Amphastar Pharmaceuticals(AMPH) - 2024 Q4 - Annual Results

Financial Performance - Net revenues for Q4 2024 were $186.5 million, a 5% increase from$ 178.1 million in Q4 2023[3] - GAAP net income for Q4 2024 was $38.0 million, or$ 0.74 per share, compared to $36.2 million, or$ 0.68 per share in Q4 2023[3] - Adjusted non-GAAP net income for Q4 2024 was $47.2 million, or$ 0.92 per share, up from $46.9 million, or$ 0.88 per share in Q4 2023[3] - Full year net revenues reached $732.0 million, a 14% increase from$ 644.4 million in 2023[11] - Full year GAAP net income was $159.5 million, or$ 3.06 per share, compared to $137.5 million, or$ 2.60 per share in 2023[3] - Total net revenues for the year ended December 31, 2024, increased to $731.967 million, up from$ 644.395 million in 2023, representing a growth of 13.6%[29] - Product revenues, net for the year ended December 31, 2024, were $712.814 million, compared to$ 593.238 million in 2023, reflecting a 20.2% increase[29] - The company reported a net income of $159.519 million for the year ended December 31, 2024, compared to$ 137.545 million in 2023, marking a 15.9% increase[29] Sales Performance - BAQSIMI® sales for the year totaled $126.9 million, with a strong growth in factory sales of 12% in Q4 compared to the previous year[2] - Primatene MIST® achieved over$ 100 million in annual sales for 2024, exceeding the company's long-term goal[2] - Total product revenues for the year increased by 20% to $712.8 million from$ 593.2 million in 2023[10] Expenses - Research and development expenses decreased by 11% to $18.1 million in Q4 2024 compared to$ 20.4 million in Q4 2023[7] - Selling, distribution, and marketing expenses increased by 31% to $37.8 million for the year, reflecting expanded efforts related to BAQSIMI®[13] - Selling, general, and administrative expenses for the year ended December 31, 2024 were$ 56,720,000, compared to $51,540,000 in 2023, indicating an increase of 10.83%[34] - Research and development expenses for the year ended December 31, 2024 totaled$ 73,914,000, up from $73,741,000 in 2023, a slight increase of 0.23%[34] - The total cost of revenue for Q4 2024 was$ 99,875,000, compared to $81,965,000 in Q4 2023, representing a 21.77% increase[33] - The company incurred$ 3,651,000 in expenses related to the BAQSIMI® acquisition for the year ended December 31, 2024[34] Cash Flow and Income - Cash flow provided by operating activities for the year ended December 31, 2024, was $213.4 million[15] - Interest income for the year ended December 31, 2024, was$ 10.612 million, a significant increase of 94% from $5.459 million in 2023[29] - Interest expense increased to$ 30.343 million in 2024, up 12% from $27.158 million in 2023, primarily due to the Term Loan for the acquisition of BAQSIMI®[29][20] - The company reported a non-operating income of$ 8,536,000 for Q4 2024, compared to a non-operating income of $7,656,000 in Q4 2023, reflecting an increase of 11.48%[33] - The income tax provision on pre-tax adjustments for the year ended December 31, 2024 was$ 11,450,000, compared to $10,708,000 in 2023, an increase of 6.93%[34] Assets and Liabilities - Total assets as of December 31, 2024, were$ 1.577 billion, an increase from $1.512 billion in 2023[30] - The company’s total liabilities decreased to$ 845.172 million in 2024 from $873.491 million in 2023[30] Development and Future Prospects - The company has four abbreviated new drug applications (ANDAs) filed with the FDA targeting products with a market size exceeding$ 2 billion, and four biosimilar products in development targeting products with a market size exceeding $7 billion[16]