Amphastar Pharmaceuticals, Inc. (AMPH) SEC Filings & Earnings Calls
EquiReason read 16 Amphastar Pharmaceuticals, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-08-06 — Amphastar reported Q2 2026 net revenues of $183.9M (+5% YoY), GAAP net income $30.3M ($0.67 EPS), adjusted non-GAAP net income $40.8M ($0.91 EPS). Gross margin improved to 50.8% fr.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 1.1B
- P/E TTM
- 14.9
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 9 Nov, in 16 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
6 Aug 20268-K · 2.02Amphastar reported Q2 2026 net revenues of $183.9M (+5% YoY), GAAP net income $30.3M ($0.67 EPS), adjusted non-GAAP net income $40.8M ($0.91 EPS). Gross margin improved to 50.8% from 49.6%. BAQSIMI sales declined 3% due to pricing; glucagonearningsopen
Figures in the filing · each found in the filing text
| Net revenues · Q2-2026 | $184M | +5% y/y |
| GAAP net income · Q2-2026 | $30M | -2% y/y |
| Adjusted non-GAAP net income · Q2-2026 | $41M | -0% y/y |
| GAAP diluted EPS · Q2-2026 | $0.67 | +5% y/y |
| Adjusted non-GAAP diluted EPS · Q2-2026 | $0.91 | +7% y/y |
| Gross margin · Q2-2026 | 50.8% | |
| BAQSIMI revenue · BAQSIMI · Q2-2026 | $46M | -3% y/y |
| Primatene MIST revenue · Primatene MIST · Q2-2026 | $21M | -8% y/y |
| Epinephrine revenue · Epinephrine · Q2-2026 | $16M | -2% y/y |
| Lidocaine revenue · Lidocaine · Q2-2026 | $15M | +0% y/y |
Risks flagged
Pricing pressure on key products BAQSIMI and glucagon due to competition and gross-to-net adjustments.
“BAQSIMI sales decreased due to lower average selling price ($8.1M impact); glucagon sales decreased due to lower ASP ($7.5M) and volume decline ($1.2M)”
Upcoming $100M milestone payment to Lilly in Q3 2026 will pressure cash flow.
“Milestone triggers a payment of $100.0 million to Lilly which is due in the third quarter of 2026” · word for word
6 Aug 202610-QNet Revenues $184M (+5% y/y); Net Income $30M (-2% y/y); BAQSIMI Revenue $46M (-2% y/y)open
Figures in the filing · each found in the filing text
| Net Revenues · Q2-2026 | $184M | +5% y/y |
| Net Income · Q2-2026 | $30M | -2% y/y |
| BAQSIMI Revenue · Q2-2026 | $46M | -3% y/y |
| Glucagon Revenue · Q2-2026 | $12M | -42% y/y |
| Ipratropium Bromide Revenue · Q2-2026 | $8M | |
| Operating Cash Flow · H1-2026 | $99M | +40% y/y |
| Cash and Cash Equivalents · Q2-2026 | $224M |
Risks flagged
Glucagon Revenue Decline
“Glucagon $ 11,905 $ 20,602”
Customer Concentration
“Cencora 30% of accounts receivable; McKesson 29%”
FDA Warning Letter at IMS Subsidiary
“the impact of the FDA Warning Letter received by our IMS subsidiary on our business operations and sales, and the outcome of IMS’s remediation efforts” · word for word
8 Jul 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
FDA warning letter could lead to further regulatory action, including potential shutdown or product restrictions.
“Until the deficiencies cited in the Warning Letter are resolved to the FDA's satisfaction, additional regulatory or legal action may be taken without further notice.” · word for word
7 May 20268-K · 2.02Net revenues $171M (+0% y/y); GAAP net income $6M; GAAP diluted EPS $0.14earningsopen
Figures in the filing · each found in the filing text
| Net revenues · Q1-2026 | $171M | 0% y/y |
| GAAP net income · Q1-2026 | $6M | |
| GAAP diluted EPS · Q1-2026 | $0.14 | |
| Adjusted non-GAAP net income · Q1-2026 | $19M | |
| Adjusted non-GAAP diluted EPS · Q1-2026 | $0.42 | |
| BAQSIMI sales · Q1-2026 | $32M | -15% y/y |
| Primatene MIST sales · Q1-2026 | $30M | +2% y/y |
| Epinephrine sales · Q1-2026 | $19M | +3% y/y |
| Lidocaine sales · Q1-2026 | $13M | -1% y/y |
| Glucagon sales · Q1-2026 | $9M | -56% y/y |
Risks flagged
Pricing pressure on BAQSIMI and volume decline in Glucagon are impacting profitability.
