Amphastar Pharmaceuticals(US:AMPH)2024-11-07 21:18Financial Performance - Total net revenues for the three months ended September 30, 2024, were $191,214 thousand, an increase from $180,556 thousand in the same period last year, representing a growth of 3.6%[11] - Product revenues for the three months ended September 30, 2024, reached $188,819 thousand, compared to $151,855 thousand in the prior year, indicating a significant increase of 24.3%[11] - Net income for the three months ended September 30, 2024, was $40,429 thousand, a decrease from $49,222 thousand in the same period last year, representing a decline of 17.5%[13] - Basic net income per share for the three months ended September 30, 2024, was $0.83, down from $1.01 in the prior year, a decrease of 17.8%[11] - Total comprehensive income for the three months ended September 30, 2024, was $40,434 thousand, down from $49,135 thousand year-over-year, reflecting a decrease of 17.3%[13] - Net income for the nine months ended September 30, 2024, was $121,555, compared to $101,378 for the same period in 2023, representing a 19.8% increase[17] - Total net revenues rose by 17% to $545.4 million, up from $466.3 million year-over-year[180] Assets and Liabilities - Total assets increased to $1,545,178 thousand as of September 30, 2024, compared to $1,512,912 thousand at December 31, 2023, reflecting a growth of approximately 2.1%[8] - Cash and cash equivalents rose to $192,116 thousand, up from $144,296 thousand, representing an increase of about 33.2%[8] - Total current liabilities decreased to $159,010 thousand from $225,407 thousand, a reduction of about 29.4%[9] - Total equity increased to $727,678 thousand from $639,421 thousand, reflecting a growth of about 13.8%[10] - The long-term debt, net of current portion, was $596,446 thousand, slightly up from $589,579 thousand, indicating a marginal increase of about 1.5%[9] - Total debt as of September 30, 2024, was $609.218 million, slightly up from $603.790 million at the end of 2023[14] Revenue Segments - The finished pharmaceutical products segment generated net revenues of $189.8 million for the three months ended September 30, 2024, up from $176.4 million in the same period of 2023, indicating an increase of about 7.0%[73] - Net revenues for finished pharmaceutical products increased by 27% to $187.4 million in Q3 2024, compared to $147.7 million in Q3 2023[161] - BAQSIMI® sales contributed $85.1 million in net revenues, recognized separately from cost of revenues[182] Expenses - Total operating expenses for the three months ended September 30, 2024, were $44,893 thousand, compared to $35,725 thousand in the same period last year, marking an increase of 25.7%[11] - Research and development expenses for the three months ended September 30, 2024, were $21,077 thousand, compared to $16,664 thousand in the same period last year, an increase of 26.5%[11] - Selling, distribution, and marketing expenses increased by 40% to $9.0 million, while general and administrative expenses rose by 17% to $14.8 million[172] Cash Flow and Investments - Net cash provided by operating activities increased to $184,362 for the nine months ended September 30, 2024, up from $159,639 in 2023, reflecting a 15.5% growth[17] - The company reported a net increase in cash of $47,820 for the nine months ended September 30, 2024, compared to an increase of $114,704 in 2023[17] - The company’s investments as of September 30, 2024, included certificates of deposit and investment-grade corporate, agency, and municipal bonds with maturities between three and fifteen months[35] Shareholder Equity and Stock - The company issued 207,621 shares of common stock in connection with its equity plans, resulting in an increase of $3,260,000 in additional paid-in capital[15] - The total number of common shares outstanding increased from 60,160,459 as of March 31, 2024, to 60,482,455 as of June 30, 2024[15] - The company repurchased 797,038 shares of common stock for $35.0 million during the three months ended September 30, 2024, compared to 1,072,041 shares for $50.0 million in the same period of 2023[117] Tax and Interest - Interest income for the three months ended September 30, 2024, was $2,427 thousand, compared to $1,202 thousand in the same period last year, an increase of 102.5%[11] - The income tax provision for the three months ended September 30, 2024, was $7.3 million, representing 15.2% of income before taxes, down from 22.0% in the prior year[113] Strategic Initiatives - The company is focused on expanding its international presence and integrating new assets, including BAQSIMI®, to enhance operational efficiency and market reach[5] - The company has entered into commitments to purchase equipment and raw materials for an aggregate amount of approximately $95.9 million as of September 30, 2024[137] - The company is currently developing a portfolio of generic abbreviated new drug applications (ANDAs) and has four ANDAs on file with the FDA[152]