AMRX - Earnings call transcript Q2 2020 | Amneal Pharmaceuticals, Inc.

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Operator

Good morning, and welcome to Amneal Pharmaceuticals Second Quarter 2020 Earnings Conference Call. [Operator Instructions]. I'd now like to turn the conference over to Amneal's Chief Financial Officer, Mr. Tasos Konidaris.

Anastasios Konidaris

Good morning. us Second joining Call. XXXX for you for Quarter Amneal's Earnings Thank this press a we reporting Earlier issued results. release morning, our quarterly release the as on available as will our press on www.amneal.com. presented are the slides at website be call The that well of webcast on of available call, and website after its live which a a also will conducting this We're be our replay conclusion. material expressed Please note the cannot company's written be and that today's of call rebroadcast Amneal is consent. copyrighted without management's made like predictions outlook remind stating that this I'd forward-looking or statements future during are to periods for call you statements. on These based that are to statements available us. solely information is now We encourage release on and the call. titled press Forward-looking applies which Cautionary to this you Statement to review presentation, our Statements in section

listed XX-K X-K, Our report can Form recent may on future to reports are our reports and sec.gov. numerous on performance Form which SEC's website due our are on on annual differ Form which and and at current on factors, our quarterly on you updated revised XX-Q website on or find most of also many

certain non-GAAP measures. discuss also We

will will statements some our our appendix these today's reconciliations non-U.S. you measures and other throughout in GAAP U.S. in use U.S. to release. of important on GAAP You measures to the our reference we the presentation, of that earnings information correspond financial find find Included GAAP of presentation.

Andy now call Generics our Secretary. our On Todisco, Commercial Manzano, Chirag our to and turn the like Corporate are call as of Boyer to the segments, Specialty and I and Joe Co-CEOs; respectively; morning Counsel Chintu Patel, Chirag. and Chief Officers as General Steve would over this our well

Chirag Patel

net XX%. Thank EPS for solid business EBITDA results. pleased everyone review us adjusted adjusted XX% and is joining with bottom Tasos, and revenue good report I Amneal's you, morning, of $X.XX, $XXX second up safe up and of X%; XXXX; versus and organizational I our to million, our results $XXX up hope solid QX healthy. as and of in you the we and line year Thank the that performed out million, reflects quarter our to needs Overall, top I'm to everyone. our laid against strong reflects performance of COVID-XX ago of The with foundation patients related the role resiliency expectations vision and growth the focus and company Chintu Co-CEOs. a headwinds in when the line meeting of pandemic. returned

As diversify execution Specialty to said our operational reinvigorate in Generics United our franchise, channels. plan then, we the our business and the build States, enhance distribution we out

X been specialty hospital businesses: We drugs market and have we in the and neurology we, months, the In a already injectable growing with core a retail growth presence generics, strong endocrinology. for XX for the base pharmaceuticals on assets, differentiated past where engine; had with launched IPXXXX KXXX; X R&D along successfully Generics efficiency cost X,XXX and executing have Specialty we strategic structure. and company's and advanced R&D reignited new numerous products; have employees, our priorities: like improved

of with more sector. portfolio manufacturing expanded of United approved in Ireland; distribution pipeline new, and gave generics agency now we which best-in-class innovative than a the AvKARE, a India of XXX U.S. brands. a new acquisition complex addition, In organization federal a has Amneal avenue and growth of Consequently, with our States, and the us products; well-diversified the

business. with portfolio forward Specialty our We larger are a develop moving strategy Generics high-value to and more

provide our Let an me on update progress.

portfolio Generics with products. new We are strengthening our

complex of XXXX. XX our target products launched So new generic of far, X we out have by

we launched well. NuvaRing versions strongly, to and Our Fluphenazine, we and perform which expect perform also generic generic to continue of Carafate recently

the sales Within top remained products our segment, robust. of Specialty

the growth has as quarter a execution leading prescriptions improved driven to devote a to of R&D in for development to spending Over we endocrinology. attractive opportunities and expect that line For seek segment. time, platform marketing our as strong the over the quarter, XQ CNS leverage share Rytary our existing top net, gross Successful and Specialty we segment Unithroid X% as grew larger well strategies to business total of XXXX.

