Amphastar Pharmaceuticals (AMPH)
Market Price (4/19/2026): $22.87 | Market Cap: $1.0 BilSector: Health Care | Industry: Pharmaceuticals
Amphastar Pharmaceuticals (AMPH)
Market Price (4/19/2026): $22.87Market Cap: $1.0 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Pharmaceutical Innovation & Access, and Aging Population & Chronic Disease. Themes include Complex Generic & Biosimilar Development, and Diabetes Management. | Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -116% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.7%, Rev Chg QQuarterly Revenue Change % is -1.8% Key risksAMPH 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.4%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Pharmaceutical Innovation & Access, and Aging Population & Chronic Disease. Themes include Complex Generic & Biosimilar Development, and Diabetes Management. |
| Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -116% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.7%, Rev Chg QQuarterly Revenue Change % is -1.8% |
| Key risksAMPH 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. |
Qualitative Assessment
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Amphastar Pharmaceuticals (AMPH) stock has lost about 15% since 12/31/2025 because of the following key factors:
1. Amphastar Pharmaceuticals significantly missed Q4 2025 earnings and revenue expectations, leading to a sharp stock decline.
The company reported net revenues of $183.1 million for the fourth quarter of 2025, which was a 1.8% decrease year-over-year and fell below the consensus estimate of $194.3 million. Additionally, GAAP diluted earnings per share (EPS) of $0.51 missed analyst expectations of $0.91 to $0.94. This financial underperformance resulted in the stock falling sharply by 17.3% immediately following the earnings release on February 26, 2026.
2. Increased competition and reduced sales expectations for key generic products negatively impacted investor outlook.
Amphastar experienced notable declines in sales of critical care products such as Epinephrine (down 25%) and Glucagon (down 36%) in Q4 2025, primarily due to heightened competition and a market shift towards ready-to-use glucagon products. Analysts have also significantly lowered revenue projections for iron sucrose, from an annual expectation of $60 million to approximately $20 million, and anticipate glucagon sales to drop below $70 million starting in 2026 due to new market entrants.
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1. Amphastar Pharmaceuticals significantly missed Q4 2025 earnings and revenue expectations, leading to a sharp stock decline.
The company reported net revenues of $183.1 million for the fourth quarter of 2025, which was a 1.8% decrease year-over-year and fell below the consensus estimate of $194.3 million. Additionally, GAAP diluted earnings per share (EPS) of $0.51 missed analyst expectations of $0.91 to $0.94. This financial underperformance resulted in the stock falling sharply by 17.3% immediately following the earnings release on February 26, 2026.
2. Increased competition and reduced sales expectations for key generic products negatively impacted investor outlook.
Amphastar experienced notable declines in sales of critical care products such as Epinephrine (down 25%) and Glucagon (down 36%) in Q4 2025, primarily due to heightened competition and a market shift towards ready-to-use glucagon products. Analysts have also significantly lowered revenue projections for iron sucrose, from an annual expectation of $60 million to approximately $20 million, and anticipate glucagon sales to drop below $70 million starting in 2026 due to new market entrants.
