AMNEAL PHARMACEUTICALS, INC., 10-Q filed on 8/8/2023
Quarterly Report
v3.23.2
Cover - shares
 6 Months Ended
Jun. 30, 2023
Jul. 31, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
Document Transition Report false  
Entity File Number 001-38485  
Entity Registrant Name Amneal Pharmaceuticals, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 32-0546926  
Entity Address, Address Line One 400 Crossing Boulevard,  
Entity Address, City or Town Bridgewater  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 08807  
City Area Code 908  
Local Phone Number 947-3120  
Title of 12(b) Security Class A Common Stock, par value $0.01 per share  
Trading Symbol AMRX  
Security Exchange Name NYSE  
Entity Current Reporting Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001723128  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   154,194,960
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   152,116,890
v3.23.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Net revenue $ 599,046 $ 559,355 $ 1,156,586 $ 1,056,988
Cost of goods sold 379,025 358,836 758,379 681,898
Gross profit 220,021 200,519 398,207 375,090
Selling, general and administrative 105,570 98,806 207,666 197,471
Research and development 37,799 50,748 76,489 103,546
Intellectual property legal development expenses 820 821 2,464 1,585
Acquisition, transaction-related and integration expenses 0 241 0 675
Restructuring and other charges 82 0 592 731
Change in fair value of contingent consideration (6,364) (270) (3,907) (70)
Insurance recoveries for property losses and associated expenses 0 (1,911) 0 (1,911)
Charges related to legal matters, net 2,017 251,877 1,581 249,551
Other operating expense (income) 13 (1,175) (1,211) (1,175)
Operating income (loss) 80,084 (198,618) 114,533 (175,313)
Other (expense) income:        
Interest expense, net (50,857) (35,623) (100,172) (68,958)
Foreign exchange gain (loss), net 421 (5,429) 2,322 (7,442)
Other income, net 12 6,939 3,551 9,061
Total other expense, net (50,424) (34,113) (94,299) (67,339)
Income (loss) before income taxes 29,660 (232,731) 20,234 (242,652)
(Benefit from) provision for income taxes (23) 7,350 645 3,889
Net income (loss) 29,683 (240,081) 19,589 (246,541)
Less: Net (income) loss attributable to non-controlling interests (17,766) 119,273 (14,615) 124,015
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest 11,917 (120,808) 4,974 (122,526)
Accretion of redeemable non-controlling interest 0 0 0 (438)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 11,917 $ (120,808) $ 4,974 $ (122,964)
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.'s class A common stockholders:        
Basic (in dollars per share) $ 0.08 $ (0.80) $ 0.03 $ (0.82)
Diluted (in dollars per share) $ 0.08 $ (0.80) $ 0.03 $ (0.82)
Weighted-average common shares outstanding:        
Basic (in shares) 153,738 150,993 152,928 150,445
Diluted (in shares) 154,887 150,993 154,575 150,445
v3.23.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Other Comprehensive Income [Abstract]        
Net income (loss) $ 29,683 $ (240,081) $ 19,589 $ (246,541)
Less: Net (income) loss attributable to non-controlling interests (17,766) 119,273 (14,615) 124,015
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest 11,917 (120,808) 4,974 (122,526)
Accretion of redeemable non-controlling interest 0 0 0 (438)
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. 11,917 (120,808) 4,974 (122,964)
Other comprehensive income (loss):        
Foreign currency translation adjustments arising during the period 260 (11,628) 2,057 (15,707)
Unrealized gain (loss) on cash flow hedge, net of tax 8,312 14,070 (5,958) 67,694
Less: Other comprehensive (income) loss attributable to non-controlling interests (4,263) (1,225) 1,973 (26,180)
Other comprehensive income (loss) attributable to Amneal Pharmaceuticals, Inc. 4,309 1,217 (1,928) 25,807
Comprehensive income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 16,226 $ (119,591) $ 3,046 $ (97,157)
v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 109,284 $ 25,976
Restricted cash 5,298 9,251
Inventories 550,558 530,735
Prepaid expenses and other current assets 81,764 103,565
Total current assets 1,421,789 1,411,818
Property, plant and equipment, net 459,108 469,815
Goodwill 599,206 598,853
Intangible assets, net 1,015,376 1,096,093
Other assets 93,240 103,217
Total assets 3,700,886 3,799,341
Current liabilities:    
Current portion of liabilities for legal matters 77,011 107,483
Revolving credit facilities 120,000 60,000
Current portion of long-term debt, net 30,405 29,961
Total current liabilities 777,350 752,800
Long-term debt, net 2,549,177 2,591,981
Note payable - related party 40,560 39,706
Total long-term liabilities 2,740,662 2,837,613
Commitments and contingencies (Notes 5 and 19)
Redeemable non-controlling interests 32,106 24,949
Stockholders' Equity    
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued at both June 30, 2023 and December 31, 2022 0 0
Additional paid-in capital 708,233 691,629
Stockholders' accumulated deficit (401,209) (406,183)
Accumulated other comprehensive income 8,083 9,939
Total Amneal Pharmaceuticals, Inc. stockholders' equity 318,169 298,421
Non-controlling interests (167,401) (114,442)
Total stockholders' equity 150,768 183,979
Total liabilities and stockholders' equity 3,700,886 3,799,341
Related Party    
Current assets:    
Trade accounts receivable, net 149 500
Operating lease right-of-use assets 16,566 17,910
Current liabilities:    
Accounts payable and accrued expenses 21,143 2,479
Current portion of operating lease liabilities - related party 2,992 2,869
Operating lease liabilities 14,388 15,914
Other long-term liabilities 9,123 9,649
Nonrelated Party    
Current assets:    
Trade accounts receivable, net 674,736 741,791
Operating lease right-of-use assets 34,031 38,211
Financing lease right-of-use assets 61,570 63,424
Current liabilities:    
Accounts payable and accrued expenses 512,719 538,199
Current portion of operating lease liabilities 9,861 8,321
Current portion of financing lease liabilities 3,219 3,488
Operating lease liabilities 28,296 32,126
Financing lease liabilities 59,836 60,769
Other long-term liabilities 39,282 87,468
Class A Common Stock    
Stockholders' Equity    
Common stock 1,540 1,514
Class B Common Stock    
Stockholders' Equity    
Common stock $ 1,522 $ 1,522
v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2023
Dec. 31, 2022
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 2,000,000 2,000,000
Preferred stock, shares issued (in shares) 0 0
Class A Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 154,050,000 151,490,000
Class B Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 152,117,000 152,117,000
v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 19,589 $ (246,541)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 115,261 117,511
Unrealized foreign currency (gain) loss (1,561) 8,014
Amortization of debt issuance costs and discount 4,523 4,388
Loss on refinancing - revolving credit facility 0 291
Intangible asset impairment charges 1,283 5,112
Change in fair value of contingent consideration (3,907) (70)
Stock-based compensation 14,157 16,327
Inventory provision 41,806 17,748
Insurance recoveries for property and equipment losses 0 (1,000)
Other operating charges and credits, net 3,364 3,449
Changes in assets and liabilities:    
Trade accounts receivable, net 66,976 (26,561)
Inventories (60,526) (65,395)
Prepaid expenses, other current assets and other assets 31,898 (119,747)
Related party receivables 351 (159)
Accounts payable, accrued expenses and other liabilities (107,760) 273,947
Related party payables 2,913 7,508
Net cash provided by (used in) operating activities 128,367 (5,178)
Cash flows from investing activities:    
Purchases of property, plant and equipment (21,691) (15,842)
Saol Acquisition 0 (84,714)
Acquisition of intangible assets (1,488) (10,000)
Deposits for future acquisition of property, plant and equipment (842) (3,955)
Proceeds from insurance recoveries for property and equipment losses 0 1,000
Net cash used in investing activities (24,021) (113,511)
Cash flows from financing activities:    
Payments of deferred financing and refinancing costs 0 (1,622)
Payments of principal on debt, revolving credit facilities, financing leases and other (87,566) (63,010)
Borrowings on revolving credit facilities 100,000 85,000
Proceeds from exercise of stock options 0 239
Employee payroll tax withholding on restricted stock unit vesting (2,033) (3,291)
Payments of deferred consideration for acquisitions - related party 0 (43,998)
Acquisition of redeemable non-controlling interest 0 (1,722)
Tax distributions to non-controlling interests (35,557) (9,917)
Net cash used in financing activities (25,156) (38,321)
Effect of foreign exchange rate on cash 165 (1,547)
Net increase (decrease) in cash, cash equivalents, and restricted cash 79,355 (158,557)
Cash, cash equivalents, and restricted cash - beginning of period 35,227 256,739
Cash, cash equivalents, and restricted cash - end of period 114,582 98,182
Cash and cash equivalents - end of period 109,284 91,979
Restricted cash - end of period 5,298 6,203
Supplemental disclosure of cash flow information:    
Cash paid for interest 88,705 57,322
Cash received (paid), net for income taxes 3,917 (6,747)
Supplemental disclosure of non-cash investing and financing activity:    
Tax distributions to non-controlling interests 18,285 0
Contingent consideration for acquisition 0 8,796
Payable for acquisition of intangible assets $ 1,000 $ 31,500
v3.23.2
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Stockholders' Accumulated Deficit
Accumulated Other Comprehensive (Loss) Income
Non- Controlling Interests
Shares beginning balance (in shares) at Dec. 31, 2021   149,413 152,117        
Stockholders' equity beginning balance at Dec. 31, 2021 $ 366,973 $ 1,492 $ 1,522 $ 658,350 $ (276,197) $ (24,827) $ 6,633
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (250,945)       (122,526)   (128,419)
Foreign currency translation adjustments (15,707)         (7,816) (7,891)
Stock-based compensation 16,327     16,327      
Exercise of stock options (in shares)   54          
Exercise of stock options 239     193     46
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   1,729          
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (3,377) $ 18   718   (112) (4,001)
Unrealized gain on cash flow hedge, net of tax 67,694         33,623 34,071
Tax distributions (7,330)           (7,330)
Reclassification of redeemable non-controlling interest (883)       (438)   (445)
Shares ending balance (in shares) at Jun. 30, 2022   151,196 152,117        
Stockholders' equity ending balance at Jun. 30, 2022 172,991 $ 1,510 $ 1,522 675,588 (399,161) 868 (107,336)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2021 16,907            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Net (loss) income 4,404            
Tax distributions (2,587)            
Reclassification of redeemable non-controlling interest 883            
Acquisition of redeemable non-controlling interest (1,722)            
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2022 17,885            
Shares beginning balance (in shares) at Mar. 31, 2022   150,775 152,117        
Stockholders' equity beginning balance at Mar. 31, 2022 407,407 $ 1,506 $ 1,522 666,799 (278,353) (349) 16,282
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (242,128)       (120,808)   (121,320)
Foreign currency translation adjustments (11,628)         (5,792) (5,836)
Stock-based compensation 8,262     8,262      
Exercise of stock options (in shares)   47          
Exercise of stock options 128     128      
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   374          
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (233) $ 4   399     (636)
Unrealized gain on cash flow hedge, net of tax 14,070         7,009 7,061
Tax distributions (2,887)           (2,887)
Shares ending balance (in shares) at Jun. 30, 2022   151,196 152,117        
Stockholders' equity ending balance at Jun. 30, 2022 172,991 $ 1,510 $ 1,522 675,588 (399,161) 868 (107,336)
Redeemable Non-Controlling Interests, beginning balance at Mar. 31, 2022 16,420            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Net (loss) income 2,047            
Tax distributions (582)            
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2022 17,885            
Shares beginning balance (in shares) at Dec. 31, 2022   151,490 152,117        
Stockholders' equity beginning balance at Dec. 31, 2022 183,979 $ 1,514 $ 1,522 691,629 (406,183) 9,939 (114,442)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 6,601       4,974   1,627
Foreign currency translation adjustments 2,057         1,029 1,028
Stock-based compensation 14,157     14,157      
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   2,560          
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (2,057) $ 26   2,447   72 (4,602)
Unrealized gain on cash flow hedge, net of tax (5,958)         (2,957) (3,001)
Tax distributions (48,011)           (48,011)
Shares ending balance (in shares) at Jun. 30, 2023   154,050 152,117        
Stockholders' equity ending balance at Jun. 30, 2023 150,768 $ 1,540 $ 1,522 708,233 (401,209) 8,083 (167,401)
Redeemable Non-Controlling Interests, beginning balance at Dec. 31, 2022 24,949            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Net (loss) income 12,988            
Tax distributions (5,831)            
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2023 32,106            
Shares beginning balance (in shares) at Mar. 31, 2023   153,321 152,117        
Stockholders' equity beginning balance at Mar. 31, 2023 134,668 $ 1,532 $ 1,522 700,722 (413,126) 3,764 (159,746)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 22,232       11,917   10,315
Foreign currency translation adjustments 260         131 129
Stock-based compensation 6,561     6,561      
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (in shares)   729          
Restricted stock unit vesting, net of shares withheld to cover payroll taxes (62) $ 8   950   10 (1,030)
Unrealized gain on cash flow hedge, net of tax 8,312         4,178 4,134
Tax distributions (21,203)           (21,203)
Shares ending balance (in shares) at Jun. 30, 2023   154,050 152,117        
Stockholders' equity ending balance at Jun. 30, 2023 150,768 $ 1,540 $ 1,522 $ 708,233 $ (401,209) $ 8,083 $ (167,401)
Redeemable Non-Controlling Interests, beginning balance at Mar. 31, 2023 27,527            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Net (loss) income 7,451            
Tax distributions (2,872)            
Redeemable Non-Controlling Interests, ending balance at Jun. 30, 2023 $ 32,106            
v3.23.2
Nature of Operations
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations Nature of Operations
Amneal Pharmaceuticals, Inc. (the “Company”) is a global pharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines, including complex generics and specialty branded pharmaceuticals. The Company operates principally in the United States (the “U.S.”), India, and Ireland, and sells to wholesalers, distributors, hospitals, chain pharmacies and individual pharmacies, either directly or indirectly. The Company is a holding company, whose principal assets are common units (“Amneal Common Units”) of Amneal Pharmaceuticals, LLC (“Amneal”).
The Company held 50.3% of Amneal Common Units and the group, together with their affiliates and certain assignees, who owned Amneal when it was a private company (the “Members” or the “Amneal Group”) held the remaining 49.7% as of June 30, 2023.
v3.23.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), should be read in conjunction with the Company’s annual audited financial statements for the year ended December 31, 2022 included in the Company’s 2022 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in annual financial statements have been omitted from the accompanying unaudited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of June 30, 2023, cash flows for the six months ended June 30, 2023 and 2022 and the results of its operations, its comprehensive income (loss) and its changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022. The consolidated balance sheet data at December 31, 2022 was derived from the Company’s audited annual financial statements, but does not include all disclosures required by U.S. GAAP.
Except for the updates included in this note, the accounting policies of the Company are set forth in Note 2. Summary of Significant Accounting Policies contained in the Company’s 2022 Annual Report on Form 10-K.
Use of Estimates
The preparation of financial statements requires the Company's management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, billbacks, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, initial and subsequent valuation of contingent consideration recognized in business combinations, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers (“ASC 606”). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. ASU 2021-08 was effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2021-08 effective January 1, 2023 and will apply the guidance to subsequent acquisitions. The adoption of ASU 2021-08 did not have an impact on the Company’s consolidated financial statements because the Company did not acquire a business during the three and six months ended June 30, 2023.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides elective amendments for entities that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), to expand and clarify the scope of Topic 848 to include derivative instruments on discounting transactions. In December 2022, the FASB issued ASU 2022-06, Reference Rate reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848, Reference Rate Reform to December 31, 2024. The Company adopted ASU 2020-04 during the three months ended June 30, 2023 (refer to Note 15. Debt and Note 18. Financial Instruments for additional information). The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.
Reclassifications
The prior period balance related to cost of goods sold impairment charges of $5.1 million, formerly included in a separate income statement caption for both the three and six months ended June 30, 2022, has been reclassified to be included within the income statement caption cost of goods sold to conform with the current period presentation.
The prior period balance related to loss on refinancing of $0.3 million, formerly included in a separate income statement caption for both the three and six months ended June 30, 2022, has been reclassified to be included within the income statement caption other income, net to conform to the current period presentation.
v3.23.2
Acquisition
 6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
Saol Baclofen Franchise Acquisition
On December 30, 2021, the Company entered into an asset purchase agreement with certain entities affiliated with Saol International Limited (collectively, “Saol”), a private specialty pharmaceutical company, pursuant to which it agreed to acquire Saol’s baclofen franchise, including Lioresal®, LYVISPAH™, and a pipeline product under development (the “Saol Acquisition”). The Saol Acquisition expanded the Company’s commercial institutional and specialty portfolio in neurology and added commercial infrastructure in advance of its entry into the biosimilar institutional market. The transaction closed on February 9, 2022. Consideration for the Saol Acquisition included $84.7 million, paid at closing with cash on hand, and contingent royalty payments based on annual net sales for certain acquired assets, beginning in June 2023.
Refer to Note 3. Acquisitions in the Company’s 2022 Annual Report on Form 10-K for additional information.
v3.23.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with ASC 606. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
License Agreements
Refer to Note 5. Alliance and Collaboration for further information related to revenue recognition associated with a license agreement with multiple performance obligations.
Concentration of Revenue
The following table summarizes revenues from each of the Company’s customers which individually accounted for 10% or more of its total net revenue:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Customer A24 %19 %23 %19 %
Customer B16 %17 %15 %17 %
Customer C20 %21 %20 %22 %
Customer D11 %11 %10 %11 %
Disaggregated Revenue
The Company’s significant therapeutic classes for its Generics and Specialty segments and sales channels for its AvKARE segment, as determined based on net revenue for the three and six months ended June 30, 2023 and 2022, are set forth below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Generics
Anti-infective$6,092 $5,566 $11,266 $11,811 
Hormonal / allergy126,435 118,309 231,286 214,677 
Antiviral3,597 1,296 29,071 11,867 
Central nervous system83,604 108,787 168,186 189,912 
Cardiovascular system33,146 32,043 65,649 55,496 
Gastroenterology19,905 17,531 34,269 34,151 
Oncology28,546 18,424 39,124 35,632 
Metabolic disease/ endocrine14,936 9,988 24,201 21,221 
Respiratory11,136 12,118 23,951 17,783 
Dermatology17,949 17,937 35,953 31,414 
Other therapeutic classes27,809 22,329 53,704 57,689 
International and other546 567 847 989 
Total Generics net revenue373,701 364,895 717,507 682,642 
Specialty
Hormonal / allergy29,011 24,320 53,774 43,739 
Central nervous system59,563 65,356 119,702 123,524 
Other therapeutic classes8,420 7,325 15,196 14,824 
Total Specialty net revenue96,994 97,001 188,672 182,087 
AvKARE
Distribution83,795 64,240 167,025 124,503 
Government label29,870 22,280 54,386 46,739 
Institutional8,982 6,060 17,844 12,375 
Other5,704 4,879 11,152 8,642 
Total AvKARE net revenue128,351 97,459 250,407 192,259 
Total net revenue$599,046 $559,355 $1,156,586 $1,056,988 
A rollforward of the major categories of sales-related deductions for the six months ended June 30, 2023 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, 2022$573,592 $27,454 $145,060 $86,030 
Provision related to sales recorded in the period1,619,720 54,566 34,997 114,905 
Credits/payments issued during the period(1,767,481)(51,805)(47,125)(103,395)
Balance at June 30, 2023$425,831 $30,215 $132,932 $97,540 
v3.23.2
Alliance and Collaboration
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Alliance and Collaboration Alliance and Collaboration
The Company has entered into several alliance, collaboration, license, distribution and similar agreements with respect to certain of its products and services with third-party pharmaceutical companies. The consolidated statements of operations include revenue recognized under agreements the Company has entered into to develop marketing and/or distribution relationships with its partners to fully leverage the technology platform and revenue recognized under development agreements which generally obligate the Company to provide research and development (“R&D”) services over multiple periods. The Company’s significant arrangements are discussed below.
License Agreement
On December 28, 2022, Amneal signed a long-term license agreement with Orion Corporation (“Orion”), a globally operating Finnish pharmaceutical company, to commercialize a number of its complex generic products in most parts of Europe, Australia and New Zealand (the “Orion Agreement”). The initial term of the Orion Agreement commences upon commercial launch of the products and will continue for eight years. The Orion Agreement will automatically renew for successive two-year terms unless either party declines such renewal in writing at least one year in advance.
Under the terms of the Orion Agreement, Amneal granted Orion licenses to certain generic products commercially available in the U.S. today and select high-value pipeline products currently under development. In addition, Amneal will be responsible for the performance of all R&D activities to be conducted to obtain regulatory approval for each product. Amneal is entitled to be reimbursed for a percentage of mutually agreed upon R&D expenses from Orion. Orion will be responsible for preparing and filing regulatory documentation, along with paying any application fees seeking regulatory approval for the products.
Upon achieving regulatory approval for products, Amneal will be responsible for manufacturing and supplying products to Orion. Orion will be responsible for all commercialization and marketing activities for the territories described above. Amneal will earn revenue for supplying products to Orion at the greater of: (i) cost plus a stated margin, or (ii) a fixed percentage of the net selling price, as defined in the Orion Agreement.
Upon signing of the Orion Agreement, Amneal was entitled to an upfront, non-refundable payment of €20.0 million, or $21.4 million (based on the exchange rate as of that date), which was collected in January 2023. Amneal is eligible to receive certain one-time sales-based milestones in the aggregate of €45.0 million, or $49.0 million, based on the exchange rate as of June 30, 2023, contingent upon whether Orion achieves certain annual sales targets.
The Orion Agreement is within the scope of ASC Topic 808, Collaborative Arrangements (“ASC 808”). The Company identified performance obligations related to: (1) the grant of a license of functional intellectual property (“IP”), (2) the performance of R&D activities, and (3) the supply of products. The Company evaluated that the grant of licenses is in the scope of ASC 606, whereas the performance of R&D activities is in the scope of ASC 730-20, Research and Development Arrangements, because the Company determined that performing R&D activities on behalf of other parties is not part of the ordinary activities of its business. The Company records reimbursement received from Orion for R&D activities as a reduction of R&D expense. The Company concluded each future purchase order from Orion represents a separate contract. Amneal will record revenue related to each purchase order when it transfers control of the products to Orion. At December 31, 2022, Amneal had not performed any reimbursable R&D activities under the Orion Agreement or supplied any products to Orion.
The Company determined that the transaction price under the arrangement was the upfront payment of $21.4 million, which was allocated to the performance obligations based on their relative standalone selling prices. The remaining sales-based milestones payments are variable consideration and were not included in the transaction price because they were fully constrained under ASC 606.
For the year ended December 31, 2022, the Company recognized $8.0 million in license revenue related to the delivery of functional IP, which was recorded in net revenues. The remaining $13.4 million of the transaction price was allocated to the
R&D activities performance obligation and was recorded as deferred income, of which $6.7 million was recorded in accounts payable and accrued expenses and $6.7 million was recorded in other long-term liabilities as of December 31, 2022. During the six months ended June 30, 2023, the Company recognized $0.6 million as a reduction to R&D expense related to services performed under the Orion Agreement (none during the three months ended June 30, 2023). As of June 30, 2023, deferred income of $8.6 million and $4.2 million, respectively, was recorded in accounts payable and accrued expenses and other long-term liabilities. As of June 30, 2023, no products have been supplied by Amneal under the Orion Agreement.
Biosimilar Licensing and Supply Agreement
On May 7, 2018, the Company entered into a licensing and supply agreement with Mabxience S.L. for its biosimilar candidate for Avastin® (bevacizumab). The supply agreement was subsequently amended on March 2, 2021 and the licensing agreement was amended on March 4, 2021. Pursuant to the agreement, the Company will be the exclusive partner in the U.S. market and will pay development and regulatory milestone payments as well as commercial milestone payments on reaching pre-agreed sales targets in the market to Mabxience, up to $78.3 million.
On April 13, 2022, the Food and Drug Administration (the “FDA”) approved the Company’s biologics license application for bevacizumab-maly, a biosimilar referencing Avastin®. In connection with this regulatory approval and associated activity, the Company paid milestones of $26.5 million in 2022, which were capitalized as product rights intangible assets and are being amortized to cost of sales over their estimated useful lives of 7 years.
Agreements with Kashiv Biosciences, LLC
For details on the Company’s related party agreements with Kashiv, refer to Note 21. Related Party Transactions in this Form 10-Q and Note 24. Related Party Transactions in the Company’s 2022 Annual Report on Form 10-K.
v3.23.2
Government Grants
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Government Grants Government Grants
In November 2021, Amneal Pharmaceuticals Private Limited, a subsidiary of the Company in India, was selected as one of 55 companies to participate in the India Production Linked Incentive Scheme for the Pharmaceutical Sector (“PLI Scheme”). The government of India established the PLI Scheme to make India’s domestic manufacturing more globally competitive and to create global champions within the pharmaceutical sector by encouraging investment and product diversification with a focus on manufacturing complex and high value goods.

