Business
Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended June 30, 2023
Reports Net Revenues of $145.7 Million for the Three Months Ended June 30, 2023RANCHO CUCAMONGA, CA / ACCESSWIRE / August 8, 2023 / Amphastar Pharmaceuticals,
About this update from Amphastar Pharmaceuticals, Inc.
[{"type":"text","content":"Reports Net Revenues of $145.7 Million for the Three Months Ended June 30, 2023RANCHO CUCAMONGA, CA / ACCESSWIRE / August 8, 2023 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (\"Amphastar\" or the \"Company\") today reported results for the three months ended June 30, 2023.Second Quarter HighlightsNet revenues of $145.7 million for the second quarterGAAP net income of $26.1 million, or $0.49 per share, for the second quarterAdjusted non-GAAP net income of $34.8 million, or $0.65 per share, for the second quarterDr. Jack Zhang, Amphastar's President and Chief Executive Officer, commented: \"We are pleased with the second quarter's results, which are partially attributable to glucagon and phytonadione delivering strong sales growth along with sales from newer products such as regadenoson, ganirelix and vasopressin adding another layer of strength. Additionally, with the completion of our strategic acquisition of BAQSIMI® on June 30, we increased our proprietary products sales profile and continue to execute our strategic vision of advancing the Company with a durable portfolio of branded, biosimilar, and complex products.\" Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands, except per share data) Net revenues $145,712 $123,467 $285,734 $243,835 GAAP net income $26,124 $17,346 $52,156 $41,599 Adjusted non-GAAP net income* $34,782 $20,730 $66,925 $45,316 GAAP diluted EPS $0.49 $0.33 $0.99 $0.79 Adjusted non-GAAP diluted EPS* $0.65 $0.39 $1.27 $0.86 * Adjusted non-GAAP net income and Adjusted non-GAAP diluted EPS are non-GAAP financial measures. Please see the discussion in the section entitled \"Non-GAAP Financial Measures\" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.Second Quarter Results Three Months Ended June 30, Change 2023 2022 Dollars % (in thousands) Net revenues: Glucagon $27,276 $11,795 $15,481 131%Phytonadione 17,855 13,381 4,474 33%Epinephrine 16,714 18,119 (1,405) (8)%Primatene MIST® 16,520 18,974 (2,454) (13)%Lidocaine 14,006 16,042 (2,036) (13)%Enoxaparin 7,872 9,031 (1,159) (13)%Naloxone 5,102 7,193 (2,091) (29)%Other finished pharmaceutical products 37,521 25,588 11,933 47%Total finished pharmaceutical products net revenues $142,866 $120,123 $22,743 19%API 2,846 3,344 (498) (15)%Total net revenues $145,712 $123,467 $22,245...