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Stock Movement Drivers
Fundamental Drivers
The -14.6% change in AMPH stock from 12/31/2025 to 4/19/2026 was primarily driven by a -11.7% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4192026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.78 | 22.87 | -14.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 723 | 720 | -0.5% |
| Net Income Margin (%) | 15.4% | 13.6% | -11.7% |
| P/E Multiple | 11.1 | 10.7 | -4.0% |
| Shares Outstanding (Mil) | 46 | 46 | 1.2% |
| Cumulative Contribution | -14.6% |
Market Drivers
12/31/2025 to 4/19/2026| Return | Correlation | |
|---|---|---|
| AMPH | -14.6% | |
| Market (SPY) | -5.4% | 31.7% |
| Sector (XLV) | -3.9% | 6.7% |
Fundamental Drivers
The -14.2% change in AMPH stock from 9/30/2025 to 4/19/2026 was primarily driven by a -26.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4192026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.65 | 22.87 | -14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 723 | 720 | -0.4% |
| Net Income Margin (%) | 18.6% | 13.6% | -26.9% |
| P/E Multiple | 9.3 | 10.7 | 15.2% |
| Shares Outstanding (Mil) | 47 | 46 | 2.3% |
| Cumulative Contribution | -14.2% |
Market Drivers
9/30/2025 to 4/19/2026| Return | Correlation | |
|---|---|---|
| AMPH | -14.1% | |
| Market (SPY) | -2.9% | 36.4% |
| Sector (XLV) | 7.4% | 22.9% |
Fundamental Drivers
The -21.1% change in AMPH stock from 3/31/2025 to 4/19/2026 was primarily driven by a -37.5% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4192026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.99 | 22.87 | -21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 732 | 720 | -1.7% |
| Net Income Margin (%) | 21.8% | 13.6% | -37.5% |
| P/E Multiple | 8.7 | 10.7 | 22.8% |
| Shares Outstanding (Mil) | 48 | 46 | 4.5% |
| Cumulative Contribution | -21.1% |
Market Drivers
3/31/2025 to 4/19/2026| Return | Correlation | |
|---|---|---|
| AMPH | -21.1% | |
| Market (SPY) | 16.3% | 35.9% |
| Sector (XLV) | 3.3% | 36.0% |
Fundamental Drivers
The -39.0% change in AMPH stock from 3/31/2023 to 4/19/2026 was primarily driven by a -46.0% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4192026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.50 | 22.87 | -39.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 499 | 720 | 44.3% |
| Net Income Margin (%) | 18.3% | 13.6% | -25.6% |
| P/E Multiple | 19.8 | 10.7 | -46.0% |
| Shares Outstanding (Mil) | 48 | 46 | 5.2% |
| Cumulative Contribution | -39.0% |
Market Drivers
3/31/2023 to 4/19/2026| Return | Correlation | |
|---|---|---|
| AMPH | -39.0% | |
| Market (SPY) | 63.3% | 27.2% |
| Sector (XLV) | 20.3% | 31.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMPH Return | 16% | 20% | 121% | -40% | -28% | -19% | 8% |
| Peers Return | 14% | 8% | -13% | 4% | 5% | 12% | 31% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 3% | 87% |
Monthly Win Rates [3] | |||||||
| AMPH Win Rate | 50% | 42% | 67% | 33% | 33% | 25% | |
| Peers Win Rate | 47% | 50% | 36% | 39% | 47% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AMPH Max Drawdown | -15% | -1% | -0% | -40% | -44% | -32% | |
| Peers Max Drawdown | -18% | -22% | -24% | -9% | -28% | -0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/17/2026 (YTD)
How Low Can It Go
| Event | AMPH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -35.5% | -25.4% |
| % Gain to Breakeven | 55.0% | 34.1% |
| Time to Breakeven | 161 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -37.0% | -33.9% |
| % Gain to Breakeven | 58.6% | 51.3% |
| Time to Breakeven | 80 days | 148 days |
| 2018 Correction | ||
| % Loss | -37.1% | -19.8% |
| % Gain to Breakeven | 58.9% | 24.7% |
| Time to Breakeven | 261 days | 120 days |
Compare to VTRS, PFE, MRK
In The Past
Amphastar Pharmaceuticals's stock fell -35.5% during the 2022 Inflation Shock from a high on 4/13/2022. A -35.5% loss requires a 55.0% gain to breakeven.
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About Amphastar Pharmaceuticals (AMPH)
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.
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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):
- 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.
- 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.
- 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.AI Analysis | Feedback
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.
