Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended September 30, 2024

ACCESSWIRE11-07

Reports Net Revenues of $191.2 Million for the Three Months Ended September 30, 2024 RANCHO CUCAMONGA, CA / ACCESSWIRE / November 6, 2024 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" ...

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(NASDAQ:AMPH) (\"Amphastar\" ...</p>\n\n<a href=\"https://finance.yahoo.com/news/amphastar-pharmaceuticals-reports-financial-results-210500123.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended September 30, 2024</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmphastar Pharmaceuticals Reports Financial Results for the Three Months Ended September 30, 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-07 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/amphastar-pharmaceuticals-reports-financial-results-210500123.html><strong>ACCESSWIRE</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Reports Net Revenues of $191.2 Million for the Three Months Ended September 30, 2024\nRANCHO CUCAMONGA, CA / ACCESSWIRE / November 6, 2024 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (\"Amphastar\" ...</p>\n\n<a href=\"https://finance.yahoo.com/news/amphastar-pharmaceuticals-reports-financial-results-210500123.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AMPH","symbol_name":"Amphastar Pharmaceuticals","start_time":0,"source_url":"https://finance.yahoo.com/news/amphastar-pharmaceuticals-reports-financial-results-210500123.html","article_id":"2481795460","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/6rlDWD6Ggdtrt2hAWKjDtQ--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/accesswire.ca/3e21340f78b8314f2f19950ba064a27b"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481795460","pubTimestamp":1730927100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Reports Net Revenues of $191.2 Million for the Three Months Ended September 30, 2024. RANCHO CUCAMONGA, CA / ACCESSWIRE / November 6, 2024 / Amphastar Pharmaceuticals, Inc.   today reported results for the three months ended September 30, 2024.Net revenues of $191.2 million for the third quarter. GAAP net income of $40.4 million, or $0.78 per share, for the third quarter. Adjusted non-GAAP net income of $49.6 million, or $0.96 per share, for the third quarter. Dr. Jack Zhang, Amphastar's President and Chief Executive Officer, commented: \"Amphastar has continued its growth this quarter, highlighted by sales, particularly from BAQSIMI, which has become a cornerstone in our portfolio, and Primatene MIST, which is trending toward our goal of $100 million in sales per year. Looking forward, we will focus on positioning our Company towards sustainable, long-term growth by pivoting to high-value and high-growth areas, particularly centered on developing proprietary products and biosimilars, w","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AMPH":"Amphastar Pharmaceuticals","BK4557":"大麻股","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4007":"制药"},"translate_title":"Amphastar Pharmaceuticals报告截至2024年9月30日的三个月财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMPH":1},"content_text":"Reports Net Revenues of $191.2 Million for the Three Months Ended September 30, 2024\nRANCHO CUCAMONGA, CA / ACCESSWIRE / November 6, 2024 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (\"Amphastar\" or the \"Company\") today reported results for the three months ended September 30, 2024.