Amphastar Pharmaceuticals (AMPH)
NASDAQ:AMPH
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Amphastar Pharmaceuticals
(NASDAQ:AMPH)
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Rating:61Neutral
Price Target:
$20.50
▲(0.24% Upside)
Action:ReiteratedDate:03/17/26
The score is driven primarily by solid historical profitability and a currently low-leverage balance sheet, but it is held back by the sharp TTM slowdown and especially weak/unclear current-period cash flow. Technicals are notably bearish with the stock well below major moving averages, while valuation is relatively reasonable (P/E 12.76). Earnings call guidance and recent corporate actions add support via new product catalysts and buybacks, but expected margin pressure and legacy-product declines temper upside.
Positive Factors
Manufacturing Scale & Capacity
Quadrupling the Rancho Cucamonga facility materially increases Amphastar’s ability to manufacture complex generics and proprietary injectables at scale. Greater capacity and localized production reduce supply bottlenecks, support multiple concurrent launches, and improve long-term supply reliability for hospital and specialty channels.
Negative Factors
Cash Flow & Revenue Deterioration
A reported TTM revenue collapse and zero reported TTM operating/free cash flow indicate a sharp weakening in cash generation and visibility. Sustained or recurring cash-flow gaps would constrain capacity to self-fund capex, R&D and buybacks, forcing harder trade-offs or external financing over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Manufacturing Scale & Capacity
Quadrupling the Rancho Cucamonga facility materially increases Amphastar’s ability to manufacture complex generics and proprietary injectables at scale. Greater capacity and localized production reduce supply bottlenecks, support multiple concurrent launches, and improve long-term supply reliability for hospital and specialty channels.
Read all positive factors
Amphastar Pharmaceuticals (AMPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$927.82M
Dividend YieldN/A
Average Volume (3M)653.01K
Price to Earnings (P/E)12.8
Beta (1Y)0.85
Revenue Growth-0.03%
EPS Growth-27.66%
CountryUS
Employees2,028
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.73
Shares Outstanding45,370,170
10 Day Avg. Volume495,589
30 Day Avg. Volume653,006
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 Cap1.54
Enterprise Value/Revenue1.98
Enterprise Value/Gross Profit4.00
Enterprise Value/Ebitda7.32
Forecast
1Y Price Target
$31.50Price Target Upside54.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)3.31
Revenue Forecast (FY)$756.52M
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:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call presents a cautiously optimistic outlook: the company reported strong product-level growth (notably BAQSIMI and Primatene MIST), multiple FDA approvals including a product with 180-day exclusivity (AMP-007), a meaningful proprietary pipeline expansion and strong operating cash flow and cash reserves to fund growth and buybacks. Offsetting these positives are significant declines and pricing pressure in legacy products (notably glucagon down 45%), expected margin compression in 2026 due to pricing and input-cost pressures, increased operating spend (G&A and R&D), and modest full-year revenue decline of 2%. Overall, strategic wins and cash strength provide upside potential, but near-term margin and legacy-product headwinds temper the outlook.Positive Updates
Full-Year Revenue and Key Product Contributions
Net revenues for FY2025 were $719.9 million. BAQSIMI generated $185.4 million, up 12% year-over-year, and Primatene MIST delivered $108.7 million, up 7% year-over-year. Newer products contributed, including $4.4 million from iron sucrose following its August launch.
Negative Updates
Modest Full-Year Revenue Decline
Consolidated full-year revenue declined modestly by 2% year-over-year, reflecting greater-than-expected headwinds in legacy products and pricing pressures.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue and Key Product Contributions
Net revenues for FY2025 were $719.9 million. BAQSIMI generated $185.4 million, up 12% year-over-year, and Primatene MIST delivered $108.7 million, up 7% year-over-year. Newer products contributed, including $4.4 million from iron sucrose following its August launch.
Read all positive updates
Company Guidance
Management guided 2026 to mid‑ to high‑single‑digit consolidated revenue growth, driven by BAQSIMI (expected mid‑single‑digit U.S. unit growth with no price increases but a planned reduction in international volume after July) and a Primatene MIST rebound (mid‑ to high‑single‑digit unit growth with a planned 5% price increase in Q2), plus the planned early‑Q2 launch of ipratropium bromide HFA (AMP‑007) with 180 days of exclusivity (IQVIA market ~ $112M) as a key near‑term driver; they warned gross margins will be lower than the current ~47% due to pricing pressure on glucagon, epinephrine and phytonadione and higher input costs, expect slightly higher S&M as a percentage of sales, G&A flat-to-up (G&A rose 27% to $16.5M in Q4), and stepped‑up R&D and capital spending (R&D +29% to $23.3M in Q4; Rancho Cucamonga expansion to quadruple capacity) funded from operations (operating cash flow $156.1M for the year, ~$32.9M in Q4) and a cash balance of over $300M while continuing buybacks (about $75M in 2025; ~$15M remaining on the current authorization) and prioritizing business development.Amphastar Pharmaceuticals Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
76
Positive
Cash Flow
45
Neutral
| 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 | 656.00M | 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
Negative
20.45
Price Trends
23.58
Negative
25.12
Negative
25.26
Negative
Market Momentum
-0.96
Negative
47.12
Neutral
80.30
Negative
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 20.45 is above the 20-day moving average (MA) of 19.28, below the 50-day MA of 23.58, and below the 200-day MA of 25.26, indicating a neutral trend. The MACD of -0.96 indicates Negative momentum. The RSI at 47.12 is Neutral, neither overbought nor oversold. The STOCH value of 80.30 is Negative, 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $919.12M | 163.97 | 0.95% | ― | 3.14% | ― | |
67 Neutral | $1.66B | 14.40 | 15.55% | ― | 48.87% | ― | |
61 Neutral | $927.82M | 12.76 | 12.76% | ― | -0.03% | -27.66% | |
60 Neutral | $2.91B | -72.78 | -3.67% | ― | 4.54% | -130.59% | |
57 Neutral | $1.03B | 21.64 | 24.11% | ― | 26.34% | -32.79% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
AMPH
Amphastar Pharmaceuticals
20.45
-4.55
-18.20%
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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...
Business Operations and StrategyProduct-Related Announcements
Amphastar Licenses ACTH Analog AMP-110 for North America
Positive
Jan 12, 2026
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 i...
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.