BRIDGEWATER, N.J. - Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) reported second quarter earnings that exceeded analyst expectations and raised its full-year 2024 guidance. The company's stock edged down 0.9% following the news.
The generic drug maker posted adjusted earnings per share of $0.16, surpassing the analyst consensus of $0.14. Revenue came in at $702 million, well above estimates of $658.63 million and up 17% year-over-year.
"Amneal achieved strong revenues and adjusted EBITDA in the second quarter, and we are pleased to raise full year 2024 guidance driven by broad-based growth across our business," said Co-CEOs Chirag and Chintu Patel.
The company's Generics segment saw a 14% revenue increase, while Specialty revenue grew 7%. AvKARE revenue jumped 33% YoY.
For the full year 2024, Amneal now expects revenue between $2.70 billion and $2.80 billion, up from its previous guidance of $2.55 billion to $2.65 billion. The company also raised its adjusted EPS forecast to $0.57-$0.63 from $0.53-$0.63 previously.
The company highlighted the recent FDA approval of CREXONT for Parkinson's disease as an exciting new long-term growth driver.
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