Amphastar Pharmaceuticals (AMPH)


Market Price (7/21/2026): $19.64 | Market Cap: $890.1 MilSector: Health Care | Industry: Pharmaceuticals

Amphastar Pharmaceuticals (AMPH)


Market Price (7/21/2026): $19.64
Market Cap: $890.1 Mil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 15%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%

Megatrend and thematic drivers
Megatrends include Pharmaceutical Innovation & Access, and Aging Population & Chronic Disease. Themes include Complex Generic & Biosimilar Development, and Diabetes Management.

Weak multi-year price returns
2Y Excs Rtn is -83%, 3Y Excs Rtn is -132%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%

Key risks
AMPH key risks include [1] significant revenue concentration in a few key products and [2] pipeline and legal uncertainties complicating its slow transition from generics to branded drugs.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 15%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
2 Megatrend and thematic drivers
Megatrends include Pharmaceutical Innovation & Access, and Aging Population & Chronic Disease. Themes include Complex Generic & Biosimilar Development, and Diabetes Management.
3 Weak multi-year price returns
2Y Excs Rtn is -83%, 3Y Excs Rtn is -132%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%
5 Key risks
AMPH key risks include [1] significant revenue concentration in a few key products and [2] pipeline and legal uncertainties complicating its slow transition from generics to branded drugs.

AMPH in ETFs

Weight = AMPH's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
IJR0.04%
AVUV0.07%
IWN0.04%
IJT0.04%
SLYG0.04%
+10 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 7/16/2026

Amphastar Pharmaceuticals (AMPH) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

1. Underwhelming Fiscal Q1 2026 Financial Results.

Amphastar Pharmaceuticals reported a significant miss on earnings and revenue for fiscal Q1 2026 (ended March 31, 2026), with diluted EPS of $0.14, substantially below the consensus estimate of $0.70. Net revenues were $171.2 million, missing estimates of $173.5 million. This financial performance was further impacted by a decline in GAAP net income to $6.4 million from $25.3 million in fiscal Q1 2025 and a gross margin decrease to 41.1% from 50.0% in the prior year.

2. FDA Warning Letter Regarding Manufacturing Practices.

In early fiscal Q3 2026, specifically on July 8, 2026, Amphastar's subsidiary, International Medication Systems, Limited, received a warning letter from the U.S. FDA citing manufacturing violations at a California facility. This regulatory scrutiny introduced uncertainty regarding potential operational disruptions and future compliance, negatively affecting investor sentiment despite the facility remaining operational.

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Updated on 7/16/2026

Amphastar Pharmaceuticals (AMPH) stock has remained largely at the same level since 3/31/2026 because of the following key factors:

1. Underwhelming Fiscal Q1 2026 Financial Results.

Amphastar Pharmaceuticals reported a significant miss on earnings and revenue for fiscal Q1 2026 (ended March 31, 2026), with diluted EPS of $0.14, substantially below the consensus estimate of $0.70. Net revenues were $171.2 million, missing estimates of $173.5 million. This financial performance was further impacted by a decline in GAAP net income to $6.4 million from $25.3 million in fiscal Q1 2025 and a gross margin decrease to 41.1% from 50.0% in the prior year.

2. FDA Warning Letter Regarding Manufacturing Practices.

In early fiscal Q3 2026, specifically on July 8, 2026, Amphastar's subsidiary, International Medication Systems, Limited, received a warning letter from the U.S. FDA citing manufacturing violations at a California facility. This regulatory scrutiny introduced uncertainty regarding potential operational disruptions and future compliance, negatively affecting investor sentiment despite the facility remaining operational.

3. Mixed Outlook for Key Products and Pipeline Uncertainty.

While Amphastar launched Ipratropium Bromide HFA (AMP-007) early in fiscal Q2 2026, a new generic product with an estimated market size of approximately $112 million, the company revised its 2026 revenue growth outlook for its product BAQSIMI to flat to low single digits. Additionally, analysts noted a perceived lack of significant new pipeline catalysts until fiscal year 2027, contributing to a cautious growth perspective for the near term.

4. Analyst Downgrades and Cautious Price Targets.

During fiscal Q2 and early Q3 2026, several Wall Street analysts either downgraded or maintained "Hold" or "Reduce" ratings for Amphastar Pharmaceuticals. The consensus 12-month price target ranged from $20.40 to $22.00, representing a limited upside potential of approximately 8% to 17% from the prevailing stock price. This reflected a lack of strong conviction among analysts for significant stock appreciation during the period.

