Corporate Presentation February 2026 Highly Purified Peptide/Protein Biosimilar Interchangeable Proprietary Injectables Inhalation Intranasal New Molecular Peptides Oncology Ophthalmology Rheumatology Forward Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements, of Amphastar Pharmaceuticals, Inc. ("Amphastar", "we". "our" and that are based on our management's current expectations and assumptions and on information currently available to management. ...

Company Strategy & Focus - Amphastar operates with a "Three-H Focus" on High Quality, High Efficiency, and High Technology, leading to high net income margins[8, 15, 17] - The company employs a dual-strategy growth model focusing on both organic pipeline development and inorganic strategic acquisitions[8, 13, 14] - Amphastar is strategically shifting its pipeline towards proprietary products and biosimilars, projecting a change from 21% proprietary, 16% biosimilar, and 63% generic in 2021 to 50% proprietary, 35% biosimilar, and 15% generic by 2026[20] Financial Performance & R&D Investment - Amphastar's revenue has grown from $295 million in 2018 to $732 million in 2024[15] - Adjusted net income margin increased from 3.5% in 2018 to 27.4% in 2024[15] - The company has self-funded approximately $351 million in R&D investment over the recent 5 years[26] Product Pipeline & Market Opportunities - Amphastar's pipeline includes AMP-017 (Inhalation) with an IQVIA sales potential of +$1.3 billion and AMP-005 (Recombinant Human Insulin) with a $4.5 billion market[29] - The company in-licensed three new peptide assets (AMP-105, -107, -109) targeting high-growth therapy areas with a market potential of >$50 billion across oncology indications and >$10 billion in ophthalmology[37] - BAQSIMI® sales are projected to reach a peak of $250 million to $275 million, with an estimated $2.00 to $2.50 incremental adjusted EPS at peak[54, 59] Key Products Sales - Baqsimi® Worldwide Annual Sales reached $166 million in 2024[58] - Primatene MIST® Annual Sales reached $102 million in 2024[61]

Company Strategy & Focus - Amphastar operates with a "Three-H" focus: High Quality, High Efficiency, and High Technology, aiming for high net income margins[8, 15, 17] - The company employs a dual-strategy growth model, combining organic pipeline development with strategic acquisitions[8, 13, 14] - Amphastar is strategically shifting its pipeline towards proprietary products and biosimilars, projecting a change from 63% generic, 16% biosimilar, and 21% proprietary in 2021 to 15% generic, 35% biosimilar, and 50% proprietary in 2026[19, 20] Financial Performance & R&D Investment - Amphastar's revenue has grown steadily, reaching $732 million in 2024[15, 47] - Adjusted net income margin has increased significantly, reaching 27.4% in 2024[15, 16] - The company has invested approximately $351 million in self-funded R&D over the recent 5 years[26] Pipeline & Product Portfolio - Key pipeline products include AMP-002 (Iron Sucrose), with +$500 million in IQVIA sales and AMP-017 (Inhalation) with +$1.3 billion in IQVIA sales[29] - The company has an interchangeable insulin pipeline covering the full spectrum of insulin, targeting a $4.5 billion market[31, 32] - Amphastar in-licensed three new peptide assets (AMP-105, -107, -109) targeting oncology and ophthalmology, with a combined market potential exceeding $60 billion[34, 37] Key Products & Sales - BAQSIMI® sales are projected to reach a peak of $250 million to $275 million, with an estimated $2.00 to $2.50 incremental adjusted EPS at peak[54, 59] - Primatene MIST® annual sales reached $102 million in 2024, with forecasts of high single-digit growth in 2025[61, 62]

Company Strategy & Growth Model - Amphastar operates with a "Three-H Focus" on High Quality, High Efficiency, and High Technology to drive pipeline development and achieve high net income margins[8, 15, 17] - The company employs a dual-strategy growth model, combining organic pipeline development with strategic acquisitions[8, 13, 14] - Amphastar is transitioning towards proprietary and biosimilar drugs, projecting a shift from 63% generic, 16% biosimilar, and 21% proprietary in 2021 to 15% generic, 35% biosimilar, and 50% proprietary in 2026[19, 20] Financial Performance - Amphastar's revenue has grown steadily, reaching $732 million in 2024[15, 54] - Adjusted net income margin has increased significantly from 3.5% in 2018 to 27.4% in 2024[15] - The company has invested approximately $351 million in self-funded R&D over the recent 5 years[26] Pipeline Development - Amphastar has a diverse pipeline of ANDAs and BLAs with technical barriers, including 6 generic candidates and 1 biosimilar candidate[29] - The company is developing an interchangeable insulin pipeline, covering the full spectrum of insulin from rapid to long-acting[31, 32] - Amphastar in-licensed 3 new peptide assets (AMP-105, AMP-107, AMP-109) targeting oncology and ophthalmology with a market potential of >$50 billion and >$10 billion respectively[34, 44] Key Products - BAQSIMI® sales are projected to reach a peak of $250 million to $275 million, with an estimated incremental adjusted EPS of $2.00 to $2.50 at peak[61, 66] - BAQSIMI® worldwide annual sales reached $166 million in 2024[65] - Primatene MIST® sales surpassed $100 million in 2024[69]

