{"success":true,"data":{"pressRelease":{"id":"26535","rtpr_id":"nACS9PqDQa","ticker":"AMPH","exchange":"NASDAQ","all_tickers":["AMPH"],"title":"Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026","author":"ACCESSWIRE","published_at":"2026-05-07T20:05:01.371Z","article_body":"*\nNet revenues of $171.2 million for the three months ended March 31, 2026\n*\nGAAP net income of $6.4 million, or $0.14 per share, for the first quarter\n*\nAdjusted non-GAAP net income of $19.5 million, or $0.42 per share, for the\nfirst quarter\n*\nCompany to hold a conference call today at 2:00 p.m. Pacific Time\n\nRANCHO CUCAMONGA, CA / ACCESS Newswire (https://www.accessnewswire.com/) / May\n7, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (\"Amphastar\" or the\n\"Company\"), a biopharmaceutical company focused on developing, manufacturing,\nand commercializing technically challenging generic and proprietary\ninjectable, inhalation, and intranasal products, today reported results for\nthe three months ended March 31, 2026.\n\n\"In the first quarter of 2026, we continued to strengthen our commercial\nfoundation and core business, highlighted by the approval and subsequent\nlaunch of Ipratropium Bromide HFA, while also making meaningful advancements\nacross our pipeline that will support our long‑term strategy,\" said Dr. Jack\nZhang, Amphastar's President and Chief Executive Officer. \"To begin the year,\nwe broadened our portfolio through an exclusive license agreement for a fully\nsynthetic corticotropin compound. At the same time, we remain committed to\ninvesting in our proprietary pipeline and capabilities, which we believe will\nsupport sustainable long-term growth.\"\n\n Three Months Ended \n March 31, \n 2026 2025 \n (in thousands, except per share data) \n Net revenues $ 171,171 $ 170,528 \n GAAP net income $ 6,420 $ 25,285 \n Adjusted non-GAAP net income* $ 19,478 $ 36,871 \n GAAP diluted EPS $ 0.14 $ 0.51 \n Adjusted non-GAAP diluted EPS* $ 0.42 $ 0.74 \n\n________________________________\n\n* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP\nfinancial measures. Please see the discussion in the section entitled\n\"Non-GAAP Financial Measures\" and the reconciliation of GAAP to non-GAAP\nfinancial measures in Table III of this press release.\n\nFirst Quarter Results\n\n Three Months Ended \n March 31, Change \n 2026 2025 Dollars % \n (in thousands) \n Net revenues: \n BAQSIMI (®) $ 32,434 $ 38,355 $ (5,921 ) (15 )% \n Primatene MIST (®) 29,763 29,051 712 2 % \n Epinephrine 19,213 18,587 626 3 % \n Lidocaine 13,460 13,644 (184 ) (1 )% \n Glucagon 9,170 20,843 (11,673 ) (56 )% \n Other products 67,131 50,048 17,083 34 % \n Total net revenues $ 171,171 $ 170,528 $ 643 0 % \n\nChanges in net revenues as compared to the first quarter of the prior year\nwere primarily driven by:\n*\nBAQSIMI(®) sales decreased primarily due to a lower average selling price, as\na result of a change in gross-to-net discounts due to changes in chargebacks\nand rebates and changes to the customer mix, impacting sales of approximately\n$8.0 million. This decrease was partially offset by an increase in unit\nvolumes, contributing $2.0 million in sales driven by our continued marketing\nefforts\n*\nPrimatene MIST(®) sales increased due to an increase in unit volumes\n*\nEpinephrine sales increased primarily due to an increase in demand for our\nepinephrine pre-filled syringe, as a result of other supplier shortages,\ncontributing $4.1 million in sales. This increase was partially offset by a\ndecrease in our epinephrine multi-dose vial product, as a result of increased\ncompetition, impacting sales by $3.5 million\n*\nGlucagon sales decreased primarily due to a decrease in unit volumes,\nimpacting sales by $6.1 million, as well as a lower average selling price,\nwhich impacted sales by $5.6 million, as a result of competition and the\ncontinued shift to ready to use glucagon products such as BAQSIMI(®)\n*\nOther pharmaceutical product sales increased primarily due to recently\nlaunched products including an increase in albuterol sales of $2.8 million,\niron sucrose sales of $1.4 million and teriparatide sales of $2.2 million,\nwhich we launched in August 2024, August 2025, and December 2025,\nrespectively. An increase in dextrose sales, driven by heightened demand\nresulting from supplier shortages in the market also positively impacted sales\n\n Three Months Ended \n March 31, Change \n 2026 2025 Dollars % \n (in thousands) \n Net revenues $ 171,171 $ 170,528 $ 643 0 % \n Cost of revenues 100,849 85,277 15,572 18 % \n Gross profit $ 70,322 $ 85,251 $ (14,929 ) (18 )% \n as % of net revenues 41.1 % 50.0 % \n\nChanges in the cost of revenues and gross margin were primarily driven by:\n*\nLower average selling price for our higher margin products, such as\nBAQSIMI(®), glucagon, phytonadione, and our epinephrine multi-dose vial\nproduct\n*\nIncreased manufacturing expenses due to the expansion of our manufacturing\nfacility in Rancho Cucamonga, CA\n\n Three Months Ended \n March 31, Change \n 2026 2025 Dollars % \n (in thousands) \n Selling, distribution, and marketing $ 11,927 $ 11,866 $ 61 1 % \n General and administrative 18,028 15,996 2,032 13 % \n Research and development 26,737 20,096 6,641 33 % \n*\nGeneral and administrative expenses increased primarily due to an increase in\nlegal expenses, expenses associated with implementing a new ERP system and\nsalary and