A Business at a Glance
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Amphastar Pharmaceuticals, Inc.
AMPH
$905M
Mkt Cap
$18.72
-0.79%
Amphastar Pharmaceuticals, Inc. (AMPH) has a current P/E ratio of 9.2, compared to its historical median P/E of 18.3. The stock is currently considered Fair based on its historical valuation range.
Amphastar Pharmaceuticals, Inc. (AMPH) has a 5-year average return on invested capital (ROIC) of 16.3%. This indicates strong capital allocation and a potential competitive advantage.
Amphastar Pharmaceuticals, Inc. (AMPH) has a market capitalization of $836M. It is classified as a small-cap stock.
Amphastar Pharmaceuticals, Inc. (AMPH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 11.26%.
Based on historical P/E analysis, Amphastar Pharmaceuticals, Inc. (AMPH) appears fair. The current P/E of 9.2 is 50% below its historical median of 18.3. The estimated fair value CAGR (P/E method) is 46.7%.
Amphastar Pharmaceuticals, Inc. (AMPH) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
Item 1. Business. We are a biopharmaceutical company focusing on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as active pharmaceutical ingredient, or API products. We currently manufacture and sell over 25 prescription pharmaceutical products, and an over-the-counter product, Primatene MIST®. Our largest products by net revenues currently include BAQSIMI® glucagon nasal powder, or BAQSIMI®, Primatene MIST®, glucagon, epinephrine, and lidocaine. In June 2023, we completed our acquisition of BAQSIMI®, the first and only nasally administered glucagon for the treatment of severe hypoglycemia in people with diabetes, and it is currently available in the United States and 26 international markets. In May 2024, the FDA approved our albuterol sulfate inhalation aerosol, which we launched in August 2024. In August 2025, the FDA approved our iron sucrose injection, USP 50mg/2.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 721M | 720M | 732M | 644M | 499M | 438M |
| Net Income | 79M | 98M | 160M | 138M | 91M | 62M |
| EPS | $1.72 | $2.03 | $3.06 | $2.60 | $1.74 | $1.25 |
| Free Cash Flow | 135M | 121M | 172M | 145M | 65M | 71M |
| ROIC | 8.2% | 9.7% | 16.1% | 22.1% | 20.2% | 13.7% |
| Gross Margin | 47.3% | 49.5% | 51.1% | 54.5% | 49.9% | 45.6% |
| Debt/Equity | 0.79 | 0.85 | 0.90 | 1.00 | 0.20 | 0.24 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 117M | 140M | 205M | 197M | 107M | 70M |
| Operating Margin | 16.2% | 19.5% | 28.1% | 30.6% | 21.5% | 16.0% |
| ROE | 10.2% | 12.9% | 23.3% | 23.6% | 18.8% | 14.7% |
| Shares Outstanding | 45M | 48M | 52M | 53M | 53M | 50M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 210M | 252M | 255M | 240M | 295M | 322M | 350M | 438M | 499M | 644M | 732M | 720M | 721M |
| Gross Margin | 24.4% | 30.8% | 40.8% | 37.7% | 36.3% | 40.9% | 41.0% | 45.6% | 49.9% | 54.5% | 51.1% | 49.5% | 47.3% |
| R&D | 29M | 37M | 42M | 44M | 58M | 69M | 67M | 61M | 75M | 74M | 74M | 86M | 92M |
| SG&A | 35M | 42M | 42M | 44M | 50M | 50M | 50M | 51M | 45M | 52M | 57M | 86M | 88M |
| EBIT | -18M | -6.9M | 15M | -1.3M | -8.6M | N/A | 11M | 70M | 107M | 197M | 205M | 140M | 117M |
| Op. Margin | -8.5% | -2.7% | 6.0% | -0.5% | -2.9% | N/A | 3.1% | 16.0% | 21.5% | 30.6% | 28.1% | 19.5% | 16.2% |
