AMNEAL PHARMACEUTICALS, INC., 10-Q filed on 8/6/2026
Quarterly Report
v3.26.1
Cover - shares
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
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 $0.01 per share  
Trading Symbol AMRX  
Security Exchange Name NASDAQ  
Entity Current Reporting Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   319,353,919
Entity Central Index Key 0001723128  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Net revenue $ 796,197 $ 724,508 $ 1,518,716 $ 1,419,928
Cost of goods sold 461,689 438,255 864,095 877,784
Gross profit 334,508 286,253 654,621 542,144
Selling, general and administrative 148,722 124,266 287,582 242,554
Research and development 39,017 47,964 77,400 88,004
Intellectual property legal development expenses 2,087 2,017 3,629 3,784
Acquisition costs 7,600 0 12,753 0
Restructuring and other charges 554 1,024 1,204 1,595
Charges (credit) related to legal matters, net 8,057 (390) 8,751 (390)
Other operating income (1,298) 0 (8,239) (5,122)
Operating income 129,769 111,372 271,541 211,719
Other (expense) income:        
Interest expense, net (55,043) (65,101) (108,404) (122,040)
Foreign exchange (loss) gain, net (1,950) 8,256 (9,750) 12,503
Loss on refinancing 0 0 (3,510) 0
Increase in tax receivable agreement liability (2,439) (4,420) (106) (15,107)
Other income, net 653 1,604 1,395 2,122
Total other expense, net (58,779) (59,661) (120,375) (122,522)
Income before income taxes 70,990 51,711 151,166 89,197
Provision for income taxes 1,376 16,101 3,552 28,969
Net income 69,614 35,610 147,614 60,228
Less: Net income attributable to non-controlling interests (11,952) (13,193) (27,696) (25,616)
Net income attributable to Amneal Pharmaceuticals, Inc. $ 57,662 $ 22,417 $ 119,918 $ 34,612
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:        
Basic (in dollars per share) $ 0.18 $ 0.07 $ 0.38 $ 0.11
Diluted (in dollars per share) $ 0.18 $ 0.07 $ 0.37 $ 0.11
Weighted-average common shares outstanding:        
Basic (in shares) 319,200 313,739 317,620 312,404
Diluted (in shares) 328,102 322,363 328,527 323,171
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Other Comprehensive Income [Abstract]        
Net income $ 69,614 $ 35,610 $ 147,614 $ 60,228
Less: Net income attributable to non-controlling interests (11,952) (13,193) (27,696) (25,616)
Net income attributable to Amneal Pharmaceuticals, Inc. 57,662 22,417 119,918 34,612
Other comprehensive (loss) income:        
Foreign currency translation adjustments arising during the period (1,074) (4,928) (9,904) (6,560)
Unrealized gain (loss) on cash flow hedge, net of tax of $0 6,062 (7,331) 10,456 (19,485)
Reclassification of cash flow hedge to earnings, net of tax of $0 2,910 568 5,788 (5,876)
Other, net of tax of $0 3,587 0 3,723 0
Other comprehensive income (loss) attributable to Amneal Pharmaceuticals, Inc. 11,485 (11,691) 10,063 (31,921)
Comprehensive income attributable to Amneal Pharmaceuticals, Inc. $ 69,147 $ 10,726 $ 129,981 $ 2,691
v3.26.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Comprehensive Income [Abstract]        
Unrealized gain (loss) on cash flow hedge, net of tax $ 0 $ 0 $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax 0 0 0 0
Other, net of tax $ 0 $ 0 $ 0 $ 0
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 127,637 $ 282,029
Restricted cash 8,643 28,842
Inventories 677,954 606,302
Prepaid expenses and other current assets 112,011 98,395
Total current assets 1,947,029 1,911,181
Property, plant and equipment, net 456,877 442,950
Goodwill 593,499 595,470
Intangible assets, net 587,830 563,498
Other assets 80,669 57,805
Total assets 3,776,348 3,678,280
Current liabilities:    
Current portion of liabilities for legal matters 18,488 43,256
Revolving credit facility 100,000 0
Current portion of long-term debt, net 5,961 6,761
Total current liabilities 883,187 881,633
Long-term debt, net 2,564,335 2,565,115
Liabilities for legal matters - long term 70,830 71,819
Total long-term liabilities 2,776,181 2,790,684
Commitments and contingencies (Notes 3, 16 and 18)
Redeemable non-controlling interests 83,956 77,292
Stockholders’ Equity (Deficiency)    
Preferred stock, $0.01 par value, 2,000 shares authorized at both June 30, 2026 and December 31, 2025; none issued at both June 30, 2026 and December 31, 2025 0 0
Additional paid-in capital 545,584 571,794
Stockholders’ accumulated deficit (415,087) (535,005)
Accumulated other comprehensive loss (100,666) (110,729)
Total Amneal Pharmaceuticals, Inc. stockholders’ equity (deficiency) 33,024 (70,794)
Non-controlling interests 0 (535)
Total stockholders’ equity (deficiency) 33,024 (71,329)
Total liabilities and stockholders’ equity (deficiency) 3,776,348 3,678,280
Nonrelated Party    
Current assets:    
Receivables 1,020,360 895,143
Operating lease right-of-use assets 44,361 38,832
Financing lease right-of-use assets 52,360 53,328
Current liabilities:    
Accounts payable and accrued expenses 721,208 761,316
Current portion of operating lease liabilities 9,040 8,668
Current portion of financing lease liabilities 3,521 3,442
Operating lease liabilities 38,691 33,233
Financing lease liabilities 54,602 54,927
Related party payables - long term 32,119 32,263
Related Party    
Current assets:    
Receivables 424 470
Operating lease right-of-use assets 13,723 15,216
Current liabilities:    
Accounts payable and accrued expenses 22,070 55,485
Current portion of operating lease liabilities 2,899 2,705
Operating lease liabilities 12,712 14,195
Related party payables - long term 2,892 19,132
Common Class A    
Stockholders’ Equity (Deficiency)    
Common stock 3,193 3,146
Common Class B    
Stockholders’ Equity (Deficiency)    
Common stock $ 0 $ 0
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Jun. 30, 2026
Dec. 31, 2025
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 2,000 2,000
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) 900,000 900,000
Common stock, shares issued (in shares) 319,330 314,565
Common Class B    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000 300,000
Common stock, shares issued (in shares) 0 0
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 147,614 $ 60,228
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 90,991 120,272
Unrealized foreign currency loss (gain) 10,495 (11,813)
Amortization of debt issuance costs and discount 7,954 13,686
Reclassification of cash flow hedge 5,788 (5,876)
Loss on refinancing 3,510 0
Stock-based compensation 19,208 15,532
Inventory provision 44,957 38,432
Other operating charges and credits, net 3,086 2,254
Changes in assets and liabilities:    
Trade accounts receivable, net (125,765) (32,615)
Inventories (124,150) (36,039)
Prepaid expenses, other current assets and other assets (24,150) (10,015)
Related party receivables 25 (1,108)
Accounts payable, accrued expenses and other liabilities (57,918) (67,004)
Related party payables (49,632) 5,293
Net cash (used in) provided by operating activities (47,987) 91,227
Cash flows from investing activities:    
Purchases of property, plant and equipment (38,872) (35,992)
Acquisition of intangible assets (85,000) (5,100)
Deposits for future acquisition of property, plant and equipment (20,580) (4,632)
Proceeds from sale of property, plant and equipment 0 1,379
Net cash used in investing activities (144,452) (44,345)
Cash flows from financing activities:    
Payments of principal on debt, revolving credit facilities, financing leases and other (147,027) (251,076)
Proceeds from issuance of debt 134,673 0
Payments of deferred financing and refinancing costs (1,982) (1,745)
Borrowings on revolving credit facilities 100,000 218,000
Proceeds from exercise of stock options 80 754
Employee payroll tax withholding on restricted stock unit and performance stock unit vesting (44,481) (21,828)
Tax and other distributions to non-controlling interests (21,067) (24,958)
Proceeds from alliance party 510 0
Acquisition of non-controlling interest (400) 0
Net cash provided by (used in) financing activities 20,306 (80,853)
Effect of foreign exchange rate on cash (1,187) (777)
Net decrease in cash, cash equivalents, and restricted cash (173,320) (34,748)
Cash, cash equivalents, and restricted cash - beginning of period 312,939 118,420
Cash, cash equivalents, and restricted cash - end of period 139,619 83,672
Cash and cash equivalents - end of period 127,637 71,544
Restricted cash - end of period 8,643 9,642
Long-term restricted cash included in other assets - end of period 3,339 2,486
Cash, cash equivalents, and restricted cash - end of period 139,619 83,672
Supplemental disclosure of cash flow information:    
Cash paid for interest 91,745 112,643
Cash received (paid), net for income taxes 314 (12,565)
Supplemental disclosure of non-cash investing and financing activity:    
Acquisition of product rights and licenses 12,102 7,000
Loan for land purchase - related party $ 0 $ 502
v3.26.1
Consolidated Statements of Changes in Stockholders’ (Deficiency) Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Additional Paid-in Capital
Stockholders’ Accumulated Deficit
Accumulated Other Comprehensive Loss
Non- Controlling Interests
Class A Common Stock
Common Stock
Shares beginning balance (in shares) at Dec. 31, 2024           309,881
Stockholders' equity beginning balance at Dec. 31, 2024 $ (109,512) $ 560,206 $ (607,062) $ (65,510) $ (245) $ 3,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 34,442   34,612   (170)  
Foreign currency translation adjustments (6,560)     (6,560)    
Stock-based compensation 15,532 15,532        
Exercise of stock options (in shares)           274
Exercise of stock options 754 752       $ 2
Shares issued upon vesting of stock-based compensation awards (in shares)           3,888
Shares issued upon vesting of stock-based compensation awards (21,828) (21,867)       $ 39
Unrealized gain on cash flow hedge, net of tax of $0 (19,485)     (19,485)    
Reclassification of cash flow hedge to earnings, net of tax of $0 (5,876)     (5,876)    
Other, net of tax of $0 0          
Shares ending balance (in shares) at Jun. 30, 2025           314,043
Stockholders' equity ending balance at Jun. 30, 2025 (112,533) 554,623 (572,450) (97,431) (415) $ 3,140
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2024 64,974          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 25,786          
Tax and other distributions, net (24,958)          
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2025 65,802          
Shares beginning balance (in shares) at Mar. 31, 2025           313,385
Stockholders' equity beginning balance at Mar. 31, 2025 (132,000) 545,806 (594,867) (85,740) (333) $ 3,134
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 22,335   22,417   (82)  
Foreign currency translation adjustments (4,928)     (4,928)    
Stock-based compensation 8,274 8,274        
Exercise of stock options (in shares)           249
Exercise of stock options 685 683       $ 2
Shares issued upon vesting of stock-based compensation awards (in shares)           409
Shares issued upon vesting of stock-based compensation awards (136) (140)       $ 4
Unrealized gain on cash flow hedge, net of tax of $0 (7,331)     (7,331)    
Reclassification of cash flow hedge to earnings, net of tax of $0 568     568    
Other, net of tax of $0 0          
Shares ending balance (in shares) at Jun. 30, 2025           314,043
Stockholders' equity ending balance at Jun. 30, 2025 (112,533) 554,623 (572,450) (97,431) (415) $ 3,140
Redeemable Non-Controlling Interests, beginning balance at Mar. 31, 2025 72,611          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 13,275          
Tax and other distributions, net (20,084)          
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2025 65,802          
Shares beginning balance (in shares) at Dec. 31, 2025           314,565
Stockholders' equity beginning balance at Dec. 31, 2025 (71,329) 571,794 (535,005) (110,729) (535) $ 3,146
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 119,883   119,918   (35)  
Foreign currency translation adjustments (9,904)     (9,904)    
Stock-based compensation 19,208 19,208        
Exercise of stock options (in shares)           29
Exercise of stock options 80 80        
Shares issued upon vesting of stock-based compensation awards (in shares)           4,736
Shares issued upon vesting of stock-based compensation awards (44,481) (44,528)       $ 47
Unrealized gain on cash flow hedge, net of tax of $0 10,456     10,456    
Reclassification of cash flow hedge to earnings, net of tax of $0 5,788     5,788    
Acquisition of non-controlling interests (400) (970)     570  
Other, net of tax of $0 3,723     3,723    
Shares ending balance (in shares) at Jun. 30, 2026           319,330
Stockholders' equity ending balance at Jun. 30, 2026 33,024 545,584 (415,087) (100,666) 0 $ 3,193
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2025 77,292          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 27,731          
Tax and other distributions, net (21,067)          
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2026 83,956          
Shares beginning balance (in shares) at Mar. 31, 2026           318,998
Stockholders' equity beginning balance at Mar. 31, 2026 (45,969) 536,299 (472,749) (112,151) (558) $ 3,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 57,650   57,662   (12)  
Foreign currency translation adjustments (1,074)     (1,074)    
Stock-based compensation 10,392 10,392        
Exercise of stock options (in shares)           15
Exercise of stock options 42 42        
Shares issued upon vesting of stock-based compensation awards (in shares)           317
Shares issued upon vesting of stock-based compensation awards (176) (179)       $ 3
Unrealized gain on cash flow hedge, net of tax of $0 6,062     6,062    
Reclassification of cash flow hedge to earnings, net of tax of $0 2,910     2,910    
Acquisition of non-controlling interests (400) (970)     570  
Other, net of tax of $0 3,587     3,587    
Shares ending balance (in shares) at Jun. 30, 2026           319,330
Stockholders' equity ending balance at Jun. 30, 2026 33,024 $ 545,584 $ (415,087) $ (100,666) $ 0 $ 3,193
Redeemable Non-Controlling Interests, beginning balance at Mar. 31, 2026 85,912          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income (loss) 11,964          
Tax and other distributions, net (13,920)          
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2026 $ 83,956          
v3.26.1
Consolidated Statements of Changes in Stockholders’ (Deficiency) Equity (Parenthetical) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Stockholders' Equity [Abstract]        
Unrealized gain (loss) on cash flow hedge, net of tax $ 0 $ 0 $ 0 $ 0
Reclassification of cash flow hedge to earnings, net of tax 0 0 0 0
Other, net of tax $ 0 $ 0 $ 0 $ 0
v3.26.1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
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 2025 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.
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”), which amends the accounting guidance to exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2025, the FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”), which are amendments that are intended to better align hedge accounting with entities’ risk‑management activities, including revisions related to assessing similar risk exposure for groups of forecasted transactions, hedging interest payments on choose‑your‑rate debt instruments, and other improvements to cash flow, fair value, and net investment hedge models. ASU 2025‑09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025-11”), which are amendments intended to improve the navigability and clarity of interim reporting guidance by reorganizing Topic 270, adding a comprehensive list of interim disclosure requirements sourced from other Accounting Standards Codification (“ASC”) topics, and clarifying when interim reporting guidance applies. The ASU also introduces a
disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. ASU 2025‑11 is effective for public business entities for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. The majority of the Company’s revenue is recognized from shipping products to customers. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
License Agreements
Refer to Note 4. Alliance and Collaboration in the Company’s 2025 Annual Report on Form 10-K for further information related to revenue recognition associated with license agreements.
