Amphastar Pharmaceuticals, Inc. Segments Disclosure
Note 5. Segment Reporting
The Company’s business is the development, manufacture, and marketing of pharmaceutical products (see Note 1). The Company’s Chief Executive Officer, is the Chief Operating Decision Maker, or CODM.
The CODM uses consolidated information to assess the Company’s performance. As a result, the Company has one reportable segment, pharmaceutical products.
The measure of segment assets is reported on the consolidated balance sheets as total assets.
Selected segment financial information is presented below:
Year Ended December 31, | |||||||||
2025 | 2024 | 2023 | |||||||
(in thousands) | |||||||||
Net revenues: | $ | 719,887 | $ | 731,967 | $ | 644,395 | |||
Less: | |||||||||
Payroll expense | 191,787 | 191,274 | 173,818 | ||||||
Materials and supplies | 43,314 | 46,111 | 46,134 | ||||||
Clinical trials expense | 3,038 | 594 | 5,216 | ||||||
Depreciation and amortization expense | 56,695 | 52,967 | 38,035 | ||||||
Stock-based compensation expense | 27,277 | 24,368 | 20,242 | ||||||
Consulting and outside services expense | 39,771 | 27,772 | 17,698 | ||||||
Advertising and promotional expense | 13,138 | 11,559 | 11,123 | ||||||
Other segment items(1) | 204,441 | 167,827 | 139,071 | ||||||
Interest income | (8,679) | (10,612) | (5,459) | ||||||
Interest expense | 25,481 | 30,343 | 27,158 | ||||||
Income tax provision | 25,530 | 29,672 | 31,833 | ||||||
Equity in losses of unconsolidated affiliate | — | 573 | 1,981 | ||||||
Net income | $ | 98,094 | $ | 159,519 | $ | 137,545 | |||
| (1) | Other segment items primarily include maintenance and repairs expense, travel expense, professional services expense, legal expense, rent expense, product costs, certain overhead expenses, manufacturing cost absorption and variances, inventory provisions, miscellaneous expenses, and foreign currency exchange gains and losses. |
Net revenues by product are presented below:
Year Ended December 31, | |||||||||
2025 | 2024 | 2023 | |||||||
(in thousands) | |||||||||
Product revenues, net: |
| | | | | | |||
BAQSIMI® | $ | 185,358 | $ | 126,898 | $ | — | |||
Primatene MIST® | 108,669 | 102,012 | 89,321 | ||||||
Epinephrine | 70,643 | 94,090 | 81,650 | ||||||
Glucagon | 69,084 | 108,319 | 113,684 | ||||||
Lidocaine | 56,479 | 55,854 | 58,162 | ||||||
Other products |
| 229,654 |
| 225,641 |
| 250,421 | |||
Total product revenues, net | 719,887 | 712,814 | 593,238 | ||||||
Other revenues | — | 19,153 | 51,157 | ||||||
Total net revenues | $ | 719,887 | $ | 731,967 | $ | 644,395 | |||
Net revenues and carrying values of long-lived assets, which includes property, plant and equipment, as well as finance and operating lease right-of-use assets, by geographic region, based on where the Company conducts its operations, are as follows:
| Net Revenues | Long-Lived Assets | |||||||||||||
| Year Ended December 31, | December 31, | |||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | ||||||||||
| (in thousands) | ||||||||||||||
United States | $ | 681,422 | | $ | 707,681 | | $ | 635,192 | | $ | 206,697 | | $ | 202,328 | |
China |
| 3,184 |
| 4,339 |
| 4,505 |
| 110,055 |
| 107,887 | |||||
France |
| 35,281 |
| 19,947 |
| 4,698 |
| 36,967 |
| 34,412 | |||||
Total | $ | 719,887 | $ | 731,967 | $ | 644,395 | $ | 353,719 | $ | 344,627 | |||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Mar 14, 2018 | |
| 2016 | Mar 15, 2017 | |
| 2015 | Mar 15, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.