Amphastar Pharmaceuticals Reports Q4 2025 Earnings Miss, Stock Declines

Amphastar Pharmaceuticals (NASDAQ: AMPH) reported fourth-quarter 2025 revenue below market expectations, resulting in an 11.7% drop in stock price, according to reports from February 26, 2026.¹

Q4 2025 Financial Highlights

• Revenue: $183.1 million, missing analyst estimates of $187.1 million (a 2.2% miss) and representing a 1.8% year-over-year decline.¹
• Adjusted EPS: $0.73 per share, 20.5% below the consensus estimate of $0.92.¹
• Operating Margin: 19.4%, down from 24.2% in the same quarter of the previous year.¹
• Market Capitalization: $1.29 billion.¹

Company Overview

Founded in 1996, Amphastar Pharmaceuticals develops and manufactures injectable and inhalation medications, encompassing both generic and proprietary pharmaceutical products.¹ The company specializes in complex drug formulations.

Revenue Growth Trends

Over the past five years, Amphastar Pharmaceuticals has demonstrated a compounded annual revenue growth rate of 15.5%, exceeding the average growth rate within the healthcare sector.¹ However, recent performance indicates a slowdown, with annualized revenue growth of 5.4% over the last two years.

Detailed Revenue Breakdown

• BAQSIMI: $46.71 million in net revenues, compared to an average analyst estimate of $52.07 million (a +11.8% year-over-year change).³
• Primatene MIST: $27.93 million in net revenues, versus an estimated $31.48 million (a -3.5% year-over-year change).³
• Lidocaine: $14.9 million in net revenues, exceeding estimates of $13.51 million (a +3.5% year-over-year change).³

Operating Margin Performance

Amphastar Pharmaceuticals has historically maintained strong profitability, with an average operating margin of 24.5% over the last five years.¹ Whereas the operating margin increased by 6.7 percentage points over this period, it has decreased by 7.7 percentage points over the past two years. The Q4 2025 operating margin was 19.4%, a decrease of 4.8 percentage points year-over-year.¹

Earnings Per Share (EPS) Trends

The company’s EPS has grown at a compounded annual rate of 38.4% over the last five years, surpassing its revenue growth rate of 15.5%.¹ Adjusted EPS for Q4 2025 was $0.73, down from $0.92 in the same quarter of the previous year.¹

Looking Ahead

Wall Street analysts anticipate a revenue increase of 11.2% for Amphastar Pharmaceuticals over the next 12 months.¹ Full-year EPS is projected to grow 8.8% to $3.25.¹