Amneal Pharmaceuticals, Inc. (AMRX) reported a profit for its second quarter that Increased from last year and beat the Street estimates.
The company's earnings came in at $22.417 million, or $0.07 per share. This compares with $5.994 million, or $0.02 per share, last year.
Excluding items, Amneal Pharmaceuticals, Inc. reported adjusted earnings of $79.630 million or $0.25 per share for the period.
Analysts on average had expected the company to earn $0.17 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 3.2% to $724.508 million from $701.780 million last year.
Amneal Pharmaceuticals, Inc. earnings at a glance (GAAP) :
-Earnings: $22.417 Mln. vs. $5.994 Mln. last year.-EPS: $0.07 vs. $0.02 last year.-Revenue: $724.508 Mln vs. $701.780 Mln last year.
The company’s revenue was supported by Specialty revenue, which increased 23% driven by key branded products, including CREXONT, RYTARY, and UNITHROID. Revenue from Affordable Medicines also increased 1% driven by strong performance of the company’s complex product portfolio and new product launches.
Thus, the company’s increased second-quarter net income reflects improved revenue.
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