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Stock Movement Drivers

Fundamental Drivers

The -0.1% change in AMPH stock from 3/31/2026 to 7/21/2026 was primarily driven by a -19.3% change in the company's Net Income Margin (%).
(LTM values as of)33120267212026Change
Stock Price ($)19.5919.58-0.1%
Change Contribution By: 
Total Revenues ($ Mil)7207210.1%
Net Income Margin (%)13.6%11.0%-19.3%
P/E Multiple9.211.222.2%
Shares Outstanding (Mil)46451.3%
Cumulative Contribution-0.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/21/2026
ReturnCorrelation
AMPH0.0% 
Market (SPY)15.1%-13.9%
Sector (XLV)9.3%36.3%

Fundamental Drivers

The -26.9% change in AMPH stock from 12/31/2025 to 7/21/2026 was primarily driven by a -28.8% change in the company's Net Income Margin (%).
(LTM values as of)123120257212026Change
Stock Price ($)26.7819.58-26.9%
Change Contribution By: 
Total Revenues ($ Mil)723721-0.4%
Net Income Margin (%)15.4%11.0%-28.8%
P/E Multiple11.111.20.5%
Shares Outstanding (Mil)46452.5%
Cumulative Contribution-26.9%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/21/2026
ReturnCorrelation
AMPH-26.8% 
Market (SPY)10.0%9.2%
Sector (XLV)3.9%22.7%

Fundamental Drivers

The -14.7% change in AMPH stock from 6/30/2025 to 7/21/2026 was primarily driven by a -43.3% change in the company's Net Income Margin (%).
(LTM values as of)63020257212026Change
Stock Price ($)22.9619.58-14.7%
Change Contribution By: 
Total Revenues ($ Mil)731721-1.4%
Net Income Margin (%)19.4%11.0%-43.3%
P/E Multiple7.711.245.0%
Shares Outstanding (Mil)48455.1%
Cumulative Contribution-14.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/21/2026
ReturnCorrelation
AMPH-14.7% 
Market (SPY)22.1%18.1%
Sector (XLV)20.4%30.1%

Fundamental Drivers

The -65.9% change in AMPH stock from 6/30/2023 to 7/21/2026 was primarily driven by a -62.2% change in the company's P/E Multiple.
(LTM values as of)63020237212026Change
Stock Price ($)57.4719.58-65.9%
Change Contribution By: 
Total Revenues ($ Mil)51972138.9%
Net Income Margin (%)18.0%11.0%-38.8%
P/E Multiple29.611.2-62.2%
Shares Outstanding (Mil)48455.9%
Cumulative Contribution-65.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/21/2026
ReturnCorrelation
AMPH-65.9% 
Market (SPY)74.8%22.7%
Sector (XLV)26.4%32.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AMPH Return16%20%121%-40%-28%-27%-2%
Peers Return14%8%-13%4%5%20%42%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
AMPH Win Rate50%42%67%33%33%29% 
Peers Win Rate47%50%36%39%47%62% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
AMPH Max Drawdown-17%-35%-32%-42%-46%-43% 
Peers Max Drawdown-24%-27%-29%-24%-29%-15% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VTRS, PFE, MRK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)

How Low Can It Go

EventAMPHS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-27.8%-9.5%
  % Gain to Breakeven38.6%10.5%
  Time to Breakeven54 days24 days
2020 COVID-19 Crash
  % Loss-33.4%-33.7%
  % Gain to Breakeven50.2%50.9%
  Time to Breakeven52 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-37.7%-3.7%
  % Gain to Breakeven60.4%3.9%
  Time to Breakeven261 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-28.9%-12.2%
  % Gain to Breakeven40.6%13.9%
  Time to Breakeven81 days62 days
2014-2016 Oil Price Collapse
  % Loss-17.9%-6.8%
  % Gain to Breakeven21.8%7.3%
  Time to Breakeven24 days15 days

Compare to VTRS, PFE, MRK

In The Past

Amphastar Pharmaceuticals's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

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Asset Allocation

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EventAMPHS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-27.8%-9.5%
  % Gain to Breakeven38.6%10.5%
  Time to Breakeven54 days24 days
2020 COVID-19 Crash
  % Loss-33.4%-33.7%
  % Gain to Breakeven50.2%50.9%
  Time to Breakeven52 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-37.7%-3.7%
  % Gain to Breakeven60.4%3.9%
  Time to Breakeven261 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-28.9%-12.2%
  % Gain to Breakeven40.6%13.9%
  Time to Breakeven81 days62 days

Compare to VTRS, PFE, MRK

In The Past

Amphastar Pharmaceuticals's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Amphastar Pharmaceuticals (AMPH)

Amphastar Pharmaceuticals, Inc. (AMPH) is a bio-pharmaceutical company dedicated to the development, manufacture, marketing, and sale of a diverse portfolio of generic and proprietary pharmaceutical products. The company operates internationally, with a presence in the United States, China, and France. Its business is divided into two primary segments: Finished Pharmaceutical Products, which encompasses a wide range of patient-ready medications, and an Active Pharmaceutical Ingredients (API) segment, which focuses on the distribution of key raw materials for drug production.

