Amphastar Pharmaceuticals(AMPH) - 2025 Q1 - Quarterly Results

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]