Amphastar Pharmaceuticals Reports Financial Results for the Three Months and Full Year Ended December 31, 2024

Rhea-AI Summary

Amphastar Pharmaceuticals (NASDAQ:AMPH) reported strong financial results for Q4 and full year 2024. Q4 revenues reached $186.5 million with GAAP net income of $38.0 million ($0.74 per share) and adjusted non-GAAP net income of $47.2 million ($0.92 per share).

For the full year 2024, the company achieved net revenues of $732.0 million, GAAP net income of $159.5 million ($3.06 per share), and adjusted non-GAAP net income of $200.8 million ($3.86 per share). Notable achievements include exceeding $100 million in annual sales for Primatene MIST and BAQSIMI showing 12% factory sales growth compared to Q4 2023.

The company's pipeline includes four ANDAs targeting products with >$2 billion market size, four biosimilar products targeting >$7 billion market size, and two generic products targeting >$1.3 billion market size. Operating cash flow for 2024 was $213.4 million.

Positive

• Primatene MIST exceeded $100M in annual sales
• BAQSIMI showed 12% factory sales growth vs Q4 2023
• Strong operating cash flow of $213.4M in 2024
• Robust pipeline targeting >$10B total market opportunity
• Q4 revenue growth to $186.5M

Negative

• Decreased sales in glucagon due to competition
• Declining epinephrine sales from new competition
• Lower sales of phytonadione and naloxone due to volume decrease
• Decreased enoxaparin sales from lower volumes
• Increased selling and marketing expenses from BAQSIMI expansion

Insights

Financial Analyst

Amphastar Pharmaceuticals delivered robust Q4 2024 results with $186.5 million in revenue and adjusted EPS of $0.92, capping a strong fiscal year with $732 million in total revenue and $200.8 million in adjusted non-GAAP net income ($3.86 per share).

The company's product mix is evolving favorably, with two key growth drivers emerging: Primatene MIST exceeded the long-term goal of $100 million in annual sales, while BAQSIMI contributed $41.8 million in direct sales during Q4 alone ($126.9 million for the full year), showing 12% growth versus Q4 2023. This transition from the Lilly TSA arrangement to direct distribution of BAQSIMI is significant as it gives Amphastar full control over this growth asset.

The operational cash flow generation of $213.4 million for 2024 demonstrates strong underlying business fundamentals and provides substantial financial flexibility for pipeline investments. This cash generation is particularly impressive considering the company made a $129 million deferred payment to Lilly in June 2024.

While several legacy products faced competitive pressures (glucagon, enoxaparin, naloxone), the company's strategic shift toward higher-margin proprietary products is improving the overall financial profile. The pipeline remains robust with four ANDAs filed targeting $2+ billion markets, four biosimilars in development addressing $7+ billion markets, and additional proprietary products with injectable and intranasal dosage forms.

The company's ability to successfully commercialize Primatene MIST and integrate BAQSIMI demonstrates execution capabilities that should support continued growth as they advance their proprietary pipeline in 2025.

Pharmaceutical Industry Analyst

Amphastar's Q4 and full-year 2024 results highlight a successful strategic pivot toward higher-margin proprietary respiratory products while leveraging vertical integration capabilities. The standout achievement was Primatene MIST exceeding $100 million in annual sales - a significant milestone for an OTC asthma product that demonstrates the company's consumer marketing capabilities beyond their traditional hospital-focused business.

The BAQSIMI integration represents another strategic win, with the product now fully transitioned from Lilly's distribution to Amphastar's direct control. The 12% growth in factory sales indicates strong market acceptance of this ready-to-use glucagon product, which is displacing traditional reconstitution kits (including Amphastar's own injectable glucagon). This cannibalization is strategically sound as BAQSIMI commands premium pricing and better margins while offering superior clinical utility.

The company's diversified manufacturing capabilities across injectable, inhalation, and intranasal delivery systems provide technological barriers to entry that support their specialized product portfolio. This is complemented by vertical integration through their ANP subsidiary in China, which develops DMFs and supplies APIs, helping insulate against supply chain disruptions that have created opportunities in products like dextrose and sodium bicarbonate.

While legacy injectable products face competitive pressures, Amphastar's pipeline strategy balances near-term opportunities (four filed ANDAs targeting $2+ billion markets) with longer-term high-value biosimilars (four candidates targeting $7+ billion markets). The company's experience with complex delivery systems positions them well in these specialized segments where competition is typically more than in oral solid dosage forms.

