Amneal Pharmaceuticals, Inc. (AMRX) · Nov 3, 2026 · Earnings

Amneal earnings beat as guidance rises, but cash flow slips

Beat — Adjusted EPS $0.26 vs ~$0.24 consensus

Amneal’s Q3 earnings beat consensus and lifted revenue, EBITDA and EPS guidance, but weaker cash flow and higher leverage temper the upgrade.

Amneal is transitioning from a diversified generics and specialty-drug maker into a broader growth platform built around biosimilars, injectables and branded neurology products; the Kashiv acquisition is the centerpiece of that expansion. That strategy was already established before this filing, so the new information is whether execution is accelerating and whether the acquisition is creating enough earnings power to justify its added debt.

The quarter beat the published bar, with growth broadening beyond one product. Q3 revenue rose 10% year over year, while adjusted EPS increased 53%; against published expectations of roughly $818 million in revenue and $0.24 adjusted EPS, both results were ahead. The filing says Affordable Medicines revenue grew 19% and Specialty revenue grew 20%, driven by biosimilars, women’s-health patches, CREXONT and BREKIYA, while AvKARE fell 17% as expected.

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Net revenue (Financial Highlights)	$862.7M (+10%)	$784.5M	~$817.8M consensus
Adjusted EBITDA (Adjusted EBITDA reconciliation)	$207.0M (+30%)	$159.6M	—
Adjusted diluted EPS (Adjusted net income reconciliation)	$0.26 (+53%)	$0.17	~$0.24 consensus
GAAP diluted EPS (Income Statement)	$(0.06)	$0.01	—
Operating cash flow, nine months (Cash Flow statement)	$50.3M	$209.7M	—

Management raised the core profit outlook, not just the headline revenue range. The new guidance midpoint rises about 1.6% for revenue, 5.6% for adjusted EBITDA and 5.0% for adjusted EPS versus the prior ranges; the EPS midpoint of $1.06 is also modestly above the roughly $1.03 published full-year consensus. This is meaningful confirmation that the Q3 beat reflects operating momentum rather than only accounting noise. 〔0〕

Metric	Updated 2026 guide	Prior 2026 guide
Net revenue (Updated Guidance)	$3.15B–$3.25B	$3.10B–$3.20B
Adjusted EBITDA (Updated Guidance)	$800M–$815M	$750M–$780M
Adjusted diluted EPS (Updated Guidance)	$1.04–$1.08	$0.96–$1.06
Operating cash flow (Updated Guidance)	$325M–$375M	$350M–$400M
OCF excluding discrete items (Updated Guidance)	$350M–$400M	$375M–$425M

The upgrade comes with a real cash-conversion penalty. Amneal cut both operating-cash-flow ranges because inventory and other working capital are building in growth areas; nine-month operating cash flow was only $50.3 million versus $209.7 million a year earlier. The company is effectively spending cash ahead of launches and integration, which supports growth but makes the earnings improvement less clean than the adjusted EPS headline suggests.

Kashiv is advancing the growth story, but it has also made the balance sheet heavier. The filing records $35.1 million of acquisition and integration costs through nine months, $421.0 million of cash used for the Kashiv acquisition, and gross debt of $3.23 billion versus $2.69 billion at year-end. Net leverage rose to 3.9x from 3.5x, so the biosimilar expansion is working operationally but is not yet deleveraging the company.

The GAAP result remains materially weaker than the adjusted story. Amneal reported a $22 million attributable net loss and a $0.06 diluted loss per share, driven by acquisition costs, legal charges, the higher tax provision and accretion related to redeemable non-controlling interests. Those items are largely presented as non-recurring, but the cash costs and debt burden are not irrelevant to the underlying business transition.

Bottom line: This was a genuine operating beat with another profit-guidance increase, strengthening the case that Amneal’s biosimilar, specialty and launch portfolio is gaining traction. The read is moderately positive rather than decisive because weaker cash flow, higher leverage and the GAAP loss show the growth plan is still expensive to execute.

What to watch next

Kashiv integration and biosimilar launches

Original filing on SEC EDGAR

More Amneal Pharmaceuticals, Inc. news

Kashiv deal financing advances with $350 million of new term debt

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Amneal earnings beat as guidance rises, but cash flow slips

What to watch next

More Amneal Pharmaceuticals, Inc. news

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