Amneal Pharmaceuticals, Inc.

(unaudited)

1. Summary of Significant Accounting Policies

Basis of Presentation

The interim unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission and U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements include all adjustments that in the opinion of management are necessary for a fair presentation of the financial position, results of operations, and cash flows of Amneal Pharmaceuticals, Inc. (the “Company”) for the periods presented. However, these financial statements do not include all information and accompanying notes required for annual financial statements prepared in accordance with U.S. GAAP. The interim unaudited consolidated financial statements should be read in conjunction with the audited annual financial statements included in the Company’s 2025 Annual Report on Form 10-K.

Use of Estimates

The preparation of financial statements requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The following are some, but not all, of such estimates: the determination of chargebacks, sales returns, rebates, valuation of intangible and other assets acquired in business combinations, allowances for accounts receivable, accrued liabilities, liabilities for legal matters, contingent liabilities, initial and subsequent valuation of contingent consideration recognized in business combinations, stock-based compensation, valuation of inventory balances, the determination of useful lives for product rights and the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning December 15, 2027, with early adoption permitted. Upon adoption, ASU 2024-03 may be applied prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

2. Acquisition

Kashiv BioSciences, LLC Acquisition

On April 21, 2026, the Company entered into a definitive agreement (the “Purchase Agreement”) for Amneal to acquire 100% of the outstanding membership interests in Kashiv BioSciences, LLC (a related party, see Note 20. Related Party Transactions) (“Kashiv”) in a transaction with consideration that included $375.0 million of cash and 28,942,108 shares of Class A common stock of the Company at closing, subject to customary purchase price adjustments for cash (the “Kashiv Acquisition”). Consideration for the transaction also included up to $350.0 million in potential contingent payments based on the achievement of certain regulatory milestones in the United States and potential contingent royalties equal to 25% of the amount by which annual aggregate gross profits for certain products exceed specified gross profit hurdle amounts for the corresponding annual royalty periods during thetwelve-year period following the closing of the transaction. Kashiv is a vertically integrated biopharmaceutical company with numerous commercial and advanced clinical-stage assets and is among the few U.S.-based companies to both manufacture and receive marketing authorization for multiple biosimilars.

On August 10, 2026, the Company completed the Kashiv Acquisition for a preliminary purchase price of $1.3 billion. Kashiv’s operating results have been included in the Company’s consolidated financial statements since the acquisition date. The cash portion of the consideration was funded through borrowings under the Company’s credit facilities (refer to Note 14. Debtfor additional information). The Kashiv Acquisition was accounted for as a business combination under the acquisition method of accounting, with Amneal as the accounting acquirer.

The preliminary fair value of consideration transferred is summarized as follows (in thousands):

(1)The cash consideration paid at closing of $266.1 million reflects the initial cash consideration of$375.0 million, less $180.0 million of indebtedness and $3.0 million of transaction expenses, plus $3.9 million of estimated closing cash, $66.7 million of working capital adjustments and $3.5 million of prepayment adjustments, each as determined pursuant to the terms of the Purchase Agreement. Certain amounts remain subject to customary post-closing adjustments.

(2)The Company issued 28.9 million shares of its Class A common stock to the sellers of Kashiv. The fair value of the equity consideration was based on the $17.88 closing price of the Company’s Class A common stock on NASDAQ on August 10, 2026, adjusted by a 5% discount for lack of marketability reflecting temporary transfer restrictions associated with the then-unregistered shares.

(3)The sellers of Kashiv are eligible to receive up to $350.0 million in contingent milestone payments upon the achievement of certain regulatory milestones in the United States for up to six designated Kashiv product candidates (consisting of up to $250.0 million for the first tranche of designated products and up to $100.0 million for the second tranche of designated products). The preliminary fair value of the contingent consideration for milestone payments on the acquisition date of approximately $137.0 million was based on significant Level 3 inputs that were not observable in the market. Key assumptions included the discount rate, probability of achievement of milestones, and projected year of payments. Refer to Note 16. Fair Value Measurementsfor additional information on the methodology and determination of this liability.

(4)The sellers of Kashiv are also eligible to receive, during the 12-year period following the acquisition date, royalty payments equal to 25% of the amount by which annual aggregate gross profits for certain products exceed specified gross profit hurdle amounts for the corresponding annual royalty period. The preliminary fair value of the contingent consideration for royalty payments on the acquisition date of approximately $252.0 million was based on significant Level 3 inputs that were not observable in the market. Key assumptions included projected future gross profits for the underlying products, the timing and probability of expected payments, and the discount rate applied to the estimated future cash flows. Refer to Note 16. Fair Value Measurements for additional information on the methodology and determination of this liability.

(5)Represents amounts paid at closing to repay certain debt obligations of Kashiv, including related prepayment amounts.

(6)Represents an estimated amount due from the sellers related to post-closing purchase price adjustments.

(7)The pre-existing balances between the Company and Kashiv were effectively settled upon completion of the acquisition.

The initial accounting for the acquisition remains incomplete, primarily related to the valuation of certain acquired assets and liabilities, including working capital, property, plant and equipment, intangible assets and contingent consideration, due to the proximity of the acquisition date to the balance sheet date of September 30, 2026. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

(1)Includes a $6.5 million inventory fair value step-up adjustment, which will be recognized in cost of goods sold as the related inventory is sold.

(2)Includes a $10.9 million fair value step-up adjustment for acquired property, plant and equipment from its historical carrying value to its preliminary fair value, which will be recognized over the remaining service lives of the assets as depreciation expense.

(3)Includes a $2.0 million adjustment to reflect favorable lease terms relative to market.

(4)Includes $4.1 million of long-term restricted cash.

The preliminary fair values and estimated useful lives of identifiable intangible assets acquired as of August 10, 2026 were as follows (in thousands):

(1)During September 2026, following the regulatory approval and launch of lanreotide, the related acquired IPR&D was reclassified to marketed product rights and began amortizing over an estimated useful life of approximately five years.

(2)IPR&D assets are considered indefinite‑lived until completion or abandonment of the related projects and are not amortized during the development period. Upon commercialization, the Company will determine a useful life and begin amortization.

The preliminary fair value of the identifiable intangible assets was determined using the income approach, which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. The assumptions, including the expected projected cash flows, utilized in the purchase price allocation and in determining the preliminary purchase price were based on management’s best estimates as of the closing date of the Kashiv Acquisition on August 10, 2026.

Some of the more significant assumptions inherent in the development of these asset valuations included projected revenues and revenue growth rates, estimated EBITDA margins, probability of success, and the discount rates applied to the projected cash flows. In developing these assumptions, management considered factors such as expected net cash flows for each asset or product, including anticipated revenues and associated costs, the risks and uncertainties associated with regulatory and commercial success, the expected lifecycle of each asset, and competitive and market trends. These assumptions reflect management's best estimates as of the acquisition date and involve significant judgment and uncertainty. Changes in the underlying assumptions could result in materially different fair value estimates; accordingly, actual results may vary significantly from estimated results.

The preliminary purchase price allocation remains subject to change as additional information regarding the fair values of assets acquired and liabilities assumed becomes available during the measurement period. Such changes could be material given the proximity of the acquisition date to September 30, 2026. Adjustments to the preliminary fair values of the net assets acquired could affect the Company’s consolidated financial statements in future periods.

Goodwill is measured as the excess of the preliminary fair value of the consideration transferred over the preliminary fair value of identifiable assets acquired, net of liabilities assumed. Goodwill primarily reflects the value of the assembled workforce, strategic positioning in the biosimilars market that Amneal anticipates capturing with the acquired platform, expected synergies and future revenue growth opportunities not attributable to currently identifiable assets, all of which was allocated to the Company’s Affordable Medicines segment.

The transaction was treated as an asset purchase for income tax purposes. The tax bases of the acquired assets and liabilities approximated their amounts recognized for financial reporting purposes at the acquisition date; accordingly, no deferred tax assets or liabilities were initially recognized with respect to those assets and liabilities. The goodwill, acquired intangible assets (marketed product rights and IPR&D), and tangible assets are expected to be fully deductible for income tax purposes.

For the three and nine months ended September 30, 2026, acquisition-related costs incurred and expensed in connection with the Kashiv Acquisition were $19.0 million and $31.7 million, respectively, and were recorded in acquisition and integration costs in the consolidated statements of operations.

For the three and nine months ended September 30, 2026, Kashiv contributed total net revenue of approximately $1.2 million and operating loss of $28.4 million to the Company’s consolidated results of operations.

Unaudited Pro Forma Information

The unaudited pro forma combined results of operations for the three and nine months ended September 30, 2026 and 2025

(assuming the closing of the Kashiv Acquisition occurred on January 1, 2025) were as follows (in thousands):

The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the Kashiv Acquisition closed on January 1, 2025. Furthermore, the pro forma results do not purport to project the future results of operations of the Company.

