AMPH
Amphastar Pharmaceuticals, Inc.25.61
-0.70-2.66%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A adds 2026 granular color
Q&A fleshed out 2026 dynamics without contradicting prepared remarks, detailing BAQSIMI's mid-single-digit US unit growth offset by exiting unprofitable international markets post-July commitment. Ipratropium (AMP-007) sized at $112M IQVIA market with 180-day exclusivity; no authorized generic visibility could push revenue to high-single-digits. Gross margins pressured by glucagon/epinephrine declines and costs, despite BAQSIMI uplift from dumping loss-making intl sales—buybacks (~$75M pace last year) may slow for BD in endocrinology/oncology. Primatene eyes lifecycle via new patented formulation amid expired patent. Pipeline preclinical/early. Management candid on priorities. Watch ipratropium launch, margin path.
Key Stats
Market Cap
1.19BP/E (TTM)
11.33Basic EPS (TTM)
2.26Dividend Yield
0%Recent Filings
8-K
Boosts buyback by $50M
Amphastar Pharmaceuticals' board boosted its share buyback program by $50 million on March 12, 2026, targeting dilution from equity compensation. Repurchases will occur via open market, Rule 10b5-1 plans, or private deals, at management's discretion. Timing hinges on price and regulations. Buybacks offset dilution effectively.
8-K
Related-party supply, research deals
Amphastar Nanjing inked a 5-year supply deal with related-party Letop on March 3, 2026, for chemical intermediates with no minimum buys; Amphastar also amended its contract research pact with related-party Hanxin, swapping AMP-107 for AMP-105 and hiking costs by ~$0.6M. Both pacts cleared by the audit committee. Neither deemed material. Related-party ties run deep.
8-K
Exec employment agreements signed
Amphastar locked in exec employment deals for Jacob Liawatidewi (EVP Corporate Admin, $525,800 salary, 55% bonus target) and Rong Zhou (Sr. EVP Production, $590,000 salary, 53% bonus target) effective March 3, 2026. Pacts offer 2x (base + avg bonus) severance on qualifying termination, doubling to 4x post-change-in-control, plus full equity vesting. Retention secured.
10-K
FY2025 results
Amphastar Pharmaceuticals posted FY2025 net revenues of $719.9M, down 2% y/y from $732.0M, as BAQSIMI® ramped to $185M (up 46% y/y, now 26% of sales) while glucagon plunged 36% y/y to $69M amid competition and epinephrine dropped 25% y/y to $71M on pricing and volume erosion; yet Q4 momentum shone with new launches like iron sucrose and teriparatide boosting other products 2% y/y. Gross margins slipped to 49% from 51% on mix shift and labor costs, but net income held at $98.1M despite a $23M legal hit. Debt steady at $610M (fixed via swaps), $220M revolver available. Q4 accelerated albuterol and shortage-driven gains. Supply disruptions from single-source APIs threaten quarterly output.
8-K
Q4 revenues dip 2%
Amphastar reported Q4 net revenues of $183.1M, down 2% from prior year, but full-year hit $719.9M despite pricing hits on epinephrine and glucagon. BAQSIMI surged 12% quarterly on volume gains, while iron sucrose launch added momentum; yet R&D jumped 29% on insulin trials, G&A spiked from $23.1M legal settlement. Pipeline targets $6B+ markets.
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