The robust $213.4 million operating cash flow provides ample resources to advance their proprietary pipeline while maintaining financial flexibility, suggesting sustainable growth potential beyond their current commercial portfolio.

Reports Net Revenues of $186.5 Million for the Three Months Ended December 31, 2024

RANCHO CUCAMONGA, CA / ACCESS Newswire / February 27, 2025 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" or the "Company") today reported results for the three months and full year ended December 31, 2024.

Fourth quarter Highlights

• Net revenues of $186.5 million for the fourth quarter

• GAAP net income of $38.0 million, or $0.74 per share, for the fourth quarter

• Adjusted non-GAAP net income of $47.2 million, or $0.92 per share, for the fourth quarter

Full Year Highlights

• Net revenues of $732.0 million for the fiscal year

• GAAP net income of $159.5 million, or $3.06 per share, for the fiscal year

• Adjusted non-GAAP net income of $200.8 million, or $3.86 per share, for the fiscal year

Dr. Jack Zhang, Amphastar's President and Chief Executive Officer, commented: "We are incredibly proud that in 2024, we exceeded our long-term goal of achieving $100 million in annual sales for Primatene MIST^®, and we look forward to continuing to grow the brand. Furthermore, BAQSIMI^® showed strong factory sales growth of 12% compared to the fourth quarter of last year. As we look ahead to 2025, we plan to continue developing and growing our proprietary pipeline."

		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
		(in thousands, except per share data)
Net revenues		$	186,523			$	178,105			$	731,967			$	644,395
GAAP net income		$	37,964			$	36,167			$	159,519			$	137,545
Adjusted non-GAAP net income*		$	47,237			$	46,875			$	200,806			$	175,699
GAAP diluted EPS		$	0.74			$	0.68			$	3.06			$	2.60
Adjusted non-GAAP diluted EPS*		$	0.92			$	0.88			$	3.86			$	3.32

____________________________________

* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.

Fourth quarter Results

		Three Months Ended
		December 31,								Change
		2024				2023				Dollars				%
		(in thousands)
Product revenues, net:
BAQSIMI ®		$	41,792			$	-			$	41,792				N/A
Primatene MIST ®			28,935				24,484				4,451				18	%
Glucagon			25,619				31,198				(5,579	)			(18	)%
Epinephrine			18,698				24,646				(5,948	)			(24	)%
Lidocaine			14,397				14,988				(591	)			(4	)%
Phytonadione			11,171				11,922				(751	)			(6	)%
Enoxaparin			3,731				6,092				(2,361	)			(39	)%
Naloxone			3,604				4,230				(626	)			(15	)%
Other products			39,031				38,089				942				2	%
Total product revenues, net		$	186,978			$	155,649			$	31,329				20	%
Other revenues			(455	)			22,456				(22,911	)			(102	)%
Total net revenues		$	186,523			$	178,105			$	8,418				5	%

Changes in product revenues, net as compared to the fourth quarter of the prior year were primarily driven by:

• BAQSIMI^® revenues consisting of $41.8 million in sales made by the Company directly to its customers, which are recorded as part of product revenues, net

• Primatene MIST^® sales increased primarily due to an increase in unit volumes

• Glucagon sales decreased due to a decrease in unit volumes as a result of competition and a market shift towards ready-to-use glucagon products such as BAQSIMI^®

• Epinephrine sales decreased due to a decrease in unit volumes, as well as a decrease in average selling price, primarily as a result of new competition for our epinephrine vial product

• The decrease in sales of phytonadione and naloxone was due to a decrease in unit volume, as well as a decrease in average selling price

• Enoxaparin sales decreased primarily due to a decrease in unit volumes

• Other pharmaceutical product sales changes were primarily due to:

  • Higher unit volumes of dextrose and sodium bicarbonate due to increased demand caused by supplier shortages during the fourth quarter

  • This increase was partially offset by:

    • Lower sales of ganirelix and medroxyprogesterone due to a decrease in average selling price, as well as lower unit volumes

• Other revenues decreased as the Transition Service Agreement, or TSA, with Lilly expired in the fourth quarter of 2024, and since we have assumed all distribution responsibilities, we record BAQSIMI^® sales in product revenues, net and costs of sales. The other revenues included in the fourth quarter of 2024 represents BAQSIMI^® sales of $0.3 million, less associated costs of sales, and a true-up of the Net Economic Benefit payments due at the expiration of the TSA.