to AvKARE which with differentiated us providing distribution our pleased acquisition, on We're attractive an with very is our Moving asset. strategy.

the see unit expanding dose higher-margin over business very are expect gone integration well. potential We The as additional accelerate well, AvKARE's for AvKARE, growth. at and we would time, has further opportunities to

dipped results. on the expected, temporary provide had me Let for a COVID-XX business, some with delayed our effect. some and as procedures physician's highlights office Starting products second we Demand as quarter patient negative visits. Generics

temporarily to back-orders chain due larger-than-usual We also experienced supply disruptions.

as For hard example, were facilities, York the New New we experienced wave and Jersey and our initial coronavirus. hit at by states delays those packaging manufacturing of

virtual, of to to pleased of from in-person we comfort highlighting prescribing our successful better commercial the rebuilding successful strategy Specialty position improved a on resiliency are report now quarter marketing and XXXX, I'm of preferred as goods In the and pleased result for Revenue refills through and performance the and Rytary in of is situation brands. programs levels the some finished business, inventory. strong This those and our XX% of other Unithroid COVID-XX. increased that back-orders Rytary QX to were transition to offset However, due physician Unithroid, by telemedicine Unithroid and weakness the which of Rytary the with execution. brands we progressed, from and compared

excellence. Amneal leveraged operational some temporary are in grown launch on a in Chintu by experience, start-up and by This effort, we than products welcome this focus to and new continued having strongly caused COVID In of forward billion In a I AvKARE. delays modest more $X though from XXXX. to continue to revenue well, providers. business to the other sum, perform moving Turning

long-term from to we it With continue gives the half impact position success. to Amneal year, let despite of the us the Our me for COVID, confidence Chintu. performance turn that, first as through over

Chintu Patel

COVID-XX but our has are vision. caused made as Thank The returned changed progress we about ahead. pandemic the eventful an temporary and been and significant you, opportunities Chirag. disruption thus It the since we year long-term Good everyone. Co-CEOs, morning, enthusiastic a we have far hasn't

update to key our response our with and initiatives me public an on Let crisis. health the start

We growing while excellence. pipeline have our in strides made portfolio focusing significant operational and on

chain year, have strengthened significantly our and past supply our the course operations. we of Over improved

in Our back-order the but our June. COVID situation pandemic, by in improved reducing was interrupted temporarily progress the

well in the are for meet to across measures manufacturing in the see these year. improvement volume further demand half potential the and our positioned sites We second of

By extremely manufacturing disruption, been facilities. our have were organization's initial After of impressed proud operations the to of the XX% work COVID-XX. back to our of recovered up employees end We and difficult at caused to June, some add more U.S. by circumstances than our swiftly. ability

of and Ireland. back in we India in spread our facilities the later seeing Although pandemic XX% India, attendance are also about

multiple for employees, safety screening. facilities initiated our at of thermal distancing have We and protocols our the including social

maintain highlight ability I also commitment vision launched continue FDA our would get to staffing, remain also and We expect productivity to to COVID to weather that to to improvements disruption. to work have to helped make enable that year organizational said. support our our and targets, and achieve team believe structure as and appreciate our no our plant high tools technology with We to allow full our our issues. utilization back engaged hard our while operational we also full quality, and we operations to employees. record maintained with like us the for innovative have information their We originally

is across plants with in in amount India, between redundancy amount There the supply USA a diversified manufacturing have we capacity. well as of plants and X Ireland. X X substantial of incremental as substantial chain First, those

talking to -- In truly supplier. addition, our force our because about API spend I being also rest would diversified time supply the is in I any our without like company to fairly the like X that is chain drives spend engine over forward. it my R&D reliant of would