\nThird quarter Highlights\n\nNet revenues of $191.2 million for the third quarter\nGAAP net income of $40.4 million, or $0.78 per share, for the third quarter\nAdjusted non-GAAP net income of $49.6 million, or $0.96 per share, for the third quarter\n\nDr. Jack Zhang, Amphastar's President and Chief Executive Officer, commented: \"Amphastar has continued its growth this quarter, highlighted by sales, particularly from BAQSIMI®, which has become a cornerstone in our portfolio, and Primatene MIST®, which is trending toward our goal of $100 million in sales per year. Looking forward, we will focus on positioning our Company towards sustainable, long-term growth by pivoting to high-value and high-growth areas, particularly centered on developing proprietary products and biosimilars, which we expect will allow us to leverage our R&D expertise and technology.\"\n\n\n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\nSeptember 30,\n\n\nSeptember 30,\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\n\n(in thousands, except per share data)\n\n\n\n\nNet revenues\n\n\n$\n191,214\n\n\n$\n180,556\n\n\n$\n545,444\n\n\n$\n466,290\n\n\n\n\nGAAP net income\n\n\n$\n40,429\n\n\n$\n49,222\n\n\n$\n121,555\n\n\n$\n101,378\n\n\n\n\nAdjusted non-GAAP net income*\n\n\n$\n49,585\n\n\n$\n61,898\n\n\n$\n153,569\n\n\n$\n128,823\n\n\n\n\nGAAP diluted EPS\n\n\n$\n0.78\n\n\n$\n0.91\n\n\n$\n2.32\n\n\n$\n1.91\n\n\n\n\nAdjusted non-GAAP diluted EPS*\n\n\n$\n0.96\n\n\n$\n1.15\n\n\n$\n2.94\n\n\n$\n2.43\n\n\n\n\n____________________________________\n* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP financial measures. Please see the discussion in the section entitled \"Non-GAAP Financial Measures\" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.\nThird quarter Results\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n\n\n\nSeptember 30,\n\n\nChange\n\n\n\n\n\n2024\n\n\n2023\n\n\nDollars\n\n\n%\n\n\n\n\n\n(in thousands)\n\n\n\n\n\n\n\n\nProduct revenues:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBAQSIMI\n®\n\n\n$\n40,409\n\n\n$\n-\n\n\n$\n40,409\n\n\n\nN/A\n\n\n\n\n\nGlucagon\n\n\n\n26,792\n\n\n\n29,514\n\n\n\n(2,722\n)\n\n\n(9\n)%\n\n\n\n\nPrimatene MIST\n®\n\n\n\n26,055\n\n\n\n24,834\n\n\n\n1,221\n\n\n\n5\n%\n\n\n\n\nEpinephrine\n\n\n\n21,341\n\n\n\n20,199\n\n\n\n1,142\n\n\n\n6\n%\n\n\n\n\nLidocaine\n\n\n\n15,884\n\n\n\n15,522\n\n\n\n362\n\n\n\n2\n%\n\n\n\n\nPhytonadione\n\n\n\n11,721\n\n\n\n7,449\n\n\n\n4,272\n\n\n\n57\n%\n\n\n\n\nEnoxaparin\n\n\n\n5,615\n\n\n\n7,702\n\n\n\n(2,087\n)\n\n\n(27\n)%\n\n\n\n\nNaloxone\n\n\n\n4,037\n\n\n\n4,715\n\n\n\n(678\n)\n\n\n(14\n)%\n\n\n\n\nOther finished pharmaceutical products\n\n\n\n35,503\n\n\n\n37,730\n\n\n\n(2,227\n)\n\n\n(6\n)%\n\n\n\n\nTotal finished pharmaceutical products net revenues\n\n\n$\n187,357\n\n\n$\n147,665\n\n\n$\n39,692\n\n\n\n27\n%\n\n\n\n\nAPI\n\n\n\n1,462\n\n\n\n4,190\n\n\n\n(2,728\n)\n\n\n(65\n)%\n\n\n\n\nOther revenues\n\n\n\n2,395\n\n\n\n28,701\n\n\n\n(26,306\n)\n\n\n(92\n)%\n\n\n\n\nTotal net revenues\n\n\n$\n191,214\n\n\n$\n180,556\n\n\n$\n10,658\n\n\n\n6\n%\n\n\n\n\nChanges in product revenues as compared to the third quarter of the prior year were primarily driven by:\n\nBAQSIMI® revenues consisting of $40.4 million in sales made by the Company directly to its customers, which are recorded as part of product revenues, net, and $6.4 million in sales made by Eli Lilly & Company, or Lilly, on behalf of the Company under a Transition Services Agreement, or TSA, which resulted in a net payment to the Company of $2.4 million after deducting the cost of sales and other expenses and was recorded in other revenues\nGlucagon sales decreased due to a decrease in unit volumes as a result of a move to ready to