Amneal Posts Mixed Bag Q3 Earnings; Acquires Puniska To Bolster Injectable Business

Amneal Pharmaceuticals Inc AMRX reports Q3 revenue of $529 million, a marginal increase of 2% Y/Y, missing the consensus of $545.06 million.
The increase was driven by Generic product launches and growth in Specialty products Rytary and Unithroid, partially offset by price erosion in its base business and slow demand at the start of the flu season.
Adjusted EPS increased to $0.21, slightly ahead of the consensus of $0.20, and better than $0.16 posted a year ago.
Adjusted EBITDA increased 19% to $135 million, reflective of an increase in gross profit.
Outlook: Amneal updates FY21 guidance and expects sales of approximately $2.1 billion (consensus of $2.14 billion) against prior guidance of $2.1 billion - $2.2 billion.
The Company raised adjusted EBITDA guidance to $530 million - $550 million and EPS outlook to $0.78 - $0.88, compared to the earlier outlook of $500 million - $540 million and $0.70 - $0.85, respectively.
Amneal also agreed to acquire Puniska Healthcare Pvt Ltd for $93 million to expand its injectables capabilities.
Price Action: AMRX shares are down 5.33% at $5.51 during the market session on the last check Wednesday.

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