and innovation. been will providing effective will to our are a start mission center medicines patients where access robust globally. with with to has company scientists department a always way our and we as and as over value-added, around always built As possible. path XXX have science-driven know, to simple: and I growth affordable, company, we you Generics we The R&D has many that mission-oriented safe

is progressing nicely. of goal product to transitioning complex portfolio Our our generics

generic FDA XX of first-to-market products XXXX, to XX to which in expect file high-value and products approval. we We have in awaiting XX pipeline generics, and mainly consists the

focus and intense competition, inhalation margin including return less which and on to higher products, more continue offer complex higher investment. transdermal, formulation, We topical ophthalmic, sterile injectable, on

forms. we have addition, In has a getting mainly dosage track in Amneal products solid approval record XXX of filing, solid nonoral actively high-value in development, generics. launching and

tablets. were to formulate complex Furthermore, our recently to we launches only instance, efficiency continue the announced to regulatory cost navigate we the not team's gains very us ultimately pace file Fluphenazine landscape molecules, than faster before. development we For products. launch for to but at approvals our on process. also a These and of speak improve ability a transdermal products system and valuable per-product our basis improve butrans allows Hydrochloride Both

As are with seeing to our modest spending. a Specialty result, we will more but launches year more I now each segment. turn

you commercial by Unithroid As in we and and neurology endocrinology, have a led presence Rytary. know, growing

development, In addition, a bigger Specialty will investing time product future resources which we and of in also growth. become are driver significant

our trial screening of sites following treatment is At which resumed clinical COVID-related and III next-generation a our XX% this XX% instance, interruption. Phase enrollment to are brief the time, has Parkinson's, For IPXXXX, of carbidopa-levodopa for patients. for product open

and have the of in late XXXX, in file expect second begin for in half top 'XX We line data XXXX. approval to commercialization

treatment of FDA KXXX, on of and filing Myasthenia tablet orphan be as which eligible may an for work ready the development for continuing may also Gravis, is X as are early This quarter for extended-release XXXX. designation. pyridostigmine We very exciting program be with

to about over this enthusiastic the We our direct time. R&D are for of our to plan business Specialty more and prospects spending segment

inorganically We of Specialty acquisitions. business in-licensing expect and to organically and the selective both products grow through

infrastructure focus, will our as therapeutic areas and leverage is capabilities. that on strong always, Our

provide have oncology I in-licensed a external X where biosimilars from Next, will update we products partners. on brief

FDA. program currently await biosimilar Neupogen we and comments from Our is further filed,

our of is good and are very BLA towards our Avastin recent announce excited to our making biosimilar, program Neulasta submission. progress We filing

acknowledge the to and over will suppliers, hard and dedication during to these now Lastly, like I would for customers turn times. efforts work for them during and their Tasos. I COVID their pandemic our thank challenging the call employees

Anastasios Konidaris

rest approximately Adjusted the and a Chintu. expected in orders million level gross margin our to current Generics temporary flow timing of significant an quarter growth. business EBITDA due also On stretched QX working X% compared of XXXX was revenue of cash to QX line X% $XX margins by Net gross $XX $X or to $XXX $XX million the million, $XX of and capital. while reported COVID-XX, $X recall. perspective, resiliency in points. EPS a reflect down grew with XXXX. interest XX% Metformin of million respectively, and diluted XXXX. XXXX $XX of adjusted to of in price our interest solid our our despite an AvKARE recall. compared Adjusted million and softness you, million offset negative manufacturing unfulfilled report XXXX higher million or to QX about QX XXX basis a lower up and results are demand quarter gross the as the were increase, was to back-orders we for $X.XX million up to higher margin to the EBITDA with chain absorption contributed second by million, pleased of level as $XX $XXX Adjusted down XX% QX the million the top and supply sequential From These compared the Metformin portfolio, the AvKARE. and higher customer were our in were QX minority million. lower collections which or $XXX performance favorable points, was Thank AvKARE of up was in we performance basis, compared million $X.XX was growth favorable the lower Specialty reflects rest of adjustment Metformin profit XXX This to due adjusted reflecting XXXX, line of due basis margins than and offset AvKARE XXX bps up generating costs. erosion, XXXX million while operating Adjusted expense diluted was the expectations. $XXX of $XX the and business as and for

