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Amphastar Pharmaceuticals, Inc. (AMPH) stock

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NASDAQ: AMPH Nasdaq Pharmaceuticals Next results ~November 5, 2026

C+ Fundamentals grade

Amphastar Pharmaceuticals, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$64

Cash-flow model

Base case. Range ~$46–$87 across our lower- and higher-growth cases (0.8%–10.8% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 135% above it.

Price used: $27.03, November 2, 2026

Amphastar Pharmaceuticals, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds93 adding, 108 cuttingOf 35 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Amphastar Pharmaceuticals files

Where Amphastar Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $730m, up 1.0% on a year earlier, against a decline of 1.4% a quarter earlier. Free-cash-flow margin rose to 20.9% from 15.5% a year earlier. Operating margin narrowed to 15.7% from 25.1%. The diluted share count is down 7.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $61.60 a share, against a share price of $26.78. At that price, our model says the market is pricing in cash flow shrinking about 6.4% a year for five years, slower than the 10.8% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Amphastar Pharmaceuticals, Inc.'s trailing-twelve-month revenue grew 1.0% year on year, with a free-cash-flow margin of 20.9%. Where it stands out: change in share count of -7.8% ranks 3 of 62 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$64 per share in the base case (~$46–$87 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 36.3% while net income fell 41.7%: a 78pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $27.03 is 135% below our value per share of $64.
  • Strong cash generation. 20.9% of revenue turned into free cash flow, against a median of 10.1% for pharmaceuticals companies we cover.
  • Shrinking share count. Diluted shares fell 7.8% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 50.0% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 9.5 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 0.5 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.2 points on a year ago.
  • Heavily shorted. 22.2% of the shares available to trade are sold short (8.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.91 against an average estimate of $0.61: beat by 48.3%
Revenue
$184m, up 5.4% on a year earlier
Share reaction
+2.7% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.86

Amphastar Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.5%
  • 1 week+6.1%
  • 1 month+6.3%
  • This year+0.9%
  • 1 year+6.0%
  • 5 years+38.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$730M
Operating margin
15.7%
Net margin
10.8%
EPS (TTM, diluted)
$1.69

Growth

Revenue growth
+1.0%
Change in growth rate
+2.4 pts
Share count change
−7.8%

Cash

Free cash flow (TTM)
$153M
FCF margin
20.9%
Stock pay % of revenue
4.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Amphastar Pharmaceuticals, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 6.7% a year for five years.That is slower than the 10.8% a year revenue growth Amphastar Pharmaceuticals has delivered.

  • Priced in-6.7%
  • Last 12 months1.0%
  • 3 years a year10.5%
  • 5 years a year10.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($27.15, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$64
Price used
$27.15close November 3, 2026
Implied change
▲ +134%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Amphastar Pharmaceuticals, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($148M, FY2026 Q2 TTM), growing 5.2% and 5.6% in the next two years (forecasts, guidance and its record), then back to 5.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$46–~$87 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Amphastar Pharmaceuticals, Inc.'s free cash flow after stock-based pay ( $148M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Amphastar Pharmaceuticals, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$64 ~$46–$87 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$25 ~$22–$50 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$67 ~$45–$100 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$53 ~$45–$66 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$54 ~$25–$67 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Amphastar Pharmaceuticals, Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +35%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $43$61$84$116$157$209
8.5% $31$44$61$83$113$150
10% $24$34$47$64$86$115

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.23$18.42$19.24$19.90$19.29$20.11$23.29$28.02$61.85$37.13$26.78$27.03
Market value$640m$875m$931m$923m$963m$988m$1.2bn$1.5bn$3.3bn$1.9bn$1.3bn$1.3bn
+ Net debt (− = net cash)−$15m−$31m−$14m−$19m−$20m−$34m−$46m−$76m$459m$462m$451m$388m
Enterprise value$625m$844m$917m$904m$943m$953m$1.1bn$1.4bn$3.7bn$2.4bn$1.7bn$1.6bn
Multiples
Price / sales 2.5x3.4x3.9x3.1x3.0x2.8x2.6x2.9x5.1x2.6x1.8x1.7x
Price / earnings —89.1xn/m—19.7xn/m18.7x16.1x23.8x12.1x13.2x16.0x
Price / free cash flow —50.9xn/m—n/m42.2x16.4x22.5x22.6x11.2x10.7x8.2x
EV / EBITDA 141.5x30.7x178.1x—134.4x47.7x13.9x11.6x16.8x10.2x10.1x11.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

