Amphastar Pharmaceuticals : Q1 Financial Results (news)

About this update from Amphastar Pharmaceuticals, Inc.

‌Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026‌ May 07, 2026 Net revenues of $171.2 million for the three months ended March 31, 2026 GAAP net income of $6.4 million, or $0.14 per share, for the first quarter Adjusted non-GAAP net income of $19.5 million, or $0.42 per share, for the first quarter Company to hold a conference call today at 2:00 p.m. Pacific Time RANCHO CUCAMONGA, CA / ACCESS Newswire / May 7, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" or the "Company"), a biopharmaceutical company focused on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, today reported results for the three months ended March 31, 2026. "In the first quarter of 2026, we continued to strengthen our commercial foundation and core business, highlighted by the approval and subsequent launch of Ipratropium Bromide HFA, while also making meaningful advancements across our pipeline that will support our long-term strategy," said Dr. Jack Zhang, Amphastar's President and Chief Executive Officer. "To begin the year, we broadened our portfolio through an exclusive license agreement for a fully synthetic corticotropin compound. At the same time, we remain committed to investing in our proprietary pipeline and capabilities, which we believe will support sustainable long-term growth." Three Months Ended March 31, 2026 2025 (in thousands, except per share data) Net revenues $171,171 $170,528 GAAP net income $ 6,420 $ 25,285 Adjusted non-GAAP net income* $ 19,478 $ 36,871 GAAP diluted EPS $ 0.14 $ 0.51 Adjusted non-GAAP diluted EPS* $ 0.42 $ 0.74 * 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 2026 2025 Dollars % Net revenues: BAQSIMI® Primatene MIST® Epinephrine (in thousands) $ 32,434 $ 38,355 $ (5,921) (15% 29,763 29,051 712 2% 19,213 18,587 626 3% ) ) Lidocaine 13,460 13,644 (184) (1% ) Glucagon 9,170 20,843 (11,673) (56% Other products 67,131 50,048 17,083 34% Total net revenues $171,171 $170,528 $ 643 0 % Changes in net revenues as compared to the first quarter of the prior year were primarily driven by: BAQSIMI® sales decreased primarily due to a lower average selling price, as a result of a change in gross-to-net discounts due to changes in chargebacks and rebates and changes to the customer mix, impacting sales of approximately $8.0 million. This decrease was partially offset by an increase in unit volumes, contributing $2.0 million in sales driven by our continued marketing efforts Primatene MIST® sales increased due to an increase in unit volumes Epinephrine sales increased primarily due to an increase in demand for our epinephrine pre-filled syringe, as a result of other supplier shortages, contributing $4.1 million in sales. This increase was partially offset by a decrease in our epinephrine multi-dose vial product, as a result of increased competition, impacting sales by $3.5 million Glucagon sales decreased primarily due to a decrease in unit volumes, impacting sales by $6.1 million, as well as a lower average selling price, which impacted sales by $5.6 million, as a result of competition and the continued shift to ready to use glucagon products such as BAQSIMI® Other pharmaceutical product sales increased primarily due to recently launched products including an increase in albuterol sales of $2.8 million, iron sucrose sales of $1.4 million and teriparatide sales of $2.2 million, which we launched in August 2024, August 2025, and December 2025, respectively. An increase in dextrose sales, driven by heightened demand resulting from supplier shortages in the market also positively impacted sales Three Months Ended March 31, Change 2026 2025 Dollars % (in thousands) 100,849 85,277 15,572 18 % $ 70,322 $ 85,251 $(14,929 ) ) (18 % 41.1 % 50.0 % Net revenues $171,171 $170,528 $ 643 0 % Cost of revenues Gross profit as % of net revenues Changes in the cost of revenues and gross margin were primarily driven by: Lower average selling price for our higher margin products, such as BAQSIMI®, glucagon, phytonadione, and our epinephrine multi-dose vial product Increased manufacturing expenses due to the expansion of our manufacturing facility in Rancho Cucamonga, CA Selling, distribution, and