solid the of cash Finally, financial Xx our available had our we the of continue $XXX ABL summary, the quarter, million and cash reducing our $XXX to improved in performance through the our our an flexibility. we XXXX. challenging end million additional facility, also end has financial Consequently, Xx debt-to-EBITDA ratio we at and equivalents, pandemic at deliver and net environment. ratios despite In reduced to versus results leverage second

the million $XXX results, starting to me revenue down QX was XXXX million net Let sequentially. to where operations. performance down our million the segment, compared prior the our reduction with This oxymorphone following segment move divestment factors: Metformin Generics reflects $XX and $XX shift now the of of million of from million $XX the X to and reflects Specialty of $XX the year, recall first, international

foregone mentioned substantially. operations. as Second, earlier, were back-orders I adversely behind is as believe declined have us We $XX about this manufacturing orders COVID-XX of impacted as customer our mostly million

is known to generally surgeries. softer well has prescription in trends Third, it led that COVID-XX elective

softness Some we of may discussed earnings fills due May prescriptions call. customer supply concerns, the prior demand relate in early also to QX in which of our to

to Generic number contributors products, segment newer to continue EluRyng in resolve as in our such in XXXX XX% issues lower prior quarter. our gross quarter. QX to our XX% sequential to decline better was epinephrine with due perform in the erosion were Sucralfate, recall. than expectations line the manufacturing the slightly expectations, Adjusted Finally, The ability the COVID-XX compared and and margin reflects positive a XX% of and and well, Metformin largely absorption for our price of supply

that as benefit our introductions. will new chain improve expect supply gross and over from the margin course year, product the of Generics should We adjusted further recovers

me expectations year from versus million turn for which our were revenues segment, reclass Specialty XXXX. performed $XX our XX% and prior QX the of to Unithroid. net up Adjusting million, Rytary net by $XX now of revenues Let oxymorphone, driven ahead of up with

net commercial margin up were a of negative expected, Specialty headwind, Specialty $X products. As X%, expectations line quarter basis, execution at carries with margin sequential the was lower the some broad segment COVID-XX gross in prior but in Specialty to our and than million for of due product mix On was Adjusted XX% revenues of XX% a impact. demonstrating or the XXXX oxymorphone, compared mitigated solid growth. and other XX% QX to a reclass in which the

this equivalents of of cash near-term $XXX From margin maturities. sheet Let turn $XX performance strong our business. million the me was adjusted which to the and I and balance earlier, relations million now line with and AvKARE, This mentioned in with gross ended customer net XX%. reflects and no in and reported revenues expectations a of perspective, debt we quarter as cash durability

destabilized In fully we as drawn ABL to COVID-XX. repaid from $XXX addition, the quarter due million markets our facility last

annual of half financial our feel confident Looking earlier in ability guidance this our meet issued we to the year. second we XXXX, to commitments and

last let provide did context. me quarter, I As some

have normalization manufacturing we of portfolio and a First, demand growth normalization expect well. patient of our operations and, time, as over

in improve our Second, adjusted gross improvements customer as to we margin orders and products. launch new expect ability Generics our we all fulfill

and expect as open we in increase economic to an activity sites expenses clinical Third, operating up begin rebounds.

call million With offset we from expect and we perspective, reversal $XXX the working some Finally, cash being refund of that flow capital, turn last by the quarter. I will discussed Chirag. cash back a tax to that,

Chirag Patel

Thank you, Tasos.

