At a glance
Amphastar P is worth $1.12B, about 13 times its fiscal 2025 earnings. Revenue fell 1.7% to $719.9M in fiscal 2025, with 13.6% kept as profit; over 5 years it has grown 15.5% a year. It pays no dividend; it spent $288.0M buying back its shares over FY2021–FY2025. The stock returned +8.9% over the past year with dividends reinvested and +7.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.4% in the 2020 crash (S&P 500: 33.7%) and 34.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 7 months after the lows.
The business in plain English
Amphastar Pharmaceuticals develops, manufactures and markets hard-to-make medicines: injectable, inhaled and nasal drugs, plus active pharmaceutical ingredients (API, the chemical in a drug that does the work). It markets more than 25 prescription products and one over-the-counter product, Primatene MIST. Its line-up mixes generics, lower-cost copies of off-patent drugs, with proprietary (company-owned) products. It favors drugs hard enough to make that few rivals compete.
Its largest products by net revenue are BAQSIMI, Primatene MIST, glucagon, epinephrine and lidocaine. Amphastar acquired BAQSIMI in June 2023. It is the first and only nasal glucagon for severe low blood sugar in people with diabetes, and it is available in the US and 26 other markets. Products reach health care providers partly through group purchasing organizations, which negotiate prices for many hospitals. Amphastar makes API as well as finished drugs, including at sites in China and France. It relies on a third party to manufacture BAQSIMI.
Net revenue was $719.9 million in 2025, down from $732.0 million in 2024. Net income fell to $98.1 million from $159.5 million. Launches since 2024 include albuterol inhalation aerosol, iron sucrose injection and a teriparatide pen. Management is moving a pipeline of more than 10 candidates toward proprietary drugs and biosimilars (near-copies of complex biologic drugs). As of February 2026, that included an insulin biosimilar on file with the FDA.
Price history
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AMPH +8.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $183.9M, up 5.4% from a year earlier, and net income was $30.3M (-2.2%).
- For fiscal 2025, revenue was $719.9M (-1.7% year over year; +15.5% a year from FY2020 to FY2025) with a 13.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.5% good |
|---|---|
| Operating margin | 19.5% good |
| Free cash flow margin | 16.8% good |
| Return on equity (FY2025) | 12.4% watch |
| Return on assets (FY2025) | 6% watch |
| Net cash (cash minus debt) | $-321.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $349.8M | $1.4M | $23.4M |
| FY2021 | $437.8M | $62.1M | $70.5M |
| FY2022 | $499.0M | $91.4M | $65.1M |
| FY2023 | $644.4M | $137.5M | $145.3M |
| FY2024 | $732.0M | $159.5M | $172.3M |
| FY2025 | $719.9M | $98.1M | $121.2M |
Valuation snapshot
| Market value | $1.12B |
|---|---|
| P/E ratio | 13 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Amphastar P’s market value went from $847.8M at the end of 2016 to $1.12B on Oct 28, 2026, up 32%; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.12B | -9.0% |
| 2025 | $1.23B | -31.1% |
| 2024 | $1.79B | -39.7% |
| 2023 | $2.96B | +118.8% |
| 2022 | $1.35B | +21.5% |
| 2021 | $1.11B | +16.7% |
| 2020 | $955.3M | +5.5% |
| 2019 | $905.4M | -1.3% |
| 2018 | $917.4M | +3.7% |
| 2017 | $884.6M | +4.3% |
| 2016 | $847.8M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMPH price data to Oct 28, 2026 | -1.7% | +8.9% | -16.1% | +7.7% | +3.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -1.7% |
| 2025 | -27.9% |
| 2024 | -40.0% |
| 2023 | +120.7% |
| 2022 | +20.3% |
| 2021 | +15.8% |
| 2020 | +4.3% |
| 2019 | -3.1% |
| 2018 | +3.4% |
| 2017 | +4.5% |
| 2016 | +29.4% |
| 2015 | +22.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.7% over that stretch · deepest drop along the way 33.4%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 19.9% over that stretch · deepest drop along the way 34.8%, back to its old high 6.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($764K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 16, 2026 | Rong Zhou SENIOR EVP, PRODUCTION CENTER | sell | $239K |
| Aug 7, 2026 | William J Peters CFO, EVP & TREASURER, Director | sell (plan) | $184K |
| Aug 11, 2026 | Richard K Prins Director | sell | $162K |
| Sep 21, 2026 | William J Peters CFO, EVP & TREASURER, Director | sell (plan) | $103K |
| Sep 2, 2026 | Rong Zhou SENIOR EVP, PRODUCTION CENTER | sell | $75K |
Who owns it
Large shareholders (13G filings)
| Jack Y. Zhang | 24.8% | Dec 31, 2024 |
| BlackRock, Inc. | 11.5% | Sep 30, 2025 |
| Dimensional Fund Advisors LP | 5.2% | Jun 30, 2026 |
ETFs with the most weight in AMPH
| XPH SPDR S&P Pharmaceuticals ETF | 2.65% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.5% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.48% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.31% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 0.3% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.26% |
| ROSC Hartford Multifactor Small Cap ETF | 0.26% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.25% |
What could go wrong
- Heavy reliance on five products. BAQSIMI, Primatene MIST, glucagon, epinephrine and lidocaine together make up a significant portion of net revenue. Lower prices or volumes for any of them, or trouble meeting demand, could hurt results.
