Amneal Pharmaceuticals (NASDAQ:AMRX) used a presentation and Q&A session at the JPMorgan conference to outline its ongoing shift toward higher-value “affordable medicines” and specialty products, while highlighting near-term growth drivers across complex generics, biosimilars, and branded neurology.
Company focus: “Affordable medicines” and a more complex portfolio
Co-CEO Chirag Patel said Amneal has evolved from a more traditional retail generics model toward complex dosage forms and products with fewer competitors. He described the “affordable medicines” segment as including retail generics, injectables, and biosimilars, and said the company is “zoomed in focus in the United States,” with about 98% of revenue coming from the U.S., while pursuing select partnerships internationally.
He also pointed to AvKare, Amneal’s government-focused distribution business, calling it a “value-added distribution” platform serving VA/DoD customers.
Financial progress and growth drivers
Patel said Amneal has doubled revenue and EBITDA over the past six years and reduced net leverage from 7.4 to 3.7, with expectations for further improvement. He cited EBITDA “crossing at a high end of 685 plus” and said the company’s pipeline strategy is centered on high-value opportunities rather than product volume.
During the Q&A, CFO Tassos Giannakopoulos (referred to as “Tassos”) said the company is entering the year “in a position of strength” driven by “a substantial amount of new products approvals” in recent months, which he said reduces forward-year risk to revenue and EBITDA. He also cited typical annual price erosion of 4%–5% as a stable, modeled headwind.
Giannakopoulos said Amneal expects 50–60 basis points of gross margin improvement, driven by mix and operating efficiencies. He added that R&D investment is expected to remain around $180 million, while SG&A growth should moderate versus prior years as commercial teams have been built, with SG&A expected to rise about 5%–6%.
He said EBITDA in 2026 should grow faster than revenue and that the company expects continued cash generation to strengthen the balance sheet. He also projected double-digit EPS growth, citing reduced interest expense following refinancing and repricing actions, and said that could support “20%–25% plus” EPS growth.
Crexont launch: early uptake and additional Phase 4 data planned
Patel highlighted the early performance of Crexont, Amneal’s Parkinson’s therapy, saying the product reached 22,000 patients in its first year and achieved 3.2% market share, with expectations for 5%–6% market share in 2026. He said Crexont generated about $60–$65 million last year and the company expects to more than double that to $120 million-plus this year.
Patel said initial Phase 4 data showed 3.13 additional “good on time” hours versus immediate-release levodopa, and that Crexont also outperformed combinations involving COMT inhibitors and beat Amneal’s own Rytary by 1.8 hours in the data discussed. He reiterated peak sales expectations of $300 million to $500 million, saying the company would revisit the range as the launch matures.
In the Q&A, Patel said Amneal’s goal is to replace immediate-release therapy, calling it “a 50-year-old technology.” He also described the company’s use of AI-driven marketing approaches, saying Amneal is reaching prescribers more efficiently and that general neurologists—rather than only specialists—are a major source of early demand. Patel and his brother, co-CEO Chintu Patel, said more Phase 4 data will be generated, including additional studies focused on treatment-naïve patients.
On Rytary, Patel said he does not know the timing for a generic launch but that the company expects it “sometimes this year.”
Complex generics pipeline and 2026 expectations
Management emphasized complex generics growth, with Patel saying Amneal is seeing 8%–9% growth in complex generics driven by respiratory and ophthalmic approvals and complex injectables. In response to a question about 2026 growth, Patel said the “affordable medicines” business should grow at a high single-digit rate.
When asked about specific opportunities, Patel highlighted several areas:
- Ophthalmics and otic products, which he said are expected to drive value
- Epinephrine franchise, including single-dose and multi-dose formats, and leadership in Adrenaclick
- Respiratory inhalation products, including recent approvals that he said create a pathway for future launches
- Long-acting depot and drug-device combinations
- Sodium oxybate, which he said Amneal launched this month and views as a meaningful 2026 opportunity
Patel also noted Amneal has received FDA approvals for ready-to-use products that transition historically compounded hospital products into approved forms, mentioning sodium bicarbonate approval “today,” and prior work on sodium phosphate and potassium phosphate, describing positive hospital reception.
Biosimilars and the Metsera/Pfizer manufacturing buildout
Patel said Amneal has launched three biosimilars and is preparing to launch two denosumab presentations (referencing Xgeva and Prolia), which would bring the total to five. He said Amneal is “the only company that has two separate BLA” filings for Prolia and Xgeva, describing that structure as helpful for channel management. He added that oncology could perform better than bone health for those products.
On the broader biosimilar market, Patel argued industry dynamics have improved as development timelines and costs have fallen and as payer-controlled channels and private-label approaches can shift volume more quickly. He said only a limited number of serious U.S. biosimilar players remain and described Amneal’s ambition to become a top-three biosimilar company over time. He also said the company’s next major step is to vertically integrate biosimilars, targeting 2026 for that effort, while remaining disciplined on leverage, which he said could temporarily rise to about 3.8.
Patel also discussed Amneal’s GLP-1 peptide manufacturing partnership, describing a relationship that now involves Pfizer. He said Amneal is building two dedicated plants in India for Pfizer: one for peptide manufacturing and another for auto-injectors, with capacity he described as supporting global supply. Patel said Pfizer will do its own fill-and-finish, while Amneal provides peptide capacity and has marketing rights in 18 countries, including India, Indonesia, and Malaysia.
On capital deployment, Patel said biosimilars are the first priority, followed by potential branded specialty business development—particularly in Parkinson’s and oncology—over the 2027–2028 timeframe.
About Amneal Pharmaceuticals (NASDAQ:AMRX)
Amneal Pharmaceuticals, Inc is a publicly traded integrated healthcare company specializing in the development, manufacturing and distribution of generic and specialty pharmaceutical products. The company’s portfolio includes oral solids, injectables, transdermals and biosimilars, serving a broad range of therapeutic areas such as cardiovascular, neuroscience, oncology and women’s health. Alongside its generic offerings, Amneal has built a branded portfolio through strategic acquisitions and internal development, positioning itself across both high-volume generics and higher-value specialty treatments.
Since its founding in 2002 by brothers Chirag and Chintu Modgil, Amneal has pursued growth through organic investment in research and development as well as targeted M&A.
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