Amphastar Pharmaceuticals, Inc.

amphastar.com

What Do They Do?

Sells generic and proprietary medicines delivered by injection, inhalation or nasal spray, along with drug ingredients, to hospitals, care facilities and retail pharmacies.

How Do They Make Money?

Customers pay for medicines delivered to them, or in some cases when the products ship; payment terms vary by customer and product.

FY2025 revenue

Who Are Their Customers?

Hospitals, long-term care facilities, clinics and doctors’ offices, along with retail pharmacies, buy through specialty distributors and wholesalers; group purchasing organizations negotiate agreements for many buyers.

Customers above 10% of revenue, FY2025

of revenue from three customers (24%, 22%, 19%)

FY2023: 60% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 14 cents of every revenue dollar as net income in FY2025 and turned 17 cents into free cash flow.

Operating income, FY2025

20% of revenue

▼ −32% vs FY2024 ($205.4M, 28%)

Net income, FY2025

14% of revenue

▼ −39% vs FY2024 ($159.5M, 22%)

Free cash flow, FY2025

17% of revenue

▼ −30% vs FY2024 ($172.3M, 24%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +5%; vs $174.4M in Q2 FY2025
Net income: ▼ −2%; vs $31M in Q2 FY2025

Growing. Revenue grew 64% in 4 years, from $437.8M in FY2021 to $719.9M in FY2025, about 13% a year.

Development emphasis The older report describes developing generic and proprietary products; the newer report says development has shifted from primarily complex generics toward proprietary and biosimilar products.

Who Do They Compete With?

Competes with Pfizer, BPI Labs, Lupin Pharmaceuticals, Viatris, Fresenius Kabi USA, Apotex, American Regent, Hikma Pharmaceuticals USA, Par Pharmaceuticals, Cipla USA, Meitheal Pharmaceuticals, Dr. Reddy’s Laboratories, Xeris Pharmaceuticals, Medefil, Accord Healthcare, and Teva Pharmaceutical USA

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