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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                        to                       
Commission file number 001-38485
Amneal Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware32-0546926
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Amneal Pharmaceuticals, Inc.
400 Crossing Boulevard, Bridgewater, NJ
08807
(Address of principal executive offices)(Zip Code)
(908) 947-3120
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareAMRXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No
As of October 28, 2022, there were 151,475,789 shares of Class A common stock outstanding and 152,116,890 shares of Class B common stock outstanding, both with a par value of $0.01.



Amneal Pharmaceuticals, Inc.
Table of Contents
1


Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q and Amneal Pharmaceuticals, Inc.’s other publicly available documents contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Management and representatives of Amneal Pharmaceuticals, Inc. and its subsidiaries (the “Company”, “we”, “us”, or “our”) also may from time to time make forward-looking statements. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements may be identified by the use of words such as “plans,” “expects,” “will,” “anticipates,” “estimates” and other words of similar meaning in conjunction with, among other things: discussions of future operations; expectations regarding supply chain disruptions, inflationary pressures and rising interest rates, expected operating results and financial performance; impact of planned acquisitions and dispositions; our strategy for growth; product development; regulatory approvals; our expectations regarding litigation matters, including settlements thereof; market position and expenditures.

Because forward-looking statements are based on current beliefs, expectations and assumptions regarding future events, they are subject to uncertainties, risks and changes that are difficult to predict and many of which are outside of our control. Investors should realize that if underlying assumptions prove inaccurate, known or unknown risks or uncertainties materialize, or other factors or circumstances change, our actual results and financial condition could vary materially from expectations and projections expressed or implied in our forward-looking statements. Investors are therefore cautioned not to rely on these forward-looking statements.


Summary of Material Risks

Risks and uncertainties that make an investment in the Company speculative or risky or that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to:

our ability to successfully develop, license, acquire and commercialize new products on a timely basis;
the competition we face in the pharmaceutical industry from brand and generic drug product companies, and the impact of that competition on our ability to set prices;
our ability to obtain exclusive marketing rights for our products;
our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, and the impact of interest rate fluctuations on such indebtedness;
our ability to manage our growth through acquisitions and otherwise;
our dependence on the sales of a limited number of products for a substantial portion of our total revenues;
the continuing trend of consolidation of certain customer groups;
our dependence on third-party suppliers and distributors for raw materials for our products and certain finished goods and any associated supply chain disruptions;
legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives;
the impact of severe weather and natural disasters that could cause disruptions in manufacturing and our supply chain;
the impact of the ongoing COVID-19 pandemic and variant strains;
risks related to federal regulation of arrangements between manufacturers of branded and generic products;
our reliance on certain licenses to proprietary technologies from time to time;
the significant amount of resources we expend on research and development;
the risk of product liability and other claims against us by consumers and other third parties and the impact of adverse judgements or settlements;
risks related to changes in the regulatory environment, including U.S. federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws;
changes to Food and Drug Administration product approval requirements;
the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers;
our dependence on third-party agreements for a portion of our product offerings;
the impact of global economic conditions, including any economic effects stemming from adverse geopolitical events, an economic downturn, inflation, and rising interest rates;
our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms;
our obligations under a tax receivable agreement may be significant;
2


the high concentration of ownership of our Class A common stock and the fact that we are controlled by a group of stockholders, together with their affiliates and certain assignees, who owned Amneal Pharmaceuticals, LLC when it was a private company; and
such other factors as may be set forth elsewhere in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, particularly in the section 1A. Risk Factors and our public filings with the SEC.

Investors should carefully read our Annual Report on Form 10-K for the year ended December 31, 2021, including the section 1A. Risk Factors, for a description of certain risks that could, among other things, cause our actual results to differ materially from those expressed in our forward-looking statements. Investors should understand that it is not possible to predict or identify all such factors and should not consider the risks described herein and in our Annual Report to be a complete statement of all potential risks and uncertainties. The Company does not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new information or future events or developments.
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PART I - FINANCIAL INFORMATION
Item 1.    Financial Statements (Unaudited)
Amneal Pharmaceuticals, Inc.
Consolidated Statements of Operations
(unaudited; in thousands, except per share amounts)


Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net revenue$545,557 $528,593 $1,602,545 $1,556,773 
Cost of goods sold350,653 329,394 1,027,439 953,514 
Cost of goods sold impairment charges674 688 5,786 688 
Gross profit194,230 198,511 569,320 602,571 
Selling, general and administrative100,071 91,397 297,542 268,280 
Research and development50,235 48,927 153,781 149,973 
In-process research and development impairment charges   710 
Intellectual property legal development expenses1,411 1,627 2,996 6,574 
Acquisition, transaction-related and integration expenses39 134 714 7,219 
Charges related to legal matters, net285 19,000 249,836 19,000 
Charges (insurance recoveries) for property losses and associated expenses 8,186 (1,911)8,186 
Restructuring and other charges581 425 1,312 788 
Change in fair value of contingent consideration(1,425)300 (1,495)300 
Other operating income(1,320) (2,495) 
Operating income (loss)44,353 28,515 (130,960)141,541 
Other (expense) income:
Interest expense, net(42,391)(34,400)(111,349)(102,368)
Foreign exchange loss, net(5,491)(29)(12,933)(185)
Loss on refinancing  (291) 
Other income, net5,709 3,871 15,061 8,697 
Total other expense, net(42,173)(30,558)(109,512)(93,856)
Income (loss) before income taxes2,180 (2,043)(240,472)47,685 
Provision for income taxes4,570 4,049 8,459 7,056 
Net (loss) income(2,390)(6,092)(248,931)40,629 
Less: Net (income) loss attributable to non-controlling interests(299)1,855 123,716 (23,628)
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest (2,689)(4,237)(125,215)17,001 
Accretion of redeemable non-controlling interest  (438) 
Net (loss) income attributable to Amneal Pharmaceuticals, Inc.$(2,689)$(4,237)$(125,653)$17,001 
Net (loss) income per share attributable to Amneal Pharmaceuticals, Inc.'s class A common stockholders:
   Basic$(0.02)$(0.03)$(0.83)$0.11 
   Diluted$(0.02)$(0.03)$(0.83)$0.11 
Weighted-average common shares outstanding:
   Basic151,393 149,290 150,765 148,771 
   Diluted151,393 149,290 150,765 151,655 

The accompanying notes are an integral part of these consolidated financial statements.
4


Amneal Pharmaceuticals, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(unaudited; in thousands)



Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net (loss) income$(2,390)$(6,092)$(248,931)$40,629 
Less: Net (income) loss attributable to non-controlling interests(299)1,855 123,716 (23,628)
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest(2,689)(4,237)(125,215)17,001 
Accretion of redeemable non-controlling interest  (438) 
Net (loss) income attributable to Amneal Pharmaceuticals, Inc. (2,689)(4,237)(125,653)17,001 
Other comprehensive (loss) income:
Foreign currency translation adjustments arising during the period(9,243)(1,164)(24,950)(7,348)
Unrealized gain on cash flow hedge, net of tax32,639 2,711 100,333 24,187 
Less: Other comprehensive income attributable to non-controlling interests(11,725)(781)(37,905)(8,531)
Other comprehensive income attributable to Amneal Pharmaceuticals, Inc.11,671 766 37,478 8,308 
Comprehensive income (loss) attributable to Amneal Pharmaceuticals, Inc.$8,982 $(3,471)$(88,175)$25,309 
















The accompanying notes are an integral part of these consolidated financial statements.
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Amneal Pharmaceuticals, Inc.
Consolidated Balance Sheets
(unaudited; in thousands, except per share amounts)
September 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$87,335 $247,790 
Restricted cash8,556 8,949 
Trade accounts receivable, net628,737 662,583 
Inventories543,858 489,389 
Prepaid expenses and other current assets149,650 110,218 
Related party receivables1,696 1,179 
Total current assets1,419,832 1,520,108 
Property, plant and equipment, net470,150 514,158 
Goodwill599,504 593,017 
Intangible assets, net1,159,005 1,166,922 
Operating lease right-of-use assets34,252 39,899 
Operating lease right-of-use assets - related party18,566 20,471 
Financing lease right-of-use assets64,468 64,475 
Other assets108,262 20,614 
Total assets$3,874,039 $3,939,664 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$531,462 $525,345 
Current portion of liabilities for legal matters176,094 58,000 
Revolving credit facility60,000  
Current portion of long-term debt, net29,940 30,614 
Current portion of operating lease liabilities10,266 9,686 
Current portion of operating and financing lease liabilities - related party2,809 2,636 
Current portion of financing lease liabilities3,557 3,101 
Related party payables - short term3,867 47,861 
Total current liabilities817,995 677,243 
Long-term debt, net2,607,217 2,680,053 
Note payable - related party39,279 38,038 
Operating lease liabilities26,366 32,894 
Operating lease liabilities - related party16,653 18,783 
Financing lease liabilities61,311 60,251 
Related party payables - long term10,296 9,619 
Other long-term liabilities78,258 38,903 
Total long-term liabilities2,839,380 2,878,541 
Commitments and contingencies (Notes 5 and 13)
Redeemable non-controlling interests22,375 16,907 
Stockholders' Equity
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued at both September 30, 2022 and December 31, 2021
  
Class A common stock, $0.01 par value, 900,000 shares authorized at both September 30, 2022 and December 31, 2021; 151,426 and 149,413 shares issued at September 30, 2022 and December 31, 2021, respectively
1,513 1,492 
Class B common stock, $0.01 par value, 300,000 shares authorized at both September 30, 2022 and December 31, 2021; 152,117 shares issued at both September 30, 2022 and December 31, 2021
1,522 1,522 
Additional paid-in capital683,745 658,350 
Stockholders' accumulated deficit(401,850)(276,197)
Accumulated other comprehensive income (loss)12,539 (24,827)
Total Amneal Pharmaceuticals, Inc. stockholders' equity297,469 360,340 
Non-controlling interests(103,180)6,633 
Total stockholders' equity194,289 366,973 
Total liabilities and stockholders' equity$3,874,039 $3,939,664 
The accompanying notes are an integral part of these consolidated financial statements.
6


Amneal Pharmaceuticals, Inc.
Consolidated Statements of Cash Flows
(unaudited; in thousands)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net (loss) income$(248,931)$40,629 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization179,119 172,223 
Unrealized foreign currency loss12,893 (94)
Amortization of debt issuance costs and discount6,489 6,873 
Loss on refinancing291  
Intangible asset impairment charges5,786 1,398 
Insurance recoveries for property and equipment losses(1,000) 
Non-cash property losses  5,152 
Stock-based compensation24,016 20,670 
Inventory provision28,884 39,290 
Change in fair value of contingent consideration(1,495)300 
Other operating charges and credits, net7,077 3,965 
Changes in assets and liabilities:
Trade accounts receivable, net33,570 10,894 
Inventories(91,326)(65,643)
Prepaid expenses, other current assets and other assets(34,380)(27,493)
Related party receivables(517)7,201 
Accounts payable, accrued expenses and other liabilities165,437 (32,819)
Related party payables2,479 (3,987)
Net cash provided by operating activities88,392 178,559 
Cash flows from investing activities:
Purchases of property, plant and equipment(34,941)(30,230)
Deposits for future acquisition of property, plant, and equipment(2,388)(2,655)
Acquisition of intangible assets(41,800)(500)
Acquisitions of businesses, net of cash acquired(84,714)(73,828)
Proceeds from insurance recoveries for property and equipment losses1,000  
Net cash used in investing activities(162,843)(107,213)
Cash flows from financing activities:
Payments of deferred financing and refinancing costs(1,663) 
Payments of principal on debt, revolving credit facility, financing leases and other(105,618)(68,240)
Borrowings on revolving credit facility85,000  
Proceeds from exercise of stock options662 834 
Employee payroll tax withholding on restricted stock unit vesting(3,483)(2,595)
Tax distributions to non-controlling interests(13,131)(36,678)
Acquisition of redeemable non-controlling interest(1,722) 
Payments of deferred consideration for acquisitions - related party(44,498) 
Payments of principal on financing lease - related party (93)
Repayment of related party note (1,000)
Net cash used in financing activities(84,453)(107,772)
Effect of foreign exchange rate on cash(1,944)(76)
Net decrease in cash, cash equivalents, and restricted cash(160,848)(36,502)
Cash, cash equivalents, and restricted cash - beginning of period256,739 347,121 
Cash, cash equivalents, and restricted cash - end of period$95,891 $310,619 
Cash and cash equivalents - end of period$87,335 $302,655 
Restricted cash - end of period8,556 7,964 
Cash, cash equivalents, and restricted cash - end of period$95,891 $310,619 