Concentration of Revenue
The following table summarizes revenues from each of the Company’s customers that individually accounted for 10% or more of its total net revenue in any of the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Customer A23 %23 %24 %23 %
Customer B16 %16 %16 %16 %
Customer C21 %21 %20 %21 %
Disaggregated Revenue
The Company’s significant dosage forms within its Affordable Medicines segment, therapeutic classes within its Specialty segment, and sales channels within its AvKARE segment, each determined based on net revenue for the three and six months ended June 30, 2026 and 2025, are presented below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Affordable Medicines
Oral solid$175,172 $178,262 $346,272 $357,215 
Transdermal67,038 40,710 141,001 83,773 
Auto-Injector62,214 66,594 104,126 114,754 
Injectable56,783 34,646 106,721 69,434 
Biosimilar29,128 25,248 51,429 53,788 
Oral liquid10,371 17,879 22,463 41,427 
Other dosage forms (1)
81,594 68,185 128,206 124,607 
Subtotal dosage forms482,300 431,524 900,218 844,998 
International7,613 1,901 12,932 3,135 
Total Affordable Medicines net revenue
489,913 433,425 913,150 848,133 
Specialty
Central nervous system95,344 83,425 178,727 151,035 
Hormonal / allergy42,099 35,418 78,031 69,617 
Other therapeutic classes11,852 8,700 25,802 15,188 
Subtotal therapeutic classes149,295 127,543 282,560 235,840 
License agreement
— 500 — 500 
Total Specialty net revenue
149,295 128,043 282,560 236,340 
AvKARE
Distribution86,930 99,663 176,079 204,558 
Government label50,207 45,418 110,156 95,558 
Institutional12,112 10,132 21,931 21,141 
Other7,740 7,827 14,840 14,198 
Total AvKARE net revenue156,989 163,040 323,006 335,455 
Total net revenue$796,197 $724,508 $1,518,716 $1,419,928 
(1)Includes net revenue from sales of transmucosal, ophthalmic, topical, nasal and inhalation dosage forms.
A rollforward of the major categories of sales-related deductions for the six months ended June 30, 2026 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, 2025$801,186 $40,992 $179,471 $119,486 
Provision related to sales recorded in the period2,015,135 69,234 35,736 83,464 
Credits/payments issued during the period(2,262,461)(77,349)(26,540)(125,686)
Balance at June 30, 2026$553,860 $32,877 $188,667 $77,264 
v3.26.1
Alliance and Collaboration
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Alliance and Collaboration Alliance and Collaboration
The Company has entered into several alliance, collaboration, license, distribution and similar agreements with respect to certain of its products and services with third-party pharmaceutical companies. The consolidated statements of operations include revenue recognized under agreements the Company has entered into to develop marketing and/or distribution
relationships with its partners to fully leverage the technology platform and revenue recognized under development agreements. These agreements generally obligate the Company to provide research and development (“R&D”) services over multiple periods.
Except as disclosed below, as of and for the three and six months ended June 30, 2026, there were no material changes to our alliance and collaboration agreements as described and defined in Note 4. Alliance and Collaboration in the Company’s 2025 Annual Report on Form 10-K.
The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
PartyCaption in Statement of Operations2026202520262025
Orion Corporation
Research and development (1)
$(424)$(631)$(1,107)$(1,765)
Orion Corporation
Research and development (2)
$(335)$(281)$(621)$(759)
Pfizer Inc. (formerly Metsera, Inc.)
Other operating income (3)
$— $— $(6,877)$— 
Pfizer Inc. (formerly Metsera, Inc.)
Net revenue (4)
$— $1,973 $— $1,973 
(1)Deferred income was recognized as a reduction to R&D expense as services were performed under the Orion Agreement.
(2)Reimbursable R&D services performed under the Orion Agreement were recorded as a reduction to R&D expense.
(3)Gain from derecognizing financing obligation (refer to the Pfizer Collaboration Agreement section below).
(4)Development activities performed on behalf of Pfizer, Inc. on a cost plus margin basis are recorded as net revenue.
The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of June 30, 2026 and December 31, 2025 (in thousands):
PartyCaption in Balance SheetJune 30, 2026December 31, 2025
Orion Corporation
Accounts payable and accrued expenses (1)
$3,853 $4,811 
Orion Corporation
Other long-term liabilities (1)
$665 $814 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
mAbxience S.L.
Accounts payable and accrued expenses (2)
$— $7,500 
Pfizer Inc. (formerly Metsera, Inc.)
Prepaid expenses and other current assets (3)
$— $321 
Pfizer Inc. (formerly Metsera, Inc.)
Other long-term liabilities (4)
$17,880 $9,378 
(1)Comprised of deferred income as of June 30, 2026 and December 31, 2025.
(2)Comprised of an accrued milestone as of December 31, 2025 for a Food and Drug Administration (“FDA”) approval.
(3)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2025.
(4)Comprised of construction costs contributed, as defined in the Company’s collaboration agreement with Pfizer Inc. (“Pfizer”). As of June 30, 2026, the funding received from Pfizer represented a contract obligation for future manufacturing services (deferred income). As of December 31, 2025, the funding received from Pfizer was allocated between two performance obligations: (i) a financing obligation in accordance with ASC 470, Debt of $6.4 million and (ii) a contract obligation for future manufacturing services of $3.0 million (refer to the Pfizer Collaboration Agreement section below).
Pfizer Collaboration Agreement
On November 13, 2025, Metsera, Inc. (“Metsera”) was acquired by Pfizer. On January 30, 2026, Pfizer exercised its rights under the change-in-control provision in the Metsera collaboration agreement with the Company to shorten the agreement’s term from seven years to four years from the date of first commercial sale. As a result, the Company’s rebate and construction cost reimbursement obligations to Pfizer have been eliminated. Pfizer’s cost sharing commitment of up to $100 million for construction costs and all other terms of the agreement remain unchanged.
In connection with the notice from Pfizer, the Company recognized a gain of $6.9 million in other operating income for the six months ended June 30, 2026 to derecognize the financing obligation previously recognized in accordance with ASC 470, Debt through the date of the notice. The Company will classify all future proceeds received from Pfizer for construction costs contributed as a contract obligation for future manufacturing services (recorded as deferred income within other long‑term liabilities on the consolidated balance sheet). As of June 30, 2026, no commercial products have been launched under this collaboration agreement. Refer to Note 13. Other Long-Term Liabilities for additional information.
MSN Laboratories Private Limited Supply and Distribution Agreement
On April 2, 2026, the Company entered into a supply and distribution agreement with MSN Laboratories Private Limited (“MSN”) for the exclusive distribution of generic mirabegron extended‑release tablets in the United States and its territories (the “MSN agreement”). Mirabegron is a generic, AB-rated version of the reference listed drug, Myrbetriq®. In connection with the MSN agreement, the Company made an upfront cash payment of $75.0 million in April 2026, which was capitalized as a product rights intangible asset and is being amortized to cost of sales over its estimated useful life of five years. Additionally, the Company will pay a per‑unit fee and profit‑sharing to MSN based on product sales. MSN is responsible for the commercial manufacture and supply of the finished product and the Company is responsible for the marketing, promotion, and sale of the product.
Adalvo License and Supply Agreement – Tirzepatide
On May 13, 2026, the Company entered into a License and Supply Agreement with Adalvo to develop, register and commercialize two generic tirzepatide products in the U.S. Pursuant to the agreement, the Company received exclusive rights to Adalvo’s regulatory dossiers and related intellectual property for use in obtaining U.S. regulatory approvals for the products. The Company is responsible for regulatory filings, commercialization and distribution, while Adalvo is responsible for development, manufacturing and supply of the products. The agreement provides for development, regulatory and commercial milestone payments of up to $21.0 million, including payments upon regulatory submissions and acceptance, regulatory approvals, product launches and achievement of a specified cumulative net sales threshold. The Company will share a portion of net profits from product sales with Adalvo, after deduction of agreed-upon costs, pursuant to the terms of the agreement. Profit share amounts are calculated and settled on a quarterly basis.
During the three and six months ended June 30, 2026, the Company recorded $3.0 million of research and development expense related to the achievement of regulatory milestones under the agreement (submission of an Abbreviated New Drug Application (“ANDA”) and subsequent acceptance by the FDA) for each product.
mAbxience Biosimilar Licensing and Supply Agreement – Denosumab
On May 26, 2026, the Company entered into a supply agreement with mAbxience S.L. (“mAbxience”) to establish supply pricing for Boncresa® and Oziltus® (denosumab biosimilars referencing Prolia® and XGEVA®, respectively). The supply agreement is an addition to the Company’s existing licensing arrangement with mAbxience dated October 12, 2023, as previously described in Note 4. Alliance and Collaboration in the Company’s 2025 Annual Report on Form 10-K.
In connection with the execution of the supply agreement, the Company accrued a one-time signing fee of $6.0 million payable to mAbxience as of June 30, 2026, which was capitalized as a product rights intangible asset. The asset will be amortized to cost of sales over its estimated useful life of five years, with amortization commencing upon commercial launch of the products, which the Company currently expects to occur in 2026.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
Set forth in the following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Provision for income taxes$1,376 $16,101 $3,552 $28,969 
Effective tax rate1.9 %31.1 %2.3 %32.5 %
For the three and six months ended June 30, 2026, the period-over-period change in the provision for income taxes was primarily due to the tax impacts from changes in the level and jurisdictional mix of income, the impact of the One Big Beautiful Bill Act (enacted in July 2025), 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):
Statements of Operations
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Increase in tax receivable agreement liability$2,439 $4,420 $106 $15,107 
Balance Sheet
June 30, 2026December 31, 2025
Tax receivable agreement liability - short term (1)
$16,507 $38,832 
Tax receivable agreement liability - long term (1)
2,440 18,656 
Total$18,947 $57,488 
(1) Refer to Note 18. Related Party Transactions.
Refer to Note 5. Income Taxes in the Company’s 2025 Annual Report on Form 10-K for information about the Company’s TRA. During the six months ended June 30, 2026, the Company made payments of $38.8 million associated with the TRA liability for the 2024 tax year.
Contingent Tax Receivable Agreement Liability
The Company had an unrecorded contingent TRA liability of $129.0 million as of June 30, 2026. 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.
v3.26.1
Earnings per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Numerator:
Net income attributable to Amneal Pharmaceuticals, Inc.$57,662 $22,417 $119,918 $34,612 
Denominator:
Weighted-average shares outstanding - basic319,200 313,739 317,620 312,404 
Effect of dilutive securities:
Stock options739 964 741 1,031 
Restricted stock units3,151 3,155 4,186 4,390 
Performance stock units5,012 4,505 5,980 5,346 
Weighted-average shares outstanding - diluted328,102 322,363 328,527 323,171 
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic$0.18 $0.07 $0.38 $0.11 
Diluted$0.18 $0.07 $0.37 $0.11 
The following table presents potentially dilutive securities excluded from the computations of diluted earnings per share of Class A common stock (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Stock options (1)
293 347 293 347 
Performance stock units (2)
1,845 1,953 1,845 1,953 
(1)Excluded from the computation of diluted earnings per share of Class A common stock because the exercise price of the stock options exceeded the average market price of the Class A common stock during the period (out-of-the-money).
(2)Excluded from the computation of diluted earnings per share of Class A common stock because the performance vesting conditions were not met during the period.
v3.26.1
Trade Accounts Receivable, Net
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Trade Accounts Receivable, Net Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
June 30, 2026December 31, 2025
Gross accounts receivable$1,610,302 $1,740,324 
Allowance for credit losses(3,205)(3,003)
Contract charge-backs and sales volume allowances(553,860)(801,186)
Cash discount allowances(32,877)(40,992)
Subtotal(589,942)(845,181)
Trade accounts receivable, net$1,020,360 $895,143 
Concentration of Receivables
Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:
June 30, 2026December 31, 2025
Customer A36 %39 %
Customer B25 %23 %
Customer C24 %26 %
v3.26.1
Inventories
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Raw materials$254,944 $227,353 
Work in process72,251 55,455 
Finished goods350,759 323,494 
Total inventories$677,954 $606,302 
v3.26.1
Prepaid Expenses and Other Current Assets
 6 Months Ended
Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Deposits and advances$3,776 $4,437 
Prepaid insurance5,437 6,723 
Prepaid regulatory fees2,684 8,109 
Income and other tax receivables19,380 18,662 
Prepaid taxes13,761 17,068 
Accrued royalty income30,395 14,332 
Other current receivables4,602 5,295 
Chargebacks receivable7,468 5,972 
Other prepaid assets24,508 17,797 
Total prepaid expenses and other current assets$112,011 $98,395 
v3.26.1
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [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, 2024$161,659 $366,312 $69,465 $597,436 
Currency translation(1,966)— — (1,966)
Balance as of December 31, 2025159,693 366,312 69,465 595,470 
Currency translation(1,971)— — (1,971)
Balance as of June 30, 2026$157,722 $366,312 $69,465 $593,499 
Intangible assets as of June 30, 2026 and December 31, 2025 were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights5.8$1,607,920 $(1,036,318)$571,602 $1,519,694 $(977,819)$541,875 
Other intangible assets1.782,700 (74,572)8,128 82,700 (69,177)13,523 
Total1,690,620 (1,110,890)579,730 1,602,394 (1,046,996)555,398 
In-process research and development8,100 — 8,100 8,100 — 8,100 
Total intangible assets$1,698,720 $(1,110,890)$587,830 $1,610,494 $(1,046,996)$563,498 
Amortization expense related to intangible assets for the three months ended June 30, 2026 and 2025 was $34.9 million and $45.8 million, respectively. Amortization expense related to intangible assets for the six months ended June 30, 2026 and 2025 was $64.9 million and $91.0 million, respectively.
The Company reviews intangible assets with finite lives for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Indefinite-lived intangible assets, including in-process research and development intangible assets, are tested for impairment if impairment indicators arise and, at a minimum, annually. No intangible asset impairments were recorded for the three and six months ended June 30, 2026 and 2025.
v3.26.1
Other Assets
 6 Months Ended
Jun. 30, 2026
Other Assets [Abstract]  
Other Assets Other Assets
Other assets were comprised of the following (in thousands): (1)
June 30, 2026December 31, 2025
Interest rate swap (2)
$16,212 $5,756 
Security deposits
3,701 3,932 
Long-term deposits and prepaid expenses2,405 3,412 
Deferred revolving credit facility costs4,622 5,197 
Long-term restricted cash3,339 2,068 
Equipment deposits42,599 34,332 
Other long-term assets7,791 3,108 
Total other assets$80,669 $57,805 
(1)Certain prior period amounts have been reclassified to conform to the current period presentation. As of June 30, 2026, the Company separately presented equipment deposits within other assets to provide additional transparency regarding the nature of these balances. Such reclassifications had no impact on total other assets, total assets, results of operations, or cash flows.
(2)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.26.1
Accounts Payable and Accrued Expenses
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Accounts payable$244,234 $254,671 
Accrued returns allowance (1)
188,667 179,471 
Accrued compensation69,677 79,886 
Accrued Medicaid and commercial rebates (1)
77,264 119,486 
Accrued royalties31,188 30,040 
Accrued professional fees21,423 14,514 
Accrued interest18,422 18,663 
Accrued other70,333 64,585 
Total accounts payable and accrued expenses$721,208 $761,316 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2025 to June 30, 2026.
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
There have been no material changes in the Company’s long-term debt since December 31, 2025, except as disclosed below. Refer to Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for additional information and definitions of certain terms used in this note.
