Amneal Pharmaceuticals: Move Over Sandoz – We Have a New Vertically Integrated Biosim Player in Town; Fireside w Mgt 5/28

研报英文原文证据摘录

Amneal Pharmaceuticals: Move Over Sandoz – We Have a New Vertically Integrated Biosim Player in Town; Fireside w Mgt 5/28

Equity Research

U.S. Specialty Pharmaceuticals

20 May 2026

Amneal Pharmaceuticals

Move Over Sandoz – We Have a

New Vertically Integrated Biosim

AMRX OVERWEIGHTPlayer in Town; Fireside w Mgt

Unchanged

U.S. Specialty NEUTRAL5/28 Pharmaceuticals

Coming out of a strong 1Q, we have increased confidence in Price Target USD 16.00

the setup for FY26 relative to guidance. Further, AMRX looks raised 7% from USD 15.00

positioned to close the valuation gap with peers and as the co Price (19-May-26) USD 11.81 Potential Upside/Downside +35.5%

Source: Bloomberg, Barclays Researchaccelerates biosimilar efforts. As a result, we continue to see

opportunity for upside over the balance of the year.

Market Cap (USD mn) 3767

Shares Outstanding (mn) 319.02

Our Key Take Post 1Q: case for multiple expansion from here remains strong given the Free Float (%) 55.88

bolstered FY26 profit outlook and opportunity for revenue upside. We think the 1Q26 results 52 Wk Avg Daily Volume (mn) 1.9

and guidance create an attractive setup for Amneal over the balance of the year given 1) the Dividend Yield (%) N/A

bolstered profit outlook appears underappreciated (EBITDA guidance seems conservative), 2) Return on Equity TTM (%) N/A

opportunity for upside via key Kashiv launches in 2H26, and 3) valuation remains cheaper than Current BVPS (USD) -0.14

key generics/biosimilar peers. As a result, we think there are additional opportunities for beats Source: Bloomberg

& raises, which we think creates a positive backdrop for the stock. Meanwhile, the favorable

setup relative to consensus and guidance is bolstered by the pipeline with two Kashiv product Price Performance Exchange-Nasdaq