“BAQSIMI sales decreased primarily due to a lower average selling price... Glucagon sales decreased primarily due to a decrease in unit volumes” · word for word
7 May 202610-QNet revenues $171M (+0% y/y); Net income $6M (-75% y/y); BAQSIMI revenue $32M (-15% y/y)open
Figures in the filing · each found in the filing text
| Net revenues · Q1-2026 | $171M | +0% y/y |
| Net income · Q1-2026 | $6M | -75% y/y |
| BAQSIMI revenue · Q1-2026 | $32M | -15% y/y |
| Gross profit · Q1-2026 | $70M | -18% y/y |
| Operating cash flow · Q1-2026 | $48M | +36% y/y |
| Free cash flow · Q1-2026 | $38M | +56% y/y |
Risks flagged
Product revenue concentration and decline
“BAQSIMI revenue declined to $32,434 from $38,355; Glucagon revenue declined to $9,170 from $20,843”
Gross margin pressure
“Cost of revenues increased to $100,849 from $85,277, driving gross profit down to $70,322 from $85,251”
Customer concentration
“Cencora, McKesson, and Cardinal Health represent 21%, 20%, and 19% of net revenues respectively”
13 Apr 2026DEF 14ANet Revenue $720M (-2% y/y); Net Income (GAAP) $98M (-38% y/y); Non-GAAP Adjusted Net Income $157M (-22% y/y)open
Figures in the filing · each found in the filing text
| Net Revenue · FY2025 | $720M | -2% y/y |
| Net Income (GAAP) · FY2025 | $98M | -39% y/y |
| Non-GAAP Adjusted Net Income · FY2025 | $157M | -22% y/y |
| Total Shareholder Return (Cumulative, 5-year) · FY2025 | $133.17 | |
| Peer Group Total Shareholder Return (Cumulative, 5-year) · FY2025 | $124.75 | |
| Sales Growth vs. 2024 · FY2025 | -1.7% | |
| Stock Price Appreciation (12/31/24 – 12/31/25) · FY2025 | -27.9% | |
| Non-GAAP Adjusted Net Income per Share (Diluted) · FY2025 | $3.25 | -16% y/y |
| CEO Pay Ratio · FY2025 | $135.00 | |
| Median Employee Total Compensation · FY2025 | $61658.00 |
Risks flagged
Related Party Transaction Concentration
“Dr. Jack Zhang, our Chief Executive Officer, President, and Director and Dr. Mary Luo, our Chairman, Chief Operating Officer, and Director and certain members of their family beneficially own a majority of the equity interest in Hanxin.” · word for word
Revenue Concentration and Competitive Pressure
“For 2025, we had a slight decrease in net revenue, primarily due to the increased competition for glucagon, which was partially offset by double digit sales growth for BAQSIMI®.” · word for word
Litigation Provision Impact
“Litigation provision $23,147 in 2025 vs $0 in 2024”
Stock Price Volatility and Equity Compensation Risk
“Stock Price Appreciation 12/31/24 – 12/31/25 (27.9%) Not achieved” · word for word
6 Mar 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
No material risk identified; routine executive compensation disclosure.
“No performance or financial risk mentioned.”
6 Mar 20268-K · 1.01Amphastar Nanjing subsidiary entered a 5-year supply agreement with Nanjing Letop Biotechnology for chemical intermediates; no minimum purchase obligation, company states not material. Also amended a contract research agreement with Hanxin,open
Risks flagged
Related-party transactions with family members of CEO/Chairman; potential governance scrutiny.
“Henry Zhang (family member) owns majority of Letop; Hanxin also family-owned. Audit Committee approved.”
26 Feb 20268-K · 2.02Net revenues $183M (-2% y/y); GAAP net income $24M (-36% y/y); Adjusted non-GAAP net income $34M (-28% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net revenues · Q4-2025 | $183M | -2% y/y |
| GAAP net income · Q4-2025 | $24M | -36% y/y |
| Adjusted non-GAAP net income · Q4-2025 | $34M | -28% y/y |
| GAAP diluted EPS · Q4-2025 | $0.51 | -31% y/y |
| Adjusted non-GAAP diluted EPS · Q4-2025 | $0.73 | -21% y/y |
| Net revenues (FY) · FY2025 | $720M | -2% y/y |
| GAAP net income (FY) · FY2025 | $98M | -39% y/y |
| Adjusted non-GAAP net income (FY) · FY2025 | $157M | -22% y/y |
| GAAP diluted EPS (FY) · FY2025 | $2.03 | -34% y/y |
| Adjusted non-GAAP diluted EPS (FY) · FY2025 | $3.25 | -16% y/y |
Risks flagged
Continued decline in Glucagon revenue due to competition and shift to ready-to-use products; BAQSIMI growth driven by volume but pricing pressure persists.