Adjustments to arrive at the unaudited pro forma information primarily reflect: (i) the elimination of intercompany transactions between Amneal and Kashiv, including the related impacts on net revenue, cost of goods sold and research and development (“R&D”) expenses; (ii) increases to cost of goods sold resulting primarily from amortization of acquired finite-lived intangible assets recognized in connection with the acquisition; (iii) a net increase in interest expense resulting from borrowings under the existing Term Loan due 2032 and Revolving Credit Facility used to finance the acquisition, partially offset by the elimination of historical interest expense associated with Kashiv term loan repaid on the acquisition date; and (iv) the removal of non-recurring transaction costs recognized in the historical financial statements and the presentation of such costs as if incurred on January 1, 2025. These adjustments are presented net of the related income tax effects.

3. Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The majority of the Company’s revenue is recognized from shipping products to customers. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.

License Agreements

Refer to Note 4. Alliance and Collaborationin the Company’s 2025 Annual Report on Form 10-K for further information related to revenue recognition associated with license agreements.

Concentration of Revenue

The following table summarizes revenues from each of the Company’s customers that individually accounted for 10% or more of its total net revenue in any of the periods presented:

Disaggregated Revenue

Effective August 10, 2026, Kashiv’s results are included within the Company’s Affordable Medicines segment. The Company’s significant dosage forms within its Affordable Medicines segment, therapeutic classes within its Specialty segment, and sales channels within its AvKARE segment, each determined based on net revenue for the three and nine months ended September 30, 2026 and 2025, are presented below (in thousands):

(1)Includes net revenue from sales of transmucosal, ophthalmic, topical, nasal and inhalation dosage forms.

A rollforward of the major categories of sales-related deductions for the nine months ended September 30, 2026 is as follows (in thousands):

4. Alliance and Collaboration

The Company has entered into several alliance, collaboration, license, distribution and similar agreements with respect to certain of its products and services with third-party pharmaceutical companies. The consolidated statements of operations include revenue recognized under agreements the Company has entered into to develop marketing and/or distribution relationships with its partners to fully leverage the technology platform and revenue recognized under development agreements. These agreements generally obligate the Company to provide R&D services over multiple periods.

Except as disclosed below, as of and for the three and nine months ended September 30, 2026, there were no material changes to our alliance and collaboration agreements as described and defined in Note 4. Alliance and Collaborationin the Company’s 2025 Annual Report on Form 10-K.

The following table summarizes certain amounts recognized in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three and nine months ended September 30, 2026 and 2025 (in thousands):

(1)Deferred income was recognized as a reduction to R&D expense as services were performed under the Orion Agreement.

(2)Reimbursable R&D services performed under the Orion Agreement were recorded as a reduction to R&D expense.

(3)Gain from derecognizing financing obligation (refer to the Pfizer Collaboration Agreement section below).

(4)Development activities performed on behalf of Pfizer, Inc. on a cost plus margin basis are recorded as net revenue.

(5)Net revenue was recognized for achievement of a regulatory approval milestone.

The following table summarizes certain balances recognized in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of September 30, 2026 and December 31, 2025 (in thousands):

(1)Comprised of deferred income as of September 30, 2026 and December 31, 2025.

(2)Comprised of an accrued milestone as of December 31, 2025 for a Food and Drug Administration (“FDA”) approval.

(3)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2025.

(4)Comprised of construction costs contributed, as defined in the Company’s collaboration agreement with Pfizer Inc. (“Pfizer”). As of September 30, 2026, the funding received from Pfizer represented a contract obligation for future manufacturing services (deferred income). As of December 31, 2025, the funding received from Pfizer was allocated between two performance obligations: (i) a financing obligation in accordance with ASC 470, Debt of $6.4 million and (ii) a contract obligation for future manufacturing services of $3.0 million (refer to the Pfizer Collaboration Agreement section below).

New Developments in 2026

Pfizer Collaboration Agreement

On November 13, 2025, Metsera, Inc. (“Metsera”) was acquired by Pfizer. On January 30, 2026, Pfizer exercised its rights under the change-in-control provision in the Metsera collaboration agreement with the Company to shorten the agreement’s term from seven years tofour years from the date of first commercial sale. As a result, the Company’s rebate and construction cost reimbursement obligations to Pfizer have been eliminated. Pfizer’s cost sharing commitment of up to $100 million for construction costs and all other terms of the agreement remain unchanged.

In connection with the notice from Pfizer, the Company recognized a gain of $6.9 million in other operating income for the nine months ended September 30, 2026 to derecognize the financing obligation previously recognized in accordance with ASC 470, Debt through the date of the notice. The Company will classify all future proceeds received from Pfizer for construction costs contributed as a contract obligation for future manufacturing services (recorded as deferred income within other long‑term liabilities on the consolidated balance sheet). As of September 30, 2026, no commercial products have been launched under this collaboration agreement. Refer to Note 15. Other Long-Term Liabilitiesfor additional information.

MSN Laboratories Private Limited Supply and Distribution Agreement

On April 2, 2026, the Company entered into a supply and distribution agreement with MSN Laboratories Private Limited (“MSN”) for the exclusive distribution of generic mirabegron extended‑release tablets in the United States and its territories (the “MSN agreement”). Mirabegron is a generic, AB-rated version of the reference listed drug, Myrbetriq®. In connection with the MSN agreement, the Company made an upfront cash payment of $75.0 million in April 2026, which was capitalized as a product rights intangible asset and is being amortized to cost of sales over its estimated useful life offive years following the commercial launch of the product in the second quarter of 2026. Additionally, the Company will pay a per‑unit fee and profit‑sharing to MSN based on product sales. MSN is responsible for the commercial manufacture and supply of the finished product and the Company is responsible for the marketing, promotion, and sale of the product.

Adalvo License and Supply Agreement – Tirzepatide

On May 13, 2026, the Company entered into a License and Supply Agreement with Adalvo to develop, register and commercialize two generic tirzepatide products in the U.S. Pursuant to the agreement, the Company received exclusive rights to Adalvo’s regulatory dossiers and related intellectual property for use in obtaining U.S. regulatory approvals for the products. The Company is responsible for regulatory filings, commercialization and distribution, while Adalvo is responsible for development, manufacturing and supply of the products. The agreement provides for development, regulatory and commercial milestone payments of up to $21.0 million, including payments upon regulatory submissions and acceptance, regulatory approvals, product launches and achievement of a specified cumulative net sales threshold. The Company will share a portion of net profits from product sales with Adalvo, after deduction of agreed-upon costs, pursuant to the terms of the agreement. Profit share amounts are calculated and settled on a quarterly basis.

During the nine months ended September 30, 2026, the Company recorded $3.0 million of R&D expense related to the achievement of regulatory milestones under the agreement (submission of an Abbreviated New Drug Application (“ANDA”) and subsequent acceptance by the FDA) for each product.

mAbxience Biosimilar Licensing and Supply Agreement – Denosumab

On May 26, 2026, the Company entered into a supply agreement with mAbxience S.L. (“mAbxience”) to establish supply pricing for Boncresa® and Oziltus® (denosumab biosimilars referencing Prolia® and XGEVA®, respectively). The supply agreement is an addition to the Company’s existing licensing arrangement with mAbxience dated October 12, 2023, as previously described in Note 4. Alliance and Collaborationin the Company’s 2025 Annual Report on Form 10-K.

In connection with the execution of the supply agreement, the Company incurred a one-time signing fee of $6.0 million payable to mAbxience, which was capitalized as an intangible asset during the three months ended June 30, 2026. The signing fee was paid during the three months ended September 30, 2026. The intangible asset will be amortized to cost of sales over its estimated useful life offive years, with amortization commencing upon commercial launch of the products.

Alvotech hf. License Agreement

In connection with the closing of the Kashiv Acquisition on August 10, 2026, the Company acquired a product licensing and supply agreement with Alvotech hf. (“Alvotech”) pursuant to which Alvotech has exclusive rights to obtain regulatory approval for and commercialize a biosimilar to XOLAIR® (omalizumab) in the European Union, the United Kingdom, Australia, Canada and New Zealand. Under the agreement, the Company is responsible for certain R&D activities and dossier-related support, while Alvotech is responsible for regulatory approval, commercialization, marketing and sales activities within the licensed territories. The agreement provides for potential future development, regulatory and commercial milestone payments of up to $25.0 million and royalties based on net sales of the licensed product, subject to specified deductions. No milestone revenue was recognized under the agreement during the period from the acquisition date through September 30, 2026.

