Amneal Pharmaceuticals, Inc. (AMRX) shares plummeted 6.39% intraday on Thursday, reversing sharp premarket gains, as investors zeroed in on the company's full-year outlook, which failed to match the enthusiasm sparked by its second-quarter results.

The drugmaker reported adjusted earnings of $0.30 per share for the second quarter, handily beating the consensus estimate of $0.22. Revenue came in at $796 million. The strong results initially sent the stock soaring more than 10% in premarket trading. However, the rally evaporated after the company issued its full-year 2026 guidance, which included an adjusted EPS range of $0.96 to $1.06, only slightly above the FactSet estimate of $0.97 at the midpoint. The company also forecast full-year revenue of $3.1 billion to $3.2 billion and capital expenditures of $150 million.

The muted guidance raise, despite a significant quarterly beat, appeared to disappoint investors who may have expected a more robust upgrade to the annual forecast. The sell-off during the regular session wiped out all premarket gains and then some, with the stock falling to a decline of over 6%.