personnel-related expenses\n*\nResearch and development expenses increased primarily due to spending for our\ninsulin, inhalation, and proprietary pipeline products. Additionally, we had a\n$2.0 million upfront payment for the licensing agreement that we entered into\nwith Nanjing Hanxin Pharmaceutical Technology Co., Ltd., during the quarter\n\n Three Months Ended \n March 31, Change \n 2026 2025 Dollars % \n (in thousands) \n Non-operating expenses: \n Interest income $ 2,400 $ 2,089 $ 311 15 % \n Interest expense (6,553 ) (6,286 ) (267 ) 4 % \n Other income (expenses), net 575 (2,234 ) 2,809 (126 )% \n Total non-operating expenses, net $ (3,578 ) $ (6,431 ) $ 2,853 (44 )% \n\nThe change in non-operating expenses, net, is primarily a result of foreign\ncurrency fluctuation, as well as mark-to-market adjustments relating to our\ninterest rate swap contracts during the three months ended March 31, 2026.\n\nCash flow provided by operating activities for the three months ended March\n31, 2026, was $47.8 million.\n\nPipeline Information\n\nThe Company currently has one abbreviated new drug application (\"ANDA\") and\none biosimilar insulin candidate filed with the FDA targeting products with a\ncombined market size exceeding $1.6 billion, along with two biosimilar\nproducts in development targeting products with a market size exceeding $3.7\nbillion, and two generic products in development targeting products with a\nmarket size of over $0.8 billion. This market information is based on IQVIA\ndata for the 12 months ended March 31, 2026. The Company is developing\nmultiple proprietary products with injectable, topical and intranasal dosage\nforms.\n\nThe Company's proprietary pipeline also includes four recently in-licensed\nproducts including three proprietary peptides targeting oncology and\nophthalmology indications, and a fully synthetic corticotropin compound\ndesigned to address inflammatory and autoimmune conditions.\n\nConference Call Information\n\nThe Company will hold a conference call to discuss its financial results\ntoday, May 7, 2026, at 2:00 p.m. Pacific Time.\n\nTo access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921\nfor international callers, ten minutes before the conference.\n\nThe call can also be accessed on the Investors page on the Company's website,\nwww.amphastar.com.\n\nNon-GAAP Financial Measures\n\nTo supplement its consolidated financial statements, which are prepared and\npresented in accordance with U.S. generally accepted accounting principles\n(\"GAAP\"), the Company is disclosing non-GAAP financial measures when providing\nfinancial results. The Company believes that an evaluation of its ongoing\noperations (and comparisons of its current operations with historical and\nfuture operations) would be difficult if the disclosure of its financial\nresults were limited to financial measures prepared only in accordance with\nGAAP. As a result, the Company is disclosing certain non-GAAP results,\nincluding (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP\ndiluted EPS, which generally excludes amortization expense, share-based\ncompensation, impairment charges, certain debt issuance costs, legal\nsettlements, and other one-time events in order to supplement investors' and\nother readers' understanding and assessment of the Company's financial\nperformance because the Company's management uses these measures internally\nfor forecasting, budgeting, and measuring its operating performance. Whenever\nthe Company uses such non-GAAP measures, it will provide a reconciliation of\nnon-GAAP financial measures to their most directly comparable GAAP financial\nmeasures. Investors and other readers are encouraged to review the related\nGAAP financial measures and the reconciliation of non-GAAP measures to their\nmost directly comparable GAAP measures set forth below and should consider\nnon-GAAP measures only as a supplement to, not as a substitute for or as a\nsuperior measure to, measures of financial performance prepared in accordance\nwith GAAP.\n\nMarket Data\n\nThis press release contains market data that we obtained from industry\nsources. These sources do not guarantee the accuracy or completeness of the\ninformation. Although we believe that our industry sources are reliable, we do\nnot independently verify the information. The market data may include\nprojections that are based on a number of other projections. While we believe\nthese assumptions to be reasonable and sound as of the date of this press\nrelease, actual results may differ from the projections.\n\nAbout Amphastar Pharmaceuticals, Inc.\n\nAmphastar is a biopharmaceutical company that focuses on developing,\nmanufacturing, and commercializing technically challenging generic and\nproprietary injectable, inhalation, and intranasal products. Additionally, the\nCompany sells active pharmaceutical ingredient, or API products. Most of the\nCompany's finished products are contracted and distributed through group\npurchasing organizations, drug wholesalers, and drug retailers. More\ninformation and resources are available at www.amphastar.com.\n\nAmphastar's logo and other trademarks or service marks of Amphastar,\nincluding, but not limited to Amphastar(®), BAQSIMI(®), Primatene MIST(®),\nREXTOVY(®), Amphadase(®), and Cortrosyn(®), are the property of Amphastar.