pandemic. are We during of well company responded how COVID the the proud

pipeline to the vision turn your the the for long-term operator now operational like business. have to we you. call I building work Thank excellence the to over take to on continue would and questions. execute the We to

Operator

Instructions]. [Operator

of First question SunTrust. comes from Gilbert Greg

Gregory Gilbert

Gilbert I with have a one Greg Generic Securities. brand and It's a one. Truist

perhaps supply there on side. the is growth your of Rytary are think First, tell that more of Can would environment? doing in And I side to just that the going it you light that versus of else and disconnect of understand revenue being so ramp quarterly And -- is the what to could gain NuvaRing. you curious are share be I on us from preventing side, whether issues by. kind comment on and prescriptions about the that brand be the It's and ability Or could driven some there assumed Joe was so? close. on quarterly on what's Unithroid competitive you any opportunity had long-lasting Generic how there something the not a in able of Is But dynamic? variability? clear more to you on competitors terms

Chirag Patel

this for the take question. Joe first pass the and Greg, I'll to second Chirag. I'll one, is it

been ramped has NuvaRing up. So production

be comes, over market much doubled but Whenever XX%. be would share to capacity, you and we that starting we as know. as Competitions, XX%, line our have in additional market know that this month. share We will seeking comes,

see competition with So today it's players even X our not authorized volume do one comes, because we is us. dropping generics,

player third to So coming have. what maintain want take to Joe, capacity in, should able be you the... our we -- we

Joseph Todisco

we've growth of at volume. strategies did the implemented Rytary both target little price price a positive trade end April. in growth a profitable On Chirag. to the net. standpoint, Thanks, that last script the bit, Sure. March, X impact to in is And of dollar From the which kind and last outpace replenished shipped more some bolus scripts standpoint, and on volume we growth, we of attributable the X From over a segments. had to a a year seen quarters, factors, patient inventory that's the saw out gross

April had than we both because in been what for for bit a of we So restocking higher would and have Unithroid. little Rytary trade, and that saw the expected

Gregory Gilbert

And if could Chintu. Okay. for and in I sneak Chirag follow-up one

I return that on understand to of Neulasta. sort your can On long side, a curious am I term. Avastin and biosimilar desire potential concerned the the little products be for thoughts certainly in and about your market like

you're If financial still can you good among third or first not a not you're if first? or in, get second return you are confident the

Chirag Patel

a affordable as long-term said we the is to play values providing it more is this of medicine play. is system. and before, have And And Greg. question, biosimilar a Great of

we Fortunately biosimilars. that for in much of haven't money invested Amneal,

the offsetting lower, So return investment. sixth, expectations, fourth, fifth, being lower even would be though

player And market. is fifth fourth for in So sixth you the are tougher right, player player, if now you oncology the it we biosimilars. are are and focusing on

It of -- we more this more becomes They stage unfortunately becomes sales have once together. can development. so happens, expensive brand open are are biosimilars to like comment intended new Yes, have that, biosimilars and marketing. and itself of It be. Chintu to new right? setting crowded you for come. more on the signs place, almost to specialty marketing and We margin fully a FDA's infrastructure, ideas, generics as kind that and biosimilar be, go that has, expect players will pharma And today, don't And generics not and which is a more business. being was it

have this. for So we to do solve

More be expected a more biosimilars. As long-term in play. competition I will said, and it's

to to low some our competitors have You start it out. And are investment, opportunistic you combining more how biosimilars that's how believe comment pipeline play just is want I with generics. -- this setting forward. how it smart about on do Chintu, why up go being it thinking doing of cycle? already is of add will we're that. it, a we FDA on our about and we And as to development

Chintu Patel

is be the to X, reduces way, was to cost-effective sixth, the a a the Sure. we Greg, fun speed And an up companies new biosimilar up we of down are development the biosimilar sit that perspective than studies looking in FDA Amneal costs. are no fifth, other But would willing from more utilized evolving lot to X, right speed on. you focusing with just before, there approval tools so be absolutely lot clinical there's can full-blown and that than that's it's understanding regulatory could portfolio and a a and what more fourth, X. space. are can and ideas be potentially very where at is that explore it And be

