BRIDGEWATER, N.J. - Amneal Pharmaceuticals, Inc. (NASDAQ:AMRX) today announced financial results for the fourth quarter ended December 31, 2023, showcasing an EPS beat and a slight revenue miss compared to analyst expectations. The company reported an adjusted EPS of $0.14, surpassing the analyst estimate of $0.09. However, revenue for the quarter was $617 million, falling short of the consensus estimate of $634.89 million.
The company's full-year 2024 financial guidance indicated an optimistic outlook, with projected EPS ranging from $0.53 to $0.63, closely bracketing the analyst consensus of $0.59. Revenue forecasts for the same period are set between $2.55 billion and $2.65 billion, with the midpoint slightly below the consensus estimate of $2.58 billion.
Amneal's stock responded positively to the news, climbing 8.5% as investors reacted to the better-than-feared guidance. This upsurge reflects confidence in the company's future performance despite the mixed fourth-quarter results.
For the fourth quarter of 2023, Amneal saw a 1% increase in net revenue YoY, from $610 million in the fourth quarter of 2022 to $617 million. The growth was primarily driven by a 38% increase in AvKARE revenues due to new product launches and a 2% rise in Specialty revenues, led by key branded products. However, these gains were partially offset by a 9% decline in Generics revenues.
The company reported a net loss of $99 million for the quarter, a significant increase from the $4 million net loss in the same period last year. This was largely due to non-cash intangible asset impairment charges and costs related to term loan refinancing. Adjusted EBITDA for the quarter was $142 million, down 8% YoY, attributed to investments in research and development and commercial activities to drive future growth.
Chirag and Chintu Patel, Co-Chief Executive Officers of Amneal, commented on the company's performance, stating, "Amneal had a very successful year in 2023 as we delivered strong execution and growth across our diversified pharmaceutical business. We are starting 2024 with substantial momentum and key catalysts, including complex high-value products, biosimilars, and specialty, to further expand our reach."
The company's full-year 2023 net revenue increased by 8% to $2.39 billion compared to the previous year, with growth across all business segments. The net loss for the year improved to $84 million from $130 million in 2022. Adjusted EBITDA for the full year was $558 million, a $44 million increase from the previous year, reflecting strong revenue growth and continued operating expense leverage.
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