0001723128-26-000025
SEC filingAmneal Q2 2026营收净利双增，上调全年指引，债务重定价降息。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Revenue | $796.2M | $724.5M | +10% |
| Gross Margin (GAAP) | 42.0% | 39.5% | +2.5pp |
| Operating Income (GAAP) | $129.8M | $111.4M | +17% |
| Net Income (GAAP) | $69.6M | $35.6M | +95% |
| Net Income attributable to Amneal (GAAP) | $57.7M | $22.4M | +157% |
| Diluted EPS (GAAP) | $0.18 | $0.07 | +157% |
| Adjusted EBITDA (Non-GAAP) | $206.5M | $183.7M | +12% |
| Adjusted Diluted EPS (Non-GAAP) | $0.30 | $0.25 | +20% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Net Revenue | $3.10B - $3.20B | N/A |
| FY2026 | Adjusted EBITDA | $750M - $780M | Non-GAAP |
| FY2026 | Adjusted Diluted EPS | $0.96 - $1.06 | Non-GAAP |
| FY2026 | Operating Cash Flow | $350M - $400M | N/A |
| FY2026 | Operating Cash Flow, excl. discrete items | $375M - $425M | N/A |
| FY2026 | Capital Expenditures | ~$150M | N/A |
简评
Amneal 第二季度业绩表现强劲，营收与盈利均实现双位数增长。净营收同比增长10%至$796M，主要受Specialty（+17%）和Affordable Medicines（+13%）两大板块驱动，而AvKARE因低毛利分销渠道下滑导致营收下降4%。GAAP净利润同比大增157%至$57.7M，主要得益于营收和毛利润提升、利息支出下降及税率降低，部分被SG&A费用增加所抵消。调整后EBITDA同比增长12%至$206M，调整后摊薄EPS同比增长20%至$0.30，均反映核心业务的盈利能力提升。
管理层对全年展望充满信心，年内第二次上调2026年全年指引，净营收上调至$3.10B-$3.20B，调整后EBITDA上调至$750M-$780M，调整后摊薄EPS上调至$0.96-$1.06。此外，公司7月成功完成$2.084B Term Loan B的重定价，利率降低50个基点至SOFR+250bps，预计每年节省约$12M利息支出，并计划新增$350M融资用于收购Kashiv Biosciences，以拓展生物类似药业务。公司当前净杠杆率为3.6x，目标在2028年前降至3.0x以下，财务去杠杆路径清晰。