AMPH

MKT CAP:$964M

Amphastar Pharmaceuticals, Inc.

Market Cap

$964M

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$21.97-$4.49 (-16.97%)

Apr 21, 2026

Company Details

Amphastar Pharmaceuticals, Inc., a bio-pharmaceutical company, develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products in the United States, China, and France. The company operates ...

CEO

Yongfeng Zhang

IPO Date

Jun 25, 2014

Website

www.amphastar.com

Key Metrics TTM

Revenue

$723M

+0.3% YoY

Net Income

$112M

EPS (Diluted)

$2.26

Free Cash Flow

$113M

Revenue / Share

$15.17

Gross Margin

49.4%

Operating Margin

20.7%

Net Margin

15.4%

FCF Margin

15.7%

P/S

1.3x

P/E

8.6x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Nov 6, 2025

$192M+1.6%EPS $0.37

Q2 2025

Aug 7, 2025

$174M-4.4%EPS $0.64

Q1 2025

May 8, 2025

$171M-0.8%EPS $0.51

FY 2024

Mar 3, 2025

$732M+13.6%EPS $3.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$121M	$56M	$24M
Q1 22	$120M	$56M	$22M
Q2 22	$123M	$63M	$25M
Q3 22	$120M	$59M	$23M
Q4 22	$135M	$71M	$38M
Q1 23	$140M	$74M	$33M
Q2 23	$146M	$73M	$37M
Q3 23	$181M	$108M	$73M
Q4 23	$178M	$96M	$54M
Q1 24	$172M	$87M	$48M
Q2 24	$182M	$95M	$55M
Q3 24	$189M	$102M	$57M
Q4 24	$187M	$87M	$45M
Q1 25	$171M	$85M	$37M
Q2 25	$174M	$86M	$42M
Q3 25	$192M	$99M	$25M

Valuation

Quarter	P/S	P/E
Q4 21	3.1x	86.1x
Q1 22	2.6x	28.4x
Q2 22	2.2x	16.5x
Q3 22	2.0x	12.5x
Q4 22	1.9x	10.5x
Q1 23	1.9x	10.3x
Q2 23	1.8x	9.5x
Q3 23	1.6x	7.1x
Q4 23	1.5x	7.0x
Q1 24	1.4x	6.2x
Q2 24	1.4x	5.8x
Q3 24	1.3x	6.1x
Q4 24	1.3x	6.0x
Q1 25	1.3x	6.8x
Q2 25	1.3x	7.2x
Q3 25	1.3x	8.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$40M	$34M
Q1 22	$51M	$45M
Q2 22	$3M	-$3M
Q3 22	$20M	$15M
Q4 22	$15M	$9M
Q1 23	$40M	$31M
Q2 23	$55M	$46M
Q3 23	$64M	$54M
Q4 23	$24M	$14M
Q1 24	$55M	$46M
Q2 24	$69M	$63M
Q3 24	$60M	$46M
Q4 24	$29M	$17M
Q1 25	$35M	$24M
Q2 25	$36M	$25M
Q3 25	$53M	$47M

Capital Expenditures

Quarter	CapEx
Q4 21	$7M
Q1 22	$6M
Q2 22	$6M
Q3 22	$6M
Q4 22	$6M
Q1 23	$9M
Q2 23	$9M
Q3 23	$10M
Q4 23	$9M
Q1 24	$9M
Q2 24	$6M
Q3 24	$14M
Q4 24	$12M
Q1 25	$11M
Q2 25	$11M
Q3 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+108.7%	+59.1%
Q1 22	+99.3%	+59.1%
Q2 22	+111.4%	+44.4%
Q3 22	+69.1%	+31.1%
Q4 22	+11.7%	+0.6%
Q1 23	+16.3%	+7.9%
Q2 23	+18.0%	+10.3%
Q3 23	+50.3%	+11.3%
Q4 23	+31.9%	+27.7%
Q1 24	+22.7%	+16.2%
Q2 24	+25.2%	+16.9%
Q3 24	+4.6%	+22.1%
Q4 24	+4.7%	+13.9%
Q1 25	-0.8%	+7.6%
Q2 25	-4.4%	+4.0%
Q3 25	+1.6%	+26.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$4M	3.2%
Q1 22	$5M	4.2%
Q2 22	$4M	3.4%
Q3 22	$4M	3.6%
Q4 22	$4M	3.2%
Q1 23	$6M	4.4%
Q2 23	$5M	3.3%
Q3 23	$5M	2.6%
Q4 23	$5M	2.6%
Q1 24	$7M	4.3%
Q2 24	$6M	3.2%
Q3 24	$6M	3.0%
Q4 24	$6M	3.0%
Q1 25	$8M	4.9%
Q2 25	$6M	3.7%
Q3 25	$6M	3.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$17M	$11M	$4M
Q1 22	$16M	$12M	$6M
Q2 22	$23M	$10M	$6M
Q3 22	$19M	$12M	$5M
Q4 22	$17M	$11M	$5M
Q1 23	$20M	$13M	$7M
Q2 23	$17M	$12M	$7M
Q3 23	$17M	$13M	$6M
Q4 23	$20M	$13M	$9M
Q1 24	$14M	$16M	$9M
Q2 24	$18M	$13M	$9M
Q3 24	$21M	$15M	$9M
Q4 24	$18M	$13M	$10M
Q1 25	$20M	$16M	$12M
Q2 25	$20M	$14M	$10M
Q3 25	$22M	$39M	$12M