Amphastar's product lineup is extensive, featuring both proprietary and generic drugs. Key proprietary products include Primatene Mist, an over-the-counter epinephrine inhalation product for asthma, and Cortrosyn, a diagnostic agent for adrenocortical insufficiency. The company is a significant provider of generic injectable medications critical in emergency and hospital settings, such as Enoxaparin for deep vein thrombosis, Naloxone for opioid overdose, Glucagon for hypoglycemia emergencies, and Epinephrine for allergic reactions. Additionally, it offers various anesthetic, pain management, and critical care injections, and distributes recombinant human and porcine insulin active pharmaceutical ingredients.

The company primarily serves the institutional healthcare market. Its customer base includes hospitals, care facilities, alternate care sites, clinics, and doctors' offices. By providing essential injectables, diagnostics, and over-the-counter treatments, Amphastar Pharmaceuticals plays a vital role in supporting a broad spectrum of medical needs within acute, emergency, and routine clinical environments.

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1. A Teva Pharmaceuticals for critical care and emergency injectable drugs.

2. Like a Becton, Dickinson and Company (BD) for essential, life-saving injectable pharmaceuticals.

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  • 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 used to prevent and treat deep vein thrombosis.
  • Naloxone: An injection used for opioid overdose.
  • Glucagon for injection emergency kit: An emergency kit used to treat severe hypoglycemia.
  • Cortrosyn: A lyophilized powder used as a diagnostic agent for screening adrenocortical insufficiency.
  • Amphadase: A bovine-sourced hyaluronidase injection that aids in the absorption and dispersion of other injected drugs.
  • Epinephrine injection: An injection for the emergency treatment of severe allergic reactions.
  • Lidocaine jelly: An anesthetic product primarily used for urological procedures.
  • Lidocaine topical solution: An anesthetic solution used for various medical procedures.
  • Phytonadione injection: A vitamin K1 injection administered to newborn babies.
  • Emergency syringe products: Pre-filled syringes designed for emergency use in hospital settings.
  • Morphine injection: An opioid analgesic injection used with patient-controlled analgesia pumps.
  • Lorazepam injection: An injection used for surgery and various medical procedures, often as a sedative.
  • Neostigmine methylsulfate injection: An injection used to treat myasthenia gravis and reverse the effects of muscle relaxants.
  • Isoproterenol hydrochloride injection: An injection for mild or transient episodes of heart block.
  • Recombinant human insulin API: An active pharmaceutical ingredient derived from recombinant human insulin.
  • Porcine insulin API: An active pharmaceutical ingredient derived from porcine insulin.

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Major Customers of Amphastar Pharmaceuticals (AMPH)

Amphastar Pharmaceuticals (AMPH) primarily sells its products to other companies and institutions within the healthcare sector. Based on the provided description, its major customers include:

  • Hospitals
  • Care facilities
  • Alternate care sites
  • Clinics
  • Doctors' offices

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Jack Y. Zhang, Ph.D., Chief Executive Officer, President, Chief Scientific Officer, and Director

Dr. Jack Y. Zhang co-founded Amphastar Pharmaceuticals in 1996 and has served as Chief Executive Officer, President, Chief Scientific Officer, and Board of Directors for over 20 years. He has over 35 years of experience in chemistry, physics, management, and training. Dr. Zhang also co-founded Applied Physics & Chemistry Laboratory (APCL), a chemical analytical laboratory, where he served as President for 15 years. He is named as an inventor on several U.S. and foreign patents. Dr. Zhang received his Ph.D. in Chemistry from the State University of New York at Stony Brook and was a Post-Doctoral Research Associate at the California Institute of Technology.

William J. Peters, M.B.A., Chief Financial Officer, Senior Vice President, and Treasurer

Mr. William J. Peters joined Amphastar as Chief Financial Officer in April 2014, just prior to the company's IPO. Before joining Amphastar, he served as CFO of Hi-Tech Pharmacal from June 2004 through April 2014, where he also held roles as Executive Vice President and Vice President of Corporate Development, assisting in acquisitions, licensing agreements, and strategic growth opportunities. Prior to Hi-Tech, Mr. Peters spent over seven years at Merck & Co., Inc., in various positions including Director, Financial Evaluations for Medco Health Solutions, and Manager of Treasury Planning and Analysis. He began his career in General Electric's Financial Management Program. Mr. Peters earned his Master of Business Administration from the Wharton School, University of Pennsylvania, and a Bachelor of Science in Business Administration from Bucknell University.

