Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended June 30, 2025
Amphastar Pharmaceuticals (NASDAQ:AMPH) reported Q2 2025 financial results with net revenues of $174.4 million and GAAP net income of $31.0 million ($0.64 per share). The company's adjusted non-GAAP net income was $40.9 million ($0.85 per share).
BAQSIMI® emerged as a key revenue driver with a 51% increase to $46.7 million, while the company faced challenges with decreased sales in epinephrine (-42%) and glucagon (-25%). The company announced a major strategic initiative to quadruple manufacturing capacity at its Rancho Cucamonga headquarters. Additionally, the Board authorized a $50 million increase to the share buyback program.
The company's pipeline includes 4 ANDAs and one biosimilar insulin candidate filed with FDA, targeting products with a combined market size exceeding $3 billion, plus three biosimilar products targeting a $6 billion market.
Amphastar Pharmaceuticals (NASDAQ:AMPH) ha riportato i risultati finanziari del secondo trimestre 2025 con ricavi netti di 174,4 milioni di dollari e un utile netto GAAP di 31,0 milioni di dollari (0,64 dollari per azione). L'utile netto rettificato non-GAAP dell'azienda è stato di 40,9 milioni di dollari (0,85 dollari per azione).
BAQSIMI® si è confermato un motore chiave dei ricavi con un aumento del 51% che ha raggiunto i 46,7 milioni di dollari, mentre l'azienda ha affrontato difficoltà con la diminuzione delle vendite di epinefrina (-42%) e glucagone (-25%). È stata annunciata un'importante iniziativa strategica per quadruplicare la capacità produttiva presso la sede di Rancho Cucamonga. Inoltre, il Consiglio di Amministrazione ha autorizzato un aumento di 50 milioni di dollari al programma di riacquisto di azioni.
Il portafoglio prodotti dell'azienda comprende 4 ANDA e un candidato biosimilare di insulina presentati alla FDA, con prodotti che puntano a un mercato complessivo superiore a 3 miliardi di dollari, oltre a tre prodotti biosimilari rivolti a un mercato da 6 miliardi di dollari.
Amphastar Pharmaceuticals (NASDAQ:AMPH) reportó los resultados financieros del segundo trimestre de 2025 con ingresos netos de 174.4 millones de dólares y una ganancia neta GAAP de 31.0 millones de dólares (0.64 dólares por acción). La ganancia neta ajustada no GAAP de la compañía fue de 40.9 millones de dólares (0.85 dólares por acción).
BAQSIMI® se destacó como un motor clave de ingresos con un aumento del 51% hasta 46.7 millones de dólares, mientras que la compañía enfrentó desafíos con la disminución de ventas de epinefrina (-42%) y glucagón (-25%). La empresa anunció una importante iniciativa estratégica para cuadruplicar la capacidad de fabricación en su sede de Rancho Cucamonga. Además, la Junta autorizó un aumento de 50 millones de dólares al programa de recompra de acciones.
La cartera de productos de la compañía incluye 4 ANDAs y un candidato biosimilar de insulina presentado ante la FDA, apuntando a productos con un tamaño de mercado combinado que supera los 3 mil millones de dólares, además de tres productos biosimilares que apuntan a un mercado de 6 mil millones de dólares.
Amphastar Pharmaceuticals (NASDAQ:AMPH)는 2025년 2분기 재무 결과를 발표했으며, 순매출은 1억 7,440만 달러, GAAP 기준 순이익은 3,100만 달러 (주당 0.64달러)를 기록했습니다. 회사의 조정된 비-GAAP 순이익은 4,090만 달러 (주당 0.85달러)였습니다.
BAQSIMI®는 51% 증가한 4,670만 달러로 주요 수익 동력으로 부상했으나, 에피네프린 매출은 42%, 글루카곤 매출은 25% 감소하는 어려움을 겪었습니다. 회사는 Rancho Cucamonga 본사에서 제조 능력을 4배로 확대하는 주요 전략적 계획을 발표했습니다. 또한 이사회는 자사주 매입 프로그램을 5,000만 달러 증액하는 것을 승인했습니다.
