Amphastar Pharmaceuticals(NASDAQ) AMPH

Amphastar makes medicine for people with asthma, diabetes, and other emergencies. It helps patients get treatment through nose sprays and shots they can use at home or in hospitals. The company creates difficult versions of drugs that other businesses often cannot make easily.

What is in the Bag?

• Emergency Nasal Sprays: Products like BAQSIMI and REXTOVY treat low blood sugar or drug overdoses through the nose.
• Asthma Inhalers: Primatene MIST and albuterol sulfate aerosols help people breathe better during mild or sudden asthma symptoms.
• Injectable Medicines: Pre-filled syringes and vials of epinephrine, lidocaine, and insulin treat various hospital and emergency needs.
• Drug Ingredients: This segment makes the active materials for its own medicines and sells them to other drug companies.

Building a Bigger Business

• Purchased BAQSIMI from Eli Lilly & Company in June 2023 to expand its branded drug portfolio.
• Finished moving the distribution and supply chain for BAQSIMI into its own systems as of January 2025.
• Expanded the Amphastar Nanjing Pharmaceuticals facility in China to increase production of active drug ingredients.
• Launched iron sucrose and teriparatide injections in 2025 following approval from the U.S. Food and Drug Administration.

What Makes Amphastar Different?

The company manages everything from making raw ingredients to shipping the final medicine. This vertical integration helps it control quality and stay flexible when market demands change.

A Look at the Money

• Revenue was $719.9 million for the fiscal year ended 2025, down from $732 million in 2024.
• Net income reached $98.1 million in 2025, compared to $159.5 million the previous year.
• Free cash flow rose to $24.6 million in Q4 2025, up 48% from the same period in 2024.
• Operating cash flow hit $32.9 million in Q4 2025, up 13.2% year-over-year.
• Market capitalization sat at $1.2 billion in Q4 2025, down 31.6% from Q4 2024.

The Final Word

Amphastar has shifted from making simple generic drugs to owning valuable brands and complex medicine systems. Its focus on hard-to-make products and internal ingredient production supports its market position.