Pulling SEC filings + quote and writing the call…

Amphastar Pharmaceuticals, Inc.
Next earnings Aug 5, 2026 · consensus $0.65 EPS, $186M rev
Last earnings +0.5% on 2026-05-07
Cheap at 10.6x earnings but concentration risk and 38.5% net income drop in FY2025 justify a wait-and-see hold.
Sources: SEC EDGAR (CIK 0001297184, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/25/2026, 2:43:47 PM.
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Middling fundamentals and a rich price (~21% above fair value) leave little margin of safety — a wait-and-see.
Amphastar trades at a deceptively cheap 10.6x P/E and 1.4x P/S on a $974M market cap, with a strong balance sheet showing $170M cash, $789M equity (+7.7% YoY), and $667M retained earnings (+17.2%). The company is buying back stock aggressively ($75.6M in FY2025, with share count down 4.8%), and FY2025 operating cash flow of $156M comfortably covers $34.9M capex and the $620M long-term debt load. Gross margin of 49.5% and ROE of 12.4% reflect a respectable specialty-injectables franchise built around BAQSIMI, Primatene MIST, epinephrine, glucagon, and lidocaine.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $438M | $499M | $644M | $732M | $720M |
| Gross profit | $200M | $249M | $351M | $374M | $356M |
| Operating income | $69.9M | $107M | $197M | $205M | $140M |
| Net income | $62.1M | $91.4M | $138M | $160M | $98.1M |
| Diluted EPS | $1.25 | $1.74 | $2.60 | $3.06 | $2.03 |
| Net margin | 14.2% | 18.3% | 21.3% | 21.8% | 13.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Annual meeting: directors elected, auditor ratified — routine governance vote.
Q1 2026 10-Q filed amid FY2025 earnings slide; margin trajectory in focus.
Q1 2026 10-Q filed amid FY2025 earnings slide; margin trajectory in focus.
Other-events disclosure (Item 8.01) outside the earnings cycle.
Entered new material agreement (Item 1.01) — likely licensing/partnership add.
Entered new material agreement (Item 1.01) — likely licensing/partnership add.
FY2025 10-K: rev $720M (-1.7%), NI $98M (-38.5%), R&D +16%, OCF -27%.
FY2025 10-K: rev $720M (-1.7%), NI $98M (-38.5%), R&D +16%, OCF -27%.
1049 tracked peers · median
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
| 2026-06-02 | Lee Howard Director | Tax | 769.00 @ $18.45 | $14.2K |
| 2026-06-01 | PRINS RICHARD K Director | Award | 8.14K | |
| 2026-06-01 | Lee Howard Director | Award | 8.14K | |
| 2026-06-01 | ZASLOFF MICHAEL A Director | Award | 8.14K | |
| 2026-06-01 | Gerst Diane G. Director | Award | 8.14K | |
| 2026-06-01 | Gaugh David Russell Director | Award | 8.14K | |
| 2026-06-01 | Deflin Gayle Director | Award | 8.14K | |
| 2026-03-15 | Liawatidewi Yakob EVP CORP ADMIN CENTER | Tax | 1.03K @ $18.18 | $18.8K |
| 2026-03-15 | Zhou Rong SENIOR EVP, PRODUCTION CENTER | Tax | 1.23K @ $18.18 | $22.3K |
| 2024-08-19 | PRINS RICHARD K Director | Gift | 1.50K |