Amneal Agrees to Acquire Kashiv BioSciences to Create Global Biosimilar Leader; Reports Strong Preliminary First Quarter 2026 Financial Results and Raises FY2026 Standalone Guidance - Acquisition Positions Amneal to Capi

Amneal Agrees to Acquire Kashiv BioSciences to Create Global Biosimilar Leader;

Reports Strong Preliminary First Quarter 2026 Financial Results and Raises FY2026 Standalone Guidance

- Acquisition Positions Amneal to Capitalize on $300B+ Global Biologics LOE Opportunity -

- Transaction Accelerates Growth Profile and Diversification -

- Preliminary Q1 Results Reflect Continued Growth and Raising 2026 Full Year Guidance -

- Company to Host Investor Conference Call Today at 8:30 a.m. EST -

BRIDGEWATER, N.J., April 22, 2026 - Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) ("Amneal" or the "Company"),

a diversified, global biopharmaceutical leader focused on expanding access to affordable and innovative medicines, today announced that it has entered into a definitive agreement to acquire 100% of Kashiv BioSciences, LLC ("Kashiv") in a

transaction with consideration that includes $375 million of cash and $375 million of equity payable at closing, plus up to $350 million in potential payments based on the achievement of certain regulatory milestones, potential

royalties based on commercial milestones, and funding of operations through closing.

Kashiv is among a select group of U.S.-based companies with proven end-to-end biosimilars capabilities across development and manufacturing, and a robust pipeline. This transaction will establish a scaled, fully integrated global biosimilars

platform at a pivotal moment, ahead of a more than $300 billion projected global biologics loss-of-exclusivity wave over the next decade, accelerating growth and

meaningfully extending and diversifying Amneal's long-term growth profile.

"As biosimilar adoption accelerates and the industry enters an

unprecedented period of biologic loss of exclusivity, we see a compelling opportunity to establish leadership and scale in a rapidly expanding market," said Chirag Patel, Co-Founder and Co-Chief Executive Officer of Amneal. "With Kashiv, Amneal becomes a fully integrated global biosimilars leader at the forefront of the next wave of U.S. affordable medicines. This acquisition is a natural

next step in our strategy to build a leading, diversified biopharmaceutical company, and we are confident it will drive accelerated growth and long-term value creation."

"This acquisition establishes Amneal as a fully integrated global biosimilar platform at scale," said Chintu Patel,

Co-Founder and Co-Chief Executive Officer of Amneal. "By combining Kashiv's deep R&D and manufacturing capabilities with our commercial strength, we are

creating a differentiated platform well-positioned to deliver a strong and consistent cadence of biosimilar launches going forward. Together, we will expand access to high-quality, affordable biologic medicines for patients while driving long-term

"We are thrilled to combine Kashiv's highly complementary portfolio and capabilities with Amneal at this critical inflection

point for the biosimilar market, particularly in the U.S.," said Dr. Sandeep Athalye, Chief Executive Officer at Kashiv. "Our companies share a deep-rooted commitment to high-quality, complex medicines, and this transaction builds

on the meaningful work we have accomplished through our collaboration of more than ten years. We look forward to building on our proven track record of product approvals and advancing our biosimilars pipeline as we work together to expand patient

access to life-changing therapies."

The transaction is subject to approval by Amneal shareholders, receipt of regulatory approvals and satisfaction

of customary closing conditions, and is expected to close in the second half of 2026.

Compelling Strategic and Financial Benefits:

Amneal Reports Preliminary First Quarter 2026 Results and Raises 2026 Full Year Guidance

In connection with announcing the transaction, Amneal is reporting certain unaudited preliminary financial results for the first quarter ended March 31,

2026 and raising 2026 full year standalone guidance, reflecting very strong performance and continuing momentum.

"Amneal delivered a very strong

start to 2026, reflecting the strength of our diversified business and multiple growth drivers across the portfolio. Our Specialty business continues to perform exceptionally well, led by

CREXONT and the recent launch of BREKIYA autoinjector, alongside a strong cadence of key launches in Affordable Medicines. We are

entering the Kashiv transaction from a position of strength, at a time when we see an extended period of accelerated growth ahead with no shortage of opportunities across our core businesses. Combined with our very strong first quarter results, we

are pleased to increase our full year 2026 guidance," said Chirag and Chintu Patel, Co-Founders and Co-Chief Executive Officers of Amneal.

Unaudited Financial Results for the Three Months Ended March 31,

($ in millions, except per share amounts in the table below)

Affordable Medicines net revenue of $423 million increased 2% compared to the prior year, reflecting strong performance of the complex portfolio, including Women's Health and ADHD medicines. Specialty net revenue of $133 million

increased 23% compared to the prior year, including CREXONT ($21 million),

Brekiya ($5 million), RYTARY ($44 million), and UNITHROID ($36 million).

AvKARE net revenue of $166 million declined 4% as growth in the government channel was offset by decline in the low margin distribution channel. This continued portfolio shift drove a 750 basis point and 510 basis point increase in gross margin

and adjusted gross margin, respectively, in the first quarter of 2026, compared to the prior year.

Amneal's preliminary financial results are based on the most recent information available to the

Company's management. Such preliminary financial results are forward-looking statements. Actual results may differ from these preliminary financial results due to the completion of the Company's financial close procedures, final

accounting adjustments and other developments that may arise between the date of this press release and the time that financial results for the first quarter of 2026 are finalized, and such differences may be material. The preliminary financial

results for the first quarter of 2026 are not necessarily indicative of the results to be achieved in any future period. The Company presents GAAP and adjusted (non-GAAP) quarterly results. Please refer to the

"Non-GAAP Financial Measures" section and the accompanying GAAP to non-GAAP reconciliation tables for more information.