\n\nForward Looking Statements\n\nAll statements in this press release and in the conference call referenced\nabove that are not historical are forward-looking statements, including, among\nother things, statements relating to our expectations regarding future\nfinancial performance and business trends, our future growth and our ability\nto continue to scale, sales and marketing of our products, market size and\nexpansion, product portfolio, product development, the timing of FDA filings\nor approvals, the timing of product launches, acquisitions and other matters\nrelated to our pipeline of product candidates, the timing and results of\nclinical trials, the impact of our products, including their potential for\ncontinued revenue growth, the strategic trajectory of and market for our\nproduct pipeline, our long-term strategic vision, our ability to leverage our\nexisting expertise and technology, the impacts of any licensing agreements and\nability to commercialize additional therapies, our in-house manufacturing\nexpertise, our ability to deliver high-quality, affordable therapies to\npatients, our commercial momentum and position in the market. These statements\nare not facts but rather are based on Amphastar's historical performance and\nour current expectations, estimates, and projections regarding our business,\noperations, and other similar or related factors. Words such as \"may,\"\n\"might,\" \"will,\" \"could,\" \"would,\" \"should,\" \"anticipate,\" \"predict,\"\n\"potential,\" \"continue,\" \"expect,\" \"intend,\" \"plan,\" \"project,\" \"believe,\"\n\"estimate,\" and other similar or related expressions are used to identify\nthese forward-looking statements, although not all forward-looking statements\ncontain these words. You should not place undue reliance on forward-looking\nstatements because they involve known and unknown risks, uncertainties, and\nassumptions that are difficult or impossible to predict and, in some cases,\nbeyond Amphastar's control. Actual results may differ materially from those in\nthe forward-looking statements as a result of a number of factors, including\nthose described in Amphastar's filings with the Securities and Exchange\nCommission (\"SEC\"), including in our Annual Report on Form 10-K for the year\nended December 31, 2025, filed with the SEC on February 26, 2026, and our\nother filings or reports that we may file with the SEC. In particular, there\ncan be no guarantee that our sales strategies will be successful, or that we\nwill continue to experience significant sales of BAQSIMI(®). You can locate\nthese reports through our website at http://ir.amphastar.com and on the SEC's\nwebsite at www.sec.gov. The forward-looking statements in this release speak\nonly as of the date of the release. Amphastar undertakes no obligation to\nrevise or update information or any forward-looking statements in this press\nrelease or the conference call referenced above to reflect events or\ncircumstances in the future, even if new information becomes available or if\nsubsequent events cause our expectations to change.\n\nContact Information:\n\nAmphastar Pharmaceuticals, Inc.\nBill Peters\nChief Financial Officer\n(909) 476-3416\n\nTable I\nAmphastar Pharmaceuticals, Inc.\nCondensed Consolidated Statement of Operations\n(Unaudited; in thousands, except per share data)\n\n Three Months Ended \n March 31, \n 2026 2025 \n Net revenues $ 171,171 $ 170,528 \n Cost of revenues 100,849 85,277 \n Gross profit 70,322 85,251 \n \n Operating expenses: \n Selling, distribution, and marketing 11,927 11,866 \n General and administrative 18,028 15,996 \n Research and development 26,737 20,096 \n Total operating expenses 56,692 47,958 \n \n Income from operations 13,630 37,293 \n \n Non-operating expenses: \n Interest income 2,400 2,089 \n Interest expense (6,553 ) (6,286 ) \n Other income (expenses), net 575 (2,234 ) \n Total non-operating expenses, net (3,578 ) (6,431 ) \n \n Income before income taxes 10,052 30,862 \n Income tax provision 3,632 5,577 \n \n Net income $ 6,420 $ 25,285 \n \n Net income per share: \n Basic $ 0.14 $ 0.53 \n Diluted $ 0.14 $ 0.51 \n \n Weighted-average shares used to compute net income per share: \n Basic 45,322 47,641 \n Diluted 46,458 49,890 \n\nTable II\nAmphastar Pharmaceuticals, Inc.\nCondensed Consolidated Balance Sheets\n(in thousands, except per share data)\n\n March 31, December 31, \n 2026 2025 \n (unaudited) \n ASSETS \n Current assets: \n Cash and cash equivalents $ 170,939 $ 170,177 \n Restricted cash 235 235 \n Short-term investments 121,012 112,635 \n Restricted short-term investments 2,200 2,200 \n Accounts receivable, net 147,848 143,560 \n Inventories 170,194 176,890 \n Income tax refunds and deposits 9,605 17,167 \n Prepaid expenses and other assets 11,650 13,152 \n Total current assets 633,683 636,016 \n \n Property, plant, and equipment, net 307,231 310,567 \n Finance lease right-of-use assets 185 221 \n Operating lease right-of-use assets 71,496 42,931 \n Goodwill and intangible assets, net 559,623 565,965 \n Other assets 33,480 31,135 \n Deferred tax assets 42,464 42,464 \n Total assets $ 1,648,162 $ 1,629,299 \n \n LIABILITIES AND STOCKHOLDERS' EQUITY \n Current liabilities: \n Accounts payable and accrued liabilities $ 152,688 $ 148,348 \n Income taxes payable 414 239 \n Current portion of long-term debt 1,671 1,641 \n Current portion of operating lease liabilities 9,705 7,928 \n Total current liabilities 164,478 158,156 \n \n Long-term reserve for income tax liabilities 5,926 5,926 \n Long-term debt, net of current portion and unamortized debt issuance costs 609,801 608,749 \n Long-term operating lease liabilities, net of current portion 65,201 37,684 \n Other long-term liabilities 29,365 29,979 \n Total liabilities 874,771 840,494 \n Commitments and contingencies \n Stockholders' equity: \n Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding - - \n Common stock: par value $0.0001; 300,000,000 shares authorized; 62,134,449 and 44,636,846 shares issued and outstanding, respectively, as of March 31, 2026 and 61,779,883 and 45,645,497 shares issued and outstanding, respectively, as of December 31, 2025 6 6 \n Additional paid-in capital 543,816 535,380 \n Retained earnings 673,301 666,881 \n Accumulated other comprehensive loss (5,736 ) (5,314 ) \n Treasury stock (437,996 ) (408,148 ) \n Total stockholders' equity 773,391 788,805 \n Total liabilities and stockholders' equity $ 1,648,162 $ 1,629,299 \n\nTable III\nAmphastar Pharmaceuticals, Inc.\nReconciliation of Non-GAAP Measures\n(Unaudited; in thousands, except per share data)\n\n Three Months Ended \n March 31, \n 2026 2025 \n \n GAAP net income $ 6,420 $ 25,285 \n Adjusted for: \n Intangible asset amortization 6,270 6,240 \n Share-based compensation 9,274 8,393 \n Litigation provision 1,000 - \n Income tax provision on pre-tax adjustments (3,486 ) (3,047 ) \n Adjusted non-GAAP net income $ 19,478 $ 36,871 \n \n Adjusted non-GAAP net income per share: \n Basic $ 0.43 $ 0.77 \n Diluted $ 0.42 $ 0.74 \n \n Weighted-average shares used to compute adjusted non-GAAP net income per share: \n Basic 45,322 47,641 \n Diluted 46,458 49,890 \n\n Three Months Ended March 31, 2026 \n \n Selling, General Research \n Cost of distribution and and Income \n revenue and marketing administrative development tax provision \n GAAP $ 100,849 $ 11,927 $ 18,028 $ 26,737 $ 3,632 \n Intangible asset amortization (6,250 ) - (1 ) (19 ) - \n Share-based compensation (2,456 ) (360 ) (5,137 ) (1,321 ) - \n Litigation provision - - (1,000 ) - - \n Income tax provision on pre-tax adjustments - - - - 3,486 \n Non-GAAP $ 92,143 $ 11,567 $ 11,890 $ 25,397 $ 7,118 \n\n Three Months Ended March 31, 2025 \n \n Selling, General Research \n Cost of distribution and and Income \n revenue and marketing administrative development tax provision \n GAAP $ 85,277 $ 11,866 $ 15,996 $ 20,096 $ 5,577 \n Intangible asset amortization (6,220 ) - (1 ) (19 ) - \n Share-based compensation (2,338 ) (313 ) (4,569 ) (1,173 ) - \n Income tax provision on pre-tax adjustments - - - - 3,047 \n Non-GAAP $ 76,719 $ 11,553 $ 11,426 $ 18,904 $ 8,624 \n\nSOURCE: Amphastar Pharmaceuticals, Inc.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/amphastar-pharmaceuticals-reports-financial-results-for-the-three-mon-1164105)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nACS9PqDQa","title":"Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026","author":"ACCESSWIRE","ticker":"AMPH","created":"2026-05-07T20:05:01.371Z","tickers":["AMPH"],"exchange":"NASDAQ","article_body":"*\nNet revenues of $171.2 million for the three months ended March 31, 2026\n*\nGAAP net income of $6.4 million, or $0.14 per share, for the first quarter\n*\nAdjusted non-GAAP net income of $19.5 million, or $0.42 per share, for the\nfirst quarter\n*\nCompany to hold a conference call today at 2:00 p.m. Pacific Time\n\nRANCHO CUCAMONGA, CA / ACCESS Newswire (https://www.accessnewswire.com/) / May\n7, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (\"Amphastar\" or the\n\"Company\"), a biopharmaceutical company focused on developing, manufacturing,\nand commercializing technically challenging generic and proprietary\ninjectable, inhalation, and intranasal products, today reported results for\nthe three months ended March 31, 2026.\n\n\"In the first quarter of 2026, we continued to strengthen our commercial\nfoundation and core business, highlighted by the approval and subsequent\nlaunch of Ipratropium Bromide HFA, while also making meaningful advancements\nacross our pipeline that will support our long‑term strategy,\" said Dr. Jack\nZhang, Amphastar's President and Chief Executive Officer. \"To begin the year,\nwe broadened our portfolio through an exclusive license agreement for a fully\nsynthetic corticotropin compound. At the same time, we remain committed to\ninvesting in our proprietary pipeline and capabilities, which we believe will\nsupport sustainable long-term growth.\"\n\n Three Months Ended \n March 31, \n 2026 2025 \n (in thousands, except per share data) \n Net revenues $ 171,171 $ 170,528 \n GAAP net income $ 6,420 $ 25,285 \n Adjusted non-GAAP net income* $ 19,478 $ 36,871 \n GAAP diluted EPS $ 0.14 $ 0.51 \n Adjusted non-GAAP diluted EPS* $ 0.42 $ 0.74 \n\n________________________________\n\n* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP\nfinancial measures. Please see the discussion in the section entitled\n\"Non-GAAP Financial Measures\" and the reconciliation of GAAP to non-GAAP\nfinancial measures in Table III of this press release.