, /PRNewswire/ -- Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) announced today that Bill Peters, CFO, and Tony Marrs, EVP of Regulatory Affairs and Clinical Operations, will be presenting at the Wells Fargo 21st Annual Healthcare Conference on Tuesday, September 8th, 2026, at 4:30 pm ET. For access to the webcast, visit Amphastar Pharmaceuticals' website at http://ir.amphastar.com. This webcast will be available for 30 days following the presentation.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredients, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward-Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 7, 2026, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 6, 2026, and our other filings or reports that we may file with the SEC. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
Recent earnings across the generic drug industry point to a mixed but generally resilient operating environment. Reported sales at several manufacturers were affected by lower contributions from older high-value products, continued price erosion and temporary supply or manufacturing disruptions. However, underlying demand remained healthy in many markets, with new launches, higher volumes and broader geographic contributions helping offset these pressures.
Looking ahead, the industry’s near-term performance is likely to depend increasingly on execution. Companies are focused on restoring disrupted supply, maintaining a steady pace of launches, improving product mix and controlling costs. Although competition and pricing pressure will remain persistent, generic drugmakers generally expect stronger contributions from newer products and improving operating leverage to support sales and earnings growth over the coming quarters.
Here, we highlight three generic drugmakers — Amphastar Pharmaceuticals (AMPH - Free Report) , Sandoz (SDZNY - Free Report) and Viatris (VTRS - Free Report) — that appear well-positioned to capitalize on this evolution within the industry.
Industry Description The Medical - Generic Drugs industry comprises companies that develop and market chemically/biologically identical versions of a brand-name drug once the patents providing exclusivity to branded drugs expire. These drugs can be divided into generic and biosimilar categories based on their composition. The generic segment is controlled by a few large drugmakers and the generic units of large pharma companies. Several smaller companies also develop generic versions of branded drugs, which are significantly cheaper than the originals. Competition in this segment is stiff, resulting in thin margins for manufacturing companies. A few companies in this industry have some branded drugs in their portfolio, helping them tap a higher-margin market.
3 Trends Shaping the Future of the Generic Drugs Industry Loss of Patent Exclusivity Creates New Opportunities: Generic drugmakers depend on the loss of patent exclusivity for branded medicines to bring lower-cost alternatives to market. A company may launch an authorized generic version of a branded product, gaining exclusivity over competing generic versions for several months. Such opportunities can be particularly attractive in complex generics, which typically require greater development expertise and investment than traditional generics. Drugmakers also frequently engage in patent litigation to secure earlier entry into the market for generic products.
Beyond traditional generics, the industry's opportunity set is expanding as more blockbuster biologic drugs lose exclusivity. Recent high-profile launches included biosimilars of J&J’s Stelara, Amgen's Prolia/Xgeva and Regeneron's Eylea. Drugmakers are also advancing biosimilar candidates for Merck's blockbuster immunotherapy Keytruda, which is expected to lose patent protection in 2028.
Competition Is Driving a Shift Beyond Traditional Generics: Competition remains intense across the generic drug market. Once a branded drug loses exclusivity, multiple manufacturers often enter the market, leading to price competition and margin pressure. To gain an advantage, drugmakers seek first-to-file (FTF) status, which can provide a period of exclusivity before additional generic competitors enter. Despite these opportunities, the generic market remains crowded, with numerous filings pending before the FDA and several generic and biosimilar launches expected over the next few years.
In response to persistent pricing pressure, companies are increasingly moving beyond commodity generics and investing in differentiated products such as complex generics, specialty injectables and biosimilars. These products typically require greater development expertise and investment but face fewer competitors and offer stronger margins and more durable revenue opportunities than traditional generics.
Operational Efficiency & Portfolio Optimization Remain Key Priorities: With pricing pressure persisting across many generic drug categories, manufacturers are placing greater emphasis on operational efficiency and disciplined capital allocation. Companies are streamlining product portfolios, discontinuing lower-return programs and focusing resources on products and markets with stronger growth potential. Many drugmakers are also investing in manufacturing productivity, supply-chain optimization and cost-control initiatives to protect profitability. These efforts are helping companies offset pricing headwinds in mature generic markets while creating financial flexibility to invest in higher-growth areas such as biosimilars, complex generics and specialty medicines.
Zacks Industry Rank Indicates Gloomy Prospects The Zacks Medical – Generic Drugs industry is a small 12-stock group housed within the broader Zacks Medical sector.
The group’s Zacks Industry Rank is the average of the Zacks Rank of all the member stocks. The Zacks Medical – Generic Drugs industry currently carries a Zacks Industry Rank #160, placing it in the bottom 35% of the 247 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 :1.
Against this backdrop, we will present a few noteworthy stocks. But before that, let us look at the industry’s stock market performance and current valuation.
Industry Versus Sector & S&P 500 The Zacks Medical – Generic Drugs industry has outperformed the broader Zacks Medical but underperformed the S&P 500 Index in the past year.
The industry has surged about 11% over this period compared with the broader sector’s nearly 7% growth. Meanwhile, the S&P 500 has risen 12%.
One-Year Price Performance
Image Source: Zacks Investment Research
Industry's Current Valuation Based on the forward 12-month price-to-earnings (P/E F12M), a commonly used multiple for valuing generic companies, the industry is currently trading at 16.75X compared with the S&P 500’s 20.37X and the Zacks Medical sector’s 22.06X.
Over the past five years, the industry has traded as high as 17.02X, as low as 6.51X and at the median of 9.67X, as the charts below show.
P/E F12M Ratio
Image Source: Zacks Investment Research
Image Source: Zacks Investment Research
3 Generic Drug Stocks to Keep an Eye On Amphastar: The company continues to expand its portfolio of generics and biosimilars. It markets several products, including albuterol, iron sucrose, teriparatide and, most recently, launched ipratropium bromide in April 2026. Ipratropium generated $8.4 million in sales in the second quarter of 2026. Amphastar also has one generic drug and one biosimilar insulin candidate filed with the FDA while developing two additional biosimilars and three generic products. Management is preparing for a potential 2027 launch of its insulin aspart biosimilar, subject to FDA approval. These newer products could help improve margins.
One issue to watch is an FDA warning letter received by one of its manufacturing subsidiaries. Amphastar expects remediation costs of $2 million to $3 million per quarter for the next several quarters, although management continues to expect mid- to high-single-digit sales growth in 2026.
The stock has lost 27% in the past year. The consensus estimate for 2026 EPS has increased from $2.63 to $2.78 per share in the past 30 days.
Amphastar carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price & Consensus: AMPH
Image Source: Zacks Investment Research
Sandoz: The Swiss-based generic and biosimilar drugmaker, spun off from Novartis in 2023, reported first-half 2026 net sales of $5.76 billion, up 5% year over year at constant currencies. Growth was driven by its biosimilars business, where sales increased 20% to $1.88 billion and accounted for a record 33% of total revenues. Recent launches were a major contributor, particularly Afqlir (biosimilar to Eylea), Jubbonti (biosimilar to Amgen’s Prolia) and Wyost (biosimilar to Amgen’s Xgeva). Sandoz expects 2026 sales to grow at a mid- to high-single-digit rate, supported by recent product launches and continued biosimilar momentum.
The company is continuing to expand its biosimilars pipeline, which now includes 36 assets. Sandoz has also begun expanding into the fast-growing GLP-1 market: its semaglutide product received approval in Brazil last month, with a launch planned for later in 2026, while the FDA has accepted for review two applications for its proposed generic tirzepatide autoinjectors. Management expects the GLP-1 opportunity to become more meaningful in 2027 and 2028.
In the past year, the stock has climbed 39%. The consensus estimate for 2026 EPS has increased from $4.10 to $4.11 in the past 30 days. Sandoz currently carries a Zacks Rank #3.
Price & Consensus: SDZNY
Image Source: Zacks Investment Research
Viatris: It offers a broad mix of generics, including oral solids, injectables and transdermal products, with increasing emphasis on higher-value complex generics. Growth is being supported by products such as estradiol patches, octreotide and iron sucrose, while the company continues to expand its pipeline of complex injectables. Viatris secured 70 generic approvals in the first half of 2026 and expects more than 100 approvals for the full year.
Viatris’ sizeable branded portfolio provides additional diversification, with established products such as Creon and its cardiovascular brands in Greater China supporting growth. Together, the branded business and expanding complex-generics portfolio provide multiple revenue drivers, although competition and manufacturing-related supply disruptions remain near-term risks.
The stock has surged 62% in the past year. The consensus estimate for 2026 EPS has increased from $2.46 to $2.49 in the past 30 days. Viatris carries a Zacks Rank #3 at present.
