Amphastar Pharmaceuticals (AMPH) FY2025 results: revenue $720 million, down 1.7% on the year
Amphastar Pharmaceuticals, Inc. (AMPH) reported revenue of $720 million for fiscal 2025, the year ended 31 December 2025, down 1.7% on the year before. Net income was $98 million, down 38.5%, and diluted earnings per share $2.03. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$720 million
-1.7% on the year
FY2018FY2025
Operating margin
19.5%
28.1% a year earlier
FY2018FY2025
Net income
$98 million
-38.5% on the year
FY2018FY2025
Diluted EPS
$2.03
-33.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Revenue down slightly on both periods: Fourth-quarter net revenues were $183.1 million, down 2% from $186.5 million a year earlier. Full-year net revenues were $719.9 million, down 2% from $732.0 million.
GAAP net income fell year on year: GAAP net income was $24.4 million, or $0.51 diluted EPS, for the fourth quarter, and $98.1 million, or $2.03 per share, for the year. The prior-year comparables were $0.74 and $3.06 per share.
BAQSIMI unit volumes lifted fourth quarter: BAQSIMI product revenue was $46.7 million, up 12%, on higher unit volumes from continued U.S. marketing.
G&A rose on personnel, legal, ERP: Fourth-quarter general and administrative expense was $16.5 million, up 27%. Full-year G&A was $85.9 million, up 51%.
Gross margin fell for the year: Full-year gross margin was 49.5%, against 51.1% in fiscal 2024. The company attributed the decline to lower pricing for glucagon and the epinephrine multi-dose vial, both higher-margin products.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
156
213
184
-26.8%
Capital expenditure
34.9
41.0
38.2
-15.0%
Free cash flow
121
172
145
-29.7%
Free cash flow margin
16.8%
23.5%
22.6%
Cash from investing
-70.3
-125
-649
Cash from financing
-67.4
-81.0
454
Depreciation and amortisation
56.7
53.0
25.7
+7.0%
Share-based compensation
27.3
24.4
20.2
+11.9%
Buybacks
75.6
85.5
58.1
-11.6%
Diluted shares, weighted
48m
52m
53m
-7.4%
Shares outstanding at period end
46m
48m
48m
-4.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
789
732
639
+7.7%
Debt
620
614
603
+1.0%
Operating lease liabilities
37.7
41.9
29.7
-10.0%
Finance lease liabilities
0.3
0.4
0.6
-38.9%
Other liabilities
183
189
240
-3.4%
Total liabilities and equity
1,629
1,577
1,513
+3.3%
Fixed assets
311
297
283
+4.4%
Goodwill
3.4
3.0
3.2
+11.6%
Intangible assets
533
558
581
-4.5%
Investments
113
81.0
127
+39.0%
Cash and equivalents
170
152
144
+12.2%
Receivables
144
136
115
+5.3%
Inventory
177
154
106
+15.1%
Other assets
179
196
154
-8.8%
Total assets
1,629
1,577
1,513
+3.3%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.