Amneal Pharmaceuticals Stock Gaines: It Raised FY23 Outlook On Prescription Trends, Pricing Levels Strength

Amneal Pharmaceuticals Inc AMRX reports Q2 revenue of $599 million, an increase of 7% Y/Y, beating the consensus of $562.49 million.

Generics' growth drove the increase due to the durability of a diversified, complex portfolio, new product launches, including biosimilars, and continued expansion across AvKARE, with solid Specialty revenue performance.

Adjusted EPS was $0.19, beating the consensus of $0.10. Adjusted EBITDA increased 9% to $146 million.

Also Read: FDA Strikes Out Amneal Pharmaceuticals' Parkinson's Disease Candidate, Stock Falls.

"We are pleased to raise our full year 2023 guidance following another strong quarter. Our momentum in the first half of the year underscores the solid execution of our strategy and ability to drive continued growth across our diversified portfolio. We expect many key catalysts ahead, including complex generics launches, an expanded injectables portfolio, strong biosimilars uptake..." said Chirag and Chintu Patel, Co-CEOs.

Outlook: Amneal has raised FY23 revenue guidance to $2.30-$2.40 billion versus the consensus of $2.32 billion and prior guidance of $2.25-$2.35 billion.

It forecasts adjusted EPS Of $0.45-$0.55 compared to consensus of $0.47 and prior guidance of $0.40-$0.50.

The company expects adjusted EBITDA of $525 million - $540 million, up from the prior range of $500-$530 million.

Price Action: AMRX shares are up 9.53% at $3.68 on the last check Friday.