The following is a summary of the Company’s indebtedness under its term loans and senior notes (in thousands):
June 30, 2026December 31, 2025
Term Loan Due 2032$2,084,263 $2,094,750 
Senior Notes Due 2032600,000 600,000 
Total debt2,684,263 2,694,750 
Less: debt issuance costs(113,967)(122,874)
Total debt, net of debt issuance costs2,570,296 2,571,876 
Less: current portion of long-term debt(5,961)(6,761)
Total long-term debt, net$2,564,335 $2,565,115 
Repricing Amendments to Term Loan Credit Agreement
On February 2, 2026, the Company entered into a repricing amendment for the Term Loan Due 2032 (the “Repricing Amendment”). The Repricing Amendment reduced the applicable interest rate margins on the Term Loan Due 2032 by 50 basis points to 3.00% per annum for term SOFR benchmark rate loans and 2.00% per annum for base rate loans. The stated maturity date of August 1, 2032 and the aggregate principal outstanding did not change as a result of the Repricing Amendment.
In connection with the Repricing Amendment, the Company recognized a loss of $3.5 million for the six months ended June 30, 2026, related to costs incurred as part of this transaction and the write‑off of unamortized debt issuance costs associated with the modified portion of the Term Loan Due 2032.
On August 3, 2026 the Company entered into a repricing amendment to the Term Loan Credit Agreement governing the Term Loan Due 2032. Refer to Note 20. Subsequent Events for additional information.
2025 Revolving Credit Facility
During April and May 2026, the Company borrowed $100.0 million under the 2025 Revolving Credit Facility. Refer to Note 20. Subsequent Events for additional borrowings of $30.0 million and $150.0 million on the 2025 Revolving Credit Facility subsequent to June 30, 2026.
v3.26.1
Other Long-Term Liabilities
 6 Months Ended
Jun. 30, 2026
Other Liabilities Disclosure [Abstract]  
Other Long-Term Liabilities Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Long-term compensation$8,907 $11,354 
Deferred income (1)
22,040 7,324 
Other long-term liabilities1,172 13,585 
Total other long-term liabilities$32,119 $32,263 
(1)Deferred income was primarily from alliance and collaboration agreements with Orion Corporation, Zambon Biotech S.A., and Pfizer. Refer to Note 3. Alliance and Collaboration for additional information.
v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
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 that were measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):
Fair Value Measurement Based on
June 30, 2026TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$16,212 $— $16,212 $— 
December 31, 2025
Assets
Interest rate swap (1)
$5,756 $— $5,756 $— 
(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial information and certain assumptions regarding past, present, and future market conditions. Refer to Note 15. Financial Instruments for information on the Company’s interest rate swap.
There were no transfers between levels in the fair value hierarchy during the six months ended June 30, 2026.
Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
The carrying amounts of cash, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments.
The following is a summary of the Company’s indebtedness at fair value (in thousands):
June 30, 2026December 31, 2025
Term Loan Due 2032$2,097,290 $2,115,698 
Senior Notes Due 2032$623,250 $633,000 
The Term Loan Due 2032 and Senior Notes Due 2032 are each in the Level 2 category within the fair value level hierarchy. The fair values were determined using market data for valuation.
Refer to Note 12. Debt in this Quarterly Report on Form 10-Q and Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for information about its indebtedness, including definitions of terms.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
There were no non-recurring fair value measurements during the six months ended June 30, 2026 and 2025.
v3.26.1
Financial Instruments
 6 Months Ended
Jun. 30, 2026
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. Changes in fair value will be recognized in other comprehensive loss and reclassified to interest expense, net, in the period in which the hedged transaction affect earnings. During the three and six months ended June 30, 2026, the Company reclassified a net loss (increase in interest expense) of $2.9 million and $5.8 million, respectively, from accumulated other comprehensive loss. As of June 30, 2026, a net gain of $1.4 million was recorded in accumulated other comprehensive loss associated with the impact of all interest rates swaps, with $10.1 million, net, expected to be reclassified within 12 months. Refer to Note 17. Stockholders’ Equity (Deficiency) in this Quarterly Report on Form 10-Q and Note 18. Financial Instruments in the Company’s 2025 Annual Report on Form 10-K for defined terms and additional information.
During the three and six months ended June 30, 2025, the Company reclassified a net loss of $0.6 million (increase in interest expense, net) and net gain of $5.9 million (decrease in interest expense, net), respectively, from accumulated other comprehensive loss. As of December 31, 2025, $14.8 million in net losses were recorded in accumulated other comprehensive loss.
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
June 30, 2026December 31, 2025
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$16,212 Other Assets$5,756 
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026, charges related to legal matters, net were $8.1 million, primarily consisting of charges related to antitrust class action litigation. For the six months ended June 30, 2026, charges related to legal matters, net were $8.8 million, primarily consisting of (i) a $21.2 million charge associated with certain states electing a 25% cash conversion in lieu of product under the Nationwide Opioids Settlement Agreement, partially offset by a $20.8 million discount recorded on the expected settlement payments as of the agreement’s effective date and (ii) charges associated with antitrust class action litigation. During the three months ended June 30, 2026, based on developments in the litigation involving certain antitrust class action claims, the Company recorded an accrual of $9.0 million after concluding that a loss related to these matters had become probable and reasonably estimable. For additional information regarding antitrust class action litigation and the Nationwide Opioids Settlement Agreement, refer to the sections In Re Generic Pharmaceuticals Pricing Antitrust Litigation and Civil Prescription Opioid Litigation below, respectively.
Liabilities for legal matters were comprised of the following (in thousands):
MatterJune 30, 2026December 31, 2025
Civil prescription opioid litigation (1)
$9,408 $42,271 
Antitrust class action litigation8,950 — 
Other
130 985 
Current portion of liabilities for legal matters$18,488 $43,256 
Civil prescription opioid litigation (Liabilities for legal matters - long term) (1)
$70,830 $71,819 
(1)As of June 30, 2026, the total current and long-term liabilities of $80.2 million for civil prescription opioid litigation were primarily comprised of a $79.7 million liability for the Nationwide Opioids Settlement Agreement effective January 23, 2026, as defined and described in the section, Civil Prescription Opioid Litigation below. Of the $79.7 million accrued for this settlement agreement, $78.6 million was for cash payments and $1.1 million was for the supply of naloxone nasal spray.
As of June 30, 2026, the remaining cash payments under the Nationwide Opioids Settlement Agreement, due on March 1 of each year, were as follows (in thousands):
Amount Due
2027$12,670 
202812,389 
202912,389 
203012,389 
2031 (1)
11,939 
2032 to 2034 (1)
35,816 
Total settlement payments$97,592 
Less: imputed interest at a rate of 5.5%
(19,002)
Total $78,590 
(1)Amounts due in each of 2031 through 2034 include approximately $10.4 million of cash conversion payments associated with certain settling parties’ elections to receive cash in lieu of naloxone nasal spray under the Nationwide Opioids Settlement Agreement ($41.4 million in the aggregate).
The discount-related imputed interest will be amortized to interest expense over the life of the liability using the effective interest method. Interest expense associated with the Nationwide Opioids Settlement Agreement for the three and six months ended June 30, 2026 was immaterial.
Refer to Note 19. Commitments and Contingencies in the Company’s 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, purchasers of generic drugs filed multiple putative antitrust class action complaints against a substantial number of generic pharmaceutical manufacturers, including the Company, alleging an illegal conspiracy to fix prices, rig bids, and allocate markets and customers. They seek monetary damages and equitable relief, including disgorgement and restitution. Most of these lawsuits were consolidated in the United States District Court for the Eastern District of Pennsylvania (See In re Generic Pharmaceuticals Pricing Antitrust Litigation, MDL No. 2724 (E.D. Pa.)). Some purchasers filed similar lawsuits in state courts in Pennsylvania, Connecticut, and New York. The Company has filed several motions to dismiss these cases, and some of those motions remain pending.
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 relief. These cases are pending in the District of Connecticut. See Connecticut, et al. v. Teva Pharmaceuticals USA, Inc., et al., 3:19-cv-00710-MPS and Connecticut, et al. v. Sandoz, Inc. et al., 3:20-cv-00802-MPS.
In Connecticut, et al. v. Sandoz, Inc. et al., on April 15, 2026, the Court granted the Company’s individual motion for summary judgment with respect to the states’ claim that the Company participated in an overreaching conspiracy involving more than 80 drugs and denied the Company’s motion with respect to an alleged conspiracy involving only one drug, phenytoin.
The multi-district litigation (“MDL”) court selected Humana Inc. v. Actavis Elizabeth, LLC et al., No. 2:18-cv-03299-CMR (“Humana I”), which names Impax Laboratories, LLC (“Impax”) as a defendant, as a bellwether and set a trial for September 2026. On March 26, 2026, Impax filed an individual motion for summary judgment and four joint motions for summary
judgment in Humana I. Those summary judgment motions were fully briefed on May 22, 2026 and remain pending. The other MDL cases and the state court cases are in various stages of pleading and discovery. No other trials involving the Company have been set.
Civil Prescription Opioid Litigation
As a result of the Court’s Stipulation and Order dated February 26, 2026, pursuant to the settlement of the political subdivision cases in MDL 2804, the state and federal cases against the Company relating to the sale of prescription opioid pain relievers have been reduced from over 800 cases to less than 105 cases, comprised of 52 cases in MDL 2804 and other federal courts, and 52 state court cases. Plaintiffs in the remaining cases are political subdivisions (pending dismissal), schools, hospitals, pension funds, third-party payors, and individuals. Nearly all federal court cases are consolidated for pre-trial proceedings in Case No. 17-mdl-2804 (N.D. Ohio). There are no firm trial dates in the state-court cases.
The New York, Alaska, and Maryland Attorneys General have withdrawn their subpoenas seeking information regarding the Company’s business concerning opioid-containing products.
In 2023, the Company reached settlements with the New Mexico Attorney General and West Virginia political subdivisions and a settlement with a group of private hospitals in Alabama. On March 30, 2026, the court in Alabama dismissed the hospital cases against the Company pursuant to the settlement agreement.
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. In September 2025, the Native American tribal participation reached a sufficient percentage to effectuate the tribal settlement. On January 23, 2026, the Company determined that it will make effective its nationwide agreement to settle a substantial majority of the opioids-related claims brought against the Company by various states and subdivisions (the “Nationwide Opioids Settlement Agreement”), having previously secured sufficient participation by those states and subdivisions, including all eligible state and territorial Attorneys General and all subdivisions that previously sued the Company. The Nationwide Opioids Settlement Agreement became effective on January 29, 2026, and the Company made its first installment payment of $23.8 million to the settlement administrator on that date. An additional installment payment of $12.1 million was made on February 26, 2026. The settlement is payable through 2034. Under the settlement, the Company agreed to pay up to $92.5 million in cash and provide $177.4 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 $44.4 million) in cash during the last four years of the ten-year payment term, which could increase the total amount of cash the Company would pay up to $136.9 million. In March 2026, five states elected to receive $11.6 million in free naloxone nasal spray with the remaining states electing to receive the 25% cash conversion. As a result, and assuming other states do not subsequently decide to instead receive settlement product, Amneal will pay $41.4 million in cash in equal distributions of $10.4 million from 2031 to 2034. Including these cash conversion payments, the Company’s total cash payments under the Nationwide Opioids Settlement Agreement will be $133.5 million.
Refer to the section Legal Proceedings above for amounts charged to the statements of operations for the three and six months ended June 30, 2026 and liabilities as of June 30, 2026 and December 31, 2025, associated with civil prescription opioid litigation. For the remaining cases not covered by the Nationwide Prescription Opioids Settlement Agreement, primarily brought by other hospitals, schools and individuals, the Company did not record a liability as of June 30, 2026 and December 31, 2025 because it concluded that a loss was not probable and estimable.
During July 2025, the Company deposited an aggregate of $24.2 million into dedicated accounts as a step in the process to finalize a definitive settlement agreement. These deposits, which were classified as restricted cash in the Company’s consolidated balance sheet as of December 31, 2025, remained the property of the Company until a definitive settlement agreement was reached and the funds were used to make the first installment payment under the Nationwide Opioids Settlement Agreement. Accordingly, no related restricted cash balance remained as of June 30, 2026.
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 has been cooperating with the USAO in responding to the subpoenas. The Company entered into tolling agreements
with respect to potential criminal charges through May 15, 2026. The Company entered into tolling agreements with respect to potential civil claims through November 15, 2024. It is not possible to determine the exact outcome of these investigations.

On December 21, 2025, the Company received an administrative subpoena from the DEA relating to sales of controlled substances to Dixon Shane, LLC d/b/a R&S Northeast LLC (“R&S Northeast”), an indirect subsidiary that distributes generic pharmaceuticals manufactured by Amneal and others. On the same date, R&S Northeast received an administrative subpoena from the DEA relating to various policies and procedures relating to controlled substances and controlled substance order monitoring, as well as other information relating to current and former customers. The Company and R&S Northeast have been cooperating with DEA and responding to the subpoenas. It is not possible to determine the exact outcome of this investigation.

Ranitidine Litigation
The Company was named, along with numerous other brand and generic pharmaceutical manufacturers, wholesale distributors, retail pharmacy chains, and repackagers of ranitidine-containing products in a federal MDL (In re Zantac/Ranitidine NDMA Litigation (MDL No. 2924), Southern District of Florida). Plaintiffs alleged defendants failed to disclose and/or concealed the alleged inherent presence of N-Nitrosodimethylamine (or “NDMA”) in ranitidine products and the alleged associated risk of cancer. The MDL court’s dismissal of claims by all plaintiffs against the Company and other generic drug manufacturers on preemption grounds is on appeal in the 11th Circuit. Plaintiffs filed their merits brief on April 10, 2024. The generic drug manufacturers, including the Company, filed their briefs on July 25, 2024. Plaintiffs’ reply brief was filed November 8, 2024. The briefing also addresses the MDL court’s December 6, 2022 exclusion of plaintiff’s general causation experts. The 11th Circuit heard oral argument on October 10, 2025. The timeline for the 11th Circuit Court of Appeals’ rulings is uncertain.
The Company has also been named in state court cases in four states. The Company filed motions to dismiss those cases. On August 17, 2023, the judge in the consolidated Illinois state court cases granted the motion to dismiss all such cases in which the Company had been named, holding all claims preempted. The Company has reached an agreement, which is not material, to settle the 95 cases pending against it in California state court. The process for completing the settlement, which the Company does not expect to be material, is in progress. There are no trial dates involving the Company in any of the state court cases.
Metformin Litigation
Beginning in 2020, Amneal was named as a defendant in several putative class action lawsuits filed and consolidated in the United States District Court for the District of New Jersey, seeking compensation for economic loss allegedly incurred in connection with their purchase of generic metformin allegedly contaminated with NDMA. See In Re Metformin Marketing and Sales Practices Litigation (No. 2:20-cv-02324-MCA-MAH) (“In re Metformin”). On January 30, 2026, the Court issued an Order granting in part and denying in part Defendants’ motion to dismiss the Fourth Amended Complaint. Discovery is ongoing.
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. The case was transferred on April 28, 2026. See UFCW Local 1500 Welfare Fund et al. v. Takeda Pharma U.S.A., Inc., et al. No. 2:26-cv-3122 (E.D. Pa.). Defendants’ motion to dismiss the case was filed on June 9, 2026. That motion is fully briefed and is pending before the Court.

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.) (“Leonard”). The complaint purported to plead, on behalf of a nationwide class and California subclass, the following counts: breach of warranty; unjust enrichment; fraud; and violation of California’s Unfair Competition Law. The complaint sought damages, including punitive damages, restitution, other equitable monetary relief, injunctive relief, prejudgment interest and attorneys’ fees and costs. The court granted defendants’ motion to dismiss plaintiff’s first and second amended complaints without prejudice, and plaintiff filed a notice of voluntary dismissal without prejudice on April 22, 2026.