Under the PLI Scheme, the Company is eligible to receive up to 10 billion Indian rupees, or approximately $121.9 million (based on the exchange rate as of June 30, 2023), over a maximum six-year period, starting in 2022. To be eligible to receive the cash incentives, Amneal must achieve (i) minimum cumulative expenditures towards developmental and/or capital investments and (ii) a minimum percentage growth in sales of eligible products.

The Company concluded the PLI Scheme is government assistance in the form of a grant and, in the absence of specific accounting guidance under U.S. GAAP, the Company has analogized to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance. The Company evaluated the PLI Scheme to be a grant related to income and will recognize the cash incentives on a systematic basis in other operating income. For the six months ended June 30, 2023, the Company recognized $1.2 million of other operating income from the PLI Scheme (immaterial for the three months ended June 30, 2023). For the three and six months ended June 30, 2022, the Company recognized $1.2 million of other operating income from the PLI Scheme. As of June 30, 2023 and December 31, 2022, the Company recorded a corresponding receivable from the government of India of $5.2 million and $4.0 million, respectively, within prepaid expenses and other current assets.
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended June 30, 2023, the Company’s benefit from income taxes and effective tax rate were both immaterial, as compared to a provision for income taxes and effective tax rate of $7.4 million and (3.2)%, respectively, for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company’s provision for income taxes and effective tax rate were $0.6 million and 3.2%, respectively, as compared to $3.9 million and (1.6)%, respectively, for the six months ended June 30, 2022. The period-over-period changes in the provision for income taxes was primarily related to a change in the jurisdictional mix of income and a discrete benefit as a result of the completion of an Internal Revenue Service examination and Joint Committee review of the 2012-2018 federal income tax returns, which enabled the Company to recognize previously unrecognized tax benefits during the three and six months ended June 30, 2022.
The Company established a valuation allowance on its deferred tax assets (“DTAs”) based upon all available objective and verifiable evidence both positive and negative, including historical levels of pre-tax income (loss) both on a consolidated basis and tax reporting entity basis, legislative developments, expectations and risks associated with estimates of future pre-tax income, and prudent and feasible tax planning strategies. Since first establishing a valuation allowance, the Company has generated cumulative consolidated three-year pre-tax losses through June 30, 2023. As a result of the losses through June 30, 2023, the Company determined that it is more likely than not that it will not realize the benefits of its gross DTAs and therefore maintained its valuation allowance. As of June 30, 2023 and December 31, 2022, this valuation allowance was $435.4 million and $434.9 million, respectively, and it reduced the carrying value of these gross DTAs to zero.
The Company entered into a tax receivable agreement (“TRA”) for which it is generally required to pay the holders of Amneal Common Units 85% of the applicable tax savings, if any, in U.S. federal and state income tax that it is deemed to realize as a result of certain tax attributes of their Amneal Common Units sold to the Company (or exchanged in a taxable sale) and that are created as a result of (i) the sales of their Amneal Common Units for shares of class A common stock and (ii) tax benefits attributable to payments made under the TRA. In conjunction with the valuation allowance recorded on the DTAs, the Company reversed the accrued TRA liability of $192.8 million during 2019.
The projection of future taxable income involves significant judgment. Actual taxable income may differ from the Company’s estimates, which could significantly impact the timing of the recognition of the contingent liability under the TRA. As noted above, the Company has determined it is more-likely-than-not it will be unable to utilize all of its DTAs subject to the TRA; therefore, as of June 30, 2023, the Company has not recognized the contingent liability under the TRA related to the tax savings it may realize from common units sold or exchanged. If utilization of these DTAs becomes more likely than not in the future, at such time, Amneal will recognize a liability under the TRA as a result of basis adjustments under Internal Revenue Code Section 754. As of both June 30, 2023 and December 31, 2022, the contingent liability associated with the TRA was approximately $202.7 million, out of which approximately $1.9 million was recorded.
The timing and amount of any payments under the TRA may vary depending upon a number of factors, including the timing and number of Amneal Common Units sold or exchanged for the Company’s class A common stock, the price of the Company’s class A common stock on the date of sale or exchange, the timing and amount of the Company’s taxable income, and the tax rate in effect at the time of realization of the Company’s taxable income (the TRA liability is determined based on a percentage of the corporate tax savings from the use of the TRA’s attributes). Further sales or exchanges occurring subsequent to June 30, 2023 could result in future Amneal tax deductions and obligations to pay 85% of such benefits to the holders of Amneal Common Units. These obligations could be incremental to and substantially larger than the approximate $202.7 million contingent liability as of June 30, 2023 described above. Under certain conditions, such as a change of control or other early termination event, the Company could be obligated to make TRA payments in advance of tax benefits being realized. Payments could also be in excess of the tax savings that the Company may ultimately realize.

