Corporate Presentation May 2025 Highly Purified Peptide/Protein Proprietary Injectables Inhalation Intranasal Biosimilar Interchangeable Complex Generic Combination Products Forward Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements, of Amphastar Pharmaceuticals, Inc. ("Amphastar", "we". "our" and that are based on our management's current expectations and assumptions and on information currently available to management. Forward-looking statements ...

Financial Performance - Net revenues for the first quarter of 2025 were $170.5 million, a decrease of 1% from $171.8 million in the same period of 2024[2] - GAAP net income for the first quarter was $25.3 million, or $0.51 per share, compared to $43.2 million, or $0.81 per share, in the prior year[4] - Adjusted non-GAAP net income was $36.9 million, or $0.74 per share, down from $55.3 million, or $1.04 per share, year-over-year[4] - Total net revenues for Q1 2025 were $170,528,000, a slight decrease of 0.76% compared to $171,836,000 in Q1 2024[24] - Product revenues increased to $170,528,000 in Q1 2025 from $157,629,000 in Q1 2024, representing an increase of 8.3%[24] - Net income for Q1 2025 was $25,285,000, a decrease of 41.3% from $43,177,000 in Q1 2024[24] - Basic net income per share decreased to $0.53 in Q1 2025 from $0.90 in Q1 2024, a decline of 41.1%[24] - Adjusted non-GAAP net income for Q1 2025 was $36,871,000, down 33.2% from $55,296,000 in Q1 2024[28] Revenue Drivers - BAQSIMI® sales increased by 177% to $38.4 million, while Primatene MIST® sales rose by 20% to $29.1 million[3] - Total product revenues increased by 8% to $170.5 million, driven by strong sales of BAQSIMI® and Primatene MIST®[3] Expenses and Costs - Gross profit margin decreased to 50.0% from 52.4% due to a 4% increase in the cost of revenues[6] - Research and development expenses rose by 18% to $20.1 million, reflecting increased clinical trial costs and FDA filing fees[7] - Operating expenses rose to $47,958,000 in Q1 2025, an increase of 13.8% compared to $42,090,000 in Q1 2024[24] Cash Flow and Assets - Cash flow from operating activities for the first quarter was $35.1 million[11] - Total current assets increased to $587,961,000 as of March 31, 2025, up from $534,071,000 as of December 31, 2024, reflecting a growth of 10.1%[26] - The company reported an increase in inventories to $185,476,000 as of March 31, 2025, compared to $153,741,000 as of December 31, 2024, a rise of 20.6%[26] Liabilities - Total liabilities rose to $874,993,000 as of March 31, 2025, compared to $845,172,000 as of December 31, 2024, an increase of 3.5%[26] Regulatory Filings - The company has four ANDAs and one biosimilar insulin candidate filed with the FDA, targeting a combined market size exceeding $3 billion[12] Non-Operating Expenses - Non-operating expenses included a decrease in interest income by 18% and a decrease in interest expense by 27%[10]

Group 1 - The stock of Amphastar Pharmaceuticals, Inc. (AMPH) is experiencing significant attention due to high implied volatility in the options market, particularly the June 20, 2025 $65 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant price change or an upcoming event that could impact the stock [2] - Amphastar currently holds a Zacks Rank 3 (Hold) in the Medical - Generic Drugs industry, which is in the top 20% of the Zacks Industry Rank, indicating a relatively stable outlook [3] Group 2 - Over the past 60 days, there has been a mixed sentiment among analysts regarding Amphastar's earnings estimates, with one analyst increasing estimates while two have decreased them, leading to a consensus estimate drop from 70 cents to 66 cents per share [3] - The high implied volatility may present trading opportunities, as options traders often seek to sell premium on options with high implied volatility, aiming to benefit from the decay of options value [4]