In addition, on June 27, 2025, CVS, which Amneal is defending, was named as a defendant in a putative consumer class action lawsuit in the United States District Court for the Northern District of Illinois. See Hatfield v. CVS Health Corporation, No. 1:25-cv-7248 (N.D. Ill.). Alleging similar facts as the Leonard case, the complaint in Hatfield purported to plead, individually and on behalf of a class of purchasers in Illinois and states with similar consumer protection laws, violations of the Illinois Consumer Fraud Act and unjust enrichment. On June 30, 2025, plaintiff filed a motion for class certification, which the Court held in abeyance. On July 28, 2025, plaintiff filed an amended complaint to identify the correct defendant and add jurisdictional allegations. On September 26, 2025, CVS moved to dismiss plaintiff’s amended complaint. The motion is fully briefed, and oral argument was held on June 10, 2026. The Court will rule from the bench on the motion to dismiss via teleconference on September 3, 2026.

Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 3:25-cv-00181-GC-TJB; D.N.J. 2:25-11981-GC-TJB
On November 25, 2024, the Company and Impax received the first of five notice letters from Sandoz Inc. (“Sandoz”) stating that it had filed an ANDA with the FDA seeking approval to market generic versions of CREXONT®, an extended-release oral capsule formulation of carbidopa and levodopa for the treatment of Parkinson’s disease. The notice letters included a Paragraph IV certifications alleging that certain patents covering CREXONT® are invalid, unenforceable, or will not be infringed by the manufacture, use, or sale of Sandoz’s generic product.
In response to these notice letters, on January 7, 2025, the Company and Impax filed a first patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, Case No. 3:25-cv-00181-GC-TJB. On April 1, 2025, the Company and Impax filed a First Amended Complaint in response to a second notice letter from Sandoz, adding claims for infringement of additional patents. On April 14, 2025, Sandoz filed an Answer, Affirmative Defense, and Counterclaims for non-infringement and invalidity of the asserted patents. This lawsuit is currently in discovery. The filing of this lawsuit triggered a 30-month stay of FDA approval of the Sandoz ANDA from the date of receipt of the notice letter. CREXONT® is also subject to a regulatory exclusivity until August 7, 2027.
On June 20, 2025, the Company and Impax filed a new patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, captioned Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 2:25-11981-GC-TJB, in response to a third notice letter from Sandoz relating to CREXONT®. On September 4, 2025, the Company and Impax filed a First Amended Complaint in response to a fourth notice letter from Sandoz, adding claims for infringement of additional patents. On October 2, 2025, Sandoz filed an Answer, Affirmative Defense, and Counterclaims for non-infringement and invalidity of the asserted patents. On November 12, 2025, the Company and Impax filed a new patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, captioned Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 2:25-17384-GC-TJB. On April 15, 2026, the Company filed a First Amended Complaint in that action adding claims for infringement of additional patents. Scheduling orders have been issued in all three actions, and those actions are in discovery with trial currently scheduled for April 2027.
Amneal Pharmaceuticals LLC et al. v. Alembic Pharmaceuticals Ltd., D. Del. 26-cv-00798
On May 26, 2026, the Company and Impax received a notice letter from Alembic Pharmaceuticals Ltd (“Alembic”) stating that it had filed an ANDA with the FDA seeking approval to market generic versions of CREXONT®, an extended-release oral capsule formulation of carbidopa and levodopa for the treatment of Parkinson’s disease. The notice letter included Paragraph IV certifications alleging that certain patents covering CREXONT® are invalid, unenforceable or will not be infringed by the manufacture, use or sale of Sandoz’s generic product.
In response to the notice letter, on July 2, 2026, the Company and Impax filed an infringement lawsuit against Alembic in the U.S. District Court for the District of Delaware, Case No. 26-cv-00798. This lawsuit is currently in the initial pleadings stage. The filing of this lawsuit triggered a 30-month stay of FDA approval of the Alembic ANDA from the date of receipt of the notice letter. CREXONT® is also subject to a regulatory exclusivity until August 7, 2027.
Carickhoff v. Amneal Pharmaceuticals, Inc., et al.
On May 7, 2025, the Liquidating Trustee on Behalf of the Vyera Liquidating Trust Established Under the Subchapter V Plan of Reorganization of debtors Vyera Pharmaceuticals, LLC and Phoenixus AG filed an adversary proceeding in the United States Bankruptcy Court for the District of Delaware against the Company and Impax, seeking to recover approximately $55.4 million in allegedly fraudulent transfers made by the debtors to Impax to purchase the drug Daraprim in 2015. (See Carickhoff v. Amneal Pharmaceuticals, Inc, et al., Adv. Pro. No. 25-50903-JKS (Bankr. D. Del.)). Defendants filed a motion to dismiss the complaint on September 9, 2025. That motion is fully briefed and is pending before the Court.
Shareholder Litigation Related to Agreement to Acquire Kashiv Biosciences, LLC
As of August 6, 2026, two complaints have been filed by purported shareholders of the Company against the Company and certain directors and officers of the Company related to the Company’s agreement to acquire Kashiv Biosciences, LLC (the “Transaction”). The complaints are captioned: (i) Johnson v. Amneal Pharmaceuticals, Inc., et al., No. 654043/2026 (N.Y. Sup. Ct. July 8, 2026); and (ii) Kent v. Amneal Pharmaceuticals, Inc., et al., No. 654067/2026 (N.Y. Sup. Ct. July 9, 2026) (collectively, the “Complaints”). The Complaints seek to enjoin the defendants from proceeding with the Transaction unless the defendants disclose certain purportedly material information alleged to have been omitted from the Definitive Proxy Statement and rescission of the Transaction and/or damages if the Transaction is consummated. Refer to Note 18. Related Party Transactions for information about the Transaction.
v3.26.1
Stockholders’ Equity (Deficiency)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity (Deficiency) Stockholders’ Equity (Deficiency)
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component were as follows (in thousands):
Foreign
currency
translation
adjustments		Unrealized (loss) gain on cash
flow hedge, net
of tax		OtherAccumulated
other
comprehensive loss
December 31, 2025$(90,545)$(14,844)$(5,340)$(110,729)
Other comprehensive (loss) gain before reclassification
(9,904)10,456 3,723 4,275 
Reclassification of cash flow hedge to earnings, net of tax of $0
— 5,788 — 5,788 
June 30, 2026$(100,449)$1,400 $(1,617)$(100,666)
December 31, 2024$(71,860)$6,350 $— $(65,510)
Other comprehensive loss before reclassification(6,560)(19,485)— (26,045)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (5,876)— (5,876)
June 30, 2025$(78,420)$(19,011)$— $(97,431)
Rondo Redeemable Non-Controlling Interests
Beginning January 1, 2026, the holders of the Rondo Class B Units, as defined and discussed in Note 20. Stockholders’ (Deficiency) Equity to the Company’s 2025 Annual Report on Form 10-K, have a put right to require the Company to purchase their units for a purchase price that is based on a multiple of Rondo’s earnings before income taxes, depreciation, and amortization, subject to the satisfaction of certain financial targets and other conditions. As of June 30, 2026, no conditions have been met that would make redemption probable or otherwise certain.
Acquisition of Non-Controlling Interests in Amneal Complex Products Research LLC
The Company acquired a 98% interest in Kashiv Specialty Pharmaceuticals, LLC (“KSP”), now known as Amneal Complex Products Research LLC (“CPR”), on April 2, 2021. On May 31, 2026, the Company acquired the remaining 2% non-controlling interests in CPR from the sellers of KSP, who are considered related parties, for cash consideration of $0.4 million. Since the Company controlled CPR before and after the acquisition, it was accounted for as an equity transaction. The carrying value of the acquired non-controlling interest was $0.6 million. Following the acquisition, CPR became a wholly owned subsidiary of the Company.
v3.26.1
Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company has various business agreements with certain third-party companies in which there is some common ownership and/or management between those entities, on the one hand, and the Company, on the other hand. The Company has no direct ownership or management in any of such related party companies. Except as disclosed below, as of and for the three and six months ended June 30, 2026, there were no material changes to our related party agreements or relationships as defined and described in Note 22. Related Party Transactions and Note 20. Stockholders’ (Deficiency) Equity in the Company’s 2025 Annual Report on Form 10-K.
The following table summarizes the Company’s related party transactions (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations2026202520262025
Kashiv Biosciences LLC
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$2,207 $1,293 $4,635 $5,616 
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$2,184 $3,564 $5,879 $7,795 
Development and commercialization agreement - Pegfilgrastim Auto Injector - milestoneResearch and development$— $3,000 $500 $3,000 
Development and commercialization agreement - CarfilzomibResearch and development$— $2,000 $— $2,000 
Generic development supply agreement - development activity deferred incomeAccounts payable and
accrued expenses		$— $— $(93)$(103)
Storage agreementResearch and development$— $(71)$— $(118)
Parking space leaseResearch and development$— $— $— $25 
Other Related Parties
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$5,822 $6,204 $11,151 $11,339 
Members - tax receivable agreementIncrease in tax receivable agreement liability$2,439 $4,420 $106 $15,107 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$877 $10 $1,684 $2,327 
PharmaSophia, LLC - License and commercialization agreement - Risperidone - Royalty expenseCost of goods sold$864 $— $864 $— 
Kanan, LLC - operating leaseInventory and cost of goods sold$654 $592 $1,284 $1,184 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$405 $330 $738 $654 
Direct Customer Solutions, LLC - warehousing/logistics/distribution servicesSelling, general and administrative$129 $— $129 $— 
Tracy Properties LLC - operating leaseSelling, general and administrative$114 $149 $167 $326 
Avtar Investments, LLC - consulting servicesResearch and development$60 $60 $120 $120 
AvPROP, LLC - operating leaseSelling, general and administrative$47 $51 $82 $104 
Land purchase from family members of the Co-Chief Executive OfficersProperty, plant and equipment$— $11,289 $— $11,289 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$— $1,438 $— $5,708 
R&S Solutions - equipment purchaseProperty, plant and equipment$— $— $— $160 
Alkermes PlcInventory and cost of goods sold$— $(28)$— $64 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
June 30, 2026December 31, 2025
Kashiv - various agreements$413 $413 
AzaTech Pharma LLC11 56 
Apace Packaging, LLC - packaging agreement— 1 
Related party receivables - short term $424 $470 
Members - tax receivable agreement$16,507 $38,832 
Kashiv - various agreements2,932 14,980 
Apace Packaging, LLC - packaging agreement1,687 1,353 
PharmaSophia, LLC - license and commercialization agreement654 — 
AzaTech Pharma LLC - supply agreement250 254 
Avtar Investments LLC - consulting services40 40 
Tracy Properties LLC— 26 
Related party payables - short term $22,070 $55,485 
Members - tax receivable agreement$2,440 $18,656 
Land purchase from family members of the Co-Chief Executive Officers452 476 
Related party payables - long term $2,892 $19,132 
Master Logistics Services Agreement with DCS
On February 24, 2026, the Company entered into a master logistics services agreement with Direct Customer Solutions, LLC (“DCS”), a third-party logistics provider specializing in the life sciences industry. Under the agreement, DCS will provide logistics services on behalf of the Company, including transportation, warehousing, and end-to-end supply chain management for certain products. A member of Company management beneficially owns outstanding equity securities of DCS.
Pursuant to the agreement, the Company is obligated to pay DCS an immaterial one-time setup fee, a per-unit distribution fee, and a minimum monthly maintenance fee. For each of the three and six months ended June 30, 2026, the Company recorded selling, general and administrative expense of $0.1 million, related to these services.
License and Commercialization Agreement with PharmaSophia, LLC
PharmaSophia, LLC (“PharmaSophia”) is a joint venture formed by Nava Pharma, LLC (“Nava”) and Oakwood Laboratories, LLC for the purpose of developing certain products. Certain executive officers of the Company beneficially own, directly and through certain revocable or irrevocable trusts for the benefit of their immediate families, outstanding equity securities of Nava. Nava beneficially owns 50% of the outstanding equity securities of PharmaSophia. In addition, these executive officers also serve on the Board of Managers of PharmaSophia.
In October 2022, PharmaSophia and Amneal entered into an exclusive license and commercialization agreement (the “PharmaSophia Agreement”) to develop, manufacture, and sell one injectable product (risperidone). PharmaSophia receives a 50% profit share for all sales of product made by Amneal under the PharmaSophia Agreement. For each of the three and six months ended June 30, 2026, the Company recorded royalty expense of $0.9 million, related to this agreement. Amounts payable to PharmaSophia under the agreement were $0.7 million as of June 30, 2026.
Agreement to Acquire Kashiv Biosciences, LLC
On April 21, 2026, the Company entered into a definitive agreement for Amneal to acquire 100% of the outstanding membership interests in Kashiv BioSciences, LLC (“Kashiv”) in a transaction with consideration that includes $375 million of cash and 28,942,108 shares of Class A common stock of the Company at closing, subject to certain purchase price adjustments for cash, and the funding of operations between signing and closing, among others. Consideration also includes up to $350 million in potential contingent payments based on the achievement of certain regulatory milestones in the United States and potential contingent royalties equal to 25% of the amount by which annual aggregate gross profits for certain products
exceed specified gross profit hurdle amounts for the corresponding annual royalty periods during the twelve-year period following the closing of the transaction. Acquisition costs for the three and six months ended June 30, 2026 were $7.6 million and $12.8 million, respectively, which primarily included advisory, legal, and accounting fees.
The transaction was approved by a vote of the holders of the Company’s common stock not party to the transaction, and the issuance of Class A common stock as consideration was approved by a vote of the Company’s common shareholders on July 31, 2026. Closing of the transaction, which is expected in the third quarter of 2026, remains subject to the satisfaction of customary closing conditions.
Kashiv is a vertically integrated biopharmaceutical company with numerous commercial and advanced clinical-stage assets and is among the few U.S.-based companies to both manufacture and receive marketing authorization for multiple biosimilars. Certain executive officers and a member of the Board of Directors of the Company beneficially own, directly and through certain revocable or irrevocable trusts for the benefit of their immediate families, outstanding equity securities of Kashiv. In addition, they serve on the Board of Managers of Kashiv. For additional information about related party transactions between the Company and Kashiv, refer to Note 22. Related Party Transactions in the Company’s 2025 Annual Report on Form 10-K.
Agreement to Acquire Complex Products Research, LLC Non-Controlling Interest
On May 31, 2026, the Company acquired the remaining 2% non-controlling interests in CPR from the sellers of KSP, which are related parties, for cash consideration of $0.4 million. Refer to Note 17. Stockholders’ Equity (Deficiency) in this Quarterly Report on Form 10-Q for additional information.
v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Affordable Medicines, Specialty, and AvKARE.
Chief Operating Decision Makers
The Company’s Co-Chief Executive Officers are the Company’s chief operating decision makers (“CODMs”). The CODMs evaluate the financial performance of the Company based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, since they are excluded from the measure of segment profitability reviewed by the Company’s CODMs. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, acquisition costs, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s CODMs.