Any future recognition of these TRA liabilities will be recorded through charges in the Company’s consolidated statements of operations. However, if the tax attributes are not utilized in future years, it is reasonably possible no amounts would be paid under the TRA in excess of the $1.9 million accrued as of June 30, 2023. Should the Company determine that a DTA with a valuation allowance is realizable in a subsequent period, the related valuation allowance will be reversed and, if a resulting TRA payment is determined to be probable, a corresponding TRA liability will be recorded.
v3.23.2
Earnings (Loss) per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings (Loss) per Share Earnings (Loss) per ShareBasic earnings (loss) per share of the Company’s class A common stock is computed by dividing net income (loss) attributable to Amneal Pharmaceuticals, Inc. by the weighted-average number of shares of class A common stock outstanding during the period. Diluted earnings (loss) per share of class A common stock is computed by dividing net income (loss) attributable to
Amneal Pharmaceuticals, Inc. by the weighted-average number of shares of class A common stock outstanding, adjusted to give effect to potentially dilutive securities.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings (loss) per share of class A common stock (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Numerator:
Net income (loss) attributable to Amneal Pharmaceuticals, Inc.$11,917 $(120,808)$4,974 $(122,964)
Denominator:
Weighted-average shares outstanding - basic153,738 150,993 152,928 150,445 
Effect of dilutive securities:
Restricted stock units1,149 — 1,647 — 
Weighted-average shares outstanding - diluted154,887 150,993 154,575 150,445 
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s class A common stockholders:
Basic$0.08 $(0.80)$0.03 $(0.82)
Diluted$0.08 $(0.80)$0.03 $(0.82)
Shares of the Company’s class B common stock do not share in the earnings or losses of the Company and, therefore, are not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of class B common stock under the two-class method has not been presented.
The following table presents potentially dilutive securities excluded from the computations of diluted earnings (loss) per share of class A common stock (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Stock options
2,629 (1)2,919 (2)2,629 (1)2,919 (2)
Restricted stock units
— 10,989 (2)— 10,989 (2)
Performance stock units
7,012 (3)7,427 (2)7,012 (3)7,427 (2)
Shares of class B common stock152,117 (4)152,117 (4)152,117 (4)152,117 (4)
(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 class A common stock during the period (out-of-the-money).
(2)Excluded from the computation of diluted loss per share of class A common stock because the effect of their inclusion would have been anti-dilutive since there was a net loss attributable to the Company during the period.
(3)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.
(4)Shares of class B common stock are considered potentially dilutive shares of class A common stock. Shares of class B common stock have been excluded from the computations of diluted loss per share because the effect of their inclusion would have been anti-dilutive under the if-converted method.
v3.23.2
Trade Accounts Receivable, Net
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Trade Accounts Receivable, Net Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
June 30,
2023		December 31,
2022
Gross accounts receivable$1,133,348 $1,344,959 
Allowance for credit losses(2,566)(2,122)
Contract charge-backs and sales volume allowances(425,831)(573,592)
Cash discount allowances(30,215)(27,454)
Subtotal(458,612)(603,168)
Trade accounts receivable, net$674,736 $741,791 
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,
2023		December 31,
2022
Customer A36 %41 %
Customer B26 %25 %
Customer C22 %21 %
v3.23.2
Inventories
 6 Months Ended
Jun. 30, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following (in thousands):
June 30,
2023		December 31,
2022
Raw materials
$235,679 $224,607 
Work in process
55,253 58,522 
Finished goods
259,626 247,606 
Total inventories$550,558 $530,735 
v3.23.2
Prepaid Expenses and Other Current Assets
 6 Months Ended
Jun. 30, 2023
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,
2023		December 31,
2022
Deposits and advances$3,360 $1,821 
Prepaid insurance5,949 8,090 
Prepaid regulatory fees1,771 5,298 
Income and other tax receivables13,394 12,881 
Prepaid taxes11,617 16,593 
Other current receivables (1)
14,473 33,133 
Chargebacks receivable (2)
10,987 8,605 
Other prepaid assets20,213 17,144 
Total prepaid expenses and other current assets$81,764 $103,565 
(1)Other current receivables as of December 31, 2022 include a $21.4 million receivable for an upfront payment associated with the Orion Agreement, which was collected in January 2023. Refer to Note 5. Alliance and Collaboration for additional information.
(2)When a sale occurs on a contract item in the Company’s AvKARE segment, the difference between the cost paid to the manufacturer by the Company and the contract cost that the end customer has with the manufacturer is rebated back to the Company by the manufacturer. The Company establishes a chargeback (rebate) receivable and a reduction to cost of goods sold in the same period as the related sale.
v3.23.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The changes in goodwill for the six months ended June 30, 2023 and for the year ended December 31, 2022 were as follows (in thousands):
June 30,
2023		December 31,
2022
Balance, beginning of period$598,853 $593,017 
Goodwill acquired during the period — 7,553 
Adjustment during the period for the acquisition of Puniska Healthcare Pvt. Ltd.— 3,075 
Currency translation353 (4,792)
Balance, end of period$599,206 $598,853 
As of June 30, 2023, $366.3 million, $163.4 million, and $69.5 million of goodwill was allocated to the Specialty, Generics, and AvKARE segments, respectively. As of December 31, 2022, $366.3 million, $163.1 million, and $69.5 million of goodwill was allocated to the Specialty, Generics, and AvKARE segments, respectively. For the year ended December 31, 2022, goodwill acquired during the period was associated with the Saol Acquisition. Refer to Note 3. Acquisition for additional information.
Intangible assets as of June 30, 2023 and December 31, 2022 were comprised of the following (in thousands):
June 30, 2023December 31, 2022
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights7.2$1,221,412 $(643,771)$577,641 $1,222,762 $(573,281)$649,481 
Other intangible assets3.7133,800 (86,420)47,380 133,800 (77,943)55,857 
Subtotal$1,355,212 $(730,191)$625,021 $1,356,562 $(651,224)$705,338 
In-process research and development
390,355 — 390,355 390,755 — 390,755 
Total intangible assets$1,745,567 $(730,191)$1,015,376 $1,747,317 $(651,224)$1,096,093 
Amortization expense related to intangible assets for the three months ended June 30, 2023 and 2022, was $40.8 million and $42.0 million, respectively. Amortization expense related to intangible assets for the six months ended June 30, 2023 and 2022, was $81.9 million and $82.9 million, respectively.
The following table presents future amortization expense for the next five years and thereafter, excluding $390.4 million of in-process research and development (“IPR&D”) intangible assets (in thousands):
Future
Amortization
Remainder of 2023$81,134 
2024163,031 
2025124,719 
202674,102 
202752,575 
202830,808 
Thereafter98,652 
   Total$625,021 
The Company reviews intangible assets with finite lives for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Indefinite-lived intangible assets, including IPR&D, are tested for impairment if impairment indicators arise and, at a minimum, annually.
Interim Goodwill and In-Process Research and Development Intangible Asset Impairment Tests
On June 30, 2023, the Company received a complete response letter (“CRL”) from the FDA regarding its new drug application for IPX203 for the treatment of Parkinson’s disease. The CRL indicated that although an adequate scientific bridge was established for the safety of one ingredient, levodopa, based on pharmacokinetic studies, it was not adequately established for the other ingredient, carbidopa, and the FDA has requested additional information. The CRL did not identify any issues with respect to the efficacy or manufacturing of IPX203. The Company will work closely with the FDA to address its comments and plans to meet with the agency in the third quarter of 2023 to align on the best path forward.
Based on the Company’s evaluation of the CRL and in connection with the preparation of the Company’s financial statements for the three and six months ended June 30, 2023, the Company updated its estimate of the fair value of the IPX203 IPR&D intangible asset as of June 30, 2023. The Company’s estimate of fair value used a probability-weighted income approach that discounts expected future cash flows to present value using a discount rate of 12.5%. Other valuation inputs included the potential launch date, estimated revenue and operating margin, and the probability of technical and regulatory success. Because the estimated fair value of the IPX203 IPR&D intangible asset exceeded its carrying value by 49% as of June 30, 2023, the Company concluded that the asset was not impaired.
Additionally, in light of the significance of IPX203 to the Specialty reporting unit, the Company performed an interim goodwill impairment test for its Specialty reporting unit, which is the same as the Company’s Specialty reportable segment, as of June 30, 2023. The fair value of the Specialty reporting unit was determined by combining both the income and market approaches. In performing this test, the Company utilized a long-term growth rate of 1% and a discount rate of 11.5% in its estimation of fair value. Other Specialty reporting unit valuation inputs included expected potential launch dates, estimated revenue and operating margin, and the probability of technical and regulatory success of IPR&D assets, the most significant of which is IPX203. The assumptions used in evaluating goodwill for impairment are subject to change and are tracked against historical performance by management. Because the estimated fair value of the Specialty reporting unit exceeded its carrying value by 90% as of June 30, 2023, the Company concluded that its Specialty reporting unit goodwill was not impaired.
While management believes the assumptions used in the interim IPX203 IPR&D intangible asset impairment test were reasonable and commensurate with the views of a market participant, changes in key assumptions, including increasing the discount rate, lowering forecasts for revenue and operating margin, delaying the potential launch date, and lowering the probability of technical and regulatory success, could result in material future impairments of the Company’s IPX203 IPR&D intangible asset.
v3.23.2
Other Assets
 6 Months Ended
Jun. 30, 2023
Other Assets [Abstract]  
Other Assets Other Assets
Other assets were comprised of the following (in thousands):
June 30, 2023December 31, 2022
Interest rate swap (1)
$79,628 $85,586 
Security deposits 3,576 3,523 
Long-term prepaid expenses2,034 3,711 
Deferred revolving credit facility costs1,926 2,206 
Other long term assets6,076 8,191 
Total $93,240 $103,217 
(1)Refer to Note 17. Fair Value Measurements and Note 18. Financial Instruments for information about the Company’s interest rate swap.
v3.23.2
Accounts Payable and Accrued Expenses
 6 Months Ended
Jun. 30, 2023
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, 2023December 31, 2022
Accounts payable$139,527 $165,980 
Accrued returns allowance (1)
132,932 145,060 
Accrued compensation45,650 54,038 
Accrued Medicaid and commercial rebates (1)
97,540 86,030 
Accrued royalties27,172 19,309 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees15,201 11,386 
Accrued other44,471 46,170 
Total accounts payable and accrued expenses$512,719 $538,199 
(1)Refer to Note 4. Revenue Recognition for a rollforward of the balance from December 31, 2022 to June 30, 2023.
v3.23.2
Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of the Company’s indebtedness under its term loans (in thousands):
June 30, 2023December 31, 2022
Term Loan due May 2025$2,550,376 $2,563,876 
Rondo Term Loan due January 202539,750 72,000 
Total debt2,590,126 2,635,876 
Less: debt issuance costs(10,544)(13,934)
Total debt, net of debt issuance costs2,579,582 2,621,942 
Less: current portion of long-term debt(30,405)(29,961)
Total long-term debt, net$2,549,177 $2,591,981 
There have been no material changes in the Company’s long-term debt since December 31, 2022, except as disclosed below. Refer to Note 16. Debt in the Company’s 2022 Annual Report on Form 10-K for additional information and definitions of terms used in this note.
In January 2023, the Company borrowed $80.0 million under the New Revolving Credit Facility to fund an $83.9 million payment related to the Opana ER® antitrust litigation settlement agreements (refer to Note 19. Commitments and Contingencies). In March 2023, the Company repaid $40.0 million of its borrowings on the New Revolving Credit Facility from cash on hand. As of June 30, 2023, the Company had $100.0 million in borrowings and $245.9 million of available capacity under the New Revolving Credit Facility.
During the three and six months ended June 30, 2023, the Company repaid $7.3 million and $32.3 million, respectively, of principal outstanding on the Rondo Term Loan, of which $27.8 million was prepaid as of June 30, 2023. Additionally, the Company borrowed $20.0 million under the Rondo Revolving Credit Facility during the second quarter of 2023 for working capital purposes. As of June 30, 2023, $20.0 million was outstanding under the Rondo Revolving Credit Facility and there was $10.0 million of available capacity.
Reference Rate Reform
On May 31, 2023, the Company executed an amendment to the Term Loan (the “Amended Term Loan”), which changed the variable reference rate from the London interbank offered rate (“LIBOR”) to the one-month adjusted term secured overnight financing rate (“SOFR”), subject to a floor of (0.11448%) plus 3.5%.
The Company also executed an amendment to the related interest rate swap (the “Amended Swap ”) that: (i) set a new fixed rate equal to 1.366%, (ii) changed the referenced floating rate from LIBOR to the one-month SOFR and (iii) established a floating
rate floor of (0.11448%). After adopting ASC 848, Reference Rate Reform and electing certain applicable practical expedients, the Company determined that the amendments do not modify its existing accounting conclusions. As a result, the Company determined that the hedging relationship between the Amended Swap and the Amended Term Loan remained highly effective.
On April 20, 2023, the Company executed an amendment to the Rondo Revolving Credit Facility, which changed the variable reference rate in the Rondo Term Loan from LIBOR to the one-month adjusted term SOFR, subject to a floor of 0.1% plus 2.25%.
The amendments to the term loans and swap agreement did not have a material impact on the Company’s consolidated financial statements as of June 30, 2023 or for the three and six months then ended.
v3.23.2
Other Long-Term Liabilities
 6 Months Ended
Jun. 30, 2023
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, 2023December 31, 2022
Uncertain tax positions$473 $563 
Long-term portion of liabilities for legal matters (1)
752 49,442 
Long-term compensation21,175 16,737 
Contingent consideration (2)
10,110 11,997 
Other long-term liabilities6,772 8,729 
Total other long-term liabilities$39,282 $87,468 
(1)    Refer to Note 19. Commitments and Contingencies for additional information.
(2)    Refer to Note 17. Fair Value Measurements for additional information.
v3.23.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Value is determined using pricing models, discounted cash flow methodologies, or similar techniques and also includes instruments for which the determination of fair value requires significant judgment or estimation.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification for each reporting period. The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands):
Fair Value Measurement Based on
June 30, 2023TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$79,628 $— $79,628 $— 
Liabilities
Deferred compensation plan liabilities (2)
$9,940 $— $9,940 $— 
Contingent consideration liabilities (3)
$11,520 $— $— $11,520 
December 31, 2022
Assets
Interest rate swap (1)
$85,586 $— $85,586 $— 
Liabilities
Deferred compensation plan liabilities (2)
$9,674 $— $9,674 $— 
Contingent consideration liability (3)
$15,427 $— $— $15,427 
(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 18. Financial Instruments for information on the Company's interest rate swap.
(2)These liabilities are recorded at the value of the amount owed to the plan participants, with changes in value recognized as compensation expense. The calculation of the deferred compensation plan obligation is derived from observable market data by reference to hypothetical investments selected by the participants.
(3)The fair value measurement of contingent consideration liabilities has been classified as Level 3 recurring liabilities as the valuations require judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for various inputs, the estimated fair values could be higher or lower than what the Company determined. As of June 30, 2023 and December 31, 2022, the contingent consideration liability associated with the Saol Acquisition included $0.5 million and $0.1 million, respectively, recorded in accounts payable and accrued expenses and $10.1 million and $12.0 million, respectively, recorded in other-longer term liabilities. As of June 30, 2023 and December 31, 2022, the contingent consideration liability associated with the acquisition of Kashiv Specialty Pharmaceuticals, LLC (“KSP”) was valued at approximately $0.9 million and $3.3 million, respectively, and recorded within related party payables - long term.
There were no transfers between levels in the fair value hierarchy during the six months ended June 30, 2023.
Contingent consideration

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

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

There were no contingent royalty payments for the six months ended June 30, 2023.

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

Six Months Ended
June 30, 2023
Balance, beginning of period$15,427 
Change in fair value during the period(3,907)
Balance, end of period$11,520 

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

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s material contingent consideration liabilities as of June 30, 2023:

Contingent Consideration Liability
Fair Value as of
June 30, 2023
(in thousands)
Unobservable inputRange
Weighted Average(1)
Royalties (Saol Acquisition)$10,600Discount rate 17.4%-17.4%17.4%
Projected year of payment 2023-20332027

(1) Unobservable inputs were weighted by the relative fair value of each product candidate acquired.
Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
The carrying amounts of cash, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments.
The Term Loan, as defined in Note 16. Debt in the Company’s 2022 Annual Report on Form 10-K, is in the Level 2 category within the fair value level hierarchy. The fair value was determined using market data for valuation. The fair value of the Term Loan at June 30, 2023 was approximately $2.5 billion as compared to approximately $2.3 billion at December 31, 2022.
The Rondo Term Loan, as defined in Note 16. Debt in the Company’s 2022 Annual Report on Form 10-K, is in the Level 2 category within the fair value level hierarchy. The fair value of the Rondo Term Loan at June 30, 2023 and December 31, 2022 was $39.6 million and $70.9 million, respectively.
The Sellers Notes, as defined in Note 16. Debt in the Company’s 2022 Annual Report on Form 10-K, are in the Level 2 category within the fair value level hierarchy. The fair value of the Sellers Notes at June 30, 2023 and December 31, 2022 was $40.4 million and $39.1 million, respectively.
Refer to Note 16. Debt in the Company’s 2022 Annual Report on Form 10-K for detailed information about its indebtedness, including definitions of terms.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
There were no non-recurring fair value measurements during the six months ended June 30, 2023 and 2022.
v3.23.2
Financial Instruments
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
The Company uses an interest rate swap to manage its exposure to market risks for changes in interest rates.
Interest Rate Risk
Interest income earned on cash and cash equivalents may fluctuate as interest rates change; however, due to their relatively short maturities, the Company does not hedge these assets or their investment cash flows because the impact of interest rate risk is not material. The Company is exposed to interest rate risk on its debt obligations. The Company’s debt obligations consist of variable-rate and fixed-rate debt instruments. The Company’s primary objective is to achieve the lowest overall cost of funding while managing the variability in cash outflows within an acceptable range. To achieve this objective, the Company has entered into an interest rate swap on the Term Loan.
Interest Rate Derivative – Cash Flow Hedge
The interest rate swap involves the periodic exchange of payments without the exchange of underlying principal or notional amounts. In October 2019, the Company entered into an interest rate lock agreement for a total notional amount of $1.3 billion to hedge part of the Company's interest rate exposure associated with the variability in future cash flows from changes in the one-month LIBOR associated with the Term Loan. On May 31, 2023 the Company executed the Amended Swap Agreement that, among other things, changed the variable reference rate from LIBOR to the one-month SOFR (refer to Note 15. Debt).
As of June 30, 2023, the total gain, net of income taxes, related to the Company’s cash flow hedge was $79.6 million, of which $39.7 million was recognized in accumulated other comprehensive income and $39.9 million was recognized in non-controlling interests.
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
June 30, 2023December 31, 2022
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther assets$79,628 Other assets$85,586 
v3.23.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Commercial Manufacturing, Collaboration, License, and Distribution Agreements
The Company continues to seek to enhance its product line and develop a balanced portfolio of differentiated products through product acquisitions and in-licensing. Accordingly, the Company, in certain instances, may be contractually obligated to make potential future development, regulatory, and commercial milestone, royalty and/or profit-sharing payments in conjunction with collaborative agreements or acquisitions that the Company has entered with third parties. The Company has also licensed certain technologies or intellectual property from various third parties. The Company is generally required to make upfront payments as well as other payments upon successful completion of regulatory or sales milestones. The agreements generally permit the Company to terminate the agreement with no significant continuing obligation. The Company could be required to make significant payments pursuant to these arrangements. These payments are contingent upon the occurrence of certain future events and, given the nature of these events, it is unclear when, if ever, the Company may be required to pay such amounts. Further, the timing of any future payment is not reasonably estimable. Refer to Note 5. Alliance and Collaboration for additional information. Certain of these arrangements are with related parties. Refer to Note 21. 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 and six months ended June 30, 2023, charges related to legal matters, net were $2.0 million and $1.6 million, respectively. For the three and six months ended June 30, 2022, charges related to legal matters, net were $251.9 million and $249.6 million, respectively, and primarily consisted of a charge for the settlement of the Opana ER® antitrust litigation of $262.8 million, net of insurance recoveries associated with a securities class action settled during 2022.
Liabilities for legal matters were comprised of the following (in thousands):
MatterJune 30, 2023December 31, 2022
Opana ER® antitrust litigation$50,000 $83,944 
Opana ER® antitrust litigation-accrued interest
1,590 1,423 
Opana ER® antitrust litigation-imputed interest(736)— 
Civil prescription opioid litigation21,222 17,993 
Other
4,935 4,123 
Current portion of liabilities for legal matters$77,011 $107,483 
Opana ER® antitrust litigation$— $50,000 
Opana ER ® antitrust litigation-accrued interest— 847 
Opana ER ® antitrust litigation-imputed interest— (1,405)
Prescription Opioid Litigation752 — 
Long-term portion of liabilities for legal matters (included in other long-term liabilities)$752 $49,442 
Refer to the respective discussions below for additional information on the significant matters in the tables above.
Refer to Note 21. Commitments and Contingencies in our Annual Report on Form 10-K for a general discussion of Medicaid Reimbursement and Price Reporting Matters and Patent Litigation.
Other Litigation Related to the Company’s Business

Opana ER® FTC Matters

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

From June 2014 to April 2015, a number of complaints styled as class actions on behalf of direct purchasers and indirect purchasers (or end-payors) and several separate individual complaints on behalf of certain direct purchasers (the “opt-out plaintiffs”) of Opana ER® were filed against Endo and Impax and consolidated into multi-district litigation (“MDL”) in the U.S. District Court for the Northern District of Illinois.

