Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended September 30, 2026

(NASDAQ:AMPH) Amphastar Pharmaceuticals, Inc. reported net revenues of $207.6 million for the three months ended September 30, 2026. GAAP net income for the third quarter was $37.8 million, or $0.87 per share. Adjusted non-GAAP net income for the third quarter was $49.3 million, or $1.14 per share. For the nine months ended September 30, 2026, net revenues were $562,682,000 and GAAP net income was $74,531,000. Adjusted non-GAAP net income for the nine months was $109,502,000. GAAP diluted EPS for the nine months was $1.67, and adjusted non-GAAP diluted EPS was $2.45. Third quarter net revenues by product included BAQSIMI® at $58,804,000, Primatene MIST® at $31,461,000, Lidocaine at $16,638,000, Epinephrine at $15,273,000, Glucagon at $8,575,000, Ipratropium bromide at $6,645,000, and other products at $70,212,000. BAQSIMI® sales increased by $5,196,000 (10%) year-over-year, primarily due to higher unit volumes, with $7.4 million in sales from marketing efforts, partially offset by a $2.2 million impact from lower average selling price. Primatene MIST® sales rose by $2,653,000 (9%), with $1.6 million from a price increase and $1.0 million from higher unit volumes. Lidocaine sales increased by $3,706,000 (29%) due to higher demand from supplier shortages. Ipratropium bromide sales were $6,645,000 following its launch in Q2 2026. Epinephrine sales decreased by $3,516,000 (19%) due to lower unit volumes from slower product releases at International Medication Systems, Limited (IMS). Glucagon sales fell by $4,983,000 (37%) due to increased competition. Other product sales increased, including teriparatide at $6.4 million (launched December 2025) and API sales from Amphastar Nanjing Pharmaceuticals, Inc. (ANP) at $6.2 million. Total net revenues increased by $15,768,000 (8%) compared to Q3 2025. Cost of revenues for the quarter was $107,979,000, up $14,785,000 (16%), resulting in gross profit of $99,629,000 (48.0% of net revenues). Selling, distribution, and marketing expenses were $11,934,000, general and administrative expenses were $16,844,000, and research and development expenses were $20,078,000. Non-operating expenses, net, were $(1,709,000), reflecting foreign currency fluctuations and mark-to-market adjustments on interest rate swaps. Cash flow from operating activities for the nine months ended September 30, 2026, was $142.5 million. On November 4, 2026, the Board authorized a $50 million increase to the share buyback program, which is expected to continue indefinitely to offset dilution from equity compensation. The company has one ANDA and one biosimilar insulin candidate filed with the FDA targeting a combined market size over $1.6 billion, two biosimilar products in development targeting over $3.5 billion, and three generic products in development targeting over $1.2 billion. The proprietary pipeline includes four in-licensed products (three peptides for oncology and ophthalmology, and a synthetic corticotropin compound for inflammatory and autoimmune conditions). Dr. Jack Zhang, President and CEO, stated that record sales of BAQSIMI® and Primatene MIST®, along with new product launches, supported revenue growth and the company's long-term strategy. The company continues to invest in manufacturing, quality, and development capabilities. Amphastar will hold a conference call on November 5, 2026, at 2:00 p.m. Pacific Time to discuss these results.