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Amneal Pharmaceuticals reports year-end loss

A scientist works at Amneal Pharmaceuticals' Yaphank facility

A scientist works at Amneal Pharmaceuticals' Yaphank facility on Jan. 23, 2018. Credit: Barry Sloan

Amneal Pharmaceuticals Inc., a manufacturer of generic prescription drugs with factories in South Yaphank and Hauppauge, reported a large loss for last year due to costs from two acquisitions.

The company, based in New Jersey, said it lost $201 million in the 12 months ended Dec. 31 compared with a profit of $169 million in 2017.

CEO Rob Stewart attributed the loss to purchasing Gemini Laboratories LLC and Impax Laboratories LLC. The latter, which was a public company, made it possible for Amneal to go public.

“The financial benefits of this execution have been slower to materialize than expected as market dynamics are constraining the uptake of certain products,” he said in a statement.

Revenue for last year totaled $1.7 billion, up 61 percent from 2017.

On Long Island, Amneal has said it will add 100,000 square feet to its 495,000-square-foot office and factory in South Yaphank. The company is hiring 400 more employees; it had 1,070 at the end of 2017 among three buildings in Suffolk County.

Amneal is a top manufacturer of generic drugs in the United States. About 5 percent of all prescriptions are filled using the company's products.

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