Amneal Pharmaceuticals (AMRX) has a favorable setup with near-term growth from several biosimilar/generic product approvals and launches that could provide further upside, UBS said in a note Monday.

The brokerage also said that the stock was weak in the last two days despite strong Q2 results and outlook, providing an attractive buying opportunity for the stock.

UBS said the company, for the longer term, is focused on its biosimilar portfolio to benefit from the large wave for upcoming loss of exclusivity, with 75% targeting lower competition opportunities and 25% focused on larger markets.

The brokerage also said the new product launches could add $1 billion to $2 billion of incremental revenue by 2030.

UBS maintained the company's buy rating and raised the price target to $25 from $23.

Price: 18.81, Change: +0.49, Percent Change: +2.67