Amneal Pharmaceuticals reported fourth‑quarter 2025 revenue of $814 million, up 11% from $731 million in Q4 2024, but the figure fell short of many analyst estimates that ranged from $807 million to $824 million. Adjusted earnings per share rose to $0.21, beating the consensus of $0.18 by $0.03 or 16.7%. The revenue miss can be attributed to a mix shift that favored lower‑margin specialty products and a modest decline in legacy generic sales, while the EPS beat was driven by disciplined cost control and an improved operating margin.
The Specialty segment generated $529 million in revenue, a 19% increase YoY, propelled by the continued uptake of CREXONT® and the launch of the BREKIYA® autoinjector. The Affordable Medicines segment grew 4% to $152 million, supported by new complex‑generic approvals and the first two inhalation products. AvKARE contributed $83 million, reflecting steady demand for its biosimilar pipeline and the ongoing development of Xolair. These segment gains offset a slight decline in the legacy generic portfolio, explaining the overall revenue miss relative to some estimates.
Adjusted EBITDA for the quarter reached $175 million, up 13% from $155 million in Q4 2024, while full‑year adjusted EBITDA climbed to $688 million, a 10% increase. Adjusted gross margin expanded to 43%, up 50 basis points YoY, and operating margin rose to 13.8% from 10.4% in the same quarter last year. The margin improvement reflects higher pricing power in specialty products and effective cost management across the manufacturing network.
Management guided 2026 net revenue to $3.05 billion–$3.15 billion and adjusted EBITDA to $720 million–$760 million. The revenue outlook is slightly conservative compared to some analyst forecasts, but the EPS guidance remains optimistic, indicating confidence in continued profitability and a favorable mix of high‑margin specialty and complex‑generic products.
"2025 was a defining year of excellent execution and portfolio expansion at Amneal," said the company’s leadership. The firm highlighted the success of CREXONT®—now serving 23,000 patients—and the launch of BREKIYA®, which is expected to reach peak sales of $50 million to $100 million. Amneal also announced progress on its biosimilar pipeline, including Xolair, and a collaboration with Pfizer on GLP‑1s that will expand manufacturing capacity and marketing rights in 18 countries.
Investors reacted with caution: pre‑market trading was flat to slightly down, reflecting a balance between the EPS beat and the revenue miss. The market weighed the company’s strong profitability against a modest revenue shortfall and the conservative 2026 revenue guidance, resulting in a muted initial response.
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