Amphastar Pharmaceuticals, Inc. reported net revenues of $732.0 million for the year ended December 31, 2024, a 14% increase compared to $644.4 million in 2023. Net income rose to $159.5 million in 2024, up from $137.5 million in 2023. The company attributed the revenue increase primarily to the acquisition of BAQSIMI® and increased sales of Primatene MIST® and epinephrine, partially offset by decreased sales of glucagon, enoxaparin, and naloxone. The increase in gross profit margin from 51% to 54% was primarily due to the change in revenue recognition for BAQSIMI® sales under the Transition Service Agreement with Eli Lilly & Company.
Significant changes in 2024 included the completion of the BAQSIMI® acquisition in June 2023, resulting in $126.9 million in product revenues, net, for the year. The company also assumed responsibility for BAQSIMI® operations from Lilly throughout 2024, concluding the Transition Service Agreement on January 1, 2025. Additionally, the FDA approved Amphastar's Albuterol Sulfate Inhalation Aerosol in May 2024, which launched in August 2024. The company's selling, distribution, and marketing expenses increased by 31% due to expanded efforts for BAQSIMI®, while general and administrative expenses rose by 10% due to increased salary and personnel-related expenses and BAQSIMI®-related costs.
Amphastar's research and development expenses remained relatively flat at $73.9 million in 2024 compared to $73.7 million in 2023. The company employs 2,028 full-time employees across the United States, China, and France, with approximately 150 holding postgraduate degrees. No U.S. employees are represented by a labor union. The company's primary markets are injectables and inhalation products, with a focus on products with high technical barriers to entry. The U.S. injectable drug market was over $390 billion in 2024, while the inhalation drug market was approximately $27 billion.
Amphastar's largest products by net revenue in 2024 were BAQSIMI®, glucagon, Primatene MIST®, epinephrine, lidocaine, and phytonadione. The company faces competition from numerous pharmaceutical companies in both generic and proprietary markets. Amphastar's strategy focuses on developing and commercializing products with high technical barriers to entry, leveraging its vertically integrated infrastructure and experienced management team. The company also plans to diversify revenue by commercializing its product candidates and pursuing strategic acquisitions.
The company's outlook includes continued investment in research and development, expansion of its manufacturing facilities, and further commercialization of its product candidates. Amphastar anticipates that its cash reserves, operating cash flows, and borrowing availability will be sufficient to fund operations for at least the next 12 months. However, the company acknowledges numerous risks and uncertainties, including those related to regulatory approvals, competition, supply chain integrity, and macroeconomic conditions, as detailed in the 10-K filing.
About Amphastar Pharmaceuticals, Inc.
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