Amphastar Pharmaceuticals, Inc. · NASDAQ:AMPH
Amphastar Pharmaceuticals — 25th Annual Needham Virtual Healthcare Conference (April 2026)
31 slides from Amphastar Pharmaceuticals's conference presentation, Apr 14, 2026
Slide 1: 25th Annual Needham Virtual Healthcare Conference
Injectables New Molecular Inhalation Peptides Intranasal Proprietary Highly Purified Peptide/Protein Oncology Ophthalmology Biosimilar 25th Annual Needham Virtual Interchangeable Rheumatology Healthcare Conference April 14, 2026
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: Fully Integrated Business Model: One-Stop
Fully Integrated Business Model: One-Stop ■ Extensive in-house product Product Development development capabilities − Advanced technical platforms and analytical instrumentation API / Key − In-house animal studies and Components clinical research team Manufacturing ■ A One-Stop, Vertically ■ Fully I
Slide 5: Dual-Strategies Growth Model
Dual-Strategies Growth Model Dual-Strategies Primary Secondary 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 Powder IN early stage Purified rDNA
Slide 6: Adjusted Net Income Margin, %
Three-H Focus Amphastar’s management team operates the Company with a Adjusted Net Income Margin, % clear focus on: 35% ■ High Quality for products ■ High Efficiency for operation and 30% ■ High Technology to drive pipeline development 27.3% 27.4% The 3-H focus results in high net income margin 25%
Slide 7: Leveraging Strategic Vision & Core Strengths
Leveraging Strategic Vision & Core Strengths 7
Slide 8: Pipeline Evolution
Pipeline Evolution In 2026, Amphastar’s proprietary and biosimilars will represent 85% of the pipeline 2021 Pipeline Projected 2026 Pipeline Generic Proprietary 15% 21% Proprietary 50% Generic 63% Biosimilar 16% Biosimilar 35% 8
Slide 9: 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 availab
Slide 10: Strategic Shift Toward Proprietary & Biosimilars Drugs
Strategic Shift Toward Proprietary & Biosimilars Drugs Commercial Proprietary Product Capabilities Expanded Pipeline • Intranasal Epinephrine • BAQSIMI® global • 3 early-stage products footprint in +26 developed internally countries Expected • Primatene MIST® with Green* • Proprietary Rx sales prope
Slide 11: R&D and Proprietary Pipeline
R&D and Proprietary Pipeline 11
Slide 12: Focused on R&D Investment
Focused on R&D Investment $369M self-funded R&D investment over five years, fueling proprietary innovation. ■ Strategic focus and emphasis on investment in R&D differentiates us from our competitors, as our focus is on the long-term growth of our company ■ Diverse pipeline development with flexibili
Slide 13: Promising New Peptide Pipelines (NDA, NCE)
Promising New Peptide Pipelines (NDA, NCE) Preclinical Asset Overview US Market Opportunity Key Value Propositions AMP-105 • Potential novel MoA ~60k solid tumor First-in-class peptide with HNSCC, HCC, targeting cell growth and patients a novel mechanism Lymphoma, Multiple metastasis inhibition offe
Slide 14: Promising New Peptide Pipelines (NDA, NCE)
Promising New Peptide Pipelines (NDA, NCE) Preclinical Asset Overview US Market Opportunity Key Value Propositions • Peptide-coupled docetaxel with improved ~91 – 125k NSCLC Improved safety and AMP-109 bioavailability and Efficacy patients efficacy profile for NSCLC, CRC, taxane-based Gastric, Pancr
Slide 15: Peptide Pipeline Strategic Rationale
Peptide Pipeline Strategic Rationale Builds on Amphastar’s proven track record in peptide development and commercialization Grows portfolio with the potentially best-in-class peptide assets Targets high-growth therapy areas: • Oncology (>$50B market) • Ophthalmology (>$10B market) Differentiated mec
Slide 16: AMP-109: Encouraging Strong Anti-Tumor Activity for Pancreatic Cancer
AMP-109: Encouraging Strong Anti-Tumor Activity for Pancreatic Cancer The tumor inhibition rate of AMP-109 for pancreatic cancer reaches > 99% in a preclinical nude mouse xenograft model. It shows a significantly stronger inhibition profile than taxane-based chemotherapy and other medications indica
Slide 17: AMP-109: Encouraging Strong Anti-Tumor Activity for Pancreatic Cancer
