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Amphastar Pharmaceuticals, Inc.

AMPH Healthcare Drug Manufacturers Specialty & Generic

Amphastar Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $719.9 million, down 1.65% from fiscal 2024.

Revenue
+8.22%
EPS
+134.2%
Free cash flow
−29.4%
Total debt
+0.57%

Quarter to September 2026, against a year earlier

27.59 0.43 −1.53%
Market cap
$1.2B
P/E
12.3×
Fwd P/E
12.8×
Dividend yield
—
F-score
6/9
Altman Z
2.54
Beneish M
−2.57
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.13
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — — — — — 2 3 — —
Insider Ownership 27.41%

Capital & Financial Ratios $m

Size
Market Cap 1,180.00
Revenue ttm 745.79
Net income ttm 98.96
Free cash flow ttm 139.02
Net debt Q 613.00
Valuation
P/E 12.26
Forward P/E 12.80
Price / sales 1.58
Forward P/S Powerpack
Price / FCF 8.60
Price / book 1.44
Financial health
Current ratio Q 3.32 (at or above 1.5: strong)
Debt / equity Q 0.75
Interest coverage Q 7.51
Growth
Revenue growth Q +8.22% (above 0%: growing)
Operating income growth Q +100.53% (above 0%: growing)
EPS, this year −7.47% (below 0%: weak)
EPS, next year A +7.55%
Revenue, next year A +3.81%
EPS, past 5 yrs +132.31% (at or above 15%: strong)
EPS, next 5 yrs A +1.15%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 2.7×; over the ten years it ranged from 1.6× in 2026 to 6.0× in 2023.
P/E against its own 10 years 16.64%
10-year low 10-year high
P/S against its own 10 years 8.43%
10-year low 10-year high
P/B against its own 10 years 7.63%
10-year low 10-year high
EV/Sales against its own 10 years 9.50%
10-year low 10-year high
EV/FCF against its own 10 years 11.01%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 259 224 285 —
Receivables 115 138 161 —
Inventory 106 154 177 174
Other — — — —
490 534 636 603
2023 2024 2025 Q'26
Payables 93 157 148 168
ST’ Debt 0 0 2 3
Other — — — —
225 174 158 181