Intas Pharmaceuticals Limited License Agreement

In connection with the closing of the Kashiv Acquisition on August 10, 2026, the Company acquired an exclusive license agreement with Intas Pharmaceuticals Limited (“Intas”) pursuant to which Intas has the commercialization rights of lanreotide in Europe and India. The agreement provides for potential future development, regulatory, launch and sales-based milestone payments totaling up to approximately $23.5 million. Upon regulatory approval, the Company will be responsible for manufacturing and supplying drug substance to Intas. No milestone revenue was recognized under the agreement during the period from the acquisition date through September 30, 2026.

5. Income Taxes

Provision for (Benefit from) Income Taxes

Set forth in the following table is the Company’s provision for (benefit from) income taxes (in thousands) and effective tax rate:

For the three and nine months ended September 30, 2026, period-over-period changes in the provision for (benefit from) income taxes and effective tax rate were primarily driven by changes in the level and jurisdictional mix of earnings, the impact of the One Big Beautiful Bill Act (enacted in July 2025), and, for the nine months ended September 30, 2026, discrete tax benefits related to share-based compensation recognized in the current year period.

Tax Receivable Agreement

The following table summarizes the Company’s tax receivable agreement (“TRA”) (in thousands):

Statements of Operations

Balance Sheet

(1) Refer to Note 20. Related Party Transactions.

Refer to Note 5. Income Taxes in the Company’s 2025 Annual Report on Form 10-K for information about the Company’s TRA. During the nine months ended September 30, 2026, the Company made payments of $38.8 million associated with the TRA liability for the 2024 tax year.

Contingent Tax Receivable Agreement Liability

The Company had an unrecorded contingent TRA liability of $116.0 million as of September 30, 2026. If utilization of the

Company’s deferred tax assets becomes more-likely-than-not in the future and the related tax benefits are recognized in income, the unrecorded contingent TRA liability will be recorded through charges in the Company’s consolidated statements of operations.

6.(Loss) Earnings per Share

The computation of basic and diluted (loss) earnings per share was as follows (in thousands, except per share amounts):

The following table presents potentially dilutive securities excluded from the computations of diluted (loss) earnings per share of Class A common stock (in thousands):

(1)Excluded from the computation of diluted loss per share of Class A common stock because the effect of their inclusion would have been anti-dilutive since there was a net loss attributable to the Company during the period.

(2)Excluded from the computation of diluted earnings per share of Class A common stock because the exercise price of the stock options exceeded the average market price of the Class A common stock during the period (out-of-the-money).

(3)Excluded from the computation of diluted earnings per share of Class A common stock because the performance vesting conditions were not met during the period.

7. Trade Accounts Receivable, Net

Trade accounts receivable, net was comprised of the following (in thousands):

Concentration of Receivables

Trade accounts receivable from customers representing 10% or more of the Company’s total trade accounts receivable were as follows:

8. Inventories

Inventories were comprised of the following (in thousands):

9. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets were comprised of the following (in thousands):

(1)The increase in accrued royalty income primarily reflects profit share income under the ALYMSYS® distribution agreement with Valorum Oncology, LLC, as described in Note 4. Alliance and Collaborationin the Company’s 2025 Annual Report on Form 10-K.

10. Property, Plant, and Equipment, Net

Property, plant, and equipment, net was comprised of the following (in thousands):

Depreciation expense for the three and nine months ended September 30, 2026 was $14.7 million and $40.8 million, respectively. Depreciation expense for the three and nine months ended September 30, 2025 was $14.5 million and $43.7 million, respectively.

During the three months ended September 30, 2026, the Company recorded a $13.8 million impairment charge related to certain equipment used in R&D activities as a result of a change in the expected future utilization of the assets. The impairment charge was recorded in R&D expense for the three and nine months ended September 30, 2026.

11. Goodwill and Other Intangible Assets

The changes in goodwill by segment were as follows (in thousands):

For the nine months ended September 30, 2026, goodwill acquired during the period was associated with the Kashiv Acquisition. Refer to Note 2. Acquisition for additional information.

Intangible assets as of September 30, 2026 and December 31, 2025 were comprised of the following (in thousands):

In connection with the Kashiv Acquisition on August 10, 2026, the Company recognized $1,003.0 million of intangible assets at their preliminary acquisition-date fair values, consisting of $40.0 million of product rights and $963.0 million of IPR&D. Product rights are amortized to cost of goods sold over their estimated useful lives. Refer to Note 2. Acquisition for additional information regarding the preliminary purchase price allocation for the Kashiv Acquisition.

Amortization expense related to intangible assets for the three months ended September 30, 2026 and 2025 was $38.6 million and $39.6 million, respectively. Amortization expense related to intangible assets for the nine months ended September 30, 2026 and 2025 was $103.5 million and $130.6 million, respectively.

The following table presents future amortization expense for the next five years and thereafter, excluding $849.1 million of IPR&D intangible assets (in thousands):

The Company reviews intangible assets with finite lives for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Indefinite-lived intangible assets, including IPR&D intangible assets, are tested for impairment if impairment indicators arise and, at a minimum, annually. For the three and nine months ended September 30, 2026, intangible asset impairments were immaterial. For the three and nine months ended September 30, 2025, the Company recorded $22.8 million of intangible asset impairment charges incost of goods sold. The charges primarily related to a Specialty segment product right for which the Company significantly reduced the cash flow forecast after receipt of a complete response letter dated July 22, 2025 from the FDA regarding a supplemental new drug application.

12. Other Assets

Other assets were comprised of the following (in thousands):(1)

(1)Certain prior period amounts have been reclassified to conform to the current period presentation. As of September 30, 2026, the Company separately presented equipment deposits within other assets to provide additional transparency regarding the nature of these balances. Such reclassifications had no impact on total other assets, total assets, results of operations, or cash flows.

(2)Refer to Note 16. Fair Value Measurements and Note 17. Financial Instruments for information about the Company’s interest rate swap.

13. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses were comprised of the following (in thousands):

(1)Refer to Note 3. Revenue Recognitionfor a rollforward of the balance from December 31, 2025 to September 30, 2026.

14. Debt

Changes in the Company’s long-term debt since December 31, 2025 are disclosed below. Refer to Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for additional information and definitions of certain terms used in this note.

The following is a summary of the Company’s long-term debt, including the current portion (in thousands):

Term Loans and Senior Notes

Repricing Amendments to Term Loan Credit Agreement

On February 2, 2026, the Company entered into a repricing amendment for the Term Loan Due 2032 (the “February 2026 Repricing Amendment”), which reduced the applicable interest rate margins on the Term Loan Due 2032 by 50 basis points to 3.00% per annum for term SOFR benchmark rate loans and 2.00% per annum for base rate loans. The stated maturity date of August 1, 2032 and aggregate principal did not change as a result of the amendment.

In connection with the February 2026 Repricing Amendment, the Company recognized a loss of $3.5 million for the nine months ended September 30, 2026, related to costs incurred as part of this transaction and the write‑off of unamortized debt issuance costs associated with the modified portion of the Term Loan Due 2032.

On August 3, 2026, the Company entered into another repricing amendment for the Term Loan Due 2032 (the “August 2026 Repricing Amendment”), which reduced the applicable interest rate margins on the Term Loan Due 2032 by 50 basis points to 2.50% per annum for term SOFR benchmark rate loans and 1.50% per annum for base rate loans. The stated maturity date of August 1, 2032 and aggregate principal did not change as a result of the amendment.

In connection with the August 2026 Repricing Amendment, the Company recognized a loss of $2.4 million for each of the three and nine months ended September 30, 2026, related to costs incurred as part of this transaction and the write‑off of unamortized debt issuance costs associated with the modified portion of the Term Loan Due 2032.

Acquisition Financing - Incremental Borrowing under Term Loan due 2032

On August 10, 2026, the Company entered into Amendment No. 4 to its Term Loan Credit Agreement. Pursuant to the amendment, the Company borrowed an additional $350.0 million under the Term Loan Due 2032 (the “Incremental Term Loans”) with substantially the same terms. The proceeds of the Incremental Term Loans were used to finance a portion of the cash consideration paid in connection with the Kashiv Acquisition. Beginning December 31, 2026, the Company will make quarterly principal payments of 0.25% of the aggregate outstanding balance of the Incremental Term Loans.

In connection with the incremental borrowings, the Company recognized a loss of $3.4 million for each of the three and nine months ended September 30, 2026, related to costs incurred as part of this transaction and the write‑off of unamortized debt issuance costs associated with the modified portion of the Term Loan Due 2032.

Kashiv Rupee Term Loan Facility

In connection with the Kashiv Acquisition, the Company assumed a rupee-denominated term loan facility (the “Kashiv Rupee Term Loan Facility”) with an outstanding principal balance of $16.6 million as of the acquisition date. The facility provided aggregate commitments of approximately $72.0 million, bore interest at a variable rate based on the benchmark rate plus an applicable margin. The outstanding principal balance was $16.5 million as of September 30, 2026, which the Company repaid in full on October 1, 2026. The Kashiv Rupee Term Loan Facility was subsequently terminated.