회사의 파이프라인에는 FDA에 제출된 4개의 ANDA와 하나의 바이오시밀러 인슐린 후보가 포함되어 있으며, 이는 총 시장 규모가 30억 달러를 초과하는 제품들을 목표로 하고 있습니다. 또한 세 가지 바이오시밀러 제품이 60억 달러 시장을 겨냥하고 있습니다.
Amphastar Pharmaceuticals (NASDAQ:AMPH) a publié ses résultats financiers du deuxième trimestre 2025 avec des revenus nets de 174,4 millions de dollars et un bénéfice net GAAP de 31,0 millions de dollars (0,64 dollar par action). Le bénéfice net ajusté non-GAAP de la société s'est élevé à 40,9 millions de dollars (0,85 dollar par action).
BAQSIMI® s'est imposé comme un moteur clé des revenus avec une augmentation de 51% à 46,7 millions de dollars, tandis que la société a rencontré des difficultés avec une baisse des ventes d'épinéphrine (-42%) et de glucagon (-25%). La société a annoncé une initiative stratégique majeure visant à quadrupler la capacité de fabrication à son siège de Rancho Cucamonga. De plus, le conseil d'administration a autorisé une augmentation de 50 millions de dollars du programme de rachat d'actions.
Le pipeline de la société comprend 4 ANDA et un candidat biosimilaire à l'insuline déposés auprès de la FDA, ciblant des produits dont la taille de marché combinée dépasse 3 milliards de dollars, ainsi que trois produits biosimilaires visant un marché de 6 milliards de dollars.
Amphastar Pharmaceuticals (NASDAQ:AMPH) meldete die Finanzergebnisse für das zweite Quartal 2025 mit Nettoumsätzen von 174,4 Millionen US-Dollar und einem GAAP-Nettogewinn von 31,0 Millionen US-Dollar (0,64 US-Dollar je Aktie). Das bereinigte Non-GAAP-Nettoergebnis des Unternehmens betrug 40,9 Millionen US-Dollar (0,85 US-Dollar je Aktie).
BAQSIMI® entwickelte sich mit einem 51%igen Anstieg auf 46,7 Millionen US-Dollar zu einem wichtigen Umsatztreiber, während das Unternehmen mit rückläufigen Verkäufen bei Epinephrin (-42%) und Glucagon (-25%) zu kämpfen hatte. Das Unternehmen kündigte eine bedeutende strategische Initiative an, um die Produktionskapazität am Hauptsitz in Rancho Cucamonga zu vervierfachen. Zudem genehmigte der Vorstand eine Erhöhung des Aktienrückkaufprogramms um 50 Millionen US-Dollar.
Die Pipeline des Unternehmens umfasst 4 ANDAs und einen Biosimilar-Insulinkandidaten, die bei der FDA eingereicht wurden, mit Produkten, die einen kombinierten Markt von über 3 Milliarden US-Dollar anstreben, sowie drei Biosimilar-Produkte, die auf einen 6-Milliarden-Dollar-Markt abzielen.
- BAQSIMI® sales increased 51% to $46.7 million
- Board authorized $50 million increase to share buyback program
- Strategic plan to quadruple US manufacturing capacity
- Strong pipeline targeting combined market size over $10 billion
- Lidocaine sales increased 17% due to competitor shortages
- Total net revenues decreased 4% year-over-year to $174.4 million
- Epinephrine sales declined 42% due to increased competition
- Glucagon sales decreased 25% due to lower pricing and volumes
- Gross margin declined to 49.6% from 52.2% year-over-year
- Research and development expenses increased 14% to $20.1 million
Insights
Amphastar reports mixed Q2 results with 4% revenue decline but strategic BAQSIMI growth and major US manufacturing expansion plan.
Amphastar's Q2 2025 results present a mixed financial picture with total revenues declining 4% year-over-year to
The quarter's profitability metrics showed pressure with GAAP net income declining to
On the product portfolio front, epinephrine sales dropped sharply by
The most significant strategic development is Amphastar's planned major infrastructure investment to quadruple manufacturing capacity at its Rancho Cucamonga headquarters. This multi-year expansion represents the company's largest domestic infrastructure investment in its history and strategically positions Amphastar to reduce supply chain risks in the current geopolitical environment while supporting pipeline advancement.