Financial Position - As of December 31, 2024, the company had $6.7 million deposited in six banks located in China, $1.8 million in France, and $0.7 million in the United Kingdom, with total cash equivalents of $102.1 million[604]. - The company maintained approximately $54.4 million in investment-grade corporate and municipal bonds as of December 31, 2024[604]. - As of December 31, 2023, the company had $5.9 million in China, $5.0 million in France, and $0.3 million in the United Kingdom, with total cash equivalents of $116.4 million[605]. - The company maintained approximately $90.1 million in investment-grade corporate and municipal bonds as of December 31, 2023[605]. - As of December 31, 2024, the company had $601.9 million in long-term debt and finance leases, an increase from $590.0 million in 2023[608]. - The company's cash and cash equivalents increased to $151.6 million in 2024 from $144.3 million in 2023[635]. - Total current assets rose to $534.1 million in 2024, compared to $489.6 million in 2023, reflecting a growth of approximately 9.1%[635]. - The total liabilities decreased to $845.2 million in 2024 from $873.5 million in 2023, showing a reduction of approximately 3.2%[635]. - The company's total assets increased to $1.577 billion in 2024, up from $1.513 billion in 2023, marking a growth of approximately 4.2%[635]. - The company reported total equity of $732.3 million in 2024, an increase from $639.4 million in 2023, reflecting a growth of approximately 14.5%[635]. Revenue and Profitability - Total net revenues for 2024 reached $731,967,000, a 13.6% increase from $644,395,000 in 2023[636]. - Product revenues, net increased to $712,814,000, up 20.2% from $593,238,000 in 2023[636]. - Gross profit for 2024 was $373,855,000, compared to $351,121,000 in 2023, reflecting a gross margin improvement[636]. - Operating expenses totaled $168,436,000 in 2024, an increase of 9.3% from $154,134,000 in 2023[636]. - Net income for 2024 was $159,519,000, representing a 15.9% increase from $137,545,000 in 2023[637]. - Basic net income per share rose to $3.29 in 2024, compared to $2.85 in 2023, marking a 15.4% increase[636]. - Total comprehensive income for 2024 was $158,816,000, compared to $137,691,000 in 2023[637]. Expenses and Liabilities - The company incurred $129,000,000 for the acquisition of BAQSIMI® in 2024[642]. - The provision for chargebacks estimate totaled $26.3 million as of December 31, 2024, indicating the company's ongoing management of sales returns[624]. - The provision for chargebacks and rebates increased to $289.3 million in 2024 from $257.2 million in 2023, resulting in an ending balance of $60.3 million for 2024[700]. - The company recorded total expenses under its self-insured claims program of approximately $2.0 million, $1.7 million, and $0.3 million for the years ended December 31, 2024, 2023, and 2022, respectively[678]. - The company has a self-insured claims liability of $5.2 million and $4.3 million at December 31, 2024, and 2023, respectively[678]. - Total accounts payable and accrued liabilities increased to $157.1 million in 2024 from $93.4 million in 2023, representing a 68% increase[745]. - Total debt rose to $614.0 million in 2024, up from $603.8 million in 2023, reflecting a 2% increase[746]. Acquisitions and Investments - The company completed the acquisition of BAQSIMI® for a total purchase price of $628.1 million, including a cash payment of $500.0 million and additional contingent payments based on sales milestones[684][688]. - The company entered into a $700.0 million syndicated credit agreement to finance the BAQSIMI® acquisition, which includes a $500.0 million term loan and a $200.0 million revolving credit facility[694][696]. - The company amortizes the acquired BAQSIMI® product rights over an estimated useful life of 24 years[688]. - The company issued $345.0 million in 2029 Convertible Notes in September 2023, using $200.0 million to repay borrowings under the Wells Fargo Term Loan[747]. Taxation - Changes in tax laws, such as the Inflation Reduction Act of 2022, could impose a 1% excise tax on stock repurchases and a 15% alternative minimum tax on adjusted financial statement income, affecting the company's financial position[472]. - The company is subject to income taxes in many foreign jurisdictions, which may require significant judgment in determining worldwide provisions for income taxes[473]. - The current provision for income taxes in 2024 was $46.814 million, compared to $45.690 million in 2023, reflecting an increase of 2.5%[775]. - The Company's effective tax rate for 2024 decreased to 15.6% from 18.6% in 2023, primarily due to excess tax benefits from share-based compensation[776]. Risks and Compliance - The company's operating results may fluctuate significantly due to various factors, including the commercial success of key products and results of clinical trials[478]. - A significant percentage of the company's operating expenses are fixed, making it difficult to mitigate negative impacts from revenue shortfalls in the short term[481]. - The company may face substantial costs and management diversion due to potential securities class action litigation following stock price volatility[484]. - Compliance with public company regulations imposes significant legal and financial costs, potentially diverting management's attention from business operations[485]. - The company faces supplier concentration risks, as it relies on a limited number of sources for raw materials, which could adversely affect operations if not managed properly[723]. Currency and Foreign Operations - A theoretical 10% unfavorable change in foreign currency exchange rates would result in a reduction of approximately $1.2 million in foreign currency gains for 2024[614]. - The company reported a foreign currency translation adjustment loss of $695,000 in 2024[637]. - The Company reported a foreign income loss of $5.414 million in 2024, an improvement from a loss of $10.563 million in 2023[774].

