Amphastar Pharmaceuticals Reports Q4 Earnings

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

Mar. 3, 2026 at 12:31am

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Amphastar Pharmaceuticals reported its Q4 2025 earnings, with executives highlighting new FDA approvals, continued growth for BAQSIMI, and expectations for mid-to-high single-digit revenue growth in 2026. The company saw declines in some legacy products due to competitive and pricing pressures, but newer products like iron sucrose and albuterol helped offset those losses. Amphastar also discussed plans to expand manufacturing capacity and continue its stock buyback program.

Why it matters

As a specialty pharmaceutical company, Amphastar's performance and product pipeline are important indicators of the broader trends in the injectable and inhalation drug markets. The company's ability to navigate competitive pressures and launch new products successfully will impact its long-term growth prospects.

The details

Amphastar reported full-year 2025 net revenues of $719.9 million, a 2% decline attributed to headwinds in legacy products. However, newer products like iron sucrose and albuterol helped drive growth. Q4 2025 sales decreased 2% to $183.1 million, with BAQSIMI sales rising 12% to $46.7 million but declines in glucagon and epinephrine. Gross margin was flat at 47%, with increased BAQSIMI and iron sucrose sales offset by pricing declines in other products. The company reported Q4 net income of $24.4 million and adjusted EPS of $0.73.

  • Amphastar reported full-year 2025 net revenues on March 1, 2026.
  • The company reported Q4 2025 results on March 1, 2026.
  • Amphastar expects to launch ipratropium commercially 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

The Chief Financial Officer of Amphastar Pharmaceuticals.

Dan Dischner

The 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

“The Atrovent market data for last year was $112 million and that Amphastar expects a 'meaningful' opportunity as the first entrant with 180 days of exclusivity.”

— Bill Peters, Chief Financial Officer

What’s next

Amphastar plans to launch ipratropium commercially in the second quarter of 2026, which the company expects will be a near-term growth driver and meaningful addition to its respiratory portfolio.

The takeaway

Amphastar's performance highlights the challenges and opportunities facing specialty pharmaceutical companies as they navigate competitive pressures, pricing dynamics, and the need to continually expand their product pipelines. The company's focus on disciplined execution and strategic investments positions it for potential future growth.