Operator

question RBC from next Capital. comes Randall Our Stanicky,

Daniel Busby

Randall. Busby of Dan A for couple on is questions. This

that over should it XXXX? of your the like from least we respect of second largely cadence in can the at And months about that First, Is Is next by the or think generic launches? it? puts spend? X little level from see targeted a takes half. the that? many talk could remainder with the of sounds during the those Or bit midpoint left you've second, other And EBITDA XX more guidance How over how the those we to and into the there got a right XX. to step-up specifically, of implies about factors go so launches, XQ way play? you about driven And are decline at that sequential high-value the think

Chirag Patel

one. first the take I'll

I name. sorry, catch didn't And your

Joseph Todisco

It's Randall Stanicky.

Chirag Patel

somebody No. It's Randall, else. not it's

Daniel Busby

Dan Yes. Busby.

Chirag Patel

Dan, very sorry. sorry, It wasn't clear.

completely We injectables, about launching including confident remaining So high-value the the reignited is XX bags. think products. engine. R&D key projects, added But -- is new you yes, or we X -- engine XX are IV our we should have Generics

We years. to meaningful in smaller we a a player in become player injectables are coming aim where

the is products. XXX pipeline So now

what So products. definitely, high-value we'll last year we'll XX said we XX meet our launch -- that to

the but the coming coming how still on information Tasos. take this this will. Dan, launches your do want to On information question, year share pass may or to have are many up. We I'm not new I not about it guidance you going looks year, good still to that? up would Tasos,

Anastasios Konidaris

Sure. math, we you're So right? had the about have right $XXX million. Dan, EBITDA year-to-date, so of with

between are $XXX maintain our guidance year, projecting we'll million. $XXX We and full million at

do So you math, the are performance the as the of approximately a expecting same little in -- it's maybe as half lower. second half, first when we well level the

the is down new QX, do to versus situation, come continue of QX resolve about products, So slightly to year and that here's business will our And well. manufacturing health Specialty, then continue QX. So grow, we launching the we our way the Generics in to right? care it, we're continue to second may think half in expect back-order will

open marketing SG&A over that expense, then of And of level economy and higher opens as operating possible. we Some we QX Specialty kind number percentage mentioned we of half, of higher certainly, normalizes. expense expenses right? on one we're just in sales a R&D expecting to and level expenses So higher side. R&D also operating as higher invest that our in expecting the we're the inventory is the expecting and, up a if the continue time, of level But second of about buildup in some up Joe we're of talked

And about middle right, So expenses. the in the a acceleration of in it. still of revenue, It's that's acceleration we end operating the of think at we're the how day, pandemic.

the kind very performance, core our confident So future, maintain the in that's still ability Dan. to but Hopefully, to same of but that's pandemic, more gives led what's about the in you you achieve of unknown a bit expectations at guidance, color, this our have feel kind it. what us that about time, year-to-date little

Operator

The next of question from Ami comes Fadia Leerink.

Ami Fadia

you regard product something an some pipeline sustainability I've got about had couple. with an mentioned products you this approved get of that And Copaxone? a inhaler that potentially With on to its can could Levothyroxine, then lastly, the Kodak about of receive competitive a talk leverage you we time And to may landscape? be positioned believe some manufacturing changing the And mentioned talk year. Can the that government. us some this can then opportunity to as line the in effort? can in you past, Amneal you loan update had give about saw the footprint And you approval of I for from talk domestication company just a there? product next of

Chirag Patel

Ami. you, Thank

questions to the I'm address the going asked, Levothyroxine. it I'm So to going you down. first generic three break

last switch. know, been has to As there the year, competition is also but product you the since hard already

okay new players should year. came year or stay we we able beginning decline, late large price maintain last customer same in this when and the our be So But to we're product, with the where already the with had Obviously, manage of preferred as volume. you would we today. are to and the expect,

