By Chris Wack
Shares of Amneal Pharmaceuticals were up 24% at $4.17 after the company reported second-quarter revenue that beat expectations.
The stock hit its 52-week high of $4.22 earlier in the session, and is up 19% in the past 12 months.
The New Jersey-based pharmaceutical company reported quarterly earnings of $11.9 million, or 8 cents a share, compared with a loss of $120.8 million, or 80 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of 15 cents a share.
Revenue for the quarter was $599 million, compared with last year’s $559.4 million and the $565.1 million analysts were expecting.
The company said the increase in revenue was driven by generics growth due to the durability of its diversified, complex portfolio and new product launches, including biosimilars.
Amneal raised its 2023 revenue guidance to $2.3 billion to $2.4 billion, from its original estimate of $2.25 billion to $2.35 billion. Analysts have forecast 2023 revenue of $2.325 billion. The company also raised its adjusted earnings outlook to $45 cents to 55 cents a share, from 40 cents to 50 cents. Analysts are expecting adjusted earnings of 47 cents a share.
Write to Chris Wack at chris.wack@wsj.com
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