Amneal Pharmaceuticals (NYSE:AMRX) has designed a restructuring plan to reduce cost base, further right size its organization and optimize manufacturing infrastructure.
The plan is expected to reduce total annual cost base by ~$50M, with majority of the restructuring milestones anticipated to be achieved during 2020.
Key elements of the plan include operating budget reductions, more efficient organizational structures; re-prioritization of R&D projects; and realignment of manufacturing and R&D infrastructure.
Additional details regarding the restructuring plan and charges will be provided later.
The Company expects adjusted EBITDA for 2019 in the range of $425M to $475M from $600M – 650M.
Update: Shares are down 20% premarket on modest volume.
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