		Three Months Ended
		December 31,								Change
		2024				2023				Dollars				%
		(in thousands)
Net revenues		$	186,523			$	178,105			$	8,418				5	%
Cost of revenues			99,875				81,965				17,910				22	%
Gross profit		$	86,648			$	96,140			$	(9,492	)			(10	)%
as % of net revenues			46.5	%			54.0	%

Changes in the cost of revenues and gross margin were primarily driven by:

• Decrease in other revenues related to Lilly's sales of BAQSIMI^® under the TSA, which were recorded net of cost of sales and other expenses as we assumed distribution of BAQSIMI^® to our customers and now record those sales in product revenues and cost of sales separately

• Increased labor costs and certain component costs

• This was partially offset by an increase in sales of Primatene MIST^®, which is a higher-margin product

		Three Months Ended
		December 31,								Change
		2024				2023				Dollars				%
		(in thousands)
Selling, distribution, and marketing		$	10,424			$	8,619			$	1,805				21	%
General and administrative			12,938				13,122				(184	)			(1	)%
Research and development			18,142				20,419				(2,277	)			(11	)%

• Selling, distribution, and marketing expenses increased primarily due to the expansion of our sales and marketing efforts related to BAQSIMI^®

• Research and development expenses decreased primarily due to a decrease in clinical trial expense, as well as a decrease in materials and supply expense, as a result of expenses in 2023 for our insulin and inhalation pipeline products that were higher than those incurred in 2024

		Three Months Ended
		December 31,								Change
		2024				2023				Dollars				%
		(in thousands)
Non-operating income (expenses)
Interest income		$	2,292			$	2,303			$	(11	)			(0	)%
Interest expense			(6,425	)			(9,456	)			3,031				(32	)%
Other income (expenses), net			2,951				(5,482	)			8,433				154	%
Total non-operating income (expenses), net		$	(1,182	)		$	(12,635	)		$	11,453				(91	)%

The change in non-operating income (expenses), net is primarily a result of:

• A decrease in interest expense, primarily related to the accretion of the $129.0 million deferred cash payment to Lilly, which was made in June 2024, as well as a lower principal balance on the Wells Fargo Term Loan, along with the write-off of unamortized debt issuance costs related to such Term Loan in 2023

• A change to other income (expenses), net primarily as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts

Year-End Results

		Year Ended December 31,								Change
		2024				2023				Dollars				%
		(in thousands)
Product revenues, net:
BAQSIMI ®		$	126,898			$	-			$	126,898				N/A
Glucagon			108,319				113,684				(5,365	)			(5	)%
Primatene MIST ®			102,012				89,321				12,691				14	%
Epinephrine			94,090				81,650				12,440				15	%
Lidocaine			55,854				58,162				(2,308	)			(4	)%
Phytonadione			43,169				44,939				(1,770	)			(4	)%
Enoxaparin			21,715				31,533				(9,818	)			(31	)%
Naloxone			15,728				19,004				(3,276	)			(17	)%
Other products			145,029				154,945				(9,916	)			(6	)%
Total product revenues, net		$	712,814			$	593,238			$	119,576				20	%
Other revenues			19,153				51,157				(32,004	)			(63	)%
Total net revenues		$	731,967			$	644,395			$	87,572				14	%

Changes in product revenues, net were primarily driven by:

• BAQSIMI^® revenues consisting of $126.9 million in sales made by the Company directly to its customers, which are recorded as part of product revenues, net

• Primatene MIST^® sales increased primarily due to an increase in unit volumes

• Epinephrine sales increased primarily due to an increase in unit volumes, as we began selling our epinephrine pre-filled syringes in Canada starting in the third quarter of 2024

• Glucagon sales decreased primarily due to a decrease in unit volumes, as a result competition and a move to ready-to-use glucagon products such as BAQSIMI^®

• Enoxaparin and naloxone sales decreased primarily due to a decrease in unit volumes

• Other pharmaceutical products sales decreased primarily due to:

  • Lower unit sales of atropine and calcium chloride, as a result of other suppliers returning to their historical distribution levels

  • Lower unit sales of medroxyprogesterone, as our API supplier discontinued making the active ingredient

  • These decreases were partially offset by:

    • Higher unit volumes of dextrose and sodium bicarbonate due to an increase in demand caused by other supplier shortages

    • The launch of albuterol in August 2024

• Other revenues which consisted of $38.9 million in BAQSIMI^® sales made by Lilly, on behalf of the Company under the TSA, which resulted in a net payment to the Company of $19.2 million after deducting the cost of sales and other expenses

