development Expense | Affordable Medicines | Orion Corporation    
Segment Reporting Information [Line Items]    
Product development and studies 1,600  
Research and Development Expense | Specialty    
Segment Reporting Information [Line Items]    
Employee compensation and benefits 1,540 2,085
Materials and supplies 203 431
Product development and studies 2,319 433
Milestones 3,000 0
Facilities costs 750 1,247
Other 1,248 731
Total $ 9,060 $ 4,927
v3.25.1
Subsequent Events (Details) - Subsequent Event
$ in Millions
Apr. 18, 2025
USD ($)
facility
May 07, 2025
USD ($)
Apr. 23, 2025
USD ($)
Apr. 09, 2025
USD ($)
Apr. 08, 2025
USD ($)
Subsequent Event [Line Items]          
Lease renewal term     10 years    
Aggregate payments   $ 12.4 $ 11.6    
Term of lease   7 years      
Executive Officer          
Subsequent Event [Line Items]          
Number of new greenfield manufacturing facilities | facility 2        
Total purchase price $ 11.4        
Payment for acquisition of land 10.9        
Payment for acquisition of land, deferred $ 0.5        
Deferred payments period 3 years        
Revolving Credit Facility | Rondo Revolving Credit Facility          
Subsequent Event [Line Items]          
Line of credit facility, maximum borrowing capacity       $ 125.0 $ 70.0
Letter of Credit | Rondo Revolving Credit Facility          
Subsequent Event [Line Items]          
Line of credit facility, maximum borrowing capacity       $ 90.0 $ 60.0