2025 Revolving Credit Facility

During April and May 2026, the Company borrowed $100.0 million under the 2025 Revolving Credit Facility. On July 31, 2026, the Company borrowed an additional $30.0 million under the 2025 Revolving Credit Facility for working capital needs and other general corporate purposes. On August 5, 2026, the Company borrowed an additional $150.0 million under the 2025 Revolving Credit Facility in anticipation of funding a portion of the cash consideration payable in connection with the Kashiv Acquisition on August 10, 2026. Refer to Note 2. Acquisitionfor additional information about the Kashiv Acquisition. During August and September 2026, the Company repaid $100.0 million under the 2025 Revolving Credit Facility. As of September 30, 2026, the Company had $180.0 million outstanding on the 2025 Revolving Credit Facility. Subsequent to September 30, 2026, the Company repaid $50.0 million under the 2025 Revolving Credit Facility. Refer to Note 24. Subsequent Events for additional information.

The 2025 Revolving Credit Facility bears an interest rate equal to the alternate base rate (“ABR”) or SOFR, plus an applicable margin, in each case, subject to an ABR floor of 1.00% or a SOFR floor of 0.00%, as applicable. The applicable margin on borrowings under the 2025 Revolving Credit Facility ranges from 0.25% to 0.50% per annum for ABR loans and from 1.25% to 1.50% per annum for SOFR loans determined by the average historical excess availability.

15. Other Long-Term Liabilities

Other long-term liabilities were comprised of the following (in thousands):

(1)Deferred income was primarily from alliance and collaboration agreements with Orion Corporation, Zambon Biotech S.A., and Pfizer. Refer to Note 4. Alliance and Collaboration for additional information.

16. Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification for each reporting period. The following table sets forth the Company’s financial assets that were measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 (in thousands):

(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial information and certain assumptions regarding past, present, and future market conditions. Refer to Note 17. Financial Instruments for information on the Company’s interest rate swap.

(2)The fair value measurement of contingent consideration liability has been classified as a Level 3 recurring liability as its valuation requires judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for various inputs, the estimated fair value could be higher or lower than what the Company determined. As of September 30, 2026, the contingent consideration liability associated with the Kashiv Acquisition of $383.0 million recorded in the Company’s consolidated balance sheet included $59.0 million in contingent consideration - related party - short term and $324.0 million in contingent consideration - related party - long-term. Refer to Note 2. Acquisition and Note 20. Related Party Transactions for additional information associated with the Kashiv Acquisition.

There were no transfers between levels in the fair value hierarchy during the nine months ended September 30, 2026.

Contingent Consideration

On August 10, 2026, the Company completed the Kashiv Acquisition, which provides for up to$350.0 million in undiscounted contingent payments based on the achievement of certain regulatory milestones in the United States and potential contingent royalties equal to 25% of the amount by which annual aggregate gross profits for certain products exceed specified gross profit hurdle amounts for the corresponding annual royalty periods during thetwelve-year period following the closing of the Kashiv Acquisition.

There wereno contingent payments made during thethree and nine months ended September 30, 2026.

The following table provides a reconciliation of the contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

The fair value measurement of the contingent consideration liabilities was determined based on significant unobservable inputs, including the discount rate, estimated probabilities of success, timing of achieving specified regulatory milestones and the estimated amount of future revenues and gross profits for the underlying products subject to contingent royalty payments. The contingent consideration liability is estimated by applying a probability-weighted expected payment model for contingent milestone payments and a Monte Carlo simulation model for contingent royalty payments, which are then discounted to present value. Changes to the fair value of the contingent consideration liabilities can result from changes to one or a number of the aforementioned inputs. If different assumptions were used for various inputs, the estimated fair value could be higher or lower than what the Company determined.

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s contingent consideration liabilities as of September 30, 2026:

(1)Unobservable inputs were weighted by the relative fair value of each product candidate acquired.

(2)Excludes three products that have all successfully launched as of September 30, 2026 and have a 100% probability of payment.

(3)Projected year of payment represents the estimated timing of royalty payments utilized in the Monte Carlo Simulation valuation model. Payments are expected to occur from 2027 through 2038, with approximately 50% of discounted expected payments occurring by 2032.

Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

The carrying amounts of cash, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. The carrying amount of the Kashiv Rupee Term Loan Facility approximated fair value as of September 30, 2026 due to its repayment on October 1, 2026. The carrying amount of the 2025 Revolving Credit Facility approximated fair value as of September 30, 2026 due to its variable interest rate, which reflects current market rates. The fair value measurement is classified within Level 2 of the fair value hierarchy.

The following is a summary of the Company’s indebtedness at fair value (in thousands):

The Term Loan Due 2032 and Senior Notes Due 2032 are each in the Level 2 category within the fair value hierarchy. The fair values were determined using market data for valuation.

Refer to Note 14. Debt in this Quarterly Report on Form 10-Q and Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for information about its indebtedness, including definitions of terms and additional information.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

There were no non-recurring fair value measurements during the nine months ended September 30, 2026 and 2025.

17. Financial Instruments

The Company uses an interest rate swap to manage its exposure to market risks for changes in interest rates. Changes in fair value will be recognized in other comprehensive loss and reclassified to interest expense, net, in the period in which the hedged transaction affects earnings. During the three and nine months ended September 30, 2026, the Company reclassified a net loss (increase in interest expense) of $2.9 million and $8.7 million, respectively, from accumulated other comprehensive loss. As of September 30, 2026, a net gain of $21.9 million was recorded in accumulated other comprehensive loss associated with the impact of all interest rates swaps, with $7.6 million, net, expected to be reclassified within 12 months. Refer to Note 19. Stockholders’ Equity (Deficiency)in this Quarterly Report on Form 10-Q and Note 18. Financial Instruments in the Company’s 2025 Annual Report on Form 10-K for defined terms and additional information.

During the three and nine months ended September 30, 2025, the Company reclassified a net loss of $4.2 million (increase in interest expense, net) and net gain of $1.7 million (decrease in interest expense, net), respectively, from accumulated other comprehensive loss. As of December 31, 2025, $14.8 million in net losses were recorded in accumulated other comprehensive loss.

A summary of the fair values of derivative instruments in the consolidated balance sheets was as follows (in thousands):

18. Commitments and Contingencies

Commitments

Commercial Manufacturing, Collaboration, License, and Distribution Agreements

The Company continues to seek to enhance its product line and develop a balanced portfolio of differentiated products through product acquisitions and in-licensing. Accordingly, the Company, in certain instances, may be contractually obligated to make potential future development, regulatory, and commercial milestone, royalty and/or profit-sharing payments in conjunction with collaborative agreements or acquisitions that the Company has entered with third parties. The Company has also licensed certain technologies or IP from various third parties. The Company is generally required to make upfront payments and other payments upon successful completion of regulatory or sales milestones. The agreements generally permit the Company to terminate the agreement with no significant continuing obligation. The Company could be required to make significant payments pursuant to these arrangements. These payments are contingent upon the occurrence of certain future events and, given the nature of these events, it is unclear when, if ever, the Company may be required to pay such amounts. Further, the timing of any future payment is not reasonably estimable. Refer to Note 4. Alliance and Collaborationfor additional information. Certain of these arrangements are with related parties. Refer to Note 20. Related Party Transactionsfor additional information.

Contingencies

Legal Proceedings

The Company’s legal proceedings are complex, constantly evolving, and subject to uncertainty. As such, the Company cannot predict the outcome or impact of its significant legal proceedings which are set forth below. Additionally, the Company manufactures and derives a portion of its revenue from the sale of pharmaceutical products in the opioid class of drugs and may therefore face claims arising from the regulation and/or consumption of such products. While the Company believes it has meritorious claims and/or defenses to the matters described below (and intends to vigorously prosecute and defend them), the nature and cost of litigation is unpredictable, and an unfavorable outcome of such proceedings could include damages, fines, penalties and injunctive or administrative remedies.

For any proceedings where losses are probable and reasonably capable of estimation, the Company accrues a potential loss. When the Company has a probable loss for which a reasonable estimate of the liability is a range of losses and no amount within that range is a better estimate than any other amount, the Company records the loss at the low end of the range. While these accruals have been deemed reasonable by the Company’s management, the assessment process relies heavily on estimates and assumptions that may ultimately prove inaccurate or incomplete. Additionally, unforeseen circumstances or events may lead the Company to subsequently change its estimates and assumptions. Unless otherwise indicated below, the Company is unable at this time to estimate the possible loss or the range of loss, if any, associated with such legal proceedings and claims. Any such claims, proceedings, investigations or litigation, regardless of the merits, might result in substantial costs to defend or settle, borrowings under the Company’s debt agreements, restrictions on product use or sales, or otherwise harm the Company’s business. The ultimate resolution of any or all claims, legal proceedings or investigations are inherently uncertain and difficult to predict, could differ materially from the Company’s estimates and could have a material adverse effect on its results of operations and/or cash flows in any given accounting period, or on its overall financial condition. The Company currently intends to vigorously prosecute and/or defend these proceedings as appropriate. From time to time, however, the Company may settle or otherwise resolve these matters on terms and conditions that it believes to be in its best interest. An insurance recovery, if any, is recorded in the period in which it is probable the recovery will be realized.

