Earnings summaries and quarterly performance for Amphastar Pharmaceuticals.
Executive leadership at Amphastar Pharmaceuticals.
Jack Zhang
Detailed
Chief Executive Officer, President, Chief Scientific Officer
CEO
JL
Jacob Liawatidewi
Detailed
Executive Vice President of Sales and Marketing and Corporate Administration Center; President of Amphastar France Pharmaceuticals, S.A.S.; Corporate Secretary
ML
Mary Luo
Detailed
Chief Operating Officer, Chief Scientist
RZ
Rong Zhou
Detailed
Senior Executive Vice President of Production Center; Executive Vice President of Scientific Affairs; President of Amphastar Nanjing Pharmaceuticals, Co., Ltd.
WP
William Peters
Detailed
Chief Financial Officer, Executive Vice President of Finance, Treasurer
Board of directors at Amphastar Pharmaceuticals.
Research analysts who have asked questions during Amphastar Pharmaceuticals earnings calls.
EK
Ekaterina Knyazkova
Cantor Fitzgerald
6 questions for AMPH
Also covers: ANIP, ELAN, PAHC
David Amsellem
Piper Sandler Companies
4 questions for AMPH
Also covers: ABBV, ALKS, AMGN +28 more
PP
Pavan Patel
Bank of America
4 questions for AMPH
Also covers: CPRX, HRMY, OGN +2 more
SB
Serge Belanger
Needham & Company
4 questions for AMPH
Also covers: ARQT, BCRX, CLSD +13 more
CC
Cerena Chen
Wells Fargo & Company
3 questions for AMPH
Also covers: AXSM, HALO
Jason Gerberry
Bank of America Merrill Lynch
2 questions for AMPH
Also covers: ALKS, ARWR, AXSM +24 more
T
Tianxi
Wells Fargo & Company
2 questions for AMPH
JG
John Gionco
Needham & Co.
1 question for AMPH
Also covers: CYTK, PCRX, TRVI
Recent press releases and 8-K filings for AMPH.
Amphastar Pharmaceuticals Reports Q4 and Full Year 2025 Results, Projects Mid-to-High Single-Digit Revenue Growth for 2026
AMPH
Earnings
Product Launch
Guidance Update
- Amphastar Pharmaceuticals reported full-year 2025 net revenues of $719.9 million and operating cash flow of $156.1 million. For Q4 2025, net revenues decreased 2% to $183.1 million, with adjusted net income of $34.2 million ($0.73 per share).
- Key product performance in 2025 included BAQSIMI revenue growth of 12% to $185.4 million and Primatene MIST sales rising 7% to $108.7 million, which helped to offset competitive pressures in legacy products like epinephrine and glucagon.
- The company received FDA approval for its Ipratropium Bromide HFA Inhalation Aerosol (AMP-007), which is eligible for 180 days of generic drug exclusivity and is anticipated to launch in early Q2 2026 as a significant near-term growth driver.
- For 2026, Amphastar Pharmaceuticals projects mid-to-high single-digit consolidated revenue growth, primarily driven by the Ipratropium Bromide launch and continued unit growth for BAQSIMI and Primatene MIST, though gross margins are expected to be lower. The company also plans to continue its stock buyback program.
Feb 26, 2026, 10:00 PM
Amphastar Pharmaceuticals Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook
AMPH
Earnings
Guidance Update
Product Launch
- Amphastar Pharmaceuticals reported full-year 2025 net revenues of $719.9 million, a modest 2% decline, and Q4 2025 sales decreased 2% to $183.1 million.
- BAQSIMI revenue grew 12% year-over-year to $185.4 million for the full year 2025, while sales of glucagon and epinephrine declined in Q4 2025 due to increased competition.
- The company received FDA approval for Ipratropium Bromide HFA Inhalation Aerosol, eligible for 180 days of generic drug exclusivity, with a planned launch in early Q2 2026 as a significant near-term growth driver.
- For 2026, Amphastar expects consolidated revenue growth in the mid-to-high single-digit range, primarily driven by the Ipratropium Bromide launch and U.S. BAQSIMI unit growth, though gross margins are anticipated to be lower.
- The company plans to utilize its over $300 million in cash for a stock buyback program and potential business development, alongside significant capital spending for its Rancho Cucamonga facility expansion.