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended June 30, 2026
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$489,913 $149,295 $156,989 $— $796,197 
Cost of goods sold282,684 48,265 130,740 — 461,689 
Gross profit207,229 101,030 26,249 — 334,508 
Selling, general and administrative42,367 40,095 A16,913 49,347 148,722 
Research and development33,023 B5,994 B— — 39,017 
Intellectual property legal development expenses2,002 85 — — 2,087 
Acquisition costs— — — 7,600 7,600 
Restructuring and other charges— — — 554 554 
Charges related to legal matters, net8,057 — — — 8,057 
Other operating income(1,298)— — — (1,298)
Operating income (loss)
$123,078 $54,856 $9,336 $(57,501)$129,769 
Six Months Ended June 30, 2026
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$913,150 $282,560 $323,006 $— $1,518,716 
Cost of goods sold515,128 91,285 257,682 — 864,095 
Gross profit398,022 191,275 65,324 — 654,621 
Selling, general and administrative83,685 74,786 A33,593 95,518 287,582 
Research and development66,309 B11,091 B— — 77,400 
Intellectual property legal development expenses3,495 134 — — 3,629 
Acquisition costs— — — 12,753 12,753 
Restructuring and other charges— 347 — 857 1,204 
Charges related to legal matters, net8,751 — — — 8,751 
Other operating income(8,239)— — — (8,239)
Operating income (loss)$244,021 $104,917 $31,731 $(109,128)$271,541 
Three Months Ended June 30, 2025
Affordable Medicines (1)
SpecialtyAvKARE Corporate
and Other		Total
Company
Net revenue$433,425 $128,043 $163,040 $— $724,508 
Cost of goods sold252,646 55,795 129,814 — 438,255 
Gross profit180,779 72,248 33,226 — 286,253 
Selling, general and administrative34,226 30,314 A15,079 44,647 124,266 
Research and development41,899 B6,065 B— — 47,964 
Intellectual property legal development expenses1,978 39 — — 2,017 
Restructuring and other charges683 341 — 1,024 
Credit related to legal matters, net(390)— — — (390)
Operating income (loss)
$102,383 $35,489 $18,147 $(44,647)$111,372 
Six Months Ended June 30, 2025
Affordable Medicines (1)
SpecialtyAvKARE Corporate
and Other		Total
Company
Net revenue$848,133 $236,340 $335,455 $— $1,419,928 
Cost of goods sold495,279 108,878 273,627 — 877,784 
Gross profit352,854 127,462 61,828 — 542,144 
Selling, general and administrative67,941 61,292 A30,773 82,548 242,554 
Research and development72,879 B15,125 B— — 88,004 
Intellectual property legal development expenses3,691 93 — — 3,784 
Restructuring and other charges683 471 — 441 1,595 
Credits related to legal matters, net(390)— — — (390)
Other operating income(5,122)— — — (5,122)
Operating income (loss)$213,172 $50,481 $31,055 $(82,989)$211,719 
(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 review SG&A for the Affordable Medicines and AvKARE segments in total. SG&A for the Specialty segment was comprised of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Employee compensation and benefits$12,938 $10,791 $24,873 $21,663 
Product marketing13,991 9,884 21,808 17,895 
Commercial operations and salesforce11,602 8,787 25,375 19,578 
Other (1)
1,564 852 2,730 2,156 
Total$40,095 $30,314 $74,786 $61,292 
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B.Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
Three Months Ended June 30,
20262025
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$12,016 $1,326 $14,693 $1,279 
Materials and supplies8,796 1,022 8,108 450 
Product development and studies (1)
(89)2,615 756 2,371 
In-licensing and upfront milestones3,500 — 6,350 — 
Facilities costs1,479 30 1,793 735 
Regulatory fees1,334 — 2,932 — 
Other (2)
5,987 1,001 7,267 1,230 
Total$33,023 $5,994 $41,899 $6,065 
Six Months Ended June 30,
20262025
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$25,039 $2,645 $28,234 $2,819 
Materials and supplies17,611 1,082 16,635 653 
Product development and studies (1)
836 5,393 687 4,690 
In-licensing and upfront milestones4,000 — 6,600 3,000 
Facilities costs2,969 65 3,427 1,485 
Regulatory fees3,728 — 2,517 — 
Other (2)
12,126 1,906 14,779 2,478 
Total$66,309 $11,091 $72,879 $15,125 
(1)For the three and six months ended June 30, 2026, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $0.8 million and $1.7 million, respectively, as reductions to product development and studies expense for services performed under the license agreement with Orion Corporation. For the three and six months ended June 30, 2025, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $0.9 million
and $2.5 million, respectively, as reductions 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 outside testing, professional fees and other expenses not presented to the CODMs.
v3.26.1
Subsequent Events
 6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Repricing Amendment to Term Loan Credit Agreement
On August 3, 2026, the Company entered into a repricing amendment governing its Term Loan Due 2032, which reduced the applicable interest rate margins on the Term Loan Due 2032 by 50 basis points to 2.50% per annum for SOFR benchmark rate loans and 1.50% per annum for base rate loans. The stated maturity date of August 1, 2032 did not change.
Water Damage to India Facility
During the third week of July 2026, severe rain caused water damage to one of the Company’s facilities in India. The Company is currently undertaking remediation efforts and completing repairs. As of the date of this Quarterly Report, the Company estimates that inventory losses, property damage, remediation costs, and other incremental expenses could range from approximately $10 million to $15 million before any potential insurance recoveries, with most of the impact expected during the second half of 2026. The Company maintains property and business interruption insurance. The amount and timing of any potential insurance recoveries have not yet been determined. These estimates are preliminary and may change as the assessment and remediation activities continue. Since the severe rain and resulting water damage occurred subsequent to June 30, 2026, no amounts related to this event have been recognized in the Company’s consolidated financial statements as of and for the three and six months ended June 30, 2026.
2025 Revolving Credit Facility Borrowings
On July 31, 2026, the Company borrowed $30.0 million under its 2025 Revolving Credit Facility for working capital needs and other general corporate purposes. On August 5, 2026, the Company borrowed an additional $150.0 million under its 2025 Revolving Credit Facility in anticipation of funding a portion of the cash consideration payable upon the closing of the acquisition of Kashiv. Refer to Note 18. Related Party Transactions for additional information about the agreement to acquire Kashiv.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
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
v3.26.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
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 2025 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.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”), which amends the accounting guidance to exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In November 2025, the FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”), which are amendments that are intended to better align hedge accounting with entities’ risk‑management activities, including revisions related to assessing similar risk exposure for groups of forecasted transactions, hedging interest payments on choose‑your‑rate debt instruments, and other improvements to cash flow, fair value, and net investment hedge models. ASU 2025‑09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025-11”), which are amendments intended to improve the navigability and clarity of interim reporting guidance by reorganizing Topic 270, adding a comprehensive list of interim disclosure requirements sourced from other Accounting Standards Codification (“ASC”) topics, and clarifying when interim reporting guidance applies. The ASU also introduces a
disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. ASU 2025‑11 is effective for public business entities for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Revenue Recognition
The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. The majority of the Company’s revenue is recognized from shipping products to customers. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
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.
v3.26.1
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments
The following table summarizes revenues from each of the Company’s customers that individually accounted for 10% or more of its total net revenue in any of the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Customer A23 %23 %24 %23 %
Customer B16 %16 %16 %16 %
Customer C21 %21 %20 %21 %
Schedule of Disaggregated Revenue
The Company’s significant dosage forms within its Affordable Medicines segment, therapeutic classes within its Specialty segment, and sales channels within its AvKARE segment, each determined based on net revenue for the three and six months ended June 30, 2026 and 2025, are presented below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Affordable Medicines
Oral solid$175,172 $178,262 $346,272 $357,215 
Transdermal67,038 40,710 141,001 83,773 
Auto-Injector62,214 66,594 104,126 114,754 
Injectable56,783 34,646 106,721 69,434 
Biosimilar29,128 25,248 51,429 53,788 
Oral liquid10,371 17,879 22,463 41,427 
Other dosage forms (1)
81,594 68,185 128,206 124,607 
Subtotal dosage forms482,300 431,524 900,218 844,998 
International7,613 1,901 12,932 3,135 
Total Affordable Medicines net revenue
489,913 433,425 913,150 848,133 
Specialty
Central nervous system95,344 83,425 178,727 151,035 
Hormonal / allergy42,099 35,418 78,031 69,617 
Other therapeutic classes11,852 8,700 25,802 15,188 
Subtotal therapeutic classes149,295 127,543 282,560 235,840 
License agreement
— 500 — 500 
Total Specialty net revenue
149,295 128,043 282,560 236,340 
AvKARE
Distribution86,930 99,663 176,079 204,558 
Government label50,207 45,418 110,156 95,558 
Institutional12,112 10,132 21,931 21,141 
Other7,740 7,827 14,840 14,198 
Total AvKARE net revenue156,989 163,040 323,006 335,455 
Total net revenue$796,197 $724,508 $1,518,716 $1,419,928 
(1)Includes net revenue from sales of transmucosal, ophthalmic, topical, nasal and inhalation dosage forms.
Schedule of Major Categories of Sales-Related Deductions
A rollforward of the major categories of sales-related deductions for the six months ended June 30, 2026 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, 2025$801,186 $40,992 $179,471 $119,486 
Provision related to sales recorded in the period2,015,135 69,234 35,736 83,464 
Credits/payments issued during the period(2,262,461)(77,349)(26,540)(125,686)
Balance at June 30, 2026$553,860 $32,877 $188,667 $77,264 
v3.26.1
Alliance and Collaboration (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Company’s Alliance and Collaboration Agreements
The following table summarizes the activity in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
PartyCaption in Statement of Operations2026202520262025
Orion Corporation
Research and development (1)
$(424)$(631)$(1,107)$(1,765)
Orion Corporation
Research and development (2)
$(335)$(281)$(621)$(759)
Pfizer Inc. (formerly Metsera, Inc.)
Other operating income (3)
$— $— $(6,877)$— 
Pfizer Inc. (formerly Metsera, Inc.)
Net revenue (4)
$— $1,973 $— $1,973 
(1)Deferred income was recognized as a reduction to R&D expense as services were performed under the Orion Agreement.
(2)Reimbursable R&D services performed under the Orion Agreement were recorded as a reduction to R&D expense.
(3)Gain from derecognizing financing obligation (refer to the Pfizer Collaboration Agreement section below).
(4)Development activities performed on behalf of Pfizer, Inc. on a cost plus margin basis are recorded as net revenue.
The following table summarizes the balances in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of June 30, 2026 and December 31, 2025 (in thousands):
PartyCaption in Balance SheetJune 30, 2026December 31, 2025
Orion Corporation
Accounts payable and accrued expenses (1)
$3,853 $4,811 
Orion Corporation
Other long-term liabilities (1)
$665 $814 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,530 $2,530 
mAbxience S.L.
Accounts payable and accrued expenses (2)
$— $7,500 
Pfizer Inc. (formerly Metsera, Inc.)
Prepaid expenses and other current assets (3)
$— $321 
Pfizer Inc. (formerly Metsera, Inc.)
Other long-term liabilities (4)
$17,880 $9,378 
(1)Comprised of deferred income as of June 30, 2026 and December 31, 2025.
(2)Comprised of an accrued milestone as of December 31, 2025 for a Food and Drug Administration (“FDA”) approval.
(3)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2025.
(4)Comprised of construction costs contributed, as defined in the Company’s collaboration agreement with Pfizer Inc. (“Pfizer”). As of June 30, 2026, the funding received from Pfizer represented a contract obligation for future manufacturing services (deferred income). As of December 31, 2025, the funding received from Pfizer was allocated between two performance obligations: (i) a financing obligation in accordance with ASC 470, Debt of $6.4 million and (ii) a contract obligation for future manufacturing services of $3.0 million (refer to the Pfizer Collaboration Agreement section below).
v3.26.1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Set forth in the following table is the Company’s provision for income taxes (in thousands) and effective tax rate:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Provision for income taxes$1,376 $16,101 $3,552 $28,969 
Effective tax rate1.9 %31.1 %2.3 %32.5 %
Schedule of Tax Receivable Agreement
The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands):
Statements of Operations
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Increase in tax receivable agreement liability$2,439 $4,420 $106 $15,107 
June 30, 2026December 31, 2025
Tax receivable agreement liability - short term (1)
$16,507 $38,832 
Tax receivable agreement liability - long term (1)
2,440 18,656 
Total$18,947 $57,488 
(1) Refer to Note 18. Related Party Transactions.
v3.26.1
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Share
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Numerator:
Net income attributable to Amneal Pharmaceuticals, Inc.$57,662 $22,417 $119,918 $34,612 
Denominator:
Weighted-average shares outstanding - basic319,200 313,739 317,620 312,404 
Effect of dilutive securities:
Stock options739 964 741 1,031 
Restricted stock units3,151 3,155 4,186 4,390 
Performance stock units5,012 4,505 5,980 5,346 
Weighted-average shares outstanding - diluted328,102 322,363 328,527 323,171 
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:
Basic$0.18 $0.07 $0.38 $0.11 
Diluted$0.18 $0.07 $0.37 $0.11 
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share
The following table presents potentially dilutive securities excluded from the computations of diluted earnings per share of Class A common stock (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Stock options (1)
293 347 293 347 
Performance stock units (2)
1,845 1,953 1,845 1,953 
(1)Excluded from the computation of diluted earnings per share of Class A common stock because the exercise price of the stock options exceeded the average market price of the Class A common stock during the period (out-of-the-money).
(2)Excluded from the computation of diluted earnings per share of Class A common stock because the performance vesting conditions were not met during the period.
v3.26.1
Trade Accounts Receivable, Net (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
June 30, 2026December 31, 2025
Gross accounts receivable$1,610,302 $1,740,324 
Allowance for credit losses(3,205)(3,003)
Contract charge-backs and sales volume allowances(553,860)(801,186)
Cash discount allowances(32,877)(40,992)
Subtotal(589,942)(845,181)
Trade accounts receivable, net$1,020,360 $895,143 
Schedules of Percent of Gross Trade Receivables
Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:
June 30, 2026December 31, 2025
Customer A36 %39 %
Customer B25 %23 %
Customer C24 %26 %
v3.26.1
Inventories (Tables)
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Raw materials$254,944 $227,353 
Work in process72,251 55,455 
Finished goods350,759 323,494 
Total inventories$677,954 $606,302 
v3.26.1
Prepaid Expenses and Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Deposits and advances$3,776 $4,437 
Prepaid insurance5,437 6,723 
Prepaid regulatory fees2,684 8,109 
Income and other tax receivables19,380 18,662 
Prepaid taxes13,761 17,068 
Accrued royalty income30,395 14,332 
Other current receivables4,602 5,295 
Chargebacks receivable7,468 5,972 
Other prepaid assets24,508 17,797 
Total prepaid expenses and other current assets$112,011 $98,395 
v3.26.1
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Changes in Goodwill by Segment
The changes in goodwill by segment were as follows (in thousands):
Affordable MedicinesSpecialtyAvKARETotal
Balance as of December 31, 2024$161,659 $366,312 $69,465 $597,436 
Currency translation(1,966)— — (1,966)
Balance as of December 31, 2025159,693 366,312 69,465 595,470 
Currency translation(1,971)— — (1,971)
Balance as of June 30, 2026$157,722 $366,312 $69,465 $593,499 
Schedule of Intangible Assets
Intangible assets as of June 30, 2026 and December 31, 2025 were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights5.8$1,607,920 $(1,036,318)$571,602 $1,519,694 $(977,819)$541,875 
Other intangible assets1.782,700 (74,572)8,128 82,700 (69,177)13,523 
Total1,690,620 (1,110,890)579,730 1,602,394 (1,046,996)555,398 
In-process research and development8,100 — 8,100 8,100 — 8,100 
Total intangible assets$1,698,720 $(1,110,890)$587,830 $1,610,494 $(1,046,996)$563,498 
v3.26.1
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Other Assets [Abstract]  
Schedule of Other Assets
Other assets were comprised of the following (in thousands): (1)
June 30, 2026December 31, 2025
Interest rate swap (2)
$16,212 $5,756 
Security deposits
3,701 3,932 
Long-term deposits and prepaid expenses2,405 3,412 
Deferred revolving credit facility costs4,622 5,197 
Long-term restricted cash3,339 2,068 
Equipment deposits42,599 34,332 
Other long-term assets7,791 3,108 
Total other assets$80,669 $57,805 
(1)Certain prior period amounts have been reclassified to conform to the current period presentation. As of June 30, 2026, the Company separately presented equipment deposits within other assets to provide additional transparency regarding the nature of these balances. Such reclassifications had no impact on total other assets, total assets, results of operations, or cash flows.
