AMPH earnings analysis
What we found in AMPH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Slightly Below Expectations
- Q1 revenue was $171.2 million, a decline from $191 million in Q3 2024, missing estimates by $1.7 million.
- Significant EPS Miss
- Reported EPS of $0.42 was well below the consensus estimate of $0.69, reflecting a substantial EPS surprise of -39%.
- 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.
- 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.
- Improved Cash Flow from Operations
- Net cash provided by operating activities increased to $47.8 million from $35.1 million in Q1 2025.
- Reduced Working Capital
- Working capital decreased by $8.7 million to $469.2 million compared to the previous quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in BAQSIMI® Sales
- Sales of BAQSIMI® declined by $5.9 million or 15%, indicating pricing pressures and a shift in sales mix.
- Severe Glucagon Sales Drop
- Glucagon sales decreased by 56% to $9.2 million, negatively affected by increased competition.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.42
- Gross margin
- 41.0%
What they said about what is next.
No numeric guidance was provided; management remains optimistic regarding future product launches.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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