Amphastar Pharmaceuticals (AMPH) FY2022 results: revenue $499 million, up 14.0% on the year

Amphastar Pharmaceuticals, Inc. (AMPH) reported revenue of $499 million for fiscal 2022, the year ended 31 December 2022, up 14.0% on the year before. Net income was $91 million, up 47.1%, and diluted earnings per share $1.74. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$499 million

+14.0% on the year

FY2015FY2022

Operating margin

21.5%

16.0% a year earlier

FY2015FY2022

Net income

$91 million

+47.1% on the year

FY2015FY2022

Diluted EPS

$1.74

+39.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	499	438	350	+14.0%
Cost of revenue	250	238	207	+5.1%
Gross profit	249	200	143	+24.6%
Gross margin	49.9%	45.6%	41.0%
Research and development	74.8	60.9	67.2	+22.7%
Operating income	107	69.9	11.0	+53.8%
Operating margin	21.5%	16.0%	3.1%
Interest expense	1.8	0.9	0.4	+108.6%
Pre-tax income	116	84.1	4.6	+37.9%
Income tax	23.5	20.6	3.5	+13.8%
Effective tax rate	20.2%	24.5%	76.3%
Net income	91.4	62.1	1.4	+47.1%
Net margin	18.3%	14.2%	0.4%
Diluted EPS	$1.74	$1.25	$0.03	+39.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	89.2	98.0	57.3	-9.0%
Capital expenditure	24.0	27.5	33.9	-12.5%
Free cash flow	65.1	70.5	23.4	-7.6%
Free cash flow margin	13.1%	16.1%	6.7%
Cash from investing	-32.8	-28.7	-36.4
Cash from financing	-26.4	-37.0	-2.2
Depreciation and amortisation	12.6	10.2	9.0	+23.2%
Share-based compensation	17.9	18.7	20.5	-4.4%
Buybacks	39.9	28.9	24.4	+38.2%
Diluted shares, weighted	52m	50m	49m	+5.3%
Shares outstanding at period end	48m	48m	47m	+0.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	529	446	402	+18.7%
Non-controlling interest	n/a	n/a	46.4
Debt	76.6	78.2	45.9	-2.0%
Operating lease liabilities	23.7	24.7	17.5	-4.1%
Finance lease liabilities	0.8	0.4	0.6	+98.5%
Other liabilities	112	123	119	-8.6%
Total liabilities and equity	742	672	631	+10.5%
Fixed assets	238	244	260	-2.4%
Goodwill	3.1	3.3	3.9	-5.6%
Intangible assets	4.9	6.3	7.5	-21.9%
Investments	19.7	10.3	13.0	+90.5%
Cash and equivalents	156	126	92.6	+23.5%
Receivables	88.8	78.8	66.0	+12.7%
Inventory	104	92.8	96.8	+11.6%
Other assets	127	109	91.3	+16.6%
Total assets	742	672	631	+10.5%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.