The $50 million increase to the company's share buyback program demonstrates management's confidence in their long-term outlook despite near-term competitive pressures. With an impressive pipeline targeting products with a combined market exceeding
- Reports Net Revenues of
- GAAP net income of
- Adjusted non-GAAP net income of
- Company to hold a conference call today at 2:00 p.m. Pacific Time
RANCHO CUCAMONGA, CA / ACCESS Newswire / August 7, 2025 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" or the "Company"), a biopharmaceutical company focused on developing, manufacturing, and marketing complex generic and proprietary injectable, inhalation, and intranasal products, today reported results for the three months ended June 30, 2025.
"We are pleased to report strong second-quarter performance, driven primarily by the continued momentum of BAQSIMI®, which has quickly become a key driver of our revenue in 2025, with a
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net revenues | $ | 174,414 | $ | 182,394 | $ | 344,942 | $ | 354,230 | ||||||||
GAAP net income | $ | 31,030 | $ | 37,949 | $ | 56,315 | $ | 81,126 | ||||||||
Adjusted non-GAAP net income* | $ | 40,893 | $ | 48,688 | $ | 77,764 | $ | 103,984 | ||||||||
GAAP diluted EPS | $ | 0.64 | $ | 0.73 | $ | 1.15 | $ | 1.54 | ||||||||
Adjusted non-GAAP diluted EPS* | $ | 0.85 | $ | 0.94 | $ | 1.59 | $ | 1.98 | ||||||||
________________________________________
* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.
Second Quarter Results
Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2025 | 2024 | Dollars | % | |||||||||||||
(in thousands) | ||||||||||||||||
Product revenues, net: | ||||||||||||||||
BAQSIMI® | $ | 46,687 | $ | 30,854 | $ | 15,833 | 51 | % | ||||||||
Primatene MIST® | 22,880 | 22,856 | 24 | 0 | % | |||||||||||
Glucagon | 20,602 | 27,373 | (6,771 | ) | (25 | )% | ||||||||||
Epinephrine | 16,180 | 27,941 | (11,761 | ) | (42 | )% | ||||||||||
Lidocaine | 14,999 | 12,800 | 2,199 | 17 | % | |||||||||||
Other products | 53,066 | 57,564 | (4,498 | ) | (8 | )% | ||||||||||
Total product revenues, net | $ | 174,414 | $ | 179,388 | $ | (4,974 | ) | (3 | )% | |||||||
Other revenues | - | 3,006 | (3,006 | ) | (100 | )% | ||||||||||
Total net revenues | $ | 174,414 | $ | 182,394 | $ | (7,980 | ) | (4 | )% | |||||||
Changes in product revenues, net as compared to the second quarter of the prior year were primarily driven by:
BAQSIMI® sales increased primarily due to an increase in unit volume; total sales of BAQSIMI® grew
21% including prior year sales by Eli Lilly and Company, or LillyEpinephrine sales decreased due to a decrease in unit volumes, as a result of other suppliers returning to their historical distribution level for the epinephrine pre-filled syringe, as well as increased competition for our multi-dose epinephrine vial product
Glucagon sales decreased primarily due to a lower average selling price, impacting sales of
$4.7 million , as well as a decrease in unit volumes, impacting sales of$2.1 million , as a result of competition, and a move to ready to use glucagon products such as BAQSIMI®Lidocaine sales increased primarily due to an increase in unit volumes, due to an increase in demand caused by shortages from other suppliers during the quarter
Other pharmaceutical product sales changes were primarily due to a decrease in sales of enoxaparin, dextrose and sodium bicarbonate, as a result of increased competition. This was partially offset by an increase in sales of albuterol, which we launched in August 2024
Other revenues were zero in the second quarter of 2025 as we completed the assumption of distribution responsibilities globally for BAQSIMI® at the beginning of 2025, with all of BAQSIMI® related revenues in the current period being recognized in Product revenues, net. Other revenues in the previous period consisted of
$3.0 million in BAQSIMI® sales made by Lilly on our behalf under the Transition Service Agreement, or TSA, was net of$4.6 million in cost of sales and other expenses
Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2025 | 2024 | Dollars | % | |||||||||||||
(in thousands) | ||||||||||||||||
Net revenues | $ | 174,414 | $ | 182,394 | $ | (7,980 | ) | (4 | )% | |||||||
Cost of revenues | 87,924 | 87,228 | 696 | 1 | % | |||||||||||
Gross profit | $ | 86,490 | $ | 95,166 | $ | (8,676 | ) | (9 | )% | |||||||
as % of net revenues | ||||||||||||||||
Changes in the cost of revenues and gross margin were primarily driven by:
Decrease in other revenues related to Lilly's sales of BAQSIMI® under the TSA, which were recorded net of cost of sales and other expenses; as we assumed distribution of BAQSIMI® to all of our customers by the beginning of 2025, we recorded those sales in product revenues and cost of sales separately
Decrease in unit sales and pricing of glucagon, and lower pricing for our epinephrine multi-dose vial product, both of which are higher-margin products
Cost control efforts across the business partially offset the impact of pricing declines
Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2025 | 2024 | Dollars | % | |||||||||||||
(in thousands) | ||||||||||||||||
Selling, distribution, and marketing | $ | 10,235 | $ | 9,012 | $ | 1,223 | 14 | % | ||||||||
General and administrative | 13,991 | 13,285 | 706 | 5 | % | |||||||||||
Research and development | 20,080 | 17,652 | 2,428 | 14 | % | |||||||||||
Selling, distribution, and marketing expenses increased primarily due to the expansion of our sales and marketing efforts related to BAQSIMI®, including expenses related to our co-promotion contract with MannKind, and sales efforts related to Primatene MIST®
General and administrative expenses increased primarily due to an increase in salary and personnel-related expenses, which was partially offset by a decrease in accounting and consulting service fees
Research and development expenses increased primarily due to an increase in material and supply expenses for our inhalation pipeline products, an increase in depreciation expense, and an increase in clinical trial expense
Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2025 | 2024 | Dollars | % | |||||||||||||
(in thousands) | ||||||||||||||||
Non-operating expenses: | ||||||||||||||||
Interest income | $ | 1,921 | $ | 3,337 | $ | (1,416 | ) | (42 | )% | |||||||
Interest expense | (6,281 | ) | (8,609 | ) | 2,328 | (27 | )% | |||||||||
Other income (expenses), net | 1,511 | 298 | 1,213 | 407 | % | |||||||||||
Total non-operating expenses, net | $ | (2,849 | ) | $ | (4,974 | ) | $ | 2,125 | 43 | % | ||||||
The change in non-operating expenses, net is primarily a result of:
A decrease in interest income resulting from a decrease in interest on our cash and investments accounts
A decrease in interest expense as a result of the repayment of the mortgage loan with East West Bank, as well as the accretion of the interest on the deferred payment for BAQSIMI®, both of which were paid in full in June 2024
A change to other income (expenses), net primarily as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts during the three months ended June 30, 2025
Cash flow provided by operating activities for the six months ended June 30, 2025, was
Share Buyback Program
On August 5, 2025, the Company's Board of Directors authorized a
Purchases may be made through the open market and private block transactions pursuant to Rule 10b5-1 plans, privately negotiated transactions, or other means, as determined by the Company's management and in accordance with the requirements of the Securities and Exchange Commission and applicable laws.
The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, and other conditions.
Pipeline Information
The Company currently has four abbreviated new drug applications ("ANDAs") and one biosimilar insulin candidate filed with the FDA targeting products with a combined market size exceeding
Conference Call Information
The Company will hold a conference call to discuss its financial results today, August 7, 2025, at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, ten minutes before the conference.