\n\nFirst Quarter Results\n\n Three Months Ended \n March 31, Change \n 2026 2025 Dollars % \n (in thousands) \n Net revenues: \n BAQSIMI (®) $ 32,434 $ 38,355 $ (5,921 ) (15 )% \n Primatene MIST (®) 29,763 29,051 712 2 % \n Epinephrine 19,213 18,587 626 3 % \n Lidocaine 13,460 13,644 (184 ) (1 )% \n Glucagon 9,170 20,843 (11,673 ) (56 )% \n Other products 67,131 50,048 17,083 34 % \n Total net revenues $ 171,171 $ 170,528 $ 643 0 % \n\nChanges in net revenues as compared to the first quarter of the prior year\nwere primarily driven by:\n*\nBAQSIMI(®) sales decreased primarily due to a lower average selling price, as\na result of a change in gross-to-net discounts due to changes in chargebacks\nand rebates and changes to the customer mix, impacting sales of approximately\n$8.0 million. This decrease was partially offset by an increase in unit\nvolumes, contributing $2.0 million in sales driven by our continued marketing\nefforts\n*\nPrimatene MIST(®) sales increased due to an increase in unit volumes\n*\nEpinephrine sales increased primarily due to an increase in demand for our\nepinephrine pre-filled syringe, as a result of other supplier shortages,\ncontributing $4.1 million in sales. This increase was partially offset by a\ndecrease in our epinephrine multi-dose vial product, as a result of increased\ncompetition, impacting sales by $3.5 million\n*\nGlucagon sales decreased primarily due to a decrease in unit volumes,\nimpacting sales by $6.1 million, as well as a lower average selling price,\nwhich impacted sales by $5.6 million, as a result of competition and the\ncontinued shift to ready to use glucagon products such as BAQSIMI(®)\n*\nOther pharmaceutical product sales increased primarily due to recently\nlaunched products including an increase in albuterol sales of $2.8 million,\niron sucrose sales of $1.4 million and teriparatide sales of $2.2 million,\nwhich we launched in August 2024, August 2025, and December 2025,\nrespectively. An increase in dextrose sales, driven by heightened demand\nresulting from supplier shortages in the market also positively impacted sales\n\n Three Months Ended \n March 31, Change \n 2026 2025 Dollars % \n (in thousands) \n Net revenues $ 171,171 $ 170,528 $ 643 0 % \n Cost of revenues 100,849 85,277 15,572 18 % \n Gross profit $ 70,322 $ 85,251 $ (14,929 ) (18 )% \n as % of net revenues 41.1 % 50.0 % \n\nChanges in the cost of revenues and gross margin were primarily driven by:\n*\nLower average selling price for our higher margin products, such as\nBAQSIMI(®), glucagon, phytonadione, and our epinephrine multi-dose vial\nproduct\n*\nIncreased manufacturing expenses due to the expansion of our manufacturing\nfacility in Rancho Cucamonga, CA\n\n Three Months Ended \n March 31, Change \n 2026 2025 Dollars % \n (in thousands) \n Selling, distribution, and marketing $ 11,927 $ 11,866 $ 61 1 % \n General and administrative 18,028 15,996 2,032 13 % \n Research and development 26,737 20,096 6,641 33 % \n*\nGeneral and administrative expenses increased primarily due to an increase in\nlegal expenses, expenses associated with implementing a new ERP system and\nsalary and personnel-related expenses\n*\nResearch and development expenses increased primarily due to spending for our\ninsulin, inhalation, and proprietary pipeline products. Additionally, we had a\n$2.0 million upfront payment for the licensing agreement that we entered into\nwith Nanjing Hanxin Pharmaceutical Technology Co., Ltd., during the quarter\n\n Three Months Ended \n March 31, Change \n 2026 2025 Dollars % \n (in thousands) \n Non-operating expenses: \n Interest income $ 2,400 $ 2,089 $ 311 15 % \n Interest expense (6,553 ) (6,286 ) (267 ) 4 % \n Other income (expenses), net 575 (2,234 ) 2,809 (126 )% \n Total non-operating expenses, net $ (3,578 ) $ (6,431 ) $ 2,853 (44 )% \n\nThe change in non-operating expenses, net, is primarily a result of foreign\ncurrency fluctuation, as well as mark-to-market adjustments relating to our\ninterest rate swap contracts during the three months ended March 31, 2026.\n\nCash flow provided by operating activities for the three months ended March\n31, 2026, was $47.8 million.\n\nPipeline Information\n\nThe Company currently has one abbreviated new drug application (\"ANDA\") and\none biosimilar insulin candidate filed with the FDA targeting products with a\ncombined market size exceeding $1.6 billion, along with two biosimilar\nproducts in development targeting products with a market size exceeding $3.7\nbillion, and two generic products in development targeting products with a\nmarket size of over $0.8 billion. This market information is based on IQVIA\ndata for the 12 months ended March 31, 2026. The Company is developing\nmultiple proprietary products with injectable, topical and intranasal dosage\nforms.\n\nThe Company's proprietary pipeline also includes four recently in-licensed\nproducts including three proprietary peptides targeting oncology and\nophthalmology indications, and a fully synthetic corticotropin compound\ndesigned to address inflammatory and autoimmune conditions.\n\nConference Call Information\n\nThe Company will hold a conference call to discuss its financial results\ntoday, May 7, 2026, at 2:00 p.m. Pacific Time.\n\nTo access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921\nfor international callers, ten minutes before the conference.\n\nThe call can also be accessed on the Investors page on the Company's website,\nwww.amphastar.com.