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Amphastar Pharmaceuticals
(NASDAQ:AMPH)
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Rating:68Neutral
Price Target:
$22.50
▼(-1.66% Downside)
Action:Reiterated
Date:06/04/26
The score reflects solid fundamentals (profitability, strong cash flow, and currently low leverage) and a supportive earnings multiple, offset by weak technicals (price below key moving averages with negative MACD and sub-50 RSI) and a mixed earnings update where margins and EPS fell sharply due to pricing/340B and product headwinds despite portfolio growth initiatives and buybacks.
Positive Factors
Strong cash generation
Consistent, sizable operating cash flow and free cash flow provide durable internal funding for R&D, capex, share repurchases and working capital. Strong cash conversion (~1.03x operating cash to net income) cushions the business against pricing volatility and supports strategic flexibility over 2–6 months.
Negative Factors
Rebate / 340B pricing pressure
Structural downward pressure from rebate and 340B channel dynamics can permanently reduce realized average selling prices even if unit demand holds. This compresses margins on a core product and requires sustained contracting, rebate validation, or pricing changes to restore historical profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, sizable operating cash flow and free cash flow provide durable internal funding for R&D, capex, share repurchases and working capital. Strong cash conversion (~1.03x operating cash to net income) cushions the business against pricing volatility and supports strategic flexibility over 2–6 months.
Read all positive factors
Amphastar Pharmaceuticals (AMPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$886.27M
Dividend YieldN/A
Average Volume (3M)785.68K
Price to Earnings (P/E)11.8
Beta (1Y)0.74
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. Volume665,084
30 Day Avg. Volume785,684
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 Cap1.55
Enterprise Value/Revenue1.90
Enterprise Value/Gross Profit4.02
Enterprise Value/Ebitda7.16
Forecast
1Y Price Target
$20.40Price Target Upside-10.84% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)2.68
Revenue Forecast (FY)$744.03M
Amphastar Pharmaceuticals Business Overview & Revenue Model
Company Description
Amphastar Pharmaceuticals, Inc., established in 1996 and based in Rancho Cucamonga, California, functions as a biopharmaceutical enterprise. The company is engaged in the creation, production, commercialization, and distribution of both generic an...
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: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 | 191.41M | 212.31M | 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
19.91
Positive
21.12
Negative
23.68
Negative
Market Momentum
0.28
Negative
51.32
Neutral
55.82
Neutral
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 19.88, above the 50-day MA of 19.91, and below the 200-day MA of 23.68, indicating a neutral trend. The MACD of 0.28 indicates Negative momentum. The RSI at 51.32 is Neutral, neither overbought nor oversold. The STOCH value of 55.82 is Neutral, 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 | $1.89B | 20.21 | 17.32% | ― | 37.03% | ― | |
69 Neutral | $1.16B | 15.14 | 26.74% | ― | 19.88% | 73.61% | |
68 Neutral | $886.27M | 11.75 | 10.23% | ― | -1.39% | -41.70% | |
68 Neutral | $984.55M | 205.00 | 0.73% | ― | 4.57% | ― | |
64 Neutral | $2.75B | -92.71 | -2.73% | ― | 16.29% | -145.12% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
AMPH
Amphastar Pharmaceuticals
20.10
-3.48
-14.76%
PCRX
Pacira Pharmaceuticals
25.03
1.82
7.84%
SUPN
Supernus Pharmaceuticals
47.41
15.34
47.83%
ANIP
ANI Pharmaceuticals
83.05
17.83
27.34%
COLL
Collegium Pharmaceutical
35.87
5.36
17.57%
Amphastar Pharmaceuticals Corporate Events
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.