Price & Consensus: VTRS
Image Source: Zacks Investment Research
Amphastar Pharmaceuticals (AMPH - Free Report) reported $183.9 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 5.4%. EPS of $0.91 for the same period compares to $0.85 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $181.94 million, representing a surprise of +1.08%. The company delivered an EPS surprise of +37.88%, with the consensus EPS estimate being $0.66.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Amphastar performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net revenues- Primatene MIST: $21 million versus $27.45 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -8.2% change.Net revenues- Epinephrine: $15.85 million versus the two-analyst average estimate of $16.53 million. The reported number represents a year-over-year change of -2%.Net revenues- BAQSIMI: $45.5 million compared to the $43.68 million average estimate based on two analysts. The reported number represents a change of -2.5% year over year.Net revenues- Glucagon: $11.91 million versus $8.01 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -42.2% change.Net revenues- Lidocaine: $15.04 million versus the two-analyst average estimate of $12.91 million. The reported number represents a year-over-year change of +0.3%.View all Key Company Metrics for Amphastar here>>>
Shares of Amphastar have returned +7.2% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
Top 2 Small Cap Healthcare Stocks to Buy Before Rate CutsAmphastar Pharmaceuticals NASDAQ: AMPH reported second-quarter 2026 revenue growth, supported by recently launched products including ipratropium bromide inhalation, while management said it is addressing an FDA warning letter at its IMS subsidiary and continuing investments in its pipeline and U.S. manufacturing operations.
Revenue rose 5% year over year to $183.9 million for the quarter ended June 30, from $174.4 million. Net income was $30.3 million, compared with $31 million a year earlier, while diluted earnings per share increased to $0.67 from $0.64. Adjusted net income was essentially unchanged at $40.8 million, though adjusted EPS rose to $0.91 from $0.85.
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Promising Small Biotech Amphastar Sees Actionable Pullback “The second quarter was marked by strong execution across each of our strategic growth pillars,” Senior Vice President of Corporate Communications Dan Dischner said. He cited commercial demand, manufacturing expansion, and progress in development and regulatory programs.
New launches support sales and margins Ipratropium bromide inhalation, launched in April, generated $8.4 million in second-quarter sales and was the largest contributor to revenue growth, Chief Financial Officer Bill Peters said. Management said the product, a generic version of Atrovent, has gained a “nice market share” and is approaching the company’s previously stated goal of capturing 50% to 80% of the market.
Other products generated $66.2 million in sales, up 25% from $53.1 million a year earlier. The increase reflected recently launched iron sucrose, which contributed $3.5 million, and teriparatide, which added $4.5 million. Increased sales of albuterol, phytonadione, sodium bicarbonate, and active pharmaceutical ingredients from the company’s AMP subsidiary also contributed.
Gross margin increased to 51% of revenue from 50% a year earlier. Peters attributed the improvement primarily to higher-margin launches, including ipratropium bromide, teriparatide, and iron sucrose. The benefit was partly offset by lower average selling prices for BAQSIMI, glucagon, and epinephrine multidose vials, as well as increased manufacturing costs at an Amphastar facility.
Management expects third-quarter gross margin to be similar to the second quarter. Peters said anticipated higher BAQSIMI sales should help offset added expenses related to IMS remediation efforts.
BAQSIMI prescriptions rise, while pricing weighs on sales BAQSIMI net sales declined 3% to $45.5 million from $46.7 million in the prior-year quarter, despite a 17% increase in total prescriptions. Peters said higher unit sales added $6.9 million in revenue, but lower average selling prices reduced sales by about $8.1 million, largely because of increased rebates and 340B pharmacy discounts that may have included duplicate discounts.
The company hired a third party in May to identify, validate, and resolve potential duplicate 340B discounts. Management said it had achieved roughly half of its previously discussed goal of reducing 80% of the double-discounting issue.
In June, Amphastar completed the third contract year following its BAQSIMI acquisition from Eli Lilly. The product generated $178.3 million in net sales during that contract year, exceeding the $175 million threshold required to trigger the first milestone payment. Amphastar said the milestone creates a $100 million payment obligation due in the third quarter of 2026.
Primatene MIST sales declined 8% to $21 million, from $22.9 million a year earlier, due to the timing of customer purchases. Dischner said in-store sales increased both sequentially and year over year, and attributed the reported sales decline to ordering patterns and shipment timing connected with discussions with certain retailers.
Glucagon sales fell 42% to $11.9 million as competition increased. Management said the pace of decline should moderate but does not expect glucagon to return to growth, citing continued pressure in the anti-hypoglycemia portion of the market.
IMS warning letter adds costs and may slow sales IMS received an FDA warning letter related to an inspection conducted in December 2025. The company said it responded to the agency in late July, has retained an independent consultant, and will provide the FDA with regular updates on its remediation plan.
Management said the warning letter does not require IMS to halt manufacturing or product distribution. IMS accounts for roughly one-third of Amphastar’s overall sales, Peters said, and the facility continues to ship and produce products. However, additional quality reviews have slowed some batch releases.
Executive Vice President of Regulatory Affairs and Clinical Operations Tony Marrs said potential production shutdowns could occur if warranted by remediation findings, but management does not currently expect such shutdowns.
Amphastar expects IMS remediation expenses to rise by $2 million to $3 million per quarter for the next several quarters. Capital spending at IMS will also increase, although the company said its overall capital-expenditure outlook is unchanged because it will redirect spending from its Amphastar facility. The company also anticipates a slight slowdown in IMS sales as it focuses on corrective actions.
Despite those factors, management maintained its outlook for mid-single-digit to high-single-digit corporate sales growth in 2026.
Pipeline advances toward 2027 insulin launch Research and development expense rose 10% to $22.2 million, primarily due to higher clinical trial spending for Amphastar’s insulin program. The company said its insulin aspart biosimilar and interchangeable program remains on track for potential commercialization in 2027, subject to regulatory approval. Management expects the product’s gross margin to be at or slightly below corporate gross-margin levels given expected competition.
The company also initiated a Phase 1 clinical program for AMP-101, an epinephrine nasal product. Nonclinical studies are underway for AMP-109, a targeted oncology program, following what management described as constructive FDA feedback. Amphastar is preparing for further regulatory interactions and an anticipated investigational new drug application submission.
Development also continues for AMP-110, a synthetic human corticotropin program, and AMP-107, an eye-drop program for wet age-related macular degeneration and diabetic macular edema. Management said both programs are being advanced toward future IND submissions.
During the quarter, Amphastar generated about $51.3 million in operating cash flow and accelerated its share repurchase activity, buying back approximately $45 million of shares.
About Amphastar Pharmaceuticals (NASDAQ:AMPH)Amphastar Pharmaceuticals, Inc is a specialty pharmaceutical company headquartered in Rancho Cucamonga, California. Founded in 2004, Amphastar focuses on the development, manufacturing and commercialization of injectable and inhalation products. The company's manufacturing facilities in California produce both generic and proprietary formulations designed to address urgent and chronic medical conditions.
Amphastar's portfolio includes a range of injectable generics such as epinephrine, naloxone and lidocaine, serving hospital, emergency medical and retail pharmacy channels.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Net revenues of $183.9 million for the three months ended June 30, 2026 GAAP net income of $30.3 million, or $0.67 per share, for the second quarter Adjusted non-GAAP net income of $40.8 million, or $0.91 per share, for the second quarter Company to hold a conference call today at 2:00 p.m. Pacific Time , /PRNewswire/ -- Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) ("Amphastar" or the "Company"), a biopharmaceutical company focused on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, today reported results for the three months ended June 30, 2026.
"Our second quarter results reflect the continued execution of our long-term strategy to build a more diversified and innovative biopharmaceutical company. While we continued to navigate pricing and competitive dynamics across portions of our portfolio, we successfully achieved key goals including overall revenue growth, expansion of gross margins, meaningful launches of new products, and continued advancement from both our generic and proprietary development pipelines. These results demonstrate the strength of our integrated business model and position us well for long-term sustainable growth," said Dr. Jack Zhang, Amphastar's President and Chief Executive Officer.
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
(in thousands, except per share data)
Net revenues
$
183,903
$
174,414
$
355,074
$
344,942
GAAP net income
$
30,348
$
31,030
$
36,768
$
56,315
Adjusted non-GAAP net income*
$
40,759
$
40,893
$
60,237
$
77,764
GAAP diluted EPS
$
0.67
$
0.64
$
0.81
$
1.15
Adjusted non-GAAP diluted EPS*
$
0.91
$
0.85
$
1.33
$
1.59
* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP
Financial Measures" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.
