Amphastar Pharmaceuticals, Inc. (AMPH) Stock Price & Analysis
Amphastar Pharmaceuticals, Inc. (AMPH) closed at USD 26.33 on Wednesday, October 28, 2026, up 2.97% on the day. The US market is currently closed (after-hours); this is not a live price.
The prior close was USD 25.57; the Oct 28, 2026 session ranged USD 25.36–26.36 on volume of 397,259 shares. Market capitalization is $1.12B, with a 52-week range of USD 16.65–29.52 (NMS). Source: Nexqual, retrieved October 28, 2026 at 23:39 UTC.
Also available as compact Markdown for AI agents: nexqual.com/AMPH.md
Key facts (AMPH)
- Last four reported quarters (through Jun 30, 2026): revenue $730M, net income $78.5M (10.8% margin), free cash flow $153M (SEC filings).
- Valuation: P/E 14.3x (avg 16.4x at the last 3 fiscal year-ends), EV/EBITDA 10.3x, net debt $319M.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $764K; 3 not under a Rule 10b5-1 plan ($477K); 0 by opportunistic insiders, 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.29 on a 1–5 scale) (7 analysts), mean target USD 22.5 (range 20–30).
- Total return with dividends: 1Y +8.6% vs S&P 500 +13.6%; 5Y +41.0% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.86, revenue estimate $198M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (AMPH)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $438M | $499M | $644M | $732M | $720M | $730M |
| Gross profit | $200M | $249M | $351M | $374M | $356M | — |
| Operating income | $69.9M | $107M | $197M | $205M | $140M | $114M |
| Net income | $62.1M | $91.4M | $138M | $160M | $98.1M | $78.5M |
| EPS (diluted) | $1.25 | $1.74 | $2.60 | $3.06 | $2.03 | — |
| Free cash flow | $70.5M | $65.1M | $145M | $172M | $121M | $153M |
| Gross margin | 45.6% | 49.9% | 54.5% | 51.1% | 49.5% | — |
| Operating margin | 16.0% | 21.5% | 30.6% | 28.1% | 19.5% | 15.7% |
| Net margin | 14.2% | 18.3% | 21.3% | 21.8% | 13.6% | 10.8% |
| Revenue growth | +25.1% | +14.0% | +29.1% | +13.6% | -1.7% | — |
| Cash + short-term investments | $137M | $176M | $257M | $222M | $283M | — |
| Total debt | $78.2M | $76.6M | $603M | $614M | $620M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (AMPH)
P/E 14.3x · P/S 1.5x · EV/EBITDA 10.3x · EV/Sales 2.0x · P/FCF 7.3x · P/B 1.5x · FCF yield 13.65% · Earnings yield 7.01% · Buyback yield (TTM) 8.93% · Net debt $319M · EV $1.44B
P/E at fiscal year-ends: Dec 2025 13.2x, Dec 2024 12.1x, Dec 2023 23.8x.