Feb 26, 2026, 10:00 PM
Amphastar Pharmaceuticals Reports Q4 and Full-Year 2025 Results, Provides 2026 Outlook
AMPH
Earnings
Guidance Update
Product Launch
- Amphastar Pharmaceuticals reported $183.1 million in sales for Q4 2025, a 2% decrease from the prior year, and $719.9 million in net revenues for the full year 2025, a modest 2% decline. Net income for Q4 2025 was $24.4 million, or $0.51 per share, with adjusted net income at $34.2 million, or $0.73 per share.
- BAQSIMI generated $185.4 million in revenue for FY 2025, up 12% year-over-year, and Primatene MIST sales rose 7% to $108.7 million. The company also achieved FDA approval for its Ipratropium Bromide HFA Inhalation Aerosol, which is eligible for 180 days of generic drug exclusivity and is expected to launch in early Q2 2026.
- For 2026, Amphastar expects consolidated revenue growth in the mid-to-high single-digit range, driven by the launch of Ipratropium Bromide and mid-single-digit unit growth for BAQSIMI in the U.S.. However, gross margins are anticipated to be lower due to continued pricing pressure on legacy products like glucagon and epinephrine, and higher input costs.
- The company is advancing its insulin aspart BLA (AMP-004) and GLP-1 ANDA (AMP-018) for anticipated commercialization in 2027. Amphastar holds over $300 million in cash and short-term investments and plans to utilize a portion for its stock buyback program while also seeking business development opportunities.
Feb 26, 2026, 10:00 PM
Amphastar Pharmaceuticals Reports Q4 and Full Year 2025 Financial Results
AMPH
Earnings
Product Launch
Legal Proceedings
- Amphastar Pharmaceuticals reported net revenues of $183.1 million and GAAP net income of $24.4 million ($0.51 per share) for the fourth quarter ended December 31, 2025, and net revenues of $719.9 million and GAAP net income of $98.1 million ($2.03 per share) for the full fiscal year 2025.
- BAQSIMI® maintained its momentum as a top revenue driver with sustained double-digit growth, primarily due to increased unit volumes and continued marketing efforts. The company also received FDA approvals for its iron sucrose injection and teriparatide injection, with iron sucrose sales increasing by $2.0 million in Q4 2025 after its August 2025 launch.
- General and administrative expenses for the full year 2025 increased significantly, primarily due to a $23.1 million legal settlement. Research and development expenses also rose, driven by clinical trial expenses for insulin and inhalation pipeline products, and a $6.0 million upfront payment for a licensing agreement.
Feb 26, 2026, 9:24 PM
Amphastar Pharmaceuticals Outlines Strategic Shift and 2026 Growth Drivers
AMPH
Guidance Update
Product Launch
New Projects/Investments
- Amphastar Pharmaceuticals is undergoing a pipeline evolution, targeting a 2026 product mix of 50% proprietary, 35% biosimilar, and 15% generic, a significant shift from 63% generic five years prior.
- The company provided a 2026 revenue growth outlook of mid-single digit to low double digits, primarily driven by the anticipated mid-2026 launch of AMP-007, continued growth from Baqsimi and Primatene Mist, and full-year sales of Teriparatide and iron sucrose.
- Baqsimi peak sales guidance was reiterated at $250-$275 million, with expected mid-single digit growth in 2026, including low double-digit growth in the U.S. and a planned withdrawal from unprofitable international markets.
- The proprietary pipeline includes new peptide products such as AMP-105 (oncology), AMP-107 (ophthalmic), AMP-109 (cancer PDC), and the recently licensed AMP-110 (synthetic corticotropin), supported by an annual R&D investment of $60 million to $75 million.
Jan 14, 2026, 10:15 PM
Amphastar Pharmaceuticals Updates on Strategic Shift, Pipeline, and 2026 Outlook
AMPH
Guidance Update
Product Launch
New Projects/Investments
- Amphastar Pharmaceuticals is undergoing a strategic pipeline shift, targeting 50% proprietary, 35% biosimilar, and 15% generic products by 2026, a significant change from its previous 63% generic focus five years ago.
- The company forecasts mid-single digit to low double-digit revenue growth for 2026, with the mid-2026 launch of AMP-007 expected to be the primary growth driver, supplemented by Baqsimi and Primatene Mist sales.
- Baqsimi, acquired in 2023, is projected to achieve peak sales of $250-$275 million, with mid-single digit growth anticipated in 2026 driven by U.S. expansion and strategic withdrawal from unprofitable international markets.
- Significant pipeline developments include the planned mid-2026 launch of AMP-007, and expected 2027 launches for AMP-018 (GLP-1) and AMP-004 (insulin aspart biosimilar).
