Amphastar Pharmaceuticals(US:AMPH)2025-11-06 21:25Financial Performance - Amphastar reported net revenues of $191.8 million for the three months ended September 30, 2025, a slight increase of 0.3% compared to $191.2 million in the same period last year[3]. - GAAP net income for the third quarter was $17.4 million, or $0.37 per share, down from $40.4 million, or $0.78 per share, in the prior year[5]. - Adjusted non-GAAP net income was $44.7 million, or $0.93 per share, compared to $49.6 million, or $0.96 per share, in the same quarter last year[5]. - Total net revenues for Q3 2025 were $191,840,000, a slight increase from $191,214,000 in Q3 2024, representing a growth of 0.3%[25]. - Product revenues for the nine months ended September 30, 2025, reached $536,782,000, compared to $525,836,000 for the same period in 2024, indicating a growth of 2.8%[25]. - GAAP net income for Q3 2025 was $17,350 million, a decrease of 57.1% compared to $40,429 million in Q3 2024[29]. - Adjusted non-GAAP net income for the nine months ended September 30, 2025, was $122,460 million, down 20.3% from $153,569 million in the same period of 2024[29]. - Total GAAP revenue for the nine months ended September 30, 2025, was $266,395 million, an increase of 3.8% from $258,237 million in 2024[30]. Revenue Drivers - BAQSIMI® sales increased by 33% to $53.6 million, driven by higher unit volumes and expanded marketing efforts[4]. - Total product revenues increased by 2% to $191.8 million, with notable declines in glucagon and epinephrine sales due to pricing pressures and competition[4]. - The company received FDA approval and launched iron sucrose injection, contributing to revenue growth and expanding patient access[3]. Expenses - Research and development expenses increased by 6% to $22.4 million, primarily due to a $5.3 million upfront payment for a licensing agreement with Nanjing Anji Biotechnology[12]. - Selling, distribution, and marketing expenses rose by 28% to $11.5 million, reflecting expanded sales efforts related to BAQSIMI®[9]. - Operating expenses increased to $73,326,000 in Q3 2025 from $44,893,000 in Q3 2024, marking a significant rise of 63.5%[25]. - Selling, general, and administrative expenses for the nine months ended September 30, 2025, totaled $69,454 million, an increase of 58.7% from $43,782 million in 2024[30]. - Research and development expenses for the nine months ended September 30, 2025, were $60,114 million, compared to $53,579 million in 2024, indicating a rise of 12.1%[30]. Assets and Liabilities - Cash and cash equivalents as of September 30, 2025, were $216,265,000, up from $151,609,000 at the end of 2024, showing an increase of 42.6%[27]. - Total assets increased to $1,666,222,000 as of September 30, 2025, compared to $1,577,470,000 at the end of 2024, representing a growth of 5.6%[27]. - Total liabilities stood at $889,476,000 as of September 30, 2025, compared to $845,172,000 at the end of 2024, indicating an increase of 5.2%[27]. Income and Tax - The company reported a basic net income per share of $0.38 for Q3 2025, down from $0.83 in Q3 2024[25]. - Non-GAAP operating income for Q3 2025 was $85,672 million, compared to $81,981 million in Q3 2024, reflecting a growth of 4.2%[29]. - The company incurred a litigation provision of $23,147 million in Q3 2025, which was not present in Q3 2024[29]. - Income tax provision on pre-tax adjustments for the nine months ended September 30, 2025, was $14,202 million, compared to $8,912 million in 2024, reflecting a rise of 59.5%[30].