AMP-109: Encouraging Strong Anti-Tumor Activity for Pancreatic Cancer At Day-42 (after 21 day treatment), for the AMP-109 high dose group, pancreatic tumors in the majority of nude mice were unobservable (for the mice/group with green circles below) The pancreatic cancer tumor in the mouse disappear
Slide 18: AMP-110: Novel Corticotropin
AMP-110: Novel Corticotropin AMP-110 is fully synthetic & Highly Purified (>99%), with significantly fewer impurities. The risk of virus transmission from a porcine-origin product is mitigated. The below is an Efficacy Study of neonatal spasms by modeled neonatal mice (by Betamethasone + NMDA, n=12/
Slide 19: Intranasal (IN) Delivery Proprietary Pipeline
Intranasal (IN) Delivery Proprietary Pipeline Amphastar has multiple pipeline candidates in development by IN Delivery Technology Novel Powder and Spray Formulations Strong Absorption Enhancement Dedicated Device Platforms Inclusion Complex Technology Controlled PK Sustainability Proven Cases: Baqsi
Slide 20: Metered Dose Inhaler (MDI) Proprietary Pipeline
Metered Dose Inhaler (MDI) Proprietary Pipeline Amphastar has multiple pipeline candidates in development using MDI Delivery Technology Novel Formulations: True Solutions and Suspensions High Delivery Efficiency Advanced Particle Engineering Green Propellant Technology State-of-the-Art Manufacturing
Slide 21: Generic and Biosimilar Pipeline
Generic and Biosimilar Pipeline 21
Slide 22: Amphastar Generics & Biosimilars Pipeline
Amphastar Generics & Biosimilars Pipeline ANDA Type Product Code Current Stage IQVIA Sales* AMP-015 (Teriparatide) Launched in December 2025 +$500 Million Injectable AMP-018 (GLP-1) Commercial launch expected in 2027 +$300 Million AMP-029 Development +$500 Million** AMP-007 (Ipratropium Bromide) Lau
Slide 23: Diabetes Portfolio
Diabetes Portfolio Commercialized GLP-1 Pipeline Interchangeable Insulin Pipeline Glucagon Inj. Kit AMP-018 AMP-004 AMP-005 BAQSIMI® Nasal GLP-1 Insulin Recombinant Powder Aspart Human Insulin ANDA ■ BAQSIMI®, the first and only FDA approved glucagon nasal powder ■ The first FDA approved generic Glu
Slide 24: Sales and Marketing
Sales and Marketing 24
Slide 25: Sales and EPS Trend
Sales and EPS Trend Annual Revenue ($M) Annual EPS, Adjusted 4s 40 3.86 3.5 3.0 25 20 $, Millions $ Per Share 15 10 os oo 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Year Year AMPHASTAR 25 PHARMACEUTICALS
Slide 26: Existing Products Provide Strong Base
Existing Products Provide Strong Base New launches continue diversification of the revenue base % of Total Revenue ($210 MM) % of Total Revenue ($720 MM) 2% 8% 14% 15% 2% 1% 6% 4% 6% 5% 10% 6% 51% 9% 26% 15% 11% 2014 2025 10% ■ Enox. ■ Lidocaine ■ Naloxone ■ Insulin API ■ Enox. ■ Lidocaine ■ Naloxon
Slide 27: BAQSIMI: A Transformative Transaction for Amphastar
BAQSIMI®: A Transformative Transaction for Amphastar Expands into proprietary commercial Rx Enhances Established a intranasal proprietary Rx delivery sales team portfolio Novel intranasal glucagon with IP protection Strengthens branded Expands product international presence in an footprint to 26 und
Slide 28: BAQSIMI Forecast
BAQSIMI® Forecast ■ Sales BAQSIMI® Worldwide Annual Sales − Peak annual sales projected at $250 million to 250 $275 million − Mid single-digit growth expected in 2026 200 $166M $185M $153M ■ Selling Expense 150 $139M $-Million − Projected at ~15% of Baqsimi® sales $113M ■ Adjusted EPS(1) 100 $76M −
Slide 29: Primatene MIST
Primatene MIST® Primatene MIST® Annual Sales ■ Primatene MIST®, a proprietary and patent- 115 $109M protected over-the-counter epinephrine $102M 105 inhalation product 95 $89M ■ The only FDA approved OTC asthma inhaler $84M 85 available $73M 75 $-Million Growth Initiatives: 65 ■ Increased physician
Slide 30: Highlights and Catalysts
Highlights and Catalysts 30
Slide 31: Growth Drivers and Upcoming Milestones
Growth Drivers and Upcoming Milestones Key Growth Drivers in 2026 ■ BAQSIMI® ■ AMP-015 (Teriparatide) - Increased sales footprint - Approved; Launched in Dec 2025 ■ Primatene MIST® ■ AMP-007 (Ipratropium Bromide) - Advertising campaign - Approved in Feb 2026; Launch planned for early - Increased phy
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