For the three months ended September 30, 2026, charges related to legal matters, net were $6.5 million, primarily consisting of a charge related to government investigations of $8.0 million, partially offset by immaterial net credits related to several matters.

For the nine months ended September 30, 2026, charges related to legal matters, net were $15.2 million, primarily consisting of (i) a $21.2 million charge associated with certain states electing a 25% cash conversion in lieu of product under the Nationwide Opioids Settlement Agreement, partially offset by a $20.8 million discount recorded on the expected settlement payments as of the agreement’s effective date, (ii) net charges associated with antitrust class action litigation of $7.5 million, and (iii) charges related to government investigations of $8.0 million. These charges were partially offset by immaterial net credits related to several other legal matters. For additional information regarding the Nationwide Opioids Settlement Agreement, antitrust class action litigation, and government investigations, refer to the section Other Litigation Regarding the Company’s Business below.

Liabilities for legal matters were comprised of the following (in thousands):

(1)As of September 30, 2026, the total current and long-term liabilities of $81.1 million for civil prescription opioid litigation were primarily comprised of an $80.6 million liability for the Nationwide Opioids Settlement Agreement effective January 23, 2026, as defined and described in the section Civil Prescription Opioid Litigation below. Of the $80.6 million accrued for this settlement agreement, $79.7 million was for cash payments and $0.9 million was for the supply of naloxone nasal spray.

As of September 30, 2026, the remaining cash payments under the Nationwide Opioids Settlement Agreement, due on March 1 of each year, were as follows (in thousands):

(1)Amounts due in each of 2031 through 2034 include approximately $10.4 million of cash conversion payments associated with certain settling parties’ elections to receive cash in lieu of naloxone nasal spray under the Nationwide Opioids Settlement Agreement ($41.4 million in the aggregate).

The discount-related imputed interest will be amortized to interest expense over the life of the liability using the effective interest method. Interest expense associated with the Nationwide Opioids Settlement Agreement for the three and nine months ended September 30, 2026 was immaterial.

Refer to Note 19. Commitments and Contingencies in the Company’s Annual Report on Form 10-K for a general discussion of Medicaid Reimbursement and Price Reporting Matters and Patent Litigation.

Other Litigation Related to the Company’s Business

United States Department of Justice Investigations

On May 15, 2023, Amneal Pharmaceuticals LLC (“Amneal”) received a Civil Investigative Demand (“CID”) from the Civil Division of the United States Department of Justice (the “Civil Division”) requesting information and documents related to the manufacturing and shipping of diclofenac sodium 1% gel labeled as “prescription only” after the reference listed drug’s label was converted to over-the-counter. In October 2024, the Company received supplemental CIDs seeking additional information related to the same subject matter. The Company is continuing to cooperate with the Civil Division’s investigation. However, no assurance can be given as to the timing or outcome of the investigation.

In Re Generic Pharmaceuticals Pricing Antitrust Litigation

Beginning in March 2016, purchasers of generic drugs filed multiple putative antitrust class action complaints against a substantial number of generic pharmaceutical manufacturers, including the Company, alleging an illegal conspiracy to fix prices, rig bids, and allocate markets and customers. They seek monetary damages and equitable relief, including disgorgement and restitution. Most of these lawsuits were consolidated in the United States District Court for the Eastern District of Pennsylvania (See In re Generic Pharmaceuticals Pricing Antitrust Litigation, MDL No. 2724 (E.D. Pa.)). Some purchasers filed similar lawsuits in state courts in Pennsylvania, Connecticut, and New York. The Company has filed several motions to dismiss these cases, and some of those motions remain pending.

In 2019 and 2020, Attorneys General of 43 States and the Commonwealth of Puerto Rico named the Company intwo complaints alleging a similar conspiracy and seeking similar relief. These cases are pending in the District of Connecticut. See Connecticut, et al. v. Teva Pharmaceuticals USA, Inc., et al., 3:19-cv-00710-MPS and Connecticut, et al. v. Sandoz, Inc. et al., 3:20-cv-00802-MPS.

In Connecticut, et al. v. Sandoz, Inc. et al., on April 15, 2026, the Court granted the Company’s individual motion for summary judgment with respect to the states’ claim that the Company participated in an overreaching conspiracy involving more than 80 drugs and denied the Company’s motion with respect to an alleged conspiracy involving only one drug, phenytoin.

The multi-district litigation (“MDL”) court selected Humana Inc. v. Actavis Elizabeth, LLC et al., No. 2:18-cv-03299-CMR (“Humana I”), which names Impax Laboratories, LLC (“Impax”) as a defendant, as a bellwether and set a trial for September 2026. On March 26, 2026, Impax filed an individual motion for summary judgment and four joint motions for summary judgment in Humana I. Those summary judgment motions were fully briefed on May 22, 2026 and remain pending. On August 4, 2026, the Court denied Defendants’ joint motion for partial summary judgment on statute of limitations grounds as to certain federal claims, and on September 28, 2026, it denied the motion as to certain state-law claims. Defendants’ joint summary judgment motion on damages was denied on August 19, 2026, and defendants’ joint summary judgment motion on overarching conspiracy was denied on August 26, 2026. On September 14, 2026, Defendants’ joint summary judgment motion on state-law claims was granted in part and denied in part. Impax’s individual motion for summary judgment remains pending. On September 2, 2026, the Court stayed proceedings and continued the trial date in light of a dispute regarding a possible conflict of interest involving one of the appointed special masters. The other MDL cases and the state court cases are in various stages of pleading and discovery. No other trials involving the Company have been set.

Civil Prescription Opioid Litigation

As a result of the Court’s Stipulation and Order dated February 26, 2026, pursuant to the settlement of the political subdivision cases in MDL 2804, the state and federal cases against the Company relating to the sale of prescription opioid pain relievers have been reduced from over 800 cases to less than 70 cases, comprised of 24 cases in MDL 2804 and other federal courts, and 42 state court cases. Plaintiffs in the remaining cases are political subdivisions (pending dismissal), schools, hospitals, pension funds, third-party payors, and individuals. Nearly all federal court cases are consolidated for pre-trial proceedings in Case No. 17-mdl-2804 (N.D. Ohio). There are no firm trial dates in the state-court cases.

The New York, Alaska, and Maryland Attorneys General have withdrawn their subpoenas seeking information regarding the Company’s business concerning opioid-containing products.

In 2023, the Company reached settlements with the New Mexico Attorney General and West Virginia political subdivisions and a settlement with a group of private hospitals in Alabama. On March 30, 2026, the court in Alabama dismissed the hospital cases against the Company pursuant to the settlement agreement.

In late April 2024, the Company reached a nationwide settlement in principle on the primary financial terms, with no admission of wrongdoing, for a nationwide resolution to the opioids cases filed and that might have been filed by state Attorneys General, political subdivisions and Native American tribes. In September 2025, the Native American tribal participation reached a sufficient percentage to effectuate the tribal settlement. On January 23, 2026, the Company determined that it will make effective its nationwide agreement to settle a substantial majority of the opioids-related claims brought against the Company by various states and subdivisions (the “Nationwide Opioids Settlement Agreement”), having previously secured sufficient participation by those states and subdivisions, including all eligible state and territorial Attorneys General and all subdivisions that previously sued the Company. The Nationwide Opioids Settlement Agreement became effective on January 29, 2026, and the Company made its first installment payment of $23.8 million to the settlement administrator on that date. An additional installment payment of $12.1 million was made on February 26, 2026. The settlement is payable through 2034. Under the settlement, the Company agreed to pay up to $92.5 million in cash and provide $177.4 million (valued at $125/twin pack) in naloxone nasal spray to help treat opioid overdoses. In lieu of receiving product, the settling parties can opt to receive 25% of the naloxone nasal spray’s value (up to $44.4 million) in cash during the last four years of theten-year payment term, which could increase the total amount of cash the Company would pay up to $136.9 million. In March 2026, five states elected to receive $11.6 million in free naloxone nasal spray with the remaining states electing to receive the 25% cash conversion. As a result, and assuming other states do not subsequently decide to instead receive settlement product, Amneal will pay $41.4 million in cash in equal distributions of $10.4 million from 2031 to 2034. Including these cash conversion payments, the Company’s total cash payments under the Nationwide Opioids Settlement Agreement will be $133.5 million.