\n\nNon-GAAP Financial Measures\n\nTo supplement its consolidated financial statements, which are prepared and\npresented in accordance with U.S. generally accepted accounting principles\n(\"GAAP\"), the Company is disclosing non-GAAP financial measures when providing\nfinancial results. The Company believes that an evaluation of its ongoing\noperations (and comparisons of its current operations with historical and\nfuture operations) would be difficult if the disclosure of its financial\nresults were limited to financial measures prepared only in accordance with\nGAAP. As a result, the Company is disclosing certain non-GAAP results,\nincluding (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP\ndiluted EPS, which generally excludes amortization expense, share-based\ncompensation, impairment charges, certain debt issuance costs, legal\nsettlements, and other one-time events in order to supplement investors' and\nother readers' understanding and assessment of the Company's financial\nperformance because the Company's management uses these measures internally\nfor forecasting, budgeting, and measuring its operating performance. Whenever\nthe Company uses such non-GAAP measures, it will provide a reconciliation of\nnon-GAAP financial measures to their most directly comparable GAAP financial\nmeasures. Investors and other readers are encouraged to review the related\nGAAP financial measures and the reconciliation of non-GAAP measures to their\nmost directly comparable GAAP measures set forth below and should consider\nnon-GAAP measures only as a supplement to, not as a substitute for or as a\nsuperior measure to, measures of financial performance prepared in accordance\nwith GAAP.\n\nMarket Data\n\nThis press release contains market data that we obtained from industry\nsources. These sources do not guarantee the accuracy or completeness of the\ninformation. Although we believe that our industry sources are reliable, we do\nnot independently verify the information. The market data may include\nprojections that are based on a number of other projections. While we believe\nthese assumptions to be reasonable and sound as of the date of this press\nrelease, actual results may differ from the projections.\n\nAbout Amphastar Pharmaceuticals, Inc.\n\nAmphastar is a biopharmaceutical company that focuses on developing,\nmanufacturing, and commercializing technically challenging generic and\nproprietary injectable, inhalation, and intranasal products. Additionally, the\nCompany sells active pharmaceutical ingredient, or API products. Most of the\nCompany's finished products are contracted and distributed through group\npurchasing organizations, drug wholesalers, and drug retailers. More\ninformation and resources are available at www.amphastar.com.\n\nAmphastar's logo and other trademarks or service marks of Amphastar,\nincluding, but not limited to Amphastar(®), BAQSIMI(®), Primatene MIST(®),\nREXTOVY(®), Amphadase(®), and Cortrosyn(®), are the property of Amphastar.\n\nForward Looking Statements\n\nAll statements in this press release and in the conference call referenced\nabove that are not historical are forward-looking statements, including, among\nother things, statements relating to our expectations regarding future\nfinancial performance and business trends, our future growth and our ability\nto continue to scale, sales and marketing of our products, market size and\nexpansion, product portfolio, product development, the timing of FDA filings\nor approvals, the timing of product launches, acquisitions and other matters\nrelated to our pipeline of product candidates, the timing and results of\nclinical trials, the impact of our products, including their potential for\ncontinued revenue growth, the strategic trajectory of and market for our\nproduct pipeline, our long-term strategic vision, our ability to leverage our\nexisting expertise and technology, the impacts of any licensing agreements and\nability to commercialize additional therapies, our in-house manufacturing\nexpertise, our ability to deliver high-quality, affordable therapies to\npatients, our commercial momentum and position in the market. These statements\nare not facts but rather are based on Amphastar's historical performance and\nour current expectations, estimates, and projections regarding our business,\noperations, and other similar or related factors. Words such as \"may,\"\n\"might,\" \"will,\" \"could,\" \"would,\" \"should,\" \"anticipate,\" \"predict,\"\n\"potential,\" \"continue,\" \"expect,\" \"intend,\" \"plan,\" \"project,\" \"believe,\"\n\"estimate,\" and other similar or related expressions are used to identify\nthese forward-looking statements, although not all forward-looking statements\ncontain these words. You should not place undue reliance on forward-looking\nstatements because they involve known and unknown risks, uncertainties, and\nassumptions that are difficult or impossible to predict and, in some cases,\nbeyond Amphastar's control. Actual results may differ materially from those in\nthe forward-looking statements as a result of a number of factors, including\nthose described in Amphastar's filings with the Securities and Exchange\nCommission (\"SEC\"), including in our Annual Report on Form 10-K for the year\nended December 31, 2025, filed with the SEC on February 26, 2026, and our\nother filings or reports that we may file with the SEC. In particular, there\ncan be no guarantee that our sales strategies will be successful, or that we\nwill continue to experience significant sales of BAQSIMI(®). You can locate\nthese reports through our website at http://ir.amphastar.com and on the SEC's\nwebsite at www.sec.gov. The forward-looking statements in this release speak\nonly as of the date of the release. Amphastar undertakes no obligation to\nrevise or update information or any forward-looking statements in this press\nrelease or the conference call referenced above to reflect events or\ncircumstances in the future, even if new information becomes available or if\nsubsequent events cause our expectations to change.