Mary Z. Luo, Ph.D., Chief Operations Officer, Chief Scientist, and Chairwoman of the Corporate Board of Directors

Dr. Mary Z. Luo co-founded Amphastar Pharmaceuticals in 1996 and serves as Chief Operations Officer, Chief Scientist, and Chairwoman of the Corporate Board of Directors. With over 30 years of experience, Dr. Luo is primarily responsible for intellectual property development, including the company's patent affairs and publications. She also oversees the company's training program and technical/QA education. Dr. Luo received her Ph.D. in Chemistry from Princeton University and was a post-doctoral research associate at the California Institute of Technology. She was also a tenured professor of Chemistry for 17 years.

Jacob Liawatidewi, E.J.D., M.B.A., Executive Vice President, Corporate Administration Center, Corporate Secretary, and Director

Mr. Jacob Liawatidewi joined Amphastar in 1997, holding various roles in business development, sales, and marketing. He was appointed Company Secretary in June 2013 and, since 2020, has served as Executive Vice President, Corporate Administration Center. Mr. Liawatidewi is also President of Amphastar France Pharmaceuticals.

Jason B. Shandell, J.D., M.B.A., President, General Counsel & Director

Mr. Jason B. Shandell has been the President of Amphastar Pharmaceuticals, Inc. since June 2013.

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Key Risks to Amphastar Pharmaceuticals (AMPH):

  1. Intense Competition and Pricing Pressure in the Pharmaceutical Market: Amphastar Pharmaceuticals operates significantly in the generic pharmaceutical market, developing and selling a range of generic injectable, inhalation, and intranasal products. This market is characterized by intense competition from other generic manufacturers, leading to continuous pricing pressure and potential erosion of market share and profit margins for their existing product portfolio. Furthermore, their proprietary products face competition from existing therapies and new market entrants.
  2. Regulatory Risks and Compliance: As a biopharmaceutical company operating in the United States, China, and France, Amphastar Pharmaceuticals is subject to extensive and rigorous regulation by governmental agencies such as the FDA. Risks include delays or failures in obtaining product approvals, challenges in maintaining compliance with good manufacturing practices (GMP), potential product recalls, adverse event reporting requirements, and evolving regulatory landscapes, all of which can significantly impact operations, financial performance, and the ability to bring new products to market.
  3. Product Development and Pipeline Risk: The sustained growth of Amphastar Pharmaceuticals depends on its ability to successfully develop, obtain regulatory approval for, and commercialize new generic and proprietary products. The pharmaceutical development process is inherently lengthy, costly, and uncertain, with no guarantee of successful outcomes or market acceptance. Failure to expand its product pipeline or successfully launch new products could negatively affect future revenue streams and overall business growth.

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Amphastar Pharmaceuticals, Inc. operates in various pharmaceutical markets. Below are the addressable market sizes for its main products or services, including the specified region:

  • Primatene Mist (Epinephrine Inhalation Product): While specific market sizing for Primatene Mist is not readily available, it contributes to the broader epinephrine market. The global epinephrine market size was valued at approximately USD 2.87 billion in 2024 and is projected to reach USD 6.08 billion by 2033. Another report indicated the global epinephrine market was valued at USD 3.37 billion in 2025 and is projected to grow to USD 7.51 billion by 2035. North America held the largest share of the epinephrine market, accounting for 42.73% in 2024 or 46.60% in 2024. The U.S. epinephrine market size was valued at USD 1.06 billion in 2024 and is expected to reach USD 2.13 billion by 2032.
  • Enoxaparin: The global Enoxaparin API market size was valued at USD 21.09 billion in 2025 and is expected to reach USD 67.88 billion by 2035. Another estimate for the global enoxaparin sodium market size was USD 5.14 billion in 2026, projected to grow to USD 12.38 billion by 2035. North America is projected to account for approximately 39.7% of the global Enoxaparin market in 2025.
  • Naloxone: The global Naloxone Market was valued at USD 1.33 billion in 2024 and is projected to reach USD 3.48 billion by 2035. Another report estimates the global naloxone market to be valued at USD 1,483.8 million in 2025 and expected to reach USD 3,005.7 million by 2032. North America holds the largest market share for naloxone globally, expected to be 43.9% in 2025. The U.S. Naloxone Market was estimated at USD 0.54 billion in 2024 and is projected to reach approximately USD 0.89 billion by 2030.
  • Glucagon for Injection Emergency Kit: The global glucagon market was valued at USD 645.8 million in 2026 and is projected to reach USD 852.85 million by 2031. Other estimates state the global glucagon market size was valued at USD 466.5 million in 2025 and is projected to grow to USD 866.8 million by 2035. North America dominated the glucagon market with an 85.78% market share in 2025. The U.S. glucagon market was valued at USD 175.3 million in 2025.
  • Cortrosyn: Null
  • Amphadase (Bovine-Sourced Hyaluronidase Injection): The global hyaluronidase market size was worth USD 1,117 million in 2025 and is anticipated to be worth USD 2,434 million by 2034. Another source indicates the global hyaluronidase market size was over USD 1.8 billion in 2025 and is estimated to reach USD 6.4 billion by the end of 2035. North America was the largest hyaluronidase market worldwide in 2025 and is predicted to account for 38.2% of the global market by 2035.
  • Lidocaine Jelly/Topical Solution: The global lidocaine market size was valued at USD 2.55 billion in 2024 and is expected to reach USD 3.86 billion by 2032. Another report valued the global lidocaine market at USD 1,685.49 million in 2025, expected to increase to USD 2,636.49 million by 2032. North America dominated the lidocaine market with a 37.4% revenue share in 2024. The U.S. lidocaine market captured the largest revenue share of 82.5% in 2024 within North America.
  • Recombinant Human Insulin Active Pharmaceutical Ingredients (API) and Porcine Insulin API: The global insulin API market size was valued at USD 4.05 billion in 2024 and is expected to reach USD 8.36 billion by 2032. Other estimates place the global insulin API market size at USD 31.36 billion in 2025, projected to reach USD 67.58 billion by 2035, or USD 25.6 billion in 2023, projected to reach USD 48.1 billion by 2032. The U.S. insulin API market captured the largest revenue share of 82% in 2024 within North America.

