Amphastar Pharmaceuticals, Inc.
AMPH evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for AMPH—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · AMPH
Amphastar Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing, manufacturing, and marketing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as insulin API. Its largest products by net revenues include BAQSIMI, Primatene MIST, epinephrine, glucagon, and lidocaine [sec_mda as of 2026-02-26].
Key risk: High debt level
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 2 clinical trials · 1 catalyst for Amphastar Pharmaceuticals, Inc..
Amphastar Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing, manufacturing, and marketing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as insulin API. Its largest products by net revenues include BAQSIMI, Primatene MIST, epinephrine, glucagon, and lidocaine [sec_mda as of 2026-02-26].
- Amphastar manufactures and sells over 25 prescription pharmaceutical products and an over-the-counter product, Primatene MIST [sec_mda as of 2026-02-26].
- The company is developing a portfolio of generic ANDAs, biosimilar products (including insulin candidates), and proprietary products, with one ANDA and one biosimilar insulin candidate currently on file with the FDA [sec_mda as of 2026-02-26].
- As of 2026-06-30, Amphastar reported cash & equivalents of $223.8M, total revenue of $183.9M, net income of $30.3M, and total debt of $609.6M [sec].
- The company has contingent milestone payments related to the BAQSIMI acquisition of up to an aggregate of $575 million, dependent on net sales milestones [sec_mda as of 2025-05-08].
- Key executive officers include Jack Yongfeng Zhang (CEO, President, Chief Scientific Officer), William J. Peters (CFO), and Mary Ziping Luo (COO, Chief Scientist, Chairman) [sec filed 2026-04-13].
What works
- Amphastar has a diversified product portfolio including injectable, inhalation, and intranasal products, with several top-selling products like BAQSIMI and Primatene MIST [sec_mda as of 2026-02-26].
- The company has a robust pipeline of generic, biosimilar, and proprietary products in various stages of development, targeting multiple indications [sec_mda as of 2026-02-26].
- Amphastar reported positive net income of $30.3M for the quarter ended 2026-06-30, indicating ongoing profitability [sec].
What to weigh
- Amphastar has significant debt of $609.6M as of 2026-06-30, which may constrain financial flexibility [sec].
- The company faces contingent milestone payments of up to $575 million related to the BAQSIMI acquisition, which could impact cash flows if sales targets are met [sec_mda as of 2025-05-08].
- Cash requirements are expected to increase significantly due to clinical trials, regulatory approvals, and strategic acquisitions, as well as capital expenditures for manufacturing facility expansions [sec_mda as of 2025-05-08].
From the filings
Quoted directly from source documents.
Amphastar manufactures and sells over 25 prescription products and an OTC product.
“We currently manufacture and sell over 25 prescription pharmaceutical products, and an over-the-counter product, Primatene MIST ® .”
SEC filings · February 26, 2026
The company has a pipeline including biosimilar insulin candidates.
“We are currently developing a portfolio of generic abbreviated new drug applications, or ANDAs, biologics license applications, or BLAs, including biosimilar insulin product candidates, and proprietary product candidates”
SEC MD&A · February 26, 2026
Amphastar has contingent milestone payments of up to $575 million for BAQSIMI.
“we make milestone payments for our BAQSIMI ® acquisition of up to an aggregate of $575 million contingent upon certain net sales milestones related to the BAQSIMI ® acquisition”
SEC MD&A · May 8, 2025
Key executive officers include Jack Yongfeng Zhang as CEO and President.
“Jack Yongfeng Zhang, Ph.D, our Chief Executive Officer, President, Chief Scientific Officer and Director;”
SEC filings · April 13, 2026
Catalyst timeline
- 2039-09-23 · Patent_Expiry · BAQSIMI — Patent/Exclusivity Expiry — The patent or exclusivity for BAQSIMI is set to expire, which may open the market to generic competition and impact Amphastar's revenue from this product.
Risks & what to watch (3)›
Key risks
- High debt level — Total debt of $609.6M as of 2026-06-30 may limit financial flexibility and increase interest costs [sec].
- Contingent milestone payments — Up to $575 million in milestone payments for BAQSIMI could strain cash if sales targets are achieved [sec_mda as of 2025-05-08].
- Increasing cash requirements — Expected increase in cash needs for clinical trials, regulatory approvals, and facility expansions [sec_mda as of 2025-05-08].
What to watch
- Progress of the one ANDA and one biosimilar insulin candidate currently on file with the FDA [sec_mda as of 2026-02-26].
- Achievement of net sales milestones for BAQSIMI that could trigger up to $575 million in contingent payments [sec_mda as of 2025-05-08].
- Capital expenditure plans for manufacturing facility expansions in the U.S. and China [sec_mda as of 2025-03-03].
- Patent expiry for BAQSIMI on 2039-09-23, which could affect future revenue exclusivity [upcoming catalysts].
Sources: SEC filings · SEC MD&A · Generated August 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
OCF $51M · Net income $30M · Debt/OCF 1.9×
Lead: Phase 2/Phase 3
1 candidate
1 upcoming, next in ~4772d
0 buys · 2 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
212
Total value held
$621.8M
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 5,421,343 | $106.2M |
| vanguard capital management llc | 3,087,310 | $60.5M |
| dimensional fund advisors lp | 2,027,947 | $39.7M |
| state street corp | 1,607,515 | $31.5M |
| td asset management inc | 1,541,044 | $30.2M |
| fuller & thaler asset management, inc. | 1,395,139 | $27.3M |
| marshall wace, llp | 1,025,640 | $20.1M |
| american century companies inc | 1,017,538 | $19.9M |
| geode capital management, llc | 976,650 | $19.1M |
| boston trust walden corp | 944,789 | $18.5M |
Showing top 10 of 212 institutional holders of Amphastar Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 16.3%
- Days to cover
- 5.6
- Shares short
- 3,527,477
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
AMPH short interestGovernance
Frequently asked questions
What is the AI investment thesis for Amphastar Pharmaceuticals, Inc.?
Amphastar Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing, manufacturing, and marketing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as insulin API. Its largest products by net revenues include BAQSIMI, Primatene MIST, epinephrine, glucagon, and lidocaine [sec_mda as of 2026-02-26].
What is Amphastar Pharmaceuticals, Inc.'s lead drug candidate?
Amphastar Pharmaceuticals, Inc.'s most advanced tracked candidate is Unnamed biosimilar insulin candidate (on file with FDA) (Phase 2/Phase 3) for Diabetes care (insulin).
What is Amphastar Pharmaceuticals, Inc.'s next catalyst?
Amphastar Pharmaceuticals, Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent/Exclusivity Expiry: BAQSIMI" — expected September 23, 2039.
Who is the CEO of Amphastar Pharmaceuticals, Inc.?
Dr. Yongfeng Zhang Ph.D. is the chief executive officer of Amphastar Pharmaceuticals, Inc. (AMPH).
Where is Amphastar Pharmaceuticals, Inc. headquartered?
Amphastar Pharmaceuticals, Inc. (AMPH) is headquartered in Rancho Cucamonga, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.