Second Quarter Results
Three Months Ended
June 30,
Change
2026
2025
Dollars
%
(in thousands)
Net revenues:
BAQSIMI®
$
45,503
$
46,687
$
(1,184)
(3) %
Primatene MIST®
21,004
22,880
(1,876)
(8) %
Epinephrine
15,854
16,180
(326)
(2) %
Lidocaine
15,039
14,999
40
0 %
Glucagon
11,905
20,602
(8,697)
(42) %
Ipratropium bromide
8,411
—
8,411
N/A
Other products
66,187
53,066
13,121
25 %
Total net revenues
$
183,903
$
174,414
$
9,489
5 %
Changes in net revenues as compared to the second quarter of the prior year were primarily driven by:
BAQSIMI® sales decreased primarily due to a lower average selling price, as a result of a change in gross-to-net discounts due to changes in chargebacks and rebates and changes to the customer mix, impacting sales of approximately $8.1 million. This decrease was partially offset by an increase in unit volumes, contributing $6.9 million in sales driven by our continued marketing efforts. Achieved the first annual net sales milestone under the asset purchase agreement with Eli Lilly & Company, or Lilly, for BAQSIMI®, with sales of $175.0 million for the contract year. The milestone triggers a payment of $100.0 million to Lilly which is due in the third quarter of 2026. Primatene MIST® sales decreased due to the timing of customer purchases rather than changes in the underlying consumer demand. In store demand shows continued growth. Epinephrine sales slightly decreased primarily due to a decrease in our epinephrine multi-dose vial product, as a result of increased competition, impacting sales by $2.2 million. This decrease was partially offset by an increase in demand for our epinephrine pre-filled syringe, as a result of other supplier shortages, contributing $1.9 million in sales. Glucagon sales decreased primarily due to a lower average selling price, impacting sales by $7.5 million, as well as a decrease in unit volumes, which impacted sales by $1.2 million, as a result of competition and the continued shift to ready-to-use glucagon products such as BAQSIMI®. Ipratropium bromide sales were $8.4 million following a successful launch in April 2026. Other pharmaceutical product sales increased primarily due to recently launched products including an increase in iron sucrose sales of $3.5 million and teriparatide sales of $4.5 million, which we launched in August 2025 and December 2025, respectively. Albuterol sales increased primarily due to an increase in unit volumes, as we continue to see positive growth since its launch in August 2024. Additionally impacting sales, were an increase in phytonadione and sodium bicarbonate sales, driven by heightened demand, and an increase in API sales from our ANP subsidiary.
Three Months Ended
June 30,
Change
2026
2025
Dollars
%
(in thousands)
Net revenues
$
183,903
$
174,414
$
9,489
5 %
Cost of revenues
90,433
87,924
2,509
3 %
Gross profit
$
93,470
$
86,490
$
6,980
8 %
as % of net revenues
50.8 %
49.6 %
Changes in the cost of revenues and gross margin were primarily driven by:
Recently launched products, including iron sucrose, teriparatide and ipratropium bromide, as well as an increase in sales of phytonadione, all of which are higher-margin products. This was partially offset by: The impact of lower average selling price for BAQSIMI®, glucagon, and our epinephrine multi-dose vial product Increased manufacturing expenses due to the expansion of our manufacturing facility in Rancho Cucamonga, CA
Three Months Ended
June 30,
Change
2026
2025
Dollars
%
(in thousands)
Selling, distribution, and marketing
$
13,335
$
10,235
$
3,100
30 %
General and administrative
18,242
13,991
4,251
30 %
Research and development
22,164
20,080
2,084
10 %
Selling, distribution, and marketing expense increased primarily due to increased freight expense and the increase in marketing efforts for BAQSIMI®. General and administrative expenses increased primarily due to an increase in legal expenses, expenses associated with implementing a new ERP system and salary and personnel-related expenses. Research and development expenses increased due to an increase in clinical trials expense, primarily for our insulin pipeline products, as well as an increase in salary and personnel-related expenses. This increase was partially offset by a decrease in material and supply expenses.
Three Months Ended
June 30,
Change
2026
2025
Dollars
%
(in thousands)
Non-operating expenses:
Interest income
$
2,287
$
1,921
$
366
19 %
Interest expense
(6,659)
(6,281)
(378)
6 %
Other income (expenses), net
3,187
1,511
1,676
111 %
Total non-operating expenses, net
$
(1,185)
$
(2,849)
$
1,664
(58) %
The change in non-operating expenses, net, is primarily a result of foreign currency fluctuation, as well as the mark-to-market adjustments relating to our interest rate swap contract during the three months ended June 30, 2026.
Cash flow provided by operating activities for the six months ended June 30, 2026, was $99.2 million.
Pipeline Information
The Company currently has one abbreviated new drug application ("ANDA") and one biosimilar insulin candidate filed with the FDA for products targeting a combined market size exceeding $1.6 billion, along with two biosimilar products in development targeting a market size exceeding $3.5 billion, and three generic products in development targeting a market size of over $1.2 billion. This market information is based on IQVIA data for the 12 months ended June 30, 2026, supplemented by data provided by the branded company for one of the generic targets. The Company is developing multiple proprietary products with injectable, topical and intranasal dosage forms.
The Company's proprietary pipeline also includes four recently in-licensed products including three proprietary peptides targeting oncology and ophthalmology indications, and a fully synthetic corticotropin compound designed to address inflammatory and autoimmune conditions.
Conference Call Information
The Company will hold a conference call to discuss its financial results today, August 6, 2026, at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, ten minutes before the conference.
The call can also be accessed on the Investors page on the Company's website at www.amphastar.com.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP diluted EPS, which generally excludes amortization expense, share-based compensation, impairment charges, certain debt issuance costs, legal settlements, and other one-time events in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.
Market Data
This press release contains market data that we obtained from industry sources. These sources do not guarantee the accuracy or completeness of the information. Although we believe that our industry sources are reliable, we do not independently verify the information. The market data may include projections that are based on a number of other projections. While we believe these assumptions to be reasonable and sound as of the date of this press release, actual results may differ from the projections.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredient, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward-Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high-quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 7, 2026, and our other filings or reports that we may file with the SEC. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
Table I
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Statement of Operations
(Unaudited; in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net revenues
$
183,903
$
174,414
$
355,074
$
344,942
Cost of revenues
90,433
87,924
191,282
173,201
Gross profit
93,470
86,490
163,792
171,741
Operating expenses:
Selling, distribution, and marketing
13,335
10,235
25,262
22,101
General and administrative
18,242
13,991
36,270
29,987
Research and development
22,164
20,080
48,901
40,176
Total operating expenses
53,741
44,306
110,433
92,264
Income from operations
39,729
42,184
53,359
79,477
Non-operating expenses:
Interest income
2,287
1,921
4,687
4,010
Interest expense
(6,659)
(6,281)
(13,212)
(12,567)
Other income (expenses), net
3,187
1,511
3,762
(723)
Total non-operating expenses, net
(1,185)
(2,849)
(4,763)
(9,280)
Income before income taxes
38,544
39,335
48,596
70,197
Income tax provision
8,196
8,305
11,828
13,882
Net income
$
30,348
$
31,030
$
36,768
$
56,315
Net income per share:
Basic
$
0.69
$
0.66
$
0.83
$
1.19
Diluted
$
0.67
$
0.64
$
0.81
$
1.15
Weighted-average shares used to compute net income per share:
Basic
43,644
46,949
44,483
47,295
Diluted
44,225
48,128
45,341
49,009
Table II
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
June 30,
December 31,
2026
2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
223,614
$
170,177
Restricted cash
235
235
Short-term investments
66,509
112,635
Restricted short-term investments
2,200
2,200
Accounts receivable, net
144,857
143,560
Inventories
179,907
176,890
Income tax refunds and deposits
2,628
17,167
Prepaid expenses and other assets
11,001
13,152
Total current assets
630,951
636,016
Property, plant, and equipment, net
316,063
310,567
Finance lease right-of-use assets
152
221
Operating lease right-of-use assets
72,911
42,931
Goodwill and intangible assets, net
647,833
565,965
Other assets
33,392
31,135
Deferred tax assets
42,464
42,464
Total assets
$
1,743,766
$
1,629,299
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
251,371
$
148,348
Income taxes payable
546
239
Current portion of long-term debt
2,488
1,641
Current portion of operating lease liabilities
8,800
7,928
Total current liabilities
263,205
158,156
Long-term reserve for income tax liabilities
5,926
5,926
Long-term debt, net of current portion and unamortized debt issuance costs
609,564
608,749
Long-term operating lease liabilities, net of current portion
67,470
37,684
Other long-term liabilities
29,444
29,979
Total liabilities
975,609
840,494
Commitments and contingencies
Stockholders' equity:
Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding
—
—
Common stock: par value $0.0001; 300,000,000 shares authorized; 62,306,254 and 42,532,225 shares issued and outstanding, respectively, as of June 30, 2026 and 61,779,883 and 45,645,497 shares issued and outstanding, respectively, as of December 31, 2025
6
6
Additional paid-in capital
553,002
535,380
Retained earnings
703,649
666,881
Accumulated other comprehensive loss
(5,904)
(5,314)
Treasury stock
(482,596)
(408,148)
Total stockholders' equity
768,157
788,805
Total liabilities and stockholders' equity
$
1,743,766
$
1,629,299
Table III
Amphastar Pharmaceuticals, Inc.