The call can also be accessed on the Investors page on the Company's website at www.amphastar.com.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP diluted EPS, which generally excludes amortization expense, share-based compensation, impairment charges, expenses related to our acquisition of BAQSIMI®, certain debt issuance costs, legal settlements, and other one-time events in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.
Market Data
This press release contains market data that we obtained from industry sources. These sources do not guarantee the accuracy or completeness of the information. Although we believe that our industry sources are reliable, we do not independently verify the information. The market data may include projections that are based on a number of other projections. While we believe these assumptions to be reasonable and sound as of the date of this press release, actual results may differ from the projections.
About Amphastar Pharmaceuticals, Inc.
Amphastar is a biopharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically-challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells insulin API products. Most of the Company's finished products are used in hospital or urgent care clinical settings and are primarily contracted and distributed through group purchasing organizations and drug wholesalers. More information and resources are available at www.amphastar.com.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVY®, Amphadase®, and Cortrosyn®, are the property of Amphastar.
Forward-Looking Statements
All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of BAQSIMI® and Primatene MIST®, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our ability to leverage our existing expertise and technology, expansion of our headquarters, including quadrupling our production capacity and manufacturing capabilities, the resilience of our supply chain, our ability to expand our automation capabilities and integrate advanced technologies, our ability to create new jobs in the future, and other future events. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 8, 2025, and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 476-3416
Table I
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Statement of Operations
(Unaudited; in thousands, except per share data)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net revenues: | ||||||||||||||||
Product revenues, net | $ | 174,414 | $ | 179,388 | $ | 344,942 | $ | 337,017 | ||||||||
Other revenues | - | 3,006 | - | 17,213 | ||||||||||||
Total net revenues | 174,414 | 182,394 | 344,942 | 354,230 | ||||||||||||
Cost of revenues | 87,924 | 87,228 | 173,201 | 168,964 | ||||||||||||
Gross profit | 86,490 | 95,166 | 171,741 | 185,266 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, distribution, and marketing | 10,235 | 9,012 | 22,101 | 18,383 | ||||||||||||
General and administrative | 13,991 | 13,285 | 29,987 | 28,961 | ||||||||||||
Research and development | 20,080 | 17,652 | 40,176 | 34,695 | ||||||||||||
Total operating expenses | 44,306 | 39,949 | 92,264 | 82,039 | ||||||||||||
Income from operations | 42,184 | 55,217 | 79,477 | 103,227 | ||||||||||||
Non-operating expenses: | ||||||||||||||||
Interest income | 1,921 | 3,337 | 4,010 | 5,893 | ||||||||||||
Interest expense | (6,281 | ) | (8,609 | ) | (12,567 | ) | (17,220 | ) | ||||||||
Other income (expenses), net | 1,511 | 298 | (723 | ) | 6,219 | |||||||||||
Total non-operating expenses, net | (2,849 | ) | (4,974 | ) | (9,280 | ) | (5,108 | ) | ||||||||
Income before income taxes | 39,335 | 50,243 | 70,197 | 98,119 | ||||||||||||
Income tax provision | 8,305 | 12,294 | 13,882 | 16,420 | ||||||||||||
