Amneal Announces Over $270M In US Opioid Lawsuit SettlementAmneal Pharmaceuticals ( NASDAQ:AMRX ) has announced a $270 million settlement to settle claims related to its alleged contribution to the opioid crisis in the U.S. The agreement, payable over a decade, aims to address a substantial portion of the more than 900 opioid-related lawsuits facing the company. State attorneys general have accused Amneal ( NASDAQ:AMRX ) of inadequately monitoring and reporting suspicious orders of generic opioid medications by its customers. Allegations suggest that the company distributed nearly nine billion pills from 2006 to 2019, further exacerbating the crisis.
Amneal Pharmaceuticals ( NASDAQ:AMRX ) reported first-quarter adjusted EPS of $0.14, up from $0.12 a year ago, beating the consensus of $0.09. The company reported sales of $659.2 million, up 8%, beating the consensus of $619.03 million. Generics revenues increased by 14% due to strong performance in complex generics, oncology biosimilars, and new launches. Specialty revenues increased by 15%, driven by promoted products in neurology and endocrinology.
AvKARE revenues increased 33%, driven by continued expansion across its channels due to new products. Amneal ( NASDAQ:AMRX ) reaffirms fiscal year 2024 revenue guidance of $2.55 billion-$2.65 billion versus the consensus of $2.60 billion, with an adjusted EPS of $0.53-$0.63 compared to the consensus of $0.58. AMRX shares are up 9.55% at $6.80 at last check Friday.