59 /100

Moderate moat

How hard Amphastar Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Cash operating profit has been a median 14.0% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 45.3%, moving by 6.1 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Operating margin has been a median 11.4%; its worst year was -7.0%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 8 of 10 years, at a median 14.2% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 7.5% over five years; stock-based pay has been a median 4.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (64 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $198m and EPS of $0.86 (range $0.70 to $1.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.96 −9% $747m +4%
Next $2.64 +22% $784m +5%

Next year's EPS estimate has moved +50.0% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +15.8% on 90 days ago. In the last 30 days, 6 analysts raised Amphastar Pharmaceuticals, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Amphastar Pharmaceuticals, Inc., last 90 days
$1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.56 Current fiscal year, 60 days ago: $2.97 Current fiscal year, 30 days ago: $2.97 Current fiscal year, 7 days ago: $2.97 Current fiscal year, Now: $2.96 $2.96 Next fiscal year, 90 days ago: $1.76 Next fiscal year, 60 days ago: $1.76 Next fiscal year, 30 days ago: $1.76 Next fiscal year, 7 days ago: $2.64 Next fiscal year, Now: $2.64 $2.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.56$1.76
60 days ago $2.97$1.76
30 days ago $2.97$1.76
7 days ago $2.97$2.64
Now $2.96$2.64

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.61 $0.91 +48.3%
Mar 2026 $0.71 $0.42 −40.5%
Dec 2025 $0.92 $0.73 −20.5%
Sept 2025 $0.83 $0.93 +12.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Amphastar Pharmaceuticals, Inc.'s latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Amphastar Pharmaceuticals, Inc.'s revenue by +5.2% next year and +5.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.9%, weight 66%) and the company's own record (+5.8%, weight 34%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy00%
Hold686%
Sell114%

Monthly trend

  1. Oct 2026617
  2. Sep 2026617
  3. Aug 2026617
  4. Jul 2026617

Counts of recommendations published by analysts covering Amphastar Pharmaceuticals, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
22.2%
of tradable shares
Days to cover
8.22
at average volume
Short interest, 1 month
−13%
to October 15, 2026
Held by institutions
68%
of shares
Held by insiders
30.8%
of shares
Employees
1,976
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.0%

$25.50 on October 31, 2025 to $27.03

ThenNowEffect
Revenue (last 12 months) $723m $730m +1.0%
Net margin 18.6% 10.8% −42.3%
P/E multiple 9.5x 16.0x +67.6%
Share count 50m 46m +8.4%

Biggest factor: net margin.

Last 3 years −42.0%

$46.59 on November 3, 2023 to $27.03

ThenNowEffect
Revenue (last 12 months) $541m $730m +35.0%
Net margin 18.8% 10.8% −42.9%
P/E multiple 23.9x 16.0x −33.3%
Share count 52m 46m +13.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AMPH+16%+20%+121%−40%−28%+1%
Industry peers (median)−20%−52%−14%−2%+9%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AMPH50%42%67%33%33%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AMPH−17%−36%−32%−42%−46%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 74% from August 8, 2023 to May 15, 2026. Getting back needed a 285% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$16.87 – $29.40
From 52-week high
−8.1%
vs 50-day average
+8.7%
vs 200-day average
+21.5%
Volatility (1 year)
52%
Beta vs S&P 500
0.54

