Amphastar Pharmaceuticals (AMPH) AI Stock Analysis

• Market Cap: $899.69M
• Dividend Yield: N/A
• Average Volume (3M): 435.38K
• Price to Earnings (P/E): 9.8
• Beta (1Y): 0.82
• Revenue Growth: -0.03%
• EPS Growth: -27.66%
• Country: US
• Employees: 2,028
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 0.73
• Shares Outstanding: 45,370,170
• 10 Day Avg. Volume: 735,021
• 30 Day Avg. Volume: 435,382
• PEG Ratio: -0.35
• Price to Book (P/B): 1.59
• Price to Sales (P/S): 1.74
• P/FCF Ratio: 10.33
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 1.11
• Enterprise Value/Gross Profit: 2.24
• Enterprise Value/Ebitda: 4.09
• 1Y Price Target: $31.20
• Price Target Upside: 56.31% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 3.54
• Revenue Forecast (FY): $757.40M

• Rating: 60 Neutral
• Price Target: $21.00 ▲(5.21% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is primarily driven by mixed fundamentals: strong historical margins/returns and low reported leverage, but a sharp TTM revenue/margin reset and very weak/uncertain TTM cash-flow support. Technicals are a significant drag with a clear downtrend and weak momentum. Offsetting these risks, valuation looks inexpensive (P/E ~9.95) and the latest call supports a cautiously positive outlook for 2026 growth driven by new launches and key brands, though margin pressure remains a notable headwind.

Positive Factors

High margins & returns

Sustained high gross and net margins and above-average ROE indicate structural manufacturing and product-mix advantages in injectable generics/specialty products. This durable profitability supports reinvestment in R&D, capacity expansion and strategic activity even amid near-term revenue volatility.

Strong liquidity & low leverage

Very low reported leverage and a substantial cash position (management cites >$300M cash and strong operating cash flow historically) provide financing flexibility for launches, capacity buildout, and M&A without near-term reliance on external debt, supporting durable strategic optionality.

Pipeline wins & exclusivity

A 180-day exclusivity window for AMP-007 offers a structural near-term revenue opportunity with limited immediate generic competition. Coupled with expanded proprietary peptide programs and AMP-110 licensing, this strengthens higher-margin, differentiated product prospects over the medium term.

Negative Factors

Sharp TTM revenue/margin reset

A near-50% TTM revenue decline materially reduces scale economics, erodes fixed-cost absorption and pressures profitability metrics. Even with new launches, restoring prior revenue levels will take multiple quarters and leaves execution and demand risks that could persist for several reporting cycles.

Cash-flow deterioration / reporting gap

An absence or sharp deterioration of reported operating and free cash flow undermines earnings quality and the firm's ability to self-fund capex, R&D and buybacks. If persistent, this forces reliance on external financing or curtailed investment, weakening long-term growth execution.

Legacy pricing pressure & cost increases

Ongoing pricing pressure in legacy injectables (notably glucagon and epinephrine) combined with rising input, labor and R&D/G&A spend compresses margins. This structural mix shift reduces cash flow per dollar revenue and raises the bar for new-product economics to offset declines.

Amphastar Pharmaceuticals Business Overview & Revenue Model

Company Description

Amphastar Pharmaceuticals, Inc., a bio-pharmaceutical company, develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products in the United States, China, and France. The company operates through two segments, Finished Pharmaceutical Products and API. It offers Primatene Mist, an over-the-counter epinephrine inhalation product for the temporary relief of mild symptoms of intermittent asthma; Enoxaparin, a low molecular weight heparin to prevent and treat deep vein thrombosis; Naloxone for opioid overdose; Glucagon for injection emergency kit; and Cortrosyn, a lyophilized powder for use as a diagnostic agent in the screening of patients with adrenocortical insufficiency. The company also provides Amphadase, a bovine-sourced hyaluronidase injection to absorb and disperse other injected drugs; Epinephrine injection for the emergency treatment of allergic reactions; lidocaine jelly, an anesthetic product for urological procedures; lidocaine topical solution for various procedures; phytonadione injection, a vitamin K1 injection for newborn babies; emergency syringe products for emergency use in hospital settings; morphine injection for use with patient controlled analgesia pumps; and lorazepam injection for surgery and medical procedures. In addition, it offers neostigmine methylsulfate injection to treat myasthenia gravis and to reverse the effects of muscle relaxants; and Isoproterenol hydrochloride injection for mild or transient episodes of heart block. Further, the company distributes recombinant human insulin active pharmaceutical ingredients (API) and porcine insulin API. It serves hospitals, care facilities, alternate care sites, clinics, and doctors' offices. The company was founded in 1996 and is headquartered in Rancho Cucamonga, California.

How the Company Makes Money

Amphastar Pharmaceuticals generates revenue primarily through the sale of its injectable generic and specialty products to hospitals, pharmacies, and distributors. The company has established a diversified revenue model that includes direct sales of its proprietary products, royalties from licensing agreements, and partnerships with other pharmaceutical companies for the development of new products. Key revenue streams include the sale of core products like epinephrine and naloxone, which are in high demand due to their critical therapeutic use. Additionally, Amphastar benefits from strategic partnerships that enhance its product pipeline and market reach, contributing to its overall earnings through collaborative development agreements and shared revenue from co-marketed products.

Amphastar Pharmaceuticals Financial Statement Overview

Summary

Historically strong profitability and returns (gross margin ~46%–54%, net margin in the low-20% range in 2023–2024; ROE ~14%–22%), and current leverage appears low (TTM debt-to-equity ~0.06). However, the latest TTM shows a sharp revenue drop (~-47%) with weaker margins and a major red flag in cash flow reporting (TTM operating cash flow and free cash flow reported as zero), which materially increases near-term fundamental risk.

Income Statement

Profitability is solid: gross margin has been consistently strong (~46%–54%) and net margin expanded meaningfully from 2020 to 2023–2024 (low-20% range in 2023–2024). However, TTM (Trailing-Twelve-Months) shows a sharp slowdown with revenue down ~47% versus the prior period, alongside lower operating and net margins (mid-teens net margin). This mix suggests a business that proved strong earnings power in recent years, but is currently facing a meaningful top-line and profitability reset.

Balance Sheet

The balance sheet appears stronger in the most recent period, with very low leverage in TTM (Trailing-Twelve-Months) (debt-to-equity ~0.06) and healthy equity relative to assets. Returns on equity have been attractive in 2021–2024 (~14%–22%), though they stepped down in TTM (Trailing-Twelve-Months) (~13%) in line with weaker profitability. A key watch item is the large year-over-year swing in reported debt levels (high in 2023–2024 vs. very low in TTM), which increases uncertainty around leverage stability.

Cash Flow

Cash generation was healthy in 2021–2024, with positive operating cash flow and free cash flow, and free cash flow broadly tracking net income (roughly ~72%–81% conversion). That said, TTM (Trailing-Twelve-Months) cash flow is reported as zero for both operating cash flow and free cash flow, and free cash flow growth is -100%, pointing to a major deterioration or a data/reporting gap. With current-period cash flow not demonstrating support for earnings, cash flow quality is the primary weak spot.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	719.89M	731.97M	644.39M	498.99M	437.77M
Gross Profit	356.06M	373.86M	351.12M	248.86M	199.74M
EBITDA	149.10M	277.31M	240.29M	146.16M	111.56M
Net Income	98.09M	159.52M	137.54M	91.39M	62.12M
Balance Sheet
Total Assets	1.63B	1.58B	1.51B	741.99M	671.53M
Cash, Cash Equivalents and Short-Term Investments	282.81M	221.65M	256.81M	175.76M	136.67M
Total Debt	47.25M	650.55M	623.64M	102.58M	104.66M
Total Liabilities	840.49M	845.17M	873.49M	213.33M	226.01M
Stockholders Equity	788.80M	732.30M	639.42M	528.66M	445.52M
Cash Flow
Free Cash Flow	121.23M	172.34M	145.34M	65.15M	70.54M
Operating Cash Flow	156.12M	213.39M	183.50M	89.18M	97.99M
Investing Cash Flow	-70.33M	-124.93M	-649.12M	-32.78M	-28.67M
Financing Cash Flow	-67.42M	-80.95M	454.09M	-26.44M	-37.02M

Amphastar Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.96
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMPH, the sentiment is Negative. The current price of 19.96 is below the 20-day moving average (MA) of 27.07, below the 50-day MA of 26.97, and below the 200-day MA of 25.93, indicating a bearish trend. The MACD of -1.33 indicates Positive momentum. The RSI at 22.74 is Positive, neither overbought nor oversold. The STOCH value of 5.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AMPH.

Amphastar Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PCRX	67 Neutral	$894.83M	163.97	0.96%	―	3.14%	―
ANIP	67 Neutral	$1.71B	14.40	15.11%	―	48.87%	―
COLL	62 Neutral	$1.26B	21.64	23.70%	―	26.34%	-32.79%
AMPH	60 Neutral	$899.69M	9.75	12.90%	―	-0.03%	-27.66%
SUPN	60 Neutral	$3.14B	-72.78	-3.68%	―	4.54%	-130.59%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Amphastar Pharmaceuticals Corporate Events

Amphastar Licenses ACTH Analog AMP-110 for North America

On January 12, 2026, Amphastar Pharmaceuticals announced an exclusive license agreement with Nanjing Hanxin Pharmaceutical Technology for AMP-110, a fully synthetic and highly purified human adrenocorticotropic hormone (ACTH) analog intended for inflammatory and autoimmune conditions, granting Amphastar rights in the United States and Canada and giving Hanxin a non-exclusive license for other territories. Amphastar paid a $2 million upfront fee and agreed to up to $14 million in development milestones, up to $75 million in sales milestones, and annual royalties to Hanxin capped at $7.5 million and $60 million in total, while Hanxin will pay Amphastar royalties on net sales based on patents licensed from Amphastar; with AMP-110 in early-phase human clinical development and the U.S. ACTH market exceeding $684 million in 2024, the deal strengthens Amphastar’s proprietary peptide portfolio and positions it to compete in a growing therapeutic niche for conditions such as multiple sclerosis exacerbations, rheumatoid arthritis, lupus, ophthalmic inflammation, and infantile spasms.

The most recent analyst rating on (AMPH) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on Amphastar Pharmaceuticals stock, see the AMPH Stock Forecast page.