EXHIBIT 99.1 Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2024 Reports Net Revenues of $171.8 Million for the Three Months Ended March 31, 2024 RANCHO CUCAMONGA, CA – May 8, 2024 – Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) ("Amphastar" or the "Company") today reported results for the three months ended March 31, 2024. First Quarter Highlights ● Net revenues of $171.8 million for the first quarter ● GAAP net income of $43.2 million, or $0.81 per share, for the ...

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Amphastar Pharmaceuticals, with a focus on how actual results compare to estimates impacting stock price [1] Group 1: Earnings Expectations - Amphastar is expected to report quarterly earnings of $0.77 per share, reflecting a year-over-year increase of +24.2% [2] - Revenues are projected to be $171.6 million, which is a 22.6% increase from the same quarter last year [2] Group 2: Estimate Revisions - The consensus EPS estimate has been revised 3.48% lower in the last 30 days, indicating a reassessment by analysts [2] - The direction of estimate revisions may not always reflect in the aggregate change [2] Group 3: Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for Amphastar is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +1.68% [5] - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [4] Group 4: Historical Performance - Amphastar has consistently beaten consensus EPS estimates, achieving a surprise of +1.15% in the last reported quarter [7] - The company has surpassed consensus EPS estimates in all of the last four quarters [7] Group 5: Investment Considerations - While an earnings beat may not solely dictate stock movement, betting on stocks expected to exceed earnings expectations can enhance success odds [8] - Amphastar is viewed as a compelling candidate for an earnings beat, but investors should consider other influencing factors [8]

Group 1 - Amphastar Pharmaceuticals (AMPH) has a strong history of beating earnings estimates, particularly in the last two quarters with an average surprise of 32.72% [1] - In the last reported quarter, Amphastar achieved earnings of $0.88 per share, surpassing the Zacks Consensus Estimate of $0.87 per share by 1.15% [1] - The previous quarter saw Amphastar exceed expectations significantly, reporting earnings of $1.15 per share against an estimate of $0.70 per share, resulting in a surprise of 64.29% [1] Group 2 - Earnings estimates for Amphastar have been trending higher, supported by its history of earnings surprises [2] - The stock has a positive Zacks Earnings ESP of +0.95%, indicating bullish sentiment among analysts regarding its near-term earnings potential [3] - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high likelihood of another earnings beat, with historical data showing nearly 70% success in such cases [2][3] Group 3 - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [3] - A negative Earnings ESP can reduce predictive power but does not necessarily indicate an earnings miss [3] - It is crucial for investors to check a company's Earnings ESP before quarterly releases to enhance the chances of successful investment decisions [4]

Core Viewpoint - Three stocks have been added to the Zacks Rank 5 (Strong Sell) List due to downward revisions in earnings estimates over the last 60 days [1] Company Summaries - **Amphastar Pharmaceuticals, Inc. (AMPH)**: A bio-pharmaceutical company with a current year earnings estimate revised downward by 4.1% [1] - **BayCom Corp (BCML)**: The bank holding company for United Business Bank, with a current year earnings estimate revised downward by 12.4% [1] - **Diversified Healthcare Trust (DHC)**: Owns medical office and life science properties, senior living communities, and wellness centers, with a current year earnings estimate revised downward by 16.7% [1]

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Amphastar Pharmaceuticals (AMPH) .Amphastar currently has an average broke ...

Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) Q4 2023 Earnings Conference Call February 28, 2024 5:00 AM ET Company Participants Dan Dischner - SVP of Corporate Communications William Peters - CFO Tony Marrs - Executive Vice President of Regulatory Affairs and Clinical Operations Conference Call Participants Timothy Chiang - Capital One David Amsellem - Piper Sandler Glen Santangelo - Jefferies Operator Greetings, and welcome to the Amphastar Pharmaceuticals fourth quarter earnings call. [Operator Instructi ...