- BAQSIMI made by an outside manufacturer. A third party manufactures BAQSIMI, and some materials come from only one supplier. A problem at any of these partners could interrupt supply of key products.
- Manufacturing exposure to China. Part of Amphastar's manufacturing takes place in China through its subsidiary ANP. Tariffs, trade barriers, political unrest or Chinese government influence could disrupt production and hurt results.
- Debt and 2029 convertible notes. As of June 30, 2026, total debt was about $612 million against $290 million in cash and investments. Amphastar may lack the cash to repay its 2029 convertible notes, which are bonds that can turn into shares.
- New products may fail or stall. Growth depends on new products, including biosimilar insulin. FDA approval can be slow or denied, and clinical studies can fail. Either outcome would mean the development money brought little return.
- Generic price competition. Rival generic makers can push prices down. Missing exclusive marketing periods or launch dates could sharply cut revenue and gross margin, which is the share of sales left after production costs.
Recent events
- Quarterly results released
- Executive or board change
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Executive or board change
- Major agreement signed
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
For income and retirement investors
Amphastar paid no dividends in fiscal 2021 through 2025, so the stock offers no regular income. Investors who need cash from it would have to trim their holding. Instead, the company spent about $288 million over those five years on buybacks, which means repurchasing its own shares. That total included $75.6 million in 2025, when free cash flow was $121.2 million. Free cash flow is the cash left after running the business and investing in equipment. The share count fell 11.4% between August 2021 and July 2026.
The share price can swing sharply. In the 2020 COVID crash, shares fell 33.4% but recovered by May 11, 2020. While the broad market slid from January to October 2022, the stock gained 19.9%. Even so, it dropped 34.8% at one point that year and took nearly seven months to recover. Its worst decline over the three years to October 28, 2026 was 73.4%. As with any single stock, Amphastar carries more risk than a diversified fund.
Questions investors ask
How does Amphastar make money?
Amphastar makes money by developing, manufacturing and marketing hard-to-make drugs. These are injectable, inhaled and nasal products, plus active pharmaceutical ingredients. It markets more than 25 prescription products and the over-the-counter Primatene MIST. Its largest products by net revenue are BAQSIMI, Primatene MIST, glucagon, epinephrine and lidocaine. Net revenue was $719.9 million in fiscal 2025, and net income was $98.1 million. Its development work is shifting away from mainly complex generics, which are hard-to-copy versions of off-patent drugs, toward proprietary drugs and biosimilars.
Does Amphastar pay a dividend?
No. Amphastar paid no dividends in fiscal 2021 through 2025. It returns cash through share buybacks instead and spent about $288 million on them over those five years. The share count fell 11.4% between August 2021 and July 2026. Buybacks can lift earnings per share over time, but they do not put cash in shareholders' pockets. Investors who rely on portfolio income would have to trim their position to draw cash from this holding.
What is BAQSIMI and who makes it?
BAQSIMI is a glucagon nasal powder. It is the first and only glucagon given through the nose to treat severe hypoglycemia (dangerously low blood sugar) in people with diabetes. Amphastar acquired it in June 2023, and it is available in the US and 26 international markets. It is one of the company's largest products by net revenue. Amphastar relies on a third party to manufacture it, and the company lists that arrangement as a supply-chain risk.
How much debt does Amphastar have?
As of June 30, 2026, Amphastar had about $612.1 million of total debt and $290.1 million in cash and investments. That left net debt of about $321.9 million. Shareholders' equity was $768.2 million. Part of the debt is convertible notes due in 2029, which can be exchanged for shares under certain conditions. The company warns it may not have enough cash to settle or repay those notes. Its loan agreements also include covenants, or restrictions, that limit its flexibility.
What is Amphastar's P/E ratio?
Amphastar's price-to-earnings (P/E) ratio was about 13 as of October 28, 2026. The P/E compares the share price with a year of profit, here fiscal 2025 diluted earnings per share of $2.03. Those earnings were down from $3.06 per share in 2024, and net income fell 38.5%. Market value was about $1.12 billion. In the quarter ended June 30, 2026, revenue rose 5.4% from a year earlier and net income slipped 2.2%.