(2)Refer to Note 14. Fair Value Measurements and Note 15. Financial Instruments for information about the Company’s interest rate swap.
v3.26.1
Accounts Payable and Accrued Expenses (Tables)
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Accounts payable$244,234 $254,671 
Accrued returns allowance (1)
188,667 179,471 
Accrued compensation69,677 79,886 
Accrued Medicaid and commercial rebates (1)
77,264 119,486 
Accrued royalties31,188 30,040 
Accrued professional fees21,423 14,514 
Accrued interest18,422 18,663 
Accrued other70,333 64,585 
Total accounts payable and accrued expenses$721,208 $761,316 
(1)Refer to Note 2. Revenue Recognition for a rollforward of the balance from December 31, 2025 to June 30, 2026.
v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The following is a summary of the Company’s indebtedness under its term loans and senior notes (in thousands):
June 30, 2026December 31, 2025
Term Loan Due 2032$2,084,263 $2,094,750 
Senior Notes Due 2032600,000 600,000 
Total debt2,684,263 2,694,750 
Less: debt issuance costs(113,967)(122,874)
Total debt, net of debt issuance costs2,570,296 2,571,876 
Less: current portion of long-term debt(5,961)(6,761)
Total long-term debt, net$2,564,335 $2,565,115 
v3.26.1
Other Long-Term Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Other Liabilities Disclosure [Abstract]  
Schedule of Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):
June 30, 2026December 31, 2025
Long-term compensation$8,907 $11,354 
Deferred income (1)
22,040 7,324 
Other long-term liabilities1,172 13,585 
Total other long-term liabilities$32,119 $32,263 
(1)Deferred income was primarily from alliance and collaboration agreements with Orion Corporation, Zambon Biotech S.A., and Pfizer. Refer to Note 3. Alliance and Collaboration for additional information.
v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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 that were measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):
Fair Value Measurement Based on
June 30, 2026TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$16,212 $— $16,212 $— 
December 31, 2025
Assets
Interest rate swap (1)
$5,756 $— $5,756 $— 
(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.
Schedule of the Company’s Indebtedness at Fair Value
The following is a summary of the Company’s indebtedness at fair value (in thousands):
June 30, 2026December 31, 2025
Term Loan Due 2032$2,097,290 $2,115,698 
Senior Notes Due 2032$623,250 $633,000 
v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
June 30, 2026December 31, 2025
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther Assets$16,212 Other Assets$5,756 
v3.26.1
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Liabilities Related to Legal Matters
Liabilities for legal matters were comprised of the following (in thousands):
MatterJune 30, 2026December 31, 2025
Civil prescription opioid litigation (1)
$9,408 $42,271 
Antitrust class action litigation8,950 — 
Other
130 985 
Current portion of liabilities for legal matters$18,488 $43,256 
Civil prescription opioid litigation (Liabilities for legal matters - long term) (1)
$70,830 $71,819 
(1)As of June 30, 2026, the total current and long-term liabilities of $80.2 million for civil prescription opioid litigation were primarily comprised of a $79.7 million liability for the Nationwide Opioids Settlement Agreement effective January 23, 2026, as defined and described in the section, Civil Prescription Opioid Litigation below. Of the $79.7 million accrued for this settlement agreement, $78.6 million was for cash payments and $1.1 million was for the supply of naloxone nasal spray.
Schedule of Cash Payments
As of June 30, 2026, the remaining cash payments under the Nationwide Opioids Settlement Agreement, due on March 1 of each year, were as follows (in thousands):
Amount Due
2027$12,670 
202812,389 
202912,389 
203012,389 
2031 (1)
11,939 
2032 to 2034 (1)
35,816 
Total settlement payments$97,592 
Less: imputed interest at a rate of 5.5%
(19,002)
Total $78,590 
(1)Amounts due in each of 2031 through 2034 include approximately $10.4 million of cash conversion payments associated with certain settling parties’ elections to receive cash in lieu of naloxone nasal spray under the Nationwide Opioids Settlement Agreement ($41.4 million in the aggregate).
v3.26.1
Stockholders’ Equity (Deficiency) (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss by Component
Changes in accumulated other comprehensive loss by component were as follows (in thousands):
Foreign
currency
translation
adjustments		Unrealized (loss) gain on cash
flow hedge, net
of tax		OtherAccumulated
other
comprehensive loss
December 31, 2025$(90,545)$(14,844)$(5,340)$(110,729)
Other comprehensive (loss) gain before reclassification
(9,904)10,456 3,723 4,275 
Reclassification of cash flow hedge to earnings, net of tax of $0
— 5,788 — 5,788 
June 30, 2026$(100,449)$1,400 $(1,617)$(100,666)
December 31, 2024$(71,860)$6,350 $— $(65,510)
Other comprehensive loss before reclassification(6,560)(19,485)— (26,045)
Reclassification of cash flow hedge to earnings, net of tax of $0
— (5,876)— (5,876)
June 30, 2025$(78,420)$(19,011)$— $(97,431)
v3.26.1
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the Company’s related party transactions (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
Related Party and Nature of TransactionCaption in Balance Sheet and Statement of Operations2026202520262025
Kashiv Biosciences LLC
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)Inventory and cost of goods sold$2,207 $1,293 $4,635 $5,616 
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)Cost of goods sold$2,184 $3,564 $5,879 $7,795 
Development and commercialization agreement - Pegfilgrastim Auto Injector - milestoneResearch and development$— $3,000 $500 $3,000 
Development and commercialization agreement - CarfilzomibResearch and development$— $2,000 $— $2,000 
Generic development supply agreement - development activity deferred incomeAccounts payable and
accrued expenses		$— $— $(93)$(103)
Storage agreementResearch and development$— $(71)$— $(118)
Parking space leaseResearch and development$— $— $— $25 
Other Related Parties
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$5,822 $6,204 $11,151 $11,339 
Members - tax receivable agreementIncrease in tax receivable agreement liability$2,439 $4,420 $106 $15,107 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$877 $10 $1,684 $2,327 
PharmaSophia, LLC - License and commercialization agreement - Risperidone - Royalty expenseCost of goods sold$864 $— $864 $— 
Kanan, LLC - operating leaseInventory and cost of goods sold$654 $592 $1,284 $1,184 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$405 $330 $738 $654 
Direct Customer Solutions, LLC - warehousing/logistics/distribution servicesSelling, general and administrative$129 $— $129 $— 
Tracy Properties LLC - operating leaseSelling, general and administrative$114 $149 $167 $326 
Avtar Investments, LLC - consulting servicesResearch and development$60 $60 $120 $120 
AvPROP, LLC - operating leaseSelling, general and administrative$47 $51 $82 $104 
Land purchase from family members of the Co-Chief Executive OfficersProperty, plant and equipment$— $11,289 $— $11,289 
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreementsResearch and development$— $1,438 $— $5,708 
R&S Solutions - equipment purchaseProperty, plant and equipment$— $— $— $160 
Alkermes PlcInventory and cost of goods sold$— $(28)$— $64 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
June 30, 2026December 31, 2025
Kashiv - various agreements$413 $413 
AzaTech Pharma LLC11 56 
Apace Packaging, LLC - packaging agreement— 1 
Related party receivables - short term $424 $470 
Members - tax receivable agreement$16,507 $38,832 
Kashiv - various agreements2,932 14,980 
Apace Packaging, LLC - packaging agreement1,687 1,353 
PharmaSophia, LLC - license and commercialization agreement654 — 
AzaTech Pharma LLC - supply agreement250 254 
Avtar Investments LLC - consulting services40 40 
Tracy Properties LLC— 26 
Related party payables - short term $22,070 $55,485 
Members - tax receivable agreement$2,440 $18,656 
Land purchase from family members of the Co-Chief Executive Officers452 476 
Related party payables - long term $2,892 $19,132 
v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended June 30, 2026
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$489,913 $149,295 $156,989 $— $796,197 
Cost of goods sold282,684 48,265 130,740 — 461,689 
Gross profit207,229 101,030 26,249 — 334,508 
Selling, general and administrative42,367 40,095 A16,913 49,347 148,722 
Research and development33,023 B5,994 B— — 39,017 
Intellectual property legal development expenses2,002 85 — — 2,087 
Acquisition costs— — — 7,600 7,600 
Restructuring and other charges— — — 554 554 
Charges related to legal matters, net8,057 — — — 8,057 
Other operating income(1,298)— — — (1,298)
Operating income (loss)
$123,078 $54,856 $9,336 $(57,501)$129,769 
Six Months Ended June 30, 2026
Affordable Medicines (1)
SpecialtyAvKARECorporate
and Other		Total
Company
Net revenue$913,150 $282,560 $323,006 $— $1,518,716 
Cost of goods sold515,128 91,285 257,682 — 864,095 
Gross profit398,022 191,275 65,324 — 654,621 
Selling, general and administrative83,685 74,786 A33,593 95,518 287,582 
Research and development66,309 B11,091 B— — 77,400 
Intellectual property legal development expenses3,495 134 — — 3,629 
Acquisition costs— — — 12,753 12,753 
Restructuring and other charges— 347 — 857 1,204 
Charges related to legal matters, net8,751 — — — 8,751 
Other operating income(8,239)— — — (8,239)
Operating income (loss)$244,021 $104,917 $31,731 $(109,128)$271,541 
Three Months Ended June 30, 2025
Affordable Medicines (1)
SpecialtyAvKARE Corporate
and Other		Total
Company
Net revenue$433,425 $128,043 $163,040 $— $724,508 
Cost of goods sold252,646 55,795 129,814 — 438,255 
Gross profit180,779 72,248 33,226 — 286,253 
Selling, general and administrative34,226 30,314 A15,079 44,647 124,266 
Research and development41,899 B6,065 B— — 47,964 
Intellectual property legal development expenses1,978 39 — — 2,017 
Restructuring and other charges683 341 — 1,024 
Credit related to legal matters, net(390)— — — (390)
Operating income (loss)
$102,383 $35,489 $18,147 $(44,647)$111,372 
Six Months Ended June 30, 2025
Affordable Medicines (1)
SpecialtyAvKARE Corporate
and Other		Total
Company
Net revenue$848,133 $236,340 $335,455 $— $1,419,928 
Cost of goods sold495,279 108,878 273,627 — 877,784 
Gross profit352,854 127,462 61,828 — 542,144 
Selling, general and administrative67,941 61,292 A30,773 82,548 242,554 
Research and development72,879 B15,125 B— — 88,004 
Intellectual property legal development expenses3,691 93 — — 3,784 
Restructuring and other charges683 471 — 441 1,595 
Credits related to legal matters, net(390)— — — (390)
Other operating income(5,122)— — — (5,122)
Operating income (loss)$213,172 $50,481 $31,055 $(82,989)$211,719 
(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 review SG&A for the Affordable Medicines and AvKARE segments in total. SG&A for the Specialty segment was comprised of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Employee compensation and benefits$12,938 $10,791 $24,873 $21,663 
Product marketing13,991 9,884 21,808 17,895 
Commercial operations and salesforce11,602 8,787 25,375 19,578 
Other (1)
1,564 852 2,730 2,156 
Total$40,095 $30,314 $74,786 $61,292 
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B.Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
Three Months Ended June 30,
20262025
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$12,016 $1,326 $14,693 $1,279 
Materials and supplies8,796 1,022 8,108 450 
Product development and studies (1)
(89)2,615 756 2,371 
In-licensing and upfront milestones3,500 — 6,350 — 
Facilities costs1,479 30 1,793 735 
Regulatory fees1,334 — 2,932 — 
Other (2)
5,987 1,001 7,267 1,230 
Total$33,023 $5,994 $41,899 $6,065 
Six Months Ended June 30,
20262025
Affordable MedicinesSpecialtyAffordable MedicinesSpecialty
Employee compensation and benefits$25,039 $2,645 $28,234 $2,819 
Materials and supplies17,611 1,082 16,635 653 
Product development and studies (1)
836 5,393 687 4,690 
In-licensing and upfront milestones4,000 — 6,600 3,000 
Facilities costs2,969 65 3,427 1,485 
Regulatory fees3,728 — 2,517 — 
Other (2)
12,126 1,906 14,779 2,478 
Total$66,309 $11,091 $72,879 $15,125 
(1)For the three and six months ended June 30, 2026, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $0.8 million and $1.7 million, respectively, as reductions to product development and studies expense for services performed under the license agreement with Orion Corporation. For the three and six months ended June 30, 2025, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $0.9 million
and $2.5 million, respectively, as reductions to product development and studies expense for services performed under the license agreement with Orion Corporation. Refer to Note 3. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes outside testing, professional fees and other expenses not presented to the CODMs.
v3.26.1
Revenue Recognition - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Customer A        
Concentration Risk [Line Items]        
Concentration risk (as a percent) 23.00% 23.00% 24.00% 23.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk (as a percent) 16.00% 16.00% 16.00% 16.00%
Customer C        
Concentration Risk [Line Items]        
Concentration risk (as a percent) 21.00% 21.00% 20.00% 21.00%
v3.26.1
Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Net revenue $ 796,197 $ 724,508 $ 1,518,716 $ 1,419,928
Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 489,913 433,425 913,150 848,133
Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 149,295 128,043 282,560 236,340
AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 156,989 163,040 323,006 335,455
Oral solid | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 175,172 178,262 346,272 357,215
Transdermal | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 67,038 40,710 141,001 83,773
Auto-Injector | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 62,214 66,594 104,126 114,754
Injectable | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 56,783 34,646 106,721 69,434
Biosimilar | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 29,128 25,248 51,429 53,788
Oral liquid | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 10,371 17,879 22,463 41,427
Other dosage forms | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 81,594 68,185 128,206 124,607
Subtotal dosage forms | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 482,300 431,524 900,218 844,998
International | Affordable Medicines        
Disaggregation of Revenue [Line Items]        
Net revenue 7,613 1,901 12,932 3,135
Central nervous system | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 95,344 83,425 178,727 151,035
Hormonal / allergy | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 42,099 35,418 78,031 69,617
Other therapeutic classes | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 11,852 8,700 25,802 15,188
Subtotal therapeutic classes | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 149,295 127,543 282,560 235,840
License agreement | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 0 500 0 500
Distribution | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 86,930 99,663 176,079 204,558
Government label | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 50,207 45,418 110,156 95,558
Institutional | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 12,112 10,132 21,931 21,141
Other | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue $ 7,740 $ 7,827 $ 14,840 $ 14,198
v3.26.1
Revenue Recognition - Schedule of Major Categories of Sales-Related Deductions (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Contract Charge - Backs and Sales Volume Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period $ 801,186
Provision related to sales recorded in the period 2,015,135
Credits/payments issued during the period (2,262,461)
Balance, end of period 553,860
Cash Discount Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 40,992
Provision related to sales recorded in the period 69,234
Credits/payments issued during the period (77,349)
Balance, end of period 32,877
Accrued Returns Allowance  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 179,471
Provision related to sales recorded in the period 35,736
Credits/payments issued during the period (26,540)
Balance, end of period 188,667
Accrued Medicaid and Commercial Rebates  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 119,486
Provision related to sales recorded in the period 83,464
Credits/payments issued during the period (125,686)
Balance, end of period $ 77,264
v3.26.1
Alliance and Collaboration - Schedule of Company’s Alliance and Collaboration Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Orion Corporation | Balance Sheet Location: us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income $ 3,853   $ 3,853   $ 4,811
Orion Corporation | Balance Sheet Location: us-gaap:OtherLiabilitiesNoncurrent          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 665   665   814
Orion Corporation | Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement (424) $ (631) (1,107) $ (1,765)  
Orion Corporation | Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement (335) (281) (621) (759)  
Zambon Biotech S.A. | Balance Sheet Location: us-gaap:OtherLiabilitiesNoncurrent          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 2,530   2,530   2,530
mAbxience S.L. | Balance Sheet Location: us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 0   0   7,500
Pfizer Inc. (formerly Metsera, Inc.)          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Proceeds from financing obligations         6,400
Deferred income from manufacturing services         3,000
Pfizer Inc. (formerly Metsera, Inc.) | Balance Sheet Location: us-gaap:OtherLiabilitiesNoncurrent          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 17,880   17,880   9,378
Pfizer Inc. (formerly Metsera, Inc.) | Balance Sheet Location: us-gaap:PrepaidExpenseAndOtherAssetsCurrent          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Deferred income 0   0   $ 321
Pfizer Inc. (formerly Metsera, Inc.) | Location, Statement of Income, Balance [Axis]: us-gaap:OtherOperatingIncomeExpenseNet          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement 0 0 (6,877) 0  
Pfizer Inc. (formerly Metsera, Inc.) | Location, Statement of Income, Balance [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Collaborative arrangement license revenue agreement $ 0 $ 1,973 $ 0 $ 1,973  
v3.26.1
Alliance and Collaboration - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 30, 2026
Jan. 29, 2026
Apr. 30, 2026
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
May 13, 2026
Pfizer Arrangement                
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                
Collaborative arrangement term (in years) 4 years 7 years            
Pfizer Arrangement | Pfizer Inc. (formerly Metsera, Inc.)                