On Thursday, Amphastar Pharmaceuticals Inc. AMPH reported fourth-quarter adjusted EPS of 92 cents, up from 88 cents a year ago, but missing the consensus of 94 cents.Amphastar is a biopharmaceutical company focusing primarily on developing, manufacturing, marketing, and selling generic and proprietary injectable, inhalation, and intranasal products.The company reported sales of $186.5 million, up 20% year over year, missing the consensus of $188.81 million.Jack Zhang, Amphastar’s President and Chief Executi ...

Core Viewpoint - Amphastar Pharmaceuticals reported modest earnings growth but fell short of market expectations in its latest quarterly results [2] Financial Performance - Adjusted earnings per share (EPS) for Q4 2024 was $0.92, missing the expected $0.94, while total revenue reached $186.52 million, slightly below the projected $188 million [2][3] - Year-over-year, adjusted EPS increased by 4.5% from $0.88 in Q4 2023, and total revenue grew by 4.7% from $178.1 million [3][6] - Net income rose to $47.2 million, reflecting a 0.8% increase from the previous year [3][8] - Gross profit margin declined to 46.5% from 54% a year ago, attributed to higher labor and component costs [3][6] Business Overview - Amphastar specializes in developing complex generic and proprietary drugs, focusing on high-barrier products with fewer competitors [4] - The company targets injectable and inhalation markets, which present significant growth potential, and has a pipeline of over 20 high-barrier product candidates [4][5] - Strategic acquisitions, such as BAQSIMI, enhance the company's portfolio and expand its international reach [4] Product Highlights - Primatene MIST® sales surged by 18% to exceed $100 million annually [7] - Epinephrine sales fell by 24% due to increased competition, while Enoxaparin revenues dropped by 39% amid market shifts [7] - The acquisition of BAQSIMI generated $41.8 million in revenue, although supply disruptions impacted European sales by $2 million to $3 million [7] Strategic Focus - The company is focused on high-margin, complex drug formulations to reduce competition vulnerability, supported by an active pipeline and ongoing R&D [5] - Cost management strategies included reducing R&D expenses and increasing marketing initiatives to support sales force expansion [8] Future Outlook - Management aims to foster growth through its high-barrier product strategy and anticipates robust performance from its pipeline while eyeing global expansion for BAQSIMI [10]