-- question, to going question your take the my it give first second I'm Your to question brother, pipeline third Chintu. and

legislators. trying So aware could making ship believe Kodak, U.S. because in essential even with where States countries do. situation in been they're products United the in unable and have the We fully to the friendlier yes, talks products. of government they're we do what We've the efforts, are government to the sometimes

So we positioned. or the company. percentages essential material is we States. serve of is Amneal market products. we from certain well U.S. in drugs in of certain is Amneal and the finished States, API States produce United the our key must domicile United and United starting Only our live --

doing want portfolio lot that Generics been So vested maybe still making we products United the on one the any Obviously, mindful when of right the thing. of products other the you challenges we in we've States, of cost United in certain using are do largest completely be a than manufacturers, EPA the to United which States, States. technologies other drugs is of own made some green but easier, Bringing set even be in antibiotics its emergency brings may here. which and we doable. with and much the API should that Finished are believe and make the made critical take products time, do it's

our term, So we'll certain action. something States. the as the not industry long have to we will hope, hear for chain much States -- drugs do orders with United it could United the it from about do see have not to require supply progresses the both we secured for how sides, executive to sustain Democrats in legislative we and keen Republicans, this they're in And

for I'll from the side, turn the So Chintu update. government over that's and the update call to pipeline

Chintu Patel

we and done. we Ami, excited are what pipeline about very our so have diversification,

and to pipeline in-house. commercialization from development dosage have form, strong every we capabilities very So

Copaxone Your is on moving Copaxone, forward. question

XXXX. very to high-value are a with second inhalation And XX expect also. We half also And launch on XXXX we launches months. next over to date up likely launch firm in but XX FDA. would most excited moving that first-to-market and coming many product is it well yet, Don't other a of have be

Ami Fadia

notable was do a X, increase hitting have the Maybe just products development. over of number on the the -- see Obviously, pipeline those next a in some approved? market? you to products have us these a there quick could follow-up. of expect give I should if in color when when start Can assets we that Chintu, years, we start to sense get you X when us give

Chintu Patel

Good.

products, added have we more space. sterile especially So injectable in

we so very it commodity getting have R&D, R&D, thoughtful product am selections, very personally made our not reignited very projects. I have efficient. into We about passionate in we are and

products. high-value XX year, we most portfolio, are of first-to-market, including our are filing So XX, to this them

excited. products. So it year, to the we're complexity But could Depending very filing be XX be every of months. product, XX we'll on new the

this in in pipeline. -- pipeline but to of some have be we portfolio potential our -- able this them So would enough from growth that 'XX, we'll 'XX, excited commercialize the are about 'XX, in we

Chirag Patel

as Ami, on, first-to-market as on products. FDA Yes. And add know, the efficient approving form the you and different to well, products is especially very dosage just

Our new Slide Again, on added XXX see projects. development you our on can X XX we presentation, pipeline projects.

about well XXXX, years, are We since our and execution. pipeline known for

products new on bringing Generic on is it. to a treadmill used running we've well, been market, running It's #X like been have We on treadmill, the business gotten to pipeline. a and our really refreshing

where So we expect we year bags of have Yes, also confident at we enough competition, feel and now. offset manufacturing in terms And can our the stand every grow. execution we added and is quality. we to do business that good we in size are such and but because we grow that the still Generics IV look very injectables, and

We have done do it continue so. continue for years, -- to to will and we

It's good XX-to-XX-months expect not we just phenomenon. every an So launches year.

