Amneal Pharmaceuticals, Inc.

Good morning and welcome to the Amneal Pharmaceuticals second quarter 2026 earnings call. I will now turn the call over to Amneal's head of investor relations, Tony DiMeo.

Good morning and thank you for joining Amneal Pharmaceuticals second quarter 2026 earnings call. Today, we issued a press release reporting Q2 results. The earnings press release and presentation are available on the IR page of amneal.com. Certain statements made on this call regarding matters that are not historical facts, including but not limited to management's outlook or predictions, are forward-looking statements that are based solely on information that is now available to us. Please see the sections entitled Cautionary Statements on Forward-Looking Statements in our press release and presentation for factors that may impact future performance. We also discussed non-GAAP measures. Information on use of these measures and reconciliations to GAAP are in the earnings release and presentation. On the call today are Chirag and Chintu Patel, co-founders and co-CEOs, Anastasios Konidaris, CFO, Joe Renda for specialty, and Jason Daly, Chief Legal Officer. I will now hand the call over to Chirag. Thank you.

Good morning, everyone. M.Neal is in the midst of the most transformative period in our company's history. We are growing as one of the America's leading affordable medicines businesses with an increasingly diversified and high-impact medicines portfolio, including specialty brands, biosimilars, GLP-1s, and complex generics across dosage forms such as transdermals and injectables. As we execute our strategy, we're building a larger, more impactful MNeal. That continued momentum is reflected in our second quarter results, where the company delivered revenue of $796 million, adjusted EBITDA of $206 million, and adjusted EPS of 30 cents. At the halfway point of the year, We are pleased to once again raise our 2026 outlook. This year reflects our seventh consecutive year of top and bottom line growth. As a purpose-driven company, we have a tremendous opportunity to help the next era of affordable medicines here in the United States and globally by expanding access for patients and providers. While M.Neal has always been growth-oriented, the scale of the opportunity in front of us today has never been greater. With that, let me touch on key growth opportunities. First, in affordable medicines, our base business remains strong, resilient, and growing with highly relevant and in-demand therapies. In women's health, demand for transdermal patches increased following the revised FDA guidance late last year. We are increasing our capacity. Looking forward, our pipeline remains focused on high-value opportunities, such as lend-reotide, where complexity, reliable supply, customer relationship, and executions are key. In biosimilars, we're building a new large growth platform for MNEO. With the pending acquisition of Akashi, we would become a fully integrated global biosimilar player from development to commercial supply. And the timing is incredibly compelling. The US biosimilars market is entering a major growth cycle driven by an unprecedented wave of biologics losing exclusivity, streamlined regulatory pathways, attractive commercial structures emerging, including private labels, and accelerating market adoption. Over the next decade, 118 biologics are expected to lose exclusivity in the United States alone, with relatively limited Development expected for most molecules. Accordingly, we see a broad set of biosimilar opportunities with limited competition that can support reliable and repeatable value creation. MNIL is well positioned to capitalize on these opportunities. Approximately 75% of our biosimilar portfolio will be focused on targeted, lower competition, while 25% will address larger market opportunities. That mix gives us significant growth potential and meaningful upside. Biosimilars align with our commercial strength as well. Through private label and customer relationship, we can bring products to market efficiently, leveraging our leading US retail and institutional presence, channel access, and scale. This is a national extension of our affordable medicine strategy. Overall, biosimilars are the next major growth area for MNEO and fit directly in our mission, expanding access, widening affordability, and building a durable long-term growth platform. Third, in specialty, we have a differentiated branded product portfolio. Traxxon continues to gain traction and recent phase four data reinforces its potential to become a first-line treatment option for Parkinson's patients. Also, Brachia continues to see very strong uptake in its first several quarters on the market as it addresses an important unmet need for migraine and cluster headache sufferers. Both in distribution AFCAD continues to provide diversification and access to important government and institutional channels, representing a meaningful opportunity to grow this business over time. In summary, we are incredibly excited about the ongoing strategic evolution of MNU and highly confident in our ability to sustain this momentum going forward.