marketing General and administrative Research and development Three Months Ended March 31, Change 2026 2025 Dollars % (in thousands) $ 11,927 $ 11,866 $ 61 1% 18,028 15,996 2,032 13% 26,737 20,096 6,641 33% General and administrative expenses increased primarily due to an increase in legal expenses, expenses associated with implementing a new ERP system and salary and personnel-related expenses Research and development expenses increased primarily due to spending for our insulin, inhalation, and proprietary pipeline products. Additionally, we had a $2.0 million upfront payment for the licensing agreement that we entered into with Nanjing Hanxin Pharmaceutical Technology Co., Ltd., during the quarter Three Months Ended March 31, Change 2026 2025 Dollars % Non-operating expenses: Interest income Interest expense Other income (expenses), net (in thousands) $ 2,400 $ 2,089 $ 311 15% (6,553) (6,286) (267) 4% 575 (2,234) 2,809 ) (126 % ) Total non-operating expenses, net $ (3,578 ) $ (6,431 ) $ 2,853 (44 % The change in non-operating expenses, net, is primarily a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts during the three months ended March 31, 2026. Cash flow provided by operating activities for the three months ended March 31, 2026, was $47.8 million. Pipeline Information The Company currently has one abbreviated new drug application ("ANDA") and one biosimilar insulin candidate filed with the FDA targeting products with a combined market size exceeding $1.6 billion, along with two biosimilar products in development targeting products with a market size exceeding $3.7 billion, and two generic products in development targeting products with a market size of over $0.8 billion. This market information is based on IQVIA data for the 12 months ended March 31, 2026. The Company is developing multiple proprietary products with injectable, topical and intranasal dosage forms. The Company's proprietary pipeline also includes four recently in-licensed products including three proprietary peptides targeting oncology and ophthalmology indications, and a fully synthetic corticotropin compound designed to address inflammatory and autoimmune conditions. Conference Call Information The Company will hold a conference call to discuss its financial results today, May 7, 2026, at 2:00 p.m. Pacific Time. To access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, ten minutes before the conference. The call can also be accessed on the Investors page on the Company's website, https://www.amphastar.com . Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP diluted EPS, which generally excludes amortization expense, share-based compensation, impairment charges, certain debt issuance costs, legal settlements, and other one-time events in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP. Market Data This press release contains market data that we obtained from industry sources. These sources do not guarantee the accuracy or completeness of the information. Although we believe that our industry sources are reliable, we do not independently verify the information. The market data may include projections that are based on a number of other projections. While we believe these assumptions to be reasonable and sound as of the date of this press release, actual results may differ from the projections. About Amphastar Pharmaceuticals, Inc. Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredient, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at https://www.amphastar.com . Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar. Forward Looking Statements All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high-quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at https://www.sec.gov . The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change. Contact Information: Amphastar Pharmaceuticals, Inc. Bill Peters Chief Financial Officer (909) 476-3416 Table I Amphastar Pharmaceuticals, Inc. Condensed Consolidated Statement of Operations (Unaudited; in thousands, except per share data) Three Months Ended 2026 2025 $171,171 $170,528 100,849 85,277 70,322 85,251 11,927 11,866 18,028 15,996 26,737 20,096 56,692 47,958 13,630 37,293 2,400 2,089 (6,553) (6,286) 575 (2,234) (3,578) (6,431) 10,052 