Amneal Pharmaceuticals, Inc.AMRX
Amneal Pharmaceuticals, Inc. Segments Disclosure
Segment Information
The Company has three reportable segments: Affordable Medicines, Specialty, and AvKARE.
Affordable Medicines
The Company’s Affordable Medicines segment includes over 280 product families covering an extensive range of dosage forms and delivery systems, including both immediate and extended-release oral solids, powders, liquids, sterile injectables, nasal sprays, inhalation and respiratory products, biosimilar products, ophthalmics, films, transdermal patches and topicals.
Specialty
The Company’s Specialty segment includes branded products, primarily focused on central nervous system disorders, including Parkinson’s disease, and endocrine disorders.
AvKARE
The Company’s AvKARE segment provides pharmaceuticals primarily to governmental agencies, predominantly focused on the U.S. Department of Defense and the U.S. Department of Veterans Affairs. AvKARE is a re-packager of bottle and unit dose pharmaceuticals under the registered names of AvKARE and AvPAK. AvKARE is also a wholesale distributor of pharmaceuticals, over the counter drugs and medical supplies to its retail and institutional customers that are located throughout the U.S. focused primarily on entities that provide care to low-income and uninsured patients. Operating results for the sale of Amneal products by AvKARE are included in the Company’s Affordable Medicines reportable segment.
Chief Operating Decision Makers
The Company’s Co-Chief Executive Officers are the Company’s chief operating decision makers (“CODMs”). The CODMs evaluate the financial performance of the Company based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, since they are excluded from the measure of segment profitability reviewed by the Company’s CODMs. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s CODMs.
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, R&D expenses, and other operating expenses to the extent specifically identified by segment (in thousands):
| Year Ended December 31, 2025 | Affordable Medicines (1) | Specialty | AvKARE | Corporate and Other | Total Company | |||||||||||||||||||||||||||
Net revenue (2) | $ | 1,745,524 | $ | 528,508 | $ | 744,728 | $ | — | $ | 3,018,760 | ||||||||||||||||||||||
| Cost of goods sold | 1,061,600 | 245,915 | 597,937 | — | 1,905,452 | |||||||||||||||||||||||||||
| Gross profit | 683,924 | 282,593 | 146,791 | — | 1,113,308 | |||||||||||||||||||||||||||
| Selling, general and administrative | 142,383 | 135,715 | A | 63,176 | 185,553 | 526,827 | ||||||||||||||||||||||||||
| Research and development | 156,013 | B | 30,162 | B | — | — | 186,175 | |||||||||||||||||||||||||
| Intellectual property legal development expenses | 7,389 | 243 | — | — | 7,632 | |||||||||||||||||||||||||||
| Restructuring and other charges | 2,971 | 471 | — | 766 | 4,208 | |||||||||||||||||||||||||||
Credit related to legal matters, net | (390) | — | — | — | (390) | |||||||||||||||||||||||||||
| Other operating income | (5,240) | — | — | — | (5,240) | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 380,798 | $ | 116,002 | $ | 83,615 | $ | (186,319) | $ | 394,096 | ||||||||||||||||||||||
| Year Ended December 31, 2024 | Affordable Medicines (1) | Specialty | AvKARE | Corporate and Other | Total Company | |||||||||||||||||||||||||||
Net revenue (2) | $ | 1,685,263 | $ | 445,749 | $ | 662,945 | $ | — | $ | 2,793,957 | ||||||||||||||||||||||
| Cost of goods sold | 1,011,363 | 202,821 | 559,335 | — | 1,773,519 | |||||||||||||||||||||||||||
| Gross profit | 673,900 | 242,928 | 103,610 | — | 1,020,438 | |||||||||||||||||||||||||||
| Selling, general and administrative | 129,578 | 109,658 | A | 60,709 | 176,491 | 476,436 | ||||||||||||||||||||||||||
| Research and development | 171,771 | B | 18,943 | B | — | — | 190,714 | |||||||||||||||||||||||||
| Intellectual property legal development expenses | 5,685 | 160 | — | — | 5,845 | |||||||||||||||||||||||||||
| Restructuring and other charges | 70 | 1,517 | — | 768 | 2,355 | |||||||||||||||||||||||||||
Charges related to legal matters, net | 96,692 | — | — | — | 96,692 | |||||||||||||||||||||||||||
Other operating income (3) | — | (930) | — | — | (930) | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 270,104 | $ | 113,580 | $ | 42,901 | $ | (177,259) | $ | 249,326 | ||||||||||||||||||||||
| Year Ended December 31, 2023 | Affordable Medicines (1) | Specialty | AvKARE | Corporate and Other | Total Company | |||||||||||||||||||||||||||
Net revenue (2) | $ | 1,471,401 | $ | 390,457 | $ | 531,749 | $ | — | $ | 2,393,607 | ||||||||||||||||||||||
| Cost of goods sold | 913,869 | 214,277 | 444,896 | — | 1,573,042 | |||||||||||||||||||||||||||
| Gross profit | 557,532 | 176,180 | 86,853 | — | 820,565 | |||||||||||||||||||||||||||
| Selling, general and administrative | 119,912 | 88,137 | A | 55,341 | 166,285 | 429,675 | ||||||||||||||||||||||||||
| Research and development | 132,233 | B | 31,717 | B | — | — | 163,950 | |||||||||||||||||||||||||
| In-process research and development impairment charges | 26,500 | 4,300 | — | — | 30,800 | |||||||||||||||||||||||||||
| Intellectual property legal development expenses | 3,708 | 120 | — | — | 3,828 | |||||||||||||||||||||||||||
| Restructuring and other charges | 211 | 1,105 | — | 433 | 1,749 | |||||||||||||||||||||||||||
(Credit) charges related to legal matters, net | (64) | — | — | 1,888 | 1,824 | |||||||||||||||||||||||||||
Other operating income (3) | (1,138) | (14,497) | — | — | (15,635) | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 276,170 | $ | 65,298 | $ | 31,512 | $ | (168,606) | $ | 204,374 | ||||||||||||||||||||||
(1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in Affordable Medicines.
