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Amphastar Pharmaceuticals
(NASDAQ:AMPH)
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Rating:67Neutral
Price Target:
$21.50
▲(14.85% Upside)
Action:Reiterated
Date:08/07/26
AMPH scores positively on fundamentals—especially strong TTM free cash flow and a reasonable earnings multiple—supporting a mid-to-upper range rating. The main offsets are margin compression versus 2023–2024 peaks and the IMS regulatory/remediation overhang discussed on the earnings call, while technicals remain neutral with the stock still below its 200-day moving average.
Positive Factors
Strong cash generation
Consistent TTM operating cash flow and high free cash flow provide durable financial flexibility. This supports continued R&D and manufacturing investments, share repurchases, and the ability to absorb remediation costs without immediate liquidity stress, improving resilience over the next several quarters.
Negative Factors
Regulatory risk at IMS
An FDA warning letter at a subsidiary that represents roughly one‑third of sales is a structural operational risk. Ongoing remediation and redirected capex increase costs, may constrain batch releases, and can impair customer supply reliability, creating sustained headwinds until fully resolved.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent TTM operating cash flow and high free cash flow provide durable financial flexibility. This supports continued R&D and manufacturing investments, share repurchases, and the ability to absorb remediation costs without immediate liquidity stress, improving resilience over the next several quarters.
Read all positive factors
Amphastar Pharmaceuticals (AMPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$849.91M
Dividend YieldN/A
Average Volume (3M)514.01K
Price to Earnings (P/E)11.6
Beta (1Y)0.77
Revenue Growth1.02%
EPS Growth-38.09%
CountryUS
Employees1,976
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)1.74
Shares Outstanding42,537,945
10 Day Avg. Volume439,376
30 Day Avg. Volume514,011
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$21.67Price Target Upside15.74% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)2.58
Revenue Forecast (FY)$745.16M
Amphastar Pharmaceuticals Business Overview & Revenue Model
Company Description
Amphastar Pharmaceuticals, Inc. (AMPH) is a specialty pharmaceutical company that develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products, with operations spanning active pharmaceutical in...
How the Company Makes Money
Amphastar primarily makes money by selling pharmaceutical products, generating revenue when its finished-dose drugs are purchased through pharmaceutical distribution channels (e.g., wholesalers) and by institutional customers (e.g., hospitals and ...
Amphastar Pharmaceuticals Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call presented a mix of positive operational execution and material near-term challenges. Key positives include 5% revenue growth to $183.9M, gross margin expansion to 51%, successful new product launches (ipratropium bromide and other recent launches), strong BAQSIMI prescription growth (up ~17%) and a contract-year BAQSIMI milestone triggering a $100M payment in Q3. The company generated meaningful operating cash flow (~$51.3M) and repurchased ~$45M of stock, and advanced its development pipeline toward potential 2027 commercialization of the insulin aspart biosimilar and early-stage proprietary programs. On the negative side, the IMS FDA warning letter and related remediation will add $2–3M per quarter in expenses and could slow IMS sales and batch releases; glucagon sales declined sharply (-42% YoY) and several operating expense categories rose substantially (SG&A and G&A +30%). Management still maintained full-year sales guidance and emphasized diversification and U.S. manufacturing investments. Balancing the operational progress, financial improvements, and the notable regulatory and cost headwinds, the overall tone is cautiously constructive.Positive Updates
Revenue Growth and Improved Profitability
Total revenue increased 5% year-over-year to $183.9 million (Q2 2026 vs $174.4M prior year). Reported net income was $30.3 million (slight decrease vs $31M prior year) while GAAP EPS increased to $0.67 from $0.64 and adjusted EPS increased to $0.91 from $0.85, reflecting improved per-share results.
Negative Updates
IMS FDA Warning Letter and Remediation Burden
IMS (a subsidiary) received an FDA warning letter from a December 2025 inspection. Remediation is underway; the company expects incremental IMS-related expenses of $2 million to $3 million per quarter for the next several quarters, potential slowing of IMS sales while corrective actions occur, and redirected capital expenditure to IMS. Company currently does not expect a material adverse effect on overall operations but acknowledged added costs and potential batch release delays.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Improved Profitability
Total revenue increased 5% year-over-year to $183.9 million (Q2 2026 vs $174.4M prior year). Reported net income was $30.3 million (slight decrease vs $31M prior year) while GAAP EPS increased to $0.67 from $0.64 and adjusted EPS increased to $0.91 from $0.85, reflecting improved per-share results.