| Net Income | -11M | -2.8M | 9.8M | 3.6M | -5.7M | 49M | 1.4M | 62M | 91M | 138M | 160M | 98M | 79M |
| Net Margin | -5.1% | -1.1% | 3.8% | 1.5% | -1.9% | 15.2% | 0.4% | 14.2% | 18.3% | 21.3% | 21.8% | 13.6% | 11.0% |
| Non-Recurring | -46K | -104K | 6.1M | 11M | 11M | 8.4M | 14M | 24M | 17M | 18M | 14M | 6.0M | 6.0M |
| Returns on Capital | |||||||||||||
| ROIC | -3.7% | -0.8% | 3.6% | 1.0% | -1.5% | N/A | 1.8% | 13.7% | 20.2% | 22.1% | 16.1% | 9.7% | 8.2% |
| ROE | -4.0% | -1.0% | 3.1% | 1.1% | -1.7% | 13.7% | 0.4% | 14.7% | 18.8% | 23.6% | 23.3% | 12.9% | 10.2% |
| ROA | -2.9% | -0.7% | 2.4% | 0.8% | -1.2% | 8.9% | 0.2% | 9.5% | 12.9% | 12.2% | 10.3% | 6.1% | 4.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 21M | 11M | 39M | 39M | 38M | 42M | 57M | 98M | 89M | 184M | 213M | 156M | 169M |
| Free Cash Flow | 553K | -5.3M | 17M | 4.1M | -8.6M | 207K | 23M | 71M | 65M | 145M | 172M | 121M | 135M |
| Owner Earnings | -2.7M | -15M | 8.8M | 16M | 15M | 17M | 28M | 69M | 59M | 138M | 136M | 72M | -199M |
| CapEx | 20M | 16M | 21M | 35M | 47M | 42M | 34M | 27M | 24M | 38M | 41M | 35M | 34M |
| Maint. CapEx | 14M | 13M | 15M | 6.4M | 6.1M | 7.1M | 9.0M | 10M | 13M | 26M | 53M | 57M | 340M |
| Growth CapEx | 6.1M | 2.7M | 6.7M | 29M | 41M | 34M | 25M | 17M | 11M | 12M | 0 | 0 | 0 |
| D&A | 14M | 13M | 15M | 6.4M | 6.1M | 7.1M | 9.0M | 10M | 13M | 26M | 53M | 57M | 340M |
| CapEx/OCF | 88.7% | 150.2% | 55.5% | 89.5% | 122.6% | 99.5% | 59.1% | 28.0% | 26.9% | 20.8% | 19.2% | 22.3% | 20.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 345K | 9.9M | 9.9M | 31M | 25M | 22M | 24M | 29M | 40M | 58M | 85M | 76M | 94M |
| Buyback Yield | 0.1% | 1.5% | 1.1% | 3.4% | 2.6% | 2.3% | 2.7% | 2.5% | 2.7% | 1.8% | 4.3% | 5.8% | 11.3% |
| Stock-Based Comp | 9.3M | 13M | 15M | 17M | 17M | 17M | 20M | 19M | 18M | 20M | 24M | 27M | 28M |
| Debt Repayment | 8.2M | 9.0M | 15M | 9.7M | 5.7M | 6.4M | 8.4M | 37M | 1.8M | 319M | 8.3M | 223K | 223K |
| Balance Sheet | |||||||||||||
| Net Debt | -12M | -16M | -31M | -16M | -22M | -12M | -27M | -29M | -69M | 380M | 441M | 384M | 320M |
| Cash & Equiv. | 68M | 66M | 72M | 66M | 86M | 74M | 93M | 126M | 156M | 144M | 152M | 170M | 292M |
| Long-Term Debt | 43M | 40M | 36M | 46M | 49M | 46M | 46M | 78M | 77M | 603M | 614M | 620M | 610M |
| Debt/Equity | 0.20 | 0.17 | 0.13 | 0.16 | 0.20 | 0.19 | 0.20 | 0.24 | 0.20 | 1.00 | 0.90 | 0.85 | 0.79 |
| Interest Coverage | -29.5 | -7.0 | 15.0 | -1.5 | -35.5 | N/A | 29.3 | 79.0 | 58.2 | 7.3 | 6.8 | 5.5 | 5.5 |
| Equity | 282M | 296M | 329M | 334M | 332M | 381M | 402M | 446M | 529M | 639M | 732M | 789M | 773M |
| Total Assets | 389M | 390M | 428M | 451M | 514M | 587M | 631M | 672M | 742M | 1.5B | 1.6B | 1.6B | 1.6B |
| Total Liabilities | 108M | 95M | 98M | 117M | 149M | 159M | 183M | 226M | 213M | 873M | 845M | 840M | 875M |
| Intangibles | 8.9M | 6.9M | 17M | 11M | 9.1M | 8.3M | 7.5M | 6.3M | 4.9M | 581M | 558M | 533M | 527M |
| Retained Earnings | 63M | 60M | 71M | 73M | 67M | 116M | 118M | 180M | 272M | 409M | 569M | 667M | 673M |
| Working Capital | 135M | 116M | 123M | 121M | 114M | 165M | 167M | 214M | 283M | 264M | 360M | 478M | 469M |
| Current Assets | 198M | 176M | 184M | 188M | 220M | 255M | 280M | 318M | 378M | 490M | 534M | 636M | 634M |
