Amphastar Pharmaceuticals, Inc.
AMPH · Pharmaceutical Preparations · 44.1M shares · +2%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $38M (gross $58M, SBC $20M)
Reference price $26.20 · est. market cap ~$1.2B — last insider sale, 2025-12-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76Profitable, vertically integrated specialty/complex-generics maker with strong margins and a growing branded BAQSIMI franchise, though 2025 earnings declined.
Strengths
- Strong profitability: operating margin 0.20 (89th pct), net margin 0.14 (86th pct), ROA 0.06 (90th pct), FCF $121M (89th pct)
- Differentiated high-barrier pipeline (interchangeable insulins, complex injectables/inhalation) with clean PK biosimilarity readout
Risks
- Net income fell to $98M from $159M and revenue dipped YoY; gross margin only 49% (24th pct)
- Generic/biosimilar competition and customer/pricing pressure on key products
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $283M cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE2/PHASE3 · Pharmacokinetics
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
49.5%
Operating margin
19.5%
Net margin
13.6%
Return on assets
6.0%
Revenue growth (QoQ)
-6.5%
Net-income growth
-38.5%
Current ratio
4.0×
Free cash flow
$121M
Cash & investments
$283M
Stock comp / revenue
3.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-02 | Lee Howard | Tax withheld | 769 | $18.45 |
| 2026-06-01 | Gaugh David Russell | Grant | 8.1K | — |
| 2026-06-01 | Gerst Diane G. | Grant | 8.1K | — |
| 2026-06-01 | ZASLOFF MICHAEL A | Grant | 8.1K | — |
| 2026-06-01 | Lee Howard | Grant | 8.1K | — |
| 2026-06-01 | PRINS RICHARD K | Grant | 8.1K | — |
| 2026-06-01 | Deflin Gayle | Grant | 8.1K | — |
| 2026-03-15 | Zhang Jack Y. | Tax withheld | 9.8K | $18.18 |
| 2026-03-15 | Liawatidewi Yakob | Tax withheld | 1.0K | $18.18 |
| 2026-03-15 | Zhou Rong | Tax withheld | 1.2K | $18.18 |
| 2026-03-15 | PETERS WILLIAM J | Tax withheld | 2.0K | $18.18 |
| 2026-03-15 | Zhang Jack Y. | Tax withheld | 2.9K | $18.18 |
| 2026-03-10 | Zhou Rong | Tax withheld | 2.2K | $18.91 |
| 2026-03-10 | PETERS WILLIAM J | Tax withheld | 3.3K | $18.91 |
| 2026-03-10 | Zhang Jack Y. | Tax withheld | 15K | $18.91 |
| 2026-03-10 | Liawatidewi Yakob | Tax withheld | 1.9K | $18.91 |
| 2026-03-10 | Zhang Jack Y. | Tax withheld | 4.4K | $18.91 |
| 2026-03-09 | PETERS WILLIAM J | Grant | 59K | — |
| 2026-03-09 | Liawatidewi Yakob | Grant | 35K | — |
| 2026-03-09 | Zhou Rong | Grant | 39K | — |
| 2026-03-09 | Zhang Jack Y. | Grant | 181K | — |
| 2026-03-09 | Zhang Jack Y. | Grant | 72K | — |
| 2026-03-06 | Zhang Jack Y. | Tax withheld | 3.1K | $19.34 |
| 2026-03-06 | Liawatidewi Yakob | Tax withheld | 1.1K | $19.34 |
| 2026-03-06 | Zhou Rong | Tax withheld | 1.4K | $19.34 |
| 2026-03-06 | PETERS WILLIAM J | Tax withheld | 2.1K | $19.34 |
| 2026-03-06 | Zhang Jack Y. | Tax withheld | 7.8K | $19.34 |
| 2026-03-04 | Zhang Jack Y. | Tax withheld | 5.8K | $19.96 |
| 2026-03-04 | Liawatidewi Yakob | Tax withheld | 965 | $19.96 |
| 2026-03-04 | Zhou Rong | Tax withheld | 1.1K | $19.96 |
| 2026-03-04 | PETERS WILLIAM J | Tax withheld | 1.7K | $19.96 |
| 2026-03-04 | Zhang Jack Y. | Tax withheld | 2.4K | $19.96 |
| 2025-12-17 | Zhou Rong | Option exercise | 9.8K | $11.33 |
| 2025-12-17 | Zhou Rong | Sell | 9.8K | $26.20 |
| 2025-12-12 | Petersen Floyd F. | Sell | 2.4K | $25.92 |
| 2025-12-11 | Petersen Floyd F. | Sell | 1.7K | $25.69 |
| 2025-11-25 | PRINS RICHARD K | Option exercise | 4.2K | $16.69 |
| 2025-11-25 | PRINS RICHARD K | Sell | 4.2K | $27.10 |
| 2025-11-13 | Petersen Floyd F. | Option exercise | 17K | $16.69 |
| 2025-11-13 | Petersen Floyd F. | Sell | 17K | $26.49 |
| 2025-11-03 | Petersen Floyd F. | Sell | 500 | $25.27 |
