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1. Company Snapshot

1.a. Company Description

Amphastar Pharmaceuticals, Inc., a bio-pharmaceutical company, develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products in the United States, China, and France.The company operates through two segments, Finished Pharmaceutical Products and API.It offers Primatene Mist, an over-the-counter epinephrine inhalation product for the temporary relief of mild symptoms of intermittent asthma; Enoxaparin, a low molecular weight heparin to prevent and treat deep vein thrombosis; Naloxone for opioid overdose; Glucagon for injection emergency kit; and Cortrosyn, a lyophilized powder for use as a diagnostic agent in the screening of patients with adrenocortical insufficiency.


The company also provides Amphadase, a bovine-sourced hyaluronidase injection to absorb and disperse other injected drugs; Epinephrine injection for the emergency treatment of allergic reactions; lidocaine jelly, an anesthetic product for urological procedures; lidocaine topical solution for various procedures; phytonadione injection, a vitamin K1 injection for newborn babies; emergency syringe products for emergency use in hospital settings; morphine injection for use with patient controlled analgesia pumps; and lorazepam injection for surgery and medical procedures.In addition, it offers neostigmine methylsulfate injection to treat myasthenia gravis and to reverse the effects of muscle relaxants; and Isoproterenol hydrochloride injection for mild or transient episodes of heart block.Further, the company distributes recombinant human insulin active pharmaceutical ingredients (API) and porcine insulin API.


It serves hospitals, care facilities, alternate care sites, clinics, and doctors' offices.The company was founded in 1996 and is headquartered in Rancho Cucamonga, California.

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1.b. Last Insights on AMPH

Amphastar Pharmaceuticals' recent performance was negatively impacted by a series of setbacks. The company's Q4 earnings missed market expectations, with adjusted EPS of 92 cents, falling short of the consensus estimate of 94 cents. Additionally, Amphastar's margins dropped, contributing to the disappointing results. Furthermore, the company received a secondary complete response letter (CRL) from the FDA for its generic teriparatide ANDA, AMP-015, following months of delays surrounding the submission of the drug. This regulatory hurdle has likely weighed on investor sentiment and may have a lasting impact on the company's growth prospects.

1.c. Company Highlights

2. Amphastar's 2025 Earnings: A Year of Growth and Transition

Amphastar Pharmaceuticals reported net revenues of $719.9 million for the full year 2025, with BAQSIMI generating $185.4 million in revenue, up 12% year-over-year. The company's fourth-quarter sales decreased 2% to $183.1 million from $186.5 million in the previous year's period. Earnings per share (EPS) for the quarter came in at $0.73, below analyst estimates of $0.97. Gross margins are expected to be lower in 2026 due to continued pricing pressure on certain products and higher input costs.

Publication Date: Mar -07

📋 Highlights
  • 2025 Net Revenues:: Total revenue reached $719.9 million, with BAQSIMI contributing $185.4 million (12% YoY growth) due to higher U.S. unit volumes and global distribution shift.
  • Q4 2025 Revenue Decline:: Fourth-quarter sales fell 2% to $183.1 million, driven by a 3% drop in Primatene MIST ($27.9 million) despite BAQSIMI’s 12% growth to $46.7 million.
  • New Product Launch:: FDA approval of ipratropium bromide HFA inhalation aerosol secured, set for Q2 2026 launch, expected to drive mid to high-single-digit revenue growth in 2026.
  • 2026 Financial Outlook:: Anticipates mid to high-single-digit revenue growth in 2026, fueled by ipratropium launch and API sales, but faces margin pressures from pricing cuts (-12%) and higher input costs.
  • Liquidity and Strategy:: Holds $300 million in cash for stock buybacks and business development, while funding a facility expansion via operational cash flow and prioritizing proprietary pipelines with 3 new peptides and a corticotropin program.

Revenue Growth Drivers

The company's revenue growth is expected to be driven by the launch of ipratropium bromide HFA inhalation aerosol in early 2026, as well as increased contributions from third-party API sales from its ANP subsidiary. BAQSIMI is also expected to continue its growth trajectory, with mid-single-digit unit growth in the U.S. partially offset by a planned reduction in international volume. As William Peters noted, "We expect consolidated revenue growth in the mid- to high-single-digit range for 2026."

Pipeline Advancements

Amphastar continued to advance its pipeline in 2025, with the addition of three novel peptides in oncology and ophthalmology and a fully synthetic corticotropin program in immunology. The company is also developing a new formulation of Primatene MIST, with one patent secured and another in process. These advancements position the company for long-term growth and diversification.