Compound Annual Growth %

10y 5y 3y
Sales 11.09% 15.53% 12.99%
Cash Flow 30.76% 22.21% 20.52%
Earnings 0.00% 133.84% 2.39%
Book Value 10.32% 11.94% 14.27%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.66 Actual 0.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.77 0.93 Beat by 0.16
Q4 FY25 0.97 0.73 Miss by 0.24
Q1 FY26 0.70 0.42 Miss by 0.28
Q2 FY26 0.66 0.91 Beat by 0.25
Q3 FY26 0.78 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.14 0.67 0.87 — —
’25 0.51 0.64 0.37 0.51 2.03
’24 0.81 0.73 0.78 0.74 3.06
’23 0.50 0.49 0.91 0.68 2.60
’22 0.47 0.33 0.30 0.66 1.74
’21 0.10 0.16 0.59 0.39 1.25
’20 0.08 0.00 0.08 (0.13) 0.03
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 171 184 208 — —
’25 171 174 192 183 720
’24 172 182 191 187 732
’23 140 146 181 178 644
’22 120 123 120 135 499
’21 103 102 112 121 438
’20 85 86 83 96 350
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 48 51 43 — —
’25 35 36 53 33 156
’24 55 69 60 29 213
’23 40 55 64 24 184
’22 51 3 20 15 89
’21 23 32 3 40 98
’20 1 30 9 17 57
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 38 43 33 — —
’25 24 23 47 25 119
’24 46 63 46 17 172
’23 31 46 54 14 145
’22 45 (3) 15 9 66
’21 15 26 (5) 34 71
’20 (7) 19 4 8 23
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 255 240 295 322 350 438 499 644 732 720 746 +12.2% 747 784 808 +3.9%
Gross margin, % 40.83 37.68 36.31 40.92 40.97 45.63 49.87 54.49 51.08 49.46 46.81 +8.6 pt
EBT 15 1 (10) 60 5 84 116 171 190 124 130 +26.8%
EBT margin, % 5.73 0.52 (3.37) 18.68 1.33 19.22 23.26 26.59 25.93 17.17 17.37 +11.4 pt
Net income 10 4 (7) 47 1 63 91 138 160 98 99 +29.1%
Per share, $
Per share, $ Revenue 5.62 5.21 6.35 6.86 7.44 9.16 10.28 13.35 15.11 15.40 17.52 +11.8%
Earnings 0.23 0.08 (0.12) 1.04 0.03 1.30 1.88 2.85 3.29 2.10 2.25 +27.9%
Cash flow 0.85 0.85 0.82 0.89 1.22 2.05 1.84 3.80 4.41 3.34 4.12 +16.4%
Capex (0.47) (0.72) (0.91) (0.88) (0.72) (0.57) (0.49) (0.79) (0.85) (0.79) (0.85) +6.0%
Free cash flow 0.38 0.13 (0.09) 0.00 0.50 1.48 1.35 3.01 3.56 2.55 3.26 +23.6%
Book value 7.26 7.24 7.85 9.10 9.54 9.33 10.89 13.25 15.12 16.88 19.13 +9.8%
Shares, m 45 46 46 47 47 48 49 48 48 47 45 +0.3%
Valuation, ×
Valuation, × P/E 77.08 249.61 0.00 18.55 502.75 17.92 15.08 21.93 11.29 12.75 12.26 92.7
P/S 3.29 3.68 3.13 2.81 2.70 2.54 2.74 4.67 2.46 1.74 1.58 3.0
P/B 2.55 2.65 2.53 2.12 2.11 2.50 2.59 4.70 2.46 1.59 1.44 2.6
EV/Sales 3.15 3.58 2.99 2.68 2.52 2.40 2.54 5.18 2.97 2.19 2.00 3.0
EV/FCF 46.74 140.53 (221.59) 15,426.84 37.95 14.93 19.37 22.99 12.64 13.27 10.94 1,551.4
Cash, $m
Cash, $m Operating cash flow 39 39 38 42 57 98 89 184 213 156 175 +16.8%
Capex (21) (33) (42) (42) (34) (27) (24) (38) (41) (37) (36) +6.3%
Free cash flow 17 6 (4) 0 23 71 66 145 172 119 139 +24.0%
Balance, $m
Balance, $m Working capital 123 121 114 165 167 214 283 264 360 478 421 +16.2%
Net debt (37) (25) (43) (42) (63) (62) (102) 331 378 325 613 n/m
Shareholders’ equity 329 334 364 428 449 446 529 639 732 789 815 +10.2%
Returns, %
Returns, % ROA 2.40 0.83 (1.19) 8.89 0.23 9.54 12.93 12.20 10.32 6.12 5.86 +3.7 pt
ROIC 3.28 (0.26) (1.68) (0.01) 1.78 11.39 15.76 12.69 11.57 7.88 6.12 +4.6 pt
ROE 3.14 1.10 (1.64) 12.36 0.32 13.89 18.76 23.55 23.26 12.90 12.44 +9.8 pt
People
People Employees 1,541 1,644 2,078 2,027 1,980 1,761 1,615 1,761 2,028 1,976 — +2.8%
Revenue/emp, $m 0.17 0.15 0.14 0.16 0.18 0.25 0.31 0.37 0.36 0.36 — +9.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Amphastar Pharmaceuticals, Inc. vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ALVO Alvotech $1.8B — (loss-making) 111× +2,310.95% (above 0%: growing) −99.51% (below 0%: shrinking) −496.58% (below 0%: shrinking) 56.47% 9.14% Compare
ANIP ANI Pharmaceuticals, Inc. $1.6B 13.3× 14.3× +27.64% (above 0%: growing) +29.41% (above 0%: growing) +85.49% (above 0%: growing) 61.64% 18.01% Compare
PCRX Pacira BioSciences, Inc. $1.5B 38.4× 56.6× −1.59% (below 0%: shrinking) +500.00% (above 0%: growing) −18.47% (below 0%: shrinking) 0.00% 12.61% Compare
PAHC Phibro Animal Health Corporation $1.4B 14.0× 12.6× +6.29% (above 0%: growing) +12.31% (above 0%: growing) +262.08% (above 0%: growing) 33.23% 12.83% Compare
CRON Cronos Group Inc. $1.4B 21.9× 19.5× +74.61% (above 0%: growing) −42.86% (below 0%: shrinking) +179.64% (above 0%: growing) 50.88% 14.23% Compare
ETON Eton Pharmaceuticals, Inc. $1.4B 26.8× 48.0× +157.91% (above 0%: growing) n/m +172.55% (above 0%: growing) 76.48% 39.73% Compare
AMPH Amphastar Pharmaceuticals, Inc. $1.2B 12.3× 12.8× +8.22% (above 0%: growing) +134.21% (above 0%: growing) −29.38% (below 0%: shrinking) 47.99% 24.46%
HROW Harrow, Inc. $976.2M — (loss-making) — (loss-making) +10.85% (above 0%: growing) n/m −838.78% (below 0%: shrinking) 71.27% (15.58%) Compare
COLL Collegium Pharmaceutical, Inc. $819.1M 20.5× 21.3× +3.33% (above 0%: growing) −31.00% (below 0%: shrinking) +10.24% (above 0%: growing) 57.97% 13.28% Compare
Median of peers $1.4B 21.2× 21.3× +19.24% −9.34% +47.87% 57.22% 13.06%

All 84 Drug Manufacturers Specialty & Generic stocks →

Pay and ownership Proxy statement filed 13 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.31m 2.41m 133.17
2024 7.73m (7.63m) 184.63
2023 7.72m 28.91m 307.56
2022 7.48m 12.89m 139.33
2021 6.51m 8.83m 115.81

Ownership

Directors and executive officers, together 29.60%
Jack Y. Zhang 26.70%
Mary Z. Luo 26.70%
Applied Physics & Chemistry Laboratories, Inc. 15.30%
BlackRock Inc. 11.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/AMPH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com