Amphastar Pharmaceuticals Reports 4% Revenue Decline in Q2 2025

Amphastar Pharmaceuticals, Inc. reported a decline in net revenues for the second quarter of 2025, totaling $174.4 million, down 4% from $182.4 million in the same period last year. The decrease was primarily driven by a drop in product revenues, which fell to $174.4 million from $179.4 million. The company’s gross profit also decreased to $86.5 million, representing a gross margin of 50%, compared to 52% in the prior year. The decline in revenues was attributed to reduced sales of key products such as glucagon and epinephrine, which faced increased competition and pricing pressures. In contrast, sales of BAQSIMI® surged by 51% to $46.7 million, reflecting the company’s assumption of full distribution responsibilities for the product.

For the first half of 2025, Amphastar's total net revenues were $344.9 million, a slight decrease of 3% from $354.2 million in the same period of 2024. The company reported a net income of $56.3 million, down from $81.1 million a year earlier, with diluted earnings per share of $1.15 compared to $1.54 in the prior year. The decline in profitability was influenced by increased operating expenses, which rose to $92.3 million from $82.0 million, driven by higher selling, distribution, and marketing costs associated with the expansion of BAQSIMI® and Primatene MIST® marketing efforts.

Operationally, Amphastar's inventory levels increased significantly, rising to $191.7 million from $153.7 million at the end of 2024, reflecting the company's strategy to bolster its supply chain for BAQSIMI®. The company also reported a working capital increase of $44.1 million, reaching $404.4 million as of June 30, 2025. The total employee headcount remained stable, with no significant changes reported in staffing levels.

In terms of strategic developments, Amphastar has continued to focus on expanding its product portfolio, with several generic abbreviated new drug applications and biologics license applications in various stages of development. The company has also made significant investments in research and development, with expenses increasing by 16% to $40.2 million for the first half of 2025, as it aims to enhance its pipeline of insulin and inhalation products. Looking ahead, Amphastar anticipates continued fluctuations in sales due to competitive dynamics and plans to maintain its focus on operational efficiency and product innovation to drive future growth.