Raising Full Year 2026 Financial Guidance

Company is raising its previously provided full year 2026 standalone guidance.

Amneal's 2026 estimates are based on management's current expectations, including with respect to prescription trends,

pricing levels, the timing of future product launches, the costs incurred and benefits realized of restructuring activities, and our long-term strategy. The Company's financial statements are prepared in accordance with accounting principles

generally accepted in the United States of America ("GAAP"). The Company cannot provide a reconciliation between non-GAAP projections and the most directly comparable measures in accordance with

GAAP without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. The items include, but are not limited to, acquisition-related expenses,

restructuring expenses and benefits, asset impairments, legal settlements, and other gains and losses. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results.

Amneal will host a conference call

and live webcast at 8:30 am Eastern Time today, April 22, 2026, to discuss the announced acquisition, preliminary first quarter 2026 results, and updated standalone guidance. The live webcast and presentation will be accessible through the

Investor Relations section of the Company's website at https://investors.amneal.com. To access the call through a conference line, dial 1 (833) 461-5787 (in the U.S.) with access code 458312872. A replay

of the conference call will be posted shortly after the call. For a list of toll-free international numbers, visit this website:

https://help.events.q4inc.com/eahc/international-dial-in-numbers.

The previously scheduled May 1, 2026 earnings call has been cancelled and moved to today.

Investor Presentation

Amneal has made available on its

website a presentation designed to accompany the foregoing announced acquisition and preliminary first quarter 2026 results, along with certain supplemental financial information and other data. Interested parties may access this information through

the Amneal Investor Relations website at https://investors.amneal.com.

Goldman Sachs & Co. LLC is serving as financial advisor and Richards, Layton & Finger, P.A. is serving as legal counsel to the Committee of

Independent Directors of the Board of Directors. Simpson Thacher & Bartlett LLP is serving as legal counsel, among other financial and compliance advisors, to Amneal.

J.P. Morgan Securities LLC is serving as financial advisor and Holland & Knight LLP is serving as legal counsel to Kashiv.

Amneal Pharmaceuticals, Inc. (Nasdaq:

AMRX), headquartered in Bridgewater, New Jersey, is a diversified, global biopharmaceutical leader focused on expanding access to affordable and innovative medicines. Amneal was founded in 2002 by brothers and

co-CEOs Chirag and Chintu Patel and built on the belief that innovation only matters if it's accessible. Today, Amneal has a diverse and growing portfolio of approximately 300 complex generic, specialty

and biosimilar medicines, delivering more than 160 million prescriptions annually, primarily in the United States. Our Affordable Medicines segment spans retail generics, injectables, and biosimilars. Our Specialty segment provides branded

treatments in neurology, including Parkinson's disease and migraine, and endocrinology. Our AvKARE segment distributes pharmaceuticals and medical products to U.S. federal, retail, and institutional customers. For additional information,

About Kashiv BioSciences

Kashiv BioSciences, LLC 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. Kashiv BioSciences, LLC in the U.S., together with its subsidiaries in India (collectively, "Kashiv BioSciences") operates with robust

infrastructure and highly skilled teams that provide global R&D, clinical, manufacturing, regulatory, and IP capabilities. Kashiv BioSciences believes that its people, partners, and shared purpose fuel its work to advance patient care and access

to important medicines. For additional information, please visit kashivbiosciences.com and follow Kashiv BioSciences on LinkedIn.

Cautionary Statement on Forward-Looking Statements

foregoing contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These

statements are often identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may,"

"plan," "hope," "hopeful," "likely," "may," "optimistic," "possible," "potential," "preliminary," "project,"

"should," "will," "would" or the negative or plural of these words or similar expressions or variations.

Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance, and include

statements regarding the transaction agreement and the transaction, including the expected time period to consummate the transaction, the anticipated benefits (including synergies) of the transaction and integration and transition plans, the

transaction's closing date, opportunities and anticipated future performance (including pro forma combined performance), expectations regarding non-GAAP financial measures, including EBITDA, adjusted

EBITDA, adjusted net income, adjusted diluted EPS, adjusted gross margin, net debt, gross leverage and net leverage, our ability to become America's top affordable medicines company, statements regarding the global biosimilars and affordable

medicines markets and the company's position and opportunities therein and our ability to expand internationally, and statements regarding our business and results of operations.

Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing

of certain events to differ materially from future results expressed or implied by the forward-looking statements. These factors include, among others (i) the completion of the proposed transaction on the anticipated terms and timing;

(ii) the satisfaction of other conditions to the completion of the proposed transaction, including obtaining required shareholder and regulatory approvals; (iii) the risk that the Company's stock price may fluctuate during the

pendency of the proposed transaction and may decline if the proposed transaction is not completed; (iv) potential litigation relating to the proposed transaction that could be instituted against the Company or its directors, managers or

officers, including the effects of any outcomes related thereto; (v) the risk that disruptions from the proposed transaction will harm the Company's business, including current plans and operations, including during the pendency of the

proposed transaction; (vi) the diversion of management's time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (vii) legislative, regulatory and economic

developments; (viii)

unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or global pandemics, as well as management's response

to any of the aforementioned factors; (ix) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (x) unexpected costs, liabilities or delays

associated with the transaction; (xi) the response of competitors to the transaction; (xii) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; and

(xiii) other risks set forth under the heading "Risk Factors," of our Annual Report on Form 10-K for the year ended December 31, 2025 and in our subsequent filings with the Securities and

Exchange Commission.