Benzinga | Aug 9, 2021 07:41AM EDT

Amneal Q2 Earnings Tops Estimates; Backs FY21 Guidance

* Amneal Pharmaceuticals Inc (NYSE:AMRX) reports Q2 revenue of $535 million, an increase of 15% Y/Y, beating the consensus of $523.25 million.

* Sales growth was driven by Generic product launches, specialty products Rytary & Unithroid, and overall volume growth within Generics and AvKARE segments.

* The gross margin expanded from 31% a year ago to 39.7%, buoyed by the Generics segment.

* Adjusted EPS almost doubled to $0.25, ahead of the consensus of $0.19.

* Amneal held cash and equivalents of $283.15 million at the end of Q2.

* Adjusted EBITDA was $151 million, an increase of 50% Y/Y reflective of net income growth.

* Outlook: Amneal maintains previously provided guidance for FY21 with sales of $2.1 billion - $2.2 billion (consensus $2.12 billion).

* It expects adjusted EBITDA of $500 million - $540 million and adjusted EPS of $0.70 - $0.85 (consensus $0.82).

* Price Action: AMRX shares closed at $4.87 on Friday.