Amphastar Pharmaceuticals
AMPHNASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $29.38 Prior regular-session close from the quote source.
- $28.51–$29.40 Regular-session low and high so far today.
- 484.8K Regular-session shares traded · Nov 10, 4:00 PM ET.
- Feb 25 projected Projected for 2027-02-25 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $16.65–$31.00 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own AMPH if technically difficult dosage forms keep it out of commodity-generic economics long enough for pipeline, manufacturing, and acquisition discipline to compound cash per share.
AMPH price history
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INVESTMENT THESIS
What must happen next
Amphastar’s focus on technically challenging injectable, inhalation, intranasal, and API products continues to create limited-competition niches rather than commodity-generic exposure.HoldingMateriality: High
Item 1 profile describes Amphastar as focused on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, intranasal, and API products. If the niche remains protected, gross profit can stay structurally above commodity-generic economics; if it commoditizes, the business becomes much less valuable.
Watch: Large generic injectable competitors such as Hikma, Fresenius Kabi, Sandoz, or Viatris win approvals in Amphastar’s key complex products and trigger price competition.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 profile describes Amphastar as focused on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, intranasal.
Open source ↗R&D in difficult dosage forms must launch or refresh enough products to offset inevitable price erosion in older generics.HoldingMateriality: High
Item 1 profile indicates Amphastar develops as well as manufactures and commercializes its target products. The owner needs a replenishing portfolio, not just a shrinking set of mature products with temporary shortage or exclusivity benefits.
Watch: FDA complete response letters, approval delays, or failed launches prevent new complex products from replacing mature-product erosion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 profile indicates Amphastar develops as well as manufactures and commercializes its target products.
Open source ↗Internal manufacturing and API capability must preserve supply reliability and cost control so niche revenue converts into operating cash rather than being absorbed by suppliers, remediation, or working capital.HoldingMateriality: Medium
Item 1 profile identifies API products as part of Amphastar’s business, supporting some vertical capability in the product model. Cash conversion determines whether the complex-product advantage becomes reinvestable capital or just accounting profit.
Watch: FDA warning letters, import alerts, or failed inspections at Amphastar or key suppliers disrupt production.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 profile identifies API products as part of Amphastar’s business, supporting some vertical capability in the product model.
Open source ↗Portfolio expansion must reduce balance-sheet risk over time rather than require repeated leverage to replace fading products.HoldingMateriality: Medium
GAAP liabilities declined from $873.5 million at FY2023 year-end to $840.5 million at FY2025 year-end. If liabilities stay elevated while product economics weaken, lenders rather than shareholders capture more of the business value.
Watch: Another debt-funded acquisition is needed to maintain revenue because the existing portfolio erodes faster than internal launches.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP liabilities declined from $873.5 million at FY2023 year-end to $840.5 million at FY2025 year-end.
Open source ↗Management must integrate higher-value products without allowing mix pressure, interest, amortization, or dilution to consume the benefit to shareholders.HoldingMateriality: Medium
GAAP annual eps_diluted was $2.03 in FY2025 versus $1.74 in FY2022. The stock ultimately needs product and acquisition success to show up in per-share earnings, not just a larger revenue base.
Watch: Product mix shifts toward lower-margin generics while higher-value proprietary or complex products slow.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual eps_diluted was $2.03 in FY2025 versus $1.74 in FY2022.
Open source ↗
Full investment case & evidence
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Original research
Amphastar’s focus on technically challenging injectable, inhalation, intranasal, and API products continues to create limited-competition niches rather than commodity-generic exposure. If the niche remains protected, gross profit can stay structurally above commodity-generic economics; if it commoditizes, the business becomes much less valuable.
R&D in difficult dosage forms must launch or refresh enough products to offset inevitable price erosion in older generics. The owner needs a replenishing portfolio, not just a shrinking set of mature products with temporary shortage or exclusivity benefits.
Internal manufacturing and API capability must preserve supply reliability and cost control so niche revenue converts into operating cash rather than being absorbed by suppliers, remediation, or working capital. Cash conversion determines whether the complex-product advantage becomes reinvestable capital or just accounting profit.
Portfolio expansion must reduce balance-sheet risk over time rather than require repeated leverage to replace fading products. If liabilities stay elevated while product economics weaken, lenders rather than shareholders capture more of the business value.
Management must integrate higher-value products without allowing mix pressure, interest, amortization, or dilution to consume the benefit to shareholders. The stock ultimately needs product and acquisition success to show up in per-share earnings, not just a larger revenue base.
All standing thesis claims
Original report summary
technically difficult dosage forms keep it out of commodity-generic economics long enough for pipeline, manufacturing, and acquisition discipline to compound cash per share.
BULL CASE / BEAR CASE
Bull case and bear case for Amphastar Pharmaceuticals
Where the evidence on Amphastar Pharmaceuticals stands: Holding on the latest evidence (Oct 12, 2026). Of its 5 thesis points, 5 holding.
Bull case: what the evidence supports
Amphastar’s focus on technically challenging injectable, inhalation, intranasal, and API products continues to create limited-competition niches rather than commodity-generic exposure.
R&D in difficult dosage forms must launch or refresh enough products to offset inevitable price erosion in older generics.
Internal manufacturing and API capability must preserve supply reliability and cost control so niche revenue converts into operating cash rather than being absorbed by suppliers, remediation, or working capital.
Portfolio expansion must reduce balance-sheet risk over time rather than require repeated leverage to replace fading products.
Management must integrate higher-value products without allowing mix pressure, interest, amortization, or dilution to consume the benefit to shareholders.
Bear case: what would count against it
Large generic injectable competitors such as Hikma, Fresenius Kabi, Sandoz, or Viatris win approvals in Amphastar’s key complex products and trigger price competition.
FDA complete response letters, approval delays, or failed launches prevent new complex products from replacing mature-product erosion.
FDA warning letters, import alerts, or failed inspections at Amphastar or key suppliers disrupt production.
Thesis-Break Engine
Thesis-break watch · Amphastar Pharmaceuticals
No break has crossed Amphastar Pharmaceuticals’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDReported results of operations (earnings release).
Amphastar Pharmaceuticals filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDDirector or principal officer change.
Amphastar Pharmaceuticals filed an SEC 8-K on 2026-07-13: Director or principal officer change. It is a dated development that tests the current thesis.
- MIXEDOther material event.
Amphastar Pharmaceuticals filed an SEC 8-K on 2026-07-08: Other material event. It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Large generic injectable competitors such as Hikma, Fresenius Kabi, Sandoz, or Viatris win approvals in Amphastar’s key complex products and trigger price competition.
- FDA complete response letters, approval delays, or failed launches prevent new complex products from replacing mature-product erosion.
- FDA warning letters, import alerts, or failed inspections at Amphastar or key suppliers disrupt production.
- Another debt-funded acquisition is needed to maintain revenue because the existing portfolio erodes faster than internal launches.
- Product mix shifts toward lower-margin generics while higher-value proprietary or complex products slow.
AMPH news
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FINANCIAL STATEMENTS
AMPH income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
AMPH: quick answers
- When does Amphastar Pharmaceuticals (AMPH) report earnings next?
- Amphastar Pharmaceuticals's next results are projected for February 25, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is AMPH's short interest?
- As of October 15, 2026, 4.3M AMPH shares were sold short, down 1.6% from the count before. At the stock's average daily volume that is 9.8 days to cover. FINRA publishes the count twice a month. AMPH short interest history
- Have members of Congress traded AMPH?
- 2 trades in AMPH have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed AMPH trade