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AMPH

Amphastar Pharmaceuticals, Inc.

AMPH

Amphastar Pharmaceuticals, Inc. • NASDAQ
$27.70 ▲ 1.24% (+0.34)
Market Cap $1.27 B
52w High $46.11
52w Low $20.39
Dividend Yield 0%
P/E 12.26
Volume 171.41K
Outstanding Shares 45.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $191.84M ▲ $73.326M ▲ $17.35M ▼ 9.044% ▼ $0.38 ▼ $41.926M ▼
Q2-2025 $174.414M ▲ $44.306M ▼ $31.03M ▲ 17.791% ▲ $0.66 ▲ $61.855M ▲
Q1-2025 $170.528M ▼ $47.958M ▲ $25.285M ▼ 14.827% ▼ $0.53 ▼ $52.355M ▼
Q4-2024 $186.523M ▼ $41.504M ▼ $37.964M ▼ 20.354% ▼ $0.78 ▼ $65.051M ▼
Q3-2024 $188.819M $44.893M $40.429M 21.412% $0.83 $68.814M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $278.644M ▲ $1.666B ▲ $889.476M ▲ $776.746M ▲
Q2-2025 $231.751M ▼ $1.615B ▼ $857.851M ▼ $757.482M ▲
Q1-2025 $236.883M ▲ $1.626B ▲ $874.993M ▲ $751.283M ▲
Q4-2024 $221.645M ▼ $1.577B ▲ $845.172M ▲ $732.298M ▲
Q3-2024 $250.491M $1.545B $817.5M $727.678M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.35M ▼ $52.583M ▲ $-19.619M ▼ $-4.347M ▲ $28.576M ▲ $47.235M ▲
Q2-2025 $31.03M ▲ $35.592M ▲ $-625K ▼ $-30.202M ▼ $4.907M ▼ $25.027M ▲
Q1-2025 $25.285M ▼ $35.077M ▲ $10.481M ▲ $-14.503M ▲ $31.173M ▲ $24.38M ▲
Q4-2024 $37.964M ▼ $29.024M ▼ $-35.678M ▼ $-33.842M ▼ $-40.507M ▼ $16.613M ▼
Q3-2024 $40.429M $59.962M $-34.586M $-22.816M $2.497M $46.169M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
BAQSIMI
BAQSIMI
 $0 ▲$0 ▲$50.00M ▲$50.00M ▲
Epinephrine
Epinephrine
 $0 ▲$0 ▲$20.00M ▲$20.00M ▲
Glucagon
Glucagon
 $0 ▲$0 ▲$20.00M ▲$10.00M ▼
Lidocaine
Lidocaine
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Other Products
Other Products
 $0 ▲$0 ▲$50.00M ▲$60.00M ▲
Primatene MIST
Primatene MIST
 $0 ▲$0 ▲$20.00M ▲$30.00M ▲
Total product revenues net
Total product revenues net
 $0 ▲$0 ▲$170.00M ▲$190.00M ▲
Research and development services
Research and development services
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $520.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily each year, and profits have scaled even faster, showing that the business is not just getting bigger but also more efficient. Margins have widened from roughly breakeven several years ago to clearly profitable territory, helped by a richer mix of higher-value products and better cost control. Earnings per share have climbed meaningfully, which reflects both operational improvement and good leverage on fixed costs. The main risk on the income side is that a relatively focused product set and upcoming launches leave results sensitive to regulatory outcomes, pricing pressure, and competitive entries on key drugs.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets roughly doubling over the period, reflecting acquisitions, pipeline investments, and a larger operating footprint. Shareholders’ equity has grown at a healthy pace, suggesting that retained profits are being built up rather than fully paid out or diluted. At the same time, debt has risen sharply from low levels to become a major part of the capital structure, likely tied to strategic deals such as product acquisitions. This introduces more financial leverage: manageable so far, but it raises sensitivity to interest costs and any downturn in earnings, making disciplined capital allocation and debt management important to watch.

Cash Flow

Cash Flow Cash generation has improved steadily, with operating cash flow rising in line with profits and free cash flow consistently positive. The company is funding its business from internal cash rather than relying purely on new financing, which supports flexibility. Capital spending has been moderate but persistent, indicating ongoing investment in manufacturing capacity and technology without overextending. Overall, the cash-flow profile looks increasingly solid, though higher debt means that a portion of this cash will need to support interest and eventual repayment obligations.

Competitive Edge

Competitive Edge Amphastar competes by focusing on difficult-to-make products rather than commodity generics. Its strength lies in complex injectables, inhalation, and intranasal formulations where fewer companies have the technical and regulatory expertise to play. Vertical integration into active ingredient manufacturing, a strong regulatory track record, and experience with drug-shortage products all reinforce its position. A mix of branded and generic products helps soften pure generic price pressure. On the other hand, the company still faces large, well-funded rivals, patent and legal challenges on some products, and the risk that new entrants could eventually erode pricing in attractive niches.

Innovation and R&D

Innovation and R&D Innovation is a central part of Amphastar’s strategy. The company is moving beyond standard generics into proprietary products, biosimilars, and advanced drug-delivery systems. Notable examples include nasal glucagon, an over-the-counter epinephrine inhaler, and a pipeline that reaches into insulin biosimilars, GLP‑1–related therapies, and new peptide drugs for oncology and eye diseases. The aim to have proprietary products represent a much larger share of sales is ambitious but, if executed well, could lift margins and reduce exposure to generic price erosion. The main uncertainties are regulatory approvals, potential delays, competition from much larger players in diabetes and obesity, and the usual clinical and commercial risks attached to any drug pipeline.

Summary

Overall, Amphastar looks like a specialty pharma company that has successfully scaled up from a smaller base by focusing on technically challenging products. Revenue, profitability, and cash flow have all improved meaningfully, but this growth has come alongside a sizable step-up in debt used to fund expansion and acquisitions. Its competitive edge is rooted in complex formulation know‑how, integrated manufacturing, and a growing stable of differentiated products, rather than sheer size. The future story hinges on execution: turning its pipeline in injectables, inhalation products, insulin, and metabolic and oncology candidates into approved, commercially successful drugs, while managing higher leverage and the usual regulatory and competitive pressures in the healthcare sector.

NEWS

November 24, 2025 · 6:00 AM UTC

Amphastar Pharmaceuticals to Present at the 37th Annual Piper Sandler Healthcare Conference

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November 12, 2025 · 6:00 AM UTC

Amphastar Pharmaceuticals to Present at the Jefferies Global Healthcare Conference

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November 6, 2025 · 4:05 PM UTC

Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended September 30, 2025

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October 27, 2025 · 6:00 AM UTC

Amphastar Pharmaceuticals to Release Third Quarter Earnings and Hold Conference Call on November 6th, 2025

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