\n\nContact Information:\n\nAmphastar Pharmaceuticals, Inc.\nBill Peters\nChief Financial Officer\n(909) 476-3416\n\nTable I\nAmphastar Pharmaceuticals, Inc.\nCondensed Consolidated Statement of Operations\n(Unaudited; in thousands, except per share data)\n\n Three Months Ended \n March 31, \n 2026 2025 \n Net revenues $ 171,171 $ 170,528 \n Cost of revenues 100,849 85,277 \n Gross profit 70,322 85,251 \n \n Operating expenses: \n Selling, distribution, and marketing 11,927 11,866 \n General and administrative 18,028 15,996 \n Research and development 26,737 20,096 \n Total operating expenses 56,692 47,958 \n \n Income from operations 13,630 37,293 \n \n Non-operating expenses: \n Interest income 2,400 2,089 \n Interest expense (6,553 ) (6,286 ) \n Other income (expenses), net 575 (2,234 ) \n Total non-operating expenses, net (3,578 ) (6,431 ) \n \n Income before income taxes 10,052 30,862 \n Income tax provision 3,632 5,577 \n \n Net income $ 6,420 $ 25,285 \n \n Net income per share: \n Basic $ 0.14 $ 0.53 \n Diluted $ 0.14 $ 0.51 \n \n Weighted-average shares used to compute net income per share: \n Basic 45,322 47,641 \n Diluted 46,458 49,890 \n\nTable II\nAmphastar Pharmaceuticals, Inc.\nCondensed Consolidated Balance Sheets\n(in thousands, except per share data)\n\n March 31, December 31, \n 2026 2025 \n (unaudited) \n ASSETS \n Current assets: \n Cash and cash equivalents $ 170,939 $ 170,177 \n Restricted cash 235 235 \n Short-term investments 121,012 112,635 \n Restricted short-term investments 2,200 2,200 \n Accounts receivable, net 147,848 143,560 \n Inventories 170,194 176,890 \n Income tax refunds and deposits 9,605 17,167 \n Prepaid expenses and other assets 11,650 13,152 \n Total current assets 633,683 636,016 \n \n Property, plant, and equipment, net 307,231 310,567 \n Finance lease right-of-use assets 185 221 \n Operating lease right-of-use assets 71,496 42,931 \n Goodwill and intangible assets, net 559,623 565,965 \n Other assets 33,480 31,135 \n Deferred tax assets 42,464 42,464 \n Total assets $ 1,648,162 $ 1,629,299 \n \n LIABILITIES AND STOCKHOLDERS' EQUITY \n Current liabilities: \n Accounts payable and accrued liabilities $ 152,688 $ 148,348 \n Income taxes payable 414 239 \n Current portion of long-term debt 1,671 1,641 \n Current portion of operating lease liabilities 9,705 7,928 \n Total current liabilities 164,478 158,156 \n \n Long-term reserve for income tax liabilities 5,926 5,926 \n Long-term debt, net of current portion and unamortized debt issuance costs 609,801 608,749 \n Long-term operating lease liabilities, net of current portion 65,201 37,684 \n Other long-term liabilities 29,365 29,979 \n Total liabilities 874,771 840,494 \n Commitments and contingencies \n Stockholders' equity: \n Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding - - \n Common stock: par value $0.0001; 300,000,000 shares authorized; 62,134,449 and 44,636,846 shares issued and outstanding, respectively, as of March 31, 2026 and 61,779,883 and 45,645,497 shares issued and outstanding, respectively, as of December 31, 2025 6 6 \n Additional paid-in capital 543,816 535,380 \n Retained earnings 673,301 666,881 \n Accumulated other comprehensive loss (5,736 ) (5,314 ) \n Treasury stock (437,996 ) (408,148 ) \n Total stockholders' equity 773,391 788,805 \n Total liabilities and stockholders' equity $ 1,648,162 $ 1,629,299 \n\nTable III\nAmphastar Pharmaceuticals, Inc.\nReconciliation of Non-GAAP Measures\n(Unaudited; in thousands, except per share data)\n\n Three Months Ended \n March 31, \n 2026 2025 \n \n GAAP net income $ 6,420 $ 25,285 \n Adjusted for: \n Intangible asset amortization 6,270 6,240 \n Share-based compensation 9,274 8,393 \n Litigation provision 1,000 - \n Income tax provision on pre-tax adjustments (3,486 ) (3,047 ) \n Adjusted non-GAAP net income $ 19,478 $ 36,871 \n \n Adjusted non-GAAP net income per share: \n Basic $ 0.43 $ 0.77 \n Diluted $ 0.42 $ 0.74 \n \n Weighted-average shares used to compute adjusted non-GAAP net income per share: \n Basic 45,322 47,641 \n Diluted 46,458 49,890 \n\n Three Months Ended March 31, 2026 \n \n Selling, General Research \n Cost of distribution and and Income \n revenue and marketing administrative development tax provision \n GAAP $ 100,849 $ 11,927 $ 18,028 $ 26,737 $ 3,632 \n Intangible asset amortization (6,250 ) - (1 ) (19 ) - \n Share-based compensation (2,456 ) (360 ) (5,137 ) (1,321 ) - \n Litigation provision - - (1,000 ) - - \n Income tax provision on pre-tax adjustments - - - - 3,486 \n Non-GAAP $ 92,143 $ 11,567 $ 11,890 $ 25,397 $ 7,118 \n\n Three Months Ended March 31, 2025 \n \n Selling, General Research \n Cost of distribution and and Income \n revenue and marketing administrative development tax provision \n GAAP $ 85,277 $ 11,866 $ 15,996 $ 20,096 $ 5,577 \n Intangible asset amortization (6,220 ) - (1 ) (19 ) - \n Share-based compensation (2,338 ) (313 ) (4,569 ) (1,173 ) - \n Income tax provision on pre-tax adjustments - - - - 3,047 \n Non-GAAP $ 76,719 $ 11,553 $ 11,426 $ 18,904 $ 8,624 \n\nSOURCE: Amphastar Pharmaceuticals, Inc.