# Amphastar Pharmaceuticals, Inc. (AMPH)

> Source: Nexqual · https://nexqual.com/AMPH · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Amphastar Pharmaceuticals, Inc. (AMPH), nexqual.com/AMPH" · informational, not investment advice.

**Price:** USD 26.93 (+2.28% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 26.33 · day 26.45–27 · 52w 16.65–29.52 · market cap $1.15B · NMS

## Key facts
- 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 14.6x (avg 16.4x at the last 3 fiscal year-ends), EV/EBITDA 10.5x, 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 +6.8% vs S&P 500 +14.8%; 5Y +44.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.86, revenue estimate $198M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: AMPH paid no cash dividend in the last five years.
- Short interest: 22.20% of float (as of 2026-10-15), 8.2 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| 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)
P/E 14.6x · P/S 1.6x · EV/EBITDA 10.5x · EV/Sales 2.0x · P/FCF 7.5x · P/B 1.5x · FCF yield 13.35% · Earnings yield 6.86% · Buyback yield (TTM) 8.74% · Net debt $319M · EV $1.46B
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)
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
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)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +6.8% | +44.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +6.8% | +7.6% |
| Volatility (annualized) | 54.3% | 46.0% |
| Max drawdown | -42.6% (Jan 2026→May 2026) | -73.1% (Jul 2023→May 2026) |

## Dividends
AMPH paid no cash dividend in the last five years.

## Short interest
4,333,767 shares sold short, 22.20% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 4,994,808 shares (-13.2%). Days to cover: 8.2 (short shares ÷ average daily volume).

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 41.84 +1.85% · BHC (Bausch Health Companies Inc.) USD 8.91 +28.76% · RGC (Regencell Bioscience Holdings L) USD 6.86 -5.64% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.68 +2.17% · LQDA (Liquidia Corporation) USD 44.99 -1.60% · INDV (Indivior Pharmaceuticals, Inc.) USD 35.25 +1.38%

## More
Full page: https://nexqual.com/AMPH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AMPH in their own reports (relationship from AMPH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | MANNKIND CORP (MNKD) | 10-K 2026-02-26 | "Currently, the only source of insulin that we have qualified for Afrezza is manufactured by Amphastar France Pharmaceuticals S.A.S. ("Amphastar")." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.86 | $0.77 | +12.1% | $197.5M | 7 |
| Next quarter (ends 2026-12-31) | $0.69 | $0.53 | +30.2% | $194.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $2.96 | $2.56 | +15.8% | $747.3M | 7 |
| Next fiscal year (ends 2027-12-31) | $2.64 | $1.76 | +50.0% | $784.0M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±16.2%; last 8 reports averaged ±11.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 63.2% | ±16.2% |
| 2026-12-18 | 50 | 78.4% | ±21.0% |
| 2027-03-19 | 141 | 65.6% | ±30.6% |
| 2027-06-17 | 231 | 54.6% | ±33.0% |

## 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).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1297184/000129718426000047/0001297184-26-000047-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1297184/000129718426000045/0001297184-26-000045-index.htm |
| 2026-07-14 | Schedule 13G | Dimensional Fund Advisors LP: 5.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1297184/000035420426000782/0000354204-26-000782-index.htm |
| 2026-07-13 | 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…” | https://www.sec.gov/Archives/edgar/data/1297184/000110465926082772/0001104659-26-082772-index.htm |
| 2026-07-08 | 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")…” | https://www.sec.gov/Archives/edgar/data/1297184/000129718426000041/0001297184-26-000041-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.