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                
Maximum potential future construction costs       $ 100,000   $ 100,000    
Pfizer Inc. (formerly Metsera, Inc.) | Location, Statement of Income, Balance [Axis]: us-gaap:OtherOperatingIncomeExpenseNet                
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                
Collaborative arrangement license revenue agreement       0 $ 0 (6,877) $ 0  
Pfizer Inc. (formerly Metsera, Inc.) | Location, Statement of Income, Balance [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax                
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                
Collaborative arrangement license revenue agreement       0 $ 1,973 0 $ 1,973  
MSN Laboratories Private Limited Supply and Distribution Agreement                
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                
Collaborative arrangement upfront payment     $ 75,000          
Weighted-Average Amortization Period (in years)     5 years          
Tirzepatide Adalvo License and Supply Agreement                
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                
License supply agreement, potential future milestone payments               $ 21,000
License supply agreement, potential future milestone payments       $ 3,000   $ 3,000    
Denosumab Biosimilar Licensing and Supply Agreement                
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                
Weighted-Average Amortization Period (in years)       5 years   5 years    
Collaborative arrangement, signing fee           $ 6,000    
v3.26.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 1,376 $ 16,101 $ 3,552 $ 28,969
Effective tax rate 1.90% 31.10% 2.30% 32.50%
v3.26.1
Income Taxes - Schedule of Tax Receivable Agreement (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]          
Increase in tax receivable agreement liability $ 2,439 $ 4,420 $ 106 $ 15,107  
Tax receivable agreement liability - short term 16,507   16,507   $ 38,832
Tax receivable agreement liability - long term 2,440   2,440   18,656
Total $ 18,947   $ 18,947   $ 57,488
v3.26.1
Income Taxes - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Income Tax Disclosure [Abstract]  
Payments for tax receivable agreement $ 38.8
Income tax, liabilities under tax receivable agreement unrecorded $ 129.0
v3.26.1
Earnings per Share - Computation of Basic and Diluted (Loss) Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:        
Net income attributable to Amneal Pharmaceuticals, Inc. $ 57,662 $ 22,417 $ 119,918 $ 34,612
Net income attributable to Amneal Pharmaceuticals, Inc. $ 57,662 $ 22,417 $ 119,918 $ 34,612
Denominator:        
Weighted-average shares outstanding - basic (in shares) 319,200 313,739 317,620 312,404
Effect of dilutive securities:        
Weighted-average shares outstanding - diluted (in shares) 328,102 322,363 328,527 323,171
Net income per share attributable to Amneal Pharmaceuticals, Inc.’s Class A common stockholders:        
Basic (in dollars per share) $ 0.18 $ 0.07 $ 0.38 $ 0.11
Diluted (in dollars per share) $ 0.18 $ 0.07 $ 0.37 $ 0.11
Stock options        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 739 964 741 1,031
Restricted stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 3,151 3,155 4,186 4,390
Performance stock units        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 5,012 4,505 5,980 5,346
v3.26.1
Earnings per Share - Securities Excluded from Diluted Earnings (Loss) per Share Computation (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 293 347 293 347
Performance stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 1,845 1,953 1,845 1,953
v3.26.1
Trade Accounts Receivable, Net - Schedule of Trade Accounts Receivable, Net (Details) - Nonrelated Party - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Related Party Transaction [Line Items]    
Gross accounts receivable $ 1,610,302 $ 1,740,324
Allowance for credit losses (3,205) (3,003)
Contract charge-backs and sales volume allowances (553,860) (801,186)
Cash discount allowances (32,877) (40,992)
Subtotal (589,942) (845,181)
Trade accounts receivable, net $ 1,020,360 $ 895,143
v3.26.1
Trade Accounts Receivable, Net - Concentration of Receivables (Details) - Customer Concentration Risk - Accounts Receivable
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Customer A    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 36.00% 39.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 25.00% 23.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (as a percent) 24.00% 26.00%
v3.26.1
Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 254,944 $ 227,353
Work in process 72,251 55,455
Finished goods 350,759 323,494
Total inventories $ 677,954 $ 606,302
v3.26.1
Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deposits and advances $ 3,776 $ 4,437
Prepaid insurance 5,437 6,723
Prepaid regulatory fees 2,684 8,109
Income and other tax receivables 19,380 18,662
Prepaid taxes 13,761 17,068
Accrued royalty income 30,395 14,332
Other current receivables 4,602 5,295
Chargebacks receivable 7,468 5,972
Other prepaid assets 24,508 17,797
Total prepaid expenses and other current assets $ 112,011 $ 98,395
v3.26.1
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Goodwill [Roll Forward]    
Beginning, balance of period $ 595,470 $ 597,436
Currency translation (1,971) (1,966)
Ending, balance of period 593,499 595,470
Affordable Medicines    
Goodwill [Roll Forward]    
Beginning, balance of period 159,693 161,659
Currency translation (1,971) (1,966)
Ending, balance of period 157,722 159,693
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
v3.26.1
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Cost $ 1,690,620 $ 1,602,394
Accumulated Amortization (1,110,890) (1,046,996)
Net 579,730 555,398
In-process research and development 8,100 8,100
Intangible assets, cost 1,698,720 1,610,494
Intangible assets, net $ 587,830 563,498
Product rights    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Amortization Period (in years) 5 years 9 months 18 days  
Cost $ 1,607,920 1,519,694
Accumulated Amortization (1,036,318) (977,819)
Net $ 571,602 541,875
Other intangible assets    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Amortization Period (in years) 1 year 8 months 12 days  
Cost $ 82,700 82,700
Accumulated Amortization (74,572) (69,177)
Net $ 8,128 $ 13,523
v3.26.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]        
Amortization of intangible assets $ 34,900,000 $ 45,800,000 $ 64,900,000 $ 91,000,000.0
Intangible asset impairment charges $ 0 $ 0 $ 0 $ 0
Intangible Asset, Excluding Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
v3.26.1
Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Other Assets [Abstract]    
Interest rate swap $ 16,212 $ 5,756
Security deposits 3,701 3,932
Long-term deposits and prepaid expenses 2,405 3,412
Deferred revolving credit facility costs 4,622 5,197
Long-term restricted cash 3,339 2,068
Equipment deposits 42,599 34,332
Other long-term assets 7,791 3,108
Total other assets $ 80,669 $ 57,805
v3.26.1
Accounts Payable and Accrued Expenses (Details) - Nonrelated Party - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Related Party Transaction [Line Items]    
Accounts payable $ 244,234 $ 254,671
Accrued returns allowance 188,667 179,471
Accrued compensation 69,677 79,886
Accrued Medicaid and commercial rebates 77,264 119,486
Accrued royalties 31,188 30,040
Accrued professional fees 21,423 14,514
Accrued interest 18,422 18,663
Accrued other 70,333 64,585
Total accounts payable and accrued expenses $ 721,208 $ 761,316
v3.26.1
Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt $ 2,684,263 $ 2,694,750
Less: debt issuance costs (113,967) (122,874)
Total debt, net of debt issuance costs 2,570,296 2,571,876
Less: current portion of long-term debt (5,961) (6,761)
Total long-term debt, net 2,564,335 2,565,115
Term Loan Due 2032 | Term Loan    
Debt Instrument [Line Items]    
Total debt 2,084,263 2,094,750
Senior Notes Due 2032 | Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 600,000 $ 600,000
v3.26.1
Debt - Narrative (Details) - USD ($)
$ in Thousands
 2 Months Ended 3 Months Ended 6 Months Ended
Aug. 05, 2026
Jul. 31, 2026
Feb. 02, 2026
May 31, 2026
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Debt Instrument [Line Items]                
Loss on refinancing         $ 0 $ 0 $ 3,510 $ 0
Borrowings on revolving credit facilities             100,000 $ 218,000
Revolving Credit Facility                
Debt Instrument [Line Items]                
Borrowings on revolving credit facilities       $ 100,000        
Revolving Credit Facility | Subsequent Event                
Debt Instrument [Line Items]                
Borrowings on revolving credit facilities $ 150,000 $ 30,000            
Term Loan Due 2032 | Term Loan                
Debt Instrument [Line Items]                
Reduction in basis spread on variable rate     0.50%          
Loss on refinancing             $ 3,500  
Term Loan Due 2032 | Term Loan | SOFR                
Debt Instrument [Line Items]                
Basis spread on variable rate (as a percent)     3.00%          
Term Loan Due 2032 | Term Loan | Base Rate                
Debt Instrument [Line Items]                
Basis spread on variable rate (as a percent)     2.00%          
v3.26.1
Other Long-Term Liabilities (Details) - Nonrelated Party - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Other Liabilities [Line Items]    
Long-term compensation $ 8,907 $ 11,354
Deferred income 22,040 7,324
Other long-term liabilities 1,172 13,585
Total other long-term liabilities $ 32,119 $ 32,263
v3.26.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Interest rate swap - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Derivative asset $ 16,212 $ 5,756
Quoted Prices in Active Markets (Level 1)    
Assets    
Derivative asset 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Derivative asset 16,212 5,756
Significant Unobservable Inputs (Level 3)    
Assets    
Derivative asset $ 0 $ 0
v3.26.1
Fair Value Measurements - Schedule of the Company’s Indebtedness at Fair Value (Details) - Level 2 - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Term Loan Due 2032 | Term Loan    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 2,097,290 $ 2,115,698
Senior Notes Due 2032 | Senior Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt fair value $ 623,250 $ 633,000
v3.26.1
Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]                
Accumulated other comprehensive gain (loss) $ 33,024 $ (112,533) $ 33,024 $ (112,533) $ (45,969) $ (71,329) $ (132,000) $ (109,512)
Unrealized (loss) gain on cash flow hedge, net of tax                
Derivative [Line Items]                
Accumulated other comprehensive gain (loss) 1,400 (19,011) 1,400 (19,011)   (14,844)   $ 6,350
Designated as Hedging Instrument | Unrealized (loss) gain on cash flow hedge, net of tax                
Derivative [Line Items]                
Derivative gain (loss) reclassified from accumulated oci into income (loss) (2,900) $ (600) (5,800) $ 5,900        
Accumulated other comprehensive gain (loss) $ 1,400   1,400     $ (14,800)    
Cash flow hedge loss to be reclassified within 12 months     $ 10,100          
v3.26.1
Financial Instruments - Schedule of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Derivatives Designated as Hedging Instruments | Variable-to-fixed interest rate swap | Balance Sheet Location: us-gaap:OtherAssetsNoncurrent    
Derivative [Line Items]    
Fair Value $ 16,212 $ 5,756
v3.26.1
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 48 Months Ended
Aug. 06, 2026
complaint
Feb. 26, 2026
USD ($)
case
Jan. 23, 2026
USD ($)
May 07, 2025
USD ($)
Mar. 31, 2026
USD ($)
state
Apr. 30, 2024
USD ($)
$ / twinPack
Jun. 30, 2026
USD ($)
state
case
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
state
case
Jun. 30, 2025
USD ($)
Dec. 31, 2020
state
complaint
Dec. 31, 2019
state
complaint
Dec. 31, 2034
USD ($)
Feb. 25, 2026
case
Dec. 31, 2025
USD ($)
May 15, 2023
Loss Contingencies [Line Items]                                
Charges (credit) related to legal matters, net             $ 8,057 $ (390) $ 8,751 $ (390)            
Current portion of liabilities for legal matters             18,488   18,488           $ 43,256  
Escrow deposit                             24,200  
Forecast                                
Loss Contingencies [Line Items]                                
Payments for legal settlements                         $ 133,500      
Civil Prescription Opioids Settlement Agreement                                
Loss Contingencies [Line Items]                                
Payments for legal settlements   $ 12,100 $ 23,800                          
Civil prescription opioid litigation                                
Loss Contingencies [Line Items]                                
Litigation settlement on product                 21,200              
Litigation settlement discount on expected payments                 20,800              
Current portion of liabilities for legal matters             $ 9,408   $ 9,408           42,271  
Number of cases filed | case   105                       800    
Number of cases filed in MDL and other federal courts | case   52                            
Number of cases filed in state courts | case   52                            
Litigation settlement amount         $ 11,600                      
Litigation settlement agreement terms           10 years                    
Number of states with cases | state         5                      
Civil prescription opioid litigation | Forecast                                
Loss Contingencies [Line Items]                                
Payments for legal settlements                         41,400      
Equal distributions, amount                         $ 10,400      
Civil prescription opioid litigation | Litigation Settlement, Option Two                                
Loss Contingencies [Line Items]                                
Litigation settlement, percentage of product value         25.00% 25.00% 25.00%   25.00%              
Litigation settlement amount           $ 44,400                    
Litigation settlement agreement terms           4 years                    
Civil prescription opioid litigation | Litigation Settlement, Option One                                
Loss Contingencies [Line Items]                                
Litigation settlement amount           $ 92,500                    
Litigation settlement, product supply amount           $ 177,400                    
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           $ 136,900                    
United States Department of Justice Investigations                                
Loss Contingencies [Line Items]                                
Percentage of prescribed label (percent)                               1.00%
Generic Digoxin and Doxycycline Antitrust Litigation                                
Loss Contingencies [Line Items]                                
Number of states, filed civil lawsuit | state                     43 43        
Loss contingency, new claims filed, number | complaint                     2 2        
Ranitidine Litigation                                
Loss Contingencies [Line Items]                                
Number of states with cases | state             4   4              
Number of cases | case             95   95              
Carickhoff v. Amneal Pharmaceuticals Inc., et al.                                
