Amphastar Pharmaceuticals Reports Q4 Earnings

Highlights include new FDA approvals, BAQSIMI growth, and expectations for mid-to-high single-digit revenue growth in 2026.

Published on Feb. 27, 2026

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Amphastar Pharmaceuticals (NASDAQ:AMPH) executives discussed the company's fourth-quarter earnings, noting new FDA approvals, continued growth for BAQSIMI, and expectations for mid-to-high single-digit revenue growth in 2026. However, they also acknowledged ongoing competitive and pricing pressures in several legacy products.

Why it matters

As a specialty pharmaceutical company, Amphastar's performance and product pipeline are closely watched by investors. The company's ability to navigate competitive and pricing challenges while advancing its portfolio of injectable and inhalation products is crucial to its long-term growth.

The details

For full-year 2025, Amphastar reported net revenues of $719.9 million, a 2% decline, which management attributed to 'greater than expected headwinds' in legacy products. However, the company highlighted the continued strong performance of BAQSIMI, which generated $185.4 million in revenue, up 12% year-over-year. Fourth-quarter 2025 sales decreased 2% to $183.1 million, with BAQSIMI sales rising 12% to $46.7 million but declines in glucagon and epinephrine products due to increased competition. Looking ahead, Amphastar expects mid-to-high single-digit revenue growth in 2026, driven by new product launches like ipratropium bromide HFA, but also anticipates margin pressure from continued pricing declines in legacy products.

  • For full-year 2025, Amphastar reported net revenues of $719.9 million.
  • Fourth-quarter 2025 sales decreased 2% to $183.1 million.
  • Amphastar expects to launch ipratropium bromide HFA commercially early in the second quarter of 2026.

The players

Amphastar Pharmaceuticals

A specialty pharmaceutical company headquartered in Rancho Cucamonga, California that focuses on the development, manufacturing and commercialization of injectable and inhalation products.

Bill Peters

Chief Financial Officer of Amphastar Pharmaceuticals.

Dan Dischner

Senior Vice President of Corporate Communications at Amphastar Pharmaceuticals.

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What they’re saying

“2025 was a pivotal year, pointing to FDA approvals for iron sucrose and teriparatide. He also highlighted a new approval announced 'just this week' for Ipratropium Bromide HFA Inhalation Aerosol (previously referenced as AMP-007).”

— Dan Dischner, Senior Vice President of Corporate Communications

“Management characterized the prior decline in the market as driven 'mostly' by pricing rather than demand, and said it appears 'fairly stable' at this point.”

— Bill Peters, Chief Financial Officer

What’s next

Amphastar expects to launch ipratropium bromide HFA commercially early in the second quarter of 2026, positioning it as a near-term growth driver and a meaningful addition to its respiratory portfolio.

The takeaway

Amphastar Pharmaceuticals is navigating competitive and pricing pressures in its legacy products, but is looking to new product launches like ipratropium bromide HFA to drive mid-to-high single-digit revenue growth in 2026. The company's ability to manage these dynamics and advance its pipeline will be key to its continued success.