		Year Ended December 31,								Change
		2024				2023				Dollars				%
		(in thousands)
Net revenues		$	731,967			$	644,395			$	87,572				14	%
Cost of revenues			358,112				293,274				64,838				22	%
Gross profit		$	373,855			$	351,121			$	22,734				6	%
as % of net revenues			51.1	%			54.5	%

Changes in the cost of revenues and gross margin were primarily driven by:

• Decrease in other revenues related to Lilly's sales of BAQSIMI^® under the TSA, which are recorded net of cost of sales and other expenses, as we assumed distribution of BAQSIMI^® to our customers and now record those sales in product revenues and cost of sales separately

• Increase in depreciation and amortization expenses related to the acquired BAQSIMI^® assets

• Increased labor and certain component costs

• This was partially offset by increased sales of Primatene MIST^® and epinephrine, which are higher-margin products

		Year Ended December 31,								Change
		2024				2023				Dollars				%
		(in thousands)
Selling, distribution, and marketing		$	37,802			$	28,853			$	8,949				31	%
General and administrative			56,720				51,540				5,180				10	%
Research and development			73,914				73,741				173				0	%

• Selling, distribution, and marketing expenses increased primarily due to expenses related to the expansion of our sales and marketing efforts related to BAQSIMI^®

• General and administrative expenses increased primarily due to an increase in salary and personnel-related expenses and expenses related to BAQSIMI^®

• Research and development expenses remained flat during the year. Salary and personnel-related expenses and FDA filing fees increased, while clinical trial expense, as well as materials and supply expense decreased

		Year Ended December 31,								Change
		2024				2023				Dollars				%
		(in thousands)
Non-operating income (expenses)
Interest income		$	10,612			$	5,459			$	5,153				94	%
Interest expense			(30,343	)			(27,158	)			(3,185	)			12	%
Other income (expenses), net			4,076				(3,929	)			8,005				204	%
Total non-operating income (expenses), net		$	(15,655	)		$	(25,628	)		$	9,973				(39	)%

The change in non-operating income (expenses), net is primarily a result of:

• An increase in interest income resulting from an increase in cash and investments.

• An increase in interest expense resulting from the Term Loan used to finance the acquisition of BAQSIMI^®, as well as the 2029 Convertible Notes, which we entered into in the second half of 2023.

• A change to Other income (expenses), net primarily as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts during the year ended December 31, 2024.

Cash flow provided by operating activities for the year ended December 31, 2024, was $213.4 million.

Pipeline Information

The Company currently has four abbreviated new drug applications ("ANDAs") filed with the U.S. Food and Drug Administration (the "FDA") targeting products with a market size exceeding $2 billion, along with four biosimilar products in development targeting products with a market size exceeding $7 billion, and two generic products in development targeting products with a market size of over $1.3 billion. This market information is based on IQVIA data for the 12 months ended December 31, 2024. The Company is developing multiple proprietary products with injectable and intranasal dosage forms.

Amphastar's Chinese subsidiary, Amphastar Nanjing Pharmaceuticals, Co., Ltd. ("ANP"), currently has multiple Drug Master Files ("DMFs") on file with the FDA and is developing several additional DMFs.

Company Information

Amphastar is a bio-pharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically-challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells insulin API products. Most of the Company's finished products are used in hospital or urgent care clinical settings and are primarily contracted and distributed through group purchasing organizations and drug wholesalers. More information and resources are available at www.amphastar.com.

Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar^®, BAQSIMI^®, Primatene MIST^®, REXTOVY^TM, Amphadase^®, and Cortrosyn^®, are the property of Amphastar.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income and (ii) Adjusted non-GAAP diluted EPS, which exclude amortization expense, share-based compensation, impairment charges, expenses related to our acquisition of BAQSIMI^®, certain debt issuance costs, income tax provisions on pre-tax adjustments, and other one-time events in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.

Conference Call Information

The Company will hold a conference call to discuss its financial results today, February 27, 2025, at 2:00 p.m. Pacific Time.

To access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, ten minutes before the conference.

The call can also be accessed on the Investors page on the Company's website at www.amphastar.com.

Forward-Looking Statements

All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, including the DMFs of ANP, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the benefits BAQSIMI^®, including its potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our ability to leverage our existing expertise and technology, and other future events. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 10, 2024, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 9, 2024, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 7, 2024, and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI^®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.