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±11.3%
After a week
4 up, 8 down
typical move ±14.8%
After a month
6 up, 6 down
typical move ±17.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +2.7% +0.5% −0.3% +14.5%
May 7, 2026 −20.5% +0.5% −27.6% −18.9%
February 26, 2026 −27.7% −1.0% −26.9% −32.0%
November 6, 2025 −5.1% −1.0% +4.2% +2.8%
August 7, 2025 +14.4% +0.7% +45.1% +40.5%
May 7, 2025 +3.3% +1.1% −2.4% +8.9%
February 27, 2025 −8.9% −0.1% −9.3% −8.9%
November 6, 2024 −10.6% +3.3% −11.8% −15.1%
August 7, 2024 +11.8% +1.6% +7.7% +15.2%
May 8, 2024 −0.8% +0.6% −0.8% −4.8%
February 28, 2024 −16.0% +0.2% −16.5% −20.8%
November 8, 2023 +13.9% −0.7% +25.0% +23.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Amphastar Pharmaceuticals, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Amphastar Pharmaceuticals, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Amphastar Pharmaceuticals, Inc.
$600M $650M $700M $750M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $601.3M Revenue (TTM), FY23 Q4: $644.4M Revenue (TTM), FY24 Q1: $676.2M Revenue (TTM), FY24 Q2: $712.9M Revenue (TTM), FY24 Q3: $723.5M Revenue (TTM), FY24 Q4: $732M Revenue (TTM), FY25 Q1: $730.7M Revenue (TTM), FY25 Q2: $722.7M Revenue (TTM), FY25 Q3: $723.3M Revenue (TTM), FY25 Q4: $719.9M Revenue (TTM), FY26 Q1: $720.5M Revenue (TTM), FY26 Q2: $730M $730M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $601.3M
FY23 Q4 $644.4M
FY24 Q1 $676.2M
FY24 Q2 $712.9M
FY24 Q3 $723.5M
FY24 Q4 $732M
FY25 Q1 $730.7M
FY25 Q2 $722.7M
FY25 Q3 $723.3M
FY25 Q4 $719.9M
FY26 Q1 $720.5M
FY26 Q2 $730M
Revenue growth, TTM YoY Amphastar Pharmaceuticals, Inc.
-10% 0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 24.0% Revenue growth, TTM YoY, FY23 Q4: 29.1% Revenue growth, TTM YoY, FY24 Q1: 30.4% Revenue growth, TTM YoY, FY24 Q2: 31.8% Revenue growth, TTM YoY, FY24 Q3: 20.3% Revenue growth, TTM YoY, FY24 Q4: 13.6% Revenue growth, TTM YoY, FY25 Q1: 8.1% Revenue growth, TTM YoY, FY25 Q2: 1.4% Revenue growth, TTM YoY, FY25 Q3: -0.0% Revenue growth, TTM YoY, FY25 Q4: -1.7% Revenue growth, TTM YoY, FY26 Q1: -1.4% Revenue growth, TTM YoY, FY26 Q2: 1.0% 1.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 24.0%
FY23 Q4 29.1%
FY24 Q1 30.4%
FY24 Q2 31.8%
FY24 Q3 20.3%
FY24 Q4 13.6%
FY25 Q1 8.1%
FY25 Q2 1.4%
FY25 Q3 -0.0%
FY25 Q4 -1.7%
FY26 Q1 -1.4%
FY26 Q2 1.0%
Operating margin (TTM) Amphastar Pharmaceuticals, Inc.
15% 20% 25% 30% 35% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 30.1% Operating margin (TTM), FY23 Q4: 30.6% Operating margin (TTM), FY24 Q1: 31.3% Operating margin (TTM), FY24 Q2: 32.2% Operating margin (TTM), FY24 Q3: 29.6% Operating margin (TTM), FY24 Q4: 28.1% Operating margin (TTM), FY25 Q1: 26.6% Operating margin (TTM), FY25 Q2: 25.1% Operating margin (TTM), FY25 Q3: 20.7% Operating margin (TTM), FY25 Q4: 19.5% Operating margin (TTM), FY26 Q1: 16.2% Operating margin (TTM), FY26 Q2: 15.7% 15.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 30.1%
FY23 Q4 30.6%
FY24 Q1 31.3%
FY24 Q2 32.2%
FY24 Q3 29.6%
FY24 Q4 28.1%
FY25 Q1 26.6%
FY25 Q2 25.1%
FY25 Q3 20.7%
FY25 Q4 19.5%
FY26 Q1 16.2%
FY26 Q2 15.7%
FCF margin (TTM) Amphastar Pharmaceuticals, Inc.
15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 23.3% FCF margin (TTM), FY23 Q4: 22.6% FCF margin (TTM), FY24 Q1: 23.8% FCF margin (TTM), FY24 Q2: 25.0% FCF margin (TTM), FY24 Q3: 23.5% FCF margin (TTM), FY24 Q4: 23.5% FCF margin (TTM), FY25 Q1: 20.6% FCF margin (TTM), FY25 Q2: 15.5% FCF margin (TTM), FY25 Q3: 15.7% FCF margin (TTM), FY25 Q4: 16.8% FCF margin (TTM), FY26 Q1: 18.8% FCF margin (TTM), FY26 Q2: 20.9% 20.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 23.3%
FY23 Q4 22.6%
FY24 Q1 23.8%
FY24 Q2 25.0%
FY24 Q3 23.5%
FY24 Q4 23.5%
FY25 Q1 20.6%
FY25 Q2 15.5%
FY25 Q3 15.7%
FY25 Q4 16.8%
FY26 Q1 18.8%
FY26 Q2 20.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Amphastar Pharmaceuticals took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $720M
  2. Cost of revenue $364M · 50.5%
  3. Gross profit $356M · 49.5%
  4. Research and development $85.8M · 11.9%
  5. Selling, general and admin $130M · 18.0%
  6. Operating income $140M · 19.5%
  7. Income tax $25.5M · 3.5%
  8. Interest and other $16.8M · 2.3%
  9. Net income $98.1M · 13.6%

