Gross margins have contracted significantly from a 54.0% peak in 2024Q3 to 41.1% in 2026Q1, reflecting persistent pressure on profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 720.53M | 719.89M | 731.97M | 644.39M | 498.99M | 437.77M | 349.85M | 322.36M | 294.67M | 240.18M | 255.16M | 251.52M | 210.46M | 229.68M | 204.32M |
| Revenue Growth % | -1.06% | -1.65% | 13.59% | 29.14% | 13.98% | 25.13% | 8.53% | 9.4% | 22.69% | -5.87% | 1.45% | 19.51% | -8.37% | 12.41% | - |
| Cost of Goods Sold | 379.4M | 363.83M | 358.11M | 293.27M | 250.13M | 238.03M | 206.51M | 190.43M | 187.68M | 149.38M | 150.98M | 174.17M | 159.21M | 142.72M | 114.02M |
| COGS % of Revenue | - | 50.54% | 48.92% | 45.51% | 50.13% | 54.37% | 59.03% | 59.08% | 63.69% | 62.2% | 59.17% | 69.25% | 75.65% | 62.14% | 55.8% |
| Gross Profit | 341.13M | 356.06M | 373.86M | 351.12M | 248.86M | 199.74M | 143.34M | 131.92M | 106.98M | 90.8M | 104.19M | 77.35M | 51.26M | 86.96M | 90.3M |
| Gross Margin % | 47.34% | 49.46% | 51.08% | 54.49% | 49.87% | 45.63% | 40.97% | 40.92% | 36.31% | 37.8% | 40.83% | 30.75% | 24.35% | 37.86% | 44.2% |
| Gross Profit Growth % | - | -4.76% | 6.47% | 41.09% | 24.59% | 39.35% | 8.65% | 23.31% | 17.83% | -12.86% | 34.7% | 50.9% | -41.06% | -3.71% | - |
| Operating Expenses | 224.39M | 215.65M | 168.44M | 154.13M | 141.36M | 129.85M | 132.39M | 131.96M | 115.61M | 94.33M | 88.5M | 84.04M | 68.8M | 69.34M | 62.81M |
| OpEx % of Revenue | - | 29.96% | 23.01% | 23.92% | 28.33% | 29.66% | 37.84% | 40.94% | 39.23% | 39.28% | 34.68% | 33.41% | 32.69% | 30.19% | 30.74% |
| Selling, General & Admin | 131.9M | 129.81M | 94.52M | 80.39M | 66.59M | 68.92M | 65.16M | 63.11M | 58.04M | 50.92M | 47.3M | 46.97M | 40.37M | 36.32M | 31.65M |
| SG&A % of Revenue | - | 18.03% | 12.91% | 12.48% | 13.35% | 15.74% | 18.62% | 19.58% | 19.7% | 21.2% | 18.54% | 18.68% | 19.18% | 15.81% | 15.49% |
| Research & Development | 92.48M | 85.84M | 73.91M | 73.74M | 74.77M | 60.93M | 67.23M | 68.85M | 57.56M | 43.41M | 41.2M | 37.06M | 28.43M | 33.02M | 31.16M |
| R&D % of Revenue | - | 11.92% | 10.1% | 11.44% | 14.98% | 13.92% | 19.22% | 21.36% | 19.54% | 18.08% | 16.15% | 14.74% | 13.51% | 14.38% | 15.25% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -746K | 0 | -165K | 508K | 0 |
| Operating Income | 116.74M | 140.4M | 205.42M | 196.99M | 107.5M | 69.89M | 10.95M | -39K | -8.62M | -895K | 15.69M | -6.9M | -17.98M | 17.49M | 25.4M |
| Operating Margin % | 16.2% | 19.5% | 28.06% | 30.57% | 21.54% | 15.96% | 3.13% | -0.01% | -2.93% | -0.37% | 6.15% | -2.74% | -8.54% | 7.61% | 12.43% |
| Operating Income Growth % | - | -31.65% | 4.28% | 83.25% | 53.82% | 538% | 28187.18% | 99.55% | -863.46% | -105.7% | 327.49% | 61.64% | -202.82% | -31.13% | - |
| EBITDA | 150.05M | 149.1M | 262.62M | 238.76M | 135.77M | 96.42M | 36.13M | 21.08M | 7.89M | 14.91M | 30.26M | 6.35M | -3.54M | 30.57M | 36.89M |
| EBITDA Margin % | 20.82% | 20.71% | 35.88% | 37.05% | 27.21% | 22.03% | 10.33% | 6.54% | 2.68% | 6.21% | 11.86% | 2.53% | -1.68% | 13.31% | 18.06% |
| EBITDA Growth % | -40.73% | -43.22% | 9.99% | 75.86% | 40.81% | 166.84% | 71.4% | 167.1% | -47.08% | -50.7% | 376.17% | 279.75% | -111.56% | -17.15% | - |
