Amneal Pharmaceuticals, Inc. (AMRX) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. It is 9 a.m., and I would like to officially call to order the 2020 Annual Meeting of the Stockholders of Amneal Pharmaceuticals, Inc. I am Paul Meister, the Chairman of the Board and I will be presiding over this meeting today. We are conducting the annual meeting virtually this year instead of in-person in light of the ongoing coronavirus pandemic and to protect the health and safety of our stockholders and employees. The agenda and rules of conduct have been provided on the virtual meeting website and outlined how we will proceed with today's meeting. To conduct an informative, orderly and constructive meeting, we ask that participants abide by these rules. As stated in the rules of conduct, if you would like to submit a question, you may do so by following the instructions on the meeting website. We ask that you limit yourself to one question or comment and restrict your questions to matters of general interest to our stockholders. Thank you for your cooperation with these rules. Chirag Patel, the company's Co-Founder, Co-CEO, President and Director, is joining us today, as is Stephen Manzano, the company's Senior Vice President, General Counsel and Corporate Secretary as well as many of the directors of the company. Stephen will act as Secretary of the meeting. Also joining today's meeting are our Inspector of Election, Thomas Ferrari of American Election Services; and Anthony Masherelli and Jamie Molchan of Ernst & Young, the company's independent auditor. The first order of business before us is a report from the Secretary. Mr. Secretary, will you please advise us whether the meeting is duly constituted?

Mr. Chairman, I have an affidavit of distribution from Broadridge Financial Solutions, stating that the notice of this meeting and proxy materials were mailed beginning March 23, 2020, to all stockholders of record as of the close of business on March 12, 2020. We are informed that more than 87.21% of the shares of Amneal's outstanding common stock entitled to vote at this meeting are present or represented by proxy. Therefore, we have a quorum present for the conduct of business and this meeting is duly constituted.

Thank you, Mr. Secretary. The meeting is now open for the purpose of transacting business properly before it. The polls opened at the beginning of the meeting, and we will close the polls on all matters immediately after the presentation of today's proposals. Most of you have already voted by proxy, and your shares will be voted accordingly. You do not need to vote again at this time, unless you wish to change your vote. If anyone would like to vote now or revoke his or her prior vote, please follow the instructions on the meeting website before the polls close. I will now present the proposals that our stockholders will be voting on at the meeting. All such proposals are further described in the proxy materials. The first item of business is the election of the 10 individuals listed in our proxy statement to serve as directors until the 2021 annual meeting. The second item of business is advisory nonbinding vote to approve the compensation of our named executive officers. The third item of business is the amendment of our 2018 incentive award plan to increase the number of shares authorized for issuance and to extend its term. The fourth item of business is the ratification of the appointment of Ernst & Young as our independent registered public accounting firm for 2020. The Board of Directors recommends a vote in favor of each director nominee and in favor of each of the other proposals. We will now pause to address any stockholder questions we have receiving -- received, excuse me, relating to these proposals.

Mr. Chairman, we have no questions at this time.

Thank you, Mr. Secretary. Seeing no questions on the proposals, I now declare the polls closed. If the Inspector of Election is ready, I ask the Secretary to report on the preliminary voting results.

Mr. Chairman, we have been informed by the Inspector of Election that based on the preliminary voting results, each nominee for election to the Board of Directors has been duly elected, and each of the other proposals voted on has been approved. Following the meeting, we will publicly announce the official voting results once all the verifications have been completed by the Inspector of Elections.

Thank you, Mr. Secretary. The legal portion of the meeting is now adjourned. We will not provide a formal business update at today's meeting but instead invite all of our stockholders to join the live webcast of our earnings call for the first quarter of 2020. Details for the webcast will be posted in the Investors section of our website at www.amneal.com. We will now address general stockholder questions we have received in accordance with the meeting rules of conduct.

Mr. Chairman, again, we have no questions from our shareholders.

Thank you, Mr. Secretary. This concludes our 2020 annual stockholder meeting. Thank you all for participating.

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program. And you may all disconnect. Everyone, have a great day.