use glucagon products such as BAQSIMI®, as well as a decrease in average selling price\nPrimatene MIST® sales increased primarily due to an increase in unit volumes\nEpinephrine sales increased primarily due to sales of epinephrine pre-filled syringes in Canada, which we began this quarter\nThe increase in sales of phytonadione was primarily due to an increase in unit volume, as a result of an increase in demand during the quarter\nEnoxaparin and naloxone sales decreased primarily due to a decrease in unit volumes\nOther finished pharmaceutical product sales changes were primarily due to:\n\nLower unit sales of atropine and calcium chloride, as a result of other suppliers returning to their historical distribution levels\nThese decreases were partially offset by:\n\nHigher unit volumes of sodium bicarbonate due to an increase in capacity at our subsidiary, International Medication Systems, Limited\nThe launch of albuterol in August 2024\n\n\n\nBetween $2.0 million and $4.0 million in sales expected to be recognized in the third quarter were not recognized due to delayed shipments caused by the aftermath of Hurricane Helene. Revenues for these shipments are expected to be recognized in the fourth quarter.\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n\n\n\nSeptember 30,\n\n\nChange\n\n\n\n\n\n2024\n\n\n2023\n\n\nDollars\n\n\n%\n\n\n\n\n\n(in thousands)\n\n\n\n\n\n\n\n\nNet revenues\n\n\n$\n191,214\n\n\n$\n180,556\n\n\n$\n10,658\n\n\n\n6\n%\n\n\n\n\nCost of revenues\n\n\n\n89,273\n\n\n\n72,153\n\n\n\n17,120\n\n\n\n24\n%\n\n\n\n\nGross profit\n\n\n$\n101,941\n\n\n$\n108,403\n\n\n$\n(6,462\n)\n\n\n(6\n)%\n\n\n\n\nas % of net revenues\n\n\n\n53.3%\n\n\n\n60.0%\n\n\n\n\n\n\n\n\n\n\n\n\n\nChanges in the cost of revenues and gross margin were primarily driven by:\n\nIncreased labor costs and certain component costs, as well as charges included in cost of revenues to adjust our inventory and related purchase commitments to their net realizable value\nDecrease in other revenues related to Lilly's sales of BAQSIMI® under the TSA, which are recorded net of cost of sales and other expenses as we assumed distribution of BAQSIMI® to our customers and are now recording those sales in product revenues and cost of sales separately\nThis was partially offset by:\n\nIncrease in sales of Primatene MIST® and epinephrine, which are higher-margin products\n\n\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n\n\n\nSeptember 30,\n\n\nChange\n\n\n\n\n\n2024\n\n\n2023\n\n\nDollars\n\n\n%\n\n\n\n\n\n(in thousands)\n\n\n\n\n\n\n\n\nSelling, distribution, and marketing\n\n\n$\n8,995\n\n\n$\n6,407\n\n\n$\n2,588\n\n\n\n40\n%\n\n\n\n\nGeneral and administrative\n\n\n\n14,821\n\n\n\n12,654\n\n\n\n2,167\n\n\n\n17\n%\n\n\n\n\nResearch and development\n\n\n\n21,077\n\n\n\n16,664\n\n\n\n4,413\n\n\n\n26\n%\n\n\n\n\n\nSelling, distribution, and marketing expenses increased primarily due to the expenses related to the expansion of our sales and marketing efforts related to BAQSIMI®\nGeneral and administrative expenses increased primarily due to an increase in salary and personnel-related expenses and expenses related to BAQSIMI®\nResearch and development expenses increased due to expenditure on raw materials and components for our insulin pipeline products, as well as an increase in salary and personnel-related expenses, which was partially offset by a decrease in clinical trial expenses due to the timing of clinical trials\n\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n\n\n\nSeptember 30,\n\n\nChange\n\n\n\n\n\n2024\n\n\n2023\n\n\nDollars\n\n\n%\n\n\n\n\n\n(in