| D&A (Non-Cash Add-back) | 30.37M | 0 | 57.2M | 41.78M | 28.27M | 26.53M | 25.18M | 21.12M | 16.52M | 15.81M | 14.56M | 13.25M | 14.45M | 13.08M | 11.5M |
| EBIT | 125.59M | 149.1M | 220.11M | 198.52M | 117.89M | 85.02M | 5.01M | 60.35M | -9.68M | 2.08M | 15.97M | -9.38M | -17.54M | 17.62M | 26.66M |
| Net Interest Income | -16.76M | -16.8M | -19.73M | -21.7M | -525K | -284K | 268K | 878K | 213K | -401K | -754K | -672K | -366K | -771K | -542K |
| Interest Income | 8.99M | 8.68M | 10.61M | 5.46M | 1.32M | 601K | 642K | 997K | 456K | 425K | 270K | 315K | 243K | 187K | 242K |
| Interest Expense | 25.75M | 25.48M | 30.34M | 27.16M | 1.85M | 885K | 374K | 119K | 243K | 826K | 1.02M | 987K | 609K | 958K | 784K |
| Other Income/Expense | -13.93M | -16.78M | -16.23M | -27.61M | 7.37M | 14.04M | -6.32M | 60.27M | -1.3M | 2.52M | -746K | -3.47M | -165K | -263K | -1.61M |
| Pretax Income | 102.81M | 123.62M | 189.19M | 169.38M | 114.86M | 83.93M | 4.64M | 60.23M | -9.93M | 1.62M | 14.95M | -10.36M | -18.15M | 17.23M | 25.88M |
| Pretax Margin % | 14.27% | 17.17% | 25.85% | 26.28% | 23.02% | 19.17% | 1.33% | 18.68% | -3.37% | 0.68% | 5.86% | -4.12% | -8.62% | 7.5% | 12.67% |
| Income Tax | 23.59M | 25.53M | 29.67M | 31.83M | 23.48M | 20.63M | 3.54M | 13.72M | -3.27M | -2.88M | 4.41M | -7.58M | -7.45M | 5.37M | 7.78M |
| Effective Tax Rate % | 22.94% | 20.65% | 15.68% | 18.79% | 20.44% | 24.58% | 76.34% | 22.79% | 32.9% | -177.76% | 29.53% | 73.11% | 41.05% | 31.14% | 30.08% |
| Net Income | 79.23M | 98.09M | 159.52M | 137.54M | 91.39M | 62.12M | 1.4M | 48.94M | -5.74M | 4.51M | 10.53M | -2.79M | -10.7M | 11.86M | 18.09M |
| Net Margin % | 11% | 13.63% | 21.79% | 21.34% | 18.31% | 14.19% | 0.4% | 15.18% | -1.95% | 1.88% | 4.13% | -1.11% | -5.08% | 5.16% | 8.86% |
| Net Income Growth % | -44.06% | -38.51% | 15.98% | 50.51% | 47.12% | 4327.37% | -97.13% | 952.89% | -227.28% | -57.2% | 477.9% | 73.95% | -190.2% | -34.44% | - |
| Net Income (Continuing) | 79.23M | 98.09M | 159.52M | 137.54M | 91.39M | 63.3M | 1.1M | 46.51M | -6.66M | 3.65M | 9.82M | -2.79M | -10.7M | 11.86M | 18.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 46.42M | 46.16M | 31.92M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.71 | 2.03 | 3.06 | 2.60 | 1.74 | 1.25 | 0.03 | 0.98 | -0.12 | 0.09 | 0.22 | -0.06 | -0.25 | 1.48 | 2.26 |
| EPS Growth % | -39.86% | -33.66% | 17.69% | 49.43% | 39.2% | 4270.63% | -97.08% | 916.67% | -233.33% | -59.09% | 454.84% | 75.2% | -116.89% | -34.51% | - |
| EPS (Basic) | - | 2.10 | 3.29 | 2.85 | 1.88 | 1.30 | 0.03 | 1.04 | -0.12 | 0.10 | 0.23 | -0.06 | -0.25 | 1.48 | 2.26 |
| Diluted Shares Outstanding | 46.46M | 48.22M | 52.06M | 53M | 52.43M | 49.78M | 49.12M | 49.91M | 46.4M | 48.37M | 47.5M | 44.96M | 41.96M | 8M | 8M |
| Basic Shares Outstanding | 45.32M | 46.74M | 48.43M | 48.27M | 48.55M | 47.78M | 47.04M | 46.98M | 46.4M | 46.11M | 45.38M | 44.96M | 41.96M | 8M | 8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Margin compression from R&D
As reported in recent financial filings, Amphastar’s revenue growth has decelerated significantly, moving from double-digit gains in early 2024 to a marginal 0.4% increase in 2026Q1, reflecting the difficulty of maintaining momentum in a competitive specialty pharmaceutical landscape that increasingly relies on successful new product launches.