| 2025-10-01 | Petersen Floyd F. | Sell | 500 | $27.20 |
| 2025-09-02 | Petersen Floyd F. | Sell | 500 | $30.98 |
| 2025-08-01 | Petersen Floyd F. | Sell | 500 | $20.83 |
| 2025-07-18 | Gaugh David Russell | Grant | 6.3K | — |
| 2025-07-02 | Petersen Floyd F. | Sell | 500 | $23.47 |
| 2025-06-13 | Zhang Jack Y. | Option exercise | 200K | $13.03 |
| 2025-06-03 | Lee Howard | Tax withheld | 923 | $26.01 |
| 2025-06-02 | Gerst Diane G. | Grant | 5.1K | — |
| 2025-06-02 | PRINS RICHARD K | Grant | 5.1K | — |
| 2025-06-02 | Petersen Floyd F. | Grant | 5.1K | — |
| 2025-06-02 | ZASLOFF MICHAEL A | Grant | 5.1K | — |
| 2025-06-02 | Petersen Floyd F. | Sell | 500 | $25.67 |
| 2025-06-02 | Lee Howard | Grant | 5.1K | — |
| 2025-06-02 | Deflin Gayle | Grant | 5.1K | — |
| 2025-05-19 | PETERS WILLIAM J | Tax withheld | 273 | $24.79 |
| 2025-05-01 | Petersen Floyd F. | Sell | 500 | $24.08 |
| 2025-04-01 | Petersen Floyd F. | Sell | 500 | $28.38 |
| 2025-03-17 | Zhang Jack Y. | Tax withheld | 7.2K | $27.69 |
| 2025-03-17 | Zhou Rong | Tax withheld | 2.0K | $27.69 |
| 2025-03-17 | PETERS WILLIAM J | Tax withheld | 3.0K | $27.69 |
| 2025-03-17 | Liawatidewi Yakob | Tax withheld | 1.7K | $27.69 |
| 2025-03-17 | Zhang Jack Y. | Tax withheld | 16K | $27.69 |
| 2025-03-15 | Zhang Jack Y. | Tax withheld | 9.8K | $26.66 |
| 2025-03-15 | Zhou Rong | Tax withheld | 1.2K | $26.66 |
| 2025-03-15 | Zhang Jack Y. | Tax withheld | 4.1K | $26.66 |
| 2025-03-15 | Liawatidewi Yakob | Tax withheld | 1.0K | $26.66 |
| 2025-03-15 | PETERS WILLIAM J | Tax withheld | 2.0K | $26.66 |
| 2025-03-14 | Zhang Jack Y. | Tax withheld | 226K | $26.66 |
| 2025-03-14 | Zhang Jack Y. | Option exercise | 211K | $14.69 |
| 2025-03-14 | Zhang Jack Y. | Tax withheld | 163K | $26.66 |
| 2025-03-14 | Zhang Jack Y. | Option exercise | 290K | $14.69 |
| 2025-03-10 | Zhou Rong | Grant | 25K | — |
| 2025-03-10 | Liawatidewi Yakob | Grant | 21K | — |
| 2025-03-10 | PETERS WILLIAM J | Grant | 37K | — |
| 2025-03-10 | Zhang Jack Y. | Grant | 116K | — |
| 2025-03-10 | Zhang Jack Y. | Grant | 49K | — |
| 2025-03-06 | Liawatidewi Yakob | Tax withheld | 1.1K | $28.32 |
| 2025-03-06 | Zhou Rong | Tax withheld | 1.4K | $28.32 |
| 2025-03-06 | PETERS WILLIAM J | Tax withheld | 2.1K | $28.32 |
| 2025-03-06 | Zhang Jack Y. | Tax withheld | 9.6K | $28.32 |
| 2025-03-06 | Zhang Jack Y. | Tax withheld | 3.1K | $28.32 |
| 2025-03-06 | Petersen Floyd F. | Sell | 1.0K | $27.99 |
| 2025-03-04 | PETERS WILLIAM J | Option exercise | 7.5K | $13.35 |
| 2025-03-04 | PETERS WILLIAM J | Sell | 4.2K | $27.54 |
| 2025-03-04 | PETERS WILLIAM J | Tax withheld | 1.7K | $27.62 |
| 2025-03-04 | Zhou Rong | Tax withheld | 1.1K | $27.62 |
| 2025-03-04 | Zhang Jack Y. | Tax withheld | 5.8K | $27.62 |
| 2025-03-04 | Liawatidewi Yakob | Tax withheld | 963 | $27.62 |
| 2025-03-04 | Zhang Jack Y. | Tax withheld | 2.4K | $27.62 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07560150 ↗ | Comparison of the Pharmacokinetics (PK) and Pharmacodynamics (PD) Biosimilarity of Proposed Biosimilar/Interchangeable Rapid-Acting Insulin Aspart (I004) and NovoLog® After Single-Dose Subcutaneous Administration to Healthy Volunteers Pharmacokinetics, Pharmacodynamics | PHASE2/PHASE3 | Recruiting | 2026-06-01 |
| NCT05539872 ↗ | Comparison of the Pharmacokinetics (PK) and Pharmacodynamics (PD) Biosimilarity of Proposed Biosimilar Rapid-Acting Insulin Aspart (I004) and NovoLog After Single-Dose Subcutaneous Administration to Healthy Volunteers Pharmacokinetics, Pharmacodynamics | PHASE2/PHASE3 | Completed | 2023-01-29 |
| NCT04207840 ↗ | Study of Drug Exposure in Systemic Circulation of Primatene Mist by Oral Inhalation, Versus Epinephrine Injection by Intramuscular Injection and ProAir by Oral Inhalation in Healthy Individuals Pharmacokinetics, Epinephrine | PHASE4 | Completed | 2019-12-20 |