Revenue Segments

Quarter	Other revenues	Product revenues, net	Product	Product and Service, Other
Q3 23	$29M	$152M	—	—
Q2 24	$3M	$179M	—	—
Q3 24	—	—	$189M	$2M

Revenue by Geography

Quarter	China	France	United States
Q1 22	$933.0K	$2M	$117M
Q2 22	$766.0K	$2M	$121M
Q3 22	$719.0K	$2M	$118M
Q4 22	$2M	$2M	$131M
Q1 23	$127.0K	$2M	$138M
Q2 23	$1M	$635.0K	$144M
Q3 23	$833.0K	$2M	$178M
Q4 23	$2M	$459.0K	$175M
Q1 24	$403.0K	$2M	$170M
Q2 24	$2M	$4M	$176M
Q3 24	$178.0K	$5M	$187M
Q4 24	$2M	$9M	$175M
Q1 25	$81.0K	$8M	$163M
Q2 25	$299.0K	$7M	$167M
Q3 25	$2M	$10M	$180M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$173M	$14M	$187M
Q2 22	$166M	$19M	$186M
Q3 22	$157M	$29M	$187M
Q4 22	$156M	$20M	$176M
Q1 23	$177M	$18M	$195M
Q2 23	$151M	$17M	$168M
Q3 23	$267M	$33M	$300M
Q4 23	$144M	$113M	$257M
Q1 24	$201M	$88M	$290M
Q2 24	$190M	$28M	$218M
Q3 24	$192M	$58M	$250M
Q4 24	$152M	$70M	$222M
Q1 25	$183M	$54M	$237M
Q2 25	$188M	$44M	$232M
Q3 25	$217M	$62M	$279M
Q4 25	$170M	$113M	$283M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	50M	+7.5%	+3.8%
Q1 22	52M	+3.8%	+5.4%
Q2 22	53M	+2.4%	+14.4%
Q3 22	53M	-0.8%	+13.4%
Q4 22	52M	-2.0%	+3.3%
Q1 23	52M	+0.5%	-0.0%
Q2 23	53M	+2.2%	-0.2%
Q3 23	54M	+1.5%	+2.1%
Q4 23	53M	-1.7%	+2.5%
Q1 24	53M	-0.0%	+2.0%
Q2 24	52M	-1.8%	-2.0%
Q3 24	52M	-0.4%	-3.8%
Q4 24	52M	+0.4%	-1.8%
Q1 25	50M	-4.2%	-5.9%
Q2 25	48M	-3.5%	-7.5%
Q3 25	48M	-0.9%	-8.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$68.6K	2K
Q1 22	$68.4K	2K
Q2 22	$70.1K	2K
Q3 22	$68.2K	2K
Q4 22	$83.6K	2K
Q1 23	$86.7K	2K
Q2 23	$90.2K	2K
Q3 23	$111.8K	2K
Q4 23	$101.1K	2K
Q1 24	$97.6K	2K
Q2 24	$103.6K	2K
Q3 24	$107.2K	2K
Q4 24	$92.0K	2K
Q1 25	$84.1K	2K
Q2 25	$86.0K	2K
Q3 25	$94.6K	2K

Revenue / Employee