Amphastar Pharmaceuticals (AMPH) AI Stock Analysis

• Market Cap: $1.41B
• Dividend Yield: N/A
• Average Volume (3M): 586.10K
• Price to Earnings (P/E): 11.4
• Beta (1Y): 0.67
• Revenue Growth: 1.37%
• EPS Growth: -18.10%
• Country: US
• Employees: 2,028
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 0.85
• Shares Outstanding: 46,495,075
• 10 Day Avg. Volume: 649,102
• 30 Day Avg. Volume: 586,104
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.08
• Enterprise Value/Revenue: 2.12
• Enterprise Value/Gross Profit: 4.24
• Enterprise Value/Ebitda: 6.15
• 1Y Price Target: $32.00
• Price Target Upside: 5.47% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4

• Rating: 68 Neutral
• Price Target: $32.00 ▲(5.47% Upside)

Amphastar Pharmaceuticals' overall stock score is driven by its strong financial performance and undervaluation, despite recent revenue and cash flow challenges. Technical indicators suggest caution due to overbought conditions, while strategic initiatives in R&D and manufacturing expansion provide a positive outlook.

Positive Factors

FDA Approval

AMP-002 is an iron sucrose injection product that received FDA approval as an equivalent to Venofer, a ~$515MM product based on last 12mths of IQVIA sales.

Market Opportunity

AMP-002 will compete in the 2/3's of the Venofer market or the dialysis setting that isn't controlled by Fresenius and could generate sales of $80MM-$100MM for AMPH.

Valuation

AMPH is considered to be at an attractive valuation for potential entry.

Negative Factors

Competition

The only downside to the approval news, which comes with a 6-month exclusivity period, is an equivalent generic product by Viatris was also approved.

Pipeline Setbacks

The company has seen continued setbacks on the pipeline front, including the two most recent CRLs on AMP-007 and AMP-018, which along with AMP-002 were key to offsetting erosion for the generic portfolio.

Revenue Decline

AMPH is facing several headwinds in 2025/2026, which should also pressure margins, with expected significant revenue decline in Glucagon and cautious outlook on epinephrine.

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 pharmaceutical products, which are categorized into generic and proprietary offerings. The company has established key revenue streams from its injectable products, including the sale of generic versions of high-demand medications. Additionally, Amphastar benefits from partnerships with healthcare organizations and distributors that enhance its market reach and product availability. The company's revenue model is supported by pricing strategies that take into account market demand and competition, as well as potential cost savings associated with its manufacturing processes. Moreover, the company is involved in the development of new products, which can lead to increased revenue through patent protections and exclusivity periods. Significant partnerships with other pharmaceutical firms also play a role in expanding Amphastar's product portfolio and distribution channels, contributing to its overall earnings.

Amphastar Pharmaceuticals Financial Statement Overview

Summary

Amphastar Pharmaceuticals shows strong financial health with consistent revenue growth and solid profitability margins. While there is a slight decline in net profit margin, the company's operational efficiency and effective cash flow management provide a strong foundation. The balanced leverage and robust ROE further underline its financial stability. Overall, Amphastar is well-positioned for sustainable growth, with some areas for improvement in margin expansion and liability management.

Income Statement

Amphastar Pharmaceuticals demonstrates strong financial performance with consistent revenue growth, evidenced by a TTM revenue of $728.26M, a 3.24% growth from the previous year. The gross profit margin remains solid at 50.24%, indicating effective cost management. However, the net profit margin has slightly decreased to 19.45% in the TTM period from 22.37% in 2024, suggesting some pressure on profitability. The EBIT margin is stable at 26.74%, while the EBITDA margin is healthy at 33.03%, reflecting strong operational efficiency.

Balance Sheet

The company's balance sheet shows a moderate debt-to-equity ratio of 0.87, indicating a balanced approach to leveraging. Return on Equity (ROE) is robust at 18.85%, showcasing effective use of equity capital. The equity ratio stands at 46.19%, suggesting a solid capital structure with room for improvement in reducing liabilities further.

