Amphastar Pharmaceuticals (NASDAQ:AMPH) Posts Quarterly Earnings Results

Key Points

• Amphastar Pharmaceuticals missed quarterly expectations, reporting adjusted EPS of $0.42 versus the $0.70 consensus and revenue of $171.2 million versus estimates of $173.5 million. GAAP net income also fell sharply to $6.4 million from $25.3 million a year earlier.
• BAQSIMI was a weak spot, with revenue down 15% to $32.4 million due to lower selling prices, higher rebates, and suspected 340B duplicate discounts. Management has added a third party to review the issue and raised list prices by 3%, but still sees only flat to low-single-digit growth in 2026.
• New launches and cash generation helped offset pressure, including strong sales from Primatene MIST, growth in other finished products, and the April launch of AMP-007 as the first and only generic ipratropium inhalation product. The company also generated about $47.8 million in operating cash flow and repurchased $29.5 million of stock in the quarter.

Amphastar Pharmaceuticals (NASDAQ:AMPH - Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.28), FiscalAI reports. Amphastar Pharmaceuticals had a net margin of 11.00% and a return on equity of 15.11%. The company had revenue of $171.17 million for the quarter, compared to the consensus estimate of $173.46 million.

Here are the key takeaways from Amphastar Pharmaceuticals' conference call:

• Q1 results showed revenue of $171.2M (slight increase) but net income fell to $6.4M ($0.14/share) from $25.3M last year, with adjusted earnings also down materially due to lower selling prices, margin headwinds and higher costs.
• BAQSIMI revenue declined 15% to $32.4M driven by lower average selling prices from higher rebates and suspected 340B duplicate discounts; management has engaged a third party to validate duplicates, implemented a 3% list-price increase, and now expects BAQSIMI growth to be flat to low-single digits for 2026.
• Commercial momentum was supported by recent launches and strong brands — Primatene MIST (~$29.8M) with ~6.5% store-level growth, Other finished-product sales rose 34% to $67.1M from new launches, and the company launched AMP-007 (ipratropium inhalation) in April as the first/only generic on the market.
• The pipeline remains a strategic focus with the insulin aspart biosimilar and GLP-1 ANDA still on track for 2027 commercialization and early-stage proprietary oncology/immunology programs advancing, though R&D spend rose 33% as investment continues.
• Financial flexibility is strong — operating cash flow was ~$47.8M and the company repurchased $29.5M of stock (~3% of shares) in Q1, and management says the balance sheet supports continued internal R&D and selective M&A while maintaining mid- to high-single-digit unit growth guidance for 2026.

Amphastar Pharmaceuticals Trading Down 20.9%

Amphastar Pharmaceuticals stock traded down $5.03 during midday trading on Friday, reaching $19.00. The stock had a trading volume of 1,983,804 shares, compared to its average volume of 409,713. The company has a quick ratio of 2.90, a current ratio of 4.02 and a debt-to-equity ratio of 0.77. Amphastar Pharmaceuticals has a 52-week low of $17.03 and a 52-week high of $31.26. The firm has a market cap of $846.07 million, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.94 and a beta of 0.97. The company has a fifty day moving average of $20.80 and a 200 day moving average of $24.57.

Institutional Trading of Amphastar Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMPH. AQR Capital Management LLC raised its position in Amphastar Pharmaceuticals by 82.0% in the 1st quarter. AQR Capital Management LLC now owns 53,638 shares of the company's stock worth $1,555,000 after purchasing an additional 24,167 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Amphastar Pharmaceuticals by 2.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,489 shares of the company's stock worth $652,000 after purchasing an additional 613 shares during the period. Intech Investment Management LLC raised its position in Amphastar Pharmaceuticals by 43.0% in the 1st quarter. Intech Investment Management LLC now owns 60,289 shares of the company's stock worth $1,748,000 after purchasing an additional 18,133 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Amphastar Pharmaceuticals in the 2nd quarter worth about $1,865,000. Finally, Invesco Ltd. raised its position in Amphastar Pharmaceuticals by 7.7% in the 2nd quarter. Invesco Ltd. now owns 386,971 shares of the company's stock worth $8,885,000 after purchasing an additional 27,828 shares during the period. 65.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AMPH. Weiss Ratings cut shares of Amphastar Pharmaceuticals from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, April 10th. Wells Fargo & Company decreased their target price on shares of Amphastar Pharmaceuticals from $34.00 to $30.00 and set an "overweight" rating on the stock in a research report on Friday, February 27th. Needham & Company LLC restated a "hold" rating on shares of Amphastar Pharmaceuticals in a research report on Friday. Jefferies Financial Group restated a "hold" rating and set a $22.00 target price (down from $30.00) on shares of Amphastar Pharmaceuticals in a research report on Tuesday, April 21st. Finally, Barclays decreased their target price on shares of Amphastar Pharmaceuticals from $30.00 to $23.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 8th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Amphastar Pharmaceuticals presently has an average rating of "Hold" and an average target price of $27.43.

More Amphastar Pharmaceuticals News

Here are the key news stories impacting Amphastar Pharmaceuticals this week:

• Negative Sentiment: Amphastar reported adjusted earnings of $0.42 per share on revenue of $171.2 million, missing analyst estimates of about $0.70 EPS and $173.5 million in sales, which is the main reason the stock is moving lower. Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026
• Negative Sentiment: The company’s GAAP net income was $6.4 million, or $0.14 per share, highlighting weaker bottom-line performance than the adjusted figures suggest. Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026
• Neutral Sentiment: Needham & Company reaffirmed its hold rating, suggesting analysts are cautious but not turning more bearish after the results.
• Neutral Sentiment: Management also said BAQSIMI revenue is expected to be flat to up low-single-digits, with a 3% list price increase, offering some stability in a key product line. Amphastar forecasts BAQSIMI revenue flat to up low single digits, with 3% list price increase

Amphastar Pharmaceuticals Company Profile

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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