Amphastar Pharmaceuticals, Inc. · NASDAQ:AMPH
Amphastar Pharmaceuticals — Piper Sandler 37th Annual Healthcare Conference 2025
30 slides from Amphastar Pharmaceuticals's conference presentation, Dec 3, 2025
Slide 1: Piper Sandler 37th Annual Healthcare Conference
Injectables Biosimilar Inhalation Interchangeable Intranasal Proprietary Complex Highly Purified Generic Peptide/Protein Combination Piper Sandler 37th Annual Products Healthcare Conference December 3, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements, of Amphastar Pharmaceuticals, Inc. (“Amphastar”, “we”. “our” and that are based on our management’s current expectations and assumptions and on information currently available to m
Slide 3: Company Overview
Company Overview &-Yanerastar 3
Slide 4: Company Overview
Company Overview Dual One- Strategies Three-H Stop Growth Focus Model ■ High Quality ■ Fully Integrated ■ Pipeline Development Business Model, ■ High Efficiency R&D, Manufacturing ■ Strategic Acquisitions and Distribution ■ High Technology 4
Slide 5: Fully Integrated Business Model: One-Stop
Fully Integrated Business Model: One-Stop ■ Extensive in-house product Product Development development capabilities − Technical Platforms − State-of-the-art instruments API / Key − Animal studies Components − Clinical research team Manufacturing ■ Control over US Based Finished quality and complianc
Slide 6: Dual-Strategies Growth Model
Dual-Strategies Growth Model Dual-Strategies Primary - Secondary - Organic Growth Inorganic Growth Pipeline Strategic Development Acquisition Primatene Glucagon Proprietary MIST® Injection Insulin AFP Baqsimi® Products Analogs Armstrong NDA, ANDA, NDA, In-licensed Highly- BLA, rDNA MDI, MDI Facility
Slide 7: Three-H Focus: Adjusted Net Income Margin
Three-H Focus Amphastar’s Management team operates the Company to: Adjusted Net Income Margin, % ■ Insist on High Quality 35% ■ Emphasize High Efficiency and ■ Rely on High Technology to Develop Pipelines 30% 27.3% 27.4% The 3-H focus results in high net income margin 25% Adjusted Net Income Margin,
Slide 8: Leveraging Strategic Vision & Core Strengths
Leveraging Strategic Vision & Core Strengths 8
Slide 9: Pipeline Evolution
Pipeline Evolution Amphastar’s pipeline is projected to advance with a greater focus on proprietary and biosimilar products 2021 Pipeline Projected 2026 Pipeline Generic Proprietary 15% 21% Proprietary 50% Generic 63% Biosimilar 16% Biosimilar 35% 9
Slide 10: Technical Platforms
Technical Platforms Characterization Particle Novel Highly-Purified Engineering Formulation Immunogenicity rDNA Novel Device Peptide/Protein Evaluation Insulin Analogs Multiple peptide/protein BLA NDA The Only FDA products including Biosimilar approved asthma AMP-028 Interchangeable inhaler availabl
Slide 11: Strategic Shift Toward Proprietary & Biosimilars Drugs
Strategic Shift Toward Proprietary & Biosimilars Drugs Proprietary Product Expected CapEx Investments & Pipeline Approvals Product Support • Intranasal • AMP-015 (Teriparatide) Capacity expansion at Inhalation Pipeline Epinephrine • AMP-007 facilities to support future (Complex Generic) • 3 early st
Slide 12: R&D and Pipeline
R&D and Pipeline 12
Slide 13: Focused on R&D Investment
Focused on R&D Investment Self-funded R&D investment of approximately $351 million in the recent 5 years ■ Strategic focus to make substantial R&D investments to expand our product portfolio ■ Diverse pipeline development with flexibility and scalability for sourcing API, starting material, and rese
Slide 14: Amphastar Generics & Biosimilars Pipeline
Amphastar Generics & Biosimilars Pipeline ANDA Type Product Code Current Stage *IQVIA Sales AMP-002 (Iron Sucrose) Approved; Launched August 2025 +$500 Million Injectable AMP-015 (Teriparatide) Commercial launch expected in 1H 2026 +$500 Million AMP-018 (GLP-1) Commercial launch expected in 2027 +$3
Slide 15: Diabetes Portfolio