30,862 3,632 5,577 $ 6,420 $ 25,285 $ 0.14 $ 0.53 March 31, Net revenues Cost of revenues Gross profit Operating expenses: Selling, distribution, and marketing General and administrative Research and development Total operating expenses Income from operations Non-operating expenses: Interest income Interest expense Other income (expenses), net Total non-operating expenses, net Income before income taxes Income tax provision Net income Net income per share: Basic Diluted $ 0.14 $ 0.51 Weighted-average shares used to compute net income per share: Basic 45,322 47,641 Diluted 46,458 49,890 Table II Amphastar Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (in thousands, except per share data) March 31, December 31, 2026 2025 Current assets: ASSETS (unaudited) $ 170,939 $ 170,177 235 235 121,012 112,635 2,200 2,200 147,848 143,560 170,194 176,890 9,605 17,167 11,650 13,152 633,683 636,016 307,231 310,567 185 221 71,496 42,931 559,623 565,965 33,480 31,135 42,464 42,464 $ 1,648,162 $1,629,299 Cash and cash equivalents Restricted cash Short-term investments Restricted short-term investments Accounts receivable, net Inventories Income tax refunds and deposits Prepaid expenses and other assets Total current assets Property, plant, and equipment, net Finance lease right-of-use assets Operating lease right-of-use assets Goodwill and intangible assets, net Other assets Deferred tax assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: $ 152,688 $ 148,348 414 239 1,671 1,641 9,705 7,928 164,478 158,156 5,926 5,926 609,801 608,749 65,201 37,684 29,365 29,979 874,771 840,494 Accounts payable and accrued liabilities Income taxes payable Current portion of long-term debt Current portion of operating lease liabilities Total current liabilities Long-term reserve for income tax liabilities Long-term debt, net of current portion and unamortized debt issuance costs Long-term operating lease liabilities, net of current portion Other long-term liabilities Total liabilities Commitments and contingencies Stockholders' equity: Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding - - 6 6 543,816 535,380 673,301 666,881 (5,736) (5,314) (437,996) (408,148) 773,391 788,805 Common stock: par value $0.0001; 300,000,000 shares authorized; 62,134,449 and 44,636,846 shares issued and outstanding, respectively, as of March 31, 2026 and 61,779,883 and 45,645,497 shares issued and outstanding, respectively, as of December 31, 2025 Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total stockholders' equity Total liabilities and stockholders' equity $ 1,648,162 $1,629,299 Table III Amphastar Pharmaceuticals, Inc. Reconciliation of Non-GAAP Measures (Unaudited; in thousands, except per share data) Three Months Ended March 31, 2026 2025 GAAP net income $ 6,420 $ 25,285 6,270 6,240 9,274 8,393 1,000 - (3,486) (3,047) $ 19,478 $ 36,871 Adjusted for: Intangible asset amortization Share-based compensation Litigation provision Income tax provision on pre-tax adjustments Adjusted non-GAAP net income Adjusted non-GAAP net income per share: Basic $ 0.43 $ 0.77 Diluted $ 0.42 $ 0.74 Weighted-average shares used to compute adjusted non-GAAP net income per share: Basic 45,322 47,641 Diluted 46,458 49,890 Three Months Ended March 31, 2026 Selling, General Research Cost of distribution and and Income and tax GAAP Intangible asset amortization Share-based compensation Litigation provision Income tax provision on pretax adjustments Non-GAAP revenue marketing administrative development provision $100,849 $ 11,927 $ 18,028 $ 26,737 $ 3,632 (6,250) - (1) (19) - (2,456) (360) (5,137) (1,321) - - - (1,000) - - - - - - 3,486 $ 92,143 $ 11,567 $ 11,890 $ 25,397 $ 7,118 Three Months Ended March 31, 2025 Selling, General Research Cost of distribution and and Income $ 85,277 $ 11,866 $ 15,996 $ 20,096 $ 5,577 (6,220) - (1) (19) - (2,338) (313) (4,569) (1,173) - - - - - 3,047 $ 76,719 $ 11,553 $ 11,426 $ 18,904 $ 8,624 and tax revenue marketing administrative development provision GAAP Intangible asset amortization Share-based compensation Income tax provision on pretax adjustments Non-GAAP SOURCE: Amphastar Pharmaceuticals, Inc. View the original press release on ACCESS Newswire

View stock analysis, news, and events for Amphastar Pharmaceuticals, Inc.