Impax subsequently entered into settlement agreements with all of the Plaintiffs that were subsequently approved by the court. Pursuant to the settlement agreements, the Company agreed to pay a total of $265.0 million between 2022 and mid-January 2024 to resolve substantially all of the plaintiffs’ claims. The cumulative amount of payments made by the Company pursuant to the settlement agreements was $215.0 million as of June 30, 2023, of which $83.9 million was paid during January 2023, primarily using borrowings under the New Revolving Credit Facility (refer to Note 15. Debt). As of June 30, 2023, the liability for the remaining settlement payment of $50.0 million and 3% stated interest thereon was included in the current portion of liabilities for legal matters. The remaining imputed interest of $0.7 million as of June 30, 2023 will be recognized to interest expense during the final payment period. The settlement agreements are not an admission of liability or fault by Impax, the Company or its subsidiaries. Upon court approval of the final settlement agreements as discussed above, substantially all the claims and lawsuits in the litigation were resolved.
United States Department of Justice Investigations

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

On April 30, 2018, Impax received a CID from the Civil Division of the DOJ (the “Civil Division”). The CID requests the production of information and documents regarding the pricing and sale of Impax’s pharmaceuticals and interactions with other generic pharmaceutical manufacturers regarding whether generic pharmaceutical manufacturers engaged in market allocation and price-fixing agreements, paid illegal remuneration, and caused false claims to be submitted to the federal government. Impax has cooperated with the Civil Division’s investigation. However, no assurance can be given as to the timing or outcome of the investigation.

On May 15, 2023, Amneal received a CID from the Civil Division requesting information and documents related to the manufacturing and shipping of diclofenac sodium 1% gel labeled as “prescription only.” The Company has cooperated with the Civil Division’s investigation. However, no assurance can be given as to the timing or outcome of the investigation.
In Re Generic Pharmaceuticals Pricing Antitrust Litigation
Since March 2016, multiple putative antitrust class action complaints have been filed on behalf of direct purchasers, indirect purchasers (or end-payors), and indirect resellers, as well as individual complaints on behalf of certain direct and indirect purchasers, and municipalities (the “opt-out plaintiffs”) against manufacturers of generic drugs, including Impax and the Company. The complaints allege a conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers for various generic drugs in violation of federal and state antitrust and consumer protection laws. Plaintiffs seek unspecified monetary damages and equitable relief, including disgorgement and restitution. The lawsuits have been
consolidated in an MDL in the United States District Court for the Eastern District of Pennsylvania (In re Generic Pharmaceuticals Pricing Antitrust Litigation, No. 2724, (E.D. Pa.)).
On May 10, 2019, Attorneys General of 43 States and the Commonwealth of Puerto Rico filed a complaint in the United States District Court for the District of Connecticut against various manufacturers and individuals, including the Company, alleging a conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers for multiple generic drugs. On November 1, 2019, the State Attorneys General filed an Amended Complaint on behalf of nine additional states and territories. On June 10, 2020, Attorneys General of 46 States, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, the Territory of Guam, the U.S. Virgin Islands, and the District of Columbia filed a new complaint against various manufacturers and individuals, including the Company, alleging a conspiracy to fix prices, rig bids, and allocate markets or customers for additional generic drugs. Plaintiff states seek unspecified monetary damages and penalties and equitable relief, including disgorgement and restitution. On September 9, 2021, the State Attorneys General filed an Amended Complaint on behalf of California in addition to the original plaintiff states.
Both the May 10, 2019 and June 10, 2020 lawsuits have been incorporated into MDL No. 2724, and the June 10, 2020 lawsuit has been selected for bellwether status. The State of Alabama and the Territory of Guam have both voluntarily dismissed all of their claims in the two actions against all defendants, including the Company, without prejudice. On February 27, 2023, the Court addressed defendants’ motions to dismiss the June 10, 2020 bellwether action, holding that the states may not pursue certain federal remedies, and otherwise denying Amneal’s joint and individual motion to dismiss.
Fact and document discovery in MDL No. 2724 are proceeding. No trial date has been set.
On July 1, 2023, 152 hospital systems, health care centers, and retail pharmacies filed a complaint in the United States District Court for the Northern District of California against manufacturers of generic drugs, including Impax and the Company. Like the complaints that were previously consolidated in MDL No. 2724, the complaint claims that defendants engaged in an unlawful conspiracy to fix, maintain and/or stabilize the prices, rig bids, and allocate markets or customers for various generic drugs in violation of federal and state antitrust and consumer protection laws, and seeks unspecified monetary damages and equitable relief, including disgorgement and restitution. Plaintiffs also filed a notice that they are asserting claims based on the same alleged conspiracy as plaintiffs in MDL No. 2724, and that they believe transfer and coordination of their case with the MDL may be appropriate.
On June 3, 2020, the Company and Impax were also named in a putative class action complaint filed in the Federal Court of Canada in Toronto, Ontario against numerous generic pharmaceutical manufacturers, on behalf of a putative class of individuals who purchased generic drugs in the private sector from 2012 to the present (Kathryn Eaton v. Teva Canada Limited, et. al., No. T-607-20). The complaint alleges price fixing, among other claims. On August 23, 2022, the plaintiff filed a second amended complaint. On May 30, 2023, the plaintiff served materials for their motion to certify the action as a class proceeding, define the class and certify the common questions to be decided, among other things. The Court has not set a date for the return of the plaintiff’s motion.
Civil Prescription Opioid Litigation
The Company and certain of its affiliates have been named as defendants in over 900 cases filed in state and federal courts relating to the sale of prescription opioid pain relievers. Plaintiffs in these actions include state Attorneys General, county and municipal governments, hospitals, Native American tribes, pension funds, third-party payors, and individuals. Plaintiffs seek unspecified monetary damages and other forms of relief based on various causes of action, including negligence, public nuisance, unjust enrichment, and civil conspiracy, as well as alleged violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”), state and federal controlled substances laws and other statutes. All cases involving the Company also name other manufacturers, distributors, and retail pharmacies as defendants, and there are numerous other cases involving allegations relating to prescription opioid pain relievers against other manufacturers, distributors, and retail pharmacies in which the Company and its affiliates are not named. Nearly all cases pending in federal district courts have been consolidated for pre-trial proceedings in an MDL in the United States District Court for the Northern District of Ohio (In re: National Prescription Opiate Litigation, Case No. 17-mdl-2804). The Company is also named in various state court cases pending in nine states. No firm trial dates have been set except in Texas (May 20, 2024 (Dallas County) and September 30, 2024 (Bexar County)).
The Company reached a settlement agreement with the New Mexico Attorney General to resolve its claims against the Company, which was finalized on April 24, 2023. A Consent Judgment dismissing the case was entered on May 15, 2023.
The Company reached a settlement agreement to resolve all pending litigation brought by West Virginia political subdivisions, which was signed on May 25, 2023. The two neonatal abstinence syndrome cases in West Virginia state court were dismissed on May 31, 2023.

The Company reached a preliminary settlement with a group of private hospitals in Alabama (the “Alabama Hospitals”) in June 2023 to resolve the hospitals’ claims against the Company. The Company anticipates a final determination approving the settlement in 2023.

On January 13, 2023, Amneal Pharmaceuticals, Inc., Amneal, and Amneal Pharmaceuticals of New York, LLC (“Amneal New York”), received a subpoena from the New York Attorney General, seeking information regarding its business concerning opioid-containing products. The Company is cooperating with the request and providing responsive information.

Based on the settlement agreements with the states of New Mexico and West Virginia and an assessment of the information available, the Company recorded an $18.0 million charge for the year ended December 31, 2022, related to the majority of the MDL and state court cases. Based on an increase in the number of political subdivision cases and the preliminary settlement with the Alabama Hospitals, the Company recorded charges of $2.0 million and $4.0 million for the three and six months ended June 30, 2023, respectively. For the remaining cases, primarily brought by other hospitals, pension funds, third-party payors and individuals, the Company has not recorded a liability as of June 30, 2023 and December 31, 2022, because it concluded that a loss was not probable and estimable.
United States Department of Justice / Drug Enforcement Administration Subpoenas

On July 7, 2017, Amneal New York received an administrative subpoena issued by the Long Island, NY District Office of the Drug Enforcement Administration (the “DEA”) requesting information related to compliance with certain recordkeeping and reporting requirements. On or about April 12, 2019 and May 28, 2019, the Company received grand jury subpoenas from the U.S. Attorney’s Office for the Eastern District of New York (the “USAO”) relating to similar topics concerning the Company’s suspicious order monitoring program and its compliance with the Controlled Substances Act. The Company is cooperating with the USAO in responding to the subpoenas and has entered civil and criminal tolling agreements with the USAO through approximately November 15, 2023. It is not possible to determine the exact outcome of these investigations.

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

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

Ranitidine Litigation

The Company and its affiliates have been named as defendants, along with numerous other brand and generic pharmaceutical manufacturers, wholesale distributors, retail pharmacy chains, and repackagers of ranitidine-containing products, in In re Zantac/Ranitidine NDMA Litigation (MDL No. 2924), pending in the Southern District of Florida. Plaintiffs allege that defendants failed to disclose and/or concealed the alleged inherent presence of N-Nitrosodimethylamine (or “NDMA”) in brand-name Zantac® or generic ranitidine and the alleged associated risk of cancer. On July 8, 2021, the MDL court dismissed all claims by all plaintiffs against the generic drug manufacturers, including the Company and its affiliates, without leave to file further amended complaints. Plaintiffs appealed the MDL court’s dismissals to the 11th Circuit Court of Appeals. On November 7, 2022, the 11th Circuit affirmed the MDL court’s dismissal of cases brought by third-party payors. The 11th Circuit has not established a briefing schedule yet in the appeals of the other cases.

The Company and its affiliates have also been named as defendants in various state lawsuits in which the Company has already filed motions to dismiss or plans to file motions to dismiss in the future. Three of those cases brought by individuals and pending in Cook County, Illinois have trial dates: Gross (June 5, 2024), Snider (October 23, 2024), and Tucker (January 16, 2025). Another case in New Mexico has a September 15, 2025, trial date. There are no trial dates in any of the other cases.
Metformin Litigation

Amneal and AvKARE, Inc. were named as defendants, along with numerous other manufacturers, retail pharmacies, and wholesalers, in several putative class action lawsuits pending in the United States District Court for the District of New Jersey
(“D.N.J.”), consolidated as In Re Metformin Marketing and Sales Practices Litigation (No. 2:20-cv-02324-MCA-MAH). The lawsuits either 1) allege economic loss in connection with their purchase or reimbursements due to the alleged contamination of generic metformin products with NDMA or 2) are seeking medical monitoring or evaluation due to alleged “cellular damage, genetic harm, and/or are at an increased risk of developing cancer” from consuming allegedly contaminated metformin. The parties are currently engaged in discovery.

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 (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 (the “JPML”) transferred the Davis Action into the In re: Valsartan, Losartan, and Irbesartan Products Liability Litigation multi-district litigation for pretrial proceedings.

Xyrem® (Sodium Oxybate) Antitrust Litigation

Amneal has been named as a defendant, along with Jazz Pharmaceuticals, Inc. (“Jazz”) and numerous other manufacturers of generic versions of Jazz’s Xyrem® (sodium oxybate), in several class action lawsuits filed in the United States District Court for the Northern District of California and the United States District Court for the Southern District of New York, alleging that the generic manufacturers entered into anticompetitive agreements with Jazz in connection with the settlement of patent litigation related to Xyrem®. The actions have been consolidated in the United States District Court for the Northern District of California for pretrial proceedings (In re Xyrem (Sodium Oxybate) Antitrust Litigation, No. 5:20-md-02966-LHK (N.D. Cal.)).

On January 9, 2023, Amneal reached a settlement in principle with the class plaintiffs and executed a settlement agreement on February 28, 2023. The remaining opt-out plaintiffs in the federal case are United Healthcare Services, Inc., Humana Inc., Molina Healthcare Inc., and Health Care Services Corporation.

In a separate action in California state court filed by Aetna Inc., another opt-out plaintiff, the court held that it lacks jurisdiction over several defendants, including Amneal, on December 27, 2022, and later issued an order dismissing Amneal without prejudice. On January 27, 2023, Aetna filed an amended complaint identifying several parties, including Amneal, as alleged non-party co-conspirators.

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

On August 5, 2021, Value Drug Company filed a purported class action lawsuit in the United States District Court for the Eastern District of Pennsylvania against Takeda Pharmaceuticals U.S.A., Inc. (“Takeda”) and numerous other manufacturers of generic versions of Takeda’s Colcrys® (colchicine), including Amneal, alleging that the generic manufacturers conspired with Takeda to restrict output of generic Colcrys® in order to maintain higher prices, in violation of the antitrust laws. On April 10, 2023, plaintiff filed a motion for leave to amend its complaint to add 18 former absent class members as plaintiffs, which the Court subsequently granted. Plaintiffs’ second amended complaint did not add any new legal theories or allegations. On April 14, 2023, the Court entered a scheduling order requiring the new plaintiffs to provide discovery on their claims by May 1, 2023, and setting a 22-day jury trial to begin on September 5, 2023.

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

On March 22, 2022, two purported Amneal Pharmaceuticals, Inc. stockholders filed a stockholder derivative lawsuit in the Court of Chancery of the State of Delaware against Kashiv and certain members of the Company’s Board of Directors. The Company is named as a nominal defendant. For additional details of the claim, refer to Note 21. Commitments and Contingencies of our 2022 Annual Report on Form 10-K. On May 2, 2023, the parties entered into a final settlement agreement that, if approved by the court, would fully resolve this matter. Pursuant to the settlement, the Company has agreed to amend the January 11, 2021 Membership Interest Purchase Agreement with Kashiv to reduce certain royalties on future sales payable by Kashiv, adopt certain governance changes, and pay to plaintiffs’ counsel a court-ordered attorneys’ fees and expense award in an amount of $1.9 million. The Court of Chancery approved the final settlement agreement on July 27, 2023.

Indian Tax Authority Matters
Amneal Pharmaceuticals Pvt. Ltd. (“Amneal Pvt.”), RAKS Pharmaceuticals Pvt. Ltd., and Puniska Healthcare Pvt. Ltd. (“Puniska”), 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.
v3.23.2
Stockholders’ Equity and Redeemable Non-Controlling Interests
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders’ Equity and Redeemable Non-Controlling Interests Stockholders’ Equity and Redeemable Non-Controlling Interests
On May 9, 2023, the stockholders of the Company approved an amendment and restatement of the Amneal Pharmaceuticals, Inc. 2018 Incentive Award Plan (the “Stock Plan”), which authorizes an additional 20 million shares of class A common stock available for issuance under the Stock Plan, resulting in a total shares reserved under the Stock Plan of 57 million shares, and extends the term of the Stock Plan until May 9, 2033.
Non-Controlling Interests
The Company consolidates the financial statements of Amneal and its subsidiaries and records non-controlling interests for the portion of Amneal’s economic interests that is not held by the Company. Non-controlling interests are adjusted for capital transactions that impact the non-publicly held economic interests in Amneal.
Under the terms of Amneal’s limited liability company agreement, as amended, Amneal is obligated to make tax distributions to its members. During the three and six months ended June 30, 2023, the Company recorded net tax distributions of $21.20 million and $48.01 million, respectively, as a reduction of non-controlling interests. During the three and six months ended June 30, 2022, the Company recorded net tax distributions of $2.89 million and $7.33 million, respectively, as a reduction of non-controlling interests.
The Company acquired a 98% interest in KSP on April 2, 2021. The sellers of KSP, a related party, hold the remaining interests. The Company attributes 2% of the net income or loss of KSP to the non-controlling interests.
Redeemable Non-Controlling Interests
The Company acquired a 65.1% controlling interest in both AvKARE Inc., a Tennessee corporation, now a limited liability company (“AvKARE, LLC”), and Dixon-Shane, LLC d/b/a R&S Northeast LLC, a Kentucky limited liability company (“R&S”), in 2020.  The sellers of AvKARE, LLC and R&S hold the remaining 34.9% interest (“Rondo Class B Units”) in the holding company that directly owns the acquired companies (“Rondo”). Beginning on January 1, 2026, the holders of the Rondo Class B Units have the right (“Put Right”) to require the Company to acquire the Rondo Class B Units for a purchase price that is based on a multiple of Rondo’s earnings before income taxes, depreciation, and amortization (EBITDA) if certain financial targets and other conditions are met. Additionally, beginning on January 31, 2020, the Company has the right to acquire the Rondo Class B Units based on the same value and conditions as the Put Right. The Rondo Class B Units are also redeemable by the holders upon a change in control. Because the redemption of the Rondo Class B Units is outside of the Company’s control, the units have been presented outside of stockholders’ equity as redeemable non-controlling interests.

