second quarter 2026
Filed Aug 6, 2026Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended June 30, 2026
Second-quarter net revenues and gross margin increased, supported by recently launched higher-margin products, but GAAP net income was lower and several established products faced pricing, competition, and purchasing-timing pressures.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenuesGAAP | $183,903 (in thousands) | – | 5% |
| Cost of revenuesGAAP | $90,433 (in thousands) | – | 3% |
| Gross profitGAAP | $93,470 (in thousands) | – | 8% |
| Gross profit as % of net revenuesGAAP | 50.8% | – | – |
| Selling, distribution, and marketingGAAP | $13,335 (in thousands) | – | 30% |
| General and administrativeGAAP | $18,242 (in thousands) | – | 30% |
| Research and developmentGAAP | $22,164 (in thousands) | – | 10% |
| Interest incomeGAAP | $2,287 (in thousands) | – | 19% |
| Interest expenseGAAP | $(6,659) (in thousands) | – | 6% |
| Other income (expenses), netGAAP | $3,187 (in thousands) | – | 111% |
| Total non-operating expenses, netGAAP | $(1,185) (in thousands) | – | (58)% |
| GAAP net incomeGAAP | $30.3 million | – | – |
| GAAP diluted EPSGAAP | $0.67 per share | – | – |
| Adjusted non-GAAP net incomenon-GAAP | $40.8 million | – | – |
| Adjusted non-GAAP diluted EPSnon-GAAP | $0.91 per share | – | – |
| Six months ended June 30, 2026 net revenuesGAAP | $355,074 (in thousands) | – | – |
| Six months ended June 30, 2026 GAAP net incomeGAAP | $36,768 (in thousands) | – | – |
| Six months ended June 30, 2026 adjusted non-GAAP net incomenon-GAAP | $60,237 (in thousands) | – | – |
| Six months ended June 30, 2026 GAAP diluted EPSGAAP | $0.81 | – | – |
| Six months ended June 30, 2026 adjusted non-GAAP diluted EPSnon-GAAP | $1.33 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| BAQSIMI®Sales decreased primarily due to a lower average selling price resulting from changes in gross-to-net discounts, chargebacks and rebates, and customer mix. Increased unit volumes driven by continued marketing efforts partially offset the decline. | $45,503 (in thousands) | – | (3)% |
| Primatene MIST®Sales decreased due to the timing of customer purchases rather than changes in underlying consumer demand. In-store demand showed continued growth. | $21,004 (in thousands) | – | (8)% |
| EpinephrineIncreased competition reduced epinephrine multi-dose vial sales, partly offset by higher demand for the pre-filled syringe due to other supplier shortages. | $15,854 (in thousands) | – | (2)% |
| LidocaineNo specific driver was provided. | $15,039 (in thousands) | – | 0% |
| GlucagonSales declined due to a lower average selling price, lower unit volumes, competition, and the continued shift to ready-to-use glucagon products such as BAQSIMI®. | $11,905 (in thousands) | – | (42)% |
| Ipratropium bromideSales followed a successful launch in April 2026. | $8,411 (in thousands) | – | N/A |
| Other productsGrowth was driven by recently launched iron sucrose and teriparatide, increased albuterol unit volumes, heightened demand for phytonadione and sodium bicarbonate, and higher API sales from the ANP subsidiary. | $66,187 (in thousands) | – | 25% |
What drove it
- Recently launched iron sucrose, teriparatide, and ipratropium bromide, plus increased phytonadione sales, were higher-margin products and supported gross margin.
- Albuterol sales increased due to increased unit volumes following its August 2024 launch.
- The Company has one ANDA and one biosimilar insulin candidate filed with the FDA targeting a combined market size exceeding $1.6 billion.
- The Company has two biosimilar products in development targeting a market size exceeding $3.5 billion and three generic products in development targeting a market size of over $1.2 billion.
- The proprietary pipeline includes four recently in-licensed products, including three proprietary peptides and a fully synthetic corticotropin compound.
Concerns
- Lower average selling prices affected BAQSIMI®, glucagon, and epinephrine multi-dose vial sales.
- Glucagon faced competition and a continued shift to ready-to-use glucagon products such as BAQSIMI®.
- Epinephrine multi-dose vial sales were affected by increased competition.