Valuation and Outlook

Based on the current valuation metrics, Amphastar's P/E Ratio stands at 9.05, and its P/S Ratio is 1.23. Analysts estimate revenue growth of 4.8% for the next year. With a strong cash position and a plan to continue its stock buyback program, the company is well-positioned to drive future growth. However, the potential launch of an authorized generic for ipratropium bromide HFA inhalation aerosol could impact the company's market share and revenue growth.

Risk Factors

3. NewsRoom

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Amphastar Pharmaceuticals to Present at the 25th Annual Needham Healthcare Conference

Apr -06

Source: accessnewswire.com

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SG Americas Securities LLC Makes New Investment in Amphastar Pharmaceuticals, Inc. $AMPH

Apr -04

Source: defenseworld.net

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Amphastar Pharmaceuticals (NASDAQ:AMPH) Share Price Passes Below Two Hundred Day Moving Average – Should You Sell?

Apr -01

Source: defenseworld.net

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Amphastar Pharmaceuticals, Inc. (AMPH) Presents at Barclays 28th Annual Global Healthcare Conference Transcript

Mar -16

Source: seekingalpha.com

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Amphastar Pharmaceuticals: Why I Like Bull Put Options Strategy Here

Mar -16

Source: seekingalpha.com

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Amphastar Pharmaceuticals (NASDAQ:AMPH) Reaches New 12-Month Low – Here’s Why

Mar -08

Source: defenseworld.net

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Amphastar: Higher Costs, Lower Growth, And A 'Value Trap' Label

Feb -28

Source: seekingalpha.com

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Amphastar Pharmaceuticals (NASDAQ:AMPH) Shares Gap Down Following Analyst Downgrade

Feb -28

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.09%)

6. Segments

Finished Pharmaceutical Products

Expected Growth: 12%

Amphastar Pharmaceuticals' Finished Pharmaceutical Products segment growth is driven by increasing demand for generic injectables, expansion into new markets, and a strong product pipeline. Additionally, the company's focus on quality and reliability, as well as its ability to capitalize on industry trends such as outsourcing and consolidation, contribute to its 12% growth.

Active Pharmaceutical Ingredients

Expected Growth: 16%

Amphastar Pharmaceuticals' 16% growth in Active Pharmaceutical Ingredients is driven by increasing demand for generic injectables, strategic partnerships, and expansion into new markets. Additionally, the company's focus on R&D and regulatory approvals for new products has contributed to the growth. Furthermore, the rising need for affordable healthcare solutions and the growing importance of pharmaceutical outsourcing also support the segment's growth.

7. Detailed Products

Primatene MIST

An over-the-counter (OTC) inhaler used to treat mild, intermittent asthma

Methyldopate HCL

An injectable medication used to treat hypertension

Phytonadione

A vitamin K1 injection used to treat bleeding disorders

Sodium Thiosulfate

An injectable medication used to treat cyanide poisoning

Naloxone HCL

An injectable medication used to treat opioid overdose

8. Amphastar Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Amphastar Pharmaceuticals, Inc. is medium due to the presence of alternative pharmaceutical products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Amphastar Pharmaceuticals, Inc. is low due to the company's strong brand presence and limited switching options for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Amphastar Pharmaceuticals, Inc. is medium due to the presence of multiple suppliers in the market, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants for Amphastar Pharmaceuticals, Inc. is high due to the relatively low barriers to entry in the pharmaceutical industry and the presence of venture capital funding for new startups.

Intensity Of Rivalry

The intensity of rivalry for Amphastar Pharmaceuticals, Inc. is high due to the presence of multiple established players in the market, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.14%
Debt Cost 5.74%
Equity Weight 51.86%
Equity Cost 8.21%
WACC 7.02%
Leverage 92.82%

11. Quality Control: Amphastar Pharmaceuticals, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Supernus Pharmaceuticals

A-Score: 5.9/10

Value: 9.1

Growth: 6.0

Quality: 5.9

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

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Aytu BioPharma

A-Score: 4.8/10

Value: 9.4

Growth: 4.7

Quality: 4.2

Yield: 0.0

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Volatility: 1.3

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Amphastar Pharmaceuticals

A-Score: 4.6/10

Value: 6.7

Growth: 8.9

Quality: 6.3

Yield: 0.0

Momentum: 1.0

Volatility: 4.7

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Journey Medical

A-Score: 4.2/10

Value: 6.6

Growth: 3.3

Quality: 4.2

Yield: 0.0

Momentum: 9.0

Volatility: 2.0

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Alimera Sciences

A-Score: 3.8/10

Value: 7.3

Growth: 4.7

Quality: 4.3

Yield: 0.0

Momentum: 6.0

Volatility: 0.7

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PetIQ

A-Score: 3.7/10

Value: 3.7

Growth: 7.7

Quality: 3.1

Yield: 0.0

Momentum: 6.0

Volatility: 1.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

21.38$

Current Price

21.38$

Potential

-0.00%

Expected Cash-Flows