Diabetes Portfolio Commercialized GLP-1 Interchangeable Insulin Pipeline Glucagon Inj. Kit AMP-018 AMP-004 AMP-005 AMP-025 BAQSIMI® Nasal Powder GLP-1 Insulin Recombinant Insulin ANDA Aspart Human Insulin Degludec ■ BAQSIMI®, the first and only FDA approved glucagon nasal powder ■ The first FDA appr
Slide 16: Proprietary Pipeline
Proprietary Pipeline 16
Slide 17: In-licensing of promising new peptide assets
In-licensing of 3 promising new peptide assets Preclinical Asset Overview US Market Opportunity Key Value Propositions First-in-class peptide targeting AMP-105 • Potential novel MoA for growth and ~60k solid tumor patients a novel mechanism to HNSCC, HCC, metastasis inhibition modulate cell growth a
Slide 18: In-licensing AMP-105, -107, -109 builds on peptide record
In-licensing AMP-105, -07, -09 builds on Amphastar’s successful peptide record Amphastar has a longstanding history of developing and successfully commercializing peptide products. Grows portfolio with three potentially best-in-class peptide assets Targets high-growth therapy areas with a market pot
Slide 19: In-licensing Transaction
In-licensing Transaction Overview Overview Product: ■ Amphastar entered into an exclusive license agreement with Nanjing Anji Biotech, Co. Ltd. (the “Transaction”) for 3 peptide assets in US and Canada Terms: Cash payments: ■ $0.75 million earnest money paid prior to detailed due diligence ■ $5.25 m
Slide 20: Sales and Marketing
Sales and Marketing 20
Slide 21: Sales and EPS Trend
sss Sales and EPS Trend S, Millions = AMPHASTAR PHARMACEUTICALS 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 Annual Revenue 2020 2021 2022 2023 2024 Year S Per Share 0.64 Annual EPS, Adjusted 2020 2021 2022 2023 2024 Year 21
Slide 22: Recent Quarter Trend: Sales & Adjusted EPS
Recent Quarter Trend: Sales & Adjusted EPS 22
Slide 23: Existing Products Provide Strong Base
Existing Products Provide Strong Base New Launches have Supported Diversification of the Revenue Base % of Total Revenue ($210 MM) % of Total Revenue ($732 MM) 3% 15% 8% 14% 2% 1% 4% 3% 6% 5% 6% 51% 13% 20% 9% 14% 11% 2014 2024 15% ■ Enox. ■ Lidocaine ■ Naloxone ■ Insulin API ■ Enox. ■ Lidocaine ■ N
Slide 24: Key Proprietary Products
Key Proprietary Products 24
Slide 25: BAQSIMI Strategic Rationale: A Transformative Transaction
BAQSIMI® Strategic Rationale: A Transformative Transaction for Amphastar Novel intranasal glucagon product with IP protection Branded product with Expands growing diabetes sales and portfolio strong gross margin BAQSIMI® fits well into Amphastar’s proprietary product Initiate strategy Builds upon co
Slide 26: BAQSIMI Patient Impact
BAQSIMI® Patient Impact BAQSIMI® is currently a category Glucagon is underutilized: leader for ease in patient use: The American Diabetes Association (ADA) recommends that patients at increased risk Simple nasal administration: for Level 2 hypoglycemia be prescribed Currently the only non-injection
Slide 27: BAQSIMI Forecast
BAQSIMI® Forecast ■ Sales − Projected to reach peak of $250 million to $275 BAQSIMI® Worldwide Annual Sales million 200 180 $166M ■ Selling Expense $153M 160 − Projected to be 15% of Baqsimi® sales $139M 140 − Starting in January 2025: Collaboration with 120 $113M $-Million Mannkind to increase Baqs
Slide 28: Primatene MIST
Primatene MIST® Primatene MIST® Annual Sales ■ Primatene MIST®, a proprietary and patent- 115 protected over-the-counter epinephrine $102M inhalation product 105 95 $84M $89M ■ The only FDA approved asthma inhaler 85 available OTC, launched Dec 2018 $73M 75 ■ US Adult asthma patients: 20 million per
Slide 29: Highlights and Catalysts
Highlights and Catalysts 29
Slide 30: Growth Drivers and Upcoming Milestones
Growth Drivers and Upcoming Milestones Key Growth Drivers in 2025/2026 ■ BAQSIMI® ■ Albuterol - Increased sales footprint - Launched in August 2024 ■ Primatene MIST® ■ AMP-002 (Iron Sucrose) - Advertising campaign - Approved; Launched in Q3 2025 - Increased physician sampling program Upcoming Milest
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