Amphastar Pharmaceuticals (AMPH) Wells Fargo 21st Annual Healthcare Conference summary

Business Overview and Growth Strategy

• Expanded from complex generics into branded pharmaceuticals, with BAQSIMI and Primatene MIST as key products and an expanded international footprint through acquisitions.

• Operates a fully integrated, one-stop business model with in-house R&D, manufacturing, and distribution, ensuring quality and compliance.

• Strategic emphasis on R&D investment, with $369M self-funded over five years, supporting a diverse and scalable proprietary pipeline.

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

• In-licensed early-stage products and ongoing development programs diversify therapeutic areas, including oncology and ophthalmology.

Product Pipeline and Innovation

• Proprietary pipeline includes first-in-class peptides for oncology, ophthalmology, and rheumatology, with several advancing through preclinical and clinical stages.

• AMP-105 targets multiple solid tumors and lymphomas; AMP-107 offers a non-injectable eye drop for wet-AMD and DME.

• AMP-109, a peptide-coupled docetaxel, shows significant tumor inhibition in preclinical pancreatic cancer models.

• Three interchangeable biosimilars in development, including insulin analogs and glucagon, with commercial launches expected in 2027.

• Insulin aspart (AMP-004) and first GLP-1 generic (AMP-018) targeted for approval and launch in 2027, with interchangeability as a competitive edge.

Revenue and Margin Outlook

• Forecasts mid to high single-digit revenue growth through 2026, with confidence in meeting targets.

• Annual revenue grew from $499M in 2021 to $732M in 2024, with adjusted EPS rising at a 24% annual rate.

• Margin expansion anticipated as new products (excluding API) are above corporate average; increased manufacturing utilization to lower costs.

• BAQSIMI growth driven by increased prescription compliance and resolution of 340B double discounting by Q4.

• Primatene MIST and API sales expected to contribute to growth, with new product launches and expanded sales footprint adding further upside.