BRIDGEWATER, N.J.--(BUSINESS WIRE)--Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) (“Amneal” or the “Company”) today announced the release of its fourth (2023) Environmental, Social and Governance (ESG) Report. This 2023 report provides a look at our progress against our core ESG priorities, including our commitment to embedding sustainability across our business; human capital management, including well-being, inclusion and belonging efforts; philanthropic partnerships with health-related non-profits; corporate governance and oversight over ESG strategy and risks; and improving access to essential medicines globally.
At its core – Amneal is a company that believes in responsible corporate citizenship. Our 2023 ESG Report documents how a family-founded business has evolved into a world-class, global diversified pharmaceutical company headquartered in the U.S. that operationalizes its ESG commitments across our three core geographies (the U.S., India and Ireland).
“In 2024, our business is stronger than ever, allowing the Company to execute upon its mission of enhancing access to essential medicines such as complex pharmaceuticals, institutional injectables, specialty brands and biosimilars for patients in need. We also continue to improve and expand upon our prior ESG efforts to advance environmental sustainability, diversify our employee base and strengthen our corporate governance and compliance programs,” said Chirag Patel, Co-CEO and Co-Founder.
“In tandem with our scientific innovation and commitment to a high-quality supply chain, we are actively working to progress our decarbonization efforts through rigorous processes for tracking and monitoring which will drive incremental benefits. We take this obligation very seriously as we seek additional ways to make healthy possible,” said Chintu Patel, Co-CEO and Co-Founder.
Key 2023 ESG Achievements
- Affordability and Accessibility:
In 2023, we advanced our commitment to accessible medicines by launching 39 new retail generics and injectable products (compared to 26 in 2022.) We entered the India market with our Critical Care, Ophthalmology and Oncology portfolios, bringing innovative high-quality medicines to patients. Furthermore, an Amneal representative joined the board of directors of the Association of Accessible Medicines (AAM) and the Company also joined the Biosimilars Forum. Together these organizations help make more life-saving treatments available to the patients who need them.
- ESG Strategy & Risk:
In 2023, we engaged a reputable third-party organization to conduct our first Materiality Assessment. This perception-based assessment is intended to highlight Amneal’s key ESG opportunities and risks, further shaping our long-range ESG strategy, priorities and investments. The assessment process included identifying key internal and external stakeholders for in-depth discussions. We expect to share the results of the Materiality Assessment in next year’s ESG report.
In 2023, we introduced a new cross-functional ESG Taskforce. The overriding objective of this team is to advise and guide the business and the leadership team on the ESG regulatory and compliance requirements plus enlist partnership from the different business units involved. Additionally, to support our data management efforts, we are tracking our global greenhouse gas emissions data in a systematic way locally.
- Environmental Sustainability:
Following the progress made in 2022 when we began to measure the Company’s emissions, Amneal developed our first sustainability focused Inventory Management Plan and accompanying Standard Operating Procedures and initial Workflow documents, in alignment with the Greenhouse Gas Protocol. Furthermore, we implemented a new greenhouse gas accounting software to support our measurement and evaluation of greenhouse gas emissions across our three core geographies, as committed in our 2022 ESG Report.
- Inclusion and Belonging:
In 2023, we held specific training and education sessions on diversity, equity, inclusion and belonging (DEIB) across the globe along with community building events and workshops. We have an active goal of improving gender diversity across all of our India sites. In 2023, the India teams achieved an increase from 7.8% female representation to 9.2%. We also scaled up our Employee Resource Group (ERG) program since 2022, by expanding our women’s ERG, AmnealWomen, pilot program with two dedicated chapters in both the U.S. and India.
- Good Governance:
Amneal has established an effective enterprise-wide Corporate Compliance Program that is designed to identify and address risks through critical thinking and collaboration with business partners. The Corporate Compliance function promotes transparency by identifying opportunities to reinforce that compliance is everyone’s responsibility. Amneal’s Corporate Compliance function routinely conducts auditing and monitoring of business activities—in cooperation with Amneal’s Internal Audit team—to assess adherence to company policy, identify potential training needs and ascertain the need for policy development or modification.
For more information about Amneal’s ESG progress, commitments, and strategy for 2024, please download a copy of the report at www.amneal.com/about/responsibility.
About Amneal
Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX), headquartered in Bridgewater, NJ, is a global pharmaceuticals company. We make healthy possible through the development, manufacturing, and distribution of a diverse portfolio of over 280 pharmaceutical products, primarily within the United States. In its Generics segment, the Company is expanding across a broad range of complex product categories and therapeutic areas, including injectables and biosimilars. In its Specialty segment, Amneal has a growing portfolio of branded pharmaceuticals focused primarily on central nervous system and endocrine disorders, with a pipeline focused on unmet needs. Through its AvKARE segment, the Company is a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. For more information, please visit www.amneal.com.
Cautionary Statement on Forward-Looking Statements
Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements include statements regarding management’s intentions, plans, beliefs, expectations, financial results, or forecasts for the future, including among other things: discussions of future operations; expected or estimated operating results and financial performance; and statements regarding our positioning, including our ability to drive sustainable long-term growth, and other non-historical statements. Words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and similar words, or the negatives thereof, are intended to identify estimates and forward-looking statements.
The reader is cautioned not to rely on these forward-looking statements. These forward-looking statements are based on current expectations of future events, including with respect to future market conditions, company performance and financial results, operational investments, business prospects, new strategies and growth initiatives, the competitive environment, and other events. If the underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company.
Such risks and uncertainties include, but are not limited to: our ability to successfully develop, license, acquire and commercialize new products on a timely basis; the competition we face in the pharmaceutical industry from brand and generic drug product companies, and the impact of that competition on our ability to set prices; our ability to obtain exclusive marketing rights for our products; our revenues are derived from the sales of a limited number of products, a substantial portion of which are through a limited number of customers; the impact of a prolonged business interruption within our supply chain; the continuing trend of consolidation of certain customer groups; our dependence on third-party suppliers and distributors for raw materials for our products and certain finished goods; legal, regulatory and legislative efforts by our brand competitors to deter competition from our generic alternatives; our dependence on information technology systems and infrastructure and the potential for cybersecurity incidents; our ability to attract, hire and retain highly skilled personnel; risks related to federal regulation of arrangements between manufacturers of branded and generic products; our reliance on certain licenses to proprietary technologies from time to time; the significant amount of resources we expend on research and development; the risk of claims brought against us by third parties; risks related to changes in the regulatory environment, including U.S. federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws; changes to Food and Drug Administration product approval requirements; the impact of healthcare reform and changes in coverage and reimbursement levels by governmental authorities and other third-party payers; our dependence on third-party agreements for a portion of our product offerings; our substantial amount of indebtedness and our ability to generate sufficient cash to service our indebtedness in the future, and the impact of interest rate fluctuations on such indebtedness; our potential expansion into additional international markets subjecting us to increased regulatory, economic, social and political uncertainties; our ability to identify, make and integrate acquisitions or investments in complementary businesses and products on advantageous terms; the impact of global economic, political or other catastrophic events; our obligations under a tax receivable agreement may be significant; and the high concentration of ownership of our Class A common stock and the fact that we are controlled by the Amneal Group. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect the occurrence of events or circumstances after the date hereof.
