Amphastar Pharmaceuticals Inc

Latest Results (15.04.2026):

Amphastar Pharmaceuticals Inc — reporting for the fourth quarter of 2025 — posted net revenues of $183.1 million for Q4 2025 and GAAP net income of $24.4 million (diluted EPS $0.51). On an adjusted non-GAAP basis Q4 net income was $34.2 million (diluted EPS $0.73). For full-year 2025 the company reported net revenues of $719.9 million, GAAP net income of $98.1 million (diluted EPS $2.03) and adjusted non-GAAP net income of $156.6 million (diluted EPS $3.25).

Revenue and EPS

Q4 2025 net revenues: $183.1M, down 2% vs Q4 2024. Q4 GAAP net income $24.4M ($0.51 diluted EPS); adjusted non‑GAAP net income $34.2M ($0.73). FY2025 net revenues $719.9M (down 2% vs FY2024), GAAP net income $98.1M ($2.03 diluted EPS), adjusted non‑GAAP net income $156.6M ($3.25).

Product performance drivers

BAQSIMI® was the top revenue driver: Q4 BAQSIMI sales rose ~12% vs prior-year quarter and FY BAQSIMI sales increased 46% to $185.4M. Glucagon declined sharply (Q4 down 45% year-over-year; FY down 36%) driven by lower pricing and volume and shift to ready‑to‑use products. Epinephrine sales fell (Q4 down 9%; FY down 25%) due to lower volumes and pricing; Primatene MIST® modestly down in Q4 (-3%) but up for the year (+7%). Newer launches (albuterol, iron sucrose) contributed to Other product growth.

Margins and cost trends

Q4 gross profit $85.7M (46.8% margin, roughly flat vs prior quarter margin). FY gross profit $356.1M (49.5% margin, down from 51.1% in 2024). Margin pressure driven by lower pricing on higher‑margin products (glucagon and epinephrine) and changes from assuming BAQSIMI distribution, partly offset by cost controls and higher BAQSIMI volume.

Operating expense changes

Selling, distribution & marketing roughly flat in Q4 but up for the year due to expanded BAQSIMI promotion; Q4 G&A rose 27% (higher salaries, legal and ERP implementation costs); Q4 R&D rose 29% (higher clinical trial costs for insulin and inhalation programs). FY increases included a $23.1M legal settlement and a $6.0M upfront licensing payment to Anji.

Non‑operating items, tax and cash flow

Q4 non‑operating expenses, net were $3.7M (impacted by interest expense, FX and mark‑to‑market on swaps). FY non‑operating expense was $16.8M. Income tax provision Q4 $7.5M. Cash flow from operating activities for FY2025 was $156.1M.

Balance sheet & liquidity

As of December 31, 2025: cash & cash equivalents $170.2M, short‑term investments $112.6M, inventories $176.9M. Total assets $1.629B and total stockholders’ equity $788.8M. Long‑term debt (net) about $608.7M.

Pipeline and strategic moves

The company has an ANDA and a biosimilar insulin candidate filed with the FDA and multiple biosimilar/generic candidates in development (combined market opportunities cited >$1.7B and >$3.7B). Amphastar also in‑licensed four proprietary products (three peptides and a synthetic corticotropin) to expand into oncology, ophthalmology and immunology.

Conference call

Amphastar held a conference call on February 26, 2026 at 2:00 p.m. PT to discuss results; dial‑in and webcast details were provided in the press release.