thousands)\n\n\n\n\n\n\n\n\nNon-operating income (expenses)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest income\n\n\n$\n2,427\n\n\n$\n1,202\n\n\n$\n1,225\n\n\n\n102\n%\n\n\n\n\nInterest expense\n\n\n\n(6,698\n)\n\n\n(13,702\n)\n\n\n7,004\n\n\n\n(51\n)%\n\n\n\n\nOther income (expenses), net\n\n\n\n(5,094\n)\n\n\n3,459\n\n\n\n(8,553\n)\n\n\n(247\n)%\n\n\n\n\nTotal non-operating income (expenses), net\n\n\n$\n(9,365\n)\n\n$\n(9,041\n)\n\n$\n(324\n)\n\n\n4\n%\n\n\n\n\nThe change in non-operating income (expenses), net is primarily a result of:\n\nAn increase in interest income resulting from an increase in cash and investments\nA decrease in interest expense was primarily due to the $250.0 million repayment of the principal balance of the Wells Fargo Term Loan in September 2023, along with the write-off of unamortized debt issuance costs related to the Term Loan in 2023\nA change to other income (expenses), net primarily as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts\n\nCash flow provided by operating activities for the nine months ended September 30, 2024, was $184.4 million.\nShare Buyback Program\nOn November 4, 2024, the Company's Board of Directors authorized a $50 million increase to the Company's share buyback program, which is expected to continue for an indefinite period of time. The primary goal of the program is to offset dilution created by the Company's equity compensation programs.\nPurchases may be made through the open market and private block transactions pursuant to Rule 10b5-1 plans, privately negotiated transactions, or other means, as determined by the Company's management and in accordance with the requirements of the Securities and Exchange Commission and applicable laws.\nThe timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, and other conditions.\nPipeline Information\nThe Company currently has four abbreviated new drug applications (\"ANDAs\") on file with the U.S. Food and Drug Administration (the \"FDA\") targeting products with a market size of over $2.4 billion, four biosimilar products in development targeting products with a market size of over $8 billion, and three generic products in development targeting products with a market size of approximately $2 billion. This market information is based on IQVIA data for the 12 months ended September 30, 2024. The Company is developing multiple proprietary products with injectable and intranasal dosage forms.\nAmphastar's Chinese subsidiary, Amphastar Nanjing Pharmaceuticals, Co., Ltd. (\"ANP\"), currently has multiple Drug Master Files (\"DMFs\") on file with the FDA and is developing several additional DMFs.\nCompany Information\nAmphastar is a bio-pharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically-challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells insulin API products. Most of the Company's finished products are used in hospital or urgent care clinical settings and are primarily contracted and distributed through group purchasing organizations and drug wholesalers. More information and resources are available at www.amphastar.com.\nAmphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, BAQSIMI®, Primatene MIST®, REXTOVYTM, Amphadase®, and Cortrosyn®, are the property of Amphastar.\nNon-GAAP Financial Measures\nTo supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (\"GAAP\"), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP diluted EPS, which exclude amortization expense, share-based compensation, impairment charges, expenses related to our acquisition of BAQSIMI®, certain debt issuance costs, legal settlements, and other one-time events in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.