At a glance
Amneal Pharmaceuticals, Inc. is worth $6.75B, about 96 times its fiscal 2025 earnings. Revenue grew 8.0% to $3.02B in fiscal 2025, with 2.4% kept as profit; over 5 years it has grown 8.7% a year. It pays no dividend. The stock returned +105.4% over the past year with dividends reinvested and +31.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.7% in the 2020 crash (S&P 500: 33.7%) and 58.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 14 months after the lows.
The business in plain English
Amneal Pharmaceuticals develops, makes and distributes medicines. It operates mainly in the US, India and Ireland, and competes chiefly in the US market. Its largest business is generics: lower-cost copies of brand-name drugs with the same active ingredient, strength and dosage form, which can usually launch only after the brand's patents expire. Revenue for the year ended December 31, 2025, was about $3.02 billion.
The Affordable Medicines segment brought in 57.8% of that revenue. It offers more than 280 product families in the US, from pills and injectables to nasal sprays, inhalers, patches and biosimilars (close copies of complex biologic drugs). Amneal targets products that are hard to make or legally tricky to copy. The first company to file for a generic can win 180 days of exclusivity, but prices usually drop once rivals arrive.
AvKARE, 24.7% of revenue, distributes medicines and other products to the US federal government, retailers and institutions. The Specialty segment, 17.5%, markets branded drugs for central nervous system and hormone-related (endocrine) disorders, including CREXONT for Parkinson's disease. Amneal is also building two plants in India, partly funded by Metsera, and will supply Metsera's weight-loss medicines if they win approval. Pfizer acquired Metsera in November 2025.
Price history
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AMRX +105.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Affordable Medicines | $1.75B | 57.8% |
| AvKARE | $744.7M | 24.7% |
| Specialty | $528.5M | 17.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $796.2M, up 9.9% from a year earlier, and net income was $57.7M (+157.2%).
- For fiscal 2025, revenue was $3.02B (+8.0% year over year; +8.7% a year from FY2020 to FY2025) with a 2.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.7% good |
|---|---|
| Operating margin | 13.1% watch |
| Free cash flow margin | 8.9% watch |
| Return on assets (FY2025) | 2% weak |
| Net cash (cash minus debt) | $-2.44B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.99B | $67.8M | $322.6M |
| FY2021 | $2.09B | $13.2M | $194.1M |
| FY2022 | $2.21B | $-270.6M | $18.7M |
| FY2023 | $2.39B | $-84.0M | $302.4M |
| FY2024 | $2.79B | $-116.9M | $243.2M |
| FY2025 | $3.02B | $72.1M | $269.9M |
Valuation snapshot
| Market value | $6.75B |
|---|---|
| P/E ratio | 96.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Amneal Pharmaceuticals’s market value went from $2.45B at the end of 2024 to $6.75B on Oct 28, 2026, about 2.8 times as much; since the end of 2025 it is up 70%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.75B | +70.4% |
| 2025 | $3.96B | +61.4% |
| 2024 | $2.45B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMRX price data to Oct 28, 2026 | +67.8% | +105.4% | +77.7% | +31.1% | +0.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +67.8% |
| 2025 | +59.1% |
| 2024 | +30.5% |
| 2023 | +205.0% |
| 2022 | -58.5% |
| 2021 | +4.8% |
| 2020 | -5.2% |
| 2019 | -64.4% |
| 2018 | -18.7% |
| 2017 | +25.7% |
| 2016 | -69.0% |
| 2015 | +35.0% |
| 2014 | +26.0% |
| 2013 | +22.7% |
| 2012 | +1.6% |
| 2011 | +0.3% |
| 2010 | +47.8% |
| 2009 | +186.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22.1% over that stretch · deepest drop along the way 49.7%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 58.1% over that stretch · deepest drop along the way 58.7%, back to its old high 14.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($7.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Jason B. Daly EVP, Chief Legal Officer | sell | $3.7M |
| Aug 12, 2026 | Nikita Shah Executive Vice President | sell | $2.6M |
| Aug 13, 2026 | John Kiely Director | sell | $882K |
| May 11, 2026 | Deborah M. Autor Director | sell | $451K |
| Aug 11, 2026 | Jason B. Daly EVP, Chief Legal Officer | sell | $117K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.6% | Mar 31, 2026 |
| Akram Mahesh | 6.56% | Mar 31, 2025 |
ETFs with the most weight in AMRX
| PJP Invesco Pharmaceuticals ETF | 2.59% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.93% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.34% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.3% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 0.27% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.27% |
| EES WisdomTree U.S. SmallCap Fund | 0.25% |
| GSSC TR Activebeta US Small Cap Equity ETF | 0.17% |
What could go wrong
- Heavy debt load. As of June 30, 2026, Amneal owed about $2.57 billion and held $128 million in cash. Loan terms limit its options, and it must generate enough cash to keep up with repayments.
