(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
Date: May 5, 2023 | AMNEAL PHARMACEUTICALS, INC. | ||||||||||
By: | /s/ Anastasios Konidaris | ||||||||||
Name: | Anastasios Konidaris | ||||||||||
Title: | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Full Year 2023 Guidance | |||||
Net revenue | $2.25 billion - $2.35 billion | ||||
Adjusted EBITDA (1) | $500 million - $530 million | ||||
Adjusted diluted EPS (2) | $0.40 - $0.50 | ||||
Operating cash flow (3) | $200 million - $230 million | ||||
Capital expenditures | $50 million - $60 million | ||||
Weighted average diluted shares outstanding (4) | Approximately 307 million |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net revenue | $ | 557,540 | $ | 497,633 | |||||||
Cost of goods sold | 379,354 | 323,062 | |||||||||
Gross profit | 178,186 | 174,571 | |||||||||
Selling, general and administrative | 102,096 | 98,665 | |||||||||
Research and development | 38,690 | 52,798 | |||||||||
Intellectual property legal development expenses | 1,644 | 764 | |||||||||
Acquisition, transaction-related and integration expenses | — | 434 | |||||||||
Restructuring and other charges | 510 | 731 | |||||||||
Change in fair value of contingent consideration | 2,457 | 200 | |||||||||
Credit related to legal matters, net | (436) | (2,326) | |||||||||
Other operating income | (1,224) | — | |||||||||
Operating income | 34,449 | 23,305 | |||||||||
Other (expense) income: | |||||||||||
Interest expense, net | (49,315) | (33,335) | |||||||||
Foreign exchange gain (loss), net | 1,901 | (2,013) | |||||||||
Other income, net | 3,539 | 2,122 | |||||||||
Total other expense, net | (43,875) | (33,226) | |||||||||
Loss before income taxes | (9,426) | (9,921) | |||||||||
Provision for (benefit from) income taxes | 668 | (3,461) | |||||||||
Net loss | (10,094) | (6,460) | |||||||||
Less: Net loss attributable to non-controlling interests | 3,151 | 4,742 | |||||||||
Net loss attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest | (6,943) | (1,718) | |||||||||
Accretion of redeemable non-controlling interest | — | (438) | |||||||||
Net loss attributable to Amneal Pharmaceuticals, Inc. | $ | (6,943) | $ | (2,156) | |||||||
Net loss per share attributable to Amneal Pharmaceuticals, Inc.'s class A common stockholders: | |||||||||||
Basic and diluted | $ | (0.05) | $ | (0.01) | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic and diluted | 152,109 | 149,892 |
March 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 144,674 | $ | 25,976 | |||||||
Restricted cash | 6,395 | 9,251 | |||||||||
Trade accounts receivable, net | 545,760 | 741,791 | |||||||||
Inventories | 529,042 | 530,735 | |||||||||
Prepaid expenses and other current assets | 81,424 | 103,565 | |||||||||
Related party receivables | 30 | 500 | |||||||||
Total current assets | 1,307,325 | 1,411,818 | |||||||||
Property, plant and equipment, net | 462,606 | 469,815 | |||||||||
Goodwill | 599,156 | 598,853 | |||||||||
Intangible assets, net | 1,055,319 | 1,096,093 | |||||||||
Operating lease right-of-use assets | 36,127 | 38,211 | |||||||||
Operating lease right-of-use assets - related party | 17,244 | 17,910 | |||||||||
Financing lease right-of-use assets | 62,400 | 63,424 | |||||||||
Other assets | 86,428 | 103,217 | |||||||||
Total assets | $ | 3,626,605 | $ | 3,799,341 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 467,421 | $ | 538,199 | |||||||
Current portion of liabilities for legal matters | 76,317 | 107,483 | |||||||||
Revolving credit facility | 100,000 | 60,000 | |||||||||
Current portion of long-term debt, net | 29,965 | 29,961 | |||||||||
Current portion of operating lease liabilities | 9,017 | 8,321 | |||||||||
Current portion of operating lease liabilities - related party | 2,930 | 2,869 | |||||||||
Current portion of financing lease liabilities | 3,309 | 3,488 | |||||||||
Related party payables - short term | 14,750 | 2,479 | |||||||||
Total current liabilities | 703,709 | 752,800 | |||||||||
Long-term debt, net | 2,561,724 | 2,591,981 | |||||||||
Note payable - related party | 40,128 | 39,706 | |||||||||
Operating lease liabilities | 30,782 | 32,126 | |||||||||