\nConference Call Information\nThe Company will hold a conference call to discuss its financial results today, November 6, 2024, at 2:00 p.m. Pacific Time.\nTo access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, ten minutes before the conference.\nThe call can also be accessed on the Investors page on the Company's website at www.amphastar.com.\nForward-Looking Statements\nAll statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, including the DMFs of ANP, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the benefits of the acquisition of BAQSIMI®, including its potential for continued revenue growth, the success of our integration of BAQSIMI®, the transition of our pipeline towards branded products, proprietary products, and biosimilars, our ability to leverage our existing expertise and technology, and other future events. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as \"may,\" \"might,\" \"will,\" \"could,\" \"would,\" \"should,\" \"anticipate,\" \"predict,\" \"potential,\" \"continue,\" \"expect,\" \"intend,\" \"plan,\" \"project,\" \"believe,\" \"estimate,\" and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 10, 2024, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 9, 2024. In particular, there can be no guarantee that our pivoting towards high-value and high-growth areas market will be successful, that demand will be sufficient for us to meet our sales goal for Primatene MIST® or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.\nContact Information:\nAmphastar Pharmaceuticals, Inc.Bill PetersChief Financial Officer(909) 476-3416\nTable IAmphastar Pharmaceuticals, Inc.Condensed Consolidated Statement of Operations(Unaudited; in thousands, except per share data)\n\n\n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 30,\n\n\nSeptember 30,\n\n\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\n\n\nNet revenues:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProduct revenues, net\n\n\n$\n188,819\n\n\n$\n151,855\n\n\n$\n525,836\n\n\n$\n437,589\n\n\n\n\n\nOther revenues\n\n\n\n2,395\n\n\n\n28,701\n\n\n\n19,608\n\n\n\n28,701\n\n\n\n\n\nTotal net revenues\n\n\n\n191,214\n\n\n\n180,556\n\n\n\n545,444\n\n\n\n466,290\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of revenues\n\n\n\n89,273\n\n\n\n72,153\n\n\n\n258,237\n\n\n\n211,309\n\n\n\n\n\nGross profit\n\n\n\n101,941\n\n\n\n108,403\n\n\n\n287,207\n\n\n\n254,981\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSelling, distribution, and marketing\n\n\n\n8,995\n\n\n\n6,407\n\n\n\n27,378\n\n\n\n20,234\n\n\n\n\n\nGeneral and administrative\n\n\n\n14,821\n\n\n\n12,654\n\n\n\n43,782\n\n\n\n38,418\n\n\n\n\n\nResearch and development\n\n\n\n21,077\n\n\n\n16,664\n\n\n\n55,772\n\n\n\n53,322\n\n\n\n\n\nTotal operating expenses\n\n\n\n44,893\n\n\n\n35,725\n\n\n\n126,932\n\n\n\n111,974\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome from operations\n\n\n\n57,048\n\n\n\n72,678\n\n\n\n160,275\n\n\n\n143,007\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNon-operating income (expenses):\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest income\n\n\n\n2,427\n\n\n\n1,202\n\n\n\n8,320\n\n\n\n3,156\n\n\n\n\n\nInterest expense\n\n\n\n(6,698\n)\n\n\n(13,702\n)\n\n\n(23,918\n)\n\n\n(17,702\n)\n\n\n\n\nOther income (expenses), net\n\n\n\n(5,094\n)\n\n\n3,459\n\n\n\n1,125\n\n\n\n1,553\n\n\n\n\n\nTotal non-operating income (expenses), net\n\n\n\n(9,365\n)\n\n\n(9,041\n)\n\n\n(14,473\n)\n\n\n(12,993\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome before income taxes\n\n\n\n47,683\n\n\n\n63,637\n\n\n\n145,802\n\n\n\n130,014\n\n\n\n\n\nIncome tax provision\n\n\n\n7,254\n\n\n\n14,025\n\n\n\n23,674\n\n\n\n27,160\n\n\n\n\n\nNet income before equity in losses of unconsolidated affiliate\n\n\n\n40,429\n\n\n\n49,612\n\n\n\n122,128\n\n\n\n102,854\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEquity in losses of unconsolidated affiliate\n\n\n\n-\n\n\n\n(390\n)\n\n\n(573\n)\n\n\n(1,476\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income\n\n\n$\n40,429\n\n\n$\n49,222\n\n\n$\n121,555\n\n\n$\n101,378\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income per share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n$\n0.83\n\n\n$\n1.01\n\n\n$\n2.50\n\n\n$\n2.10\n\n\n\n\n\nDiluted\n\n\n$\n0.78\n\n\n$\n0.91\n\n\n$\n2.32\n\n\n$\n1.91\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average shares used to compute net income per share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n\n48,621\n\n\n\n48,701\n\n\n\n48,580\n\n\n\n48,368\n\n\n\n\n\nDiluted\n\n\n\n51,862\n\n\n\n53,921\n\n\n\n52,307\n\n\n\n52,997\n\n\n\n\n\nTable IIAmphastar Pharmaceuticals, Inc.Condensed Consolidated Balance Sheets(Unaudited; in thousands, except share data)\n\n\n\n\n\n\nSeptember 30,\n\n\nDecember 31,\n\n\n\n\n\n2024\n\n\n2023\n\n\n\n\n\n(unaudited)\n\n\n\n\n\n\n\n\nASSETS\n\n\n\n\n\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\n\n\n\n\n\nCash and cash equivalents\n\n\n$\n192,116\n\n\n$\n144,296\n\n\n\n\n\nRestricted cash\n\n\n\n235\n\n\n\n235\n\n\n\n\n\nShort-term investments\n\n\n\n58,375\n\n\n\n112,510\n\n\n\n\n\nRestricted short-term investments\n\n\n\n2,200\n\n\n\n2,200\n\n\n\n\n\nAccounts receivable, net\n\n\n\n139,635\n\n\n\n114,943\n\n\n\n\n\nInventories\n\n\n\n130,316\n\n\n\n105,833\n\n\n\n\n\nIncome tax refunds and deposits\n\n\n\n5,349\n\n\n\n526\n\n\n\n\n\nPrepaid expenses and other assets\n\n\n\n17,723\n\n\n\n9,057\n\n\n\n\n\nTotal current assets\n\n\n\n545,949\n\n\n\n489,600\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProperty, plant, and equipment, net\n\n\n\n295,384\n\n\n\n282,746\n\n\n\n\n\nFinance lease right-of-use assets\n\n\n\n426\n\n\n\n564\n\n\n\n\n\nOperating lease right-of-use assets\n\n\n\n31,708\n\n\n\n32,333\n\n\n\n\n\nInvestment in unconsolidated affiliate\n\n\n\n-\n\n\n\n527\n\n\n\n\n\nGoodwill and intangible assets, net\n\n\n\n594,796\n\n\n\n613,295\n\n\n\n\n\nLong-term investments\n\n\n\n-\n\n\n\n14,685\n\n\n\n\n\nOther assets\n\n\n\n23,663\n\n\n\n25,910\n\n\n\n\n\nDeferred tax assets\n\n\n\n53,252\n\n\n\n53,252\n\n\n\n\n\nTotal assets\n\n\n$\n1,545,178\n\n\n$\n1,512,912\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY\n\n\n\n\n\n\n\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccounts payable and accrued liabilities\n\n\n$\n153,268\n\n\n$\n93,366\n\n\n\n\n\nAccrued payments for BAQSIMI\n®\n\n\n\n-\n\n\n\n126,090\n\n\n\n\n\nIncome taxes payable\n\n\n\n1,281\n\n\n\n1,609\n\n\n\n\n\nCurrent portion of long-term debt\n\n\n\n252\n\n\n\n436\n\n\n\n\n\nCurrent portion of operating lease liabilities\n\n\n\n4,209\n\n\n\n3,906\n\n\n\n\n\nTotal current liabilities\n\n\n\n159,010\n\n\n\n225,407\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLong-term reserve for income tax liabilities\n\n\n\n6,066\n\n\n\n6,066\n\n\n\n\n\nLong-term debt, net of current portion and unamortized debt issuance costs\n\n\n\n596,446\n\n\n\n589,579\n\n\n\n\n\nLong-term operating lease liabilities, net of current portion\n\n\n\n28,941\n\n\n\n29,721\n\n\n\n\n\nOther long-term liabilities\n\n\n\n27,037\n\n\n\n22,718\n\n\n\n\n\nTotal