Shares of revenue. Source: Amphastar Pharmaceuticals's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 204 230 210 252 255 240 295 322 350 438 499 644 732 720 730
Gross profit 90 87 51 77 104 91 107 132 143 200 249 351 374 356 348
EBITDA 35 29 −5 4 28 5 −3 7 20 80 120 223 234 172 140
Operating income 25 17 −18 −7 15 −1 −9 −0 11 70 107 197 205 140 114
Net income 18 12 −11 −3 10 4 −6 49 1 62 91 138 160 98 79
Diluted EPS $0.46 $0.31 −$0.25 −$0.06 $0.21 $0.08 −$0.12 $0.98 $0.03 $1.25 $1.74 $2.60 $3.06 $2.03 $1.69
Growth (year on year)
Revenue — +12.4% −8.4% +19.5% +1.4% −5.9% +22.7% +9.4% +8.5% +25.1% +14.0% +29.1% +13.6% −1.7% +1.0%
EBITDA — −18.2% −119.0% — — −81.3% −149.9% — +184.7% +300.9% +49.9% +85.5% +4.9% −26.4% −31.9%
Operating income — −31.1% −202.8% — — −108.3% — — — +538.0% +53.8% +83.2% +4.3% −31.7% −37.1%
Net income — −34.4% −190.2% — — −62.9% — — −97.1% — +47.1% +50.5% +16.0% −38.5% −41.7%
Diluted EPS — −32.6% −180.6% — — −61.9% — — −96.9% — +39.2% +49.4% +17.7% −33.7% −36.8%
Margins
Gross margin 44.2% 37.9% 24.4% 30.8% 40.8% 37.7% 36.3% 40.9% 41.0% 45.6% 49.9% 54.5% 51.1% 49.5% 47.7%
EBITDA margin 17.2% 12.5% −2.6% 1.8% 10.8% 2.1% −0.9% 2.2% 5.7% 18.3% 24.1% 34.6% 31.9% 23.9% 19.2%
Operating margin 12.4% 7.6% −8.5% −2.7% 6.0% −0.5% −2.9% −0.0% 3.1% 16.0% 21.5% 30.6% 28.1% 19.5% 15.7%
Net margin 8.9% 5.2% −5.1% −1.1% 3.8% 1.5% −1.9% 15.2% 0.4% 14.2% 18.3% 21.3% 21.8% 13.6% 10.8%
Free-cash-flow margin −12.1% 5.8% 0.3% −2.1% 6.7% 1.7% −2.9% 0.1% 6.7% 16.1% 13.1% 22.6% 23.5% 16.8% 20.9%
Cash flow
Cash from operations −2 31 21 11 39 39 38 42 57 98 89 184 213 156 185
Capital spending 23 18 20 16 21 35 47 42 34 27 24 38 41 35 32
Free cash flow −25 13 1 −5 17 4 −9 0 23 71 65 145 172 121 153
Stock-based pay 7 6 9 13 15 17 17 17 20 19 18 20 24 27 29
Free cash flow after stock pay −31 7 −9 −18 2 −13 −25 −17 3 52 47 125 148 94 124
Balance sheet
Cash 50 54 68 66 72 66 86 74 93 126 156 144 152 170 224
Total debt 0 32 50 51 41 52 67 54 58 80 80 604 614 621 612
Net debt (negative = net cash) −50 −21 −18 −15 −31 −14 −19 −20 −34 −46 −76 459 462 451 388
Diluted shares 39m 39m 42m 45m 48m 48m 46m 50m 49m 50m 52m 53m 52m 48m 46m
Returned to shareholders
Buybacks 1 0 0 10 10 31 25 22 24 29 40 58 85 76 100
Total returned 1 0 0 10 10 31 25 22 24 29 40 58 85 76 100