The Company attributes 34.9% of the net income or loss associated with Rondo to redeemable non-controlling interests. The Company will also accrete the redeemable non-controlling interests to redemption value upon an event that makes redemption probable. For the three and six months ended June 30, 2023, the Company recorded tax distributions of $2.87 million and $5.83 million as a reduction of redeemable non-controlling interests, respectively. For the three and six months ended June 30, 2022, the Company recorded tax distributions of $0.58 million and $2.59 million as a reduction of redeemable non-controlling interests, respectively.
Redeemable Non-Controlling Interests - Puniska

The Company acquired 74% of the equity interests in Puniska on November 2, 2021. Amneal was required pursuant to the purchase agreement to acquire the remaining 26% of Puniska upon approval of the transaction by the government of India. Because approval of the government of India was outside of the Company’s control, upon closing of the acquisition of Puniska, the equity interests of Puniska that the Company did not own were presented outside of stockholders’ equity as redeemable non-controlling interests. The Company attributed 26% of the net losses of Puniska to the redeemable non-controlling interests.

Upon approval of the transaction by the government of India in March 2022, the Company paid the $1.7 million redemption value for the remaining 26% of the equity interests of Puniska. For the six months ended June 30, 2022, the Company recorded accretion of $0.9 million to increase the redeemable non-controlling interests to redemption value.
Changes in Accumulated Other Comprehensive (Loss) Income by Component (in thousands):
Foreign
currency
translation
adjustments		Unrealized (loss) gain on cash
flow hedge, net
of tax		Accumulated
other
comprehensive
(loss) income
Balance December 31, 2021$(18,845)$(5,982)$(24,827)
Other comprehensive loss before reclassification(13,394)48,270 34,876 
Reallocation of ownership interests(143)33 (110)
Balance December 31, 2022(32,382)42,321 9,939 
Other comprehensive loss before reclassification1,029 (2,957)(1,928)
Reallocation of ownership interests(270)342 72 
Balance June 30, 2023$(31,623)$39,706 $8,083 
Refer to Note 22. Stockholders’ Equity in the Company’s 2022 Annual Report on Form 10-K for additional information.
v3.23.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company has various business agreements with certain parties in which there is some common ownership. However, the Company does not directly own or manage any of such related parties. Except as disclosed below, as of and for the three and six months ended June 30, 2023, there were no material changes to our related party agreements or relationships as described in Note 24. Related Party Transactions and Note 22. Stockholders’ Equity in our 2022 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 Operations2023202220232022
Kashiv Biosciences LLC
Parking space leaseResearch and development$33 $25 $50 $50 
License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for FilgrastimSelling, general and administrative— — — 5,000 
Development and commercialization agreement - Ganirelix Acetate and Cetrorelix AcetateResearch and development— 1,706 50 1,723 
License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for PegfilgrastimIntangible asset— 15,000 — 15,000 
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko)Cost of goods sold— — 144 — 
Storage agreementResearch and development(34)— (82)— 
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko)Inventory and cost of goods sold499 — 499 — 
   Total $498 $16,731 $661 $21,773 
Other Related Parties
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $526 $1,158 $1,052 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$314 $305 $619 $601 
PharmaSophia, LLC - research and development services incomeResearch and development$— $(15)$— $(30)
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$3,731 $964 $5,567 $1,422 
Tracy Properties LLC - operating leaseSelling, general and administrative$94 $136 $263 $271 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$1,969 $1,431 $2,544 $2,652 
AvPROP, LLC - operating leaseSelling, general and administrative$43 $50 $90 $90 
Avtar Investments, LLC - consulting servicesResearch and development$9 $85 $197 $169 
TPG Operations, LLC - consulting servicesSelling, general and administrative$— $— $— $19 
AlkermesInventory and cost of goods sold$88 $77 $90 $107 
R&S Solutions - logistics servicesSelling, general and administrative$20 $20 $40 $39 
Members - tax receivable agreement (TRA liability)Other expense$405 $— $1,231 $— 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
June 30, 2023December 31, 2022
Sellers of AvKARE LLC and R&S - state tax indemnification
$— $486 
Kashiv - various agreements28 12 
Asana BioSciences, LLC2 2 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement119 — 
Related party receivables - short term $149 $500 
Kashiv - various agreements$100 $110 
Apace Packaging, LLC - packaging agreement1,070 756 
AzaTech Pharma LLC - supply agreement1,113 863 
Avtar Investments LLC - consulting services89 72 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes
442 442 
Members - tax receivable agreement631 201 
R&S Solutions LLC - logistics services7 7 
Alkermes Plc36 28 
Members - tax distributions17,655 — 
Related party payables - short term $21,143 $2,479 
Kashiv - contingent consideration (1)
$860 $3,290 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes
7,034 5,929 
Members - tax receivable agreement1,229 430 
Related party payables - long term $9,123 $9,649 
(1)     The contingent consideration liability was associated with the acquisition of KSP. Refer to Note 17. Fair Value Measurements for additional information.
TPG is a significant stockholder of the Company. A Managing Director of TPG is an observer of the Company’s Board. TPG Capital BD, LLC (“TPG Capital”) has been providing the Company with advice and assistance with respect to the planned refinancing or replacement of certain indebtedness of the Company and will receive a customary fee, in an amount to be negotiated, contingent on the closing of a transaction. For the three and six months ended June 30, 2023, the Company did not incur any costs related to services provided by TPG Capital.
v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Generics, Specialty, and AvKARE.
Generics
The Company’s Generics segment includes a retail and institutional portfolio of approximately 260 product families covering an extensive range of dosage forms and delivery systems, including both immediate and extended release oral solids, powders, liquids, sterile injectables, nasal sprays, inhalation and respiratory products, biosimilar products, ophthalmics, films, transdermal patches and topicals.
Specialty
The Company’s Specialty segment is engaged in the development, promotion, sale and distribution of proprietary branded pharmaceutical products, with a focus on products addressing central nervous system disorders, including Parkinson’s disease, and endocrine disorders.
AvKARE
The Company’s AvKARE segment provides pharmaceuticals, medical and surgical products and services primarily to governmental agencies, primarily focused on serving the Department of Defense and the Department of Veterans Affairs.
AvKARE is also a wholesale distributor of bottle and unit dose pharmaceuticals under the registered names of AvKARE and AvPAK, and medical and surgical products. AvKARE is also a packager and wholesale distributor of pharmaceuticals and vitamins to its retail and institutional customers who are located throughout the U.S. focused primarily on offering 340b-qualified entities products to provide consistency in care and pricing.
Chief Operating Decision Makers
The Company’s chief operating decision makers evaluate the financial performance of the Company’s segments based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, because they are excluded from the measure of segment profitability reviewed by the Company’s chief operating decision maker. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment because it is not reviewed by the Company’s chief operating decision makers.
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, R&D expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
Three Months Ended June 30, 2023
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$373,701 $96,994 $128,351 $— $599,046 
Cost of goods sold225,189 46,512 107,324 — 379,025 
Gross profit148,512 50,482 21,027 — 220,021 
Selling, general and administrative28,040 22,759 14,015 40,756 105,570 
Research and development31,108 6,691 — — 37,799 
Intellectual property legal development expenses801 19 — — 820 
Restructuring and other charges— 82 — — 82 
Change in fair value of contingent consideration— (6,364)— — (6,364)
Charges related to legal matters, net2,017 — — — 2,017 
Other operating expense13 — — — 13 
Operating income (loss)$86,533 $27,295 $7,012 $(40,756)$80,084 
Six Months Ended June 30, 2023
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$717,507 $188,672 $250,407 $— $1,156,586 
Cost of goods sold455,740 89,703 212,936 — 758,379 
Gross profit261,767 98,969 37,471 — 398,207 
Selling, general and administrative55,640 45,138 26,955 79,933 207,666 
Research and development63,467 13,022 — — 76,489 
Intellectual property legal development expenses2,425 39 — — 2,464 
Restructuring and other charges99 82 — 411 592 
Change in fair value of contingent consideration— (3,907)— — (3,907)
(Credit) charges related to legal matters, net(427)— — 2,008 1,581 
Other operating income(1,211)— — — (1,211)
Operating income (loss)$141,774 $44,595 $10,516 $(82,352)$114,533 
Three Months Ended June 30, 2022
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$364,895 $97,001 $97,459 $— $559,355 
Cost of goods sold228,535 42,791 87,510 — 358,836 
Gross profit136,360 54,210 9,949 — 200,519 
Selling, general and administrative26,558 23,171 12,735 36,342 98,806 
Research and development44,174 6,574 — — 50,748 
Intellectual property legal development expenses778 43 — — 821 
Acquisition, transaction-related and integration expenses8 32 — 201 241 
Change in fair value of contingent consideration— (270)— — (270)
Insurance recoveries for property losses and associated expenses(1,911)— — — (1,911)
Charges related to legal matters, net483 — — 251,394 251,877 
Other operating income(1,175)— — — (1,175)
Operating income (loss)$67,445 $24,660 $(2,786)$(287,937)$(198,618)
Six Months Ended June 30, 2022
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$682,642 $182,087 $192,259 $— $1,056,988 
Cost of goods sold427,565 86,644 167,689 — 681,898 
Gross profit255,077 95,443 24,570 — 375,090 
Selling, general and administrative54,151 47,571 26,145 69,604 197,471 
Research and development87,395 16,151 — — 103,546 
Intellectual property legal development expenses1,550 35 — — 1,585 
Acquisition, transaction-related and integration expenses8 32 — 635 675 
Restructuring and other charges206 — — 525 731 
Change in fair value of contingent consideration— (70)— — (70)
Insurance recoveries for property losses and associated expenses(1,911)— — — (1,911)
Charges related to legal matters, net2,157 — — 247,394 249,551 
Other operating income(1,175)— — — (1,175)
Operating income (loss)$112,696 $31,724 $(1,575)$(318,158)$(175,313)
(1)Operating results for the sale of Amneal products by AvKARE are included in Generics.
v3.23.2
Insurance Recoveries for Property Losses and Associated Expenses
 6 Months Ended
Jun. 30, 2023
Unusual or Infrequent Items, or Both [Abstract]  
Insurance Recoveries for Property Losses and Associated Expenses Insurance Recoveries for Property Losses and Associated Expenses
On September 1, 2021, Tropical Storm Ida brought extreme rainfall and flash flooding to New Jersey that caused damage to two of the Company’s facilities. Operations at these facilities were closed for the majority of September 2021 in order to assess the damage, make repairs and restore operations.