liabilities\n\n\n\n817,500\n\n\n\n873,491\n\n\n\n\n\nCommitments and contingencies\n\n\n\n\n\n\n\n\n\n\n\n\n\nStockholders' equity:\n\n\n\n\n\n\n\n\n\n\n\n\n\nPreferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding\n\n\n\n-\n\n\n\n-\n\n\n\n\n\nCommon stock: par value $0.0001; 300,000,000 shares authorized; 60,690,076 and 48,372,997 shares issued and outstanding, respectively, as of September 30, 2024 and 59,390,194 and 48,068,881 shares issued and outstanding, respectively, as of December 31, 2023\n\n\n\n6\n\n\n\n6\n\n\n\n\n\nAdditional paid-in capital\n\n\n\n496,427\n\n\n\n486,056\n\n\n\n\n\nRetained earnings\n\n\n\n530,823\n\n\n\n409,268\n\n\n\n\n\nAccumulated other comprehensive loss\n\n\n\n(8,821\n)\n\n\n(8,478\n)\n\n\n\n\nTreasury stock\n\n\n\n(290,757\n)\n\n\n(247,431\n)\n\n\n\n\nTotal equity\n\n\n\n727,678\n\n\n\n639,421\n\n\n\n\n\nTotal liabilities and stockholders' equity\n\n\n$\n1,545,178\n\n\n$\n1,512,912\n\n\n\n\n\nTable IIIAmphastar Pharmaceuticals, Inc.Reconciliation of Non-GAAP Measures(Unaudited; in thousands, except per share data)\n\n\n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 30,\n\n\nSeptember 30,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGAAP net income\n\n\n$\n40,429\n\n\n$\n49,222\n\n\n$\n121,555\n\n\n$\n101,378\n\n\n\n\n\nAdjusted for:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIntangible asset amortization\n\n\n\n6,179\n\n\n\n6,168\n\n\n\n18,539\n\n\n\n6,651\n\n\n\n\n\nShare-based compensation\n\n\n\n5,596\n\n\n\n4,644\n\n\n\n18,736\n\n\n\n15,620\n\n\n\n\n\nImpairment of long-lived assets\n\n\n\n-\n\n\n\n474\n\n\n\n-\n\n\n\n3,174\n\n\n\n\n\nExpenses related to BAQSIMI\n®\n acquisition\n\n\n\n-\n\n\n\n2,182\n\n\n\n3,651\n\n\n\n3,682\n\n\n\n\n\nDebt issuance costs\n\n\n\n-\n\n\n\n3,019\n\n\n\n-\n\n\n\n6,043\n\n\n\n\n\nIncome tax provision on pre-tax adjustments\n\n\n\n(2,619\n)\n\n\n(3,811\n)\n\n\n(8,912\n)\n\n\n(7,725\n)\n\n\n\n\nAdjusted non-GAAP net income\n\n\n$\n49,585\n\n\n$\n61,898\n\n\n$\n153,569\n\n\n$\n128,823\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted non-GAAP net income per share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n$\n1.02\n\n\n$\n1.27\n\n\n$\n3.16\n\n\n$\n2.66\n\n\n\n\n\nDiluted\n\n\n$\n0.96\n\n\n$\n1.15\n\n\n$\n2.94\n\n\n$\n2.43\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average shares used to compute adjusted non-GAAP net income per share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n\n48,621\n\n\n\n48,701\n\n\n\n48,580\n\n\n\n48,368\n\n\n\n\n\nDiluted\n\n\n\n51,862\n\n\n\n53,921\n\n\n\n52,307\n\n\n\n52,997\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30, 2024\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSelling,\n\n\nGeneral\n\n\nResearch\n\n\nNon-operating\n\n\n\n\n\n\n\n\nCost of\n\n\ndistribution\n\n\nand\n\n\nand\n\n\n(expenses)\n\n\nIncome\n\n\n\n\n\nrevenue\n\n\nand marketing\n\n\nadministrative\n\n\ndevelopment\n\n\nincome, net\n\n\ntax provision\n\n\n\n\n\nGAAP\n\n\n$\n89,273\n\n\n$\n8,995\n\n\n$\n14,821\n\n\n$\n21,077\n\n\n$\n(9,365\n)\n\n$\n7,254\n\n\n\n\n\nIntangible asset amortization\n\n\n\n(6,159\n)\n\n\n-\n\n\n\n(1\n)\n\n\n(19\n)\n\n\n-\n\n\n\n-\n\n\n\n\n\nShare-based compensation\n\n\n\n(1,133\n)\n\n\n(249\n)\n\n\n(3,710\n)\n\n\n(504\n)\n\n\n-\n\n\n\n-\n\n\n\n\n\nIncome tax provision on pre-tax adjustments\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n2,619\n\n\n\n\n\nNon-GAAP\n\n\n$\n81,981\n\n\n$\n8,746\n\n\n$\n11,110\n\n\n$\n20,554\n\n\n$\n(9,365\n)\n\n$\n9,873\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30, 