Reconciliation of Non-GAAP Measures
(Unaudited; in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
GAAP net income
$
30,348
$
31,030
$
36,768
$
56,315
Adjusted for:
Intangible asset amortization
6,269
6,269
12,539
12,509
Share-based compensation
7,090
6,382
16,364
14,775
Litigation provision
—
—
1,000
—
Income tax provision on pre-tax adjustments
(2,948)
(2,788)
(6,434)
(5,835)
Adjusted non-GAAP net income
$
40,759
$
40,893
$
60,237
$
77,764
Adjusted non-GAAP net income per share:
Basic
$
0.92
$
0.87
$
1.35
$
1.64
Diluted
$
0.91
$
0.85
$
1.33
$
1.59
Weighted-average shares used to compute adjusted non-GAAP net income per share:
, /PRNewswire/ -- Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) announced today that the Company will release results for its second quarter of 2026 ended June 30, 2026, after the market closes on Thursday, August 6, 2026, and will hold a conference call to discuss its financial results at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free 877-407-0989, for international calls, dial 201-389-0921, ten minutes before the conference.
The call can also be accessed on the Investors page on the Company's website www.amphastar.com. The webcast replay of the call will be available on our Company website within 24 hours after the end of the live conference call.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredient, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 7, 2026, and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
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Amphastar Pharmaceuticals (AMPH) is rated a Buy, with ~81% upside to a $33 fair value, despite margin pressures for 2026. AMPH faces declining sales in legacy products but expects mid- to high-single-digit revenue growth in 2026, led by Baqsimi and new launches. I estimate operating margin to dip to 22% in 2026 due to increased expenses, recovering to 26% by 2030 as higher-margin pipeline products ramp up.
Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH – Get Free Report)’s share price crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $25.36 and traded as low as $19.27. Amphastar Pharmaceuticals shares last traded at $19.59, with a volume of 534,127 shares.
Analysts Set New Price Targets Several research analysts have recently commented on AMPH shares. Needham & Company LLC lowered their target price on shares of Amphastar Pharmaceuticals from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Amphastar Pharmaceuticals in a research note on Monday, December 29th. Wells Fargo & Company reduced their price target on Amphastar Pharmaceuticals from $34.00 to $30.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Finally, Barclays began coverage on Amphastar Pharmaceuticals in a research note on Tuesday, December 9th. They set an “equal weight” rating and a $30.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $29.50.
Read Our Latest Stock Analysis on Amphastar Pharmaceuticals
Amphastar Pharmaceuticals Price Performance The business’s 50-day simple moving average is $23.86 and its two-hundred day simple moving average is $25.36. The stock has a market cap of $888.80 million, a price-to-earnings ratio of 9.65, a price-to-earnings-growth ratio of 1.60 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.02 and a quick ratio of 2.90.
Amphastar Pharmaceuticals (NASDAQ:AMPH – Get Free Report) last issued its earnings results on Thursday, February 26th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.24). The firm had revenue of $183.11 million during the quarter, compared to analyst estimates of $190.48 million. Amphastar Pharmaceuticals had a return on equity of 17.58% and a net margin of 13.63%. Research analysts expect that Amphastar Pharmaceuticals, Inc. will post 3.49 earnings per share for the current year.
Institutional Inflows and Outflows Hedge funds and other institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its position in shares of Amphastar Pharmaceuticals by 356.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 944 shares of the company’s stock worth $25,000 after purchasing an additional 737 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of Amphastar Pharmaceuticals in the 3rd quarter worth $26,000. Global Retirement Partners LLC lifted its holdings in shares of Amphastar Pharmaceuticals by 219.0% in the 3rd quarter. Global Retirement Partners LLC now owns 1,024 shares of the company’s stock worth $27,000 after purchasing an additional 703 shares in the last quarter. Quarry LP acquired a new stake in Amphastar Pharmaceuticals in the 3rd quarter valued at $32,000. Finally, GAMMA Investing LLC grew its position in Amphastar Pharmaceuticals by 37.8% in the 4th quarter. GAMMA Investing LLC now owns 1,685 shares of the company’s stock valued at $45,000 after purchasing an additional 462 shares during the period. 65.09% of the stock is owned by institutional investors and hedge funds.
About Amphastar Pharmaceuticals (Get Free Report)
Amphastar Pharmaceuticals, Inc is a specialty pharmaceutical company headquartered in Rancho Cucamonga, California. Founded in 2004, Amphastar focuses on the development, manufacturing and commercialization of injectable and inhalation products. The company’s manufacturing facilities in California produce both generic and proprietary formulations designed to address urgent and chronic medical conditions.
Amphastar’s portfolio includes a range of injectable generics such as epinephrine, naloxone and lidocaine, serving hospital, emergency medical and retail pharmacy channels.
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SG Americas Securities LLC purchased a new stake in Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH – Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 93,515 shares of the company’s stock, valued at approximately $2,504,000. SG Americas Securities LLC owned about 0.20% of Amphastar Pharmaceuticals at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. New York State Common Retirement Fund lifted its stake in Amphastar Pharmaceuticals by 86.4% in the 3rd quarter. New York State Common Retirement Fund now owns 90,169 shares of the company’s stock valued at $2,403,000 after purchasing an additional 41,800 shares during the last quarter. Capital Fund Management S.A. acquired a new position in Amphastar Pharmaceuticals during the second quarter worth approximately $931,000. Rice Hall James & Associates LLC bought a new stake in Amphastar Pharmaceuticals in the third quarter valued at approximately $3,447,000. SummerHaven Investment Management LLC acquired a new stake in shares of Amphastar Pharmaceuticals in the third quarter valued at approximately $1,018,000. Finally, Quantbot Technologies LP lifted its position in shares of Amphastar Pharmaceuticals by 188.8% in the second quarter. Quantbot Technologies LP now owns 60,955 shares of the company’s stock valued at $1,400,000 after buying an additional 39,846 shares during the last quarter. 65.09% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth A number of research analysts recently weighed in on the company. Needham & Company LLC decreased their target price on Amphastar Pharmaceuticals from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Barclays began coverage on Amphastar Pharmaceuticals in a report on Tuesday, December 9th. They set an “equal weight” rating and a $30.00 price target for the company. Wells Fargo & Company reduced their price objective on shares of Amphastar Pharmaceuticals from $34.00 to $30.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Amphastar Pharmaceuticals in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Amphastar Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $29.50.
Check Out Our Latest Report on AMPH
Amphastar Pharmaceuticals Price Performance Amphastar Pharmaceuticals stock opened at $20.45 on Friday. The company has a market capitalization of $927.82 million, a price-to-earnings ratio of 10.07, a PEG ratio of 1.71 and a beta of 0.92. The company has a current ratio of 4.02, a quick ratio of 2.90 and a debt-to-equity ratio of 0.77. Amphastar Pharmaceuticals, Inc. has a 12 month low of $17.03 and a 12 month high of $31.26. The stock’s 50 day moving average is $23.52 and its 200-day moving average is $25.24.
Amphastar Pharmaceuticals (NASDAQ:AMPH – Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.24). Amphastar Pharmaceuticals had a net margin of 13.63% and a return on equity of 17.58%. The firm had revenue of $183.11 million during the quarter, compared to the consensus estimate of $190.48 million. Equities research analysts expect that Amphastar Pharmaceuticals, Inc. will post 3.49 EPS for the current year.
About Amphastar Pharmaceuticals (Free Report)
Amphastar Pharmaceuticals, Inc is a specialty pharmaceutical company headquartered in Rancho Cucamonga, California. Founded in 2004, Amphastar focuses on the development, manufacturing and commercialization of injectable and inhalation products. The company’s manufacturing facilities in California produce both generic and proprietary formulations designed to address urgent and chronic medical conditions.
Amphastar’s portfolio includes a range of injectable generics such as epinephrine, naloxone and lidocaine, serving hospital, emergency medical and retail pharmacy channels.
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RANCHO CUCAMONGA, CA / ACCESS Newswire / April 6, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" or the "Company") announced today that Bill Peters, CFO, Tony Marrs, EVP of Regulatory Affairs and Clinical Operations, and Dan Dischner, SVP of Corp. Communication, will be presenting at the 25th Annual Needham Healthcare Conference on Tuesday, April 14, 2026, at 11:45 am ET. For access to the webcast, visit Amphastar Pharmaceuticals' website at http://ir.amphastar.com. This webcast will be available for 30 days following the presentation.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredients, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward-Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 476-3416
The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One company to watch right now is Amphastar Pharmaceuticals (AMPH - Free Report) . AMPH is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 7.81, while its industry has an average P/E of 14.54. Over the last 12 months, AMPH's Forward P/E has been as high as 12.02 and as low as 6.09, with a median of 8.31.