- Amphastar maintains a strong R&D focus, investing $60 million-$75 million annually, and recently licensed new chemical entities (NCEs) in August 2025 and early January 2026, including AMP-110.
Jan 14, 2026, 10:15 PM
Amphastar Pharmaceuticals Updates on Strategic Shift, Pipeline, and 2026 Outlook
AMPH
Guidance Update
New Projects/Investments
Product Launch
- Amphastar is strategically shifting its pipeline focus, aiming for 50% proprietary, 35% biosimilar, and 15% generic products by 2026, a significant change from 63% generic five years prior. This includes new chemical entities (NCEs) in oncology and ophthalmology, and biosimilar insulins.
- For 2026, the company projects mid-single digit to low double-digit revenue growth, primarily driven by the anticipated mid-year launch of AMP-007, full-year sales of teriparatide and iron sucrose, and continued growth from Primatene Mist and vaccine sales.
- Baqsimi peak sales guidance remains at $250-$275 million, with mid-single digit growth expected in 2026, and is forecasted to contribute $2-$2.50 of incremental EPS at peak. The company plans to exit unprofitable international markets for Baqsimi in the latter half of 2026 to improve margin profile.
- Recent pipeline additions include the 2023 acquisition of Baqsimi and the licensing of several early-stage NCEs in August 2025, with a new synthetic corticotropin (AMP-110) licensed in January 2026.
Jan 14, 2026, 10:15 PM
Amphastar Pharmaceuticals Enters Exclusive License Agreement for AMP-110
AMPH
New Projects/Investments
Product Launch
- Amphastar Pharmaceuticals, Inc. entered into an exclusive license agreement with Nanjing Hanxin Pharmaceutical Technology Co., Ltd. for AMP-110, a fully synthetic corticotropin compound, for the United States and Canada.
- Under the agreement, dated January 6, 2026, Amphastar made an upfront payment of $2 million and is obligated to pay up to $14 million in development milestone payments and up to $75 million in sales milestone payments.
- Hanxin will also receive royalty payments, capped at $7.5 million annually and a maximum accumulated amount of $60 million.
- AMP-110 targets inflammatory and autoimmune conditions in a U.S. ACTH market that exceeded $684 million annually in 2024.
- The agreement involves related party transactions due to beneficial ownership in Hanxin by Amphastar's CEO and COO, which were approved by the Audit Committee.
Jan 12, 2026, 10:15 PM
Amphastar Pharmaceuticals Outlines Strategic Pipeline Shift and Growth Drivers
AMPH
New Projects/Investments
Product Launch
Guidance Update
- Amphastar is strategically shifting its pipeline to achieve 50% proprietary products by 2026, which is expected to lead to an increase in R&D spend. The company is actively pursuing external business development for late-stage or on-market proprietary assets, particularly in the endocrinology space, and is comfortable with up to four times leverage for acquisitions.
- The company projects high single to low double-digit top-line growth in 2026, primarily driven by the potential first-to-market generic AMP-007, continued growth of Baqsimi, and the launch of a teriparatide generic.
- Looking further ahead, the insulin aspart biosimilar is anticipated as a significant growth opportunity for 2027.
Dec 3, 2025, 7:00 PM
Amphastar Pharmaceuticals Discusses Pipeline Shift, 2026 Growth Drivers, and M&A Strategy
AMPH
Product Launch
New Projects/Investments
Guidance Update
- Amphastar Pharmaceuticals is strategically shifting its pipeline, aiming for 50% proprietary products by 2026, and recently in-licensed three novel peptide assets (AMP-105, AMP-109, AMP-107) for oncology and ophthalmology, currently in preclinical stages.
- The company projects high single to low double-digit top-line growth in 2026, primarily driven by the anticipated launch of AMP-007 (a potential first-to-market generic), continued significant growth from Baqsimi, and contributions from Primatene Mist, Teriparatide, and Iron Sucrose.
- Baqsimi currently holds almost 60% of the ready-to-use glucagon market and benefits from patent protection extending to 2036 and 2039.
- R&D spend is expected to increase due to proprietary product development, while cost optimization efforts are underway. The company is comfortable with debt leverage up to four times for potential M&A, particularly for late-stage or on-market assets in endocrinology.
- Looking to 2027, Insulin Aspart (biosimilar) is highlighted as a significant opportunity, with one to two product filings expected in 2026, including a potential first-to-market inhalation product and biosimilars.
Dec 3, 2025, 7:00 PM
Quarterly earnings call transcripts for Amphastar Pharmaceuticals.
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