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $1.7bn
Short-term assets $631mLonger-term assets $1.1bn
What it owes, and who funded it · $1.7bn
Short-term liabilities $263mLonger-term liabilities $712mShareholders' equity $768m
  • Short-term assets cover short-term liabilities $631m of assets due within a year against $263m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $631m short-term assets against $712m of longer-dated liabilities.
  • More cash than debt $224m of cash against $610m of debt.
  • Debt below 40% of shareholders' equity Debt is 79% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 18% to 79% over five years.
  • A year's operating cash flow covers at least 20% of debt $185m of operating cash flow against $610m of debt.
  • Operating profit covers interest at least five times over Operating income of $114m against $26m of interest.

From Amphastar Pharmaceuticals, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$100M
Returned to shareholders
65%
of free cash flow
Buybacks, last 3 fiscal years
$219M
Diluted share count
−7.8%
year over year
Total shareholder yield
8.7%
dividends 0.0% + buybacks 8.7% of market value
R&D spending
13.0%
of revenue
Days sales outstanding
72 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated AMPH PCRX TVTX EBS CORT SUPN Median
Revenue, last 12 months $730m $746m $651m $649m $831m $865m $276m
Revenue growth, last 12 months 1.0% 5.7% 49.4% −17.7% 16.0% 26.9% 9.9%
Revenue growth, 3-year average 10.5% 3.7% 71.3% −16.2% 24.7% 12.3% 5.5%
Revenue growth, latest quarter 5.4% 6.2% 36.2% −52.4% 31.7% 18.0% 6.5%
Gross margin 47.7% 79.2% 98.5% 48.4% 98.3% 87.6% 62.0%
Operating margin 15.7% 2.7% −20.5% −27.7% 0.8% −5.7% −5.9%
Operating margin, 3-year average 24.3% 0.4% −72.3% −8.5% 12.5% −0.7% −7.4%
Net margin 10.8% 2.0% −18.7% −40.2% 6.6% −5.1% −7.3%
Cash from operations / revenue 25.3% 25.2% 27.1% 30.8% 13.2% 10.2% 10.2%
Free-cash-flow margin 20.9% 24.1% 27.1% 29.0% 12.9% 10.1% 8.6%
Free-cash-flow margin, 3-year average 20.5% 22.5% −40.1% 13.8% 19.9% 15.6% 7.4%
Stock pay / revenue 4.0% 7.5% 11.2% 2.8% 10.7% 4.1% 3.6%
Change in share count −7.8% −2.8% −1.7% −0.6% −2.2% 2.8% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 1.0% 10.0% 51 of 74
Change in growth rate Growth +2.4pp -0.3pp 21 of 74
Gross margin Profitability 47.7% 59.8% 38 of 59
Operating margin Profitability 15.7% -5.9% 13 of 67
Net margin Profitability 10.8% -7.3% 22 of 75
Free-cash-flow margin Cash generation 20.9% 10.1% 19 of 74
Stock pay as % of revenue Cash generation 4.0% 3.6% 37 of 69
Long-term debt as % of assets Balance sheet 35.0% 23.8% 34 of 53
Change in share count Balance sheet -7.8% 1.5% 3 of 62
Days sales outstanding Balance sheet 72 days 72 days 30 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $681M 94.7% ▼ 3.7%
France $35.3M 4.9% ▲ 76.9%
China $3.2M 0.4% ▼ 26.6%

From Amphastar Pharmaceuticals, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$571M
Institutions reporting
206
Shares held vs prior quarter
▼ 12.4%
Positions opened / closed
29 / 34

