Amphastar Pharmaceuticals Inc. (AMPH) reported its financial results for the year ended December 31, 2025, showcasing a slight decrease in total net revenues compared to the previous year. The company posted net revenues of $719.9 million, a decrease from $732.0 million in 2024. Despite the revenue dip, Amphastar recorded a net income of $98.1 million, compared to $159.5 million in 2024 and $137.5 million in 2023. The company attributed the decrease in net revenues to a decline in other revenues, which was offset by a slight increase in product revenues.
Product revenues, net, increased by 1% to $719.9 million in 2025, driven by strong performances from key products. BAQSIMI® sales increased by 46% to $185.4 million, and Primatene MIST® sales rose by 7% to $108.7 million. However, these gains were partially offset by declines in sales of epinephrine and glucagon, which decreased by 25% and 36%, respectively, due to increased competition and market dynamics. The company also launched albuterol sulfate inhalation aerosol, iron sucrose injection, and teriparatide injection during the year, contributing to the "other products" revenue category.
Operationally, Amphastar continued to focus on developing and commercializing technically challenging products. The company highlighted its robust portfolio of over 25 marketed products and more than 10 product candidates in various stages of development. Strategic developments included the FDA approval and subsequent launch of iron sucrose injection and teriparatide injection, as well as the planned launch of Ipratropium Bromide HFA inhalation aerosol in early 2026. The company also emphasized its vertically integrated infrastructure, which includes API manufacturing capabilities, and its experienced management team with deep scientific expertise.
Looking ahead, Amphastar aims to diversify its revenues by commercializing its product candidates and expanding into higher-value proprietary and biosimilar programs. The company is targeting complex generic product opportunities and developing proprietary products to achieve higher margins and long-term revenue growth. While the company believes its current manufacturing capacity is adequate for the near term, it is planning to increase capacity at its plants in Rancho Cucamonga, CA, Canton, MA, and Nanjing, China. The company also acknowledges its dependence on single-source suppliers and contract manufacturing organizations, which pose risks to its supply chain.
About Amphastar Pharmaceuticals, Inc.
Amphastar Pharmaceuticals, Inc. develops, manufactures, markets, and sells complex generic and proprietary injectable, inhalation, and intranasal pharmaceutical products, along with insulin active pharmaceutical ingredients (APIs). The company targets high-barrier markets such as injectables and inhalation therapies, serving hospitals, clinics, and pharmacies primarily in the U.S. Amphastar’s vertically integrated model combines advanced R&D, manufacturing, and regulatory expertise to deliver technically challenging drugs with limited competition and strong supply chain control.
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