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| 11302024 | AMPH | Amphastar Pharmaceuticals | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -43.1% | -38.7% | -54.4% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 25.25 |
| Mkt Cap | 87.0 |
| Rev LTM | 38,439 |
| Op Inc LTM | 8,830 |
| FCF LTM | 5,463 |
| FCF 3Y Avg | 4,970 |
| CFO LTM | 7,010 |
| CFO 3Y Avg | 6,778 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.6% |
| Rev Chg 3Y Avg | -0.5% |
| Rev Chg Q | 1.9% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | -11.2% |
| Op Inc Chg 3Y Avg | 37.1% |
| Op Mgn LTM | 23.7% |
| Op Mgn 3Y Avg | 21.5% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 20.2% |
| CFO/Rev 3Y Avg | 22.1% |
| FCF/Rev LTM | 15.5% |
| FCF/Rev 3Y Avg | 17.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 87.0 |
| P/S | 2.0 |
| P/Op Inc | 11.2 |
| P/EBIT | 10.1 |
| P/E | 13.4 |
| P/CFO | 10.4 |
| Total Yield | 9.1% |
| Dividend Yield | 3.0% |
| FCF Yield 3Y Avg | 6.7% |
| D/E | 0.5 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.7% |
| 3M Rtn | 9.8% |
| 6M Rtn | 29.6% |
| 12M Rtn | 46.0% |
| 3Y Rtn | -1.3% |
| 1M Excs Rtn | -2.2% |
| 3M Excs Rtn | 5.6% |
| 6M Excs Rtn | 23.6% |
| 12M Excs Rtn | 12.6% |
| 3Y Excs Rtn | -76.9% |
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 | TERIPARATIDE | teriparatide | solution | 12122025 | -28.1% | -9.5% | -9.5% | -9.5% | -9.5% |
| NDA208969 | REXTOVY | naloxone hydrochloride | spray, metered | 3072023 | 30.0% | 45.9% | 31.2% | -19.8% | -35.2% |
| ANDA211857 | VASOPRESSIN | vasopressin | solution | 7182022 | -20.1% | -21.1% | 66.4% | 7.4% | -37.7% |
| ANDA212613 | GANIRELIX ACETATE | ganirelix acetate | injectable | 4072022 | -9.4% | -28.2% | -1.7% | 4.0% | -43.0% |
| ANDA208086 | GLUCAGON | glucagon | injectable | 12282020 | -4.8% | 9.1% | 20.1% | 47.9% | 20.3% |
| ANDA213432 | SUCCINYLCHOLINE CHLORIDE | succinylcholine chloride | injectable | 6082020 | -0.8% | -7.5% | -3.2% | 90.7% | 13.9% |
| NDA210134 | BAQSIMI | glucagon | powder | 7242019 | 2.0% | 2.2% | 4.2% | 6.6% | 17.0% |
| ANDA208600 | ENOXAPARIN SODIUM | enoxaparin sodium | injectable | 3142019 | -2.4% | 5.5% | -30.8% | -5.6% | 11.6% |
| ANDA210106 | ISOPROTERENOL HYDROCHLORIDE | isoproterenol hydrochloride | injectable | 6182018 | 9.0% | 19.0% | 22.1% | 18.9% | 35.9% |
| ANDA209832 | SODIUM NITROPRUSSIDE | sodium nitroprusside | injectable | 12182017 | 0.3% | -13.7% | 2.2% | -2.0% | 17.2% |
| ... | |||||||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Other products | 155 | ||||
| Glucagon | 114 | ||||
| Primatene MIST® | 89 | ||||
| Epinephrine | 82 | ||||
| Lidocaine | 58 | ||||
| Other revenues | 51 | ||||
| Phytonadione | 45 | ||||
| Enoxaparin | 32 | ||||
| Naloxone | 19 | ||||
| BAQSIMI® | 0 | ||||
| Active pharmaceutical ingredients (API) | 12 | 18 | 18 | 20 | |
| Finished pharmaceutical products | 487 | 420 | 331 | 302 | |
| Total | 644 | 499 | 438 | 350 | 322 |
Price Behavior
Price Behavior
| Market Price | $22.88 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 06/25/2014 | |
| Distance from 52W High | -25.7% | |
| 50 Days | 200 Days | |
| DMA Price | $22.45 | $25.11 |
| DMA Trend | down | down |