- Manufacturing expenses increased due to expansion of the Rancho Cucamonga, CA manufacturing facility.
- Selling, distribution, and marketing expense increased due to freight expense and BAQSIMI® marketing efforts.
- General and administrative expense increased due to legal expenses, a new ERP system, and salary and personnel-related expenses.
- Research and development expense increased due to clinical trials expense for insulin pipeline products and salary and personnel-related expenses.
What to watch
- Payment of $100.0 million to Lilly in the third quarter of 2026 following achievement of the BAQSIMI® annual net sales milestone.
- BAQSIMI® average selling price, gross-to-net discounts, chargebacks, rebates, customer mix, and unit volumes.
- Sustainability of Primatene MIST® in-store demand following customer-purchase timing effects.
- Commercial uptake of ipratropium bromide following its April 2026 launch.
- Development progress for the filed ANDA, biosimilar insulin candidate, biosimilar products, generic products, and proprietary pipeline.
Balance sheet and cash flow
- Cash flow provided by operating activities for the six months ended June 30, 2026, was $99.2 million.
- BAQSIMI® sales of $175.0 million for the contract year achieved the first annual net sales milestone under the asset purchase agreement with Eli Lilly & Company.
- The BAQSIMI® milestone triggers a payment of $100.0 million to Lilly due in the third quarter of 2026.
Analysis
Amphastar reported second-quarter net revenues of $183.9 million, compared with $174.4 million in the prior-year period. The growth came from other products, which generated $66.2 million and increased 25%, and from $8.4 million of ipratropium bromide sales following its April 2026 launch. Established products were uneven: BAQSIMI® declined 3%, Primatene MIST® declined 8%, epinephrine declined 2%, and glucagon declined 42%.
Product mix supported profitability at the gross-profit level. Gross profit was $93.5 million, compared with $86.5 million, while gross profit as a percentage of net revenues rose to 50.8% from 49.6%. The company attributed the improvement to recently launched iron sucrose, teriparatide, and ipratropium bromide, along with higher phytonadione sales, partially offset by lower average selling prices in BAQSIMI®, glucagon, and epinephrine multi-dose vial products and higher manufacturing costs from facility expansion.
Higher operating expenses and product-level pricing pressure weighed on earnings. Selling, distribution, and marketing expense was $13.3 million, general and administrative expense was $18.2 million, and research and development expense was $22.2 million. GAAP net income was $30.3 million versus $31.0 million, while adjusted non-GAAP net income was $40.8 million versus $40.9 million. GAAP diluted EPS was $0.67 per share and adjusted non-GAAP diluted EPS was $0.91 per share.
Capital and liquidity attention centers on the BAQSIMI® milestone. Contract-year BAQSIMI® sales of $175.0 million achieved the first annual net sales milestone, triggering a $100.0 million payment to Lilly due in the third quarter of 2026. Cash flow provided by operating activities was $99.2 million for the six months ended June 30, 2026. The company did not provide forward financial guidance, so the next reporting period will be important for the effect of the milestone payment, the launch trajectory of ipratropium bromide, and trends in pricing and volumes across BAQSIMI®, glucagon, and epinephrine.
Management, verbatim
Our second quarter results reflect the continued execution of our long-term strategy to build a more diversified and innovative biopharmaceutical company. While we continued to navigate pricing and competitive dynamics across portions of our portfolio, we successfully achieved key goals including overall revenue growth, expansion of gross margins, meaningful launches of new products, and continued advancement from both our generic and proprietary development pipelines. These results demonstrate the strength of our integrated business model and position us well for long-term sustainable growth.
Dr. Jack Zhang, President and Chief Executive Officer
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Previous-period outlook was not provided.
- GAAP operating income was not reported in the provided document.
- GAAP operating margin was not reported in the provided document.
- Income tax expense and tax rate were not reported in the provided document.
- Cash balance was not reported in the provided document.
- Debt balance was not reported in the provided document.
- Free cash flow was not reported in the provided document.
- Capital expenditures were not reported in the provided document.
- Share repurchases were not reported in the provided document.
- Dividends were not reported in the provided document.
- Quarter-over-quarter comparisons were not reported for the listed metrics.
- Prior-year percentage changes were not printed for GAAP net income, adjusted non-GAAP net income, GAAP diluted EPS, adjusted non-GAAP diluted EPS, or the six-month summary metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.