Another valuation metric that we should highlight is AMPH's P/B ratio of 1.72. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 4.16. AMPH's P/B has been as high as 3.57 and as low as 1.28, with a median of 1.87, over the past year.
Finally, investors will want to recognize that AMPH has a P/CF ratio of 6.90. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. AMPH's P/CF compares to its industry's average P/CF of 13.78. Over the past year, AMPH's P/CF has been as high as 12.69 and as low as 5.15, with a median of 7.33.
These are just a handful of the figures considered in Amphastar Pharmaceuticals's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that AMPH is an impressive value stock right now.
Investors interested in stocks from the Medical - Generic Drugs sector have probably already heard of Amphastar Pharmaceuticals (AMPH - Free Report) and Doctor Reddy's (RDY - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Currently, Amphastar Pharmaceuticals has a Zacks Rank of #2 (Buy), while Doctor Reddy's has a Zacks Rank of #4 (Sell). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that AMPH has an improving earnings outlook. However, value investors will care about much more than just this.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.
AMPH currently has a forward P/E ratio of 6.61, while RDY has a forward P/E of 24.19. We also note that AMPH has a PEG ratio of 1.56. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. RDY currently has a PEG ratio of 21.79.
Another notable valuation metric for AMPH is its P/B ratio of 1.27. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, RDY has a P/B of 2.8.
These metrics, and several others, help AMPH earn a Value grade of A, while RDY has been given a Value grade of C.
AMPH sticks out from RDY in both our Zacks Rank and Style Scores models, so value investors will likely feel that AMPH is the better option right now.
RANCHO CUCAMONGA, CA / ACCESS Newswire / April 30, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) announced today that the Company will release results for its first quarter of 2026, ended March 31, 2026, after the market closes on Thursday, May 7, 2026, and will hold a conference call to discuss its financial results at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free 877-407-0989, for international calls, dial 201-389-0921, ten minutes before the conference.
The call can also be accessed on the Investors page on the Company's website www.amphastar.com. The webcast replay of the call will be available on our Company website within 24 hours after the end of the live conference call.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredient, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 476-3416
RANCHO CUCAMONGA, CA / ACCESS Newswire / May 6, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) announced today that Bill Peters, CFO, and Tony Marrs, EVP of Regulatory Affairs and Clinical Operations, will be presenting at the 2026 Bank of America Health Care Conference on Wednesday, May 13, 2026, at 3:00 pm PT. For access to the webcast, visit Amphastar Pharmaceuticals' website at http://ir.amphastar.com. This webcast will be available for 30 days following the presentation.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredients, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward-Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 476-3416
Earnings Net revenues of $171.2 million for the three months ended March 31, 2026
GAAP net income of $6.4 million, or $0.14 per share, for the first quarter
Adjusted non-GAAP net income of $19.5 million, or $0.42 per share, for the first quarter
Company to hold a conference call today at 2:00 p.m. Pacific Time
RANCHO CUCAMONGA, CA / ACCESS Newswire / May 7, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" or the "Company"), a biopharmaceutical company focused on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, today reported results for the three months ended March 31, 2026.
"In the first quarter of 2026, we continued to strengthen our commercial foundation and core business, highlighted by the approval and subsequent launch of Ipratropium Bromide HFA, while also making meaningful advancements across our pipeline that will support our long‑term strategy," said Dr. Jack Zhang, Amphastar's President and Chief Executive Officer. "To begin the year, we broadened our portfolio through an exclusive license agreement for a fully synthetic corticotropin compound. At the same time, we remain committed to investing in our proprietary pipeline and capabilities, which we believe will support sustainable long-term growth."
Three Months Ended
March 31,
2026
2025
(in thousands, except per share data)
Net revenues
$
171,171
$
170,528
GAAP net income
$
6,420
$
25,285
Adjusted non-GAAP net income*
$
19,478
$
36,871
GAAP diluted EPS
$
0.14
$
0.51
Adjusted non-GAAP diluted EPS*
$
0.42
$
0.74
________________________________
* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.
First Quarter Results
Three Months Ended
March 31,
Change
2026
2025
Dollars
%
(in thousands)
Net revenues:
BAQSIMI®
$
32,434
$
38,355
$
(5,921
)
(15
)%
Primatene MIST®
29,763
29,051
712
2
%
Epinephrine
19,213
18,587
626
3
%
Lidocaine
13,460
13,644
(184
)
(1
)%
Glucagon
9,170
20,843
(11,673
)
(56
)%
Other products
67,131
50,048
17,083
34
%
Total net revenues
$
171,171
$
170,528
$
643
0
%
Changes in net revenues as compared to the first quarter of the prior year were primarily driven by:
BAQSIMI® sales decreased primarily due to a lower average selling price, as a result of a change in gross-to-net discounts due to changes in chargebacks and rebates and changes to the customer mix, impacting sales of approximately $8.0 million. This decrease was partially offset by an increase in unit volumes, contributing $2.0 million in sales driven by our continued marketing efforts
Primatene MIST® sales increased due to an increase in unit volumes
Epinephrine sales increased primarily due to an increase in demand for our epinephrine pre-filled syringe, as a result of other supplier shortages, contributing $4.1 million in sales. This increase was partially offset by a decrease in our epinephrine multi-dose vial product, as a result of increased competition, impacting sales by $3.5 million
Glucagon sales decreased primarily due to a decrease in unit volumes, impacting sales by $6.1 million, as well as a lower average selling price, which impacted sales by $5.6 million, as a result of competition and the continued shift to ready to use glucagon products such as BAQSIMI®
Other pharmaceutical product sales increased primarily due to recently launched products including an increase in albuterol sales of $2.8 million, iron sucrose sales of $1.4 million and teriparatide sales of $2.2 million, which we launched in August 2024, August 2025, and December 2025, respectively. An increase in dextrose sales, driven by heightened demand resulting from supplier shortages in the market also positively impacted sales
Three Months Ended
March 31,
Change
2026
2025
Dollars
%
(in thousands)
Net revenues
$
171,171
$
170,528
$
643
0
%
Cost of revenues
100,849
85,277
15,572
18
%
Gross profit
$
70,322
$
85,251
$
(14,929
)
(18
)%
as % of net revenues
41.1
%
50.0
%
Changes in the cost of revenues and gross margin were primarily driven by:
Lower average selling price for our higher margin products, such as BAQSIMI®, glucagon, phytonadione, and our epinephrine multi-dose vial product
Increased manufacturing expenses due to the expansion of our manufacturing facility in Rancho Cucamonga, CA
Three Months Ended
March 31,
Change
2026
2025
Dollars
%
(in thousands)
Selling, distribution, and marketing
$
11,927
$
11,866
$
61
1
%
General and administrative
18,028
15,996
2,032
13
%
Research and development
26,737
20,096
6,641
33
%
General and administrative expenses increased primarily due to an increase in legal expenses, expenses associated with implementing a new ERP system and salary and personnel-related expenses
Research and development expenses increased primarily due to spending for our insulin, inhalation, and proprietary pipeline products. Additionally, we had a $2.0 million upfront payment for the licensing agreement that we entered into with Nanjing Hanxin Pharmaceutical Technology Co., Ltd., during the quarter
Three Months Ended
March 31,
Change
2026
2025
Dollars
%
(in thousands)
Non-operating expenses:
Interest income
$
2,400
$
2,089
$
311
15
%
Interest expense
(6,553
)
(6,286
)
(267
)
4
%
Other income (expenses), net
575
(2,234
)
2,809
(126
)%
Total non-operating expenses, net
$
(3,578
)
$
(6,431
)
$
2,853
(44
)%
The change in non-operating expenses, net, is primarily a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts during the three months ended March 31, 2026.
Cash flow provided by operating activities for the three months ended March 31, 2026, was $47.8 million.
Pipeline Information
The Company currently has one abbreviated new drug application ("ANDA") and one biosimilar insulin candidate filed with the FDA targeting products with a combined market size exceeding $1.6 billion, along with two biosimilar products in development targeting products with a market size exceeding $3.7 billion, and two generic products in development targeting products with a market size of over $0.8 billion. This market information is based on IQVIA data for the 12 months ended March 31, 2026. The Company is developing multiple proprietary products with injectable, topical and intranasal dosage forms.
The Company's proprietary pipeline also includes four recently in-licensed products including three proprietary peptides targeting oncology and ophthalmology indications, and a fully synthetic corticotropin compound designed to address inflammatory and autoimmune conditions.
Conference Call Information
The Company will hold a conference call to discuss its financial results today, May 7, 2026, at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, ten minutes before the conference.
The call can also be accessed on the Investors page on the Company's website, www.amphastar.com.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP diluted EPS, which generally excludes amortization expense, share-based compensation, impairment charges, certain debt issuance costs, legal settlements, and other one-time events in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.
