Amphastar Pharmaceuticals Reports Q1 2025 Financial Results with $170.5M Revenue

Amphastar Pharmaceuticals, Inc. reported its financial results for the first quarter of 2025, revealing a total net revenue of $170.5 million, a slight decrease of 1% from $171.8 million in the same period last year. The company's product revenues increased by 8% to $170.5 million, driven primarily by a significant rise in sales of BAQSIMI®, which surged 177% to $38.4 million, as Amphastar assumed full distribution responsibilities globally. However, the company experienced declines in sales of glucagon and epinephrine, which fell by 27% and 29%, respectively, due to increased competition and lower average selling prices.

The company's gross profit for the quarter was $85.3 million, down 5% from $90.1 million in the prior year, resulting in a gross margin of 50%, compared to 52% in the previous year. This decline in gross margin was attributed to lower pricing for epinephrine products and increased labor costs. Operating expenses rose to $48.0 million, up from $42.1 million, primarily due to increased selling, distribution, and marketing expenses related to the expansion of sales efforts for BAQSIMI® and Primatene MIST®.

Amphastar's net income for the quarter was $25.3 million, a decrease of 41% from $43.2 million in the same quarter of 2024. The diluted earnings per share were $0.51, down from $0.81 a year earlier. The company also reported a significant increase in its cash and cash equivalents, which rose to $182.8 million from $151.6 million at the end of 2024. The increase in cash was attributed to strong operating cash flows, despite a decrease in cash provided by operating activities compared to the previous year.

In terms of strategic developments, Amphastar has continued to focus on expanding its product portfolio and enhancing its manufacturing capabilities. The company is actively developing a range of generic and proprietary products, including biosimilar insulin candidates, and has made several strategic acquisitions to bolster its infrastructure. The company also reported a share buyback program, purchasing 393,836 shares for $11 million during the quarter, as part of its ongoing efforts to manage equity dilution.

Looking ahead, Amphastar anticipates continued fluctuations in sales due to competitive dynamics, particularly for glucagon and epinephrine products. The company plans to invest significantly in research and development to expand its product offerings and expects to see increased operating expenses as it ramps up marketing efforts for its key products. Amphastar remains optimistic about its long-term growth prospects, supported by its strong cash position and ongoing product development initiatives.