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Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended June 30, 2024
Reports Net Revenues of $182.4 Million for the Three Months Ended June 30, 2024RANCHO CUCAMONGA, CA / ACCESSWIRE / August 7, 2024 / Amphastar Pharmaceuticals,
About this update from Amphastar Pharmaceuticals, Inc.
[{"type":"text","content":"Reports Net Revenues of $182.4 Million for the Three Months Ended June 30, 2024RANCHO CUCAMONGA, CA / ACCESSWIRE / August 7, 2024 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (\"Amphastar\" or the \"Company\") today reported results for the three months ended June 30, 2024.Second Quarter HighlightsNet revenues of $182.4 million for the second quarterGAAP net income of $37.9 million, or $0.73 per share, for the second quarterAdjusted non-GAAP net income of $48.7 million, or $0.94 per share, for the second quarterDr. Jack Zhang, Amphastar's President and Chief Executive Officer, commented: \"As we finish another strong quarter, Amphastar has continued its impressive performance with solid sales growth. BAQSIMI® has emerged as a leading driver in our portfolio. This commercial success underscores our strategic commitment to high-value areas, particularly as we continue the transition of our pipeline towards branded products and biosimilars.\" Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands, except per share data) Net revenues $182,394 $145,712 $354,230 $285,734 GAAP net income $37,949 $26,124 $81,126 $52,156 Adjusted non-GAAP net income* $48,688 $34,782 $103,984 $66,925 GAAP diluted EPS $0.73 $0.49 $1.54 $0.99 Adjusted non-GAAP diluted EPS* $0.94 $0.65 $1.98 $1.27 ____________________________________* 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 2024 2023 Dollars % (in thousands) Product revenues: BAQSIMI® $30,854 $- $30,854 N/A Epinephrine 27,941 16,714 11,227 67%Glucagon 27,373 27,276 97 0%Primatene MIST® 22,856 16,520 6,336 38%Lidocaine 12,800 14,006 (1,206) (9)%Phytonadione 10,304 17,855 (7,551) (42)%Enoxaparin 5,273 7,872 (2,599) (33)%Naloxone 3,800 5,102 (1,302) (26)%Other finished pharmaceutical products 34,652 37,521 (2,869) (8)%Total finished pharmaceutical products net revenues $175,853 $142,866 $32,987 23%API 3,535 2,846 689 24%Other revenues 3,006 - 3,006 N/A Total net revenues $182,394 $145,712 $36,682 25%Changes in product revenues as compared to the second quarter of the prior year were prima...