Operating lease liabilities - related party | 15,163 | 15,914 | |||||||||
Financing lease liabilities | 60,241 | 60,769 | |||||||||
Related party payables - long term | 11,207 | 9,649 | |||||||||
Other long-term liabilities | 41,456 | 87,468 | |||||||||
Total long-term liabilities | 2,760,701 | 2,837,613 | |||||||||
Redeemable non-controlling interests | 27,527 | 24,949 | |||||||||
Total stockholders' equity | 134,668 | 183,979 | |||||||||
Total liabilities and stockholders' equity | $ | 3,626,605 | $ | 3,799,341 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (10,094) | $ | (6,460) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 58,150 | 57,815 | |||||||||
Unrealized foreign currency (gain) loss | (1,987) | 3,140 | |||||||||
Amortization of debt issuance costs and discount | 2,058 | 2,195 | |||||||||
Change in fair value of contingent consideration | 2,457 | 200 | |||||||||
Stock-based compensation | 7,596 | 8,065 | |||||||||
Inventory provision | 25,204 | 3,578 | |||||||||
Other operating charges and credits, net | 2,047 | 1,155 | |||||||||
Changes in assets and liabilities: | |||||||||||
Trade accounts receivable, net | 195,970 | 124,268 | |||||||||
Inventories | (22,508) | (25,549) | |||||||||
Prepaid expenses, other current assets and other assets | 29,160 | (4,423) | |||||||||
Related party receivables | 470 | 4 | |||||||||
Accounts payable, accrued expenses and other liabilities | (150,483) | (48,777) | |||||||||
Related party payables | 1,672 | 5,132 | |||||||||
Net cash provided by operating activities | 139,712 | 120,343 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (9,688) | (10,793) | |||||||||
Acquisition of business | — | (84,714) | |||||||||
Acquisition of intangible assets | (338) | — | |||||||||
Deposits for future acquisition of property, plant, and equipment | (1,711) | (1,888) | |||||||||
Net cash used in investing activities | (11,737) | (97,395) | |||||||||
Cash flows from financing activities: | |||||||||||
Payments of principal on debt, revolving credit facility, financing leases and other | (72,659) | (9,796) | |||||||||
Borrowings on revolving credit facility | 80,000 | — | |||||||||
Proceeds from exercise of stock options | — | 111 | |||||||||
Employee payroll tax withholding on restricted stock unit vesting | (2,022) | (3,001) | |||||||||
Payments of deferred consideration for acquisitions - related party | — | (43,998) | |||||||||
Acquisition of redeemable non-controlling interest | — | (1,722) | |||||||||
Tax distributions to non-controlling interests | (18,219) | (3,164) | |||||||||
Net cash used in financing activities | (12,900) | (61,570) | |||||||||
Effect of foreign exchange rate on cash | 767 | (1,572) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 115,842 | (40,194) | |||||||||
Cash, cash equivalents, and restricted cash - beginning of period | 35,227 | 256,739 | |||||||||
Cash, cash equivalents, and restricted cash - end of period | $ | 151,069 | $ | 216,545 | |||||||
Cash and cash equivalents - end of period | $ | 144,674 | $ | 210,477 | |||||||
Restricted cash - end of period | 6,395 | 6,068 | |||||||||
Cash, cash equivalents, and restricted cash - end of period | $ | 151,069 | $ | 216,545 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net loss | $ | (10,094) | $ | (6,460) | |||||||
Adjusted to add: | |||||||||||
Interest expense, net | 49,315 | 33,335 | |||||||||
Provision for (benefit from) income taxes | 668 | (3,461) | |||||||||
Depreciation and amortization | 58,150 | 57,815 | |||||||||
EBITDA (Non-GAAP) | $ | 98,039 | $ | 81,229 | |||||||
Adjusted to add (deduct): | |||||||||||
Stock-based compensation expense | 7,596 | 8,065 | |||||||||
Acquisition, site closure, and idle facility expenses (1) | 2,701 | 5,589 | |||||||||
Restructuring and other charges | 411 | 731 | |||||||||
Charges (credits) related to legal matters, net (2) | 4,064 | (2,326) | |||||||||
Asset impairment charges | 733 | — | |||||||||
Foreign exchange (gain) loss | (1,901) | 2,013 | |||||||||
Change in fair value of contingent consideration | 2,457 | 200 | |||||||||
Regulatory approval milestone | — | 5,000 | |||||||||
Other | 2,080 | (641) | |||||||||
