Amphastar Pharmaceuticals

AMPH

Rancho Cucamonga, United States· Est. 1996

amphastar.com

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AMPH · Stock Price

USD 24.03-0.08 (-0.33%)

Market Cap: $862.2M

Historical price data

Market Cap: $862.2MPipeline: 19 drugs (8 Phase 3)Patents: 20Founded: 1996Employees: 500-1000HQ: Rancho Cucamonga, United States

Sector Ranking#110 in Biologics / Biosimilars #55 in Drug Delivery & Formulation

Overview

Amphastar Pharmaceuticals' mission is to develop, manufacture, and market essential, high-barrier-to-entry pharmaceuticals, with a strategic focus on complex generics, proprietary products, and biosimilars. The company has achieved significant recognition, including an FDA Drug Shortage Assistance Award for its subsidiary, and commercial success with market-leading products like BAQSIMI® nasal glucagon. Its strategy leverages a fully integrated operational model, combining proprietary technology platforms in drug delivery with a diversified portfolio targeting endocrinology, pulmonology, and nephrology to drive sustainable growth.

EndocrinologyPulmonologyNephrology

Technology Platform

Amphastar's core technology platform encompasses proprietary expertise in complex drug delivery systems, including dry powder nasal sprays, metered-dose and dry powder inhalers, and sophisticated injectable formulations for generics and biosimilars.

Pipeline

19 drugs in pipeline8 in Phase 3

Drug	Indication	Stage
E004 (Epinephrine Inhalation Aerosol) HFA-MDI + Placebo-HFA	Asthma	Phase 3
albuterol (Armstrong Albuterol HFA) + Albuterol Sulfate (Pro...	Asthma	Phase 3
Placebo + Primatene Mist + Epinephrine inhalation	Asthma	Phase 3
Armstrong Albuterol Sulfate Inhalation Aerosol + Albuterol S...	Asthma	Phase 3
albuterol HFA (Armstrong's) + albuterol HFA (Proventil HFA) ...	Asthma	Phase 3

Funding History

Total raised:$75M

IPO$60MUndisclosedMay 2, 2014

Series A$12MUndisclosedJun 15, 1999

Seed$3MUndisclosedJun 15, 1996

FDA Approved Drugs

TERIPARATIDEANDADec 12, 2025

VASOPRESSINANDAJul 18, 2022

GANIRELIX ACETATEANDAApr 7, 2022

Opportunities

The biosimilar insulin market represents a multi-billion dollar near-term opportunity, while ongoing drug shortages in essential medicines create a tailwind for Amphastar's reliable, U.S.-based manufacturing model.

Continued lifecycle management and market expansion for BAQSIMI® provide additional proprietary growth levers.

Risk Factors

Key risks include regulatory delays or rejections for critical pipeline assets like biosimilar insulins, pricing pressure in the generics market, and operational execution risks at manufacturing facilities.

Revenue concentration in key products like BAQSIMI® also presents a risk.

Competitive Landscape

Amphastar competes with large generics firms (e.g., Viatris, Teva) in complex drugs and with originator/biotech companies (e.g., Eli Lilly, Zealand) in proprietary products. Its differentiation lies in vertical integration and niche expertise in nasal and inhalation delivery systems, creating high barriers to entry for competitors.