| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 87 | 13.7x | 17.8x | Top tier | |
Growth | 42 | 1.0% | 7.1% | Around median | |
Quality | 73 | 6.2% | 4.5% | Top tier | |
Safety | 59 | 3.1x | 2.6x | Around median | |
Capital Return | 19 | — | 2.12% | Bottom tier | |
Momentum | 48 | -31.3% | 2.9% | Around median | |
Sentiment | 35 | 5 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Amphastar Pharmaceuticals operates through a diversified pharmaceutical model that combines branded commercial products, complex generics and biosimilars, and proprietary development programs. Key revenue sources include BAQSIMI, Primatene MIST, glucagon, and epinephrine, alongside newer products such as ipratropium bromide, iron sucrose, and teriparatide, supported by a U.S. manufacturing network and integrated capabilities spanning regulatory development through production and commercialization.
In Q2 fiscal 2026, revenue increased 5% to $183.9 million from $174.4 million, and gross profit was approximately $93.5 million based on cost of revenue of $90.4 million, while gross margin expanded to 51% from 50%. Net income was $30.3 million compared with $31 million, but earnings per share increased to $0.67 from $0.64, while adjusted net income was $40.8 million and adjusted earnings per share were $0.91.
The Q2 fiscal 2026 sales mix reflects relatively diversified exposure, but it remains highly affected by several products and facilities: BAQSIMI generated approximately $45.5 million, Primatene MIST approximately $21 million, and glucagon approximately $11.9 million, while other products increased 25% to $66.2 million. The April 2026 launch of ipratropium bromide added $8.4 million in sales, while iron sucrose and teriparatide recorded sales of $3.5 million and $4.5 million, respectively.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $21.25 within a narrow range of $19 to $23, accompanied by a neutral consensus; the average is also approximately 28% above the 52-week range low of $16.65 and approximately 32% below its high of $31.10. The target's distance from the top of the range indicates that analysts are not assuming a full return to the highest annual valuation, which is consistent with IMS risks and pressure on glucagon and BAQSIMI despite margin improvement and new product launches.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Amphastar's revenue increased 5% to $183.9 million in Q2 fiscal 2026. Ipratropium bromide, launched in April 2026, generated $8.4 million in sales, while iron sucrose and teriparatide recorded sales of $3.5 million and $4.5 million, respectively. Sales of other products increased 25% to $66.2 million, with additional support from albuterol, phytonadione, sodium bicarbonate, and active pharmaceutical ingredient sales from subsidiary AMP.
BAQSIMI prescriptions increased approximately 17% year over year in Q2 fiscal 2026, indicating growth in patient demand. Nevertheless, net sales declined 3% to $45.5 million due to a lower average price and higher discounts, including 340B discounts, some of which may be duplicated. In the third contractual year ended June 2026, BAQSIMI sales were approximately $178.3 million and exceeded the $175 million threshold, triggering a $100 million payment to Eli Lilly in Q3 fiscal 2026.
The warning letter relates to an FDA inspection conducted in December 2025, and IMS responded to the letter in late July 2026. Products from the facility represent approximately one-third of Amphastar's sales, and additional quality reviews caused limited delays in the release of certain batches. The letter does not require a halt to manufacturing or distribution, but the company expects to spend an additional $2 million to $3 million per quarter over the next several quarters, with potential shutdowns remaining dependent on the findings of the assessment and remediation.
Glucagon sales declined 42% to $11.9 million in Q2 fiscal 2026 from $20.6 million due to the entry of new competitors over a period of approximately 18 months. Management said that the worst phase of the decline's pace had passed and that the decrease should become more moderate. However, it does not view glucagon as a growth product, as it expects slight growth in diagnostic use versus a continued decline in use for treating hypoglycemia.
Amphastar is preparing for the potential launch of an interchangeable insulin aspart biosimilar in 2027, subject to regulatory approval, and believes its potential sales would be meaningful despite expecting a margin at the company level or slightly below it. The company also began the first phase of the clinical program for AMP-101, a nasal epinephrine product, during Q2 fiscal 2026. The early-stage portfolio includes AMP-109 for targeted oncology treatment, AMP-110 containing synthetic human corticotropin, and AMP-107 for wet macular degeneration and diabetic macular edema, all of which remain before advanced commercial stages.
