Amneal Guides 2026 Sales to $3.05–3.10B with Flat Specialty Growth
Amneal Pharma posted 2025 revenue of $3.0B (+8% YoY) with net leverage improving to 3.5x, and forecasts 2026 sales of $3.05–3.10B, adjusted EBITDA of $720–760M and EPS of $0.93–1.03. Shares trade at 1.39x trailing sales versus 2.47x peers as investors weigh flat Specialty revenue and the GLP-1 manufacturing partnership.
1. 2025 Performance and 2026 Guidance
Amneal Pharma delivered 2025 net revenue of $3.0B, up 8% year over year, with operating cash flow of $340M, capital expenditures of $112M and net leverage improving to 3.5x. Management forecasts 2026 net sales of $3.05–3.10B, adjusted EBITDA of $720–760M and EPS of $0.93–1.03.
2. Valuation and Market Context
The stock trades at approximately 1.39x trailing twelve-month sales compared with 2.47x for sub-industry peers, reflecting investor skepticism over flat Specialty revenue and ongoing pricing pressure in U.S. generics. Shares have risen 83.4% over the past year, outperforming the 13.6% sub-industry gain and 30.1% S&P 500 advance.
3. GLP-1 Partnership and Product Pipeline
Amneal’s manufacturing collaboration on GLP-1 and metabolic therapies with Pfizer provides revenue exposure to high-value injectables without clinical development risk. The company expects to launch 20–30 new Affordable Medicines products annually, including biosimilars for denosumab and Xolair, while managing Rytary generic erosion and maintaining margin discipline.