Amphastar Pharmaceuticals delivered a mixed second quarter, with management highlighting BAQSIMI’s strong sales momentum as a key driver amid ongoing pressures in legacy products. While the company’s non-GAAP profitability was above expectations, management pointed to increased competition in glucagon and epinephrine lines as factors behind revenue softness and margin compression. CFO William J. Peters explained, “We’re proud to share that while revenue was impacted by increased competition in our legacy products, this was largely offset by BAQSIMI, which recorded its highest quarterly sales since the product’s acquisition.”

Is now the time to buy AMPH? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Amphastar Pharmaceuticals’s Q2 Earnings Call

• Serge D. Belanger (Needham & Company) asked if Amphastar’s flat revenue outlook had changed and about BAQSIMI’s trajectory. CFO William J. Peters reaffirmed flat sales guidance and said BAQSIMI’s growth is tracking with earlier forecasts, supported by the MannKind partnership.
• Yijun Chen (Wells Fargo) questioned the long-term opportunity for the GLP-1 generic (AMP-018) given market contraction. Peters replied that the GLP-1 market is expected to be crowded, limiting its near-term revenue impact.
• Pavan R. Patel (Bank of America) inquired about margin trends and epinephrine competition. Peters indicated margins will face pressure from price competition, but new products should help stabilize the margin profile if approved.
• Ekaterina V. Knyazkova (JPMorgan) asked about further glucagon erosion and the rationale for U.S. manufacturing expansion. Peters expects ongoing glucagon declines and explained the expansion is aimed at supporting the proprietary pipeline and mitigating geopolitical risks.
• David A. Amsellem (Piper Sandler) probed on whether 2025 revenue targets assumed AMP-002 approval and which launches were included. Peters said guidance risk-adjusts for two launches (AMP-002 and AMP-015), but BAQSIMI outperformance could also help meet the target.

Catalysts in Upcoming Quarters

In upcoming quarters, our analysts will focus on (1) progress toward FDA approval and commercial launch of AMP-002 and AMP-015, (2) the pace and impact of Amphastar’s U.S. manufacturing expansion on pipeline execution, and (3) the ability to sustain BAQSIMI’s growth amid increasing competition in glucagon and epinephrine markets. Cost containment and margin stabilization efforts will also be important markers of performance.

Amphastar Pharmaceuticals currently trades at $30.31, up from $21.65 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).

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