Amphastar Pharmaceuticals (AMPH) Q4 2025 earnings summary

Executive summary

• 2025 was pivotal, marked by strong commercial execution, scientific innovation, and double-digit BAQSIMI® growth, with FDA approvals for iron sucrose, teriparatide, and Ipratropium Bromide HFA Inhalation Aerosol.

• Expanded proprietary pipeline with novel peptides in oncology, ophthalmology, and a synthetic corticotropin program in immunology.

• Operates a fully integrated business model with in-house R&D, manufacturing, and marketing, emphasizing high quality and efficiency.

• Proprietary and biosimilar products projected to comprise 85% of the pipeline by 2026, up from 37% in 2021.

• U.S. manufacturing expansion to quadruple capacity, supporting future demand and pipeline launches.

Financial highlights

• Full-year 2025 net revenues were $719.9M; BAQSIMI® contributed $185.4M (up 46% YoY), Primatene MIST® $108.7M (up 7% YoY).

• Q4 2025 revenues were $183.1M, down 2% YoY; BAQSIMI® Q4 sales up 12%, Primatene MIST® down 3%.

• Operating cash flow for 2025 was $156.1M; cash and equivalents at year-end were $170.2M.

• Net income for Q4 was $24.4M ($0.51/share); adjusted net income was $34.2M ($0.73/share); full-year adjusted non-GAAP net income was $156.6M ($3.25/share).

• Gross profit margin for 2025 was 49.5%; Q4 margin was 46.8%.

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.

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

• Primatene MIST® forecasted for high single-digit growth in 2026, with a 5% price increase planned.

• Gross margins expected to decline due to pricing pressure on legacy products and higher input costs.

• R&D and capital spending to increase, especially for pipeline and facility expansion.