Insider sales (SEC Form 4, open-market, last ~7 months) (AMPH)
2 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-21 | Peters William J | CFO, EVP & TREASURER | 4,139 | $103K | 2.4% | Yes (adopted March 10, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-09-16 | Zhou Rong | SENIOR EVP, PRODUCTION CENTER | 10,000 | $239K | 3.6% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-02 | Zhou Rong | SENIOR EVP, PRODUCTION CENTER | 3,187 | $75K | 1.2% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-11 | Prins Richard K | Director | 7,973 | $162K | 21.2% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-07 | Peters William J | CFO, EVP & TREASURER | 8,180 | $184K | 4.5% | Yes (adopted March 10, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (AMPH)
Consensus Hold (mean 3.29 on a 1–5 scale), 7 analysts; mean target USD 22.5 (low 20, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-18 | Barclays | Target raised | Equal-Weight | $20 → $23 |
| 2026-08-07 | Piper Sandler | Target lowered | Neutral | $21 → $20 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $19 → $20 |
Total return (dividends reinvested) (AMPH)
| 1Y (from 2025-10-29) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | +8.6% | +41.0% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +8.7% | +7.1% |
| Volatility (annualized) | 54.2% | 46.0% |
| Max drawdown | -42.6% (Jan 2026→May 2026) | -73.1% (Jul 2023→May 2026) |
AMPH earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.91 | $0.61 | Beat +49.2% | +2.7% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.42 | $0.71 | Miss −40.8% | -20.5% |
| Feb 26, 2026 | Quarter ended Dec 31, 2025 | $0.73 | $0.92 | Miss −20.7% | -27.7% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.93 | $0.83 | Beat +12.0% | -5.1% |
| Aug 7, 2025 | — | — | — | — | +14.4% |
| May 7, 2025 | — | — | — | — | +3.3% |
| Feb 27, 2025 | — | — | — | — | -8.9% |
| Nov 6, 2024 | — | — | — | — | -10.6% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
AMPH recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Aug 6, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 6, 2026 | 8-K | Quarterly results |
| Jul 14, 2026 | Schedule 13G | Dimensional Fund Advisors LP: 5.2% of shares, passive 5%+ holder |
| Jul 13, 2026 | 8-K | Director or executive officer change, or pay arrangement “On July 9, 2026, the Board of Directors (the "Board") of Amphastar Pharmaceuticals, Inc. (the "Company"), upon the recommendation of the Nominating and Corporate Governance Committee of the Board (the "Nominating Committee"), approved an increase to the authorized number of directors permitted to serve on the Board from ten (10) to eleven (11) directors and appointed Anthony Pierce, to serve as a Class III director, to hold office until the Company's 2028 annual meeting of stockholders and until his successor is…” |
| Jul 8, 2026 | 8-K | Other material event “On July 2, 2026, International Medication Systems, Limited ("IMS"), a subsidiary of the Company, received a warning letter (the "Warning Letter") from the FDA relating to IMS's drug manufacturing facility located in South El Monte, California. The Warning Letter follows an FDA inspection of the facility conducted in December 2025. The FDA issued inspectional observations at the conclusion of the inspection on an FDA Form 483. The Warning Letter cites violations of current Good Manufacturing Practice ("CGMP")…” |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
AMPH suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Eli Lilly (LLY) | “Accounts payable and accrued liabilities increased primarily due to the increase in accrued customer fees and rebates associated with BAQSIMI® sales, as we continued to assume distribution responsibilities for BAQSIMI® from Lilly to our customers in the United States and certain other countries throughout 2024.” |
| Partner | Nanjing Anji Biotechnology | “In August 2025, we entered into a License Agreement with Nanjing Anji Biotechnology Co., Ltd., or Anji, pursuant to which Anji has granted an exclusive license to certain intellectual property controlled by Anji to develop, make, use and commercialize products incorporating or comprising certain compounds, including three identified products, or Licensed Products, in the United States and Canada.” |
| Partner | Nanjing Hanxin Pharmaceutical Technology | “In January 2026, we entered into a License Agreement with Nanjing Hanxin Pharmaceutical Technology Co., Ltd., or Hanxin, pursuant to which Hanxin has granted an exclusive license to a fully synthetic corticotropin (ACTH) analog, now designated AMP-110, in the United States and Canada.” |
| Competitor | Pfizer (PFE) | “We face and will face significant competition for our products and product candidates from pharmaceutical companies that focus on proprietary and generic injectable and inhalation markets such as Pfizer, Inc., BPI Labs, Lupin Pharmaceuticals, Inc., Viatris Inc., Fresenius Kabi USA, Apotex Corp, American Regent Inc., Hikma Pharmaceuticals USA, Inc., Par Pharmaceuticals, Cipla USA Inc., Meitheal Pharmaceuticals, Dr.…” |
Quoted from the company's 10-K filed Feb 26, 2026.