Adjusted EBITDA (Non-GAAP) | $ | 116,180 | $ | 99,860 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net loss | $ | (10,094) | $ | (6,460) | |||||||
Adjusted to add (deduct): | |||||||||||
Non-cash interest | 1,841 | 1,982 | |||||||||
GAAP provision for (benefit from) income taxes | 668 | (3,461) | |||||||||
Amortization | 39,611 | 39,152 | |||||||||
Stock-based compensation expense | 7,596 | 8,065 | |||||||||
Acquisition, site closure expenses, and idle facility expenses (1) | 2,701 | 5,589 | |||||||||
Restructuring and other charges | 411 | 731 | |||||||||
Charges (credits) related to legal matters, including interest, net (2) | 4,882 | (2,326) | |||||||||
Asset impairment charges | 733 | — | |||||||||
Regulatory approval milestone | — | 5,000 | |||||||||
Change in fair value of contingent consideration | 2,457 | 200 | |||||||||
Other | 2,229 | (500) | |||||||||
Provision for income taxes (3) | (10,829) | (10,185) | |||||||||
Net income attributable to non-controlling interests not associated with our class B common stock | (5,395) | (2,199) | |||||||||
Adjusted net income (Non-GAAP) | $ | 36,811 | $ | 35,588 | |||||||
Weighted average diluted shares outstanding (Non-GAAP) (4) | 306,370 | 304,630 | |||||||||
Adjusted diluted earnings per share (Non-GAAP) | $ | 0.12 | $ | 0.12 |
(1) | Acquisition, site closure, and idle facility expenses for the three months ended March 31, 2023 primarily included site closure costs associated with the planned cessation of manufacturing at our Hauppauge, NY facility. Acquisition, site closure, and idle facility expenses for the three months ended March 31, 2022 primarily included (i) transaction and integration costs associated with the acquisition of the baclofen franchise from certain entities affiliated with Saol International Limited; (ii) integration costs associated with the acquisition of Puniska Healthcare Pvt. Ltd.; and (iii) site closure costs associated with the planned cessation of manufacturing at our Hauppauge, NY facility. | |||||||||||||
(2) | For the three months ended March 31, 2023 charges (credits) related to legal matters, net included charges of $4.9 million for legal proceedings. For the three months ended March 31, 2022, we recorded a net credit of $2.3 million for an insurance recovery of $4.0 million, partially offset by charges for legal proceedings. | |||||||||||||
(3) | The non-GAAP effective tax rates for the three months ended March 31, 2023 and 2022 were 22.7% and 22.3%, respectively. | |||||||||||||
(4) | Weighted average diluted shares outstanding consisted of class A common stock and class B common stock under the if-converted method. | |||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | ||||||||||||||||||||||||||||||
Net revenue | $ | 343,806 | $ | — | $ | 343,806 | $ | 317,747 | $ | — | $ | 317,747 | |||||||||||||||||||||||
Cost of goods sold (2) | 230,551 | (15,442) | 215,109 | 199,030 | (15,091) | 183,939 | |||||||||||||||||||||||||||||
Gross profit | 113,255 | 15,442 | 128,697 | 118,717 | 15,091 | 133,808 | |||||||||||||||||||||||||||||
Gross margin % | 32.9 | % | 37.4 | % | 37.4 | % | 42.1 | % | |||||||||||||||||||||||||||
Selling, general and administrative (3) | 27,600 | (1,279) | 26,321 | 27,593 | (6,250) | 21,343 | |||||||||||||||||||||||||||||
Research and development (4) | 32,359 | (943) | 31,416 | 43,221 | (1,159) | 42,062 | |||||||||||||||||||||||||||||
Intellectual property legal development expenses | 1,624 | — | 1,624 | 772 | — | 772 | |||||||||||||||||||||||||||||
Restructuring and other charges | 99 | — | 99 | 206 | (206) | — | |||||||||||||||||||||||||||||
(Credits) charges related to legal matters, net (5) | (2,444) | (2,056) | (4,500) | 1,674 | (1,674) | — | |||||||||||||||||||||||||||||
Other operating income | (1,224) | — | (1,224) | — | — | — | |||||||||||||||||||||||||||||
Operating income | $ | 55,241 | $ | 19,720 | $ | 74,961 | $ | 45,251 | $ | 24,380 | $ | 69,631 |
(1) | Operating results for the sale of Amneal products by AvKARE were included in our Generics segment. | |||||||||||||