Market Data
This press release contains market data that we obtained from industry sources. These sources do not guarantee the accuracy or completeness of the information. Although we believe that our industry sources are reliable, we do not independently verify the information. The market data may include projections that are based on a number of other projections. While we believe these assumptions to be reasonable and sound as of the date of this press release, actual results may differ from the projections.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredient, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high-quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 476-3416
Table I
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Statement of Operations
(Unaudited; in thousands, except per share data)
Three Months Ended
March 31,
2026
2025
Net revenues
$
171,171
$
170,528
Cost of revenues
100,849
85,277
Gross profit
70,322
85,251
Operating expenses:
Selling, distribution, and marketing
11,927
11,866
General and administrative
18,028
15,996
Research and development
26,737
20,096
Total operating expenses
56,692
47,958
Income from operations
13,630
37,293
Non-operating expenses:
Interest income
2,400
2,089
Interest expense
(6,553
)
(6,286
)
Other income (expenses), net
575
(2,234
)
Total non-operating expenses, net
(3,578
)
(6,431
)
Income before income taxes
10,052
30,862
Income tax provision
3,632
5,577
Net income
$
6,420
$
25,285
Net income per share:
Basic
$
0.14
$
0.53
Diluted
$
0.14
$
0.51
Weighted-average shares used to compute net income per share:
Basic
45,322
47,641
Diluted
46,458
49,890
Table II
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
March 31,
December 31,
2026
2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
170,939
$
170,177
Restricted cash
235
235
Short-term investments
121,012
112,635
Restricted short-term investments
2,200
2,200
Accounts receivable, net
147,848
143,560
Inventories
170,194
176,890
Income tax refunds and deposits
9,605
17,167
Prepaid expenses and other assets
11,650
13,152
Total current assets
633,683
636,016
Property, plant, and equipment, net
307,231
310,567
Finance lease right-of-use assets
185
221
Operating lease right-of-use assets
71,496
42,931
Goodwill and intangible assets, net
559,623
565,965
Other assets
33,480
31,135
Deferred tax assets
42,464
42,464
Total assets
$
1,648,162
$
1,629,299
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
152,688
$
148,348
Income taxes payable
414
239
Current portion of long-term debt
1,671
1,641
Current portion of operating lease liabilities
9,705
7,928
Total current liabilities
164,478
158,156
Long-term reserve for income tax liabilities
5,926
5,926
Long-term debt, net of current portion and unamortized debt issuance costs
609,801
608,749
Long-term operating lease liabilities, net of current portion
65,201
37,684
Other long-term liabilities
29,365
29,979
Total liabilities
874,771
840,494
Commitments and contingencies
Stockholders' equity:
Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding
-
-
Common stock: par value $0.0001; 300,000,000 shares authorized; 62,134,449 and 44,636,846 shares issued and outstanding, respectively, as of March 31, 2026 and 61,779,883 and 45,645,497 shares issued and outstanding, respectively, as of December 31, 2025
6
6
Additional paid-in capital
543,816
535,380
Retained earnings
673,301
666,881
Accumulated other comprehensive loss
(5,736
)
(5,314
)
Treasury stock
(437,996
)
(408,148
)
Total stockholders' equity
773,391
788,805
Total liabilities and stockholders' equity
$
1,648,162
$
1,629,299
Table III
Amphastar Pharmaceuticals, Inc.
Reconciliation of Non-GAAP Measures
(Unaudited; in thousands, except per share data)
Three Months Ended
March 31,
2026
2025
GAAP net income
$
6,420
$
25,285
Adjusted for:
Intangible asset amortization
6,270
6,240
Share-based compensation
9,274
8,393
Litigation provision
1,000
-
Income tax provision on pre-tax adjustments
(3,486
)
(3,047
)
Adjusted non-GAAP net income
$
19,478
$
36,871
Adjusted non-GAAP net income per share:
Basic
$
0.43
$
0.77
Diluted
$
0.42
$
0.74
Weighted-average shares used to compute adjusted non-GAAP net income per share:
Amphastar Pharmaceuticals (AMPH - Free Report) came out with quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.7 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -40.28%. A quarter ago, it was expected that this specialty pharmaceutical company would post earnings of $0.97 per share when it actually produced earnings of $0.73, delivering a surprise of -24.74%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Amphastar, which belongs to the Zacks Medical - Generic Drugs industry, posted revenues of $171.17 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.27%. This compares to year-ago revenues of $170.53 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Amphastar shares have lost about 10.8% since the beginning of the year versus the S&P 500's gain of 7.6%.
What's Next for Amphastar?While Amphastar has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Amphastar was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.75 on $176.69 million in revenues for the coming quarter and $3.30 on $744.46 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Generic Drugs is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
RenovoRx, Inc. (RNXT - Free Report) , another stock in the broader Zacks Medical sector, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 14.
This company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 6.7% lower over the last 30 days to the current level.
RenovoRx, Inc.'s revenues are expected to be $0.5 million, up 150% from the year-ago quarter.
Amphastar Pharmaceuticals (AMPH - Free Report) reported $171.17 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 0.4%. EPS of $0.42 for the same period compares to $0.74 a year ago.
The reported revenue represents a surprise of +0.27% over the Zacks Consensus Estimate of $170.71 million. With the consensus EPS estimate being $0.70, the EPS surprise was -40.28%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Amphastar performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net revenues- Primatene MIST: $29.76 million versus $28.92 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +2.5% change.Net revenues- Epinephrine: $19.21 million versus the two-analyst average estimate of $16.71 million. The reported number represents a year-over-year change of +3.4%.Net revenues- BAQSIMI: $32.43 million versus the two-analyst average estimate of $40.83 million. The reported number represents a year-over-year change of -15.4%.Net revenues- Glucagon: $9.17 million versus $13.23 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -56% change.Net revenues- Lidocaine: $13.46 million versus the two-analyst average estimate of $14.54 million. The reported number represents a year-over-year change of -1.4%.View all Key Company Metrics for Amphastar here>>>
Shares of Amphastar have returned +17.2% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Top 2 Small Cap Healthcare Stocks to Buy Before Rate CutsAmphastar Pharmaceuticals NASDAQ: AMPH executives said the company is taking steps to address rebate and discounting pressure on BAQSIMI while maintaining its full-year revenue outlook, according to remarks at the BofA Annual Healthcare Conference.
Bill Peters, chief financial officer of Amphastar, said the biggest surprise coming out of the first quarter was the impact of “double discounting” tied to 340B programs on BAQSIMI, the company’s nasal glucagon product acquired from Eli Lilly. Peters said certain buyers were purchasing BAQSIMI at mandated 340B prices while still collecting rebates when dispensing to insured patients.
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Promising Small Biotech Amphastar Sees Actionable Pullback “That was the biggest change,” Peters said. “It reduced the BAQSIMI sales significantly from where we thought they would be in the quarter.”
BAQSIMI Pricing Pressure and Mitigation Steps Peters said Amphastar began using an external firm at the start of May to adjudicate and validate claims, a process the company believes should eliminate most inappropriate claims. The company also implemented a 3% price increase for BAQSIMI on May 1.
While Peters said the second quarter will still reflect some of the same challenges seen in the first quarter, he said the company expects pricing to improve over the next couple of quarters.
“We believe that if we can stop this pricing behavior, then we can return to growth for the product for the rest of the year,” Peters said.
He added that BAQSIMI prescription trends remained positive, with an 8% increase in units during the quarter. Peters said the company expects the third-party adjudication process to remain in place going forward, adding some general and administrative expense but helping protect future revenue recognition.
International BAQSIMI Footprint to Narrow Peters said BAQSIMI is sold in about 25 countries, with the United States representing roughly 80% of revenue. Amphastar had committed to Lilly to continue selling BAQSIMI in every market where Lilly had sold it for at least three years, a period that ends in June.
After reviewing its international markets, Peters said Amphastar identified a handful of countries where BAQSIMI was unprofitable and plans to begin discontinuations in July. He said the process will be gradual in some markets due to inventory and notice requirements, including one country where sales will continue until the first quarter of next year.
“None of these countries are really that meaningful or material to our top line, and they’re all negative to the bottom line,” Peters said. “By reducing our footprint, while we’ll have a reduction in sales of BAQSIMI, we’ll have an increase in profitability.”
Longer term, Peters reiterated Amphastar’s peak sales target of $250 million to $275 million for BAQSIMI. He said the key growth driver is improving compliance with glucagon prescriptions among insulin users. According to Peters, annual glucagon prescription fills among insulin users have increased from about 10% when Amphastar acquired BAQSIMI to 12% today, and the company’s forecast assumes reaching 15% to 16% compliance.