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Amphastar Pharmaceuticals (AMPH) is expected to drive future revenue growth over the next two to three years through several key initiatives: * Growth of BAQSIMI Sales: BAQSIMI, an intranasal glucagon acquired by Amphastar, is anticipated to be a significant contributor to revenue growth. The company projects BAQSIMI to reach peak sales of $250 million to $275 million, with mid-single-digit growth expected in 2026, primarily driven by expansion in the U.S. market. * Launch of New Proprietary and Biosimilar Products: A substantial driver of future revenue is the launch of products from Amphastar's robust pipeline. Notably, the mid-2026 launch of AMP-007 (Ipratropium Bromide HFA Inhalation Aerosol) is expected to be a primary growth driver, benefiting from 180 days of generic exclusivity in the approximately $112 million Atrovent HFA market. Additionally, AMP-018 (GLP-1 ANDA) and AMP-004 (Insulin Aspart biosimilar) are anticipated to be commercialized in 2027, further diversifying the company's high-value product portfolio. * Continued Strength of Primatene MIST: The over-the-counter epinephrine inhalation product, Primatene MIST, is consistently highlighted as a strong performer. It is expected to continue contributing significantly to revenue growth through 2025 and 2026 due to steady demand and brand strength. * Strategic Shift Towards Proprietary and Biosimilar Products: Amphastar is undergoing a strategic pipeline shift, aiming for a portfolio composition of 50% proprietary, 35% biosimilar, and 15% generic products by 2026, a notable change from its historical generic focus. This shift includes ongoing investments in research and development for new peptide products (such as AMP-105, AMP-107, and AMP-109 in oncology and ophthalmology) and recently licensed new chemical entities like AMP-110 (synthetic corticotropin). * Expanded Manufacturing Capacity: To support its growing pipeline and complex generic offerings, Amphastar plans a significant expansion of its Rancho Cucamonga facility. This expansion is designed to quadruple production capacity, enhancing supply reliability and scalability as new products are introduced to the market.

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Here is a summary of Amphastar Pharmaceuticals' capital allocation decisions over the last 3-5 years:

Share Repurchases

  • On June 3, 2024, Amphastar's Board of Directors authorized a $50 million increase to its share buyback program.
  • In August 2025, the company further increased its equity buyback plan by $50 million, bringing the total authorization to $415 million.
  • Quarterly share repurchases included $20.50 million in Q4 2025, $4.85 million in Q3 2025, $38.97 million in Q2 2025, and $10.99 million in Q1 2025.

Share Issuance

  • Issuance of treasury stock in connection with the company's equity plans totaled approximately $2.197 million for the nine months ended September 30, 2025.

Outbound Investments

  • Amphastar's most significant recent outbound investment was the Corporate Asset Purchase of BAQSIMI from Eli Lilly on June 30, 2023.
  • The acquisition of BAQSIMI has proven to be a key growth driver, with worldwide annual sales reaching $185 million in 2025.
  • The company continues to seek business development opportunities that align with its strategic goals.