Contact Information:

Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 476-3416

Table I
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Statement of Operations
(Unaudited; in thousands, except per share data)

		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Net revenues:
Product revenues, net		$	186,978			$	155,649			$	712,814			$	593,238
Other revenues			(455	)			22,456				19,153				51,157
Total net revenues			186,523				178,105				731,967				644,395
Cost of revenues			99,875				81,965				358,112				293,274
Gross profit			86,648				96,140				373,855				351,121
Operating expenses:
Selling, distribution, and marketing			10,424				8,619				37,802				28,853
General and administrative			12,938				13,122				56,720				51,540
Research and development			18,142				20,419				73,914				73,741
Total operating expenses			41,504				42,160				168,436				154,134
Income from operations			45,144				53,980				205,419				196,987
Non-operating income (expenses):
Interest income			2,292				2,303				10,612				5,459
Interest expense			(6,425	)			(9,456	)			(30,343	)			(27,158	)
Other income (expenses), net			2,951				(5,482	)			4,076				(3,929	)
Total non-operating income (expenses), net			(1,182	)			(12,635	)			(15,655	)			(25,628	)
Income before income taxes			43,962				41,345				189,764				171,359
Income tax provision			5,998				4,673				29,672				31,833
Net income before equity in losses of unconsolidated affiliate			37,964				36,672				160,092				139,526
Equity in losses of unconsolidated affiliate			-				(505	)			(573	)			(1,981	)
Net income		$	37,964			$	36,167			$	159,519			$	137,545
Net income per share:
Basic		$	0.79			$	0.75			$	3.29			$	2.85
Diluted		$	0.74			$	0.68			$	3.06			$	2.60
Weighted-average shares used to compute net income per share:
Basic			47,975				47,957				48,429				48,265
Diluted			51,310				53,014				52,058				53,001

Table II
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(Unaudited; in thousands, except share data)

		December 31,				December 31,
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	151,609			$	144,296
Restricted cash			235				235
Short-term investments			70,036				112,510
Restricted short-term investments			2,200				2,200
Accounts receivable, net			136,289				114,943
Inventories			153,741				105,833
Income tax refunds and deposits			1,747				526
Prepaid expenses and other assets			18,214				9,057
Total current assets			534,071				489,600
Property, plant, and equipment, net			297,345				282,746
Finance lease right-of-use assets			383				564
Operating lease right-of-use assets			46,899				32,333
Investment in unconsolidated affiliate			-				527
Goodwill and intangible assets, net			590,660				613,295
Long-term investments			10,996				14,685
Other assets			25,992				25,910
Deferred tax assets			71,124				53,252
Total assets		$	1,577,470			$	1,512,912
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities		$	157,057			$	93,366
Accrued payments for BAQSIMI ®			-				126,090
Income taxes payable			9,664				1,609
Current portion of long-term debt			234				436
Current portion of operating lease liabilities			6,804				3,906
Total current liabilities			173,759				225,407
Long-term reserve for income tax liabilities			6,957				6,066
Long-term debt, net of current portion and unamortized debt issuance costs			601,630				589,579
Long-term operating lease liabilities, net of current portion			41,881				29,721
Other long-term liabilities			20,945				22,718
Total liabilities			845,172				873,491
Commitments and contingencies
Stockholders' equity:
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; 60,847,124 and 47,617,691 shares issued and outstanding, respectively, as of December 31, 2024 and 59,390,194 and 48,068,881 shares issued and outstanding, respectively, as of December 31, 2023			6				6
Additional paid-in capital			505,400				486,056
Retained earnings			568,787				409,268
Accumulated other comprehensive loss			(9,181	)			(8,478	)
Treasury stock			(332,714	)			(247,431	)
Total equity			732,298				639,421
Total liabilities and stockholders' equity		$	1,577,470			$	1,512,912

Table III
Amphastar Pharmaceuticals, Inc.
Reconciliation of Non-GAAP Measures
(Unaudited; in thousands, except per share data)

		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
GAAP net income		$	37,964			$	36,167			$	159,519			$	137,545
Adjusted for:
Intangible asset amortization			6,179				6,178				24,718				12,830
Share-based compensation			5,632				4,622				24,368				20,242
Impairment of long-lived assets			-				1				-				3,175
Expenses related to BAQSIMI ® acquisition			-				2,148				3,651				5,830
Debt issuance costs			-				742				-				6,785
Income tax provision on pre-tax adjustments			(2,538	)			(2,983	)			(11,450	)			(10,708	)
Adjusted non-GAAP net income		$	47,237			$	46,875			$	200,806			$	175,699
Adjusted non-GAAP net income per share:
Basic		$	0.99			$	0.98			$	4.15			$	3.64
Diluted		$	0.92			$	0.88			$	3.86			$	3.32
Weighted-average shares used to compute adjusted non-GAAP net income per share:
Basic			47,975				47,957				48,429				48,265
Diluted			51,310				53,014				52,058				53,001