Legacy Products and Margin Outlook On Amphastar’s base business, Peters said glucagon has faced new competition over the past year and a half, but the rate of decline has softened. He said the company believes the product is close to a floor, though upcoming quarters may still be below first-quarter levels.
Peters also discussed epinephrine, noting pressure in multi-dose vials as the market expanded from two competitors to as many as five. However, he said Amphastar’s prefilled syringe epinephrine product benefited in the first quarter because another supplier has not been shipping.
Gross margin was 41% in the first quarter, which Peters described as a temporary low point. He said the company expects margins to recover, helped by higher-margin product launches and growth from BAQSIMI and Primatene MIST. He noted that sales of active pharmaceutical ingredients from Amphastar’s China facility will add revenue but at lower margins.
Peters also said insulin, expected next year, may carry a margin near or slightly below the corporate average on its own but should improve factory utilization in both the U.S. finished-product facility and the China API facility.
AMP-007, Biosimilars and Inhalation Pipeline Peters said AMP-007 launched in mid-April and has shown strong factory sales so far. He said Amphastar is currently the only generic on the market and has Hatch-Waxman six-month exclusivity until mid-October, unless an authorized generic launches. He added that the product’s sales are expected to exceed the assumptions used in Amphastar’s initial 2025 guidance, helping offset lower-than-expected BAQSIMI sales.
Amphastar reaffirmed its expectation for full-year revenue growth in the mid-to-high single digits.
Tony Marrs, executive vice president of regulatory affairs and clinical operations, said Amphastar’s development history in aseptic manufacturing, complex generics, immunogenicity work and clinical trials has positioned it to take on more complex programs, including biosimilars and proprietary products.
Marrs said the company is developing insulin aspart and believes insulin is a middle ground between traditional generics and more complex biologics. Peters added that Amphastar is working on three biosimilars, including two insulins, and is targeting areas where it believes it has manufacturing or API advantages rather than crowded biologic categories.
On GLP-1 products, Peters said Amphastar expects certain markets to be crowded but noted that the company plans to sell at least two GLP-1 APIs this year from its China facility, one tied to a proprietary product and another as a more generic API.
The company also continues to view inhalation as a key technology area. Peters said Amphastar is working on a next-generation Primatene MIST using a “green propellant,” while Marrs said the company’s Boston-area inhalation manufacturing facility has capacity and room for expansion.
Capital Allocation Peters said Amphastar’s first priority remains funding its growing research and development program, followed by capital expenditures and business development. However, he said the company has accelerated share repurchases because management views the stock as undervalued.
During the first quarter, Amphastar spent nearly $30 million buying back shares, representing almost 3% of shares outstanding. Peters said that with the stock price in a similar position to March levels, investors should expect the company to accelerate purchases again.
About Amphastar Pharmaceuticals NASDAQ: AMPHAmphastar Pharmaceuticals, Inc is a specialty pharmaceutical company headquartered in Rancho Cucamonga, California. Founded in 2004, Amphastar focuses on the development, manufacturing and commercialization of injectable and inhalation products. The company's manufacturing facilities in California produce both generic and proprietary formulations designed to address urgent and chronic medical conditions.
Amphastar's portfolio includes a range of injectable generics such as epinephrine, naloxone and lidocaine, serving hospital, emergency medical and retail pharmacy channels.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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RANCHO CUCAMONGA, CA / ACCESS Newswire / May 27, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) announced today that Bill Peters, CFO, and Jacob Liawatidewi, EVP of Corporate Administration, will be presenting at the 2026 Jefferies Healthcare Conference on Wednesday, June 3, 2026, at 4:55 p.m. ET. For access to the webcast, visit Amphastar Pharmaceuticals' website at http://ir.amphastar.com. This webcast will be available for 30 days following the presentation.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredients, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward-Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 7, 2026, and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 476-3416
Top 2 Small Cap Healthcare Stocks to Buy Before Rate CutsAmphastar Pharmaceuticals NASDAQ: AMPH executives told investors at the Jefferies Healthcare Conference that the company is maintaining expectations for mid- to high-single-digit revenue growth in 2026, supported by a new generic launch, Primatene Mist growth and selected API sales from its China business.
Bill Peters, chief financial officer of Amphastar, said the company continues to build on its base in complex generic and hospital injectable products while expanding into proprietary and biosimilar medicines. Peters said Amphastar has about a half-dozen proprietary products and three biosimilars in development, using experience gained from complex generics, peptides, clinical trials and human factors studies.
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Generic Atrovent Launch Seen as Key Growth Driver Promising Small Biotech Amphastar Sees Actionable Pullback Executives said the company’s generic ipratropium bromide product, a generic version of Atrovent, is expected to be the largest driver of revenue growth this year. Amphastar launched the product in mid-April and, according to Jacob Liawatidewi, executive vice president of corporate administration, is currently the only generic on the market.
Liawatidewi said Amphastar successfully brought the product through a Paragraph IV challenge and has six months of exclusivity, which he said runs until Oct. 6. He added that the company has not heard of other ANDA filers, though that does not mean none exist. Based on Amphastar’s development work, Liawatidewi said the product has a “high bar” for bioequivalence studies and could remain durable as a sole generic “for a few years” before competitors catch up.
Using IQVIA sales data of about $112 million for 2025, Liawatidewi said rebates likely overstate the market size. He estimated the full generic market could be about $55 million after adjustments, with Amphastar potentially capturing more than 50% and possibly as much as 80% as the sole generic. That could represent roughly $40 million in annual sales, assuming no authorized generic enters the market.
BAQSIMI Pricing Pressure and 340B Issue Executives also discussed BAQSIMI, the nasal glucagon product Amphastar acquired from Eli Lilly. Peters said the company lowered BAQSIMI guidance to flat to up single digits for the year after a weaker first quarter, but still expects companywide revenue growth to remain in the mid- to high-single-digit range.
Liawatidewi said BAQSIMI was affected by 340B “double discounting,” in which contract pharmacies serving 340B hospitals buy product at a discounted 340B price and then submit rebates tied to commercial insurance or pharmacy benefit managers. Peters said that issue contributed to about a 20% pricing decrease in the first quarter compared with the prior year.
Amphastar engaged a third-party service provider in May to mitigate the issue. Peters said the vendor has experience with larger pharmaceutical companies and believes it can eliminate about 80% of the double discounting. He said the impact should begin to appear partially in the second quarter and more fully by the third quarter. Amphastar also took a 3% price increase beginning in May to help offset the pricing pressure.
The company is also reassessing BAQSIMI sales outside the United States. Peters said Amphastar was contractually obligated to continue selling BAQSIMI in every country where Lilly had sold it for three years, a period ending in late June. After July 1, Amphastar plans to discontinue sales in five or six countries where the product loses money due to low prices or regulatory costs, though sales could continue temporarily in some markets due to inventory or notice-period requirements.
Biosimilar Insulin Aspart Targeted for 2027 Launch Peters said Amphastar’s biosimilar insulin aspart product is under regulatory review, and the company continues to expect a launch in 2027. Amphastar is seeking interchangeability, which Peters described as a higher hurdle. He said the company believes it has provided sufficient data and responded to FDA concerns in a way that could support an interchangeable designation, though approval as a biosimilar without interchangeability remains possible.
Peters said IQVIA data place the insulin aspart market at about $1.4 billion in sales, while cautioning that IQVIA data tend to overstate actual sales. If approved, Amphastar expects to be the fourth player in the market, the third biosimilar and potentially the second interchangeable biosimilar. Asked whether annual sales of $25 million to $50 million were reasonable, Peters said the higher end could be achievable with interchangeability.
Pipeline and Business Development Focus Liawatidewi said Amphastar’s synthetic corticotropin program remains in preclinical work intended to support an IND filing in 2027 or early 2027. He said Amphastar has not yet aligned with the FDA on whether the product would be viewed as comparable to existing porcine-based corticotropin or as a true new chemical entity. He added that Amphastar would most likely redo data generated in China by its licensing partner for U.S. submission.
Peters also discussed three in-licensed peptide-based assets from a Chinese biotech company, including two oncology products and one wet age-related macular degeneration product. The most advanced disclosed product is a potential pancreatic cancer therapy that uses a peptide conjugate to help direct molecules toward tumors. Peters said Amphastar’s experience with peptide APIs and finished products contributed to the company’s interest in those programs.
On capital allocation, Peters said Amphastar is focused on fully funding R&D, capital expenditures and its share repurchase program. The company added $50 million to the buyback program in March. Peters said future excess cash may be directed toward business development, particularly proprietary products closer to market or already de-risked through clinical trials, and that Amphastar could borrow for the right opportunity. He said the BAQSIMI transaction, which included $500 million up front plus deferred and milestone payments, would represent the “outer limit” of deal size the company could pursue.
