Specialty Pharma Amphastar Stock Falls On Lower Than Expected Q4 Earnings, Analyst Sees Competitive Headwinds

On Thursday, Amphastar Pharmaceuticals Inc. AMPH reported fourth-quarter adjusted EPS of 92 cents, up from 88 cents a year ago, but missing the consensus of 94 cents.

Amphastar is a biopharmaceutical company focusing primarily on developing, manufacturing, marketing, and selling generic and proprietary injectable, inhalation, and intranasal products.

The company reported sales of $186.5 million, up 20% year over year, missing the consensus of $188.81 million.

Jack Zhang, Amphastar’s President and Chief Executive Officer, commented, “We are incredibly proud that in 2024, we exceeded our long-term goal of achieving $100 million in annual sales for Primatene MIST, and we look forward to continuing to grow the brand. Furthermore, BAQSIMI showed strong factory sales growth of 12% compared to the fourth quarter of last year. As we look ahead to 2025, we plan to continue developing and growing our proprietary pipeline.”

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Primatene MIST exceeded the long-term goal of $100 million in annual sales (around $29 million in the quarter), while BAQSIMI contributed $41.8 million in direct sales during the fourth quarter alone ($126.9 million for the full year).

JP Morgan says the company has seen some setbacks over the past several months, including a competitive approval for glucagon (~15% of Amphastar revenues) and several pipeline delays.

Analyst Ekaterina Knyazkova sees limited downside for the stock as Amphastar shares are now in the low $30s. Primatene MIST and Baqsimi continue growing, with the current valuation reflecting little value for Amphastar’s extensive R&D efforts and pipeline.

JP Morgan maintains the Overweight rating for Amphastar’s stock with a price target of $45.

Price Action: AMPH stock is down 8.35% at $28.86 at the last check Friday.

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