Amphastar Pharmaceuticals (AMPH) AI Stock Analysis

• Market Cap: $1.22B
• Dividend Yield: N/A
• Average Volume (3M): 316.50K
• Price to Earnings (P/E): 11.6
• Beta (1Y): 0.78
• Revenue Growth: -0.03%
• EPS Growth: -27.66%
• Country: US
• Employees: 2,028
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 0.93
• Shares Outstanding: 45,952,175
• 10 Day Avg. Volume: 304,214
• 30 Day Avg. Volume: 316,505
• PEG Ratio: 0.73
• Price to Book (P/B): 2.46
• Price to Sales (P/S): 2.46
• P/FCF Ratio: 10.43
• Enterprise Value/Market Cap: 1.34
• Enterprise Value/Revenue: 2.27
• Enterprise Value/Gross Profit: 4.59
• Enterprise Value/Ebitda: 7.42
• 1Y Price Target: $30.60
• Price Target Upside: 16.57% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 79 Outperform
• Price Target: $30.00 ▲(14.29% Upside)

AMPH scores well primarily on strong financial performance (rapid revenue and free cash flow growth, low leverage) and supportive technical momentum with price above key moving averages. Valuation appears reasonable with a P/E near 12, while earnings-call takeaways are constructive on pipeline and key products but tempered by competitive pressure, margin/net income declines, and litigation-related costs.

Positive Factors

Strong free cash flow growth

A 95% TTM increase in free cash flow materially strengthens Amphastar's ability to self-fund R&D, manufacturing expansion, and milestone-driven licensing without relying on external capital. Sustained cash conversion improves strategic optionality and resilience against pricing or demand shocks.

Low financial leverage

Minimal leverage provides durable financial flexibility, lowering interest burden and refinancing risk. This balance sheet strength supports continued capital investment in capacity and pipeline programs, and cushions the company from cyclical revenue swings or one-off litigation costs.

Proprietary peptide licensing (AMP-110)

Securing AMP-110 rights diversifies Amphastar beyond commoditized injectables into proprietary peptides for autoimmune and ophthalmic indications. This structural move builds higher-margin, differentiated products and a platform for future specialty launches, reducing reliance on mature generics over time.

Negative Factors

Glucagon injection sales collapse

A near-50% drop in glucagon sales signals structural vulnerability to competitor entry or channel shifts. Loss of volume in a previously recurring product harms revenue predictability and economies of scale for injectable manufacturing, pressuring margins and forcing reallocation of commercial resources.

Epinephrine sales pressure from competition

Declining epinephrine revenue illustrates durable pricing and market-share pressure in key acute-care injectables. Continued erosion in staple products undermines top-line stability and could necessitate higher marketing spend or discounting, compressing long-term profitability if share loss persists.

Litigation-driven expense increase

A litigation provision that materially raised G&A indicates potential recurring legal exposure and reserve requirements. Sustained legal costs or future settlements can divert cash from strategic investments, increase operating volatility, and reduce headline net income for multiple reporting periods.

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 injectable generic and specialty products to hospitals, pharmacies, and distributors. The company has established a diversified revenue model that includes direct sales of its proprietary products, royalties from licensing agreements, and partnerships with other pharmaceutical companies for the development of new products. Key revenue streams include the sale of core products like epinephrine and naloxone, which are in high demand due to their critical therapeutic use. Additionally, Amphastar benefits from strategic partnerships that enhance its product pipeline and market reach, contributing to its overall earnings through collaborative development agreements and shared revenue from co-marketed products.

Amphastar Pharmaceuticals Financial Statement Overview

Summary

Strong fundamentals driven by robust TTM revenue growth (+41.9%) and solid profitability (TTM gross margin 49.4%, net margin 15.4%). Balance sheet risk looks low with minimal leverage (debt-to-equity 0.06) and healthy ROE (14.8%). Cash generation is improving sharply (TTM free cash flow growth +95%), though slightly declining margins point to competitive/pricing pressure.