Margins Expected to Improve From First Quarter Peters said first-quarter gross margin represented an “absolute trough” and should improve in subsequent quarters as BAQSIMI pricing pressure eases. He said R&D spending is expected to remain high and could increase as a percentage of sales, while G&A should decline as a percentage of sales after a temporary uptick tied to efficiency projects and new systems. Selling expense is expected to remain relatively consistent as a percentage of sales, with potential for improvement over time through economies of scale.
About Amphastar Pharmaceuticals NASDAQ: AMPHAmphastar Pharmaceuticals, Inc is a specialty pharmaceutical company headquartered in Rancho Cucamonga, California. Founded in 2004, Amphastar focuses on the development, manufacturing and commercialization of injectable and inhalation products. The company's manufacturing facilities in California produce both generic and proprietary formulations designed to address urgent and chronic medical conditions.
Amphastar's portfolio includes a range of injectable generics such as epinephrine, naloxone and lidocaine, serving hospital, emergency medical and retail pharmacy channels.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Amphastar Pharmaceuticals Right Now?Before you consider Amphastar Pharmaceuticals, you'll want to hear this.
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SAN DIEGO, June 08, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating whether Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) or certain of its executive officers violated federal securities laws. The investigation focuses on investors’ losses and whether they may be recovered under federal securities laws.
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If you purchased Amphastar securities and suffered losses on your investment, join our investigation now: Click Here to Join the Investigation.
Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.
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Background of the Investigation
On May 7, 2026, Amphastar reported its financial results for the first quarter of 2026. The Company disclosed that BAQSIMI revenues decreased 15% year-over-year to $32.4 million, compared to $38.4 million in the prior-year period, despite an 8% increase in units sold.
Amphastar attributed the BAQSIMI revenue decline to lower average selling prices, stating that the lower average selling price was driven by higher rebates and higher 340B pharmacy discounts, some of which may have been duplicated. The Company also stated that it now expected BAQSIMI revenue growth to be flat to up low single digits for 2026 due to the previously mentioned pricing pressures.
Following these disclosures, Amphastar’s stock price fell more than 20% on May 8, 2026, causing significant losses to investors.
On May 13, 2026, Amphastar provided additional detail regarding BAQSIMI at the Bank of America Global Healthcare Conference. Management stated that “the biggest surprise was the impact of the double discounting” from 340B programs on BAQSIMI.
In light of these disclosures, Johnson Fistel is investigating whether Amphastar complied with federal securities laws. If you suffered losses, contact Johnson Fistel for more information.
About Johnson Fistel, PLLP | Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder class actions and derivative lawsuits. Johnson Fistel has been recognized as one of the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services. In 2024, the firm recovered approximately $90,725,000 for investors.
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Top 2 Small Cap Healthcare Stocks to Buy Before Rate CutsAmphastar Pharmaceuticals NASDAQ: AMPH is positioning itself for a broader shift from complex generics toward proprietary medicines and biosimilars, Chief Financial Officer and Executive Vice President of Finance Bill Peters told investors at the East Coast IDEAS Conference.
Peters described Amphastar as a “fully integrated pharmaceutical company” with in-house product development, active pharmaceutical ingredient manufacturing, finished product manufacturing in the United States, and marketing and distribution capabilities. He said the company’s operating model is built around what management calls a “3 H focus”: high-quality products, high efficiency of operations and high technology to drive the pipeline.
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Promising Small Biotech Amphastar Sees Actionable Pullback According to Peters, Amphastar historically focused on complex generics, including enoxaparin, but has been moving its pipeline toward proprietary products that the company believes can generate more durable cash flows. He said that in 2021, roughly two-thirds of Amphastar’s pipeline consisted of generics, with 21% proprietary products and 16% biosimilars. The company set a goal to shift within five years to a mix of 50% proprietary products, 35% biosimilars and 15% generics.
“We are very close to those numbers today, and I think by the end of the year, we’ll be even closer,” Peters said.
R&D spending expected to rise as proprietary pipeline expands Peters said Amphastar spends more on research and development than many generic drug companies, reflecting its effort to move into branded and proprietary products. He said R&D spending increased significantly last year and represented about 11.9% of revenue after a trough year in 2024. Amphastar expects that percentage to continue increasing over the next few years as it advances more proprietary programs.
The company’s technical capabilities include particle engineering, drug characterization, immunogenicity evaluation, peptide and protein development, and biosimilar work. Peters cited Primatene MIST, the only FDA-approved over-the-counter asthma inhaler, as an example of Amphastar’s formulation capabilities. He also pointed to the company’s glucagon kit, which he said was the first generic version of Eli Lilly’s product and remained the only generic on the market for four years due to its complexity.
Amphastar’s current infrastructure includes three U.S. manufacturing facilities for finished products and two overseas facilities, in China and France, for active pharmaceutical ingredient production.
Proprietary programs include epinephrine nasal spray, peptides and synthetic corticotropin Peters highlighted several proprietary development programs, including AMP-101, an intranasal version of epinephrine for anaphylaxis that is currently in Phase 1 studies. Other early-stage programs include AMP-105, AMP-107 and AMP-109, which Amphastar in-licensed from a Chinese biotech firm last year. Peters said AMP-105 and AMP-109 are oncology programs, while AMP-107 targets wet age-related macular degeneration.
For AMP-107, Peters said Amphastar is working on an eye-drop approach that could potentially reduce reliance on injections into the eye. He described AMP-109 as a peptide-coupled docetaxel program being tested in pancreatic cancer models. Peters also discussed AMP-110, a synthetic human corticotropin that he said is similar to Acthar Gel and targets a market Amphastar expects could reach about $1 billion by the time it reaches the market.
In response to an investor question, Peters said the company intends to take proprietary programs at least through Phase 2 before evaluating whether to continue development internally or partner with a larger pharmaceutical company. He noted that later-stage oncology trials can be expensive.
“To do all of these products all through Phase 3 would probably require more money than we would be able to commit at this time,” Peters said. “I think it’ll be a good problem to have if we get to that point.”
BAQSIMI and Primatene MIST remain key branded products Peters said Amphastar has achieved branded product success with BAQSIMI, an intranasal glucagon product acquired from Eli Lilly that treats hypoglycemia. Amphastar sells BAQSIMI in the United States and 25 other countries. Peters said the company forecasts peak annual BAQSIMI sales of $250 million to $275 million and long-term incremental adjusted peak EPS of $2 to $2.50 per share from the product.
For Primatene MIST, Peters said Amphastar is increasing physician sampling and launching a new advertising campaign. The product generated $109 million in sales last year, making it Amphastar’s second-largest product, and the company is forecasting high-single-digit growth this year. Amphastar is also developing a lower-global-warming-potential propellant formulation and has received one patent related to that formulation, with another in development.
Biosimilars, inhalation products and diabetes portfolio Amphastar’s biosimilar pipeline includes insulin aspart, recombinant human insulin and AMP-028, an undisclosed biosimilar for which Peters said the company believes it has a strategic advantage in active pharmaceutical ingredient production. The company expects a commercial launch of insulin aspart in 2027 and plans to file recombinant human insulin with the FDA in the first half of next year.
Peters also discussed a generic GLP-1 program, which he said targets a molecule with estimated U.S. IQVIA sales of about $300 million. In response to a question, he said IQVIA figures often overstate actual sales and that Amphastar expects the market to be crowded with generic entrants. He said the product could be incremental to sales but is not expected to be a major growth driver.
The company recently launched ipratropium bromide in April after approval in February, and Peters said Amphastar is currently the only generic seller of that product. He described it as a significant launch for 2026.
Capital structure supports near-term R&D plans, CFO says During the question-and-answer session, Peters said Amphastar has the capital structure to support its R&D plans through Phase 2 for its key proprietary programs. He said the company has $285 million in cash, an undrawn $200 million revolving debt facility in the United States and generates more than $200 million in annual EBITDA.
Peters said Amphastar carries about $600 million of debt, including a $250 million term loan and $345 million of convertible debt securities. He said the company believes it can refinance the debt when due, likely paying down some portion while refinancing the rest.
“With the cash we can generate right now, we can take care of the R&D responsibilities that we have for the next five years,” Peters said.
About Amphastar Pharmaceuticals NASDAQ: AMPHAmphastar Pharmaceuticals, Inc is a specialty pharmaceutical company headquartered in Rancho Cucamonga, California. Founded in 2004, Amphastar focuses on the development, manufacturing and commercialization of injectable and inhalation products. The company's manufacturing facilities in California produce both generic and proprietary formulations designed to address urgent and chronic medical conditions.
Amphastar's portfolio includes a range of injectable generics such as epinephrine, naloxone and lidocaine, serving hospital, emergency medical and retail pharmacy channels.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Amphastar Pharmaceuticals Right Now?Before you consider Amphastar Pharmaceuticals, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Amphastar Pharmaceuticals wasn't on the list.
While Amphastar Pharmaceuticals currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
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