Amphastar Pharmaceuticals (AMPH) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.87 per share. This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.15%. A quarter ago, it was expected that this specialty pharmaceutical company would post earnings of $0.70 per share when it actually produced earnings of $1.15, delivering a surprise of 64.29%.Over th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to _____ Commission File Number 001-36509 AMPHASTAR PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) | --- | |-------| | | | | | | | | | | | ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Fourth Quarter Highlights](index=1&type=section&id=Fourth%20Quarter%20Highlights) In the fourth quarter of 2023, Amphastar reported net revenues of **$178.1 million**, a **32%** increase year-over-year, with GAAP net income of **$36.2 million** (**$0.68** per diluted share) and adjusted non-GAAP net income of **$46.9 million** (**$0.88** per diluted share) Q4 2023 Key Financial Metrics | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Net Revenues | $178.1 million | $135.0 million | | GAAP Net Income | $36.2 million | $33.9 million | | GAAP Diluted EPS | $0.68 | $0.66 | | Adjusted non-GAAP Net Income | $46.9 million | $37.6 million | | Adjusted non-GAAP Diluted EPS | $0.88 | $0.73 | [Full-Year Highlights](index=1&type=section&id=Full-Year%20Highlights) For the full fiscal year 2023, the company achieved net revenues of **$644.4 million**, up **29%** from 2022, with GAAP net income of **$137.5 million** (**$2.60** per share) and adjusted non-GAAP net income of **$175.7 million** (**$3.32** per share) Full-Year 2023 Key Financial Metrics | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net Revenues | $644.4 million | $499.0 million | | GAAP Net Income | $137.5 million | $91.4 million | | GAAP Diluted EPS | $2.60 | $1.74 | | Adjusted non-GAAP Net Income | $175.7 million | $103.2 million | | Adjusted non-GAAP Diluted EPS | $3.32 | $1.97 | - CEO Dr. Jack Zhang emphasized strong momentum entering 2024, driven by the performance of glucagon, Primatene MIST®, and the acquisition of BAQSIMI®, which strengthens the diabetes portfolio[2](index=2&type=chunk) - A key milestone was the submission of the first Biologics License Application (BLA) for Insulin Aspart (AMP-004), highlighting continued pipeline development in diabetes management[2](index=2&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) [Fourth Quarter 2023 Financial Results](index=2&type=section&id=Fourth%20Quarter%20Results) Fourth quarter net revenues grew **32%** YoY to **$178.1 million**, primarily driven by a **70%** increase in Glucagon sales and **$22.5 million** in revenue from the newly acquired BAQSIMI®, with gross margin improving to **54%** from **53%** despite an inventory reserve charge, and operating expenses increasing due to BAQSIMI® sales and marketing efforts and higher R&D spending [Revenues](index=2&type=section&id=Q4%20Revenues) Q4 2023 Product Revenue Breakdown (in thousands) | Product | Q4 2023 Revenue | Q4 2022 Revenue | Change % | | :--- | :--- | :--- | :--- | | Glucagon | $31,198 | $18,319 | 70% | | Epinephrine | $24,646 | $21,427 | 15% | | Primatene MIST® | $24,484 | $22,279 | 10% | | Other revenues (BAQSIMI®) | $22,456 | $0 | N/A | | Enoxaparin | $6,092 | $7,812 | (22)% | | **Total Net Revenues** | **$178,105** | **$135,023** | **32%** | - Glucagon sales growth was driven by increased unit volumes after two competitors exited the market[4](index=4&type=chunk) - BAQSIMI® contributed **$22.5 million** in 'Other revenues', recognized on a net basis under a Transition Services Agreement with Eli Lilly. Amphastar expects to recognize the full revenue amount as it takes over distribution during 2024[4](index=4&type=chunk) [Gross Profit](index=2&type=section&id=Q4%20Gross%20Profit) - Gross profit increased **35%** to **$96.1 million**, with gross margin expanding to **54%** from **53%** in Q4 2022[5](index=5&type=chunk) - Margin improvement was driven by increased sales of higher-margin products like glucagon, Primatene MIST®, and newly launched regadenoson, plus the net revenue recognition of BAQSIMI®[5](index=5&type=chunk)[6](index=6&type=chunk) - Margin expansion was partially offset by a **$3.6 million** inventory