Financial Data and Key Metrics Changes - The company reported revenues of $732 million for the fiscal year 2024, a 14% increase compared to the prior year [7] - For Q4 2024, revenues were $186 million, reflecting a solid 5% year-over-year growth [7] - Gross margins decreased to 46.5% in Q4 2024 from 54% in Q4 2023, primarily due to increased costs and changes in sales structure [23] - Net income for Q4 2024 was $34 million or $0.74 per share, compared to $36.2 million or $0.68 per share in the previous year [25] Business Line Data and Key Metrics Changes - BAQSIMI sales grew 12% at the factory level, contributing $41.8 million to net product sales [20] - Primatene MIST sales reached $28.9 million in Q4 2024, an 18% increase from $24.5 million in the prior year [22] - Glucagon sales declined to $25.6 million from $31.2 million due to increased competition [22] - Epinephrine sales also decreased to $18.7 million from $24.6 million in the previous year [22] Market Data and Key Metrics Changes - The company anticipates continued unit growth in the high single-digit range for BAQSIMI following a 3% price increase in the U.S. [27] - The competitive landscape for glucagon is expected to lead to pricing and unit volume drops [34] Company Strategy and Development Direction - The company is focusing on expanding its branded and proprietary product portfolio, with significant growth expected from Primatene MIST and BAQSIMI [18] - A strategic partnership with MannKind has been established to enhance the sales reach of BAQSIMI [8] - The company plans to ramp up spending on clinical trials and materials for its insulin portfolio and other proprietary products [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential approval of four key products in 2025, despite some delays [14] - The company is well-positioned to mitigate impacts from U.S. trade policies due to its domestic manufacturing capabilities [17] - Future sales growth is expected to be offset by declines in certain products due to increased competition [28] Other Important Information - The company plans to finance its expansion project through cash flow from operations and intends to continue stock buybacks [31] Q&A Session Summary Question: Outlook on Primatene MIST and glucagon for next year - Management expects high single-digit sales growth for Primatene MIST and anticipates pricing and unit volume drops for glucagon due to increased competition [34] Question: Preparedness for upcoming GDUFA dates - The company is not expecting to launch new products until the third quarter following potential approvals in the second quarter [37] Question: Impact of MannKind collaboration on BAQSIMI - The collaboration is expected to significantly increase the sales force and enhance market penetration, although it is still early to assess the full impact [42] Question: Competitive overview of epinephrine - The company remains the only player in the prefilled syringe market, while competition in the multi-dose vial market has increased [58]

Amphastar Pharmaceuticals Inc. (NASDAQ:AMPH) Q4 2024 Earnings Conference Call February 27, 2025 5:00 PM ET Company Participants Dan Dischner - Senior Vice President of Corporate Communications William Peters - Chief Financial Officer & Executive Vice President of Finance Tony Marrs - Executive Vice President of Regulatory Affairs & Clinical Operations Conference Call Participants Jason Gerberry - Bank of America Cerena Chen - Wells Fargo Ekaterina Knyazkova - JPMorgan David Amsellem - Piper Sandler Serge Be ...

Core Viewpoint - Amphastar Pharmaceuticals reported a revenue of $186.52 million for the quarter ended December 2024, marking a year-over-year increase of 4.7% but falling short of the Zacks Consensus Estimate by 1.08% [1] Financial Performance - The earnings per share (EPS) for the same period was $0.92, compared to $0.88 a year ago, indicating a positive year-over-year growth [1] - The EPS surprise was -4.17%, as the consensus estimate was $0.96 [1] Key Metrics - Amphastar's stock has returned -14.3% over the past month, while the Zacks S&P 500 composite has changed by -2.2% [3] - The company currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance against the broader market in the near term [3] Revenue Breakdown - Primatene MIST: $28.94 million vs. $29.02 million estimate [4] - Epinephrine: $18.70 million vs. $18.93 million estimate [4] - Lidocaine: $14.40 million vs. $14.92 million estimate [4] - Naloxone: $3.60 million vs. $3.72 million estimate [4] - Glucagon: $25.62 million vs. $25.99 million estimate [4] - Enoxaparin: $3.73 million vs. $6.07 million estimate [4] - Phytonadione: $11.17 million vs. $10.55 million estimate [4]

Core Viewpoint - Amphastar Pharmaceuticals reported quarterly earnings of $0.92 per share, missing the Zacks Consensus Estimate of $0.96 per share, representing an earnings surprise of -4.17% [1] - The company posted revenues of $186.52 million for the quarter, which also fell short of the Zacks Consensus Estimate by 1.08% [2] Financial Performance - Earnings per share (EPS) for the same quarter last year was $0.88, indicating a year-over-year increase [1] - The company has surpassed consensus EPS estimates two times over the last four quarters [2] - Revenue for the previous year was $178.11 million, showing growth in revenue year-over-year [2] Market Performance - Amphastar shares have declined approximately 15.9% since the beginning of the year, contrasting with the S&P 500's gain of 1.3% [3] - The current Zacks Rank for Amphastar is 4 (Sell), indicating expected underperformance in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.79 on revenues of $176.16 million, while the estimate for the current fiscal year is $3.50 on revenues of $746.67 million [7] - The trend of estimate revisions for Amphastar is currently unfavorable, which could impact future stock performance [6] Industry Context - The Medical - Generic Drugs industry is ranked in the bottom 22% of over 250 Zacks industries, suggesting potential challenges for stocks within this sector [8]