The accompanying notes are an integral part of these consolidated financial statements.
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Amneal Pharmaceuticals, Inc.
Consolidated Statements of Cash Flows (continued)
(unaudited; in thousands)

Nine Months Ended September 30,
20222021
Supplemental disclosure of cash flow information:
Cash paid for interest$92,215 $91,678 
Cash paid for income taxes, net$9,942 $11,583 
Supplemental disclosure of non-cash investing and financing activity:
Payable for acquisition of intangible assets$ $1,500 
Deferred consideration for acquisition - related party
$ $30,099 
Contingent consideration for acquisition - related party$8,796 $6,100 
Payments for restricted stock unit tax vesting$61 $9 










































The accompanying notes are an integral part of these consolidated financial statements.
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Amneal Pharmaceuticals, Inc.
Consolidated Statements of Changes in Stockholders' Equity
(unaudited; in thousands)



Class A Common
Stock
Class B Common
Stock
Additional
Paid-in Capital
Stockholders'
Accumulated Deficit
Accumulated
Other
Comprehensive Income
Non-
Controlling Interests
Total EquityRedeemable Non-Controlling Interests
SharesAmountSharesAmount
Balance at July 1, 2022151,196 $1,510 152,117 $1,522 $675,588 $(399,161)$868 $(107,336)$172,991 $17,885 
Net (loss) income— — — — — (2,689)— (4,924)(7,613)5,223 
Foreign currency translation adjustments— — — — — — (4,610)(4,633)(9,243)— 
Stock-based compensation— — — — 7,689 — — — 7,689 — 
Exercise of stock options154 2 — — 422 — — (1)423 — 
Restricted stock unit vesting, net of shares withheld to cover payroll taxes76 1 — — 46 —  (163)(116)— 
Unrealized gain on cash flow hedge, net of tax — — — — — — 16,281 16,358 32,639 — 
Tax distributions— — — — — — — (2,481)(2,481)(733)
Balance at September 30, 2022151,426 $1,513 152,117 $1,522 $683,745 $(401,850)$12,539 $(103,180)$194,289 $22,375 





Class A Common
Stock
Class B Common
Stock
Additional
Paid-in Capital
Stockholders'
Accumulated Deficit
Accumulated
Other
Comprehensive (Loss) Income
Non-
Controlling Interests
Total EquityRedeemable Non-Controlling Interests
SharesAmountSharesAmount
Balance at January 1, 2022149,413 $1,492 152,117 $1,522 $658,350 $(276,197)$(24,827)$6,633 $366,973 $16,907 
Net (loss) income— — — — — (125,215)— (133,343)(258,558)9,627 
Foreign currency translation adjustments— — — — — — (12,426)(12,524)(24,950)— 
Stock-based compensation— — — — 24,016 — — — 24,016 — 
Exercise of stock options208 2 — — 615 — — 45 662 — 
Restricted stock unit vesting, net of shares withheld to cover payroll taxes1,805 19 — — 764 — (112)(4,164)(3,493)— 
Unrealized gain on cash flow hedge, net of tax— — — — — — 49,904 50,429 100,333 — 
Tax distributions, net— — — — — — — (9,811)(9,811)(3,320)
Reclassification of redeemable non-controlling interest— — — — — (438)— (445)(883)883 
Acquisition of redeemable non-controlling interest— — — — — — —   (1,722)
Balance at September 30, 2022151,426 $1,513 152,117 $1,522 $683,745 $(401,850)$12,539 $(103,180)$194,289 $22,375 














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Amneal Pharmaceuticals, Inc.
Consolidated Statements of Changes in Stockholders' Equity
(unaudited; in thousands)

Class A Common
Stock
Class B Common
Stock
Additional
Paid-in Capital
Stockholders'
Accumulated Deficit
Accumulated
Other
Comprehensive Loss
Non-
Controlling Interests
Total EquityRedeemable Non-Controlling Interests
SharesAmountSharesAmount
Balance at July 1, 2021149,209 $1,490 152,117 $1,522 $642,657 $(265,583)$(33,979)$44,165 $390,272 $14,112 
Net (loss) income— — — — — (4,237)— (3,546)(7,783)1,691 
Foreign currency translation adjustments— — — — —