reserve charge related to the amended Supply Agreement with MannKind Corporation[6](index=6&type=chunk) [Operating Expenses](index=3&type=section&id=Q4%20Operating%20Expenses) - Selling, distribution, and marketing expenses rose **58%** to **$8.6 million**, primarily due to the expansion of sales and marketing for BAQSIMI®[7](index=7&type=chunk) - Research and development expenses increased **18%** to **$20.4 million**, mainly due to higher material and supply costs for inhalation pipeline products[7](index=7&type=chunk) - Non-operating expenses were **$12.6 million**, a significant shift from an income of **$3.4 million** in Q4 2022, primarily due to interest expense on debt related to the BAQSIMI® acquisition[7](index=7&type=chunk) [Full-Year 2023 Financial Results](index=3&type=section&id=Year-End%20Results) Full-year 2023 net revenues increased **29%** to **$644.4 million**, propelled by a **105%** surge in Glucagon sales and **$51.2 million** from BAQSIMI®, with gross margin expanding significantly to **54%** from **50%** due to a richer product mix, while operating and non-operating expenses rose due to the BAQSIMI® acquisition and related financing costs [Revenues](index=3&type=section&id=FY23%20Revenues) Full-Year 2023 Product Revenue Breakdown (in thousands) | Product | FY 2023 Revenue | FY 2022 Revenue | Change % | | :--- | :--- | :--- | :--- | | Glucagon | $113,684 | $55,322 | 105% | | Primatene MIST® | $89,321 | $84,309 | 6% | | Epinephrine | $81,650 | $74,204 | 10% | | Other revenues (BAQSIMI®) | $51,157 | $0 | N/A | | Naloxone | $19,004 | $26,269 | (28)% | | **Total Net Revenues** | **$644,395** | **$498,987** | **29%** | - Glucagon sales more than doubled due to increased unit volumes following competitor product discontinuations[8](index=8&type=chunk) - BAQSIMI® contributed **$51.2 million** in 'Other revenues' for the year, based on Lilly's reported net sales of **$86.3 million**[9](index=9&type=chunk) - Naloxone sales declined **28%** due to lower unit volumes and a lower average selling price from increased competition[9](index=9&type=chunk) [Gross Profit](index=4&type=section&id=FY23%20Gross%20Profit) - Gross profit increased **41%** to **$351.1 million**, with gross margin expanding significantly to **54%** from **50%** in 2022[10](index=10&type=chunk) - The margin increase was driven by higher sales of high-margin products (Glucagon, Primatene MIST®), new product launches (ganirelix, vasopressin, regadenoson), and the net revenue recognition of BAQSIMI®[10](index=10&type=chunk) [Operating Expenses](index=4&type=section&id=FY23%20Operating%20Expenses) - Selling, distribution, and marketing expenses increased **34%** to **$28.9 million**, driven by BAQSIMI® marketing efforts and increased advertising for Primatene MIST®[11](index=11&type=chunk) - Research and development expenses remained relatively flat, decreasing **1%** to **$73.7 million**[11](index=11&type=chunk) - Non-operating expenses were **$25.6 million**, compared to an income of **$8.5 million** in 2022, primarily due to costs associated with the credit agreement to finance the BAQSIMI® acquisition[11](index=11&type=chunk) [Business and Pipeline Update](index=5&type=section&id=Business%20and%20Pipeline%20Update) [Cash Flow and Pipeline Information](index=5&type=section&id=Cash%20Flow%20and%20Pipeline%20Information) The company generated **$183.5 million** in cash flow from operating activities for the year ended December 31, 2023, maintaining a robust development pipeline with multiple ANDAs and biosimilar candidates on file with the FDA or in development, targeting markets worth several billion dollars - Cash flow provided by operating activities for the full year 2023 was **$183.5 million**[12](index=12&type=chunk) - The company has **four** ANDAs and **one** biosimilar insulin candidate currently on file with the FDA, targeting markets of over **$3 billion** and **$4 billion**, respectively[12](index=12&type=chunk) - There are an additional **three** biosimilar products and **six** generic products in development, targeting markets of over **$10 billion** and **$8 billion**, respectively[12](index=12&type=chunk) [Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Condensed Consolidated Statement