Wells Fargo analyst David Maris believes the cost cutting and restructuring plans announced this morning by Amneal Pharmaceuticals (AMRX) reflect the ongoing challenges in the generics industry as a whole. Amneal said the actions are the result of "continuing industry challenges," including ongoing pressure in generics from "the limited number of buyers and the greater than expected effect of additional competition on our key generic products," as well as the complex generic pipeline taking longer to materialize, Maris tells investors in a research note. The analyst's review of recent IMS data leads him to believe the environment remains challenging. In the generic space Maris has only one Outperform-rated name, Amphastar (AMPH), since the company specializes in "non-commodity" generics.

Amneal Pharmaceuticals announced the availability of Over the Counter, or OTC, Naloxone Hydrochloride, or Naloxone HCI, Nasal Spray, USP, 4mg, following Abbreviated New Drug Application, or ANDA, approval from the FDA. Amneal's Naloxone HCI Nasal Spray, manufactured in the U.S., is a generic equivalent to OTC Narcan HCI Nasal Spray, a medication that is widely used to help treat drug overdose from opioids, including heroin, fentanyl and prescription opioid medications.