Amphastar Q4 Revenue Falls 2% as G&A Costs Surge 27%
Amphastar’s Q4 2025 sales declined 2% year-over-year while general and administrative expenses jumped 27% due to higher legal costs and an ERP implementation. The company anticipates lower 2026 gross margins from pricing pressures on glucagon and epinephrine while advancing novel oncology and ophthalmology peptides and a synthetic corticotropin program.
1. Q4 2025 Financial Performance
Amphastar reported a 2% decline in Q4 2025 sales driven by lower volumes in legacy products and experienced a 27% rise in general and administrative expenses due to increased legal costs and an ERP system rollout.
2. 2026 Margin and Sales Outlook
The company expects lower gross margins in 2026 as pricing pressures on its high-margin glucagon and epinephrine products combine with higher input costs and greater API sales from its lower-margin China business. It forecasts mid-single-digit US unit growth for BAQSIMI but plans to exit unprofitable international markets.
3. Pipeline and Development Priorities
Amphastar expanded its proprietary pipeline by adding novel peptides in oncology and ophthalmology and launching a synthetic corticotropin program in immunology. It has not yet engaged the FDA on AMP 110’s development path and will focus business development on endocrinology, oncology, ophthalmology and immunology.
4. Share Buybacks and Business Development
Amphastar executed approximately $75 million in share repurchases in the past year and has $15 million remaining under its current authorization. Future buybacks will hinge on cash needs and potential business development opportunities.