| Distance from DMA | 1.9% | -8.9% |
| 3M | 1YR | |
| Volatility | 62.4% | 48.6% |
| Downside Capture | 0.87 | 0.77 |
| Upside Capture | 176.75 | 110.51 |
| Correlation (SPY) | 31.6% | 32.5% |
AMPH Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.61 | 1.75 | 1.57 | 1.50 | 0.95 | 0.81 |
| Up Beta | -0.92 | -0.11 | 0.57 | 1.41 | 0.73 | 0.87 |
| Down Beta | 1.59 | 0.73 | 0.91 | 1.26 | 0.70 | 0.66 |
| Up Capture | 257% | 222% | 171% | 133% | 109% | 33% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 21 | 30 | 61 | 123 | 370 |
| Down Capture | 135% | 246% | 220% | 168% | 137% | 102% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 11 | 20 | 31 | 63 | 126 | 375 |
[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 | 0.4% | 48.4% | 0.17 | - |
| Sector ETF (XLV) | 9.6% | 16.0% | 0.39 | 31.4% |
| Equity (SPY) | 21.1% | 12.9% | 1.32 | 33.2% |
| Gold (GLD) | 50.9% | 27.5% | 1.49 | -0.0% |
| Commodities (DBC) | 25.2% | 16.2% | 1.40 | -7.4% |
| Real Estate (VNQ) | 17.5% | 13.7% | 0.93 | 23.4% |
| Bitcoin (BTCUSD) | -7.8% | 42.6% | -0.08 | 16.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMPH | |
|---|---|---|---|---|
| AMPH | 6.6% | 43.6% | 0.29 | - |
| Sector ETF (XLV) | 6.4% | 14.6% | 0.25 | 30.9% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 23.8% |
| Gold (GLD) | 22.6% | 17.8% | 1.04 | 2.2% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 5.3% |
| Real Estate (VNQ) | 4.4% | 18.8% | 0.14 | 19.0% |
| Bitcoin (BTCUSD) | 5.2% | 56.5% | 0.31 | 7.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMPH | |
|---|---|---|---|---|
| AMPH | 6.3% | 42.1% | 0.30 | - |
| Sector ETF (XLV) | 9.8% | 16.5% | 0.48 | 37.5% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 31.8% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 2.4% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 11.0% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 23.8% |
| Bitcoin (BTCUSD) | 68.4% | 66.9% | 1.07 | 5.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | -23.6% | -22.8% | -28.2% |
| 11/6/2025 | -0.8% | 8.8% | 5.9% |
| 8/7/2025 | 10.1% | 39.7% | 35.3% |
| 2/27/2025 | -9.7% | -10.1% | -9.7% |
| 11/6/2024 | -13.7% | -14.8% | -18.0% |
| 8/7/2024 | 13.3% | 9.1% | 16.7% |
| 5/8/2024 | 0.5% | 0.5% | -3.6% |
| 2/28/2024 | -14.9% | -15.4% | -19.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 9 |
| # Negative | 11 | 11 | 12 |
| Median Positive | 11.3% | 10.0% | 17.9% |
| Median Negative | -9.4% | -10.1% | -9.9% |
| Max Positive | 15.4% | 39.7% | 35.3% |
| Max Negative | -23.6% | -22.8% | -28.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zhou, Rong | SENIOR EVP, PRODUCTION CENTER | Direct | Sell | 12182025 | 26.20 | 9,787 | 256,379 | 3,616,161 | Form |
| 2 | Petersen, Floyd F | Direct | Sell | 12152025 | 25.69 | 1,737 | 44,620 | 1,895,620 | Form | |
| 3 | Petersen, Floyd F | Direct | Sell | 12152025 | 25.92 | 2,426 | 62,888 | 1,850,044 | Form | |
| 4 | Prins, Richard K | Direct | Sell | 11252025 | 27.10 | 4,179 | 113,253 | 953,480 | Form | |
| 5 | Petersen, Floyd F | Direct | Sell | 11172025 | 26.49 | 16,679 | 441,837 | 2,000,862 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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