Companies that name AMPH in their SEC reports
| Relationship to AMPH | Company | Filing | Sentence |
|---|---|---|---|
| customer | MANNKIND CORP (MNKD) | 10-K Feb 26, 2026 | “Currently, the only source of insulin that we have qualified for Afrezza is manufactured by Amphastar France Pharmaceuticals S.A.S. ("Amphastar").” |
AMPH analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.86 | $0.77 | +12.1% | $197.5M | 7 |
| Next quarter (ends Dec 2026) | $0.69 | $0.53 | +30.2% | $194.8M | 1 |
| Current fiscal year (ends Dec 2026) | $2.96 | $2.56 | +15.8% | $747.3M | 7 |
| Next fiscal year (ends Dec 2027) | $2.64 | $1.76 | +50.0% | $784.0M | 1 |
AMPH options: expected move
Options price a move of about ±18.5% (±$4.83) by Nov 20, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±11.7% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 23 | 110.1% | ±18.5% |
| Dec 18, 2026 | 51 | 79.4% | ±18.6% |
| Mar 19, 2027 | 142 | 65.8% | ±30.5% |
| Jun 17, 2027 | 232 | 55.7% | ±34.0% |
30-day implied volatility 58.2% vs 35.4% realized over the last 30 trading days. Put/call ratio (volume) 0.33. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 28, 2026 at 23:39 UTC)
| Price | USD 26.33 |
|---|---|
| Change | ▲ 2.97% (up) |
| Previous Close | USD 25.57 |
| Open | USD 25.36 |
| Day Range | USD 25.36 – 26.36 |
| 52-Week Range | USD 16.65 – 29.52 |
| Volume | 397,259 shares |
| Market Cap | $1.12B |
| Exchange | NMS |
Technical Analysis (AMPH)
Nexqual's technical model rates AMPH "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 28, 2026 at 23:39 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 58.31 (neutral) |
| vs SMA50 | Above (USD 24.54) |
| MACD | 0.34 (positive) |
Analyst Ratings (AMPH)
Wall Street analysts rate AMPH "Hold" based on 7 analysts, with a mean price target of USD 22.5 (range USD 20–30), per Nexqual as of October 28, 2026 at 23:39 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 7 |
| Mean Target | USD 22.5 |
| High Target | USD 30 |
| Low Target | USD 20 |
| Buy / Hold / Sell | 0 / 6 / 1 |
Earnings (AMPH)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 0.86 |
| Revenue Estimate | $197.50M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.91 vs est 0.61 ▲ beat |
| 2026-03-31 | USD 0.42 vs est 0.71 ▼ miss |
| 2025-12-31 | USD 0.73 vs est 0.92 ▼ miss |
| 2025-09-30 | USD 0.93 vs est 0.83 ▲ beat |
Source: Nexqual, October 28, 2026 at 23:39 UTC.
Financials & Fundamentals (AMPH)
| Total Revenue | $730.02M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +5.40% |
| Gross Margin | +47.69% |
| Operating Margin | +21.60% |
| Profit Margin | +10.76% |
| ROE | +10.30% |
| Debt / Equity | 0.9 |
| Current Ratio | 2.4 |
| Total Cash | $290.12M |
| Total Debt | $688.32M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $152.89M (20.9% of revenue) |
Source: Nexqual, October 28, 2026 at 23:39 UTC.
Financial Health Score (AMPH)
Nexqual rates Amphastar Pharmaceuticals, Inc.'s overall financial health "Mixed" across five dimensions, as of October 28, 2026 at 23:39 UTC.
| Growth | Weak — Revenue -2% YoY (annual), declining |
|---|---|
| Profitability | Strong — Gross margin 48%, operating 16% (last 4 quarters to Jun 2026, SEC) |
| Balance Sheet | Mixed — $290M cash and investments vs $610M debt (Jun 2026, SEC) |
| Cash Flow | Strong — FCF $153M (last 4 quarters to Jun 2026, SEC), 21% margin |
| Efficiency | Mixed — ROE 10%, ROA 4.5% (last 4 quarters, SEC) |
Ownership (AMPH)
| Insider Ownership | +30.81% |
|---|---|
| Institutional Ownership | +68.41% |
| Shares Outstanding | 42.54M |
| Float | 31.29M |
| Short % of Float | +22.20% |
Source: Nexqual, October 28, 2026 at 23:39 UTC.