Refer to the section Legal Proceedings above for amounts charged to the statements of operations for the three and nine months ended September 30, 2026 and liabilities as of September 30, 2026 and December 31, 2025, associated with civil prescription opioid litigation. For the remaining cases not covered by the Nationwide Opioids Settlement Agreement, primarily brought by other hospitals, schools and individuals, the Company did not record a liability as of September 30, 2026 and December 31, 2025 because it concluded that a loss was not probable and estimable.

During July 2025, the Company deposited an aggregate of $24.2 million into dedicated accounts as a step in the process to finalize a definitive settlement agreement. These deposits, which were classified as restricted cash in the Company’s consolidated balance sheet as of December 31, 2025, remained the property of the Company until a definitive settlement agreement was reached and the funds were used to make the first installment payment under the Nationwide Opioids Settlement Agreement. Accordingly, no related restricted cash balance remained as of September 30, 2026.

United States Department of Justice / Drug Enforcement Administration Subpoenas

On July 7, 2017, Amneal Pharmaceuticals of New York, LLC received an administrative subpoena issued by the Long Island, NY District Office of the Drug Enforcement Administration (the “DEA”) requesting information related to compliance with certain recordkeeping and reporting requirements. On or about April 12, 2019 and May 28, 2019, the Company received grand jury subpoenas from the U.S. Attorney’s Office for the Eastern District of New York (the “USAO”) relating to similar topics concerning the Company’s suspicious order monitoring program and its compliance with the Controlled Substances Act. The Company has been cooperating with the USAO in responding to the subpoenas. The Company entered into tolling agreements with respect to potential criminal charges through May 15, 2026. The Company entered into tolling agreements with respect to potential civil claims through November 15, 2024. It is not possible to determine the exact outcome of these investigations.

On December 21, 2025, the Company received an administrative subpoena from the DEA relating to sales of controlled substances to Dixon Shane, LLC d/b/a R&S Northeast LLC (“R&S Northeast”), an indirect subsidiary that distributes generic pharmaceuticals manufactured by Amneal and others. On the same date, R&S Northeast received an administrative subpoena from the DEA relating to various policies and procedures relating to controlled substances and controlled substance order monitoring, as well as other information relating to current and former customers. The Company and R&S Northeast have been cooperating with DEA and responding to the subpoenas. It is not possible to determine the exact outcome of this investigation.

Ranitidine Litigation

The Company was named, along with numerous other brand and generic pharmaceutical manufacturers, wholesale distributors, retail pharmacy chains, and repackagers of ranitidine-containing products in a federal MDL (Inre Zantac/Ranitidine NDMA Litigation (MDL No. 2924), Southern District of Florida). Plaintiffs alleged defendants failed to disclose and/or concealed the alleged inherent presence of N-Nitrosodimethylamine (or “NDMA”) in ranitidine products and the alleged associated risk of cancer. The MDL court’s dismissal of claims by all plaintiffs against the Company and other generic drug manufacturers on preemption grounds is on appeal in the 11th Circuit. Plaintiffs filed their merits brief on April 10, 2024. The generic drug manufacturers, including the Company, filed their briefs on July 25, 2024. Plaintiffs’ reply brief was filed November 8, 2024. The briefing also addresses the MDL court’s December 6, 2022 exclusion of plaintiff’s general causation experts. The 11th Circuit heard oral argument on October 10, 2025. The timeline for the 11th Circuit Court of Appeals’ rulings is uncertain.

The Company has also been named in state court cases infour states. The Company filed motions to dismiss those cases. On August 17, 2023, the judge in the consolidated Illinois state court cases granted the motion to dismiss all such cases in which the Company had been named, holding all claims preempted. The Company has reached an agreement, which is not material, to settle the 95 cases pending against it in California state court. The process for completing the settlement, which the Company does not expect to be material, is in progress. There are no trial dates involving the Company in any of the state court cases.

Metformin Litigation

Beginning in 2020, Amneal was named as a defendant in several putative class action lawsuits filed and consolidated in the United States District Court for the District of New Jersey, seeking compensation for economic loss allegedly incurred in connection with their purchase of generic metformin allegedly contaminated with NDMA. See In Re Metformin Marketing and Sales Practices Litigation (No. 2:20-cv-02324-MCA-MAH) (“In re Metformin”). On January 30, 2026, the Court issued an Order granting in part and denying in part Defendants’ motion to dismiss the Fourth Amended Complaint. Discovery is ongoing.

On March 29, 2021, a plaintiff filed a complaint in the United States District Court for the Middle District of Alabama asserting claims against manufacturers of valsartan, losartan, and metformin based on the alleged presence of nitrosamines in those products. The only allegations against the Company concern metformin (See Davis v. Camber Pharmaceuticals, Inc., et al.,

C.A. No. 2:21-00254 (M.D. Ala.) (the “Davis Action”)). On May 5, 2021, the United States Judicial Panel on Multidistrict Litigation transferred the Davis Action into the In re: Valsartan, Losartan, and Irbesartan Products Liability Litigation MDL for pretrial proceedings.

UFCW Local 1500 Welfare Fund v. Takeda Pharmaceuticals U.S.A., Inc.

On November 14, 2023, UFCW Local 1500 Welfare Fund and other health plans filed a purported class action lawsuit in the United States District Court for the Southern District of New York against multiple manufacturers, including the Company, alleging an illegal conspiracy to restrict output of generic COLCRYS®. See UFCW Local 1500 Welfare Fund et al. v. Takeda Pharma. U.S.A., Inc. et al, No. 1:23-cv-10030 (S.D.N.Y.). On February 28, 2024, Takeda Pharmaceuticals U.S.A., Inc. filed a motion to transfer the case to the United States District Court for the Eastern District of Pennsylvania. The case was transferred on April 28, 2026. See UFCW Local 1500 Welfare Fund et al. v. Takeda Pharma U.S.A., Inc., et al. No. 2:26-cv-3122 (E.D. Pa.). Defendants’ motion to dismiss the case was filed on June 9, 2026. That motion is fully briefed and is pending before the Court.

Indian Tax Authority Matters

Amneal Pharmaceuticals Pvt. Ltd. and RAKS Pharmaceuticals Pvt. Ltd., which are subsidiaries of the Company, are currently involved in litigations with Indian tax authorities concerning Central Excise Tax, Service Tax, Goods & Services Tax, and Value Added Tax for various periods of time between 2014 and 2017. These subsidiaries have contested certain of these assessments, which are at various stages of the administrative process. The Company strongly believes its Indian subsidiaries have meritorious defenses in the matter.

Guaifenesin Litigation

On June 27, 2025, CVS Pharmacy, Inc. (“CVS”), which Amneal is defending, was named as a defendant in a putative consumer class action lawsuit in the United States District Court for the Northern District of Illinois, alleging that generic guaifenesin products sold by CVS (and manufactured by Amneal) contain benzene through the use of carbomer, an inactive ingredient. See Hatfield v. CVS Health Corporation, No. 1:25-cv-7248 (N.D. Ill.). On September 3, 2026, the Court granted CVS’s motion to dismiss without prejudice. Plaintiff filed a notice of voluntary dismissal with prejudice on October 8, 2026, and the case has been terminated.

Amneal Pharmaceuticals LLC et al. v. Sandoz Inc.

On November 25, 2024, the Company and Impax received the first of five notice letters from Sandoz Inc. (“Sandoz”) stating that Sandoz had filed an ANDA with the FDA seeking approval to market generic versions of CREXONT®, an extended-release oral capsule formulation of carbidopa and levodopa for the treatment of Parkinson’s disease. The notice letters included a Paragraph IV certifications alleging that certain patents covering CREXONT® are invalid, unenforceable, or will not be infringed by the manufacture, use, or sale of Sandoz’s generic product.

In response to these notice letters, on January 7, 2025, the Company and Impax filed a first patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, Case No. 3:25-cv-00181-GC-TJB. The filing of this lawsuit triggered a 30-month stay of FDA approval of the Sandoz ANDA from the date of receipt of the notice letter. CREXONT® is also subject to a regulatory exclusivity until August 7, 2027.

On June 20, 2025, the Company and Impax filed another patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, captioned Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 2:25-11981-GC-TJB. On November 12, 2025, the Company and Impax filed another patent infringement lawsuit against Sandoz in the U.S. District Court for the District of New Jersey, captioned Amneal Pharmaceuticals LLC et al. v. Sandoz Inc., D.N.J. 2:25-17384-GC-TJB.

On October 9, 2026, the Company, Impax, and Sandoz entered into a settlement and license agreement to resolve their disputes. Under the terms of that agreement, the Company and Impax granted Sandoz a license to begin selling generic versions of CREXONT® on December 21, 2037, or earlier under certain circumstances. On November 3, 2026, the three above lawsuits were dismissed without prejudice.

