- Q1 2021 Net Revenue of $493 million; GAAP Net Income of $7 million; Diluted Income per Share of $0.04
Amneal Pharmaceuticals, Inc. announced its results today for the first quarter ended March 31, 2021.
“Amneal delivered solid first quarter results, continuing our positive momentum as we consistently execute against our Amneal 2.0 strategic vision of long-term sustainable growth,” said Chirag and Chintu Patel, Co-Chief Executive Officers. “Our strong profitability reflects the validity of our strategy, our diversified and relevant product portfolio and strength of our research and development pipeline. We are excited about the opportunities in the year ahead and we appreciate the hard work of our employees who make Amneal’s mission of bringing innovative and affordable medicines to patients possible year in and year out.”
Net revenue in the first quarter of 2021 was $493 million, a decrease of 1% compared to $499 million in the first quarter of 2020. This decrease was primarily attributable to decreased influenza activity during the first quarter of 2021 and higher customer purchases at the onset of the COVID-19 pandemic in the prior year quarter. Partially offsetting the decline were strong new Generics product launches and continued growth in our Specialty and AvKARE business segments.
Net income attributable to Amneal Pharmaceuticals, Inc. was $7 million in the first quarter of 2021 compared to net income of $115 million in the first quarter of 2020. The decrease in net income was driven primarily by a discrete tax benefit of $110 million from the Coronavirus Aid, Relief and Economic Security Act in the first quarter of 2020.
Adjusted EBITDA in the first quarter of 2021 was $126 million, a decrease of 6% compared to the prior year, reflective of investments to drive long term sustainable growth, partially offset by gross margin increases across all three of our business segments. Adjusted diluted EPS in the first quarter of 2021 and 2020 were each $0.20 reflective mostly of adjusted EBITDA and lower interest expense.
