Amphastar Pharmaceuticals Reports $183.9M Revenue in Q2 2026, Net Income Declines

Amphastar Pharmaceuticals, Inc. reported a net revenue of $183.9 million for the second quarter of 2026, reflecting a 5% increase from $174.4 million in the same period last year. For the first half of 2026, the company achieved total revenues of $355.1 million, up 3% from $344.9 million in the first half of 2025. The gross profit for the second quarter was $93.5 million, an 8% increase compared to $86.5 million in the prior year, while the gross margin improved slightly to 51% from 50%. However, net income for the quarter decreased to $30.3 million, down from $31.0 million a year earlier, resulting in diluted earnings per share of $0.67.

The company experienced notable changes in its product performance. Sales of BAQSIMI® decreased by 3% to $45.5 million, primarily due to a lower average selling price influenced by changes in gross-to-net discounts. In contrast, sales of other products surged by 25%, driven by new product launches, including iron sucrose and teriparatide. The company launched its Ipratropium Bromide HFA inhalation aerosol in April 2026, contributing to the overall revenue growth. Additionally, Amphastar's operational expenses rose, with selling, distribution, and marketing expenses increasing by 30% to $13.3 million, and general and administrative expenses rising by 30% to $18.2 million, attributed to higher freight costs and legal expenses.

Amphastar's total assets increased to $1.74 billion as of June 30, 2026, compared to $1.63 billion at the end of 2025. The company reported a significant increase in accounts payable and accrued liabilities, which rose to $251.4 million from $148.3 million, largely due to a $100 million milestone payment related to BAQSIMI® sales. The company’s cash and cash equivalents also improved, reaching $223.6 million, up from $170.2 million at the end of 2025. The employee headcount remained stable, with no significant changes reported.

Looking ahead, Amphastar anticipates continued fluctuations in sales due to competitive dynamics, particularly for glucagon and epinephrine products. The company is also addressing an FDA warning letter received by its subsidiary, International Medication Systems, Limited, which may impact production. Despite these challenges, Amphastar remains committed to expanding its product portfolio and investing in research and development, particularly for its insulin and inhalation product candidates. The company expects to maintain sufficient cash reserves and operational cash flows to support its growth initiatives over the next 12 months.