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Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2020
Reports Net Revenues of $84.7 Million for the Three Months Ended March 31, 2020 RANCHO CUCAMONGA, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Amphastar
About this update from Amphastar Pharmaceuticals, Inc.
[{"type":"text","content":"Reports Net Revenues of $84.7 Million for the Three Months Ended March 31, 2020\nRANCHO CUCAMONGA, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the “Company”) today reported results for the three months ended March 31, 2020.\n First Quarter Highlights Net revenues of $84.7 million for the first quarterGAAP net income of $3.9 million, or $0.08 per share, for the first quarterAdjusted non-GAAP net income of $8.4 million, or $0.17 per share, for the first quarter Dr. Jack Zhang, Amphastar’s President and Chief Executive Officer, commented: “The first quarter of 2020 was very strong for Amphastar, as we had strong sales from Primatene® Mist and from our hospital products, including sales of Sodium Bicarbonate, which we filled in our newly approved finished product facility in South El Monte, California.” Three Months Ended March 31, 2020 2019 (in thousands, except per share data)Net revenues$84,688 $79,790GAAP net income attributable to Amphastar$3,949 $868Adjusted non-GAAP net income attributable to Amphastar*$8,383 $4,885GAAP diluted EPS attributable to Amphastar shareholders$0.08 $0.02Adjusted non-GAAP diluted EPS attributable to Amphastar shareholders*$0.17 $0.10 _______________* 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. First Quarter Results Three Months Ended March 31, Change 2020 2019 Dollars % (in thousands) Net revenues: Primatene® Mist$12,877 $2,897 $9,980 344%Phytonadione 11,029 10,120 909 9%Lidocaine 10,657 11,979 (1,322) (11)%Enoxaparin 9,168 14,484 (5,316) (37)%Naloxone 8,875 7,364 1,511 21%Epinephrine 3,990 2,679 1,311 49%Other finished pharmaceutical products 24,702 25,016 (314) (1)%Total finished pharmaceutical products net revenues$81,298 $74,539 $6,759 9%API 3,390 5,251 (1,861) (35)%Total net revenues$84,688 $79,790 $4,898 6% Changes in net revenues were primarily driven by: Increased sale of Primatene® Mist primarily resulting from the continued success of our nationwide television, radio, and digital campaign, as well as a short-term increase due to “pantry loading” towards the end of the quarter as a result of the COVID-19 pa...