Amphastar Pharmaceuticals, Inc. reported net revenues of $174.4 million for the three months ended June 30, 2025, a 4% decrease from $182.4 million in the prior-year period. GAAP net income for the quarter was $31.0 million, or $0.64 per diluted share, while adjusted non-GAAP net income reached $40.9 million, or $0.85 per diluted share, beating analysts' consensus estimates of $0.76.
BAQSIMI sales were a standout performer, reaching $46.7 million, a significant 51% year-over-year increase, marking its highest quarterly sales since acquisition. Primatene MIST sales were $22.9 million, contributing to a 10% year-to-date growth, demonstrating continued strength in the branded portfolio.
Conversely, legacy generic products faced intensified competition; Glucagon sales declined 25% to $20.6 million, and Epinephrine sales saw a 42% decline to $16.2 million. Gross margins declined to 49.6% from 52.2% in the prior year, partly due to the full assumption of BAQSIMI distribution costs and pricing declines in higher-margin legacy products.
Operating expenses saw strategic increases, with R&D up 14% to $20.1 million and selling, distribution, and marketing up 14% to $10.2 million, reflecting deliberate investments in pipeline advancement and branded product promotion. The company also authorized an additional $50 million for its share buyback program in August 2025.
Net cash provided by operating activities for the first half of 2025 was $70.7 million, contributing to a working capital increase of $44.1 million to $404.4 million as of June 30, 2025. Management provided guidance for flat revenue year-over-year in 2025, but anticipates a return to double-digit growth rates in 2026, driven by branded product momentum and pipeline commercialization.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.