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Makes generic injectable, inhalation and insulin drugs, including naloxone and Primatene Mist asthma inhaler.
Makes generic injectable, inhalation and insulin drugs, including naloxone and Primatene Mist asthma inhaler.
Builds profit on products with few competitors, making complex injectables and inhalers itself and selling mainly to wholesalers that supply hospitals and pharmacies. Baqsimi, a nasal glucagon for severe low blood sugar acquired from Eli Lilly in 2023, added a branded product to a mostly generic range.
Moat: narrow (scale, regulatory licence, cost advantage). Vertically integrated manufacturing of complex generics/injectables is costly for smaller rivals to replicate.
Headquarters: Rancho Cucamonga, California, US · Founded: 1996 · Employees: 1,976
Size Amphastar Pharmaceuticals (AMPH) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $1.21B, the 2134th largest of 3,117 United States companies the cockpit tracks. Shares closed at $28.49 on 6 Nov 2026.
Performance Over six months the shares gained 50.0%, against -8.1% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median -2.3%); the operating margin is 15.7% (peer median 3.4%).
Valuation It trades at 8.9× forward earnings against a peer median of 19.6× (3rd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points below its cost of capital (8.0% WACC).
Credit Amphastar Pharmaceuticals has 1 bond outstanding ($345M).
Short interest Short interest is 10.2% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $730M | $720M | $732M | $644M | $499M |
| Revenue growth | — | -2% | +14% | +29% | — |
| Gross profit | $333M | $341M | $361M | $344M | $239M |
| EBITDA | $179M | $204M | $263M | $241M | $136M |
| Net income | $78.5M | $98.1M | $160M | $138M | $91.4M |
| Free cash flow | $153M | $121M | $172M | $145M | $64.7M |
| Capital expenditure | $31.7M | $37.1M | $41.0M | $38.2M | $24.0M |
| Total debt | $688M | $656M | $651M | $624M | $103M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Amphastar Pharmaceuticals AMPH | $1.21B | +50% | +1% | 16% | 8.9× | 3.3% |
| Hikma Pharmaceuticals HIK.L | $4.59B | +18% | +2% | 20% | 9.9× | 1.4% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AMPH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.4% | -4.8% | 6th highest of 21 |
| 6-month return | +50.0% | -8.1% | highest of 21 |
| Distance from 52-week high | -8.1% | -33.8% | 2nd highest of 21 |
| Revenue growth (TTM) | +1.0% | -2.3% | 7th highest of 17 |
| Operating margin | 15.7% | 3.4% | 2nd highest of 18 |
| Forward P/E | 8.9× | 19.6× | 3rd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 3.3% | 5.8% | 4th least demanding of 10 |
| Growth delivered (Del g) | +15.5% | +4.2% | 3rd highest of 10 |
| Hurdle (Req g minus delivered) | -12.2 pp | +2.5 pp | least demanding of 10 |
| ROIC minus cost of capital | -0.3 pp | -5.0 pp | 8th highest of 18 |
| EV / EBITDA | 9.0× | 20.5× | 2nd cheapest of 4 |
| Net debt / EBITDA | 2.2× | -0.5× | 2nd most indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Amphastar Pharmaceuticals AMPH | United States | $1.21B | +50% | +1% | 16% | 8.9× | 3.3% | +15.5% |
| Changzhou Qianhong Bio-Pharma 002550.SZ | China | $1.21B | -8% | -2% | 15% | 19.6× | 4.5% | -1.2% |
| Everest Medicines 1952.HK | Hong Kong | $1.22B | -20% | +193% | -5% | 26.9× | n/a | n/a |
| Omeros OMER | United States | $1.22B | +14% | n/a | -190% | 7.7× | n/a | n/a |
| Jiuzhitang 000989.SZ | China | $1.19B | -13% | +46% | 19% | 22.7× | -3.7% | -9.0% |
| InventisBio 688382.SS | China | $1.19B | -41% | -61% | -563% | n/a | 10.4% | -60.6% |
| GC Biopharma 006280.KS | South Korea | $1.18B | +2% | -3% | 4% | 5.0× | 8.3% | +5.8% |
| Tianjin Ringpu Bio-technology 300119.SZ | China | $1.18B | -4% | -9% | 11% | 19.6× | 5.8% | +11.3% |
| Vetoquinol VETO.PA | France | $1.17B | +22% | -1% | 15% | 15.8× | -3.0% | +4.2% |
| Cosmo CMHC.SW | Switzerland | $1.17B | -25% | -45% | -13% | 432.6× | n/a | n/a |
| MannKind MNKD | United States | $1.25B | +11% | +30% | 3% | n/a | n/a | n/a |
| Shanghai InnoStar Bio-tech 688710.SS | China | $1.17B | +28% | +24% | 6% | 85.2× | 16.2% | +19.4% |
| North China Pharmaceutical 600812.SS | China | $1.17B | -8% | -21% | 5% | n/a | 1.4% | -4.2% |
| OliX Pharmaceuticals 226950.KS | South Korea | $1.26B | -57% | +81% | -305% | n/a | n/a | n/a |
| Celltrion Pharm 068760.KS | South Korea | $1.27B | -29% | +14% | 11% | n/a | 11.7% | +18.1% |
| Nektar Therapeutics NKTR | United States | $1.27B | -54% | -27% | -239% | n/a | n/a | n/a |
| Seaport Therapeutics SPTX | United States | $1.15B | +34% | n/a | n/a | n/a | n/a | n/a |
| GH Research GHRS | United States | $1.28B | -13% | n/a | n/a | n/a | n/a | n/a |
| D&D Pharmatech 347850.KS | South Korea | $1.28B | -49% | -71% | -1,368% | n/a | n/a | n/a |
| MedinCell MEDCL.PA | France | $1.15B | -1% | -23% | -131% | n/a | n/a | n/a |
| PYC Therapeutics PYC.AX | Australia | $1.28B | +31% | n/a | n/a | n/a | n/a | n/a |
Amphastar Pharmaceuticals has 1 bond outstanding with $345M face value.