Company Strategy & Business Model - Amphastar focuses on a "Three-H" strategy: High Quality, High Efficiency, and High Technology, aiming for high net income margins[8, 15, 17] - The company employs a dual-strategy growth model, combining organic pipeline development with strategic acquisitions[8, 13, 14] - Amphastar operates with a fully integrated business model, encompassing R&D, manufacturing, and distribution[8, 9, 10] Financial Performance & Pipeline Evolution - Amphastar's revenue increased from $295 million in 2018 to $732 million in 2024[15] - Adjusted net income margin grew from 3.5% in 2018 to 27.4% in 2024[15] - The company is shifting its pipeline focus from generic drugs (63% in 2021) towards biosimilars (35%) and proprietary products (50%) by 2026[20] Key Products & Milestones - BAQSIMI sales are projected to reach a peak of $250 million to $275 million[47] - Primatene MIST sales surpassed $100 million in 2024[55] - The company has invested approximately $351 million in R&D over the past 5 years[26]

Company Strategy & Focus - Amphastar operates under a "Three-H Focus" emphasizing High Quality, High Efficiency, and High Technology to drive high net income margins[8, 15, 17] - The company employs a dual-strategy growth model, combining organic pipeline development with strategic acquisitions[8, 13, 14] - Amphastar is shifting its pipeline focus towards proprietary and biosimilar products, projecting a change from 63% generic, 16% biosimilar, and 21% proprietary in 2021 to 15% generic, 35% biosimilar, and 50% proprietary in 2026[20] - The company has invested approximately $351 million in self-funded R&D over the recent 5 years[26] Financial Performance & Projections - Amphastar's revenue has grown from $295 million in 2018 to $732 million in 2024[15] - Adjusted net income margin increased from 3.5% in 2018 to 27.4% in 2024[15] - BAQSIMI® sales are projected to reach a peak of $250 million to $275 million[47] - The company projects $2.00 to $2.50 incremental adjusted EPS at peak from BAQSIMI®[52] Key Products & Pipeline - Primatene MIST® sales surpassed $100 million in 2024[55] - BAQSIMI® annual worldwide sales increased from $76 million in 2020 to $166 million in 2024[51] - The company has several ANDA and BLA pipeline candidates, including AMP-002, AMP-015, AMP-018, AMP-007, and AMP-028, targeting markets with multi-million dollar sales potential[29]

Company Strategy & Focus - Amphastar operates with a "Three-H Focus" on High Quality, High Efficiency, and High Technology to drive high net income margins[8, 15, 17] - The company employs a dual-strategy growth model, combining organic pipeline development with strategic acquisitions[8, 13, 14] - Amphastar is shifting its pipeline towards proprietary and biosimilar drugs, projecting a change from 63% generic, 16% biosimilar, and 21% proprietary in 2021 to 15% generic, 35% biosimilar, and 50% proprietary in 2026[19, 20] Financial Performance & R&D - Amphastar's revenue increased from $295 million in 2018 to $732 million in 2024[15] - Adjusted net income margin grew from 3.5% in 2018 to 27.4% in 2024[15] - The company has invested approximately $351 million in self-funded R&D over the past 5 years[26] Key Products & Pipeline - Baqsimi® sales are projected to reach a peak of $250 million to $275 million, with an estimated $2.00 to $2.50 incremental adjusted EPS at peak[47, 52] - Primatene MIST® annual sales surpassed $100 million in 2024[55] - The company has several ANDA and BLA pipeline candidates, including AMP-007 (inhalation) with a market size of +$1.5 billion and AMP-028 (biosimilar) with a market size of +$2.0 billion[29]