Amphastar screens statistically cheap on both earnings and growth-adjusted multiples, but the stock is in a confirmed technical downtrend with back-to-back earnings misses and falling estimates, so the re-rating case depends on stabilizing both fundamentals and the chart before the deep discount can close.
Thesis pillars
- Deep Value Mispricing→Stable
- Confirmed Technical Downtrend↑Improving
- Earnings Miss Streak↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 5, 2026, based on the 10-K filed Feb 26, 2026
Amphastar Pharmaceuticals, Inc. (AMPH) Stock Analysis
Breakout setup · Inst Constrain edge
Healthcare · Drug Manufacturers - Specialty & Generic
Wait for pullback to $26.88. Price sits above the model's entry target of $26.88; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Supplier: third-party BAQSIMI manufacturer; Analyst target reached - limited upside remaining.
Amphastar Pharmaceuticals develops, manufactures, and commercializes technically challenging generic and proprietary injectable, inhalation, and intranasal drugs plus active pharmaceutical ingredients, selling over 25 prescription products and one OTC product, Primatene MIST.... Read more
Wait for pullback to $26.88. Price sits above the model's entry target of $26.88; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Supplier: third-party BAQSIMI manufacturer; Analyst target reached - limited upside remaining. Chart setup: Golden cross, above all MAs, RSI 58, MACD bullish. Earnings in 3 days. Wait until post-earnings. Score 5.4/10, moderate confidence.
Passes 5/7 gates (positive momentum, clean insider activity, no SEC red flags, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and earnings proximity 3d<=7d. Suitability: aggressive.
About Amphastar Pharmaceuticals, Inc.
About Amphastar Pharmaceuticals, Inc.
Amphastar Pharmaceuticals generated $719.9 million in net revenues and $98.1 million in net income in 2025, down from $732.0 million and $159.5 million in 2024, with its largest product, BAQSIMI nasal glucagon, accounting for 26% of net revenue — up sharply from 8% in the year it was acquired, 2023. Primatene MIST, the company's over-the-counter epinephrine inhaler, contributed another 15%, while glucagon, epinephrine, and lidocaine products added 10%, 10%, and 8%, respectively, meaning five named products together drove roughly 69% of 2025 net revenue.
Amphastar sells generic and proprietary injectable, inhalation, and intranasal drugs plus active pharmaceutical ingredients, competing on technical barriers to entry such as complex-molecule characterization, peptide and protein synthesis, and sustained-release drug delivery rather than on price alone. The company has expanded its FDA-approved portfolio recently — an albuterol sulfate inhalation aerosol (approved May 2024), iron sucrose injection (approved August 2025), teriparatide injection (approved December 2025), and an Ipratropium Bromide HFA inhalation aerosol (approved February 2026, launching in the second quarter) — while also manufacturing raw materials and APIs for outside customers and partners, including insulin API for MannKind at its Éragny-sur-Epte, France facility, where a significant portion of capacity is dedicated to that single customer relationship under an amended supply and option agreement.
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Amphastar's two largest revenue products carry offsetting supply-chain exposures the 10-K flags directly: the company depends on 'multiple single source suppliers' across its portfolio and specifically relies on a third party to manufacture BAQSIMI, its top revenue product at 26% of 2025 sales, meaning a single manufacturing disruption could simultaneously hit the product driving the most growth. That risk cuts the other way too at the MannKind facility in France, where Amphastar itself is the sole-source-style supplier: MannKind has repeatedly renegotiated down its annual minimum purchase commitments and will not buy recombinant human insulin for at least two more years while it qualifies Amphastar's upgraded product, leaving a French facility built around one customer's demand schedule.
See also: Healthcare · Drug Manufacturers - Specialty & Generic
From Amphastar Pharmaceuticals, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-11-02Recent Developments — Amphastar Pharmaceuticals, Inc.
Latest news
- NEWS What To Expect From Amphastar Pharmaceuticals’s (AMPH) Q2 Earnings - FinancialContent — FinancialContent neutral
- NEWS Analysts Estimate Amphastar Pharmaceuticals (AMPH) to Report a Decline in Earnings: What to Look Out for - Yahoo Finance — Yahoo Finance negative
- NEWS Amphastar Pharmaceuticals (AMPH) Projected to Announce Quarterly Earnings on Thursday - MarketBeat — MarketBeat neutral
- NEWS Amphastar Pharmaceuticals (NASDAQ:AMPH) Stock Rating Cut to Buy at Wall Street Zen - MarketBeat — MarketBeat negative
- NEWS Amphastar (AMPH) Up +2.93% — Is There More Room to Run? 2026-10-31 - Mean Reversion Trade - https://www.dars.gov.et/ — https://www.dars.gov.et/ positive
Generated 2026-11-02T11:53:15Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- MEDIUMProductBAQSIMI26%10-K Item 1A: 'Sales from our BAQSIMI® product that we acquired in June 2023 represented 26%, 20%, and 8% of our total net revenues for the years ended December 31, 2025, 2024, and 2023, respectively.'
- HIGHSupplierthird-party BAQSIMI manufacturer10-K Item 1A: 'Our success depends on the integrity of our supply chain, including multiple single source suppliers, and reliance on a third party for the manufacture of BAQSIMI®, the disruption of which could negatively impact our business.'
- LOWProductPrimatene MIST15%10-K Item 1A: 'Sales from our Primatene MIST® product represented 15%, 14%, and 14% of our total net revenues for the years ended December 31, 2025, 2024, and 2023, respectively.'
- MEDIUMCustomerMannKind10-K Item 1A: 'a significant portion of our manufacturing capacity in our facility in Éragny-sur-Epte, France is utilized for the manufacturing of insulin API for MannKind'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
2 floor-breakers
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $26.88. Price sits above the model's entry target of $26.88; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Supplier: third-party BAQSIMI manufacturer; Analyst target reached - limited upside remaining. Chart setup: Golden cross, above all MAs, RSI 58, MACD bullish. Earnings in 3 days. Wait until post-earnings. Analyst target $19.57 reached (−29.4%), stop $25.20 (−10.0%), A.R:R -2.6:1. Score 5.4/10, moderate confidence.
Analyst target $19.57 reached (−29.4% from $27.72); no take-profit level is published. Analyst target $19.57 reached (−29.4%), stop $25.20 (−10.0%), A.R:R -2.6:1. Stop-loss: $25.20.
Concentration risk — Supplier: third-party BAQSIMI manufacturer; Analyst target reached - limited upside remaining; Weak growth.
Amphastar Pharmaceuticals, Inc. trades at a P/E of 16.4 (forward 8.7). TrendMatrix value score: 7.7/10. Verdict: Buy (Wait for Entry).
12 analysts cover AMPH with a consensus score of 2.5/5. Average price target: $23.
What does Amphastar Pharmaceuticals, Inc. do?Amphastar Pharmaceuticals develops, manufactures, and commercializes technically challenging generic and proprietary...
Amphastar Pharmaceuticals develops, manufactures, and commercializes technically challenging generic and proprietary injectable, inhalation, and intranasal drugs plus active pharmaceutical ingredients, selling over 25 prescription products and one OTC product, Primatene MIST. The company reported $719.9 million in net revenues and $98.1 million in net income for 2025, with BAQSIMI (nasal glucagon) its largest product at 26% of net revenue, followed by Primatene MIST (15%), glucagon (10%), epinephrine (10%), and lidocaine (8%).