Capital Expenditures

  • In July 2025, Amphastar announced a multi-year expansion of its U.S. manufacturing operations in California, with plans to quadruple its production capacity over the subsequent three to five years, representing its largest investment in domestic infrastructure.
  • This expansion will include a new state-of-the-art production plant, enhanced automation, and advanced technologies to support the development and manufacture of critical medications.
  • Increased capital spending for the Rancho Cucamonga facility expansion is expected to ramp up significantly in 2026 and will be funded through cash flow from operations.

Better Bets vs. Amphastar Pharmaceuticals (AMPH)

Latest Trefis Analyses

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Peer Comparisons

Peers to compare with:

Financials

AMPHVTRSPFEMRKMedian
NameAmphasta.Viatris Pfizer Merck  
Mkt Price19.5817.5624.90125.9722.24
Mkt Cap0.920.3141.7311.481.0
Rev LTM72114,56363,31465,76838,938
Op Inc LTM11724215,50812,9706,606
FCF LTM1331,6569,48314,1155,569
FCF 3Y Avg1481,8328,60314,0655,217
CFO LTM1692,16911,98417,8907,076
CFO 3Y Avg1872,31211,51717,8426,914

Growth & Margins

AMPHVTRSPFEMRKMedian
NameAmphasta.Viatris Pfizer Merck  
Rev Chg LTM-1.4%1.6%1.4%2.9%1.5%
Rev Chg 3Y Avg12.3%-2.6%-9.2%4.4%0.9%
Rev Chg Q0.4%8.1%5.4%4.9%5.1%
QoQ Delta Rev Chg LTM0.1%1.8%1.2%1.2%1.2%
Op Inc Chg LTM-40.0%-41.6%3.1%-36.4%-38.2%
Op Inc Chg 3Y Avg9.8%-35.0%203.9%69.7%39.7%
Op Mgn LTM16.2%1.7%24.5%19.7%18.0%
Op Mgn 3Y Avg24.7%4.7%17.3%19.9%18.6%
QoQ Delta Op Mgn LTM-3.3%-0.1%-0.7%-14.3%-2.0%
CFO/Rev LTM23.4%14.9%18.9%27.2%21.2%
CFO/Rev 3Y Avg26.4%15.7%18.9%28.0%22.6%
FCF/Rev LTM18.4%11.4%15.0%21.5%16.7%
FCF/Rev 3Y Avg20.9%12.4%14.0%22.0%17.5%

Valuation

AMPHVTRSPFEMRKMedian
NameAmphasta.Viatris Pfizer Merck  
Mkt Cap0.920.3141.7311.481.0
P/S1.21.42.24.71.8
P/Op Inc7.683.89.124.016.6
P/EBIT6.9-59.813.423.710.1
P/E11.2-68.418.934.915.1
P/CFO5.39.411.817.410.6
Total Yield8.9%1.3%12.2%5.5%7.2%
Dividend Yield0.0%2.7%6.9%2.6%2.7%
FCF Yield 3Y Avg12.2%14.0%6.1%5.5%9.2%
D/E0.80.70.40.20.6
Net D/E0.40.60.40.10.4

Returns

AMPHVTRSPFEMRKMedian
NameAmphasta.Viatris Pfizer Merck  
1M Rtn4.1%14.2%-1.2%10.6%7.4%
3M Rtn-7.7%20.1%-7.3%12.7%2.7%
6M Rtn-24.5%40.9%0.8%16.8%8.8%
12M Rtn-7.6%105.1%9.8%64.1%37.0%
3Y Rtn-68.2%90.7%-19.8%25.2%2.7%
1M Excs Rtn4.0%14.1%-1.3%10.5%7.2%
3M Excs Rtn-20.2%13.3%-13.6%2.7%-5.5%
6M Excs Rtn-33.1%30.5%-7.9%9.3%0.7%
12M Excs Rtn-24.3%86.3%-10.4%43.6%16.6%
3Y Excs Rtn-131.6%30.1%-83.9%-37.8%-60.9%

