Amphastar Pharmaceuticals, Inc. reported a slight increase in net revenues for the first quarter of 2026, totaling $171.2 million, compared to $170.5 million in the same period last year. However, the company experienced a significant decline in profitability, with net income dropping to $6.4 million, or $0.14 per diluted share, down from $25.3 million, or $0.51 per diluted share, in the prior year. This decline in profitability was attributed to increased costs of revenues, which rose by 18% to $100.8 million, leading to a gross profit of $70.3 million, down from $85.3 million a year earlier.
The financial performance reflects several operational challenges, including a decrease in sales of key products such as BAQSIMI® and glucagon, which saw revenue declines of 15% and 56%, respectively. The decrease in BAQSIMI® sales was primarily due to lower average selling prices and changes in customer mix, while glucagon sales were impacted by increased competition and a shift towards ready-to-use products. In contrast, sales of Primatene MIST® and epinephrine increased slightly, contributing positively to overall revenues.
In terms of strategic developments, Amphastar has made significant investments in research and development, with expenses rising 33% to $26.7 million. This increase includes a $2.0 million upfront payment related to a licensing agreement with Nanjing Hanxin Pharmaceutical Technology Co., Ltd. Additionally, the company launched its Ipratropium Bromide HFA inhalation aerosol in April 2026, following FDA approval in February. These initiatives are part of Amphastar's broader strategy to expand its product portfolio and enhance its market position.
Operationally, the company reported a decrease in working capital to $469.2 million as of March 31, 2026, down from $477.9 million at the end of 2025. Cash flows from operating activities improved to $47.8 million, compared to $35.1 million in the prior year, driven by effective management of accounts payable and inventory levels. However, cash used in investing activities increased significantly, primarily due to capital expenditures related to property, plant, and equipment.
Looking ahead, Amphastar anticipates continued fluctuations in sales due to competitive dynamics, particularly for glucagon and epinephrine products. The company remains focused on expanding its product offerings and enhancing operational efficiencies, while navigating the challenges posed by macroeconomic conditions and regulatory environments.
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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