2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSelling,\n\n\nGeneral\n\n\nResearch\n\n\nNon-operating\n\n\n\n\n\n\n\n\nCost of\n\n\ndistribution\n\n\nand\n\n\nand\n\n\n(expenses)\n\n\nIncome\n\n\n\n\n\nrevenue\n\n\nand marketing\n\n\nadministrative\n\n\ndevelopment\n\n\nincome, net\n\n\ntax provision\n\n\n\n\n\nGAAP\n\n\n$\n72,153\n\n\n$\n6,407\n\n\n$\n12,654\n\n\n$\n16,664\n\n\n$\n(9,041\n)\n\n$\n14,025\n\n\n\n\n\nIntangible asset amortization\n\n\n\n(6,149\n)\n\n\n-\n\n\n\n34\n\n\n\n(53\n)\n\n\n-\n\n\n\n-\n\n\n\n\n\nShare-based compensation\n\n\n\n(1,004\n)\n\n\n(213\n)\n\n\n(2,975\n)\n\n\n(452\n)\n\n\n-\n\n\n\n-\n\n\n\n\n\nImpairment of long-lived assets\n\n\n\n(470\n)\n\n\n-\n\n\n\n(4\n)\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n\n\nExpenses related to BAQSIMI\n®\n acquisition\n\n\n\n-\n\n\n\n-\n\n\n\n(357\n)\n\n\n-\n\n\n\n1,825\n\n\n\n-\n\n\n\n\n\nDebt issuance costs\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n3,019\n\n\n\n-\n\n\n\n\n\nIncome tax provision on pre-tax adjustments\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n3,811\n\n\n\n\n\nNon-GAAP\n\n\n$\n64,530\n\n\n$\n6,194\n\n\n$\n9,352\n\n\n$\n16,159\n\n\n$\n(4,197\n)\n\n$\n17,836\n\n\n\n\n\n\n\n\n\n\n\nNine Months Ended September 30, 2024\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSelling,\n\n\nGeneral\n\n\nResearch\n\n\nNon-operating\n\n\n\n\n\n\n\n\nCost of\n\n\ndistribution\n\n\nand\n\n\nand\n\n\n(expenses)\n\n\nIncome\n\n\n\n\n\nrevenue\n\n\nand marketing\n\n\nadministrative\n\n\ndevelopment\n\n\nincome, net\n\n\ntax provision\n\n\n\n\n\nGAAP\n\n\n$\n258,237\n\n\n$\n27,378\n\n\n$\n43,782\n\n\n$\n55,772\n\n\n$\n(14,473\n)\n\n$\n23,674\n\n\n\n\n\nIntangible asset amortization\n\n\n\n(18,479\n)\n\n\n-\n\n\n\n(4\n)\n\n\n(56\n)\n\n\n-\n\n\n\n-\n\n\n\n\n\nShare-based compensation\n\n\n\n(4,583\n)\n\n\n(777\n)\n\n\n(11,239\n)\n\n\n(2,137\n)\n\n\n-\n\n\n\n-\n\n\n\n\n\nExpenses related to BAQSIMI\n®\n acquisition\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n3,651\n\n\n\n-\n\n\n\n\n\nIncome tax provision on pre-tax adjustments\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n8,912\n\n\n\n\n\nNon-GAAP\n\n\n$\n235,175\n\n\n$\n26,601\n\n\n$\n32,539\n\n\n$\n53,579\n\n\n$\n(10,822\n)\n\n$\n32,586\n\n\n\n\n\n\n\n\n\n\n\nNine Months Ended September 30, 2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSelling,\n\n\nGeneral\n\n\nResearch\n\n\nNon-operating\n\n\n\n\n\n\n\n\nCost of\n\n\ndistribution\n\n\nand\n\n\nand\n\n\n(expenses)\n\n\nIncome\n\n\n\n\n\nrevenue\n\n\nand marketing\n\n\nadministrative\n\n\ndevelopment\n\n\nincome, net\n\n\ntax provision\n\n\n\n\n\nGAAP\n\n\n$\n211,309\n\n\n$\n20,234\n\n\n$\n38,418\n\n\n$\n53,322\n\n\n$\n(12,993\n)\n\n$\n27,160\n\n\n\n\n\nIntangible asset amortization\n\n\n\n(6,582\n)\n\n\n-\n\n\n\n(16\n)\n\n\n(53\n)\n\n\n-\n\n\n\n-\n\n\n\n\n\nShare-based compensation\n\n\n\n(3,868\n)\n\n\n(649\n)\n\n\n(9,323\n)\n\n\n(1,780\n)\n\n\n-\n\n\n\n-\n\n\n\n\n\nImpairment of long-lived assets\n\n\n\n(3,170\n)\n\n\n-\n\n\n\n(4\n)\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n\n\nExpenses related to BAQSIMI\n®\n acquisition\n\n\n\n-\n\n\n\n-\n\n\n\n(1,857\n)\n\n\n-\n\n\n\n1,825\n\n\n\n-\n\n\n\n\n\nDebt issuance costs\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n6,043\n\n\n\n-\n\n\n\n\n\nIncome tax provision on pre-tax adjustments\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n7,725\n\n\n\n\n\nNon-GAAP\n\n\n$\n197,689\n\n\n$\n19,585\n\n\n$\n27,218\n\n\n$\n51,489\n\n\n$\n(5,125\n)\n\n$\n34,885\n\n\n\n\n\nSOURCE: Amphastar Pharmaceuticals, Inc.\n\nView the original \npress release on 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