Top buyers and sellers, Q2 2026: 93 institutions bought and 108 sold ; the biggest buyer was HRT Financial LP (+331K shares) and the biggest seller TD Asset Management Inc (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $105M 5.2M 18.5% ▼ 3.6%
Dimensional Fund Advisors LP $46.5M 2.3M 8.1% ▲ 13.7%
State Street Corp $33.1M 1.6M 5.8% ▲ 2.2%
Vanguard Capital Management LLC $29.9M 1.5M 5.2% ▼ 4.0%
American Century Companies Inc $23.7M 1.2M 4.2% ▲ 15.6%
Marshall Wace, LLP $21.5M 1.1M 3.8% ▲ 4.0%
Geode Capital Management, LLC $19.6M 970K 3.4% ▼ 0.7%
Fuller & Thaler Asset Management, Inc. $19.2M 949K 3.4% ▼ 32.0%
D. E. Shaw & Co., Inc. $17.9M 887K 3.1% ▲ 33.3%
Vanguard Portfolio Management LLC $16.3M 810K 2.9% ▲ 2.8%
LSV Asset Management $13M 642K 2.3% ▼ 1.5%
Renaissance Technologies LLC $10.6M 525K 1.9% ▼ 5.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Amphastar Pharmaceuticals, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.7M 11 trades by 4 insiders · 18% under pre-set plans
Net ▼ $1.7M net selling
Insider Date Trade Shares Price Value
Peters William J CFO, EVP & TREASURER September 21, 2026 Sell pre-set plan 4,139 $25.00 $103,475
Zhou Rong SENIOR EVP, PRODUCTION CENTER September 16, 2026 Sell 10,000 $23.94 $239,400
Zhou Rong SENIOR EVP, PRODUCTION CENTER September 2, 2026 Sell 3,187 $23.63 $75,309
Prins Richard K Director August 11, 2026 Sell 7,973 $20.30 $161,852
Peters William J CFO, EVP & TREASURER August 7, 2026 Sell pre-set plan 8,180 $22.48 $183,886
Zhou Rong SENIOR EVP, PRODUCTION CENTER December 17, 2025 Sell 9,787 $26.20 $256,419
Petersen Floyd F. Director December 12, 2025 Sell 2,426 $25.92 $62,882
Petersen Floyd F. Director December 11, 2025 Sell 1,737 $25.69 $44,624
Prins Richard K Director November 25, 2025 Sell 4,179 $27.10 $113,251
Petersen Floyd F. Director November 13, 2025 Sell 16,679 $26.49 $441,827
Petersen Floyd F. Director November 3, 2025 Sell pre-set plan 500 $25.27 $12,635

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Amphastar Pharmaceuticals, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Amphastar Pharmaceuticals, Inc. in brief

What does Amphastar Pharmaceuticals, Inc. do?
Amphastar Pharmaceuticals, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Amphastar Pharmaceuticals, Inc.'s stock ticker?
Amphastar Pharmaceuticals, Inc. trades under the ticker AMPH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Amphastar Pharmaceuticals, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Amphastar Pharmaceuticals, Inc. reported revenue of $730M, 1.0% higher than a year earlier, according to its SEC filings.
What is Amphastar Pharmaceuticals, Inc.'s free cash flow?
Amphastar Pharmaceuticals, Inc.'s free-cash-flow margin is 20.9% of revenue over the trailing twelve months, ranking 19 of the 74 pharmaceuticals companies we cover.
What is Amphastar Pharmaceuticals, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Amphastar Pharmaceuticals, Inc.'s free cash flow after stock-based pay gives ~$64 per share in the base case, and ~$46–$87 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Amphastar Pharmaceuticals, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Amphastar Pharmaceuticals, Inc. buying back stock, and does it pay a dividend?
Amphastar Pharmaceuticals, Inc. spent $100M on share repurchases over the trailing twelve months, and its diluted share count fell 7.8% over the year.
What is Amphastar Pharmaceuticals, Inc.'s market cap?
On November 2, 2026, Amphastar Pharmaceuticals, Inc.'s market capitalisation was about $1.3B, with a price-to-earnings ratio of 16.0 and net debt of $388M. Market figures come from third-party market data and may be delayed.
How much debt does Amphastar Pharmaceuticals, Inc. have?
Amphastar Pharmaceuticals, Inc.'s debt-to-equity ratio is 79.4%, from its latest balance sheet (17.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Amphastar Pharmaceuticals, Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Amphastar Pharmaceuticals, Inc. are Pacira Biosciences, Inc., Travere Therapeutics, Inc., Emergent Biosolutions Inc., Corcept Therapeutics Inc and Supernus Pharmaceuticals, Inc. The side-by-side comparison below sets their revenue, margins and growth against Amphastar Pharmaceuticals, Inc.'s.
Are insiders buying or selling Amphastar Pharmaceuticals, Inc. stock?
Over the last 12 months, Amphastar Pharmaceuticals, Inc.'s directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Amphastar Pharmaceuticals, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Amphastar Pharmaceuticals, Inc. announces its own schedule.