| Current Liabilities | 63M | 60M | 61M | 67M | 107M | 90M | 112M | 104M | 95M | 225M | 174M | 158M | 164M |
| Per Share Data | |||||||||||||
| EPS | -0.25 | -0.06 | 0.21 | 0.08 | -0.12 | 0.98 | 0.03 | 1.25 | 1.74 | 2.60 | 3.06 | 2.03 | 1.72 |
| Owner EPS | -0.06 | -0.33 | 0.19 | 0.34 | 0.32 | 0.35 | 0.59 | 1.39 | 1.12 | 2.60 | 2.61 | 1.49 | -4.46 |
| Book Value | 6.59 | 6.36 | 7.04 | 7.32 | 6.95 | 7.64 | 8.60 | 8.97 | 10.07 | 12.09 | 14.05 | 16.32 | 17.33 |
| Cash Flow/Share | 0.49 | 0.23 | 0.82 | 0.86 | 0.80 | 0.84 | 1.22 | 1.97 | 1.70 | 3.47 | 4.09 | 3.23 | 9.38 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 42.8M | 46.5M | 46.8M | 45.6M | 47.8M | 49.9M | 46.8M | 49.7M | 52.5M | 52.9M | 52.1M | 48.3M | 44.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 84.2 | 246.7 | N/A | 19.6 | 634.0 | 18.3 | 16.2 | 23.9 | 12.4 | 13.4 | 10.9 |
| P/FCF | 916.3 | N/A | 50.4 | 219.0 | N/A | N/A | 38.0 | 16.1 | 22.7 | 22.6 | 11.4 | 10.8 | 6.2 |
| EV/EBIT | N/A | N/A | 54.6 | N/A | N/A | 14.8 | 76.9 | 15.4 | 12.8 | 18.4 | 11.4 | 11.7 | 9.9 |
| Price/Book | 1.8 | 2.2 | 2.7 | 2.7 | 2.9 | 2.5 | 2.2 | 2.5 | 2.8 | 5.1 | 2.7 | 1.7 | 1.1 |
| Price/Sales | 2.2 | 2.6 | 3.0 | 3.2 | 3.0 | 3.2 | 2.5 | 2.2 | 3.3 | 3.8 | 3.3 | 1.8 | 1.2 |
| FCF Yield | 0.1% | -0.8% | 1.9% | 0.5% | -0.9% | 0.0% | 2.6% | 6.2% | 4.4% | 4.4% | 8.7% | 9.3% | 16.2% |
| Market Cap | 507M | 658M | 887M | 900M | 958M | 959M | 890M | 1.1B | 1.5B | 3.3B | 2.0B | 1.3B | 836M |
| Avg. Price | 10.61 | 14.26 | 15.87 | 16.69 | 18.45 | 20.82 | 18.83 | 19.34 | 31.33 | 45.83 | 45.75 | 27.11 | 18.72 |
| Year-End Price | 11.84 | 14.17 | 18.53 | 19.74 | 20.04 | 19.20 | 19.02 | 22.84 | 28.13 | 62.17 | 37.80 | 27.12 | 18.72 |
Amphastar Pharmaceuticals, Inc. passes 8 of 9 quality checks, indicating strong fundamentals.
Amphastar Pharmaceuticals, Inc. trades at 9.2x trailing earnings, compared to its 15-year median P/E of 18.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 7.0x vs a median of 22.6x. The company's 5-year average ROIC is 16.3% with a gross margin of 50.1%. Total shareholder yield (buybacks) is 11.3%. At current prices, the estimated annualized return to fair value is +58.7%.
Amphastar Pharmaceuticals, Inc. (AMPH) reported annual revenue of $720 million in its most recent fiscal year, based on SEC EDGAR filings.
Amphastar Pharmaceuticals, Inc. (AMPH) has a net profit margin of 13.6%. This is a healthy margin.
Amphastar Pharmaceuticals, Inc. (AMPH) generated $121 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Amphastar Pharmaceuticals, Inc. (AMPH) has a debt-to-equity ratio of 0.85. This indicates moderate leverage.
Amphastar Pharmaceuticals, Inc. (AMPH) reported earnings per share (EPS) of $2.03 in its most recent fiscal year.
Amphastar Pharmaceuticals, Inc. (AMPH) has a return on equity (ROE) of 12.9%. This indicates moderate shareholder returns.
Amphastar Pharmaceuticals, Inc. (AMPH) has a 5-year average gross margin of 50.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for Amphastar Pharmaceuticals, Inc. (AMPH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Amphastar Pharmaceuticals, Inc. (AMPH) has a book value per share of $16.32, based on its most recent annual SEC filing.