(2) | Adjustments for the three months ended March 31, 2023 and 2022, respectively, were comprised of stock-based compensation expense ($1.7 million and $1.5 million), amortization expense ($10.8 million and $9.3 million), site closure and idle facility expenses ($2.1 million and $4.6 million), asset impairment charges ($0.7 million and none), and other ($0.1 million and $(0.3) million). | |||||||||||||
(3) | Adjustments for the three months ended March 31, 2023 and 2022, respectively, were comprised of stock-based compensation expense ($0.7 million and $0.7 million), a regulatory approval milestone (none and $5.0 million), and site closure costs ($0.6 million and $0.6 million). | |||||||||||||
(4) | Adjustments for the three months ended March 31, 2023 and 2022 were comprised of stock-based compensation expense. | |||||||||||||
(5) | Adjustments for the three months ended March 31, 2023 and 2022 were comprised of charges for legal proceedings. | |||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | ||||||||||||||||||||||||||||||
Net revenue | $ | 91,678 | $ | — | $ | 91,678 | $ | 85,086 | $ | — | $ | 85,086 | |||||||||||||||||||||||
Cost of goods sold (1) | 43,191 | (26,183) | 17,008 | 43,853 | (26,653) | 17,200 | |||||||||||||||||||||||||||||
Gross profit | 48,487 | 26,183 | 74,670 | 41,233 | 26,653 | 67,886 | |||||||||||||||||||||||||||||
Gross margin % | 52.9 | % | 81.4 | % | 48.5 | % | 79.8 | % | |||||||||||||||||||||||||||
Selling, general and administrative (2) | 22,379 | (186) | 22,193 | 24,400 | (613) | 23,787 | |||||||||||||||||||||||||||||
Research and development (2) | 6,331 | (389) | 5,942 | 9,577 | (326) | 9,251 | |||||||||||||||||||||||||||||
Intellectual property legal development expenses (credit) | 20 | — | 20 | (8) | — | (8) | |||||||||||||||||||||||||||||
Change in fair value of contingent consideration (3) | 2,457 | (2,457) | — | 200 | (200) | — | |||||||||||||||||||||||||||||
Operating income | $ | 17,300 | $ | 29,215 | $ | 46,515 | $ | 7,064 | $ | 27,792 | $ | 34,856 |
(1) | Adjustments for the three months ended March 31, 2023 and 2022 were comprised of amortization expense. | |||||||||||||
(2) | Adjustments for the three months ended March 31, 2023 and 2022 were comprised of stock-based compensation expense. | |||||||||||||
(3) | Contingent consideration was recorded in connection with the acquisition of the baclofen franchise from certain entities affiliated with Saol International Limited and the acquisition of Kashiv Specialty Pharmaceuticals, LLC. |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
As Reported | Adjustments | Non-GAAP | As Reported | Adjustments | Non-GAAP | ||||||||||||||||||||||||||||||
Net revenue | $ | 122,056 | $ | — | $ | 122,056 | $ | 94,800 | $ | — | $ | 94,800 | |||||||||||||||||||||||
Cost of goods sold | 105,612 | — | 105,612 | 80,179 | — | 80,179 | |||||||||||||||||||||||||||||
Gross profit | 16,444 | — | 16,444 | 14,621 | — | 14,621 | |||||||||||||||||||||||||||||
Gross margin % | 13.5 | % | 13.5 | % | 15.4 | % | 15.4 | % | |||||||||||||||||||||||||||
Selling, general and administrative (2) | 12,940 | (3,764) | 9,176 | 13,410 | (4,526) | 8,884 | |||||||||||||||||||||||||||||
Operating income | $ | 3,504 | $ | 3,764 | $ | 7,268 | $ | 1,211 | $ | 4,526 | $ | 5,737 |
(1) | Operating results for the sale of Amneal products by AvKARE were included in our Generics segment. | |||||||||||||
(2) | Adjustments for the three months ended March 31, 2023 and 2022, respectively, were comprised of amortization expense ($4.2 million and $4.9 million), and other (($0.4) million in each period). | |||||||||||||
Document and Entity Information Document |
Nov. 04, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 05, 2023 |
Entity Registrant Name | AMNEAL PHARMACEUTICALS, INC. |
Entity Central Index Key | 0001723128 |
Entity Emerging Growth Company | false |
Entity File Number | 001-38485 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 32-0546926 |
Entity Address, Address Line One | 400 Crossing Blvd |
Entity Address, City or Town | Bridgewater |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 08807 |
City Area Code | 908 |
Local Phone Number | 947-3120 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share |
Trading Symbol | AMRX |
Security Exchange Name | NYSE |
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