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Following this transaction, Patel retains direct ownership of 1,968,886 shares in Amneal Pharmaceuticals (NASDAQ:AMRX). While the company isn't currently profitable, analysts expect positive earnings this year, with projected revenue growth of 16% for fiscal year 2024. While the company isn't currently profitable, analysts expect positive earnings this year, with projected revenue growth of 16% for fiscal year 2024.
Following this transaction, Patel retains direct ownership of 1,968,886 shares in Amneal Pharmaceuticals. While the company isn't currently profitable, analysts expect positive earnings this year, with projected revenue growth of 16% for fiscal year 2024.
Following this transaction, Patel retains direct ownership of 1,968,886 shares in Amneal Pharmaceuticals.
In other recent news, Amneal Pharmaceuticals has made significant strides with two regulatory developments and robust financial results. The company has resubmitted a New Drug Application for its dihydroergotamine autoinjector, a first-of-its-kind device for treating migraines and cluster headaches in adults. Additionally, the FDA has approved exenatide, one of the first generic injectable glucagon-like peptide-1 agonists in the U.S, used to improve glycemic control in adults with type 2 diabetes.
Amneal also reported a 13% revenue increase in the third quarter, with earnings per share of $0.16 on revenues of $702 million, surpassing expectations. Financial services firm Piper Sandler has subsequently upgraded its stock price target for Amneal from $9.00 to $11.00, maintaining its Overweight rating on the stock.
The company's strategic actions, such as the launch of CREXONT for Parkinson's disease, a partnership with Metsera for obesity treatment, and plans to expand manufacturing capabilities with two new facilities in India, have contributed to this surge in revenue. Amneal has confirmed its revenue and adjusted EBITDA guidance for the full year of 2024, projecting ranges of $2.7 billion to $2.8 billion and $610 million to $630 million, respectively. According to Piper Sandler, these recent developments suggest clear prospects for sustained growth in the long term.
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