Amneal Pharmaceuticals LLC et al. v. Alembic Pharmaceuticals Ltd.

On May 26, 2026, the Company and Impax received a notice letter from Alembic Pharmaceuticals Ltd (“Alembic”) stating that it had filed an ANDA with the FDA seeking approval to market generic versions of CREXONT®, an extended-release oral capsule formulation of carbidopa and levodopa for the treatment of Parkinson’s disease. The notice letter included Paragraph IV certifications alleging that certain patents covering CREXONT® are invalid, unenforceable or will not be infringed by the manufacture, use or sale of Sandoz’s generic product.

In response to the notice letter, on July 2, 2026, the Company and Impax filed an infringement lawsuit against Alembic in the U.S. District Court for the District of Delaware, Case No. 26-cv-00798. This lawsuit is currently in the initial pleadings and discovery stage. The filing of this lawsuit triggered a 30-month stay of FDA approval of the Alembic ANDA from the date of receipt of the notice letter. CREXONT® is also subject to a regulatory exclusivity until August 7, 2027.

Carickhoff v. Amneal Pharmaceuticals, Inc., et al.

On May 7, 2025, the Liquidating Trustee on Behalf of the Vyera Liquidating Trust Established Under the Subchapter V Plan of Reorganization of debtors Vyera Pharmaceuticals, LLC and Phoenixus AG filed an adversary proceeding in the United States Bankruptcy Court for the District of Delaware against the Company and Impax, seeking to recover approximately $55.4 million in allegedly fraudulent transfers made by the debtors to Impax to purchase the drug Daraprim in 2015. (See Carickhoff v. Amneal Pharmaceuticals, Inc, et al., Adv. Pro. No. 25-50903-JKS (Bankr. D. Del.)). Defendants filed a motion to dismiss the complaint on September 9, 2025. That motion is fully briefed and is pending before the Court.

Shareholder Litigation Related to Agreement to Acquire Kashiv Biosciences, LLC

Two complaints were filed by purported shareholders of the Company against the Company and certain directors and officers of the Company related to the Company’s agreement to acquire Kashiv Biosciences, LLC. The complaints were captioned: (i) Johnson v. Amneal Pharmaceuticals, Inc., et al., No. 654043/2026 (N.Y. Sup. Ct. July 8, 2026); and (ii) Kent v. Amneal Pharmaceuticals, Inc., et al., No. 654067/2026 (N.Y. Sup. Ct. July 9, 2026) (collectively, the “Complaints”). The Complaints sought to enjoin the defendants from proceeding with the Kashiv Acquisition unless the defendants disclosed certain purportedly material information alleged to have been omitted from the definitive proxy statement related to the solicitation of shareholder approval of the transaction and sought rescission of the Kashiv Acquisition and/or damages if the Kashiv Acquisition was consummated. Plaintiffs did not serve or otherwise pursue the Complaints, and the Kashiv Acquisition closed on August 10, 2026. Refer to Note 2. Acquisition for information about the Kashiv Acquisition.

Value Drug Company v. Amneal Pharmaceuticals, Inc.

On July 27, 2026, Value Drug Company filed a purported class action lawsuit on behalf of itself and other direct purchasers of RYTARY® or generic versions of RYTARY® in the Northern District of California alleging that Amneal and Impax illegally conspired with generic manufacturers Zydus Pharmaceuticals (USA) Inc. and Zydus Lifesciences Limited to suppress price competition for RYTARY®. See Value Drug Company v. Amneal Pharmaceuticals LLC et al, No. 5:26-cv-7780 (N.D. Cal.). Value Drug Company filed an amended complaint on September 17, 2026. Defendants’ motion to dismiss the amended complaint is due on November 18, 2026.

19. Stockholders’ Equity (Deficiency)

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component were as follows (in thousands):

Beginning January 1, 2026, the holders of the Rondo Class B Units, as defined and discussed in Note 20. Stockholders’ (Deficiency) Equity to the Company’s 2025 Annual Report on Form 10-K, have a put right to require the Company to purchase their units for a purchase price that is based on a multiple of Rondo’s earnings before income taxes, depreciation, and amortization, subject to the satisfaction of certain financial targets and other conditions.

On September 15, 2026, the Company entered into an equity purchase agreement to acquire a portion of the outstanding Rondo Class B Units for cash consideration of $19.8 million. Based on the terms of the agreement, the Company concluded that redemption of the related redeemable non-controlling interest was probable and, as of September 30, 2026, accreted the non-controlling interest to its redemption value, resulting in $14.2 million of accretion during the three and nine months ended September 30, 2026. The Company evaluated the remaining outstanding Rondo Class B Units and concluded that redemption was not probable; accordingly, no additional accretion was recognized. The transaction closed on October 1, 2026 and increased the Company's ownership interest in Rondo from approximately 65.1% to 66.4%.

Acquisition of Non-Controlling Interests in Amneal Complex Products Research LLC

The Company acquired a 98% interest in Kashiv Specialty Pharmaceuticals, LLC (“KSP”), now known as Amneal Complex Products Research LLC (“CPR”), on April 2, 2021. On May 31, 2026, the Company acquired the remaining 2% non-controlling interests in CPR from the sellers of KSP, who are related parties, for cash consideration of $0.4 million. The carrying value of the acquired non-controlling interest was $0.6 million. Following the acquisition, CPR became a wholly owned subsidiary of the Company.

Shares Issued in Connection with the Kashiv Acquisition

On August 10, 2026, the Company issued 28.9 million shares of its Class A common stock to the sellers of Kashiv as the equity portion of the preliminary purchase consideration for the Kashiv Acquisition. Refer to Note 2. Acquisition for additional information about the acquisition and preliminary purchase consideration.

20. Related Party Transactions

The Company has various business agreements with certain third-party companies in which there is some common ownership and/or management between those entities, on the one hand, and the Company, on the other hand. The Company has no direct ownership or management in any of such related party companies. Except as disclosed below, as of and for the three and nine months ended September 30, 2026, there were no material changes to our related party agreements or relationships as defined and described in Note 22. Related Party Transactionsand Note 20. Stockholders’ (Deficiency) Equity in the Company’s 2025 Annual Report on Form 10-K.

The following table summarizes the Company’s related party transactions (in thousands):

(1)Amounts relate to agreements previously between Amneal and Kashiv that were acquired in the Kashiv Acquisition and, following the closing of the transaction on August 10, 2026, became transactions among Amneal’s consolidated subsidiaries. Accordingly, the amounts presented for the three and nine months ended September 30, 2026 reflect activity only through August 10, 2026.

(2)Represents changes in the fair value of contingent consideration liabilities payable to the sellers of Kashiv pursuant to the Purchase Agreement.

(3)These agreements were acquired in the Kashiv Acquisition and are included in the Company’s related party disclosures for the three and nine months ended September 30, 2026 because the counterparties meet the definition of related parties. The amounts presented reflect activity from the acquisition date through September 30, 2026.

The following table summarizes the amounts due to or from the Company for related party transactions (in thousands):

Master Logistics Services Agreement with DCS

On February 24, 2026, the Company entered into a master logistics services agreement with Direct Customer Solutions, LLC (“DCS”), a third-party logistics provider specializing in the life sciences industry. Under the agreement, DCS will provide logistics services on behalf of the Company, including transportation, warehousing, and end-to-end supply chain management for certain products. A member of Company management beneficially owns outstanding equity securities of DCS.

Pursuant to the agreement, the Company paid DCS an immaterial one-time setup fee, a per-unit distribution fee, and a minimum monthly maintenance fee. For the three and nine months ended September 30, 2026, the Company recorded selling, general and administrative expense of $0.2 million and $0.3 million, respectively, and a short term payable of $0.1 million as of September 30, 2026, related to these services.

License and Commercialization Agreement with PharmaSophia, LLC

PharmaSophia, LLC (“PharmaSophia”) is a joint venture formed by Nava Pharma, LLC (“Nava”) and Oakwood Laboratories, LLC for the purpose of developing certain products. Certain executive officers of the Company beneficially own, directly and through certain revocable or irrevocable trusts for the benefit of their immediate families, outstanding equity securities of Nava. Nava beneficially owns 50% of the outstanding equity securities of PharmaSophia. In addition, these executive officers also serve on the Board of Managers of PharmaSophia.

In October 2022, PharmaSophia and Amneal entered into an exclusive license and commercialization agreement (the “PharmaSophia Agreement”) to develop, manufacture, and sell one injectable product (risperidone). PharmaSophia receives a 50% profit share for all sales of product made by Amneal under the PharmaSophia Agreement. For the three and nine months ended September 30, 2026, the Company recorded royalty expense of $0.3 million and $1.2 million, respectively, related to this agreement. Amounts payable to PharmaSophia under the agreement were $0.3 million as of September 30, 2026.

