Amphastar Pharmaceuticals, Inc. SEC Filings

Amphastar Pharmaceuticals, Inc. reported new executive employment agreements for Jacob Liawatidewi and Rong Zhou effective March 3, 2026. Each agreement has a one-year term that automatically renews unless either party gives 90 days’ notice and can be terminated at any time with or without cause or good reason.

Liawatidewi will receive an annual base salary of $525,800 with a target cash bonus equal to 55% of base salary, while Zhou will receive $590,000 with a 53% target bonus. Both are eligible for equity incentives and standard company benefit plans.

On a qualifying termination, they may receive severance benefits subject to signing a release, with additional severance if it occurs within one year after a change in control. Upon any change in control during employment, 100% of their unvested equity awards will vest. Payments are also structured to address potential Section 280G excise taxes.

Amphastar Pharmaceuticals outlined two agreements with Chinese affiliates that it does not view as material to its financial results. Its subsidiary Amphastar Nanjing Pharmaceuticals signed a five-year supply agreement with Nanjing Letop Biotechnology, under which Letop will provide chemical intermediates. Amphastar can choose order volumes at its discretion and is not required to buy any minimum quantity. Payments will be made in Chinese yuan, and Amphastar retains ownership of shared confidential information.

Separately, Amphastar amended its contract research arrangement with Nanjing Hanxin Pharmaceutical Technology. The company will use Hanxin’s research cell banks to develop Master Cell Banks for product candidate AMP-105 instead of AMP-107. This change increases the total contract cost by about $0.6 million. Both Letop and Hanxin are majority-owned by family members of senior executives, and Amphastar’s Audit Committee reviewed and approved these related party transactions.

Amphastar Pharmaceuticals, Inc. reports its full-year 2025 results and outlines an expanded injectable, inhalation, and intranasal drug portfolio. Net revenues were $719.9 million in 2025 compared with $732.0 million in 2024, while net income declined to $98.1 million from $159.5 million.

The company’s largest products include BAQSIMI glucagon nasal powder, Primatene MIST, glucagon, epinephrine, and lidocaine. Amphastar completed the global transition of BAQSIMI distribution, launched FDA‑approved albuterol and iron sucrose products in 2024–2025, and gained approvals for teriparatide and Ipratropium Bromide HFA.

Amphastar is investing heavily in complex generics, biosimilar insulins and proprietary peptides, backed by 163 R&D employees and vertically integrated API facilities in the U.S., France, and China. At February 20, 2026, the company had 45,370,171 common shares outstanding, and key U.S. wholesalers McKesson, Cencora and Cardinal Health together represented most of its net revenues.

Amphastar Pharmaceuticals reported fourth-quarter and full-year 2025 results showing modestly lower sales but a sharp drop in profit. Full-year net revenues were $719,887,000 versus $731,967,000 a year earlier, while GAAP net income declined to $98,094,000 from $159,519,000, and GAAP diluted EPS fell to $2.03 from $3.06.

Adjusted non-GAAP net income decreased to $156,618,000 from $200,806,000, with adjusted diluted EPS of $3.25 compared with $3.86. BAQSIMI® was a key growth driver, with 2025 product revenues of $185,358,000 up from $126,898,000, while glucagon and epinephrine products declined. Operating expenses rose, particularly general and administrative and research and development.

The company generated cash flow from operating activities of $156,100,000 for 2025 and ended the year with cash, cash equivalents, and short-term investments totaling $282,812,000. Amphastar highlighted recent FDA approvals for iron sucrose and teriparatide injections and expanded its proprietary pipeline with three novel peptides and a fully synthetic corticotropin compound targeting oncology, ophthalmology, and immunology markets.

Amphastar Pharmaceuticals entered an exclusive license with Nanjing Hanxin to develop and sell a corticotropin product in the United States and Canada. Amphastar paid an upfront $2 million and may owe up to $14 million in development milestones, up to $75 million in sales milestones, and annual royalties capped at $7.5 million with a lifetime cap of $60 million for this product. Hanxin will pay Amphastar royalties on sales of licensed products that use Amphastar patents or regulatory exclusivity outside this territory.

The license term runs at least ten years from first commercial sale in each region, with an option for Amphastar to extend. Amphastar and Hanxin also expanded their existing distribution and manufacturing agreements to cover additional regions and products, which the company does not consider material to its financial condition or results. These agreements are related-party transactions because Amphastar’s founders and their family beneficially own a majority of Hanxin; the company states its audit committee evaluated and approved the new arrangements.

Amphastar Pharmaceuticals' senior executive reports option exercise and share sale. The Senior EVP, Production Center exercised an employee stock option to acquire 9,787 shares of Amphastar Pharmaceuticals common stock at an exercise price of $11.33 per share on 12/17/2025. On the same day, 9,787 common shares were sold at a weighted average price of $26.1959 per share, with individual sale prices ranging from $25.97 to $26.50.

After these transactions, the reporting person directly owns 138,043 common shares. In addition, 99,668 shares are held by the Zhou Family Trust, for which the reporting person serves as trustee, and 5,000 shares are held by the reporting person’s spouse. The option shares were fully vested and immediately exercisable at the time of exercise.

Amphastar Pharmaceuticals reported that one of its directors sold Amphastar common stock in two open-market transactions. On December 11, 2025, the director sold 1,737 shares at $25.688 per share. On December 12, 2025, the director sold 2,426 shares at a weighted average price of $25.9226 per share, with individual trades ranging from $25.9225 to $25.945.

After these sales, the director beneficially owned 71,368 shares of Amphastar common stock, held directly. The report states that full detail on the number of shares sold at each separate price is available upon request from the issuer, any security holder, or the SEC staff.

Amphastar Pharmaceuticals director reports option exercise and share sale. A director of Amphastar Pharmaceuticals, Inc. (AMPH) exercised a stock option for 4,179 shares of common stock on 11/25/2025 at an exercise price of $16.69 per share. On the same date, the director sold 4,179 shares of common stock in an open-market transaction at a weighted average price of $27.1006 per share, with individual sale prices ranging from $27.10 to $27.125. After these transactions, the director beneficially owns 35,183 shares of Amphastar common stock held directly. The option exercised covered fully vested, immediately exercisable shares and now has a remaining balance of zero derivative securities.

Amphastar Pharmaceuticals, Inc. (AMPH) reported an insider transaction by a director involving company common stock. On 11/13/2025, the director exercised a stock option for 16,679 shares of common stock at an exercise price of $16.69 per share and acquired those shares. On the same date, the director sold 16,679 shares of common stock at a weighted average price of $26.4906 per share, with individual sale prices ranging from $26.43 to $26.57. After these transactions, the director beneficially owned 75,531 shares of Amphastar common stock directly. The stock option covering 16,679 shares, which was fully vested and immediately exercisable and had an expiration date of 06/07/2026, now shows 0 derivative securities remaining beneficially owned.