Comparison Analyses

null

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
ANDA213641  TERIPARATIDEteriparatidesolution12122025-28.1%-20.5%-22.3%-22.3%-22.3%
NDA208969  REXTOVYnaloxone hydrochloridespray, metered307202330.0%45.9%31.2%-19.8%-44.4%
ANDA211857  VASOPRESSINvasopressinsolution7182022-20.1%-21.1%66.4%7.4%-46.5%
ANDA212613  GANIRELIX ACETATEganirelix acetateinjectable4072022-9.4%-28.2%-1.7%4.0%-51.1%
ANDA208086  GLUCAGONglucagoninjectable12282020-4.8%9.1%20.1%47.9%3.2%
ANDA213432  SUCCINYLCHOLINE CHLORIDEsuccinylcholine chlorideinjectable6082020-0.8%-7.5%-3.2%90.7%-2.2%
NDA210134  BAQSIMIglucagonpowder72420192.0%2.2%4.2%6.6%0.4%
ANDA208600  ENOXAPARIN SODIUMenoxaparin sodiuminjectable3142019-2.4%5.5%-30.8%-5.6%-4.2%
ANDA210106  ISOPROTERENOL HYDROCHLORIDEisoproterenol hydrochlorideinjectable61820189.0%19.0%22.1%18.9%16.6%
ANDA209832  SODIUM NITROPRUSSIDEsodium nitroprussideinjectable121820170.3%-13.7%2.2%-2.0%0.6%
...         
Collapse to Preview
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
ANDA213641  TERIPARATIDEteriparatidesolution12122025-28.1%-20.5%-22.3%-22.3%-22.3%
NDA208969  REXTOVYnaloxone hydrochloridespray, metered307202330.0%45.9%31.2%-19.8%-44.4%
ANDA211857  VASOPRESSINvasopressinsolution7182022-20.1%-21.1%66.4%7.4%-46.5%
ANDA212613  GANIRELIX ACETATEganirelix acetateinjectable4072022-9.4%-28.2%-1.7%4.0%-51.1%
ANDA208086  GLUCAGONglucagoninjectable12282020-4.8%9.1%20.1%47.9%3.2%
ANDA213432  SUCCINYLCHOLINE CHLORIDEsuccinylcholine chlorideinjectable6082020-0.8%-7.5%-3.2%90.7%-2.2%
NDA210134  BAQSIMIglucagonpowder72420192.0%2.2%4.2%6.6%0.4%
ANDA208600  ENOXAPARIN SODIUMenoxaparin sodiuminjectable3142019-2.4%5.5%-30.8%-5.6%-4.2%
ANDA210106  ISOPROTERENOL HYDROCHLORIDEisoproterenol hydrochlorideinjectable61820189.0%19.0%22.1%18.9%16.6%
ANDA209832  SODIUM NITROPRUSSIDEsodium nitroprussideinjectable121820170.3%-13.7%2.2%-2.0%0.6%
ANDA077334  MEDROXYPROGESTERONE ACETATEmedroxyprogesterone acetateinjectable112820174.7%-11.5%12.9%2.5%7.9%
ANDA077235  MEDROXYPROGESTERONE ACETATEmedroxyprogesterone acetateinjectable112820174.7%-11.5%12.9%2.5%7.9%
ANDA209933  NEOSTIGMINE METHYLSULFATEneostigmine methylsulfatesolution925201719.1%14.4%18.3%25.4%20.7%
ANDA076684  ENOXAPARIN SODIUM (PRESERVATIVE FREE)enoxaparin sodiuminjectable9192011     

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Other products230226155  
BAQSIMI®1851270  
Primatene MIST®10910289  
Epinephrine719482  
Glucagon69108114  
Lidocaine565658  
Other revenues01951  
Enoxaparin  32  
Naloxone  19  
Phytonadione  45  
Active pharmaceutical ingredients (API)   1218
Finished pharmaceutical products   487420
Total720732644499438


Price Behavior

Price Behavior
Market Price$19.59 
Market Cap ($ Bil)0.9 
First Trading Date06/25/2014 
Distance from 52W High-36.4% 
   50 Days200 Days
DMA Price$19.29$23.25
DMA Trenddowndown
Distance from DMA1.5%-15.8%
 3M1YR
Volatility62.1%55.2%
Downside Capture-134.5097.15
Upside Capture-131.7167.01
Correlation (SPY)-22.3%17.4%
AMPH Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-1.55-1.51-0.500.450.820.70
Up Beta-0.99-0.930.05-0.010.710.80
Down Beta-0.60-0.76-1.150.220.650.54
Up Capture-154%-160%-26%28%65%15%
Bmk +ve Days11244067140429
Stock +ve Days11244069131371
Down Capture-257%-241%-120%112%112%100%
Bmk -ve Days10172358112321
Stock -ve Days10172253117373

