Amphastar Pharmaceuticals (AMPH) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 increased 5% year-over-year to $183.9 million, driven by new product launches, higher sales in certain categories, and continued demand in the commercial portfolio.

• Gross profit rose 8% to $93.5 million, with gross margin improving to 51% from 50% in Q2 2025, reflecting higher-margin product launches.

• Net income for Q2 2026 was $30.3 million ($0.67 per diluted share), slightly down from $31.0 million, while adjusted non-GAAP net income was $40.8 million ($0.91 per share).

• Advanced development pipeline and regulatory programs, including progress on biosimilars, proprietary products, and significant R&D investment in oncology, ophthalmology, and rheumatology.

• Vertically integrated business model enables full control over product development, manufacturing, and distribution, supporting quality and compliance.

Financial highlights

• Revenue rose to $183.9 million in Q2 2026, up 5% year-over-year; six-month net revenues were $355.1 million, up 3%.

• Gross margin improved to 51% in Q2 2026 (up from 50%); six-month gross margin was 46%.

• Net income was $30.3 million, with adjusted net income at $40.8 million; diluted EPS was $0.67, adjusted EPS $0.91.

• Operating cash flow for the first half of 2026 was $99.2 million.

• Share buybacks totaled $74.2 million for the first half of 2026.

Outlook and guidance

• Maintains mid- to high-single digit sales growth guidance for 2026, with continued investment in R&D and manufacturing expansion.

• Expects increased expenses at IMS facility ($2–3 million per quarter) due to remediation, with capital expenditures redirected but overall capex profile unchanged.

• R&D expenses expected to rise slightly as a percentage of sales; G&A and selling expenses to remain at Q2 levels.

• BAQSIMI® peak annual sales projected at $250M–$275M, with flat to low single-digit growth expected in 2026.

• Commercial launches of AMP-018 (GLP-1) and AMP-004 (Insulin Aspart) expected in 2027.