10-K · February 26, 2026
Amphastar positions itself as a vertically integrated developer and manufacturer of technically challenging injectables, inhalation and intranasal products, emphasizing complex generics, proprietary products and…
Earnings analysis · 10-Q
AMPH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Amphastar Pharmaceuticals reported lower than expected financial results for Q1 2026, with revenues of $171.2 million and diluted EPS of $0.42, missing analyst estimates. The company's gross margin declined…
Read full summary
Amphastar Pharmaceuticals reported lower than expected financial results for Q1 2026, with revenues of $171.2 million and diluted EPS of $0.42, missing analyst estimates. The company's gross margin declined significantly to 41.0%, attributed to increased production costs and lower average selling prices for key products such as BAQSIMI® and glucagon.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.42
- Gross margin
- 41.0%
What stood out
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Revenue Slightly Below Expectations
Q1 revenue was $171.2 million, a decline from $191 million in Q3 2024, missing estimates by $1.7 million.
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Significant EPS Miss
Reported EPS of $0.42 was well below the consensus estimate of $0.69, reflecting a substantial EPS surprise of -39%.
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Increased R&D Expenses
Research and development expenses rose to $26.7 million, up 33% from $20.1 million in the prior year, driven by investments in product pipelines.
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Decline in Key Product Sales
Sales of BAQSIMI® dropped 15% to $32.4 million, and glucagon sales plummeted by 56% to $9.2 million due to competitive pressures.
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Improved Cash Flow from Operations
Net cash provided by operating activities increased to $47.8 million from $35.1 million in Q1 2025.
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Reduced Working Capital
Working capital decreased by $8.7 million to $469.2 million compared to the previous quarter.
What to watch
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Decline in BAQSIMI® Sales
Sales of BAQSIMI® declined by $5.9 million or 15%, indicating pricing pressures and a shift in sales mix.
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Severe Glucagon Sales Drop
Glucagon sales decreased by 56% to $9.2 million, negatively affected by increased competition.
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Regulatory Inspection Risks
FDA classified the company's facility in South El Monte as 'Official Action Indicated' after a December 2025 inspection, posing operational risks.
Management's outlook
No numeric guidance was provided; management remains optimistic regarding future product launches.
Earlier filings 4
10-Q · November 6, 2025
Amphastar Pharmaceuticals, Inc. reported a revenue of $191,840,000 for Q3 2025, reflecting a sequential increase from $174,000,000 in Q2 2025 and a slight rise compared to $188,819,000 in Q3 2024. The company faced…
10-Q · August 7, 2025
Amphastar reported Q2 2025 product revenue of $174,414,000 and diluted EPS of $0.64. Revenue and profits were down versus year-ago (Q2 2024 revenue $182,394,000; diluted EPS $0.73) and gross/operating margins…
10-Q · August 9, 2024
Amphastar reported Q2 net revenue of $182,394,000 (up $36,682,000 or 25.2% YoY from $145,712,000) and diluted EPS of $0.73 (up $0.24 or ~49% YoY from $0.49). Gross profit improved to $95,166,000 (gross margin ~52.2%)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.