(2)Net revenue from external customers is attributed to countries based on the location of the product shipment. For the years ended December 31, 2025, 2024, and 2023, net revenue from external customers attributed to foreign countries was immaterial.
(3)The prior period balances of $0.9 million and $14.5 million, formerly included in the caption “change in fair value of contingent consideration” for the years ended December 31, 2024 and 2023, respectively, have been reclassified to the caption “other operating income” in the consolidated statements of operations and segment disclosures to conform to the current period presentation. This reclassification did not impact operating income (loss).
Significant Expense Categories Provided to the Chief Operating Decision Makers
Selling, General and Administrative Expenses - Specialty Segment
A The CODMs review certain selling, general and administrative expenses (“SG&A”) for the Specialty segment and, separately, on a departmental basis. The CODMs do not review SG&A for the Affordable Medicines and AvKARE segments. SG&A for the Specialty segment was comprised of the following (in thousands):
| For the Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Employee compensation and benefits | $ | 43,711 | $ | 34,908 | $ | 36,352 | ||||||||||||||
| Product marketing | 42,725 | 44,179 | 27,431 | |||||||||||||||||
| Commercial operations and salesforce | 44,295 | 25,567 | 20,748 | |||||||||||||||||
Other (1) | 4,984 | 5,004 | 3,606 | |||||||||||||||||
| Total | $ | 135,715 | $ | 109,658 | $ | 88,137 | ||||||||||||||
(1)Other includes professional fees and other expenses not presented to the CODMs.
Research and Development Expenses - Affordable Medicines and Specialty Segments
B Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):
| For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||
| Affordable Medicines | Specialty | Affordable Medicines | Specialty | Affordable Medicines | Specialty | |||||||||||||||||||||||||||||||||
| Employee compensation and benefits | $ | 54,374 | $ | 5,111 | $ | 46,551 | $ | 7,863 | $ | 47,185 | $ | 10,120 | ||||||||||||||||||||||||||
| Materials and supplies | 31,573 | 2,997 | 40,585 | 1,221 | 21,382 | 5,107 | ||||||||||||||||||||||||||||||||
Product development and studies (1) | 3,454 | 8,515 | 3,707 | 1,408 | 8,434 | 2,967 | ||||||||||||||||||||||||||||||||
| Regulatory fees | 5,981 | — | 5,439 | — | 8,913 | 2,024 | ||||||||||||||||||||||||||||||||
| Milestones | 24,975 | 6,000 | 38,475 | — | 8,425 | — | ||||||||||||||||||||||||||||||||
| Facilities costs | 6,833 | 1,957 | 6,714 | 5,858 | 7,485 | 5,655 | ||||||||||||||||||||||||||||||||
Other (2) | 28,823 | 5,582 | 30,300 | 2,593 | 30,409 | 5,844 | ||||||||||||||||||||||||||||||||
| Total | $ | 156,013 | $ | 30,162 | $ | 171,771 | $ | 18,943 | $ | 132,233 | $ | 31,717 | ||||||||||||||||||||||||||
(1)For the years ended December 31, 2025, 2024 and 2023, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $4.1 million, $4.9 million, and $1.4 million as reductions to product development and studies expense, respectively, for services performed under the license agreement with Orion Corporation. Refer to Note 4. Alliance and Collaboration.
(2)For the Affordable Medicines segment, other included repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes repairs and maintenance, outside testing, professional fees and other expenses not presented to the CODMs.
Long-Lived Assets
Long-lived assets, which are comprised of property, plant and equipment, net and operating and financing lease right-of-use assets, are attributed based on physical location. Long-lived assets by country were as follows (in thousands):
| December 31, 2025 | December 31, 2024 | |||||||||||||
| United States | $ | 313,506 | $ | 310,702 | ||||||||||
| India | 176,673 | 159,650 | ||||||||||||
| Ireland | 60,147 | 53,341 | ||||||||||||
Total long-lived assets | $ | 550,326 | $ | 523,693 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 3, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.