		Three Months Ended December 31, 2024
		Cost of revenue				Selling, distribution and marketing				General and administrative				Research and development				Non-operating (expenses) income, net				Income tax provision
GAAP		$	99,875			$	10,424			$	12,938			$	18,142			$	(1,182	)		$	5,998
Intangible asset amortization			(6,160	)			-				-				(19	)			-				-
Share-based compensation			(1,159	)			(286	)			(3,682	)			(505	)			-				-
Income tax provision on pre-tax adjustments			-				-				-				-				-				2,538
Non-GAAP		$	92,556			$	10,138			$	9,256			$	17,618			$	(1,182	)		$	8,536

		Three Months Ended December 31, 2023
		Cost of revenue				Selling, distribution and marketing				General and administrative				Research and development				Non-operating (expenses) income, net				Income tax provision
GAAP		$	81,965			$	8,619			$	13,122			$	20,419			$	(12,635	)		$	4,673
Intangible asset amortization			(6,158	)			-				(3	)			(17	)			-				-
Share-based compensation			(1,023	)			(221	)			(2,946	)			(432	)			-				-
Impairment of long-lived assets			-				-				(1	)			-				-				-
Expenses related to BAQSIMI ® acquisition			-				-				(322	)			-				1,826				-
Debt issuance costs			-				-				-				-				742				-
Income tax provision on pre-tax adjustments			-				-				-				-				-				2,983
Non-GAAP		$	74,784			$	8,398			$	9,850			$	19,970			$	(10,067	)		$	7,656

		Year Ended December 31, 2024
		Cost of revenue				Selling, distribution and marketing				General and administrative				Research and development				Non-operating (expenses) income, net				Income tax provision
GAAP		$	358,112			$	37,802			$	56,720			$	73,914			$	(15,655	)		$	29,672
Intangible asset amortization			(24,639	)			-				(4	)			(75	)			-				-
Share-based compensation			(5,742	)			(1,063	)			(14,921	)			(2,642	)			-				-
Expenses related to BAQSIMI ® acquisition			-				-				-				-				3,651				-
Income tax provision on pre-tax adjustments			-				-				-				-				-				11,450
Non-GAAP		$	327,731			$	36,739			$	41,795			$	71,197			$	(12,004	)		$	41,122

		Year Ended December 31, 2023
		Cost of revenue				Selling, distribution and marketing				General and administrative				Research and development				Non-operating (expenses) income, net				Income tax provision
GAAP		$	293,274			$	28,853			$	51,540			$	73,741			$	(25,628	)		$	31,833
Intangible asset amortization			(12,741	)			-				(19	)			(70	)			-				-
Share-based compensation			(4,891	)			(870	)			(12,269	)			(2,212	)			-				-
Impairment of long-lived assets			(3,170	)			-				(5	)			-				-				-
Expenses related to BAQSIMI ® acquisition			-				-				(2,179	)			-				3,651				-
Debt issuance costs			-				-				-				-				6,785				-
Income tax provision on pre-tax adjustments			-				-				-				-				-				10,708
Non-GAAP		$	272,472			$	27,983			$	37,068			$	71,459			$	(15,192	)		$	42,541

SOURCE: Amphastar Pharmaceuticals, Inc.

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FAQ

What were Amphastar's (AMPH) Q4 2024 financial results?

AMPH reported Q4 2024 revenues of $186.5M, GAAP net income of $38.0M ($0.74/share), and adjusted non-GAAP net income of $47.2M ($0.92/share).

How did BAQSIMI perform for Amphastar (AMPH) in Q4 2024?

BAQSIMI generated $41.8M in direct sales and showed 12% factory sales growth compared to Q4 2023.

What is Amphastar's (AMPH) current drug development pipeline?

AMPH has 4 ANDAs filed with FDA targeting >$2B market, 4 biosimilars targeting >$7B market, and 2 generic products targeting >$1.3B market.

How much operating cash flow did Amphastar (AMPH) generate in 2024?

Amphastar generated $213.4 million in operating cash flow for the year ended December 31, 2024.

What was Amphastar's (AMPH) full-year 2024 revenue and earnings?

AMPH reported full-year 2024 revenues of $732.0M, GAAP net income of $159.5M ($3.06/share), and adjusted non-GAAP income of $200.8M ($3.86/share).