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Amneal reported Q2 FY2026 revenue of $796.2 million, above the $767.8 million consensus and up from $724.5 million a year earlier. Adjusted earnings per share of $0.30 also exceeded the $0.24 consensus. Diluted earnings per share were $0.18, compared with $0.07 a year earlier.
The company’s filing attributed growth in Affordable Medicines to recent launches and higher women’s health medicine sales, partly offset by price erosion. Specialty revenue rose as higher CREXONT, BREKIYA and UNITHROID sales offset part of the expected decline in RYTARY. AvKARE revenue fell, primarily because of lower distribution sales, although its government label channel expanded.
Gross margin increased to 42.0% from 39.5%; the filing cited lower amortization expense and higher sales volume. Operating margin rose to 16.3% from 15.4%. Amneal reported free cash flow of −$144.0 million, compared with $57.3 million a year earlier. For the first half, the filing attributed lower operating cash flow primarily to working capital outflows, including settlement payments, timing of collections and inventory increases.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $796.2 million | $724.5 million | 9.89% |
| Diluted EPS | $0.18 | $0.07 | 157.1% |
| Gross margin | 42.0% | 39.5% | 2.5 percentage points |
| Operating margin | 16.3% | 15.4% | 0.9 percentage points |
| Free cash flow | −$144.0 million | $57.3 million | −351.4% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.30 | $0.24 | Beat by 25.0% |
| Revenue | $796.2 million | $767.8 million | Beat by 3.70% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Amneal’s latest-quarter earnings call transcript was unavailable, leaving its management commentary unavailable for review.
Guidance
Amneal raised its FY2026 revenue outlook to $3.1 billion–$3.2 billion, its adjusted diluted EPS outlook to $0.96–$1.06 and its adjusted EBITDA outlook to $750.0 million–$780.0 million. The company also raised its capital expenditure forecast to approximately $150.0 million.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Capex | FY2026 | $150.0 million | — | New |
| Operating cash flow, Excluding Discrete Items | FY2026 | $375.0 million–$425.0 million | — | New |
| Operating cash flow | FY2026 | $350.0 million–$400.0 million | — | New |
| EPS, non-GAAP | FY2026 | $0.96–$1.06 | — | New |
| EBITDA, non-GAAP | FY2026 | $750.0 million–$780.0 million | — | New |
| Revenue | FY2026 | $3.1 billion–$3.2 billion | — | New |