Generic and Non-Prescription Drugs Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › GENERIC AND NON-PRESCRIPTION DRUGS

Launch Execution Earns the Premium While Buyers Stay Quiet

This update covers sector news, share-price moves and transaction activity for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Generic and Non-Prescription Drugs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › GENERIC AND NON-PRESCRIPTION DRUGS

   This is the cover page introducing the bi-weekly Generic and Non-Prescription Drugs industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Generic and Non-Prescription Drugs, covering the two weeks from September 14–28, 2026. The pages ahead walk through what changed, who moved and why, what transacted, and what it means for your next decision.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › GENERIC AND NON-PRESCRIPTION DRUGS Launch Execution Earns the Premium While Buyers Stay Quiet This update covers sector news, share-price moves and transaction activity for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Generic and Non-Prescription Drugs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Approvals and Launch News, Not Transactions, Set the Direction of the Set

   This slide summarizes the two-week period in one page across 10 covered names, close to close.

   We start with the headline: approvals and launch news, not transactions, set the direction of this set. Across the 10 covered names, the median move was +8.8%, well ahead of the S&P 500 at +0.8%. That gap tells us the market rewarded product execution over deal activity in this window. So what: names that translated regulatory progress into launch news captured the premium, and that's where the story concentrated.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Approvals and Launch News, Not Transactions, Set the Direction of the Set The two-week period in one page · 10 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Generic and Non-Prescription Drugs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 8 of 10 Covered Names Rose; The Median Move Was +8.8% The median move of +8.8% ran ahead of the S&P 500 at +0.8%. Amneal Pharmaceuticals, Inc. (AMRX) led at +19.0% and Amphastar Pharmaceuticals, Inc. (AMPH) followed at +14.6%, while Prestige Consumer Healthcare Inc. (PBH) was the softest at -1.4%. 2 Complex Injectables and New Approvals Carried the Period's News Flow Amneal announced FDA approval and immediate launch of lanreotide injection with in-house production behind it, and Viatris Inc. (VTRS) announced Japanese approval of WAKIX. NeuraCap read: launch cadence in hard-to-replicate dosage forms was the period's dominant theme. 3 The Premium Sat with the Names Adding Dosage-Form Capability AMRX, a Premium-tier name in NeuraCap's standing view, posted the largest gain of the window at +19.0%. The Premium tier carries a median of 12.3x EV/EBITDA against a sector median of 7.5x, and the period's news flow was consistent with that ordering rather than a challenge to it. 4 No New Transactions Arrived to Reprice the Reference Set No material sector transactions were announced during the period. The trailing transaction record still carries a median of 11.7x EV/EBITDA, above the 7.5x sector median on CY2027E EBITDA. +19.0% Best mover — AMRX worst: PBH -1.4% · 8 up / 2 down of 10 covered +8.8% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Approvals and Launches Did the Work at the Top of the Set

   This slide ranks the two-week share-price moves across covered names against the sector median and a materiality bar.

   We see 8 of 10 covered names rise, with a median move of +8.8% against the S&P 500 at +0.8%. Amneal Pharmaceuticals led at +19.0% and Amphastar Pharmaceuticals followed at +14.6%, both clearing the ±13.3% materiality bar, while Prestige Consumer Healthcare was the softest at -1.4%. So what: the dispersion tells us where the market is pricing in product-specific catalysts, not sector-wide sentiment.

   Everything on this page

   PUBLIC MARKET MOVERS Approvals and Launches Did the Work at the Top of the Set Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +8.8% · S&P 500 +0.8% · materiality bar ±13.3% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Generic and Non-Prescription Drugs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +8.8% Amneal Pharmaceuticals, Inc. (AMRX) +19.0% Shares moved following Amneal's announced FDA approval and immediate launch of lanreotide injection, which adds a long-acting oncology treatment to its complex injectables portfolio with in-house production behind supply. A launch in a dosage form few filers can replicate still moves a Premium-tier name more than base business volume. COMPANY-SPECIFIC Amphastar Pharmaceuticals, Inc. (AMPH) +14.6% No notable in-window news was identified that clearly explains the move. At +14.6%, Amphastar ran ahead of the +8.8% median for the covered set. Core-tier names can travel with the set's direction even when the period's record offers no single driver. UNEXPLAINED Prestige Consumer Healthcare Inc. (PBH) -1.4% No notable in-window news was identified that clearly explains the move. At -1.4%, Prestige Consumer Healthcare sat below the +8.8% median for the covered set. Consumer self-care brands moved on their own clock while prescription launch news set the pace. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Approvals, Launches and Clinical Evidence

   This slide lists the two-week period's highest-impact company events, including approvals and launches, with links to source filings.

