Amphastar's 2025 Revenues Fall 2% on 45% Glucagon Drop, BAQSIMI Up 12%
Amphastar's 2025 net revenues declined 2% to $719.9 million as glucagon sales plunged 45% to $14.1 million and epinephrine sales fell 9% to $17.1 million, offset partly by 12% growth in BAQSIMI to $185.4 million and $4.4 million from newly launched iron sucrose. The company forecasts mid-to-high single-digit revenue growth in 2026 with margin pressure from pricing declines in high-margin legacy products and a higher mix of lower-margin API sales, while preparing to launch Ipratropium Bromide HFA with 180-day exclusivity in Q2.
1. Q4 and Full-Year 2025 Results
Amphastar reported full-year 2025 net revenues of $719.9 million, down 2%, with Q4 net income of $24.4 million ($0.51 per share) versus $38.0 million a year earlier. Legacy products suffered sharp declines—glucagon sales plunged 45% to $14.1 million and epinephrine fell 9% to $17.1 million—while BAQSIMI grew 12% to $185.4 million, iron sucrose contributed $4.4 million since its August launch, Primatene MIST sales rose 7% to $108.7 million, and other pharmaceutical products increased 8% to $62.4 million. Operating cash flow reached $156.1 million for the year and $32.9 million in Q4.
2. 2026 Guidance and Outlook
The company projects mid-to-high single-digit revenue growth in 2026 but expects gross margins to compress due to pricing headwinds on high-margin legacy products and a greater share of lower-margin API sales. Management plans mid-single-digit unit growth for BAQSIMI without price increases and will exit several unprofitable international markets in the second half. Primatene MIST is forecast to achieve mid-to-high single-digit unit growth with a 5% price increase in Q2.
3. New Product Approvals and Pipeline Expansion
Amphastar secured FDA approval for Ipratropium Bromide HFA with 180-day generic exclusivity and aims for a commercial launch in early Q2 to capture part of the $112 million Atrovent market. Earlier approvals for iron sucrose and teriparatide supported top-line growth in 2025. The pipeline includes four proprietary programs (AMP-105, AMP-109, AMP-110, AMP-107) addressing over $60 billion in markets, with BLA and ANDA filings for insulin aspart (AMP-004) and a GLP-1 candidate (AMP-018) slated for 2027 commercialization.