- Former private owners hold near-majority stake. The Amneal Group, which owned the business when it was private, holds nearly a majority of Class A shares. Its interests may differ from other shareholders', and big share sales could push the price down.
- Cash owed under a tax agreement. A tax receivable agreement requires Amneal to pay the Amneal Group cash for certain tax benefits. The company expects these payments to be substantial, and in some cases they could exceed the benefits it realizes.
- Generic prices drop when rivals arrive. Revenue and margins on a generic usually fall, often rapidly, once rivals launch copies. Amneal faces Teva, Viatris, Sandoz and others, many with more resources, so it must keep launching new products.
- Most products come from a few plants. Most of Amneal's medicines are made at a limited number of sites. A shutdown or quality-control failure at one of them could disrupt supply, require costly fixes and hurt its reputation.
- Reliance on major customers that keep merging. Profits depend on major customers, and mergers among distributors and the rise of purchasing groups can push down sales volumes and prices. Losing a key relationship could hurt results.
Recent events
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Unregistered sale of shares; Investor presentation or announcement
- Major agreement signed
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Major agreement signed; Quarterly results released; Unregistered sale of shares; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
For income and retirement investors
Amneal pays no dividend, and its 10-K says it does not expect to pay cash dividends in the foreseeable future. It repurchased no shares from 2021 through 2025. Its share count rose about 4%, from 307 million in February 2024 to 319 million in July 2026, so each share represents a smaller slice. For an income investor, any return must come from a rising share price, and raising spending money means cashing in shares, even after a fall.
Past falls were steep. In the 2020 COVID crash, the stock dropped 49.7% from February 19 to March 16, 2020, then regained its peak by May 26. In the 2022 bear market it fell 58.7% and did not regain its peak until December 2023, about 14 months after its low. Over 17.8 years of price history to October 28, 2026, its deepest fall was 97.5%. A single stock carries more risk than a diversified fund, which spreads money across many companies.
Questions investors ask
Does Amneal Pharmaceuticals pay a dividend?
No. Amneal paid no dividends from 2021 through 2025, and its 10-K annual report, filed February 27, 2026, says it does not expect to pay cash dividends in the foreseeable future. It also repurchased no shares over those years, and its share count rose about 4% between February 2024 and July 2026. As a holding company, it relies on payments from its subsidiaries. For investors who need regular income, that is a clear drawback.
How does Amneal Pharmaceuticals make money?
Mainly from generic and other lower-cost medicines. Of about $3.02 billion in revenue for the year ended December 31, 2025, the Affordable Medicines segment, covering generics, injectables and biosimilars, brought in 57.8%. AvKARE, which distributes drugs and other products to the US federal government, retailers and institutions, added 24.7%. The Specialty segment, which markets branded drugs for central nervous system and endocrine disorders such as the Parkinson's treatment CREXONT, made up 17.5%. Amneal competes mainly in the US market.
Is Amneal Pharmaceuticals profitable?
Yes, but narrowly. For the year ended December 31, 2025, Amneal earned about $72 million, or $0.22 per diluted share, on revenue of $3.02 billion, a net margin of 2.4%. That followed net losses in 2022, 2023 and 2024. Free cash flow, the cash left after running the business and paying for equipment, was about $270 million. In the quarter ended June 30, 2026, net income was about $58 million on revenue of $796 million.
How much debt does Amneal Pharmaceuticals have?
About $2.57 billion as of June 30, 2026, against roughly $128 million of cash, for net debt of about $2.44 billion. Shareholders' equity, what is left after subtracting liabilities from assets, was only about $33 million on $3.78 billion of assets. The 10-K calls the debt substantial, warns that the company may not generate enough cash to meet all its debt payments and says loan terms restrict its operations. A filing dated August 10, 2026, reported a completed asset deal and a new debt obligation.
How has Amneal Pharmaceuticals stock performed?
Very well over one and five years, but barely at all over 10. As of October 28, 2026, the share price had risen 105.4% over one year and about 288% over five years, or 31.1% a year. Over 10 years it gained only about 2% in total. The ride has been rough: the stock fell 58.5% in 2022, then rose 205% in 2023. In 2026 through October 28 it was up 67.8%. Because Amneal pays no dividend, price change is the whole return.