Amphastar Pharmaceuticals (AMPH) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 8% YoY to $207.6 million, supported by record BAQSIMI and Primatene MIST sales and new launches; GAAP net income was $37.8 million, or $0.87 diluted EPS.

• Priorities include growing the commercial portfolio, advancing complex generics and biosimilars, and progressing proprietary programs with disciplined investment.

Financial highlights

• Q3 operating income was $50.8 million vs. $25.3 million; gross profit was $99.6 million vs. $98.6 million, as revenue growth was largely offset by higher cost of revenues.

• Adjusted net income was $49.3 million, or $1.14 diluted EPS, vs. $44.7 million, or $0.93 per share; G&A declined to $16.8 million from $39.5 million, partly reflecting the prior-year $23.1 million litigation provision.

• 9M revenue increased 5% to $562.7 million; GAAP net income was $74.5 million vs. $73.7 million, and adjusted net income was $109.5 million vs. $122.5 million.

• 9M operating cash flow was $142.5 million vs. $123.3 million; cash and cash equivalents were $204.6 million at September 30, 2026.

• Q3 R&D expense decreased 10% to $20.1 million, partly because prior-year spending included a one-time licensing payment; 9M R&D rose 10% to $69.0 million.

Outlook and guidance

• Q4 sales are expected to increase in the high-single-digit range YoY, incorporating a modest IMS sales slowdown as corrective actions continue.

• 2027 outlook has not been provided; expected growth drivers include BAQSIMI, Primatene MIST and annualized ipratropium sales.

• Insulin aspart biosimilar remains targeted for a potential 2027 launch, subject to FDA approval; timing is not firm and launch is not imminent.

• IMS remediation expenses were $2–3 million in Q3 and are expected to be somewhat higher in each of the next two or three quarters; manufacturing expense is expected to remain elevated during remediation.

• R&D expense is expected to rise, with clinical-trial spending for proprietary, insulin and inhalation candidates increasing over coming quarters and years.