Operator

question with comes Amsellem next Piper from The Jaffray. David

David Amsellem

all one So on entry, to get an not that those this would be NuvaRing, time. is were of even markets over crowded I that guess if it Teva

on fit? that? be here, you capacity would of on brand neurology may to I your you Rytary assets an at and can you the business other so, look think add secondly, brand don't focused mean So asset look guess, talk you just in be Rytary to either do overall And philosophically, just, if I that doing an what your with the do that the product question divesting? at jettisoning not and would how in in then maybe general. grow share, terms something about that by business you and additional and building mind, increase like And next-gen Rytary therapeutic or areas, a

Chirag Patel

Well, you, thank David.

we NuvaRing, I before, So the mentioned as -- doubled capacity. we

market. share we modest working So automated the manufacturing capabilities. over And will producing on we and a very our still plus pouching, are a with on have automated the we X-player -- growing lines, keep

So for Boyer difficult And market I'm keep it going. receive share It's long a term we will more sure get -- us. yes, will product. as is Andy

at really good manufacturing, -- good would and now. we gotten So have we

a will interesting growing and us, -- on Very our manufacturing we asset and asset we keep So question it's good capabilities. Specialty. for durable

it product, oral us. injectables XX% about way, ophthalmic pipeline products. and areas are only now All of on all different solid, think have dosage the So we includes on XX% bags, is is inhalation growth foundation the the which on the this for Generics, these forms.

So $X.X our in of base to we we United to States. -- room of grow still generics, have $X.X billion billion the

KOLs the and having where it It's doubles with engine needed, stories. great which expanding products, is We're where have Rytary, that Specialty good time, and we great much on the keep a great foundation, the IPXXXX, Rytary, feedback job, almost going to So we -- patients. Joe going time. is hear to we have from doing the and -- we're

marketing So lot life, have a do learned are in that in and on we Whatever we is we our the it and launch planning really -- and do well. market, already preparing we XXXX.

So we more are be committed adding to assets. We'll Specialty.

technologies. and to know where get We also platforms have the We KXXX.

will companies, of leverage. I'm We buy very and mindful

-- goal so -- the with we'll not will growing to Xx, the we because and be -- increase business. sometime to near Xx keep is expenses in EBITDA in future, the below, Xx get then to and and get the our managing So

be we and areas, not will franchise building, committed, disorder sure especially yet. are and we the Other endocrinology. I'm movement So

We are always looking.

keep know to it about love we'll going. So more as we

David. you, thank So

Operator

Instructions]. [Operator

Our Gary BMO comes next Capital. Nachman, from question

Unidentified Analyst

your Fosun And you filed on first Eli the international products for on any product. the wondering and you more remainder year. to [ph] presence, filed be I if it is if there was you what of your update expected could if disclose Gary. expand can an is This did, to are you've and your partnership if provide for with if

Chirag Patel

well. Fosun progressing the is yes, partnership Gary,

which been identified products, be several would IDL we and means that have more. file filing we -- filing We have we'll

expanding looking government. market. market. States is the other so like We FDA-approved goes. are well. they Chinese big doing and We new and products, partnership FDA learning together do from which not as as we'll products. Everybody in business products ways But have the as well of liberty products at These plants Chinese are disclose as as exciting, be see plant a those And very are it well, potentially shipping evolving, how It's put the as China -- as Ireland are of plant we will to now. United Indian the

a keep have good we will partner, So partnership. we Fosun, and strengthening our

Unidentified Analyst

on that. Great. a And just follow-up

shift guys your of focus about on talked Specialty franchise. the You have

Generics? term, target for So Specialty a mix long versus directional is for there there

Anastasios Konidaris

You're referring, I think, around the spend. R&D

take we to of Generics. impact towards we this even the XX-XX skewed more in strength that without Over may, I maybe When the two. pipeline we'd right now, if to it's between of time, think R&D be I Generics. this. love split can So the spend the look at do can we the And Generics, so Specialty, X/X any X/X

address So does your that question?

Unidentified Analyst

Yes. That's helpful.

Operator

Q&A joining. We the of you reached our end have Thank session. for

You disconnect. may now

Amneal Pharmaceuticals (AMRX) 9 Aug 202020 Q2 Earnings call transcript