Loss Contingencies [Line Items]                                
Loss contingency, damages sought, value       $ 55,400                        
Kashiv Transaction Shareholder Litigation | Subsequent Event                                
Loss Contingencies [Line Items]                                
Loss contingency, new claims filed, number | complaint 2                              
Antitrust class action litigation                                
Loss Contingencies [Line Items]                                
Current portion of liabilities for legal matters             $ 8,950   $ 8,950           $ 0  
v3.26.1
Commitments and Contingencies - Schedule of Liabilities For Legal Matters (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 18,488 $ 43,256
Civil prescription opioid litigation (Liabilities for legal matters - long term) 70,830 71,819
Civil prescription opioid litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 9,408 42,271
Civil prescription opioid litigation (Liabilities for legal matters - long term) 70,830 71,819
Liability for legal matters 80,200  
Antitrust class action litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 8,950 0
Other    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 130 $ 985
Nationwide Opioids Settlement Agreement    
Loss Contingencies [Line Items]    
Liability for legal matters 79,700  
Liability to be settled with cash 78,600  
Liability to be settled with products $ 1,100  
v3.26.1
Commitment and Contingencies - Schedule of Cash Payments (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2027 $ 12,670
2028 12,389
2029 12,389
2030 12,389
2031 11,939
2032 to 2034 35,816
Total settlement payments 97,592
Less: imputed interest at a rate of 5.5% (19,002)
Total $ 78,590
Imputed interest rate 5.50%
Cash conversion payments $ 10,400
Aggregate cash conversion payments $ 41,400
v3.26.1
Stockholders’ Equity (Deficiency) - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance $ (45,969) $ (132,000) $ (71,329) $ (109,512)
Other comprehensive (loss) gain before reclassification     4,275 (26,045)
Reclassification of cash flow hedge to earnings, net of tax of $0     5,788 (5,876)
Stockholders' equity ending balance 33,024 (112,533) 33,024 (112,533)
Reclassification of cash flow hedge to earnings, net of tax 0 0 0 0
Accumulated other comprehensive loss        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance (112,151) (85,740) (110,729) (65,510)
Stockholders' equity ending balance (100,666) (97,431) (100,666) (97,431)
Foreign currency translation adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance     (90,545) (71,860)
Other comprehensive (loss) gain before reclassification     (9,904) (6,560)
Reclassification of cash flow hedge to earnings, net of tax of $0     0 0
Stockholders' equity ending balance (100,449) (78,420) (100,449) (78,420)
Unrealized (loss) gain on cash flow hedge, net of tax        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance     (14,844) 6,350
Other comprehensive (loss) gain before reclassification     10,456 (19,485)
Reclassification of cash flow hedge to earnings, net of tax of $0     5,788 (5,876)
Stockholders' equity ending balance 1,400 (19,011) 1,400 (19,011)
Other        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Stockholders' equity beginning balance     (5,340) 0
Other comprehensive (loss) gain before reclassification     3,723 0
Reclassification of cash flow hedge to earnings, net of tax of $0     0 0
Stockholders' equity ending balance $ (1,617) $ 0 $ (1,617) $ 0
v3.26.1
Stockholders’ Equity (Deficiency) - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2026
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Apr. 02, 2021
Class of Stock [Line Items]          
Cash consideration   $ 400 $ 0    
Non-controlling interests   $ 0   $ (535)  
Kashiv Specialty Pharmaceuticals, LLC | Related Party          
Class of Stock [Line Items]          
Ownership percentage by noncontrolling owners (percent) 2.00%        
Cash consideration $ 400        
Non-controlling interests $ 600        
Kashiv Specialty Pharmaceuticals, LLC          
Class of Stock [Line Items]          
Voting interest acquired (percent)         98.00%
v3.26.1
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Related Party          
Related Party Transaction [Line Items]          
Related party receivables - short term $ 424   $ 424   $ 470
Accounts payable and accrued expenses 22,070   22,070   55,485
Related party payables - long term 2,892   2,892   19,132
Kashiv Biosciences LLC | Related Party          
Related Party Transaction [Line Items]          
Related party receivables - short term 413   413   413
Accounts payable and accrued expenses 2,932   2,932   14,980
Kashiv Biosciences LLC | Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko and Fylnetra)          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 2,207 $ 1,293 4,635 $ 5,616  
Kashiv Biosciences LLC | Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko and Fylnetra)          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 2,184 3,564 5,879 7,795  
Kashiv Biosciences LLC | Development and commercialization agreement - Pegfilgrastim Auto Injector - milestone          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 3,000 500 3,000  
Kashiv Biosciences LLC | Development and commercialization agreement - Carfilzomib          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 2,000 0 2,000  
Kashiv Biosciences LLC | Generic development supply agreement - development activity deferred income          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 0 (93) (103)  
Kashiv Biosciences LLC | Storage agreement          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 (71) 0 (118)  
Kashiv Biosciences LLC | Parking space lease          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 0 0 25  
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement | Related Party          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 1,687   1,687   1,353
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement | Inventory and cost of goods sold          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 5,822 6,204 11,151 11,339  
Members - tax receivable agreement | Related Party          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 16,507   16,507   38,832
Related party payables - long term 2,440   2,440   18,656
Members - tax receivable agreement | Increase in tax receivable agreement liability          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 2,439 4,420 106 15,107  
AzaTech Pharma LLC - supply agreement | Related Party          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 250   250   254
AzaTech Pharma LLC - supply agreement | Inventory and cost of goods sold          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 877 10 1,684 2,327  
PharmaSophia, LLC - License and commercialization agreement - Risperidone - Royalty expense | Related Party          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 654   654   0
PharmaSophia, LLC - License and commercialization agreement - Risperidone - Royalty expense | Cost of goods sold          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 864 0 864 0  
Kanan, LLC - operating lease | Inventory and cost of goods sold          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 654 592 1,284 1,184  
Sutaria Family Realty, LLC - operating lease | Inventory and cost of goods sold          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 405 330 738 654  
Direct Customer Solutions, LLC - warehousing/logistics/distribution services | Selling, general and administrative          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 129 0 129 0  
Tracy Properties LLC - operating lease | Related Party          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 0   0   26
Tracy Properties LLC - operating lease | Selling, general and administrative          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 114 149 167 326  
Avtar Investments, LLC - consulting services | Related Party          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 40   40   40
Avtar Investments, LLC - consulting services | Research and development          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 60 60 120 120  
AvPROP, LLC - operating lease | Selling, general and administrative          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 47 51 82 104  
Land purchase from family members of the Co-Chief Executive Officers | Related Party          
Related Party Transaction [Line Items]          
Related party payables - long term 452   452   476
Land purchase from family members of the Co-Chief Executive Officers | Property, plant and equipment          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 11,289 0 11,289  
Ellodi Pharmaceuticals, L.P. - securities purchase and license and collaboration agreements | Research and development          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 1,438 0 5,708  
R&S Solutions - equipment purchase | Property, plant and equipment          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 0 0 160  
Alkermes Plc | Inventory and cost of goods sold          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 $ (28) 0 $ 64  
AzaTech Pharma LLC | Related Party          
Related Party Transaction [Line Items]          
Related party receivables - short term 11   11   56
Apace Packaging, LLC - packaging agreement | Related Party          
Related Party Transaction [Line Items]          
Related party receivables - short term $ 0   $ 0   $ 1
v3.26.1
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2026
Apr. 21, 2026
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Oct. 31, 2022
Related Party Transaction [Line Items]                
Acquisition costs     $ 7,600 $ 0 $ 12,753 $ 0    
Cash consideration         400 0    
Kashiv Biosciences LLC                
Related Party Transaction [Line Items]                
Voting interest acquired (percent)   100.00%            
Consideration paid in cash   $ 375,000            
Consideration paid in common stock (in shares)   28,942,108            
Contingent consideration   $ 350,000            
Potential contingent royalties (percent)   25.00%            
Related Party                
Related Party Transaction [Line Items]                
Accounts payable and accrued expenses     22,070   22,070   $ 55,485  
Related Party | Kashiv Specialty Pharmaceuticals, LLC                
Related Party Transaction [Line Items]                
Ownership percentage by noncontrolling owners (percent) 2.00%              
Cash consideration $ 400              
Direct Customer Solutions, LLC - warehousing/logistics/distribution services | Selling, general and administrative                
Related Party Transaction [Line Items]                
Amounts of transaction with related party     129 $ 0 129 $ 0    
PharmaSophia, LLC - License and commercialization agreement - Risperidone - Royalty expense | Related Party                
Related Party Transaction [Line Items]                
Accounts payable and accrued expenses     $ 654   $ 654   $ 0  
PharmaSophia, LLC - License and commercialization agreement - Risperidone - Royalty expense | Affiliated Entity                
Related Party Transaction [Line Items]                
Ownership interest (percent)     50.00%   50.00%     50.00%
Royalty expense     $ 900   $ 900      
Accounts payable and accrued expenses     $ 700   $ 700      
v3.26.1
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.26.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Line Items]        
Net revenue $ 796,197 $ 724,508 $ 1,518,716 $ 1,419,928
Cost of goods sold 461,689 438,255 864,095 877,784
Gross profit 334,508 286,253 654,621 542,144
Selling, general and administrative 148,722 124,266 287,582 242,554
Research and development 39,017 47,964 77,400 88,004
Intellectual property legal development expenses 2,087 2,017 3,629 3,784
Acquisition costs 7,600 0 12,753 0
Restructuring and other charges 554 1,024 1,204 1,595
Credits related to legal matters, net 8,057 (390) 8,751 (390)
Other operating income (1,298) 0 (8,239) (5,122)
Operating income 129,769 111,372 271,541 211,719
Affordable Medicines        
Segment Reporting [Line Items]        
Net revenue 489,913 433,425 913,150 848,133
AvKARE        
Segment Reporting [Line Items]        
Net revenue 156,989 163,040 323,006 335,455
Operating Segments | Affordable Medicines        
Segment Reporting [Line Items]        
Net revenue 489,913 433,425 913,150 848,133
Cost of goods sold 282,684 252,646 515,128 495,279
Gross profit 207,229 180,779 398,022 352,854
Selling, general and administrative 42,367 34,226 83,685 67,941
Research and development 33,023 41,899 66,309 72,879
Intellectual property legal development expenses 2,002 1,978 3,495 3,691
Acquisition costs 0   0  
Restructuring and other charges 0 683 0 683
Credits related to legal matters, net 8,057 (390) 8,751 (390)
Other operating income (1,298)   (8,239) (5,122)
Operating income 123,078 102,383 244,021 213,172
Operating Segments | Specialty        
Segment Reporting [Line Items]        
Net revenue 149,295 128,043 282,560 236,340
Cost of goods sold 48,265 55,795 91,285 108,878
Gross profit 101,030 72,248 191,275 127,462
Selling, general and administrative 40,095 30,314 74,786 61,292
Research and development 5,994 6,065 11,091 15,125
Intellectual property legal development expenses 85 39 134 93
Acquisition costs 0   0  
Restructuring and other charges 0 341 347 471
Credits related to legal matters, net 0 0 0 0
Other operating income 0   0 0
Operating income 54,856 35,489 104,917 50,481
Operating Segments | AvKARE        
Segment Reporting [Line Items]        
Net revenue 156,989 163,040 323,006 335,455
Cost of goods sold 130,740 129,814 257,682 273,627
Gross profit 26,249 33,226 65,324 61,828
Selling, general and administrative 16,913 15,079 33,593 30,773
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Acquisition costs 0   0  
Restructuring and other charges 0 0 0 0
Credits related to legal matters, net 0 0 0 0
Other operating income 0   0 0
Operating income 9,336 18,147 31,731 31,055
Corporate and Other        
Segment Reporting [Line Items]        
Net revenue 0 0 0 0
Cost of goods sold 0 0 0 0
Gross profit 0 0 0 0
Selling, general and administrative 49,347 44,647 95,518 82,548
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Acquisition costs 7,600   12,753  
Restructuring and other charges 554 857 441
Credits related to legal matters, net 0 0 0 0
Other operating income 0   0 0
Operating income $ (57,501) $ (44,647) $ (109,128) $ (82,989)
v3.26.1
Segment Information - Schedule of Selling, General and Administrative Expenses on a Departmental Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Line Items]        
Total $ 148,722 $ 124,266 $ 287,582 $ 242,554
Specialty | Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Segment Reporting [Line Items]        
Employee compensation and benefits 1,326 1,279 2,645 2,819
Specialty | Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense        
Segment Reporting [Line Items]        
Employee compensation and benefits 12,938 10,791 24,873 21,663
Product marketing 13,991 9,884 21,808 17,895
Commercial operations and salesforce 11,602 8,787 25,375 19,578
Other 1,564 852 2,730 2,156
Total $ 40,095 $ 30,314 $ 74,786 $ 61,292
v3.26.1
Segment Information - Schedule of Research and Development Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Line Items]        
Total $ 39,017 $ 47,964 $ 77,400 $ 88,004
Affordable Medicines | Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Segment Reporting [Line Items]        
Employee compensation and benefits 12,016 14,693 25,039 28,234
Materials and supplies 8,796 8,108 17,611 16,635
Product development and studies (89) 756 836 687
In-licensing and upfront milestones 3,500 6,350 4,000 6,600
Facilities costs 1,479 1,793 2,969 3,427
Regulatory fees 1,334 2,932 3,728 2,517
Other 5,987 7,267 12,126 14,779
Total 33,023 41,899 66,309 72,879
Affordable Medicines | Orion Corporation        
Segment Reporting [Line Items]        
Product development and studies (800) 900 (1,700) 2,500
Specialty | Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Segment Reporting [Line Items]        
Employee compensation and benefits 1,326 1,279 2,645 2,819
Materials and supplies 1,022 450 1,082 653
Product development and studies 2,615 2,371 5,393 4,690
In-licensing and upfront milestones 0 0 0 3,000
Facilities costs 30 735 65 1,485
Regulatory fees 0 0 0 0
Other 1,001 1,230 1,906 2,478
Total 5,994 6,065 11,091 15,125
Specialty | Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense        
Segment Reporting [Line Items]        
Employee compensation and benefits $ 12,938 $ 10,791 $ 24,873 $ 21,663
v3.26.1
Subsequent Events (Details) - USD ($)
$ in Thousands
 2 Months Ended 6 Months Ended
Aug. 05, 2026
Aug. 03, 2026
Jul. 31, 2026
May 31, 2026
Dec. 31, 2026
Jun. 30, 2026
Jun. 30, 2025
Subsequent Event [Line Items]              
Borrowings on revolving credit facilities           $ 100,000 $ 218,000
Forecast | Water Damage at India Facility | Minimum              
Subsequent Event [Line Items]              
Inventory losses, property damage, remediation costs, and other incremental expenses         $ 10,000    
Forecast | Water Damage at India Facility | Maximum              
Subsequent Event [Line Items]              
Inventory losses, property damage, remediation costs, and other incremental expenses         $ 15,000    
Revolving Credit Facility              
Subsequent Event [Line Items]              
Borrowings on revolving credit facilities       $ 100,000      
Subsequent Event | Term Loan Due 2032              
Subsequent Event [Line Items]              
Decrease in interest rate   0.50%          
Subsequent Event | Term Loan Due 2032 | Secured Overnight Financing Rate (SOFR)              
Subsequent Event [Line Items]              
Basis spread on variable rate (as a percent)   2.50%          
Subsequent Event | Term Loan Due 2032 | Base Rate              
Subsequent Event [Line Items]              
Basis spread on variable rate (as a percent)   1.50%          
Subsequent Event | Revolving Credit Facility              
Subsequent Event [Line Items]              
Borrowings on revolving credit facilities $ 150,000   $ 30,000