Amphastar falls after flat revenue

 

Amphastar Q1 EPS falls 43% on flat $171.2M revenue, misses estimates, cuts BAQSIMI outlook but keeps 2026 growth guidance

• Q1 2026 non-GAAP EPS was $0.42 (-43% YoY) with net income $6.4M on $171.2M revenue (+0% YoY), missing estimates.
• Gross margin compressed to 71% of revenue from mix shift, BAQSIMI pricing and higher costs, contributing to EPS decline.
• BAQSIMI units grew 8% YoY, but revenue declined 15% on higher rebates and 340B discounts.
• Management cut BAQSIMI 2026 outlook to flat or low-single-digit growth, citing ongoing pricing pressure.
• Overall 2026 sales unit growth guidance maintained at mid-to-high single digits despite BAQSIMI reset.
• New ipratropium bromide (AMP-007) launch, currently sole generic, expected to be 2026’s largest growth driver.
• Primatene MIST demand solid with store-level sales up 6.5% YoY, with no visibility yet on generics.
• Glucagon injection sales fell 56% YoY, with further declines expected but at a slower pace.
• Late-stage insulin aspart biosimilar and GLP-1 ANDA remain targeted for 2027 commercialization.
• Investor focus remains on BAQSIMI economics, AMP-007 ramp, and regulatory paths for key pipeline assets.
• Main concern is sustainability of BAQSIMI profitability amid rebate and 340B pressures and broader pricing headwinds.
• Quarter was mixed, with BAQSIMI pricing headwinds offset by new product launches and a resilient base portfolio.
• Company filed its Q1 2026 report with the SEC today, disclosing updated financial details.

https://finviz.com/quote?t=AMPH&p=d