   We highlight the events that moved the needle: Amneal's FDA approval and immediate launch of lanreotide injection, backed by in-house production, and Viatris' Japanese approval of WAKIX. These are the kinds of catalysts that show up first in filings and press releases, and only later in share prices. So what: tracking approval and launch cadence gives you an early read on where price moves are headed before the market fully reflects it.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Approvals, Launches and Clinical Evidence The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Generic and Non-Prescription Drugs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · Business Wire Teva presented new data on its investigational olanzapine long-acting injectable and UZEDY A Core-tier name keeping a steady evidence cadence behind depot injectables defends a position that few competitors can replicate on manufacturing alone. Clinical evidence is part of the moat around long-acting injectable franchises. Sep 18 · NEWS · GlobeNewsWire Amneal won FDA approval for lanreotide injection and launched it immediately from in-house supply This is launch contribution in exactly the place the sector is trying to move toward: a complex injectable with internal production rather than commodity oral solids. Backward-integrated supply shortens the gap between an approval and revenue on the shelf. Sep 16 · NEWS · PRNewsWire Viatris announced Japanese approval of WAKIX (pitolisant) for narcolepsy and daytime sleepiness A new-market approval adds geographic diversification and earnings that do not sit in the eroding base portfolio. NeuraCap read: portfolio mix, not volume, is where the period's news was concentrated. Approvals outside the US widen the channel mix away from consolidated purchasing consortia. Sep 23 · NEWS · GlobeNewsWire Teva posted its Q3 2026 aide memoire to the investor section of its website A routine pre-quarter communication signals a company managing investor expectations on a set cadence rather than in reaction. Consistent investor communication is part of how Core-tier names hold their position. Sep 22 · NEWS · GlobeNewsWire A law firm said it is investigating claims on behalf of Dr. Reddy's Laboratories Limited investors Legal overhang is one of the factors that separates operating performance from equity outcomes in this sector, and acquirers examine proceedings early. Litigation exposure sits alongside the inspection record in how these assets are assessed. Sep 18 · NEWS · GlobeNewsWire Teva released post hoc data on olanzapine LAI (TEV-'749) from its pivotal programme Follow-on analysis keeps an investigational once-monthly injectable in front of prescribers while the programme advances. Pipeline visibility on complex dosage forms shapes how the set is positioned.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Window for Transactions, with the Reference Record Unchanged

   This slide reviews the two-week period's transaction activity against the standing precedent record of 40 recorded deals.

   No new transactions were announced in this window, so the reference record stands as it was: 40 recorded deals at a median of 11.7x EV/LTM EBITDA. That multiple continues to sit well above the 7.5x sector median, underscoring the persistent quality premium buyers have historically paid. So what: the absence of new deals doesn't erase the gap between public and private marks — this two-week period simply didn't move it either way.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Window for Transactions, with the Reference Record Unchanged September 14–28, 2026 · precedent transactions: 40 recorded deals · median 11.7x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Generic and Non-Prescription Drugs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing transaction record still carries a median of 11.7x EV/EBITDA, against a 7.5x sector median on CY2027E EBITDA. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 11.7x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Operators, Buyers and Advisers

   This slide translates the two-week period's evidence into implications for operators, acquirers and advisers.

   For operators, the takeaway is that launch cadence and dosage-form mix were the metrics that actually moved prices this period, with 8 of 10 names rising on a median of +8.8%. For acquirers, the precedent record didn't move — it's still anchored at 11.7x EV/EBITDA against a 7.5x sector median. For advisers, the specific evidence — Amneal's lanreotide launch and Viatris' WAKIX approval — argues for leading conversations with complexity and quality record rather than base-business metrics. So what: each audience has a distinct, actionable read from the same two weeks of evidence.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Generic and Non-Prescription Drugs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.5x 10 companies in the study 3 valuation tiers Standing thesis: Generic and Non-Prescription Drugs Is Priced in Three Tiers, and Complex Generics Hold Most of the Set FOR OWNERS & OPERATORS Launch Cadence and Dosage-Form Mix Were the Metrics That Showed Up Companies in the space traded higher, with 8 of 10 covered names rising and a median move of +8.8%. The window's news sat on new launch contribution, complex generics mix and internal supply. FOR ACQUIRERS Public Marks Moved While the Precedent Record Stood Still No new transactions landed in the window, so the reference set is the same one you carried in: a trailing median of 11.7x EV/EBITDA against a 7.5x sector median on CY2027E EBITDA. FOR ADVISORS Lead with Complexity and the Quality Record, Not the Base Business The period's evidence is specific: Amneal's approval and immediate launch of lanreotide injection, Viatris' Japanese approval of WAKIX, and Teva's continuing evidence programme behind long-acting injectables.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure and claim in the update.

   Every figure in this update links back to the record it was taken from — filings, publisher-sourced news, and market data through September 28, 2026. Driver attributions use calibrated language because they are NeuraCap's reads of recorded evidence, not asserted causation. So what: you can trace every number here to its source before you act on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Generic and Non-Prescription Drugs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T174032Z_552_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · globenewswire.com · prnewswire.com

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