The Company concluded that all inventory on-hand at the time of the flooding was damaged and unsellable and that a majority of the equipment was damaged beyond repair. In addition, the Company incurred significant costs to repair both facilities. The Company has insurance policies for property damage, inventory losses and business interruption. Insurance recoveries are recorded in the periods when it is probable they will be realized. During each of the three and six months ended June 30, 2022, insurance recoveries of $1.9 million associated with property damage and inventory losses were received and recorded in insurance recoveries for property losses and associated expenses.
v3.23.2
Subsequent Events
 6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsDuring July 2023, the Company repaid $30.0 million of borrowings on the New Revolving Credit Facility from cash on hand and borrowed an additional $10.0 million under the Rondo Revolving Credit Facility for working capital purposes.
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net (loss) income $ 22,232 $ (242,128) $ 6,601 $ (250,945)
v3.23.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2023
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
v3.23.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), should be read in conjunction with the Company’s annual audited financial statements for the year ended December 31, 2022 included in the Company’s 2022 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in annual financial statements have been omitted from the accompanying unaudited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of June 30, 2023, cash flows for the six months ended June 30, 2023 and 2022 and the results of its operations, its comprehensive income (loss) and its changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022. The consolidated balance sheet data at December 31, 2022 was derived from the Company’s audited annual financial statements, but does not include all disclosures required by U.S. GAAP.
Except for the updates included in this note, the accounting policies of the Company are set forth in Note 2. Summary of Significant Accounting Policies contained in the Company’s 2022 Annual Report on Form 10-K.
Use of Estimates
Use of Estimates
The preparation of financial statements requires the Company's management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, billbacks, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, initial and subsequent valuation of contingent consideration recognized in business combinations, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers (“ASC 606”). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. ASU 2021-08 was effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2021-08 effective January 1, 2023 and will apply the guidance to subsequent acquisitions. The adoption of ASU 2021-08 did not have an impact on the Company’s consolidated financial statements because the Company did not acquire a business during the three and six months ended June 30, 2023.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides elective amendments for entities that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), to expand and clarify the scope of Topic 848 to include derivative instruments on discounting transactions. In December 2022, the FASB issued ASU 2022-06, Reference Rate reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848, Reference Rate Reform to December 31, 2024. The Company adopted ASU 2020-04 during the three months ended June 30, 2023 (refer to Note 15. Debt and Note 18. Financial Instruments for additional information). The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.
Reclassifications
Reclassifications
The prior period balance related to cost of goods sold impairment charges of $5.1 million, formerly included in a separate income statement caption for both the three and six months ended June 30, 2022, has been reclassified to be included within the income statement caption cost of goods sold to conform with the current period presentation.
The prior period balance related to loss on refinancing of $0.3 million, formerly included in a separate income statement caption for both the three and six months ended June 30, 2022, has been reclassified to be included within the income statement caption other income, net to conform to the current period presentation.
Performance Obligations The Company recognizes revenue in accordance with ASC 606. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
v3.23.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments The following table summarizes revenues from each of the Company’s customers which individually accounted for 10% or more of its total net revenue:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Customer A24 %19 %23 %19 %
Customer B16 %17 %15 %17 %
Customer C20 %21 %20 %22 %
Customer D11 %11 %10 %11 %
Schedule of Disaggregated Revenue
The Company’s significant therapeutic classes for its Generics and Specialty segments and sales channels for its AvKARE segment, as determined based on net revenue for the three and six months ended June 30, 2023 and 2022, are set forth below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Generics
Anti-infective$6,092 $5,566 $11,266 $11,811 
Hormonal / allergy126,435 118,309 231,286 214,677 
Antiviral3,597 1,296 29,071 11,867 
Central nervous system83,604 108,787 168,186 189,912 
Cardiovascular system33,146 32,043 65,649 55,496 
Gastroenterology19,905 17,531 34,269 34,151 
Oncology28,546 18,424 39,124 35,632 
Metabolic disease/ endocrine14,936 9,988 24,201 21,221 
Respiratory11,136 12,118 23,951 17,783 
Dermatology17,949 17,937 35,953 31,414 
Other therapeutic classes27,809 22,329 53,704 57,689 
International and other546 567 847 989 
Total Generics net revenue373,701 364,895 717,507 682,642 
Specialty
Hormonal / allergy29,011 24,320 53,774 43,739 
Central nervous system59,563 65,356 119,702 123,524 
Other therapeutic classes8,420 7,325 15,196 14,824 
Total Specialty net revenue96,994 97,001 188,672 182,087 
AvKARE
Distribution83,795 64,240 167,025 124,503 
Government label29,870 22,280 54,386 46,739 
Institutional8,982 6,060 17,844 12,375 
Other5,704 4,879 11,152 8,642 
Total AvKARE net revenue128,351 97,459 250,407 192,259 
Total net revenue$599,046 $559,355 $1,156,586 $1,056,988 
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, 2023 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, 2022$573,592 $27,454 $145,060 $86,030 
Provision related to sales recorded in the period1,619,720 54,566 34,997 114,905 
Credits/payments issued during the period(1,767,481)(51,805)(47,125)(103,395)
Balance at June 30, 2023$425,831 $30,215 $132,932 $97,540 
v3.23.2
Earnings (Loss) per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) per Share, Basic and Diluted
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings (loss) per share of class A common stock (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Numerator:
Net income (loss) attributable to Amneal Pharmaceuticals, Inc.$11,917 $(120,808)$4,974 $(122,964)
Denominator:
Weighted-average shares outstanding - basic153,738 150,993 152,928 150,445 
Effect of dilutive securities:
Restricted stock units1,149 — 1,647 — 
Weighted-average shares outstanding - diluted154,887 150,993 154,575 150,445 
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s class A common stockholders:
Basic$0.08 $(0.80)$0.03 $(0.82)
Diluted$0.08 $(0.80)$0.03 $(0.82)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Loss Per Share
The following table presents potentially dilutive securities excluded from the computations of diluted earnings (loss) per share of class A common stock (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Stock options
2,629 (1)2,919 (2)2,629 (1)2,919 (2)
Restricted stock units
— 10,989 (2)— 10,989 (2)
Performance stock units
7,012 (3)7,427 (2)7,012 (3)7,427 (2)
Shares of class B common stock152,117 (4)152,117 (4)152,117 (4)152,117 (4)
(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 class A common stock during the period (out-of-the-money).
(2)Excluded from the computation of diluted loss per share of class A common stock because the effect of their inclusion would have been anti-dilutive since there was a net loss attributable to the Company during the period.
(3)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.
(4)Shares of class B common stock are considered potentially dilutive shares of class A common stock. Shares of class B common stock have been excluded from the computations of diluted loss per share because the effect of their inclusion would have been anti-dilutive under the if-converted method.
v3.23.2
Trade Accounts Receivable, Net (Tables)
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Schedule of Trade Accounts Receivable, Net
Trade accounts receivable, net was comprised of the following (in thousands):
June 30,
2023		December 31,
2022
Gross accounts receivable$1,133,348 $1,344,959 
Allowance for credit losses(2,566)(2,122)
Contract charge-backs and sales volume allowances(425,831)(573,592)
Cash discount allowances(30,215)(27,454)
Subtotal(458,612)(603,168)
Trade accounts receivable, net$674,736 $741,791 
Schedules of Percent of Gross Trade Receivables
Concentration of Receivables
Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:
June 30,
2023		December 31,
2022
Customer A36 %41 %
Customer B26 %25 %
Customer C22 %21 %
v3.23.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2023
Inventory Disclosure [Abstract]  
Summary of Components of Inventories
Inventories were comprised of the following (in thousands):
June 30,
2023		December 31,
2022
Raw materials
$235,679 $224,607 
Work in process
55,253 58,522 
Finished goods
259,626 247,606 
Total inventories$550,558 $530,735 
v3.23.2
Prepaid Expenses and Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2023
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,
2023		December 31,
2022
Deposits and advances$3,360 $1,821 
Prepaid insurance5,949 8,090 
Prepaid regulatory fees1,771 5,298 
Income and other tax receivables13,394 12,881 
Prepaid taxes11,617 16,593 
Other current receivables (1)
14,473 33,133 
Chargebacks receivable (2)
10,987 8,605 
Other prepaid assets20,213 17,144 
Total prepaid expenses and other current assets$81,764 $103,565 
(1)Other current receivables as of December 31, 2022 include a $21.4 million receivable for an upfront payment associated with the Orion Agreement, which was collected in January 2023. Refer to Note 5. Alliance and Collaboration for additional information.
(2)When a sale occurs on a contract item in the Company’s AvKARE segment, the difference between the cost paid to the manufacturer by the Company and the contract cost that the end customer has with the manufacturer is rebated back to the Company by the manufacturer. The Company establishes a chargeback (rebate) receivable and a reduction to cost of goods sold in the same period as the related sale.
v3.23.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in goodwill for the six months ended June 30, 2023 and for the year ended December 31, 2022 were as follows (in thousands):
June 30,
2023		December 31,
2022
Balance, beginning of period$598,853 $593,017 
Goodwill acquired during the period — 7,553 
Adjustment during the period for the acquisition of Puniska Healthcare Pvt. Ltd.— 3,075 
Currency translation353 (4,792)
Balance, end of period$599,206 $598,853 
Schedule of Finite-Lived Intangible Assets
Intangible assets as of June 30, 2023 and December 31, 2022 were comprised of the following (in thousands):
June 30, 2023December 31, 2022
Weighted-Average
Amortization Period
(in years)		CostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizing intangible assets:
Product rights7.2$1,221,412 $(643,771)$577,641 $1,222,762 $(573,281)$649,481 
Other intangible assets3.7133,800 (86,420)47,380 133,800 (77,943)55,857 
Subtotal$1,355,212 $(730,191)$625,021 $1,356,562 $(651,224)$705,338 
In-process research and development
390,355 — 390,355 390,755 — 390,755 
Total intangible assets$1,745,567 $(730,191)$1,015,376 $1,747,317 $(651,224)$1,096,093 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents future amortization expense for the next five years and thereafter, excluding $390.4 million of in-process research and development (“IPR&D”) intangible assets (in thousands):
Future
Amortization
Remainder of 2023$81,134 
2024163,031 
2025124,719 
202674,102 
202752,575 
202830,808 
Thereafter98,652 
   Total$625,021 
v3.23.2
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Other Assets [Abstract]  
Schedule of Other Assets
Other assets were comprised of the following (in thousands):
June 30, 2023December 31, 2022
Interest rate swap (1)
$79,628 $85,586 
Security deposits 3,576 3,523 
Long-term prepaid expenses2,034 3,711 
Deferred revolving credit facility costs1,926 2,206 
Other long term assets6,076 8,191 
Total $93,240 $103,217 
(1)Refer to Note 17. Fair Value Measurements and Note 18. Financial Instruments for information about the Company’s interest rate swap.
v3.23.2
Accounts Payable and Accrued Expenses (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023December 31, 2022
Accounts payable$139,527 $165,980 
Accrued returns allowance (1)
132,932 145,060 
Accrued compensation45,650 54,038 
Accrued Medicaid and commercial rebates (1)
97,540 86,030 
Accrued royalties27,172 19,309 
Commercial chargebacks and rebates10,226 10,226 
Accrued professional fees15,201 11,386 
Accrued other44,471 46,170 
Total accounts payable and accrued expenses$512,719 $538,199 
(1)Refer to Note 4. Revenue Recognition for a rollforward of the balance from December 31, 2022 to June 30, 2023.
v3.23.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Summary of Long-term Debt
The following is a summary of the Company’s indebtedness under its term loans (in thousands):
June 30, 2023December 31, 2022
Term Loan due May 2025$2,550,376 $2,563,876 
Rondo Term Loan due January 202539,750 72,000 
Total debt2,590,126 2,635,876 
Less: debt issuance costs(10,544)(13,934)
Total debt, net of debt issuance costs2,579,582 2,621,942 
Less: current portion of long-term debt(30,405)(29,961)
Total long-term debt, net$2,549,177 $2,591,981 
v3.23.2
Other Long-Term Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Other Liabilities Disclosure [Abstract]  
Schedule of Other Long-Term Liabilities
Other long-term liabilities were comprised of the following (in thousands):

June 30, 2023December 31, 2022
Uncertain tax positions$473 $563 
Long-term portion of liabilities for legal matters (1)
752 49,442 
Long-term compensation21,175 16,737 
Contingent consideration (2)
10,110 11,997 
Other long-term liabilities6,772 8,729 
Total other long-term liabilities$39,282 $87,468 
(1)    Refer to Note 19. Commitments and Contingencies for additional information.
(2)    Refer to Note 17. Fair Value Measurements for additional information.
v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands):
Fair Value Measurement Based on
June 30, 2023TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Interest rate swap (1)
$79,628 $— $79,628 $— 
Liabilities
Deferred compensation plan liabilities (2)
$9,940 $— $9,940 $— 
Contingent consideration liabilities (3)
$11,520 $— $— $11,520 
December 31, 2022
Assets
Interest rate swap (1)
$85,586 $— $85,586 $— 
Liabilities
Deferred compensation plan liabilities (2)
$9,674 $— $9,674 $— 
Contingent consideration liability (3)
$15,427 $— $— $15,427 
(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 18. Financial Instruments for information on the Company's interest rate swap.
(2)These liabilities are recorded at the value of the amount owed to the plan participants, with changes in value recognized as compensation expense. The calculation of the deferred compensation plan obligation is derived from observable market data by reference to hypothetical investments selected by the participants.
(3)The fair value measurement of contingent consideration liabilities has been classified as Level 3 recurring liabilities as the valuations require judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for various inputs, the estimated fair values could be higher or lower than what the Company determined. As of June 30, 2023 and December 31, 2022, the contingent consideration liability associated with the Saol Acquisition included $0.5 million and $0.1 million, respectively, recorded in accounts payable and accrued expenses and $10.1 million and $12.0 million, respectively, recorded in other-longer term liabilities. As of June 30, 2023 and December 31, 2022, the contingent consideration liability associated with the acquisition of Kashiv Specialty Pharmaceuticals, LLC (“KSP”) was valued at approximately $0.9 million and $3.3 million, respectively, and recorded within related party payables - long term.
Summary of Reconciliation of Contingent Consideration Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The following table provides a reconciliation of the contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

Six Months Ended
June 30, 2023
Balance, beginning of period$15,427 
Change in fair value during the period(3,907)
Balance, end of period$11,520 
Summary of Significant Inputs Used in Fair Value Measurements
The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s material contingent consideration liabilities as of June 30, 2023:

Contingent Consideration Liability
Fair Value as of
June 30, 2023
(in thousands)
Unobservable inputRange
Weighted Average(1)
Royalties (Saol Acquisition)$10,600Discount rate 17.4%-17.4%17.4%
Projected year of payment 2023-20332027

