Amphastar Reports Q2 2025 Earnings With BAQSIMI Sales Growth Amid Revenue Decline

Amphastar Pharmaceuticals reported its Q2 2025 earnings, with net revenues of $174.4 million and a GAAP net income of $31.0 million, or $0.64 per share, slightly down from the previous year due to declines in some product lines like epinephrine and glucagon. BAQSIMI® sales grew significantly by 21% year-over-year, becoming a key revenue driver, while other products such as glucagon injections and epinephrine faced competitive pressures leading to sales declines and margin compression. The company announced a major infrastructure investment to quadruple its U.S. manufacturing capacity, aiming to strengthen supply chain resilience and support R&D efforts. Amphastar's adjusted non-GAAP net income was $40.9 million, or $0.85 per share, beating analyst estimates and reflecting strong operational performance despite industry challenges. Increased R&D spending to $20.1 million underscores Amphastar's focus on innovation and pipeline expansion to drive future growth. However, the company faces ongoing competition and pricing pressures, with management signaling expected margin challenges absent new product launches.