Amphastar Pharmaceuticals (AMPH) Barclays 27th Annual Global Healthcare Conference summary

Business performance and product updates

• Achieved strong Q4 growth for Baqsimi and Primatene Mist, with Primatene Mist surpassing $100 million in annual sales for the first time and high single-digit growth forecasted for 2025.

• Baqsimi outperformed expectations since acquisition, benefiting from a novel formulation, an underserved market, and is forecasted to reach $250–$275 million in peak sales with a collaboration with MannKind starting January 2025.

• Primatene Mist continues to grow, supported by expanded physician sampling, direct-to-consumer marketing, and a new green propellant formulation in development.

• Increased competition led to price and volume erosion for epinephrine vials and glucagon injection kits.

• Key growth drivers for 2025 include expanded sales efforts for Baqsimi, increased physician sampling for Primatene Mist, and new product launches such as Albuterol and multiple ANDA/BLA filings.

Strategic priorities and growth outlook

• Key 2025 priority is accelerating Baqsimi growth, supported by a co-promotion agreement with MannKind, doubling the sales force reach.

• Guidance for high single-digit unit growth and a 3% price increase in the U.S. for Baqsimi.

• Monitoring IQVIA sales data and unit growth as key milestones for the MannKind collaboration.

• Long-term peak sales for Baqsimi estimated at $250–$275 million, achievable with 17–18% market penetration.

• The company projects proprietary products to comprise 50% and biosimilars 35% of the pipeline by 2026.

Market and competitive landscape

• Glucagon market split between anti-hypoglycemic (shrinking, moving to ready-to-use) and diagnostic (flat, competitive) segments.

• Primatene Mist has low market share in the mild asthma segment, offering significant growth potential.

• Increased competition in glucagon and epinephrine markets expected to impact pricing and volumes.

• BAQSIMI® acquisition expands the diabetes portfolio and international footprint to 26 countries.