(1) Unobservable inputs were weighted by the relative fair value of each product candidate acquired.
v3.23.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivative Instruments in Consolidated Balance Sheets
A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):
June 30, 2023December 31, 2022
Derivatives Designated as Hedging InstrumentsBalance Sheet
Classification		Fair ValueBalance Sheet
Classification		Fair Value
Variable-to-fixed interest rate swapOther assets$79,628 Other assets$85,586 
v3.23.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Charges and Liabilities Related to Legal Matters
Liabilities for legal matters were comprised of the following (in thousands):
MatterJune 30, 2023December 31, 2022
Opana ER® antitrust litigation$50,000 $83,944 
Opana ER® antitrust litigation-accrued interest
1,590 1,423 
Opana ER® antitrust litigation-imputed interest(736)— 
Civil prescription opioid litigation21,222 17,993 
Other
4,935 4,123 
Current portion of liabilities for legal matters$77,011 $107,483 
Opana ER® antitrust litigation$— $50,000 
Opana ER ® antitrust litigation-accrued interest— 847 
Opana ER ® antitrust litigation-imputed interest— (1,405)
Prescription Opioid Litigation752 — 
Long-term portion of liabilities for legal matters (included in other long-term liabilities)$752 $49,442 
v3.23.2
Stockholders’ Equity and Redeemable Non-Controlling Interests (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component
Changes in Accumulated Other Comprehensive (Loss) Income by Component (in thousands):
Foreign
currency
translation
adjustments		Unrealized (loss) gain on cash
flow hedge, net
of tax		Accumulated
other
comprehensive
(loss) income
Balance December 31, 2021$(18,845)$(5,982)$(24,827)
Other comprehensive loss before reclassification(13,394)48,270 34,876 
Reallocation of ownership interests(143)33 (110)
Balance December 31, 2022(32,382)42,321 9,939 
Other comprehensive loss before reclassification1,029 (2,957)(1,928)
Reallocation of ownership interests(270)342 72 
Balance June 30, 2023$(31,623)$39,706 $8,083 
v3.23.2
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2023
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 Operations2023202220232022
Kashiv Biosciences LLC
Parking space leaseResearch and development$33 $25 $50 $50 
License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for FilgrastimSelling, general and administrative— — — 5,000 
Development and commercialization agreement - Ganirelix Acetate and Cetrorelix AcetateResearch and development— 1,706 50 1,723 
License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for PegfilgrastimIntangible asset— 15,000 — 15,000 
Development and commercialization agreement - Filgrastim and Pegfilgrastim - Royalty expense (Releuko)Cost of goods sold— — 144 — 
Storage agreementResearch and development(34)— (82)— 
Inventory purchases under development and commercialization agreement - Filgrastim and Pegfilgrastim (Releuko)Inventory and cost of goods sold499 — 499 — 
   Total $498 $16,731 $661 $21,773 
Other Related Parties
Kanan, LLC - operating leaseInventory and cost of goods sold$592 $526 $1,158 $1,052 
Sutaria Family Realty, LLC - operating leaseInventory and cost of goods sold$314 $305 $619 $601 
PharmaSophia, LLC - research and development services incomeResearch and development$— $(15)$— $(30)
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreementInventory and cost of goods sold$3,731 $964 $5,567 $1,422 
Tracy Properties LLC - operating leaseSelling, general and administrative$94 $136 $263 $271 
AzaTech Pharma LLC - supply agreementInventory and cost of goods sold$1,969 $1,431 $2,544 $2,652 
AvPROP, LLC - operating leaseSelling, general and administrative$43 $50 $90 $90 
Avtar Investments, LLC - consulting servicesResearch and development$9 $85 $197 $169 
TPG Operations, LLC - consulting servicesSelling, general and administrative$— $— $— $19 
AlkermesInventory and cost of goods sold$88 $77 $90 $107 
R&S Solutions - logistics servicesSelling, general and administrative$20 $20 $40 $39 
Members - tax receivable agreement (TRA liability)Other expense$405 $— $1,231 $— 
The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):
June 30, 2023December 31, 2022
Sellers of AvKARE LLC and R&S - state tax indemnification
$— $486 
Kashiv - various agreements28 12 
Asana BioSciences, LLC2 2 
Apace KY, LLC d/b/a Apace Packaging LLC - packaging agreement119 — 
Related party receivables - short term $149 $500 
Kashiv - various agreements$100 $110 
Apace Packaging, LLC - packaging agreement1,070 756 
AzaTech Pharma LLC - supply agreement1,113 863 
Avtar Investments LLC - consulting services89 72 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes
442 442 
Members - tax receivable agreement631 201 
R&S Solutions LLC - logistics services7 7 
Alkermes Plc36 28 
Members - tax distributions17,655 — 
Related party payables - short term $21,143 $2,479 
Kashiv - contingent consideration (1)
$860 $3,290 
Sellers of AvKARE LLC and R&S - accrued interest on Sellers Notes
7,034 5,929 
Members - tax receivable agreement1,229 430 
Related party payables - long term $9,123 $9,649 
(1)     The contingent consideration liability was associated with the acquisition of KSP. Refer to Note 17. Fair Value Measurements for additional information.
v3.23.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Three Months Ended June 30, 2023
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$373,701 $96,994 $128,351 $— $599,046 
Cost of goods sold225,189 46,512 107,324 — 379,025 
Gross profit148,512 50,482 21,027 — 220,021 
Selling, general and administrative28,040 22,759 14,015 40,756 105,570 
Research and development31,108 6,691 — — 37,799 
Intellectual property legal development expenses801 19 — — 820 
Restructuring and other charges— 82 — — 82 
Change in fair value of contingent consideration— (6,364)— — (6,364)
Charges related to legal matters, net2,017 — — — 2,017 
Other operating expense13 — — — 13 
Operating income (loss)$86,533 $27,295 $7,012 $(40,756)$80,084 
Six Months Ended June 30, 2023
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other
Total
Company
Net revenue$717,507 $188,672 $250,407 $— $1,156,586 
Cost of goods sold455,740 89,703 212,936 — 758,379 
Gross profit261,767 98,969 37,471 — 398,207 
Selling, general and administrative55,640 45,138 26,955 79,933 207,666 
Research and development63,467 13,022 — — 76,489 
Intellectual property legal development expenses2,425 39 — — 2,464 
Restructuring and other charges99 82 — 411 592 
Change in fair value of contingent consideration— (3,907)— — (3,907)
(Credit) charges related to legal matters, net(427)— — 2,008 1,581 
Other operating income(1,211)— — — (1,211)
Operating income (loss)$141,774 $44,595 $10,516 $(82,352)$114,533 
Three Months Ended June 30, 2022
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$364,895 $97,001 $97,459 $— $559,355 
Cost of goods sold228,535 42,791 87,510 — 358,836 
Gross profit136,360 54,210 9,949 — 200,519 
Selling, general and administrative26,558 23,171 12,735 36,342 98,806 
Research and development44,174 6,574 — — 50,748 
Intellectual property legal development expenses778 43 — — 821 
Acquisition, transaction-related and integration expenses8 32 — 201 241 
Change in fair value of contingent consideration— (270)— — (270)
Insurance recoveries for property losses and associated expenses(1,911)— — — (1,911)
Charges related to legal matters, net483 — — 251,394 251,877 
Other operating income(1,175)— — — (1,175)
Operating income (loss)$67,445 $24,660 $(2,786)$(287,937)$(198,618)
Six Months Ended June 30, 2022
Generics (1)
Specialty
AvKARE (1)
Corporate
and Other		Total
Company
Net revenue$682,642 $182,087 $192,259 $— $1,056,988 
Cost of goods sold427,565 86,644 167,689 — 681,898 
Gross profit255,077 95,443 24,570 — 375,090 
Selling, general and administrative54,151 47,571 26,145 69,604 197,471 
Research and development87,395 16,151 — — 103,546 
Intellectual property legal development expenses1,550 35 — — 1,585 
Acquisition, transaction-related and integration expenses8 32 — 635 675 
Restructuring and other charges206 — — 525 731 
Change in fair value of contingent consideration— (70)— — (70)
Insurance recoveries for property losses and associated expenses(1,911)— — — (1,911)
Charges related to legal matters, net2,157 — — 247,394 249,551 
Other operating income(1,175)— — — (1,175)
Operating income (loss)$112,696 $31,724 $(1,575)$(318,158)$(175,313)
(1)Operating results for the sale of Amneal products by AvKARE are included in Generics.
v3.23.2
Nature of Operations - Additional Information (Details) - Amneal Group
Jun. 30, 2023
Noncontrolling Interest [Line Items]  
Ownership by parent (percent) 50.30%
Amneal Group  
Noncontrolling Interest [Line Items]  
Ownership percentage by noncontrolling owners (percent) 49.70%
v3.23.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Accounting Policies [Abstract]      
Cost of goods sold impairment charges $ 5,100   $ 5,100
Loss on refinancing - revolving credit facility $ (300) $ 0 $ 291
v3.23.2
Acquisition (Details) - USD ($)
$ in Thousands
 6 Months Ended
Feb. 09, 2022
Jun. 30, 2023
Jun. 30, 2022
Business Acquisition [Line Items]      
Saol Acquisition   $ 0 $ 84,714
Saol Baclofen Franchise Acquisition      
Business Acquisition [Line Items]      
Saol Acquisition $ 84,700    
v3.23.2
Revenue Recognition - Concentration of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Customer A        
Concentration Risk [Line Items]        
Concentration risk (percent) 24.00% 19.00% 23.00% 19.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk (percent) 16.00% 17.00% 15.00% 17.00%
Customer C        
Concentration Risk [Line Items]        
Concentration risk (percent) 20.00% 21.00% 20.00% 22.00%
Customer D        
Concentration Risk [Line Items]        
Concentration risk (percent) 11.00% 11.00% 10.00% 11.00%
v3.23.2
Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Disaggregation of Revenue [Line Items]        
Net revenue $ 599,046 $ 559,355 $ 1,156,586 $ 1,056,988
Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 373,701 364,895 717,507 682,642
Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 96,994 97,001 188,672 182,087
AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 128,351 97,459 250,407 192,259
International and other | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 546 567 847 989
Anti-infective | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 6,092 5,566 11,266 11,811
Hormonal / allergy | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 126,435 118,309 231,286 214,677
Hormonal / allergy | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 29,011 24,320 53,774 43,739
Antiviral | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 3,597 1,296 29,071 11,867
Central nervous system | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 83,604 108,787 168,186 189,912
Central nervous system | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 59,563 65,356 119,702 123,524
Cardiovascular system | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 33,146 32,043 65,649 55,496
Gastroenterology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 19,905 17,531 34,269 34,151
Oncology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 28,546 18,424 39,124 35,632
Metabolic disease/ endocrine | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 14,936 9,988 24,201 21,221
Respiratory | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 11,136 12,118 23,951 17,783
Dermatology | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 17,949 17,937 35,953 31,414
Other therapeutic classes | US | Generics        
Disaggregation of Revenue [Line Items]        
Net revenue 27,809 22,329 53,704 57,689
Other therapeutic classes | US | Specialty        
Disaggregation of Revenue [Line Items]        
Net revenue 8,420 7,325 15,196 14,824
Distribution | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 83,795 64,240 167,025 124,503
Government label | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 29,870 22,280 54,386 46,739
Institutional | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue 8,982 6,060 17,844 12,375
Other | US | AvKARE        
Disaggregation of Revenue [Line Items]        
Net revenue $ 5,704 $ 4,879 $ 11,152 $ 8,642
v3.23.2
Revenue Recognition - Schedule of Major Categories of Sales-Related Deductions (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Contract Charge - Backs and Sales Volume Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period $ 573,592
Provision related to sales recorded in the period 1,619,720
Credits/payments issued during the period (1,767,481)
Balance, end of period 425,831
Cash Discount Allowances  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 27,454
Provision related to sales recorded in the period 54,566
Credits/payments issued during the period (51,805)
Balance, end of period 30,215
Accrued Returns Allowance  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 145,060
Provision related to sales recorded in the period 34,997
Credits/payments issued during the period (47,125)
Balance, end of period 132,932
Accrued Medicaid and Commercial Rebates  
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]  
Balance, beginning of period 86,030
Provision related to sales recorded in the period 114,905
Credits/payments issued during the period (103,395)
Balance, end of period $ 97,540
v3.23.2
Alliance and Collaboration - Additional Information (Details)
€ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
USD ($)
Dec. 28, 2022
USD ($)
Dec. 28, 2022
EUR (€)
May 07, 2018
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                  
Research and development         $ 37,799,000 $ 50,748,000 $ 76,489,000 $ 103,546,000  
Collaborative arrangement maximum milestone paid                 $ 26,500,000
License Agreement with Orion Corporation                  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                  
Collaborative arrangement term   8 years 8 years            
Collaborative arrangement renew for successive term   2 years 2 years            
Collaborative arrangement non-refundable milestone payment | €     € 20.0            
Collaborative arrangement upfront payment   $ 21,400,000              
Collaborative arrangement aggregate sales-based milestone payment | €     € 45.0            
Collaborative arrangement maximum contingent payments amount $ 49,000,000                
Research and development                 0
Collaborative arrangement license revenue agreement         0   600,000   8,000,000
Collaborative arrangement remaining upfront amount                 13,400,000
License Agreement with Orion Corporation | Accounts Payable and Accrued Liabilities                  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                  
Deferred income 8,600,000       8,600,000   8,600,000   6,700,000
License Agreement with Orion Corporation | Other long-term liabilities                  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                  
Deferred income $ 4,200,000       $ 4,200,000   $ 4,200,000   $ 6,700,000
Biosimilar Licensing and Supply Agreement                  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                  
Collaborative arrangement maximum contingent payments amount       $ 78,300,000          
Estimated useful life (in years)                 7 years
v3.23.2
Government Grants - Additional Information (Details)
$ in Thousands, ₨ in Billions
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 30, 2021
INR (₨)
company
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Other operating expense (income)   $ (13) $ 1,175 $ 1,211 $ 1,175  
Prepaid expenses and other current assets   81,764   81,764   $ 103,565
Government of India            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Number of companies | company 55          
Grants receivable ₨ 10 121,900   121,900    
Government grant eligible term 6 years          
Government of India | Prepaid and other current assets            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Prepaid expenses and other current assets   $ 5,200   $ 5,200   $ 4,000
v3.23.2
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 09, 2023
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2019
Income Tax Disclosure [Line Items]              
Income tax expense (benefit)   $ (23) $ 7,350 $ 645 $ 3,889    
Effective tax rate (percent)     (3.20%) 3.20% (1.60%)    
Valuation allowance   435,400   $ 435,400   $ 434,900  
Percentage of tax receivable agreement paid to other holders of Amneal common units (percent)       85.00%      
Reversal of accrued tax receivable agreement liability             $ 192,800
Contingent liabilities under tax receivable agreement   202,700   $ 202,700   202,700  
Liabilities recorded under tax receivable agreement   $ 1,900   1,900   $ 1,900  
Accrued expenses       $ 1,900      
Forecast              
Income Tax Disclosure [Line Items]              
Percentage of tax receivable agreement paid to other holders of Amneal common units (percent) 85.00%            
v3.23.2
Earnings (Loss) per Share - Computation of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Numerator:        
Net income (loss) attributable to Amneal Pharmaceuticals, Inc. $ 11,917 $ (120,808) $ 4,974 $ (122,964)
Denominator:        
Weighted-average shares outstanding - basic (in shares) 153,738 150,993 152,928 150,445
Effect of dilutive securities:        
Restricted stock units (in shares) 1,149 0 1,647 0
Weighted-average shares outstanding - diluted (in shares) 154,887 150,993 154,575 150,445
Net income (loss) per share attributable to Amneal Pharmaceuticals, Inc.’s class A common stockholders:        
Basic (in dollars per share) $ 0.08 $ (0.80) $ 0.03 $ (0.82)
Diluted (in dollars per share) $ 0.08 $ (0.80) $ 0.03 $ (0.82)
v3.23.2
Earnings (Loss) per Share - Securities Excluded from Diluted Earnings per Share Computation (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Shares of class B common stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 152,117 152,117 152,117 152,117
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 2,629 2,919 2,629 2,919
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 0 10,989 0 10,989
Performance stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities excluded from earnings per share (in shares) 7,012 7,427 7,012 7,427
v3.23.2
Trade Accounts Receivable, Net - Schedule of Trade Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]    
Gross accounts receivable $ 1,133,348 $ 1,344,959
Allowance for credit losses (2,566) (2,122)
Contract charge-backs and sales volume allowances (425,831) (573,592)
Cash discount allowances (30,215) (27,454)
Subtotal (458,612) (603,168)
Nonrelated Party    
Related Party Transaction [Line Items]    
Trade accounts receivable, net $ 674,736 $ 741,791
v3.23.2
Trade Accounts Receivable, Net - Concentration of Receivables (Details) - Customer Concentration Risk - Accounts Receivable
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Customer A    
Concentration Risk [Line Items]    
Concentration risk (percent) 36.00% 41.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (percent) 26.00% 25.00%
Customer C    
Concentration Risk [Line Items]    
Concentration risk (percent) 22.00% 21.00%
v3.23.2
Inventories - Components of Inventories, Net of Reserves (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Raw materials $ 235,679 $ 224,607
Work in process 55,253 58,522
Finished goods 259,626 247,606
Total inventories $ 550,558 $ 530,735
v3.23.2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Gain Contingencies [Line Items]    
Deposits and advances $ 3,360 $ 1,821
Prepaid insurance 5,949 8,090
Prepaid regulatory fees 1,771 5,298
Income and other tax receivables 13,394 12,881
Prepaid taxes 11,617 16,593
Related party receivables 14,473 33,133
Chargebacks receivable 10,987 8,605
Other prepaid assets 20,213 17,144
Total prepaid expenses and other current assets $ 81,764 103,565
Prepaid and other current assets | License Agreement with Orion Corporation    
Gain Contingencies [Line Items]    
Collaborative arrangement upfront payment receivable   $ 21,400
v3.23.2
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Balance, beginning of period $ 598,853 $ 593,017
Goodwill acquired during the period 0 7,553
Adjustment during the period for the acquisition of Puniska Healthcare Pvt. Ltd. 0 3,075
Currency translation 353 (4,792)
Balance, end of period $ 599,206 $ 598,853
v3.23.2
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Line Items]      
Goodwill $ 599,206 $ 598,853 $ 593,017
Specialty      
Goodwill [Line Items]      
Goodwill 366,300 366,300  
Generics      
Goodwill [Line Items]      
Goodwill 163,400 163,100  
AvKARE      
Goodwill [Line Items]      
Goodwill $ 69,500 $ 69,500  
v3.23.2
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,355,212 $ 1,356,562
Accumulated Amortization (730,191) (651,224)
Net 625,021 705,338
In-process research and development 390,355 390,755
Intangible assets, cost 1,745,567 1,747,317
Intangible assets, net $ 1,015,376 1,096,093
Product rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 7 years 2 months 12 days  
Cost $ 1,221,412 1,222,762
Accumulated Amortization (643,771) (573,281)
Net $ 577,641 649,481
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Amortization Period (in years) 3 years 8 months 12 days  
Cost $ 133,800 133,800
Accumulated Amortization (86,420) (77,943)
Net $ 47,380 $ 55,857
v3.23.2
Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 40.8 $ 42.0 $ 81.9 $ 82.9
v3.23.2
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]    
Remainder of 2023 $ 81,134  
2024 163,031  
2025 124,719  
2026 74,102  
2027 52,575  
2028 30,808  
Thereafter 98,652  
Net $ 625,021 $ 705,338
v3.23.2
Goodwill and Other Intangible Assets - Interim Goodwill and In-Process Research and Development Intangible Asset Impairment Tests (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
In-process research and development $ 390,355 $ 390,755
Percentage of fair value in excess of carrying amount 90.00%  
In-process research and development    
Finite-Lived Intangible Assets [Line Items]    
Percentage of fair value in excess of carrying amount 49.00%  
Discount rate    
Finite-Lived Intangible Assets [Line Items]    
Goodwill inputs, percentage 11.50%  
Discount rate | In-process research and development    
Finite-Lived Intangible Assets [Line Items]    
Goodwill inputs, percentage 12.50%  
Long-term growth rate    
Finite-Lived Intangible Assets [Line Items]    
Goodwill inputs, percentage 1.00%  
v3.23.2
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Other Assets [Line Items]    
Other assets $ 93,240 $ 103,217
Interest rate swap    
Other Assets [Line Items]    
Other assets 79,628 85,586
Security deposits    
Other Assets [Line Items]    
Other assets 3,576 3,523
Long-term prepaid expenses    
Other Assets [Line Items]    
Other assets 2,034 3,711
Deferred revolving credit facility costs    
Other Assets [Line Items]    
Other assets 1,926 2,206
Other long term assets    
Other Assets [Line Items]    
Other assets $ 6,076 $ 8,191
v3.23.2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]    
Accounts payable $ 139,527 $ 165,980
Accrued returns allowance 132,932 145,060
Accrued compensation 45,650 54,038
Accrued Medicaid and commercial rebates 97,540 86,030
Accrued royalties 27,172 19,309
Commercial chargebacks and rebates 10,226 10,226
Accrued professional fees 15,201 11,386
Accrued other 44,471 46,170
Nonrelated Party    
Related Party Transaction [Line Items]    
Accounts payable and accrued expenses $ 512,719 $ 538,199
v3.23.2
Debt - Summary of Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total debt $ 2,590,126 $ 2,635,876
Less: debt issuance costs (10,544) (13,934)
Total debt, net of debt issuance costs 2,579,582 2,621,942
