Amphastar Pharmaceuticals reported fourth‑quarter 2025 revenue of $183.1 million, down 5.6 % from the consensus estimate of $194.03 million. GAAP net income was $24.4 million, or $0.51 per share, while adjusted net income reached $34.2 million, or $0.73 per share— a 24.5 % miss against the $0.97 consensus estimate. Full‑year 2025 revenue totaled $719.9 million, and GAAP net income was $98.1 million, or $2.03 per share; adjusted net income for the year was $156.6 million, or $3.25 per share.
The quarter’s performance was weighed by a 4 % decline in legacy generic sales, driven by pricing pressure on key products such as Glucagon and Epinephrine. In contrast, the company’s proprietary portfolio continued to grow, with BAQSIMI sales up 12 % in Q4 and Primatene Mist up 7 % for the year. The launch of Ipratropium Bromide HFA, expected to generate $100 million in early‑2026 sales, provided a new revenue engine but did not offset the decline in legacy volumes.
Comparing to the prior year, Q4 2024 revenue was $186.5 million and GAAP net income was $38.0 million, or $0.74 per share. Adjusted net income in Q4 2024 was $47.2 million, or $0.92 per share. For the full year 2024, revenue was $732.0 million, GAAP net income $159.5 million, or $3.06 per share, and adjusted net income $200.8 million, or $3.86 per share. The 2025 results therefore represent a modest revenue decline and a sharper drop in profitability, reflecting the company’s transition from a legacy‑generic focus to a higher‑margin proprietary mix.
Management attributed the earnings miss to intensified competition in the generic market and the early stages of the product‑mix shift. Dr. Jack Zhang noted that “BAQSIMI maintained its momentum as a top revenue driver with sustained double‑digit growth, while the FDA approvals of our iron sucrose injection and teriparatide injection demonstrate the depth of our technical capabilities.” Dan Dischner highlighted the launch of Ipratropium Bromide HFA as a near‑term growth catalyst, and CFO William Peters emphasized that “sales for the fourth quarter decreased 2 % to $183.1 million from $186.5 million in the previous year’s period.”
Looking ahead, Amphastar guided 2026 revenue growth to the mid‑to‑high single‑digit range, while warning that gross margins may decline due to pricing pressure on high‑margin legacy products and a higher mix of lower‑margin API sales. The company expects to continue scaling its U.S.‑based manufacturing and to exit unprofitable international markets later in 2026, which should improve margin quality over time.
Investors reacted negatively to the earnings miss, citing the significant shortfall in adjusted EPS and the revenue shortfall relative to consensus. The market’s response underscores concerns about the pace of the proprietary portfolio’s growth and the ongoing pricing challenges in the legacy generic segment. The results reinforce the view that Amphastar’s strategic shift will require continued investment and disciplined cost management to achieve the projected revenue growth for 2026.
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