Amneal’s Shares Slump On Slashed Earnings Outlook and Cost-Cutting Plan
Investors have downgraded their valuation of Amneal after the US firm blamed a highly competitive local generics market for slashing its earnings forecast. To improve its competitiveness, Amneal is planning to cut 550 jobs and close two plants.
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In a bid to make better use of Amneal’s US portfolio and pipeline, the company is looking for international licensing partners, especially in Eastern Europe and China, as its new management team looks to restore growth and revive profit margins.
Capitalizing on opportunities in the US hybrid 505(b)(2) market will be central to Amneal’s strategy to revive its fortunes now its founders, brothers Chirag and Chintu Patel, have again taken the helm.
Chirag Patel and Chintu Patel have returned to being co-CEOs of Amneal, just over a year after the firm completed its merger with Impax. Rob Stewart – who was president and CEO of Amneal – and executive chairman Paul Bisaro have resigned from the roles.