Amphastar Pharmaceuticals — Second Quarter 2026 Earnings Summary

Financial Performance

• Net revenues for the three months ended June 30, 2026, were $183.9 million, a 5% increase from $174.4 million in the prior year period.
• GAAP net income was $30.3 million ($0.67 per diluted share), compared to $31.0 million ($0.64 per diluted share) in the second quarter of 2025.
• Adjusted non-GAAP net income was $40.8 million ($0.91 per diluted share), compared to $40.9 million ($0.85 per diluted share) in the prior year period.
• Gross profit was $93.5 million, or 50.8% of net revenues, up from $86.5 million (49.6%) in the prior year period.
• Cost of revenues increased 3% to $90.4 million.
• Selling, distribution, and marketing expenses increased 30% to $13.3 million.
• General and administrative expenses increased 30% to $18.2 million.
• Research and development expenses increased 10% to $22.2 million.
• Cash flow provided by operating activities for the six months ended June 30, 2026, was $99.2 million.
• Cash and cash equivalents were $223.6 million as of June 30, 2026, compared to $170.2 million as of December 31, 2025.
• Total debt was $612.1 million (current portion of $2.5 million and long-term portion of $609.6 million) as of June 30, 2026.

Business Segments and Product Lines

• BAQSIMI® sales were $45.5 million, a 3% decrease year-over-year, driven by lower average selling prices due to gross-to-net discount changes, partially offset by volume growth.
• Primatene MIST® sales were $21.0 million, an 8% decrease, attributed to timing of customer purchases rather than demand changes.
• Epinephrine sales were $15.9 million, a 2% decrease, impacted by competition in multi-dose vials but partially offset by shortages benefiting pre-filled syringes.
• Glucagon sales were $11.9 million, a 42% decrease, driven by lower average selling prices and volume shifts to ready-to-use products.
• Ipratropium bromide sales were $8.4 million following a successful launch in April 2026.
• Other product sales increased 25% to $66.2 million, driven by iron sucrose ($3.5 million increase), teriparatide ($4.5 million increase), Albuterol, phytonadione, sodium bicarbonate, and API sales.
• The company achieved the first annual net sales milestone under its asset purchase agreement with Eli Lilly for BAQSIMI®, with sales reaching $175.0 million for the contract year.
• The pipeline includes one ANDA and one biosimilar insulin candidate targeting a market exceeding $1.6 billion, two biosimilar products targeting over $3.5 billion, and three generic products targeting over $1.2 billion.
• The proprietary pipeline includes four recently in-licensed products: three proprietary peptides for oncology and ophthalmology, and a synthetic corticotropin compound for inflammatory and autoimmune conditions.

Other Key Points

• The milestone payment of $100.0 million to Eli Lilly, triggered by the BAQSIMI® sales achievement, is due in the third quarter of 2026.
• The company held a conference call on August 6, 2026, at 2:00 p.m. Pacific Time to discuss results.
• A $1.0 million litigation provision was recorded for the six months ended June 30, 2026.
• Non-operating expenses, net, decreased 58% year-over-year, primarily due to foreign currency fluctuations and mark-to-market adjustments on interest rate swap contracts.
• Manufacturing expenses increased due to the expansion of the Rancho Cucamonga, CA facility.
• General and administrative expenses rose due to legal costs, new ERP system implementation, and personnel-related expenses.
• Research and development expenses increased due to higher clinical trial costs for insulin pipeline products and personnel costs.