Agreement to Acquire Complex Products Research, LLC Non-Controlling Interest

On May 31, 2026, the Company acquired the remaining 2% non-controlling interests in CPR from the sellers of KSP, which are related parties, for cash consideration of $0.4 million. Refer to Note 19. Stockholders’ Equity (Deficiency)for additional information.

Pre-Acquisition Related Party Transactions

On August 10, 2026, the Company completed the Kashiv Acquisition. Prior to closing of the transaction, Kashiv and the Company were related parties. Following the closing, agreements previously between Amneal and Kashiv became intercompany arrangements between Amneal’s consolidated subsidiaries. Accordingly, the amounts presented for the three and nine months ended September 30, 2026 reflect activity only through August 10, 2026. Amounts due to and from Kashiv prior to closing were settled as part of the transaction.

Certain executive officers and a member of the Company’s Board of Directors beneficially owned, directly and through certain revocable or irrevocable trusts for the benefit of their immediate families, equity interests in Kashiv and served on the Board of Managers of Kashiv prior to the acquisition date.

For additional information about related party transactions between the Company and Kashiv, refer to Note 22. Related Party Transactions in the Company’s 2025 Annual Report on Form 10-K.

Contingent Consideration and Purchase Price Adjustments

The sellers of Kashiv are eligible to receive contingent milestone and royalty payments pursuant to the Purchase Agreement. Certain sellers remain related parties of the Company, including certain executive officers and a member of the Company’s Board of Directors. As of September 30, 2026, the Company had a receivable of$1.8 million from the sellers for post-closing purchase price adjustments, presented as “Preliminary working capital adjustment - sellers of Kashiv” within related party receivables - short term in the table above. The Company also had a contingent consideration liability of$383.0 million, including $59.0 million classified as current liabilities and $324.0 million classified as long-term liabilities in the Company’s consolidated balance sheets.

Refer to Note 2. Acquisitionand Note 16. Fair Value Measurements foradditional information regarding the Kashiv Acquisition, including the purchase consideration, contingent consideration arrangements and preliminary purchase price allocation.

Acquired contracts with related parties

Certain agreements acquired as part of the Kashiv Acquisition are with counterparties that qualify as related parties of the Company. These agreements include an operating lease with Twenty NEA, LLC (“Twenty NEA”) under which Kashiv leases a research, development and manufacturing facility and a short-term lease arrangement with Avtar Investments, LLC (“Avtar”) to lease office space, both of which are located in the United States.

Certain executive officers and a member of the Amneal Group beneficially own, directly or through certain revocable or irrevocable trusts established for the benefit of their immediate families, equity interests in Twenty NEA. As describedin Note 22. Related Party Transactions in the Company’s 2025 Annual Report on Form 10-K, certain executive officers of the Company beneficially own, directly and through certain revocable or irrevocable trusts for the benefit of their immediate families, equity securities in Avtar, a private investment firm.

21. Segment Information

The Company hasthree reportable segments: Affordable Medicines, Specialty, and AvKARE. Beginning in the third quarter of 2026, the results of Kashiv are included within the Affordable Medicines segment for segment reporting purposes. Refer to Note 2. Acquisition for additional information.

Chief Operating Decision Makers

The Company’s Co-Chief Executive Officers are the Company’s chief operating decision makers (“CODMs”). The CODMs evaluate the financial performance of the Company based upon segment operating income (loss). Items below operating income (loss) are not reported by segment, since they are excluded from the measure of segment profitability reviewed by the

Company’s CODMs. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, acquisition costs, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s CODMs.

The tables below present segment information reconciled to total Company financial results, with segment operating income or loss, including gross profit less direct selling expenses, research and development expenses, and other operating expenses to the extent specifically identified by segment (in thousands):

(1)Revenue, cost of goods sold, and gross profit from the sale of Amneal products by AvKARE were included in Affordable Medicines.

Significant Expense Categories Provided to the Chief Operating Decision Makers

Selling, General and Administrative Expenses - Specialty Segment

A. The CODMs review certain selling, general and administrative expenses (“SG&A”) for the Specialty segment and, separately, on a departmental basis. The CODMs review SG&A for the Affordable Medicines and AvKARE segments in total. SG&A for the Specialty segment was comprised of the following (in thousands):

(1)Other includes professional fees and other expenses not presented to the CODMs.

Research and Development Expenses - Affordable Medicines and Specialty Segments

B. Research and development expenses for the Affordable Medicines and Specialty segments were comprised of the following (in thousands):

(1)For the three and nine months ended September 30, 2026, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $1.0 million and $2.7 million, respectively, as reductions to product development and studies expense for services performed under the license agreement with Orion Corporation. For the three and nine months ended September 30, 2025, the Affordable Medicines segment included recognition of deferred income and reimbursable R&D services of $1.3 million and $3.8 million, respectively, as reductions to product development and studies expense for services performed under the license agreement with Orion Corporation. Refer to Note 4. Alliance and Collaboration.

(2)Kashiv’s R&D expenses were provided to the CODMs in total following the Kashiv Acquisition in the third quarter of 2026 and primarily consist of employee compensation and benefits, materials and supplies, product development and studies, and facilities costs.

(3)For the Affordable Medicines segment, other includes repairs and maintenance, outside testing, professional fees, equipment calibration and other expenses not presented to the CODMs. For the Specialty segment, other includes outside testing, professional fees and other expenses not presented to the CODMs.

22. Property Losses and Associated Expenses

During the third week of July 2026, severe rain caused water damage toone of the Company’s facilities in India. Operations at this facility were temporarily suspended while the Company assessed the damage, completed remediation and repair activities, and restored operations. The Company concluded that certain property and equipment and inventory were damaged. The Company also incurred costs related to cleanup, repair and remediation. Accordingly, the Company recorded $5.4 million of charges related to inventory and property losses and associated cleanup, repair and remediation costs, comprised of the following (in thousands):

The Company maintains insurance coverage for property damage, inventory losses and business interruption. Insurance recoveries are recorded when realization is probable. No insurance recoveries have been recorded for the three and nine months ended September 30, 2026 in connection with this event.

23. Leases

Except as disclosed below, there were no material changes to the Company’s lease agreements as described in Note 16. Leases in the Company’s 2025 Annual Report on Form 10-K during the three and nine months ended September 30, 2026. The majority of the Company’s operating and financing lease portfolio consists of corporate offices, manufacturing sites, warehouse space, R&D facilities, and land.

In connection with the Kashiv Acquisition on August 10, 2026, the Company assumed certain operating leases that are significant to its operations. The significant leases acquired primarily consist of manufacturing sites, R&D facilities and warehouse space in the United States. The acquired leases assumed were recognized and measured at the acquisition date in accordance with ASC 805, Business Combinations, and ASC 842, Leases. As part of the preliminary purchase price allocation, the Company recognized operating lease right-of-use assets of approximately $33.9 million and operating lease liabilities of approximately $32.5 million related to the acquired leases, of which approximately $7.1 million and $5.2 million, respectively, relate to leases with related parties. Refer to Note 20. Related Party Transactionsfor additional information regarding the acquired related-party lease arrangements.

Any acquisition-date adjustments to the right-of-use assets for favorable or unfavorable lease terms relative to market were not material. Refer to Note 2. Acquisition for information regarding the preliminary operating lease right-of-use assets and lease liabilities recorded as of the acquisition date.

The tables below include information about the material operating leases assumed in the Kashiv Acquisition.

Maturities of lease liabilities assumed as part of the Kashiv Acquisition as of September 30, 2026 were as follows (in thousands):

24. Subsequent Events

Repayment of Kashiv Rupee Term Loan

On October 1, 2026, the Company repaid the entire outstanding balance of $16.5 million under the Kashiv Rupee Term Loan Facility. The facility was subsequently terminated. Refer to Note 14. Debtfor additional information.

2025 Revolving Credit Facility

On October 30, 2026, the Company repaid $50.0 million of the $180.0 million outstanding under the 2025 Revolving Credit Facility as of September 30, 2026.

On September 15, 2026, the Company entered into an equity purchase agreement to acquire a portion of the outstanding Rondo Class B Units for cash consideration of $19.8 million. The transaction closed on October 1, 2026 and increased the Company’s ownership interest in AvKARE, LLC and R&S from 65.1% to 66.4%. Refer to Note 19. Stockholders’ Equity (Deficiency) for additional information.

Leases

During the third quarter of 2026, the Company entered into aten-year lease agreement for a manufacturing and warehouse facility in New Jersey, which commenced in October 2026. The aggregate lease payments over the lease term are approximately $49.6 million, net of lease incentives.

On October 5, 2026, the Company executed an amendment to its corporate headquarters lease in New Jersey to expand the leased premises and extend the lease term through November 30, 2031. The aggregate lease payments over the amended lease term are approximately $19.9 million.