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMPH
AMPH-5.0%55.2%0.12-
Sector ETF (XLV)23.2%15.8%1.1329.6%
Equity (SPY)20.3%12.6%1.1917.3%
Gold (GLD)21.6%28.1%0.69-1.6%
Commodities (DBC)31.4%19.1%1.30-15.7%
Real Estate (VNQ)15.0%14.0%0.7623.1%
Bitcoin (BTCUSD)-44.6%42.9%-1.258.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMPH
AMPH0.3%45.5%0.16-
Sector ETF (XLV)6.1%15.0%0.2231.6%
Equity (SPY)12.9%17.1%0.5821.7%
Gold (GLD)17.3%18.4%0.760.9%
Commodities (DBC)8.9%19.5%0.351.2%
Real Estate (VNQ)2.9%18.9%0.0520.0%
Bitcoin (BTCUSD)14.9%53.4%0.468.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMPH
AMPH1.8%42.8%0.20-
Sector ETF (XLV)9.9%16.6%0.4837.2%
Equity (SPY)15.2%17.9%0.7230.1%
Gold (GLD)11.2%16.1%0.572.5%
Commodities (DBC)7.2%17.9%0.328.0%
Real Estate (VNQ)5.1%20.7%0.2124.3%
Bitcoin (BTCUSD)58.7%66.2%0.995.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity3.8 Mil
Short Interest: % Change Since 61520261.2%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest5.2 days
Basic Shares Quantity45.3 Mil
Short % of Basic Shares8.5%

Earnings Returns History

Updated 7/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-20.9%-28.0%-19.3%
2/26/2026-23.6%-22.8%-28.2%
11/6/2025-0.8%8.8%5.9%
8/7/202510.1%39.7%35.3%
5/7/20250.9%-4.6%6.4%
2/27/2025-9.7%-10.1%-9.7%
11/6/2024-13.7%-14.8%-18.0%
8/7/202413.3%9.1%16.7%
...
SUMMARY STATS   
# Positive121211
# Negative121213
Median Positive8.6%10.0%17.9%
Median Negative-9.5%-11.0%-10.0%
Max Positive15.4%39.7%35.3%
Max Negative-23.6%-28.0%-28.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-20.9%-28.0%-19.3%
2/26/2026-23.6%-22.8%-28.2%
11/6/2025-0.8%8.8%5.9%
8/7/202510.1%39.7%35.3%
5/7/20250.9%-4.6%6.4%
2/27/2025-9.7%-10.1%-9.7%
11/6/2024-13.7%-14.8%-18.0%
8/7/202413.3%9.1%16.7%
5/8/20240.5%0.5%-3.6%
2/28/2024-14.9%-15.4%-19.8%
11/8/202315.4%26.6%25.0%
8/8/2023-4.3%-11.9%-21.2%
5/9/202313.0%17.8%25.9%
2/28/202314.8%10.8%17.9%
11/7/2022-9.4%-5.8%-2.0%
8/8/2022-15.1%-13.8%-24.6%
5/9/20227.1%11.4%20.6%
3/10/202212.6%12.2%35.1%
11/8/20214.1%6.0%6.7%
8/9/20211.2%-3.7%-6.8%
5/6/20213.5%8.4%8.1%
3/15/2021-3.7%-3.4%-9.1%
11/6/2020-6.9%-6.8%-10.0%
8/6/2020-0.6%0.6%-1.7%
SUMMARY STATS   
# Positive121211
# Negative121213
Median Positive8.6%10.0%17.9%
Median Negative-9.5%-11.0%-10.0%
Max Positive15.4%39.7%35.3%
Max Negative-23.6%-28.0%-28.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/03/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202403/03/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/11/202210-K
09/30/202111/09/202110-Q
06/30/202108/09/202110-Q
03/31/202105/07/202110-Q
12/31/202003/15/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201903/16/202010-K
09/30/201911/08/201910-Q
06/30/201908/09/201910-Q

Insider Activity

Updated 7/13/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Zhou, RongSENIOR EVP, PRODUCTION CENTERDirectSell1218202526.209,787256,3793,616,161Form
2Petersen, Floyd FDirectSell1215202525.922,42662,8881,850,044Form
3Petersen, Floyd FDirectSell1215202525.691,73744,6201,895,620Form
4Prins, Richard KDirectSell1125202527.104,179113,253953,480Form
5Petersen, Floyd FDirectSell1117202526.4916,679441,8372,000,862Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Zhou, RongSENIOR EVP, PRODUCTION CENTERDirectSell1218202526.209,787256,3793,616,161Form
2Petersen, Floyd FDirectSell1215202525.922,42662,8881,850,044Form
3Petersen, Floyd FDirectSell1215202525.691,73744,6201,895,620Form
4Prins, Richard KDirectSell1125202527.104,179113,253953,480Form
5Petersen, Floyd FDirectSell1117202526.4916,679441,8372,000,862Form
6Petersen, Floyd FDirectSell1105202525.2750012,6331,908,381Form
7Petersen, Floyd FDirectSell1002202527.2050013,6022,068,408Form
8Petersen, Floyd FDirectSell903202530.9850015,4922,371,183Form
9Petersen, Floyd FDirectSell804202520.8350010,4161,604,671Form
10Petersen, Floyd FDirectSell703202523.4750011,7341,819,490Form
Core Cache Last Updated: 7/21/2026