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Dec 31, 2025
Amphastar Q4 2025 Earnings Report
Amphastar Pharmaceuticals reported its financial results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Amphastar reported a slight decline in Q4 revenue to $183.1 million, primarily due to lower sales of Glucagon and Epinephrine, which were partially offset by a 12% increase in BAQSIMI® sales. Despite the revenue dip, the company maintained a strong gross margin of 46.8% and continued to invest heavily in its R&D pipeline, particularly in insulin and inhalation products.
BAQSIMI® sales grew 12% year-over-year in Q4, driven by increased unit volumes from marketing efforts in the U.S.
Glucagon sales saw a significant 45% decrease in Q4 due to lower average selling prices and increased competition.
R&D expenses increased by 29% in Q4, reflecting intensified investment in clinical trials for insulin and inhalation pipeline products.
The company successfully transitioned global distribution responsibilities for BAQSIMI® to its own operations at the start of 2025.
Revenue by Segment
Forward Guidance
Amphastar is focused on scaling U.S.-based manufacturing and securing approvals for its pipeline of complex generics and novel peptides in 2026.
Positive Outlook
- Sustained double-digit growth momentum for BAQSIMI®.
- Recent FDA approvals for iron sucrose and teriparatide injections.
- Pipeline includes three novel peptides and a synthetic corticotropin compound.
- Expansion into oncology, ophthalmology, and immunology therapeutic areas.
- Scaling U.S. based manufacturing to support future growth phases.
Challenges Ahead
- Increased competition impacting pricing and volume for Glucagon.
- Lower average selling prices for multi-dose vial Epinephrine due to competition.
- Rising R&D costs associated with late-stage clinical trials for insulin.
- Increased G&A expenses related to new ERP system implementation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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