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/amphastar-pharmaceuticals-reports-financial-results-for-the-three-mon-1164105)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved."},"type":"article","timestamp":"2026-05-07T20:05:01.662930778Z","server_sent_at_ms":1778184301662},"received_at":"2026-05-07T20:05:01.855Z","source_url":"https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/amphastar-pharmaceuticals-reports-financial-results-for-the-three-mon-1164105"},"analysis":{"id":"20769","press_release_id":"26535","analysis_json":{"industry":{"label":"Pharmaceuticals, Biotechnology & Life Sciences","sector":"Health Care"},"redFlags":["Gross margin compressed 900 basis points YoY to 41.1%","Adjusted EPS declined 43% YoY despite flat revenue","Glucagon sales decreased 56% YoY"],"eventType":"earnings","narrative":"Amphastar reported Q1 revenue of $171.2 million, flat compared to the prior year, but profitability deteriorated significantly with adjusted EPS falling 43% year-over-year to $0.42.\n\nGross margin compressed sharply from 50.0% to 41.1%, driven by lower average selling prices for key products like BAQSIMI and Glucagon, alongside increased manufacturing expenses.\n\nDespite the earnings decline, the company highlighted the launch of Ipratropium Bromide HFA and executed an exclusive license agreement for a corticotropin compound, while operating cash flow remained robust at $47.8 million.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Steep margin compression and profit decline overshadow flat revenue growth."},"keyFigures":{"eps":0.14,"revenue":171171000,"revenueYoy":"0%","customDimensions":{"adj_eps":0.42,"rd_expenses":26737000,"gross_profit":70322000,"operating_income":13630000,"operating_cash_flow":47800000}},"quotedText":"In the first quarter of 2026, we continued to strengthen our commercial foundation and core business, highlighted by the approval and subsequent launch of Ipratropium Bromide HFA, while also making meaningful advancements across our pipeline that will support our long‑term strategy","namedEntities":{"people":[{"name":"Dr. Jack Zhang","role":"President and Chief Executive Officer"},{"name":"Bill Peters","role":"Chief Financial Officer"}],"products":["BAQSIMI","Primatene MIST","Epinephrine","Lidocaine","Glucagon","Ipratropium Bromide HFA","albuterol","iron sucrose","teriparatide"],"companies":[{"name":"Amphastar Pharmaceuticals, Inc.","ticker":"AMPH"},{"name":"Nanjing Hanxin Pharmaceutical Technology Co., Ltd.","relationship":"licensor"}],"dollarAmounts":[{"amount":"$171.2 million","context":"Q1 2026 net revenues"},{"amount":"$0.14","context":"Q1 2026 GAAP diluted EPS"},{"amount":"$0.42","context":"Q1 2026 Adjusted non-GAAP diluted EPS"},{"amount":"$47.8 million","context":"Q1 2026 cash flow from operations"},{"amount":"$2.0 million","context":"upfront payment for licensing agreement"}]},"materialImpact":{"score":4,"reasoning":"Adjusted EPS dropped 43% year-over-year to $0.42 and gross margin compressed significantly from 50.0% to 41.1%, driven by lower average selling prices and increased costs. GAAP net income fell 75% YoY despite flat revenue."},"tickerRelevance":{"others":[],"primary":"AMPH"},"globalImportance":25,"audienceRelevance":20,"eventTypeSecondary":["product_launch"],"importanceComponents":{"tickerTier":"small-mid-cap","eventGravity":"earnings-decline-margin-compression"}},"event_type":"earnings","event_type_secondary":["product_launch"],"sentiment":"bearish","material_impact_score":4,"narrative":"Amphastar reported Q1 revenue of $171.2 million, flat compared to the prior year, but profitability deteriorated significantly with adjusted EPS falling 43% year-over-year to $0.42.\n\nGross margin compressed sharply from 50.0% to 41.1%, driven by lower average selling prices for key products like BAQSIMI and Glucagon, alongside increased manufacturing expenses.\n\nDespite the earnings decline, the company highlighted the launch of Ipratropium Bromide HFA and executed an exclusive license agreement for a corticotropin compound, while operating cash flow remained robust at $47.8 million.","key_figures":{"eps":0.14,"revenue":171171000,"revenueYoy":"0%","customDimensions":{"adj_eps":0.42,"rd_expenses":26737000,"gross_profit":70322000,"operating_income":13630000,"operating_cash_flow":47800000}},"named_entities":{"people":[{"name":"Dr. Jack Zhang","role":"President and Chief Executive Officer"},{"name":"Bill Peters","role":"Chief Financial Officer"}],"products":["BAQSIMI","Primatene MIST","Epinephrine","Lidocaine","Glucagon","Ipratropium Bromide HFA","albuterol","iron sucrose","teriparatide"],"companies":[{"name":"Amphastar Pharmaceuticals, Inc.","ticker":"AMPH"},{"name":"Nanjing Hanxin Pharmaceutical Technology Co., Ltd.","relationship":"licensor"}],"dollarAmounts":[{"amount":"$171.2 million","context":"Q1 2026 net revenues"},{"amount":"$0.14","context":"Q1 2026 GAAP diluted EPS"},{"amount":"$0.42","context":"Q1 2026 Adjusted non-GAAP diluted EPS"},{"amount":"$47.8 million","context":"Q1 2026 cash flow from operations"},{"amount":"$2.0 million","context":"upfront payment for licensing agreement"}]},"model_name":"glm-4.7","prompt_hash":"sha256:6c7fa2f5e3b62e83","schema_hash":"sha256:ee8f711bc9bfba0d","created_at":"2026-05-08T03:00:00.455Z","global_importance":25,"audience_relevance":20,"importance_components":{"tickerTier":"small-mid-cap","eventGravity":"earnings-decline-margin-compression"}},"durationMs":null,"modelName":"glm-4.7"}}