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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Amneal Pharmaceuticals reported revenue of $3B in the fiscal year ended Dec 2025, up 8.0% from the year before. Operating income was $394M, an operating margin of 13.1%, and net income was $72M. Operating cash flow of $340M less capital expenditure of $70M left free cash flow of $270M. Net debt was $2.3B.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,094 | 2,212 | 2,394 | 2,794 | 3,019 |
| Cost of revenue | 1,325 | 1,428 | 1,573 | 1,774 | 1,905 |
| Gross profit | 769 | 785 | 821 | 1,020 | 1,113 |
| Research & development | 202 | 196 | 164 | 191 | 186 |
| Selling, general & admin | 366 | 400 | 430 | 476 | 527 |
| Operating income | 153 | −94.9 | 204 | 249 | 394 |
| Pre-tax income | 31.4 | −248 | −40.3 | −55.0 | 139 |
| Income tax | 11.2 | 6.7 | 8.5 | 18.9 | 11.3 |
| Net income | 13.2 | −271 | −84.0 | −117 | 72.1 |
| Diluted EPS | 0.07 | −0.86 | −0.48 | −0.38 | 0.22 |
| Diluted shares | 152 | 151 | 176 | 309 | 325 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 248 | 26.0 | 91.5 | 111 | 282 |
| Receivables | 663 | 742 | – | – | – |
| Inventory | 489 | 531 | 581 | 612 | 606 |
| Current assets | 1,520 | 1,412 | 1,378 | 1,588 | 1,911 |
| Net PP&E | 514 | 470 | 448 | 425 | 443 |
| Goodwill | 593 | 599 | 599 | 597 | 595 |
| Total assets | 3,940 | 3,799 | 3,473 | 3,501 | 3,678 |
| Payables | 131 | 166 | 144 | 259 | – |
| Current liabilities | 677 | 753 | 847 | 1,130 | 882 |
| Short-term debt | 30.6 | 30.0 | 34.1 | 224 | 6.8 |
| Long-term debt | 2,680 | 2,592 | 2,386 | 2,162 | 2,565 |
| Total liabilities | 3,573 | 3,615 | 3,453 | 3,611 | 3,750 |
| Shareholders' equity | 360 | 298 | 19.8 | −109 | −70.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 242 | 65.1 | 346 | 295 | 340 |
| Capital expenditure | 47.7 | 46.4 | 43.2 | 51.9 | 70.1 |
| Free cash flow | 194 | 18.7 | 302 | 243 | 270 |
| Depreciation & amortisation | 60.7 | 68.1 | 66.2 | 62.6 | 57.3 |
| Stock-based compensation | 28.4 | 31.8 | 26.8 | 27.8 | 32.0 |
| Acquisitions | 147 | 84.7 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.7% | 8.2% | 16.7% | 8.0% |
| Operating income growth (YoY) | – | −162.2% | – | 22.0% | 58.1% |
| EPS growth (YoY) | – | −1328.6% | – | – | – |
| Gross margin | 36.7% | 35.5% | 34.3% | 36.5% | 36.9% |
| Operating margin | 7.3% | −4.3% | 8.5% | 8.9% | 13.1% |
| Net margin | 0.6% | −12.2% | −3.5% | −4.2% | 2.4% |
| Return on equityBlank when equity is negative | 3.7% | −90.7% | −424.6% | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 4.7% | −3.1% | 7.8% | 10.5% | 14.1% |
| Free cash flow margin | 9.3% | 0.8% | 12.6% | 8.7% | 8.9% |
| Cash conversion (CFO ÷ net income) | 18.4x | −0.24x | −4.11x | −2.52x | 4.72x |
| Receivable days | 116 | 122 | – | – | – |
| Inventory days | 135 | 136 | 135 | 126 | 116 |
| Payable days | 36 | 42 | 33 | 53 | – |
| Debt ÷ equity | 7.52x | 8.79x | 122x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,463 | 2,596 | 2,329 | 2,275 | 2,290 |
| Current ratio | 2.24x | 1.88x | 1.63x | 1.41x | 2.17x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.