of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) The statement details the company's revenues, costs, and profitability for the three and twelve months ended December 31, 2023, compared to the same periods in 2022, showing full-year net income increased to **$137.5 million** from **$91.4 million** in the prior year FY 2023 vs FY 2022 Statement of Operations (in thousands) | Line Item | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Total net revenues | $644,395 | $498,987 | | Gross profit | $351,121 | $248,860 | | Income from operations | $196,987 | $107,497 | | Net income | $137,545 | $91,386 | | Diluted EPS | $2.60 | $1.74 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of December 31, 2023, shows a significant increase in total assets to **$1.51 billion** from **$742.0 million** at year-end 2022, primarily driven by the addition of goodwill and intangible assets from the BAQSIMI® acquisition, which also led to a substantial increase in total liabilities, particularly long-term debt Balance Sheet Highlights (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,512,912** | **$741,987** | | Cash and cash equivalents | $144,296 | $156,098 | | Goodwill and intangible assets, net | $613,295 | $37,298 | | **Total Liabilities** | **$873,491** | **$213,329** | | Long-term debt, net | $589,579 | $72,839 | | **Total Stockholders' Equity** | **$639,421** | **$528,658** | [Reconciliation of Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides a detailed reconciliation of GAAP net income to adjusted non-GAAP net income, showing that for the full year 2023, GAAP net income of **$137.5 million** was adjusted for items such as intangible amortization (**$12.8 million**), share-based compensation (**$20.2 million**), and BAQSIMI® acquisition-related expenses (**$5.8 million**) to arrive at a non-GAAP net income of **$175.7 million** FY 2023 GAAP to Non-GAAP Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | **GAAP net income** | **$137,545** | | Intangible amortization | $12,830 | | Share-based compensation | $20,242 | | Impairment of long-lived assets | $3,175 | | Expenses related to BAQSIMI® acquisition | $5,830 | | Debt issuance costs | $6,785 | | Income tax provision on adjustments | ($10,708) | | **Non-GAAP net income** | **$175,699** | [Supplementary Information](index=5&type=section&id=Supplementary%20Information) [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures, such as Adjusted non-GAAP net income and Adjusted non-GAAP diluted EPS, to supplement its GAAP financial statements, excluding items like amortization, share-based compensation, impairment charges, and acquisition-related expenses to provide investors with a clearer view of ongoing operational performance - The company discloses non-GAAP measures because management uses them internally for forecasting, budgeting, and measuring operating performance[14](index=14&type=chunk) - Adjustments typically exclude amortization expense, share-based compensation, impairment charges, acquisition expenses, debt issuance costs, and legal settlements[14](index=14&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future financial performance, business trends, product development, and the prospective benefits of the BAQSIMI® acquisition, which are based on current expectations and subject to risks and uncertainties that could cause actual results to differ materially - Forward-looking statements cover expectations on future growth, sales, product development, FDA filings, and the impact of the BAQSIMI® acquisition[15](index=15&type=chunk)[16](index=16&type=chunk) - Investors are cautioned not to place undue reliance on these statements as they involve known and unknown risks, and the company undertakes no obligation to update them[16](index=16&type=chunk)

Amphastar Pharmaceuticals (AMPH) closed the most recent trading day at $51.91, moving +1.29% from the previous trading session. This change lagged the S&P 500's 2.11% gain on the day. Meanwhile, the Dow gained 1.18%, and the Nasdaq, a tech-heavy index, added 2.96%.Shares of the specialty pharmaceutical company witnessed a loss of 7.19% over the previous month, trailing the performance of the Medical sector with its gain of 3.98% and the S&P 500's gain of 3.08%.Market participants will be closely following t ...