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Edge20 Feb 2026
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Amphastar Pharmaceuticals
Amphastar Pharmaceuticals (AMPH) investor relations material
Amphastar Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
2025 marked a pivotal year with strong commercial execution, scientific innovation, and regulatory milestones, including FDA approvals for iron sucrose, teriparatide, and Ipratropium Bromide HFA Inhalation Aerosol.
Operates a fully integrated business model with in-house R&D, manufacturing, and marketing, supporting a dual growth strategy of proprietary pipeline development and strategic acquisitions.
Proprietary and biosimilar products projected to comprise 85% of the pipeline by 2026, up from 37% in 2021.
BAQSIMI and Primatene MIST delivered resilient performance, with BAQSIMI commercialized in 26 countries and driving double-digit growth.
Strategic expansion included three novel peptides and a synthetic corticotropin program targeting oncology, ophthalmology, and immunology.
Financial highlights
Full-year net revenues were $719.9 million in 2025, down 2% YoY; BAQSIMI contributed $185.4 million (up 46% YoY), and Primatene MIST $108.7 million (up 7% YoY).
Q4 2025 sales declined 2% YoY to $183.1 million; BAQSIMI sales rose 12%, Primatene MIST fell 3%, glucagon dropped 45%, and epinephrine declined 9%.
Gross margin for 2025 was 49.5%; Q4 gross margin was 46.8%.
Q4 GAAP net income was $24.4 million ($0.51/share); full-year GAAP net income was $98.1 million ($2.03/share); adjusted non-GAAP net income was $156.6 million ($3.25/share).
Operating cash flow for 2025 was $156.1 million.
Outlook and guidance
2026 revenue expected to grow mid-to-high single digits, driven by Ipratropium Bromide launch and continued BAQSIMI and Primatene MIST growth.
Gross margins anticipated to decline due to pricing pressure on legacy high-margin products and higher input costs.
BAQSIMI U.S. unit growth projected in mid-single digits, offset by international market exits; Primatene MIST to see mid-to-high single-digit unit growth and a 5% price increase.
R&D and capital spending to increase, especially for pipeline and facility expansion.
Upcoming launches include AMP-007 (Ipratropium Bromide) in early Q2 2026 and AMP-004 (Insulin Aspart) in 2027.
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Next Amphastar Pharmaceuticals earnings date
Q1 20266 May, 2026
Amphastar Pharmaceuticals
Next Amphastar Pharmaceuticals earnings date
Q1 20266 May, 2026
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Frequently asked questions
Amphastar Pharmaceuticals Inc. is a specialty pharmaceutical company engaged in the development, manufacture, and marketing of generic and proprietary injectable, inhalation, and intranasal products. The company focuses on producing pharmaceuticals for hospital, emergency, and clinical use, including treatments for respiratory conditions, diabetes, and pain management. Amphastar operates manufacturing and research facilities to support its product portfolio and pipeline development. Amphastar Pharmaceuticals Inc. is headquartered in Rancho Cucamonga, California, and its shares are listed on the NASDAQ.
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