Read all positive updates
Company Guidance
Management updated 2026 guidance by flagging incremental remediation costs at the IMS facility of roughly $2 million to $3 million per quarter for the next several quarters, a potential slight slowing of IMS sales (IMS represents roughly one‑third of corporate sales), and redirected capital spending to IMS but no change to the company’s previously communicated overall capital expenditure profile; despite these impacts they maintained overall corporate sales guidance of mid‑single‑digit to high‑single‑digit growth for 2026, said R&D should tick up modestly as a percent of sales, indicated SG&A/S&M in Q2 are a reasonable comp for coming quarters, and noted a $100 million BAQSIMI milestone payment due in Q3 2026 after BAQSIMI delivered $178.3 million in contract‑year net sales (exceeding the $175 million threshold); near‑term liquidity and capital actions cited included approximately $51.3 million of cash flow from operations in Q2 and roughly $45 million of share repurchases during the quarter.Amphastar Pharmaceuticals Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 730.02M | 719.89M | 731.97M | 644.39M | 498.99M | 437.77M |
| Gross Profit | 348.11M | 356.06M | 373.86M | 351.12M | 248.86M | 199.74M |
| EBITDA | 174.76M | 212.31M | 277.31M | 240.29M | 146.16M | 111.56M |
| Net Income | 78.55M | 98.09M | 159.52M | 137.54M | 91.39M | 62.12M |
Balance Sheet | ||||||
| Total Assets | 1.74B | 1.63B | 1.58B | 1.51B | 741.99M | 671.53M |
| Cash, Cash Equivalents and Short-Term Investments | 290.12M | 282.81M | 221.65M | 256.81M | 175.76M | 136.67M |
| Total Debt | 688.32M | 656.00M | 650.55M | 623.64M | 102.58M | 104.66M |
| Total Liabilities | 975.61M | 840.49M | 845.17M | 873.49M | 213.33M | 226.01M |
| Stockholders Equity | 768.16M | 788.80M | 732.30M | 639.42M | 528.66M | 445.52M |
Cash Flow | ||||||
| Free Cash Flow | 152.89M | 121.23M | 172.34M | 145.34M | 65.15M | 70.54M |
| Operating Cash Flow | 184.61M | 156.12M | 213.39M | 183.50M | 89.18M | 97.99M |
| Investing Cash Flow | -52.05M | -70.33M | -124.93M | -649.12M | -32.78M | -28.67M |
| Financing Cash Flow | -96.46M | -67.42M | -80.95M | 454.09M | -26.44M | -37.02M |
Amphastar Pharmaceuticals Technical Analysis
Positive
18.72
Price Trends
19.78
Positive
19.97
Positive
22.78
Negative
Market Momentum
0.18
Negative
52.35
Neutral
20.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMPH, the sentiment is Positive. The current price of 18.72 is below the 20-day moving average (MA) of 19.90, below the 50-day MA of 19.78, and below the 200-day MA of 22.78, indicating a neutral trend. The MACD of 0.18 indicates Negative momentum. The RSI at 52.35 is Neutral, neither overbought nor oversold. The STOCH value of 20.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $43.34B | 57.60 | 9.28% | ― | 4.33% | ― | |
70 Outperform | $1.73B | 15.48 | 19.19% | ― | 30.90% | ― | |
69 Neutral | $944.73M | 65.83 | 2.13% | ― | 5.71% | ― | |
67 Neutral | $849.91M | 11.60 | 10.23% | ― | 1.02% | -38.09% | |
60 Neutral | $5.64B | 34.71 | -326.75% | ― | 9.28% | 4917.17% | |
59 Neutral | $18.49B | -44.56 | -2.79% | 2.78% | 4.92% | 87.81% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
AMPH
Amphastar Pharmaceuticals
20.18
-10.03
-33.20%
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16.04
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55.97%
PCRX
Pacira Pharmaceuticals
23.18
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TEVA
Teva Pharmaceutical
36.52
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108.21%
ANIP
ANI Pharmaceuticals
74.77
-15.23
-16.92%
AMRX
Amneal Pharmaceuticals
17.27
7.88
83.92%
Amphastar Pharmaceuticals Corporate Events
Business Operations and StrategyLegal ProceedingsRegulatory Filings and Compliance
FDA Issues Warning Letter to Amphastar Subsidiary IMS
Negative
Jul 8, 2026
On July 2, 2026, Amphastar’s subsidiary International Medication Systems received a warning letter from the FDA following a December 2025 inspection of its South El Monte, California drug manufacturing facility. The letter cites violations o...
Executive/Board ChangesShareholder Meetings
Amphastar Shareholders Approve Directors, Auditor and Pay Practices
Positive
Jun 3, 2026
At its 2026 annual meeting of stockholders, Amphastar Pharmaceuticals’ investors elected three Class I directors—David Gaugh, William J. Peters, and Jacob Liawatidewi—to serve until the 2029 annual meeting or until successors are...
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.