Short answer
Amneal Pharmaceuticals, Inc. (AMRX) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $3.0B (+8.0% year over year) and net income of $72M.
- Top risk flagged: Tax Receivable Agreement (TRA) liability contingent $129.1M as of Dec 31, 2025 from basis adjustments under IRC Section 754
FY2025 key financial metrics · XBRL
- Revenue
- $3.0B
- +8.0% YoY
- Net income
- $72M
- +161.6% YoY
- Operating margin
- 13.1%
- +4.1 pp YoY
- Gross margin
- 36.9%
- +0.4 pp YoY
- EPS (diluted)
- $0.22
- +157.9% YoY
- ROE
- -101.8%
- −208.8 pp YoY
- Operating cash flow
- $340M
- +15.2% YoY
Source: XBRL data from the Amneal Pharmaceuticals, Inc. (AMRX) FY2025 10-K on SEC EDGAR. USD.
Amneal Pharmaceuticals, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Development and commercialization of complex generic and branded pharmaceutical products focusing on high-barrier, high-value formulations
- New product emphasis: Launch of five oncology biosimilars including Boncresa™ and Oziltus™ FDA-approved in Dec 2025, plus first complex inhalation aerosol generics from Ireland facility
- Strategic shift: Expanded respiratory platform with injectable drug/device combos and long-acting injectables targeting hospital sector growth
- Quantitative highlight: Pipeline includes 61 pending ANDAs, 43 in development with 95% non-oral solids, FDA approval of multiple key respiratory and biosimilar products in 2025
- Noteworthy fact: First commercial approvals for products produced at new Ireland manufacturing facility in 2025, signifying geographic and complexity expansion
Management Discussion & Analysis
- Net cash from operating activities $340.0M in 2025 vs $295.1M in 2024; 15.2% increase but lower YoY excluding $52.4M prior litigation settlement
- Net cash used in investing activities $112.3M in 2025 vs $63.0M in 2024; 78.2% increase due to higher capex and property deposits
- Net cash used in financing activities $31.5M in 2025 vs $211.8M in 2024; 85.1% decrease due to debt refinancing and related party note repayment
- Goodwill allocated: Specialty $366.3M, Affordable Medicines $159.7M, AvKARE $69.5M; no goodwill impairment in 2025
- Management identified critical accounting estimates in sales deductions, business combinations, goodwill impairment, income taxes, and contingencies
Risk Factors
- Tax Receivable Agreement (TRA) liability contingent $129.1M as of Dec 31, 2025 from basis adjustments under IRC Section 754
- Geopolitical exposure not specified; no direct mention of macroeconomic or international risk in text
- Litigation and government investigations with uncertain outcomes; accruals based on low end of probable loss range
- Potential volatility in tax valuation allowance reversals impacting contingent TRA liabilities and related income statement charges
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