Amphastar Pharmaceuticals' first quarter results saw revenue remain flat compared to last year and fall slightly short of Wall Street’s projections, while non-GAAP earnings per share came in above expectations. Management attributed the revenue outcome to ongoing competition in critical care products such as Glucagon and Epinephrine, with Senior Vice President Dan Dischner noting, “demand for these products softened due to increased competition.” The company’s diversified product portfolio, particularly the strong performance of Primatene MIST, helped to counterbalance these competitive pressures and maintain operational resilience in a dynamic market environment.

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 Amphastar Pharmaceuticals’s Q1 Earnings Call

• David Amsellem (Piper Sandler) asked about the impact and timing of upcoming product launches, as well as the commercial strategy for BAQSIMI. CFO William Peters described optimism around first-cycle regulatory responses and reiterated confidence in pipeline-driven revenue later in the year.
• Cerena Chen (Wells Fargo) sought details on the opportunity and challenges for the insulin aspart biosimilar (AMP-004). Senior Vice President Dan Dischner emphasized the market size and explained Amphastar’s focus on achieving interchangeability to facilitate broader adoption.
• Jason Gerberry (Bank of America) pressed for clarity on the assumptions behind flat revenue guidance and the potential for margin recovery. Dischner and Peters confirmed that guidance counts on new pipeline contributions and highlighted actions to improve operational efficiency amid ongoing competitive and pricing pressures.
• Ekaterina Knyazkova (JPMorgan) inquired about the regulatory environment and the company’s ability to benefit from tariffs due to its U.S. manufacturing base. Dischner and Peters reported minimal timing impact from FDA changes and noted that domestic production could be advantageous if tariff structures evolve.
• Unidentified Analyst (Needham) questioned the future trajectory for Glucagon and Epinephrine, given current volume declines. Dischner stated that competitive impacts are now fully reflected in results and expects further declines in Glucagon, with some offsetting growth from branded products.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) the timelines and outcomes for key regulatory submissions, especially AMP-002, AMP-007, and AMP-015; (2) the commercial traction of BAQSIMI and Primatene MIST as expanded marketing takes effect; and (3) management’s ability to stabilize margins amid competitive pressures and evolving tariff policies. Execution in these areas will be essential for Amphastar’s growth trajectory.

Amphastar Pharmaceuticals currently trades at $23.20, down from $24.41 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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