| NCT02271334 ↗ | Evaluation of Pharmacokinetics and Safety of A006 in Healthy Volunteers Asthma | PHASE2 | Completed | 2014-10-01 |
| NCT02210806 ↗ | Albuterol DPI (A006) Clinical Study-B3:Efficacy, Dose-ranging and Safety Evaluation Asthma | PHASE2 | Completed | 2014-09-01 |
| NCT01737905 ↗ | Evaluation of Efficacy and Safety for Single Dose of E004 in Children With Asthma Asthma | PHASE3 | Completed | 2013-03-01 |
| NCT01737892 ↗ | Assessment and Evaluation of Pharmacokinetic Profile of E004 in Healthy Adults Asthma | PHASE1/PHASE2 | Terminated | 2012-11-01 |
| NCT01689363 ↗ | Evaluation of the Allergenicity of AMPHADASE INJECTION (Hyaluronidase Injection USP) Allergic Skin Reaction | PHASE2 | Completed | 2012-11-01 |
| NCT01581177 ↗ | Albuterol DPI (A006) Clinical Study-B2: Efficacy, Dose-Ranging and Initial Safety Evaluation Asthma | PHASE2 | Completed | 2012-07-01 |
| NCT01476904 ↗ | Safety Study in Adolescent and Adult Patients With Asthma Asthma | PHASE3 | Completed | 2012-04-01 |
| NCT01460511 ↗ | Evaluation of Efficacy and Safety of E004 in Children With Asthma Asthma | PHASE3 | Completed | 2012-03-01 |
| NCT01357642 ↗ | Epinephrine Inhalation Aerosol USP: For Evaluation Of Efficacy And Safety In Asthma Patients Asthma | PHASE3 | Completed | 2011-11-01 |
| NCT01255709 ↗ | Epinephrine Inhalation Aerosol USP, CLINICAL STUDY-B3 FOR ASSESSMENT OF PHARMACOKINETICS Asthma | PHASE2 | Completed | 2011-01-01 |
| NCT01189396 ↗ | Escalating and Cumulative-Dose Study of Pharmacokinetics (PK), Pharmacodynamics (PD) and Safety of A006 Asthma, Bronchospasm | PHASE2 | Completed | 2010-12-01 |
| NCT01174732 ↗ | Dose-Ranging Study of A006 DPI, in Adult Asthma Patients Asthma, Bronchospasm | PHASE2 | Completed | 2010-10-01 |
| NCT01188577 ↗ | Epinephrine Inhalation Aerosol USP, a HFA-MDI Study for Assessment of Pharmacokinetics Asthma, Bronchospasm | PHASE1/PHASE2 | Completed | 2010-09-01 |
| NCT01143051 ↗ | Pharmacokinetics (PK) Study of Epinephrine Inhalation Aerosol in Healthy Volunteers Asthma | PHASE1/PHASE2 | Completed | 2010-06-01 |
| NCT01025648 ↗ | Randomized, Placebo/Active Crossover Dose-ranging Study for Safety and Efficacy in Asthma Patients. Asthma | PHASE1/PHASE2 | Terminated | 2009-12-01 |
| NCT00634517 ↗ | 4-Week Study of Efficacy, Safety and PK of Albuterol-HFA Versus Proventil-HFA in Pediatric Asthma Asthma | PHASE3 | Terminated | 2008-12-01 |
| NCT00634829 ↗ | Single-Dose Cross-Over Study of the Effects of Albuterol-HFA in Exercise Induced Bronchoconstriction Asthma, Bronchospasm | PHASE3 | Terminated | 2008-10-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-03 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-16 | Other | filing ↗ |
| 2026-03-06 | Exec/director changeExhibits | filing ↗ |
| 2026-03-06 | Material agreementExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-12 | Material agreementReg FDExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-03 | 2026-06-01 | 0001297184-26-000038 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001297184-26-000031 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001297184-26-000033 ↗ |
| 8-K | 2026-03-16 | 2026-03-12 | 0001104659-26-027814 ↗ |
| 8-K | 2026-03-06 | 2026-03-03 | 0001297184-26-000015 ↗ |
| 8-K | 2026-03-06 | 2026-03-03 | 0001297184-26-000013 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001297184-26-000009 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001297184-26-000007 ↗ |
| 8-K | 2026-01-12 | 2026-01-06 | 0001297184-26-000002 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001297184-25-000064 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001297184-25-000062 ↗ |
| 8-K | 2025-10-24 | 2025-10-21 | 0001297184-25-000058 ↗ |