AMPH · Amphastar Pharmaceuticals, Inc.

Amphastar Pharmaceuticals' Q1 2026 results showed modest top-line stability with net revenues at $171.2 million, a 0% increase from $170.5 million in Q1 2025, driven by a 34% surge in other products including new launches like albuterol (+$2.8M), iron sucrose (+$1.4M), and teriparatide (+$2.2M), plus dextrose demand from supplier shortages. These gains offset sharp declines in BAQSIMI (-15%, -$5.9M from lower ASP due to discounts/chargebacks, partially mitigated by volume) and glucagon (-56%, -$11.7M from volume and ASP erosion amid competition and shift to ready-to-use products). Primatene MIST (+2%) and epinephrine (+3%, pre-filled syringe demand from shortages) provided incremental support. Gross profit fell 18% to $70.3 million (41.1% margin vs. 50.0%), pressured by lower ASPs on high-margin items like BAQSIMI, glucagon, phytonadione, and epinephrine vials, plus higher manufacturing costs from Rancho Cucamonga facility expansion. Operating expenses rose, with R&D up 33% to $26.7 million due to insulin/inhalation pipeline investment and a $2.0 million upfront payment for an exclusive license with Nanjing Hanxin Pharmaceutical Technology Co., Ltd. for a fully synthetic corticotropin compound targeting inflammatory/autoimmune conditions. G&A increased 13% from legal, ERP implementation, and personnel costs. GAAP net income dropped to $6.4 million ($0.14/share) from $25.3 million ($0.51/share), while adjusted non-GAAP was $19.5 million ($0.42/share). Non-operating improved due to foreign currency and interest rate swap gains. Operating cash flow strengthened to $47.8 million. CEO Dr. Jack Zhang highlighted Ipratropium Bromide HFA approval/launch, pipeline progress including one ANDA, one biosimilar insulin filed (>$1.6B market), two biosimilars and two generics in development (>$4.5B combined), plus four in-licensed proprietary peptides and corticotropin. No forward guidance provided.