Amphastar Pharmaceuticals, Inc.

Listed Company

AMPHCIK 0001297184NasdaqLarge AcceleratedPharmaceutical PreparationsFY ends Dec 31

Period

FY 2025

Revenue

$719.89M

Net Income

$98.09M

Total Assets

$1.63B

Equity

$788.80M

Shares Out

45.37M

Op. Cash Flow

$156.12M

Business

Amphastar Pharmaceuticals, Inc. develops, manufactures, markets and sells technically challenging generic and proprietary injectable, inhalation and intranasal pharmaceutical products and insulin active pharmaceutical ingredients. Its main products and services include prescription pharmaceuticals and select over-the-counter products such as BAQSIMI® nasal glucagon, Primatene MIST®, naloxone nasal spray and a portfolio of injectable drugs, pre-filled syringes, inhalation aerosols and APIs. The company operates business lines focused on injectables, inhalation and intranasal delivery technologies, biosimilars/biologic candidates and API manufacturing. It distributes products domestically and internationally through hospitals, clinics, long-term care facilities, group purchasing organizations, wholesalers, specialty distributors and retail pharmacies, with commercial presence in the United States and multiple foreign markets.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	720	732	644	499	438
Cost of revenues	364	358	293	250	238
Gross profit	356	374	351	249	200
Selling, distribution, and marketing	44	38	29	22	17
General and administrative	86	57	52	45	51
Research and development	86	74	74	75	61
Total operating expenses	216	168	154	141	130
Income from operations	140	205	197	107	70
Interest income	9	11	5	1	601,000
Interest expense	−25	−30	−27	−2	—
Other income (expenses), net	23,000	4	−4	9	15
Total non-operating income (expenses), net	−17	−16	−26	9	14
Income before income taxes	124	190	171	116	84
Income tax provision	26	30	32	23	21
Income before equity in losses of unconsolidated affiliate	98	160	140	93	64
Equity in losses of unconsolidated affiliates	—	−573,000	−2	−1	−208,000
Net income	98	160	138	91	62
Basic	2.1	3.29	2.85	1.88	1.3
Diluted	2.03	3.06	2.6	1.74	1.25
Basic (in shares)	47	48	48	49	48
Diluted (in Shares)	48	52	53	52	50

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	170	152	144	156	126
Restricted cash	200,000	200,000	200,000	200,000	200,000
Short-term investments	113	70	113	20	10
Restricted short-term investments	2	2	2	2	2
Accounts receivable, net	144	136	115	89	79
Inventories	177	154	106	104	93
Income tax refunds and deposits	17	2	526,000	171,000	126,000
Prepaid expenses and other assets	13	18	9	8	7
Total current assets	636	534	490	378	318
Property, plant, and equipment, net	311	297	283	238	244
Finance lease right-of-use assets	221,000	383,000	564,000	753,000	353,000
Operating lease right-of-use assets	43	47	32	26	27
Goodwill and intangible assets, net	566	591	613	37	39
Long-term investments	—	11	15	—	—
Other assets	31	26	26	21	17
Deferred tax assets	42	71	53	39	22
Total assets	1,629	1,577	1,513	742	672
Accounts payable and accrued liabilities	148	157	93	84	90
Income taxes payable	239,000	10	2	5	9
Current portion of long-term debt	2	234,000	436,000	3	2
Current portion of operating lease liabilities	8	7	4	3	3
Total current liabilities	158	174	225	95	104
Long-term reserve for income tax liabilities	6	7	6	7	7
Long-term debt, net of current portion and unamortized debt issuance costs	609	602	590	73	75
Long-term operating lease liabilities, net of current portion	38	42	30	24	25
Other long-term liabilities	30	21	23	15	16
Total liabilities	840	845	873	213	226
Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding	—	—	—	—	—
Common stock: par value $0.0001; 300,000,000 shares authorized; 61,779,883 and 45,645,497 shares issued and outstanding, respectively, as of December 31, 2025 and 60,847,124 and 47,617,691 shares issued and outstanding, respectively, as of December 31, 2024	6,000	6,000	6,000	6,000	6,000
Additional paid-in capital	535	505	486	455	422
Retained earnings	667	569	409	272	180
Accumulated other comprehensive loss	−5	−9	−8	−9	−7
Treasury stock	−408	−333	−247	−190	−150
Total stockholders' equity	789	732	639	529	446
Total liabilities and stockholders' equity	1,629	1,577	1,513	742	672

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	98	160	138	—	—
Loss on disposal of assets	39,000	9,000	475,000	141,000	348,000
Impairment of long-lived assets	—	—	3	—	—
Loss (gain) on interest rate swaps and foreign currency transactions, net	2	−3	5	−2	27,000
Depreciation of property, plant, and equipment	32	28	25	24	22
Amortization of intangible assets	25	25	13	954,000	1
Operating lease right-of-use asset amortization	7	4	4	4	3
Amortization of discounts, premiums, and debt issuance costs	3	6	11	466,000	219,000
Share-based compensation expense	27	24	20	18	19
Changes in reserve for uncertain tax positions	−1	891,000	−1	694,000	2
Changes in deferred taxes, net	29	−18	−13	−16	2
Accounts receivable, net	−6	−22	−26	−10	−15
Inventories	−21	−49	−2	−12	1
Prepaid expenses and other assets	−4	−11	−3	−2	3
Income tax refunds, deposits, and payable, net	−25	7	−3	−5	8
Operating lease liabilities	−6	−4	−4	−3	−3
Accounts payable and accrued liabilities	−5	64	13	−736,000	4
Net cash provided by operating activities	156	213	184	89	98
BAQSIMI acquisition	—	−129	−506	—	—
Purchases and construction of property, plant, and equipment	−35	−41	−38	−24	−27
Purchase of intangible assets	−2	—	—	—	—
Purchase of investments	−119	−77	−145	−36	−17
Maturity of investments	90	126	39	28	19
Deposits and other assets	−4	−4	1	1	3
Net cash used in investing activities	−70	−125	−649	−33	−29
Proceeds from equity plans, net of withholding tax payments (shares)	3	—	11	16	16
Proceeds from equity plans, net of withholding tax payments (shares)	—	−5	—	—	—
Purchase of treasury stock	−76	−85	−58	−40	−29
Debt issuance costs	−687,000	−816,000	−25	−407,000	−2
Proceeds from borrowing under lines of credit	6	18	—	—	—
Proceeds from Issuance of long-term debt	—	—	845	—	70
Principal payments on long-term debt	−223,000	−8	−319	−2	−37
Net cash provided by (used in) financing activities	−67	−81	454	−26	−37
Effect of exchange rate changes on cash	210,000	−190,000	−282,000	−220,000	−223,000
Net increase (decrease) in cash, cash equivalents, and restricted cash	19	7	−12	30	32
Deferred payment for BAQSIMI acquisition	—	—	122	—	—
Capital expenditures included in accounts payable	8	6	4	5	9
Operating lease right-of-use assets in exchange for operating lease liabilities	3	19	11	2	11
Interest paid, net of capitalized interest	23	27	18	3	2
Income taxes paid	23	40	49	44	8

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