The transition from high-growth periods to current stagnation suggests that the company's legacy portfolio may be reaching a saturation point. Investors should monitor whether the recent acquisition of Baqsimi can provide the necessary revenue tailwinds to offset the natural price erosion inherent in the broader generic injectable market.
Based on the latest income statement data, gross margins have contracted from a peak of 54.0% in 2024Q3 to 41.1% in 2026Q1, indicating that rising production costs or shifts in product mix are currently outpacing the company's ability to maintain premium pricing on its specialized drug-device combinations.
This compression appears to be a direct consequence of higher manufacturing costs and potential competitive pricing pressures within the hospital-administered segment. The inability to sustain margins above the 50% threshold warrants further investigation into whether this is a temporary operational hurdle or a permanent shift in the company's cost structure.
According to quarterly income statements, operating income has experienced extreme volatility, plummeting to $13.6 million in 2026Q1 from a high of $57.0 million in 2024Q3, which suggests that the company is struggling to scale its operating expenses effectively alongside its fluctuating gross profit levels.
The sharp decline in operating margin to 8.0% in the most recent quarter highlights a lack of operating leverage, likely driven by elevated R&D and SG&A spending. This trend suggests that management's current investment strategy is heavily front-loaded, potentially masking the underlying profitability of the core business.
As indicated by the reported figures, net income has faced significant downward pressure, falling to $6.4 million in 2026Q1, a trend exacerbated by persistent stock-based compensation expenses that reached $9.3 million in the same period, effectively exceeding the company's total quarterly net profit.
The reliance on non-cash compensation during a period of declining profitability raises concerns regarding the quality of earnings available to shareholders. Investors should scrutinize whether these compensation levels are aligned with long-term value creation or if they represent an unsustainable drain on the company's bottom line.
Quick answers to the most common questions about buying AMPH stock.
For fiscal year 2025, Amphastar Pharmaceuticals, Inc. (AMPH) reported total revenue of $719.9M. This represents a 252.3% increase compared to $204.3M in 2012.
Amphastar Pharmaceuticals, Inc. (AMPH) is profitable, generating $98.1M in net income for the fiscal year ending 2025 with a net profit margin of 13.6%.
Amphastar Pharmaceuticals, Inc. (AMPH) reported an operating income of $140.4M, resulting in an operating profit margin of 19.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Amphastar Pharmaceuticals, Inc. (AMPH) generated $356.1M in gross profit for the year, representing a gross profit margin of 49.5%. This demonstrates the company's core pricing power and production efficiency.