Cash Flow

Amphastar has demonstrated strong cash flow generation with a free cash flow growth of -12.84% in the latest TTM period, which is a decline but still positive in absolute terms at $150.23M. The operating cash flow to net income ratio is impressive at 1.36, indicating good cash generation from operations. The free cash flow to net income ratio is 1.06, reflecting efficient capital expenditure management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	720.28M	712.81M	644.39M	498.99M	437.77M	349.85M
Gross Profit	360.33M	373.86M	351.12M	248.86M	199.74M	143.34M
EBITDA	248.07M	277.31M	240.29M	146.16M	111.78M	30.19M
Net Income	134.71M	159.52M	137.54M	91.39M	62.12M	1.40M
Balance Sheet
Total Assets	1.62B	1.58B	1.51B	741.99M	671.53M	631.24M
Cash, Cash Equivalents and Short-Term Investments	231.75M	221.65M	256.81M	175.76M	136.67M	105.62M
Total Debt	47.77M	650.55M	623.64M	102.58M	104.66M	67.27M
Total Liabilities	857.85M	845.17M	873.49M	213.33M	226.01M	182.51M
Stockholders Equity	757.48M	732.30M	639.42M	528.66M	445.52M	402.31M
Cash Flow
Free Cash Flow	112.19M	172.34M	145.34M	65.15M	70.54M	23.41M
Operating Cash Flow	159.66M	213.39M	183.50M	89.18M	97.99M	57.27M
Investing Cash Flow	-60.41M	-124.93M	-649.12M	-32.78M	-28.67M	-36.41M
Financing Cash Flow	-101.36M	-80.95M	454.09M	-26.44M	-37.02M	-2.25M

Amphastar Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 30.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMPH, the sentiment is Neutral. The current price of 30.34 is above the 20-day moving average (MA) of 26.11, above the 50-day MA of 24.25, and below the 200-day MA of 30.49, indicating a neutral trend. The MACD of 2.07 indicates Negative momentum. The RSI at 68.91 is Neutral, neither overbought nor oversold. The STOCH value of 58.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AMPH.

Amphastar Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SUPN	76 Outperform	$2.49B	38.83	6.38%	―	5.55%	1145.24%
COLL	73 Outperform	$1.22B	37.43	16.16%	―	22.61%	-63.00%
AMPH	68 Neutral	$1.41B	11.36	18.32%	―	1.37%	-18.10%
AVDL	66 Neutral	$1.44B	―	-3.63%	―	132.35%	97.34%
ANIP	66 Neutral	$1.96B	―	-2.82%	―	38.68%	-160.14%
PCRX	61 Neutral	$1.14B	―	-15.57%	―	2.25%	-301.59%
Sector *	51 Neutral	$7.83B	-0.15	-40.10%	2.29%	21.46%	-2.01%

Amphastar Pharmaceuticals Corporate Events

Amphastar Pharmaceuticals Enters Strategic Licensing Agreement

On August 8, 2025, Amphastar Pharmaceuticals entered into a strategic licensing agreement with Nanjing Anji Biotechnology Co., Ltd. to develop and commercialize three proprietary peptides in the United States and Canada. This collaboration aims to enhance Amphastar’s pipeline in oncology and ophthalmology, with potential milestone payments to Anji reaching up to $453 million over the agreement’s term. The partnership underscores Amphastar’s commitment to advancing peptide therapeutics and expanding its market presence in high-growth areas.

Amphastar Pharmaceuticals Stockholders Approve Key Amendments

At the 2025 Annual Meeting of Stockholders held on June 2, 2025, Amphastar Pharmaceuticals‘ stockholders approved several key amendments to the company’s Charter and Bylaws. These included changes to reflect Delaware law provisions regarding officer exculpation and the removal of the forum selection provision. Additionally, the election of three Class III directors, the ratification of Ernst & Young LLP as the independent accounting firm, and the approval of executive compensation were confirmed. These decisions are expected to impact the company’s governance structure and operational flexibility, potentially influencing its strategic direction and stakeholder relations.