Income before equity in losses of unconsolidated affiliate | 31,030 | 37,949 | 56,315 | 81,699 | ||||||||||||
Equity in losses of unconsolidated affiliate | - | - | - | (573 | ) | |||||||||||
Net income | $ | 31,030 | $ | 37,949 | $ | 56,315 | $ | 81,126 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.66 | $ | 0.77 | $ | 1.19 | $ | 1.67 | ||||||||
Diluted | $ | 0.64 | $ | 0.73 | $ | 1.15 | $ | 1.54 | ||||||||
Weighted-average shares used to compute net income per share: | ||||||||||||||||
Basic | 46,949 | 48,907 | 47,295 | 48,560 | ||||||||||||
Diluted | 48,128 | 52,046 | 49,009 | 52,530 | ||||||||||||
Table II
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
June 30, | December 31, | |||||||
2025 | 2024 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 187,689 | $ | 151,609 | ||||
Restricted cash | 235 | 235 | ||||||
Short-term investments | 44,062 | 70,036 | ||||||
Restricted short-term investments | 2,200 | 2,200 | ||||||
Accounts receivable, net | 132,982 | 136,289 | ||||||
Inventories, net | 191,731 | 153,741 | ||||||
Income tax refunds and deposits | 1,603 | 1,747 | ||||||
Prepaid expenses and other assets | 20,328 | 18,214 | ||||||
Total current assets | 580,830 | 534,071 | ||||||
Property, plant, and equipment, net | 310,239 | 297,345 | ||||||
Finance lease right-of-use assets | 296 | 383 | ||||||
Operating lease right-of-use assets | 44,199 | 46,899 | ||||||
Goodwill and intangible assets, net | 578,499 | 590,660 | ||||||
Long-term investments | 2,047 | 10,996 | ||||||
Other assets | 28,099 | 25,992 | ||||||
Deferred tax assets | 71,124 | 71,124 | ||||||
Total assets | $ | 1,615,333 | $ | 1,577,470 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 166,552 | $ | 157,057 | ||||
Income taxes payable | 1,049 | 9,664 | ||||||
Current portion of long-term debt | 927 | 234 | ||||||
Current portion of operating lease liabilities | 7,879 | 6,804 | ||||||
Total current liabilities | 176,407 | 173,759 | ||||||
Long-term reserve for income tax liabilities | 6,957 | 6,957 | ||||||
Long-term debt, net of current portion and unamortized debt issuance costs | 607,727 | 601,630 | ||||||
Long-term operating lease liabilities, net of current portion | 38,964 | 41,881 | ||||||
Other long-term liabilities | 27,796 | 20,945 | ||||||
Total liabilities | 857,851 | 845,172 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock: par value | - | - | ||||||
Common stock: par value | 6 | 6 | ||||||
Additional paid-in capital | 520,581 | 505,400 | ||||||
Retained earnings | 625,102 | 568,787 | ||||||
Accumulated other comprehensive loss | (5,361 | ) | (9,181 | ) | ||||
Treasury stock | (382,846 | ) | (332,714 | ) | ||||
Total equity | 757,482 | 732,298 | ||||||
Total liabilities and stockholders' equity | $ | 1,615,333 | $ | 1,577,470 | ||||
Table III
Amphastar Pharmaceuticals, Inc.
Reconciliation of Non-GAAP Measures
(Unaudited; in thousands, except per share data)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
GAAP net income | $ | 31,030 | $ | 37,949 | $ | 56,315 | $ | 81,126 | ||||||||
Adjusted for: | ||||||||||||||||
Intangible asset amortization | 6,269 | 6,193 | 12,509 | 12,360 | ||||||||||||
Share-based compensation | 6,382 | 5,780 | 14,775 | 13,140 | ||||||||||||
Expenses related to BAQSIMI® acquisition | - | 1,825 | - | 3,651 | ||||||||||||
Income tax provision on pre-tax adjustments | (2,788 | ) | (3,059 | ) | (5,835 | ) | (6,293 | ) | ||||||||
Adjusted non-GAAP net income | $ | 40,893 | $ | 48,688 | $ | 77,764 | $ | 103,984 | ||||||||
Adjusted non-GAAP net income per share: | ||||||||||||||||
Basic | $ | 0.87 | $ | 0.99 | $ | 1.64 | $ | 2.14 | ||||||||
Diluted | $ | 0.85 | $ | 0.94 | $ | 1.59 | $ | 1.98 | ||||||||
Weighted-average shares used to compute adjusted non-GAAP net income per share: | ||||||||||||||||
Basic | 46,949 | 48,907 | 47,295 | 48,560 | ||||||||||||
Diluted | 48,128 | 52,046 | 49,009 | 52,530 | ||||||||||||
Three Months Ended June 30, 2025 | ||||||||||||||||||||||||
Selling, | General | Research | Non-operating | |||||||||||||||||||||
Cost of | distribution | and | and | (expenses) | Income | |||||||||||||||||||
revenue | and marketing | administrative | development | income, net | tax provision | |||||||||||||||||||
GAAP | $ | 87,924 | $ | 10,235 | $ | 13,991 | $ | 20,080 | $ | (2,849 | ) | $ | 8,305 | |||||||||||
Intangible asset amortization | (6,250 | ) | - | - | (19 | ) | - | - | ||||||||||||||||
Share-based compensation | (1,400 | ) | (311 | ) | (4,068 | ) | (603 | ) | - | - | ||||||||||||||
Income tax provision on pre-tax adjustments | - | - | - | - | - | 2,788 | ||||||||||||||||||
Non-GAAP | $ | 80,274 | $ | 9,924 | $ | 9,923 | $ | 19,458 | $ | (2,849 | ) | $ | 11,093 | |||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||||||||||
Selling, | General | Research | Non-operating | |||||||||||||||||||||
Cost of | distribution | and | and | (expenses) | Income | |||||||||||||||||||
revenue | and marketing | administrative | development | income, net | tax provision | |||||||||||||||||||
GAAP | $ | 87,228 | $ | 9,012 | $ | 13,285 | $ | 17,652 | $ | (4,974 | ) | $ | 12,294 | |||||||||||
Intangible asset amortization | (6,173 | ) | - | - | (20 | ) | - | - | ||||||||||||||||
Share-based compensation | (1,325 | ) | (268 | ) | (3,653 | ) | (534 | ) | - | - | ||||||||||||||
Expenses related to BAQSIMI® acquisition | - | - | - | - | 1,825 | - | ||||||||||||||||||
Income tax provision on pre-tax adjustments | - | - | - | - | - | 3,059 | ||||||||||||||||||
Non-GAAP | $ | 79,730 | $ | 8,744 | $ | 9,632 | $ | 17,098 | $ | (3,149 | ) | $ | 15,353 | |||||||||||
Six Months Ended June 30, 2025 | ||||||||||||||||||||||||
Selling, | General | Research | Non-operating | |||||||||||||||||||||
Cost of | distribution | and | and | (expenses) | Income | |||||||||||||||||||
revenue | and marketing | administrative | development | income, net | tax provision | |||||||||||||||||||
GAAP | $ | 173,201 | $ | 22,101 | $ | 29,987 | $ | 40,176 | $ | (9,280 | ) | $ | 13,882 | |||||||||||
Intangible asset amortization | (12,470 | ) | - | (1 | ) | (38 | ) | - | - | |||||||||||||||
Share-based compensation | (3,738 | ) | (624 | ) | (8,637 | ) | (1,776 | ) | - | - | ||||||||||||||
Income tax provision on pre-tax adjustments | - | - | - | - | - | 5,835 | ||||||||||||||||||
Non-GAAP | $ | 156,993 | $ | 21,477 | $ | 21,349 | $ | 38,362 | $ | (9,280 | ) | $ | 19,717 | |||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||||||||||||
Selling, | General | Research | Non-operating | |||||||||||||||||||||
Cost of | distribution | and | and | (expenses) | Income | |||||||||||||||||||
revenue | and marketing | administrative | development | income, net | tax provision | |||||||||||||||||||
GAAP | $ | 168,964 | $ | 18,383 | $ | 28,961 | $ | 34,695 | $ | (5,108 | ) | $ | 16,420 | |||||||||||
Intangible asset amortization | (12,320 | ) | - | (3 | ) | (37 | ) | - | - | |||||||||||||||
Share-based compensation | (3,450 | ) | (528 | ) | (7,529 | ) | (1,633 | ) | - | - | ||||||||||||||
Expenses related to BAQSIMI® acquisition | - | - | - | - | 3,651 | - | ||||||||||||||||||
Income tax provision on pre-tax adjustments | - | - | - | - | - | 6,293 | ||||||||||||||||||
Non-GAAP | $ | 153,194 | $ | 17,855 | $ | 21,429 | $ | 33,025 | $ | (1,457 | ) | $ | 22,713 | |||||||||||
SOURCE: Amphastar Pharmaceuticals, Inc.
View the original press release on ACCESS Newswire
FAQ
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