Less: current portion of long-term debt (30,405) (29,961)
Total long-term debt, net 2,549,177 2,591,981
Term Loan due May 2025    
Debt Instrument [Line Items]    
Total debt 2,550,376 2,563,876
Rondo Term Loan due January 2025    
Debt Instrument [Line Items]    
Total debt $ 39,750 $ 72,000
v3.23.2
Debt - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2023
Apr. 20, 2023
Mar. 31, 2023
Jan. 31, 2023
Jun. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]              
Available maximum borrowing capacity         $ 245,900 $ 245,900  
Term loan         2,590,126 2,590,126 $ 2,635,876
Rondo Term Loan              
Debt Instrument [Line Items]              
Repayment of outstanding principal         7,300 32,300  
Available maximum borrowing capacity         10,000 10,000  
Principal payments           27,800  
Borrowings         20,000    
Term loan         20,000 20,000  
Opana ER® antitrust litigation              
Debt Instrument [Line Items]              
Litigation settlement expense       $ 83,900   215,000  
Revolving Credit Facility              
Debt Instrument [Line Items]              
Revolving credit facilities       $ 80,000 $ 100,000 $ 100,000  
Repayment of outstanding principal     $ 40,000        
Secured Debt | Line of Credit | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Debt instrument, interest rate floor (percent) 0.11448%            
Basis spread on variable rate (percent) 3.50%            
Interest rate (percent) 1.366%            
Secured Debt | Line of Credit | Secured Overnight Financing Rate (SOFR) | Rondo Revolving Credit Facility              
Debt Instrument [Line Items]              
Debt instrument, interest rate floor (percent)   0.10%          
Basis spread on variable rate (percent)   2.25%          
v3.23.2
Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Nonrelated Party    
Other Liabilities [Line Items]    
Other long-term liabilities $ 39,282 $ 87,468
Uncertain tax positions    
Other Liabilities [Line Items]    
Other long-term liabilities 473 563
Long-term portion of liabilities for legal matters    
Other Liabilities [Line Items]    
Other long-term liabilities 752 49,442
Long-term compensation    
Other Liabilities [Line Items]    
Other long-term liabilities 21,175 16,737
Contingent Consideration    
Other Liabilities [Line Items]    
Other long-term liabilities 10,110 11,997
Other long-term liabilities    
Other Liabilities [Line Items]    
Other long-term liabilities $ 6,772 $ 8,729
v3.23.2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Assets    
Interest rate swap $ 79,628 $ 85,586
Liabilities    
Deferred compensation plan liabilities 9,940 9,674
Contingent consideration liabilities 11,520 15,427
Saol Baclofen Franchise Acquisition | Accounts Payable And Accrued Expenses    
Liabilities    
Contingent consideration liabilities 500 100
Saol Baclofen Franchise Acquisition | Other long-term liabilities    
Liabilities    
Contingent consideration liabilities 10,100 12,000
Kashiv Specialty Pharmaceuticals, LLC    
Liabilities    
Contingent consideration liabilities 900 3,300
Quoted Prices in Active Markets (Level 1)    
Assets    
Interest rate swap 0 0
Liabilities    
Deferred compensation plan liabilities 0 0
Contingent consideration liabilities 0 0
Significant Other Observable Inputs (Level 2)    
Assets    
Interest rate swap 79,628 85,586
Liabilities    
Deferred compensation plan liabilities 9,940 9,674
Contingent consideration liabilities 0 0
Significant Unobservable Inputs (Level 3)    
Assets    
Interest rate swap 0 0
Liabilities    
Deferred compensation plan liabilities 0 0
Contingent consideration liabilities $ 11,520 $ 15,427
v3.23.2
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Apr. 02, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long term debt $ 2,579,582 $ 2,621,942  
Term Loan | Significant Other Observable Inputs (Level 2)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt fair value 2,500,000 2,300,000  
Term Loan | Significant Other Observable Inputs (Level 2) | Rondo Partners L L C      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt fair value 39,600 70,900  
Sellers Notes | Significant Other Observable Inputs (Level 2)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long term debt $ 40,400 $ 39,100  
Kashiv Specialty Pharmaceuticals, LLC      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contingent consideration, maximum liability     $ 8,000
v3.23.2
Fair Value Measurements - Reconciliation of Contingent Consideration Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period     $ 15,427  
Change in fair value during the period $ 6,364 $ 270 3,907 $ 70
Balance, end of period $ 11,520   11,520  
Saol Baclofen Franchise and Kashiv Specialty Pharmaceuticals LLC        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Change in fair value during the period     $ (3,907)  
v3.23.2
Fair Value Measurements - Significant Inputs Used in Fair Value Measurements (Details)
$ in Thousands
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 11,520 $ 15,427
Royalties Saol Acquisition    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 10,600  
Minimum | Discount rate | Royalties Saol Acquisition    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.174  
Maximum | Discount rate | Royalties Saol Acquisition    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.174  
Weighted Average | Discount rate | Royalties Saol Acquisition    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.174  
v3.23.2
Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Oct. 31, 2019
Derivative [Line Items]    
Net of income taxes, recognized in accumulated other comprehensive income $ 79.6  
Accumulated Other Comprehensive (Loss) Income    
Derivative [Line Items]    
Net of income taxes, recognized in accumulated other comprehensive income 39.7  
Non- Controlling Interests    
Derivative [Line Items]    
Net of income taxes, recognized in accumulated other comprehensive income $ 39.9  
Interest Rate Lock Agreement    
Derivative [Line Items]    
Notional amount   $ 1,300.0
v3.23.2
Financial Instruments - Summary of Fair Values of Derivative Instruments in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Variable to Fixed Interest Rate Swap | Designated as Hedging Instrument | Other assets    
Derivative [Line Items]    
Fair Value $ 79,628 $ 85,586
v3.23.2
Commitments and Contingencies - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 27, 2023
USD ($)
Jul. 01, 2023
complaint
May 30, 2023
product
Mar. 30, 2022
lawsuit
Mar. 22, 2022
lawsuit
Mar. 13, 2015
medication
Nov. 06, 2014
representative
Jan. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
case
state
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
case
state
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Apr. 10, 2023
plaintiff
Jun. 10, 2020
state
Nov. 01, 2019
state
May 10, 2019
state
Loss Contingencies [Line Items]                                  
Credit related to legal matters, net                 $ (2,017) $ (251,877) $ (1,581) $ (249,551)          
Litigation settlement expense, net of insurance recoveries                       262,800          
Litigation settlement                     $ 700            
Number of lawsuit filed | lawsuit         2                        
Number of states with cases | state                 9   9            
December 2022 and Mid-January 2024                                  
Loss Contingencies [Line Items]                                  
Interest rate                 3.00%   3.00%            
Opana ER® antitrust litigation                                  
Loss Contingencies [Line Items]                                  
Loss contingency accrual                 $ 50,000 $ 265,000 $ 50,000 $ 265,000          
Litigation settlement expense               $ 83,900     215,000            
United States Department of Justice Investigations                                  
Loss Contingencies [Line Items]                                  
Number of sales representatives | representative             1                    
Number of generic prescription medications | medication           4                      
Generic Digoxin and Doxycycline Antitrust Litigation                                  
Loss Contingencies [Line Items]                                  
Number of states, filed civil lawsuit | state                             46   43
Loss contingency civil lawsuit filed number of additional states | state                               9  
Number of defendants | lawsuit       2                          
Generic Digoxin and Doxycycline Antitrust Litigation | Subsequent Event                                  
Loss Contingencies [Line Items]                                  
Number of lawsuit filed | complaint   152                              
Civil prescription opioid litigation                                  
Loss Contingencies [Line Items]                                  
Credit related to legal matters, net                 $ (2,000)   $ (4,000)   $ (18,000)        
Number of cases | case                 900   900            
Number of cases dismissed | product     2                            
Value Drug Company v. Takeda Pharmaceuticals U.S.A., Inc.                                  
Loss Contingencies [Line Items]                                  
Number of former absent members added as plaintiffs | plaintiff                           18      
Russell Thiele, et al. v. Kashiv Biosciences, LLC, et al. | Subsequent Event                                  
Loss Contingencies [Line Items]                                  
Litigation settlement amount $ 1,900                                
v3.23.2
Commitments and Contingencies - Schedule of Liabilities For Legal Matters (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters $ 77,011 $ 107,483
Long-term portion of liabilities for legal matters (included in other long-term liabilities) 752 49,442
Opana ER® antitrust litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 50,000 83,944
Opana ER® antitrust litigation 0 50,000
Opana ER® antitrust litigation-accrued interest    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 1,590 1,423
Opana ER ® antitrust litigation-accrued interest 0 847
Opana ER® antitrust litigation-imputed interest    
Loss Contingencies [Line Items]    
Opana ER ® antitrust litigation-imputed interest (736) 0
Opana ER ® antitrust litigation-imputed interest 0 (1,405)
Civil prescription opioid litigation    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 21,222 17,993
Other    
Loss Contingencies [Line Items]    
Current portion of liabilities for legal matters 4,935 4,123
Prescription Opioid Litigation    
Loss Contingencies [Line Items]    
Opana ER® antitrust litigation $ 752 $ 0
v3.23.2
Stockholders' Equity and Redeemable Non-Controlling Interests - Additional Information (Details) - USD ($)
$ in Thousands, shares in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
May 09, 2023
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Nov. 02, 2021
Apr. 02, 2021
Dec. 31, 2020
Jan. 31, 2020
Class of Stock [Line Items]                    
Tax distribution     $ 21,200 $ 2,890 $ 48,010 $ 7,330        
Kashiv Specialty Pharmaceuticals, LLC                    
Class of Stock [Line Items]                    
Voting interest acquired (percent)               98.00%    
Kashiv Specialty Pharmaceuticals, LLC | Sellers of KSP                    
Class of Stock [Line Items]                    
Ownership percentage by noncontrolling owners (percent)               2.00%    
Av Kare Incorporation And R And S Northeast L L C                    
Class of Stock [Line Items]                    
Voting interest acquired (percent)                 65.10%  
Tax distribution recorded as a reduction to redeemable non-controlling interest     $ 2,870 $ 580 $ 5,830 2,590        
Av Kare Incorporation And R And S Northeast L L C | Rondo Partners L L C                    
Class of Stock [Line Items]                    
Ownership percentage by noncontrolling owners (percent)     34.90%   34.90%         34.90%
Puniska                    
Class of Stock [Line Items]                    
Voting interest acquired (percent)   26.00% 26.00%   26.00%   74.00%      
Consideration paid in cash on hand   $ 1,700                
Increase in redeemable non-controlling interest to redemption value           $ 900        
Amneal Pharmaceuticals Inc 2018 Incentive Award Plan                    
Class of Stock [Line Items]                    
Number of additional shares authorized (in shares) 20                  
Shares reserved (in shares) 57                  
v3.23.2
Stockholders' Equity and Redeemable Non-Controlling Interests - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance $ 183,979 $ 366,973
Other comprehensive loss before reclassification (1,928) 34,876
Reallocation of ownership interests 72 (110)
Stockholders' equity ending balance 150,768 183,979
Foreign currency translation adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance (32,382) (18,845)
Other comprehensive loss before reclassification 1,029 (13,394)
Reallocation of ownership interests (270) (143)
Stockholders' equity ending balance (31,623) (32,382)
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 42,321 (5,982)
Other comprehensive loss before reclassification (2,957) 48,270
Reallocation of ownership interests 342 33
Stockholders' equity ending balance 39,706 42,321
Accumulated Other Comprehensive (Loss) Income    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' equity beginning balance 9,939 (24,827)
Stockholders' equity ending balance $ 8,083 $ 9,939
v3.23.2
Related Party Transactions - Related Party Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party $ 498 $ 16,731 $ 661 $ 21,773  
Research and development - Parking Space Lease | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 33 25 50 50  
Selling, General and Administrative - Development and Commercialization Agreement | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 0 0 5,000  
Research and Development - Development and Commercialization Agreement - Ganirelix Acetate and Centrorelix Acetate | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 1,706 50 1,723  
Intangible Asset - License and commercialization agreement - Filgrastim and Pegfilgrastim - regulatory approval milestone for Pegfilgrastim | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 15,000 0 15,000  
Cost of Goods Sold Development And Commercialization Agreement - Filgrastim And Pegfilgrastim | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 0 144 0  
Research and Development Storage Income | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party (34) 0 (82) 0  
Inventory and Cost of Goods Sold | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 499 0 499 0  
Inventory and Cost of Goods Sold | Kanan L L C          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 592 526 1,158 1,052  
Inventory and Cost of Goods Sold | Sutaria Family Realty, LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 314 305 619 601  
Inventory and Cost of Goods Sold | Apace Packaging, LLC - packaging agreement          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 3,731 964 5,567 1,422  
Inventory and Cost of Goods Sold | AzaTech Pharma LLC - supply agreement          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 1,969 1,431 2,544 2,652  
Inventory and Cost of Goods Sold | Alkermes Plc          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 88 77 90 107  
Research and Development | Pharma Sophia LLC          
Related Party Transaction [Line Items]          
Income from related parties 0 (15) 0 (30)  
Research and Development | Avtar Investments LLC - consulting services          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 9 85 197 169  
Selling, General and Administrative - Operating Lease | Tracy Properties LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 94 136 263 271  
Selling, General and Administrative - Operating Lease | Av Prop LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 43 50 90 90  
Selling, General and Administrative - Consulting Services | TPG Operations, LLC          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 0 0 0 19  
Selling, General and Administrative - Logistics Services | R&S Solutions          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 20 20 40 39  
Other Expense | Members - tax receivable agreement          
Related Party Transaction [Line Items]          
Amounts of transaction with related party 405 $ 0 1,231 $ 0  
Related Party          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 149   149   $ 500
Accounts payable and accrued expenses 21,143   21,143   2,479
Other long-term liabilities 9,123   9,123   9,649
Related Party | Kashiv Biosciences LLC          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 28   28   12
Accounts payable and accrued expenses 100   100   110
Other long-term liabilities 860   860   3,290
Related Party | Apace Packaging, LLC - packaging agreement          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 119   119   0
Accounts payable and accrued expenses 1,070   1,070   756
Related Party | AzaTech Pharma LLC - supply agreement          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 1,113   1,113   863
Related Party | Avtar Investments LLC - consulting services          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 89   89   72
Related Party | Alkermes Plc          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 36   36   28
Related Party | R&S Solutions          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 7   7   7
Related Party | Members - tax receivable agreement          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 631   631   201
Other long-term liabilities 1,229   1,229   430
Related Party | Rondo Partners L L C          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 0   0   486
Other long-term liabilities 7,034   7,034   5,929
Related Party | Asana Biosciences L L C          
Related Party Transaction [Line Items]          
Trade accounts receivable, net 2   2   2
Related Party | Sellers of AvKARE LLC and R&S          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses 442   442   442
Related Party | Members - tax distributions          
Related Party Transaction [Line Items]          
Accounts payable and accrued expenses $ 17,655   $ 17,655   $ 0
v3.23.2
Segment Information - Additional Information (Details)
 6 Months Ended
Jun. 30, 2023
product
segment
Segment Reporting [Abstract]  
Number of reportable segments | segment 3
Number of products families | product 260
v3.23.2
Segment Information - Schedules of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Net revenue $ 599,046 $ 559,355 $ 1,156,586 $ 1,056,988
Cost of goods sold 379,025 358,836 758,379 681,898
Gross profit 220,021 200,519 398,207 375,090
Selling, general and administrative 105,570 98,806 207,666 197,471
Research and development 37,799 50,748 76,489 103,546
Intellectual property legal development expenses 820 821 2,464 1,585
Acquisition, transaction-related and integration expenses 0 241 0 675
Restructuring and other charges 82 0 592 731
Change in fair value during the period (6,364) (270) (3,907) (70)
Insurance recoveries for property losses and associated expenses   (1,911)   (1,911)
(Credit) charges related to legal matters, net 2,017 251,877 1,581 249,551
Other operating income (expense) 13 (1,175) (1,211) (1,175)
Operating income (loss) 80,084 (198,618) 114,533 (175,313)
Generics        
Segment Reporting Information [Line Items]        
Net revenue 373,701 364,895 717,507 682,642
AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 128,351 97,459 250,407 192,259
Operating Segments | Generics        
Segment Reporting Information [Line Items]        
Net revenue 373,701 364,895 717,507 682,642
Cost of goods sold 225,189 228,535 455,740 427,565
Gross profit 148,512 136,360 261,767 255,077
Selling, general and administrative 28,040 26,558 55,640 54,151
Research and development 31,108 44,174 63,467 87,395
Intellectual property legal development expenses 801 778 2,425 1,550
Acquisition, transaction-related and integration expenses   8   8
Restructuring and other charges 0   99 206
Change in fair value during the period 0 0 0 0
Insurance recoveries for property losses and associated expenses   (1,911)   (1,911)
(Credit) charges related to legal matters, net 2,017 483 (427) 2,157
Other operating income (expense) 13 (1,175) (1,211) (1,175)
Operating income (loss) 86,533 67,445 141,774 112,696
Operating Segments | Specialty        
Segment Reporting Information [Line Items]        
Net revenue 96,994 97,001 188,672 182,087
Cost of goods sold 46,512 42,791 89,703 86,644
Gross profit 50,482 54,210 98,969 95,443
Selling, general and administrative 22,759 23,171 45,138 47,571
Research and development 6,691 6,574 13,022 16,151
Intellectual property legal development expenses 19 43 39 35
Acquisition, transaction-related and integration expenses   32   32
Restructuring and other charges 82   82 0
Change in fair value during the period (6,364) (270) (3,907) (70)
Insurance recoveries for property losses and associated expenses   0   0
(Credit) charges related to legal matters, net 0 0 0 0
Other operating income (expense) 0 0 0 0
Operating income (loss) 27,295 24,660 44,595 31,724
Operating Segments | AvKARE        
Segment Reporting Information [Line Items]        
Net revenue 128,351 97,459 250,407 192,259
Cost of goods sold 107,324 87,510 212,936 167,689
Gross profit 21,027 9,949 37,471 24,570
Selling, general and administrative 14,015 12,735 26,955 26,145
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Acquisition, transaction-related and integration expenses   0   0
Restructuring and other charges 0   0 0
Change in fair value during the period 0 0 0 0
Insurance recoveries for property losses and associated expenses   0   0
(Credit) charges related to legal matters, net 0 0 0 0
Other operating income (expense) 0 0 0 0
Operating income (loss) 7,012 (2,786) 10,516 (1,575)
Corporate and Other        
Segment Reporting Information [Line Items]        
Net revenue 0 0 0 0
Cost of goods sold 0 0 0 0
Gross profit 0 0 0 0
Selling, general and administrative 40,756 36,342 79,933 69,604
Research and development 0 0 0 0
Intellectual property legal development expenses 0 0 0 0
Acquisition, transaction-related and integration expenses   201   635
Restructuring and other charges 0   411 525
Change in fair value during the period 0 0 0 0
Insurance recoveries for property losses and associated expenses   0   0
(Credit) charges related to legal matters, net 0 251,394 2,008 247,394
Other operating income (expense) 0 0 0 0
Operating income (loss) $ (40,756) $ (287,937) $ (82,352) $ (318,158)
v3.23.2
Insurance Recoveries for Property Losses and Associated Expenses (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 01, 2021
facility
Jun. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Unusual or Infrequent Items, or Both [Abstract]      
Number of facilities damaged | facility 2    
Insurance recoveries for property losses and associated expenses | $   $ 1,911 $ 1,911
v3.23.2
Subsequent Events (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2023
Mar. 31, 2023
Jun. 30, 2023
Jun. 30, 2023
Rondo Term Loan        
Subsequent Event [Line Items]        
Repayment of outstanding principal     $ 7.3 $ 32.3
Borrowings     $ 20.0  
Subsequent Event | Rondo Term Loan        
Subsequent Event [Line Items]        
Borrowings $ 10.0      
Revolving Credit Facility        
Subsequent Event [Line Items]        
Repayment of outstanding principal   $ 40.0    
Revolving Credit Facility | Subsequent Event        
Subsequent Event [Line Items]        
Repayment of outstanding principal $ 30.0