Amphastar Sequential Revenue Growth Accelerates to 13%

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter net revenues were $207.6 million, up 8% from a year earlier, as GAAP net income reached $37.8 million, or $0.87 a share.

Amphastar Pharmaceuticals (AMPH), a biopharmaceutical company focused on technically challenging generic and proprietary injectable, inhalation, and intranasal products, reported net revenues of $207.6 million for the three months ended September 30, 2026, up 8% from $191.8 million a year earlier.

Sequential growth accelerated. Revenue rose 13% from the $183.9 million reported for the three months ended June 30, 2026, after a 7% increase from the $171.2 million first-quarter total.

GAAP net income was $37.8 million, or $0.87 a share, compared with $17.4 million, or $0.37 a share, a year earlier. Adjusted non-GAAP net income was $49.3 million, or $1.14 a share.

President and Chief Executive Officer Dr. Jack Zhang said record sales of BAQSIMI and Primatene MIST, together with contributions from recently launched products, supported continued revenue growth.

BAQSIMI sales were $58.8 million, up 10% from $53.6 million. The company said unit volumes contributed $7.4 million, while a lower average selling price from gross-to-net discounts reduced sales by about $2.2 million. Primatene MIST sales were $31.5 million, up 9%, with a second-quarter 2026 price increase contributing $1.6 million and unit volumes $1.0 million.

Lidocaine sales were $16.6 million, up 29%, primarily from higher unit volumes tied to other supplier shortages. Ipratropium bromide sales were $6.6 million after a second-quarter 2026 launch, versus none a year earlier. Other products sales were $70.2 million, including $6.4 million of teriparatide launched in December 2025 and $6.2 million of API from Amphastar Nanjing, partly offset by lower IMS-manufactured product sales.

Epinephrine sales were $15.3 million, down 19%, primarily from lower unit volumes of the pre-filled syringe as remediation at International Medication Systems, Limited slowed product releases. Glucagon sales were $8.6 million, down 37%, primarily from a lower average selling price as a result of increased competition.

Gross profit was $99.6 million, or 48.0% of net revenues, versus $98.6 million, or 51.4%, a year earlier. Cost of revenues rose 16% to $108.0 million. The company cited lower average selling prices on higher-margin BAQSIMI, glucagon and epinephrine multi-dose vial, plus manufacturing expenses from IMS remediation in response to an FDA warning letter and expansion of the Rancho Cucamonga facility, partly offset by higher-margin teriparatide and ipratropium bromide.

Income from operations was $50.8 million, versus $25.3 million a year earlier. General and administrative expenses were $16.8 million, down 57%, primarily because a $23.1 million litigation provision recorded in the third quarter of 2025 was not repeated. Research and development expenses were $20.1 million, down 10%, primarily because a $5.3 million upfront licensing payment to Nanjing Anji Biotechnology in the third quarter of 2025 was not repeated, partly offset by higher material, supply and personnel costs. Selling, distribution, and marketing expenses were $11.9 million, up 4%, primarily from higher freight.

On November 4, 2026, the board authorized a $50 million increase to the share buyback program, expected to continue indefinitely to offset equity-compensation dilution.

The company said it currently has one ANDA and one biosimilar insulin candidate filed with the FDA for products targeting a combined market size exceeding $1.6 billion, two biosimilar products in development targeting a market size exceeding $3.5 billion, and three generic products in development targeting a market size of over $1.2 billion.