Leadership (AMPH)
Amphastar Pharmaceuticals, Inc. is led by Yongfeng Zhang, Co-Founder, President, CEO, Chief Scientific Officer & Director, per Nexqual as of October 28, 2026 at 23:39 UTC.
| Co-Founder, President, CEO, Chief Scientific Officer & Director | Yongfeng Zhang |
|---|---|
| Chairman of the Board, Chief Scientist & COO | Ziping Luo |
| CFO, Executive VP of Finance, Treasurer & Director | William J. Peters |
| Executive VP of Sales, Marketing & Corporate Administration Center, Corporate Secretary and Director | Jacob Liawatidewi |
| Senior Vice President of Human Resources & Corporate Communication | Dan Dischner |
Major Backers & Investors (AMPH)
Notable institutional backers of Amphastar Pharmaceuticals, Inc. include American Century Companies Inc, Marshall Wace LLP, Fuller & Thaler Asset Management Inc., according to Nexqual as of October 28, 2026 at 23:39 UTC.
Active Investors
| Investor | Stake |
|---|---|
| American Century Companies Inc | 2.77% |
| Marshall Wace LLP | 2.51% |
| Fuller & Thaler Asset Management Inc. | 2.23% |
| Capitol Series Trust-FullerThaler Behavioral Small-Cap Equity Fund | 2.12% |
| Shaw D.E. & Co., Inc. | 2.09% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 12.28% |
| Dimensional Fund Advisors | 5.42% |
| Vanguard Group | 5.38% |
| State Street | 3.86% |
| Geode Capital | 2.28% |
Source: Nexqual, October 28, 2026 at 23:39 UTC.
From Amphastar Pharmaceuticals, Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- With respect to our proprietary pipeline strategy, we currently have proprietary drug candidates at various development stages that leverage our various technical capabilities including: Intranasal epinephrine, a prescription epinephrine nasal spray product candidate, is intended to be used for emergency treatment of allergic reactions, including anaphylaxis to stinging insects, allergen immunotherapy, foods, drugs and other allergens.
- We are a biopharmaceutical company focusing on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as active pharmaceutical ingredient, or API products.
- Other pharmaceutical products that we currently market include the following: We manufacture and sell two API products: Recombinant Human Insulin, or RHI API, and porcine insulin API.
- We also sell RHI API and porcine insulin API to third parties.
Partnerships
- In connection with the acquisition of BAQSIMI® in June 2023, we entered into a Transition Service Agreement, or TSA, with Eli Lilly & Company, or Lilly, pursuant to which Lilly agreed to provide certain services to us to support the transition of BAQSIMI® operations, including with respect to the conduct of certain clinical, regulatory, medical affairs, and commercial sales channel activities.
- Our focus on developing products with high barriers to market entry requires a significant investment in research and development, including clinical development.
Legal & Regulatory Risks (Item 1A, quoted)
- The FDA approval process for changes to existing products (such as change of components or API supplier) is time-consuming and complicated, and we may not obtain the FDA approval required for such changes within the timeline we desire, or at all.
- Changes in governmental regulations and guidance relating to clinical studies may occur and we may need to amend study protocols to reflect these changes.
- Our investments in biosimilar products may not result in products that are approved by the FDA or other foreign regulatory authorities and, even if approved by such authorities, may not result in commercially successful products.
- Our revenues may be adversely affected if we fail to obtain insurance coverage or adequate reimbursement for our products from third-party payers and administrators.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| SUPN | Supernus Pharmaceuticals, Inc. | USD 41.08 | ▲ 0.29% |
| BHC | Bausch Health Companies Inc. | USD 6.92 | ▲ 9.67% |
| AMLX | Amylyx Pharmaceuticals, Inc. | USD 28.07 | ▼ 0.81% |
| RGC | Regencell Bioscience Holdings L | USD 7.27 | ▼ 2.55% |
| LQDA | Liquidia Corporation | USD 45.72 | ▲ 0.62% |
| INDV | Indivior Pharmaceuticals, Inc. | USD 34.77 | ▲ 0.14% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 28, 2026 at 23:39 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt