Amphastar Pharmaceuticals Inc (AMPH)
NASDAQ:AMPH
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Amphastar Pharmaceuticals
(NASDAQ:AMPH)
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Rating:64Neutral
Price Target:
$18.00
▼(-21.33% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by solid financial quality (profitability, strong cash generation, and currently low leverage). This is tempered by weak technicals (shares below major moving averages with low RSI), a relatively high P/E, and a mixed earnings update where revenue and pipeline/launch progress are offset by pronounced near-term margin and earnings pressure.
Positive Factors
Strong cash generation
Sustained operating and free cash flow provide durable internal funding for R&D, launches, and capital returns. Robust FCF cushions the business against product-specific revenue shocks, enables disciplined share repurchases and selective M&A, and supports reinvestment without heavy reliance on external financing.
Negative Factors
BAQSIMI pricing/rebate pressure
Structural reimbursement dynamics (e.g., rising rebate and 340B impacts) are compressing realized prices on a core product. Even with unit growth, ASP erosion materially reduces margins and earnings power; remediation (price, 340B validation) may take quarters and may not fully restore prior profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained operating and free cash flow provide durable internal funding for R&D, launches, and capital returns. Robust FCF cushions the business against product-specific revenue shocks, enables disciplined share repurchases and selective M&A, and supports reinvestment without heavy reliance on external financing.
Read all positive factors
Amphastar Pharmaceuticals (AMPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$758.40M
Dividend YieldN/A
Average Volume (3M)583.23K
Price to Earnings (P/E)34.6
Beta (1Y)0.86
Revenue Growth-1.39%
EPS Growth-41.70%
CountryUS
Employees2,028
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)1.71
Shares Outstanding44,092,920
10 Day Avg. Volume895,177
30 Day Avg. Volume583,234
Financial Highlights & Ratios
PEG Ratio-0.35
Price to Book (P/B)1.59
Price to Sales (P/S)1.74
P/FCF Ratio10.33
Enterprise Value/Market Cap1.72
Enterprise Value/Revenue1.81
Enterprise Value/Gross Profit3.81
Enterprise Value/Ebitda8.34
Forecast
1Y Price Target
$22.00Price Target Upside-3.85% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)2.89
Revenue Forecast (FY)$751.77M
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...
How the Company Makes Money
Amphastar makes money primarily by selling pharmaceutical products, with revenue recognized from product shipments to customers (such as drug wholesalers, distributors, hospitals, and pharmacies) net of customary deductions like rebates, chargebac...
Amphastar Pharmaceuticals Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: operational and strategic positives (stable-to-growing total revenue, strong cash flow, successful new product launches, pipeline progress toward 2027, and active share repurchases) are offset by meaningful near-term headwinds (a 15% decline in BAQSIMI revenue driven by rebate/340B pressure, a 56% collapse in glucagon sales, rising costs and higher operating expenses, and materially lower net and adjusted earnings). Management has taken targeted actions (price increase, 340B validation, new product launch, continued R&D investment) to address the issues, but near-term margin and earnings pressure remain evident.Positive Updates
Net Revenues and Operational Cash Flow
Net revenues of $171.2 million in Q1 2026 versus $170.5 million in Q1 2025 (return to growth). Cash flow from operations of approximately $47.8 million during the quarter. Company maintains overall corporate sales guidance of mid-single-digit to high-single-digit unit growth for 2026.
Negative Updates
BAQSIMI Revenue Decline and Pricing Pressure
BAQSIMI revenue decreased ~15% to $32.4 million from $38.4 million year-over-year due to lower average selling prices driven by higher rebates and increased 340B pharmacy discounts. Management updated BAQSIMI guidance to flat to up low-single-digit revenue growth for 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Revenues and Operational Cash Flow
Net revenues of $171.2 million in Q1 2026 versus $170.5 million in Q1 2025 (return to growth). Cash flow from operations of approximately $47.8 million during the quarter. Company maintains overall corporate sales guidance of mid-single-digit to high-single-digit unit growth for 2026.
Read all positive updates
Company Guidance
The company updated 2026 guidance and near-term plans with several numeric highlights: Q1 net revenues were $171.2M (vs $170.5M LY), with BAQSIMI revenue of ~$32.4M (down 15% from $38.4M) despite U.S. unit volumes +8% YoY, Primatene MIST ~$29.8M (+2% YoY; store-level sales +6.5%), epinephrine $19.2M (+3%), glucagon $9.2M (‑56%), and other finished pharma $67.1M (+34%); cost of revenues rose to $100.8M (from $85.3M) and reported gross margin was stated at 71% of revenues (vs 50% prior year). Q1 adjusted net income fell to $19.5M ($0.42/sh) from $36.9M ($0.74/sh), GAAP net income was $6.4M ($0.14/sh) vs $25.3M ($0.51/sh), operating cash flow was ~$47.8M, and the company repurchased $29.5M of stock (~3% of shares). For 2026 they now expect BAQSIMI revenue growth to be flat to up low-single-digits, have implemented a 3% BAQSIMI list-price increase effective May 1 and engaged a third party to address possible 340B duplicate rebates, and are maintaining overall corporate unit growth guidance of mid-single-digit to high-single-digit percentages while noting AMP-007 (ipratropium inhalation) launched in April and insulin aspart biosimilar and GLP‑1 ANDA remain on track for 2027 commercialization.Amphastar Pharmaceuticals Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
83
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 720.53M | 719.89M | 731.97M | 644.39M | 498.99M | 437.77M |
| Gross Profit | 341.13M | 356.06M | 373.86M | 351.12M | 248.86M | 199.74M |
| EBITDA | 155.96M | 149.10M | 277.31M | 240.29M | 146.16M | 111.56M |
| Net Income | 79.23M | 98.09M | 159.52M | 137.54M | 91.39M | 62.12M |
Balance Sheet | ||||||
| Total Assets | 1.65B | 1.63B | 1.58B | 1.51B | 741.99M | 671.53M |
| Cash, Cash Equivalents and Short-Term Investments | 294.39M | 282.81M | 221.65M | 256.81M | 175.76M | 136.67M |
| Total Debt | 686.38M | 656.00M | 650.55M | 623.64M | 102.58M | 104.66M |
| Total Liabilities | 874.77M | 840.49M | 845.17M | 873.49M | 213.33M | 226.01M |
| Stockholders Equity | 773.39M | 788.80M | 732.30M | 639.42M | 528.66M | 445.52M |
Cash Flow | ||||||
| Free Cash Flow | 135.19M | 121.23M | 172.34M | 145.34M | 65.15M | 70.54M |
| Operating Cash Flow | 168.88M | 156.12M | 213.39M | 183.50M | 89.18M | 97.99M |
| Investing Cash Flow | -97.55M | -70.33M | -124.93M | -649.12M | -32.78M | -28.67M |
| Financing Cash Flow | -83.13M | -67.42M | -80.95M | 454.09M | -26.44M | -37.02M |
Amphastar Pharmaceuticals Technical Analysis
Negative
22.88
Price Trends
20.24
Negative
23.32
Negative
24.96
Negative
Market Momentum
-1.07
Positive
37.78
Neutral
7.99
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 22.88 is above the 20-day moving average (MA) of 20.44, above the 50-day MA of 20.24, and below the 200-day MA of 24.96, indicating a bearish trend. The MACD of -1.07 indicates Positive momentum. The RSI at 37.78 is Neutral, neither overbought nor oversold. The STOCH value of 7.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AMPH.
Amphastar Pharmaceuticals Risk Analysis
Amphastar Pharmaceuticals disclosed 86 risk factors in its most recent earnings report. Amphastar Pharmaceuticals reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Amphastar Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.80B | 13.63 | 17.32% | ― | 37.03% | ― | |
69 Neutral | $882.68M | 78.40 | 0.73% | ― | 4.57% | ― | |
69 Neutral | $1.09B | 18.30 | 26.74% | ― | 19.88% | 73.61% | |
67 Neutral | $2.81B | -324.88 | -2.73% | ― | 16.29% | -145.12% | |
64 Neutral | $758.40M | 34.57 | 10.23% | ― | -1.39% | -41.70% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
AMPH
Amphastar Pharmaceuticals
17.82
-7.25
-28.92%
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ANIP
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COLL
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Amphastar Pharmaceuticals Corporate Events
Business Operations and StrategyStock Buyback
Amphastar Expands Share Repurchase Authorization to Manage Equity
Positive
Mar 16, 2026
On March 12, 2026, Amphastar Pharmaceuticals’ board authorized a $50 million increase to its share buyback program, extending a capital allocation strategy aimed at managing its equity structure over an indefinite period. The program is desi...
Business Operations and StrategyExecutive/Board Changes
Amphastar Updates Executive Employment Agreements to Strengthen Leadership
Positive
Mar 6, 2026
On March 3, 2026, Amphastar Pharmaceuticals entered into new executive employment agreements with board member and Executive Vice President of Corporate Administration Center Jacob Liawatidewi and Senior Executive Vice President of Production Cent...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.