“Glucagon sales decreased primarily due to a decrease in unit volumes...BAQSIMI sales increased primarily due to an increase in unit volumes” · word for word
26 Feb 202610-KShare repurchases $75Mopen
Figures in the filing · each found in the filing text
| Share repurchases · FY2025 | $75M |
12 Jan 20268-K · 1.01, 7.01Exclusive license agreement with Hanxin for fully synthetic corticotropin compound AMP-110; upfront $2M, milestones up to $89M, royalties capped at $7.5M/yr and $60M total.open
Figures in the filing · each found in the filing text
| upfront payment · 2026-01-12 | $2M | |
| development milestone payments · future | $14M | |
| sales milestone payments · future | $75M | |
| US ACTH market size · 2024 | $684M |
Risks flagged
Early-stage clinical development; regulatory and commercial risks.
“AMP-110 is currently in early-phase human clinical development.” · word for word
6 Nov 20258-K · 2.02Net revenues $192M (+0% y/y); GAAP net income $17M (-57% y/y); Adjusted non-GAAP net income $45M (-10% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net revenues · Q3-2025 | $192M | +0% y/y |
| GAAP net income · Q3-2025 | $17M | -57% y/y |
| Adjusted non-GAAP net income · Q3-2025 | $45M | -10% y/y |
| GAAP diluted EPS · Q3-2025 | $0.37 | -53% y/y |
| Adjusted non-GAAP diluted EPS · Q3-2025 | $0.93 | -3% y/y |
| BAQSIMI revenue · BAQSIMI · Q3-2025 | $54M | +33% y/y |
| Primatene MIST revenue · Primatene MIST · Q3-2025 | $29M | +11% y/y |
| Epinephrine revenue · Epinephrine · Q3-2025 | $19M | -12% y/y |
| Glucagon revenue · Glucagon · Q3-2025 | $14M | -49% y/y |
| Lidocaine revenue · Lidocaine · Q3-2025 | $13M | -19% y/y |
Risks flagged
Competitive pressure on legacy products (glucagon, epinephrine, lidocaine) leading to revenue declines and margin compression.
“Glucagon sales decreased 49% due to competition and shift to ready-to-use products; Epinephrine sales down 12% due to lower pricing from increased competition; Lidocaine down 19% due to other suppliers returning to historical distribution levels.”
Gross margin deterioration from 53.3% to 51.4% due to lower-margin product mix and cost increases.
“Gross profit as % of net revenues decreased to 51.4% from 53.3% due to decrease in unit sales and pricing of glucagon, and lower pricing for epinephrine multi-dose vial product.”
6 Nov 202510-QRisks named: Tariff exposure on API imports from China, China manufacturing disruption, Insider pledge forced sellingopen
Risks flagged
Tariff exposure on API imports from China
“Tariffs on imports of APIs and starting materials used in our products...could result in us needing to raise prices, make changes to our products, or materially harm our business, financial condition and results of operations.” · word for word
China manufacturing disruption
“Because a portion of our manufacturing takes place in China, a significant disruption in the construction or operation of our manufacturing facility in China...could materially and adversely affect our business, financial condition and results of operations.” · word for word
Insider pledge forced selling
“Jack Y. Zhang and Mary Z. Luo have each pledged shares of our common stock to secure funds borrowed under existing credit lines...if the price of our common stock declines, Drs. Zhang and Luo may be forced...to sell shares of our common stock.” · word for word
24 Oct 20258-K · 1.01Entered a material definitive agreement (acquisition, partnership, or major contract)open
Risks flagged
Related party transaction may raise governance concerns.
“CEO and Chairman beneficially own majority of Hanxin, parent of Chengong.”
Regulatory approval dependency in Greater China.
“Chengong is responsible for obtaining all regulatory approvals in the Region.”
Amphastar Pharmaceuticals, Inc. — questions
- What did Amphastar Pharmaceuticals, Inc. file recently?
- 16 SEC filings in the last 12 months. Latest: 8-K on 2026-08-06 — Amphastar reported Q2 2026 net revenues of $183.9M (+5% YoY), GAAP net income $30.3M ($0.67 EPS), adjusted non-GAAP net income $40.8M ($0.91 EPS). Gross margin improved to 50.8% from 49.6%. BAQSIMI sales declined 3% due to pricing; glucagon
Every figure on this page comes from Amphastar Pharmaceuticals, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.