Income Statement

Amphastar Pharmaceuticals shows strong revenue growth with a TTM increase of 41.9%, indicating robust demand for its products. The company maintains healthy profitability with a gross profit margin of 49.4% and a net profit margin of 15.4% in the TTM. However, margins have slightly decreased compared to the previous year, suggesting some cost pressures or pricing adjustments.

Balance Sheet

The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.06 in the TTM, indicating minimal leverage and financial risk. The return on equity is strong at 14.8%, showcasing effective use of equity to generate profits. However, the equity ratio is moderate, suggesting room for improvement in asset management.

Cash Flow

Cash flow analysis reveals a significant free cash flow growth of 95% in the TTM, highlighting improved cash generation capabilities. The operating cash flow to net income ratio is healthy at 0.74, indicating efficient conversion of earnings into cash. The free cash flow to net income ratio is also strong, suggesting good cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	723.30M	731.97M	644.39M	498.99M	437.77M	349.85M
Gross Profit	357.04M	373.86M	351.12M	248.86M	199.74M	143.34M
EBITDA	221.19M	277.31M	240.29M	146.16M	111.56M	30.19M
Net Income	111.63M	159.52M	137.54M	91.39M	62.12M	1.40M
Balance Sheet
Total Assets	1.67B	1.58B	1.51B	741.99M	671.53M	631.24M
Cash, Cash Equivalents and Short-Term Investments	278.64M	221.65M	256.81M	175.76M	136.67M	105.62M
Total Debt	656.77M	650.55M	623.64M	102.58M	104.66M	67.27M
Total Liabilities	889.48M	845.17M	873.49M	213.33M	226.01M	182.51M
Stockholders Equity	776.75M	732.30M	639.42M	528.66M	445.52M	402.31M
Cash Flow
Free Cash Flow	113.25M	172.34M	145.34M	65.15M	70.54M	23.41M
Operating Cash Flow	152.28M	213.39M	183.50M	89.18M	97.99M	57.27M
Investing Cash Flow	-45.44M	-124.93M	-649.12M	-32.78M	-28.67M	-36.41M
Financing Cash Flow	-82.89M	-80.95M	454.09M	-26.44M	-37.02M	-2.25M

Amphastar Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 26.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 26.25 is below the 20-day moving average (MA) of 26.97, below the 50-day MA of 26.66, and above the 200-day MA of 25.57, indicating a neutral trend. The MACD of -0.12 indicates Positive momentum. The RSI at 46.41 is Neutral, neither overbought nor oversold. The STOCH value of 21.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AMPH.

Amphastar Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AMPH	79 Outperform	$1.22B	11.64	14.84%	―	-0.03%	-27.66%
COLL	72 Outperform	$1.45B	28.21	22.96%	―	26.34%	-32.79%
ANIP	66 Neutral	$1.83B	49.34	7.83%	―	48.87%	―
PCRX	64 Neutral	$881.94M	44.50	2.90%	―	3.14%	―
AVDL	57 Neutral	$2.11B	-3,920.00	-0.32%	―	79.88%	99.60%
SUPN	55 Neutral	$2.82B	―	-1.86%	―	4.54%	-130.59%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Amphastar Pharmaceuticals Corporate Events

Amphastar Licenses ACTH Analog AMP-110 for North America

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 inflammatory and autoimmune conditions, granting Amphastar rights in the United States and Canada and giving Hanxin a non-exclusive license for other territories. Amphastar paid a $2 million upfront fee and agreed to up to $14 million in development milestones, up to $75 million in sales milestones, and annual royalties to Hanxin capped at $7.5 million and $60 million in total, while Hanxin will pay Amphastar royalties on net sales based on patents licensed from Amphastar; with AMP-110 in early-phase human clinical development and the U.S. ACTH market exceeding $684 million in 2024, the deal strengthens Amphastar’s proprietary peptide portfolio and positions it to compete in a growing therapeutic niche for conditions such as multiple sclerosis exacerbations, rheumatoid arthritis, lupus, ophthalmic inflammation, and infantile spasms.

The most recent analyst rating on (AMPH) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on Amphastar Pharmaceuticals stock, see the AMPH Stock Forecast page.