Amphastar Pharmaceuticals, Inc.

NasdaqGS:AMPH Stock Report

Market Cap: US$837.8m

Amphastar Pharmaceuticals Future Growth

Future criteria checks 1/6

Amphastar Pharmaceuticals is forecast to grow earnings and revenue by 5.4% and 4.7% per annum respectively. EPS is expected to grow by 3.5% per annum. Return on equity is forecast to be 15% in 3 years.

Key information

5.4%

Earnings growth rate

3.47%

EPS growth rate

Pharmaceuticals earnings growth14.4%
Revenue growth rate4.7%
Future return on equity14.97%
Analyst coverage

Good

Last updated10 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 10

AMPH: Buybacks And New Approvals Will Support Future Upside Potential

Narrative Update on Amphastar Pharmaceuticals The latest analyst work has trimmed Amphastar Pharmaceuticals' implied fair value to about $26.86 from $28.00, as analysts factor in recent price target cuts from multiple firms and a slightly higher discount rate tied to softer revenue guidance despite recent product approvals. Analyst Commentary Recent research on Amphastar Pharmaceuticals has turned more cautious, with multiple firms trimming price targets and one downgrade reflecting concerns around revenue guidance and execution, even as new products win approvals.
Seeking Alpha • Apr 30

Amphastar: A Cheap Multiple Doing Exactly What It's Supposed To Do

Summary Amphastar Pharmaceuticals trades at a deep discount—6.7x trailing earnings—reflecting structural growth and margin challenges. Branded product growth (BAQSIMI, Primatene MIST) has not offset accelerating legacy generic erosion, resulting in flat or declining revenues. 2026 guidance has already been cut; gross margins are guided lower, and consensus estimates likely remain too high heading into Q1 earnings. I maintain a HOLD rating, leaning bearish, pending a clean AMP-007 launch or transformative business development. Read the full article on Seeking Alpha
Narrative Update • Apr 24

AMPH: Revised Outlook Suggests Future Upside As New Therapies Scale

Narrative Update on Amphastar Pharmaceuticals The analyst price target for Amphastar Pharmaceuticals has shifted from $38 to $30 as analysts factor in revised revenue guidance, lower projected profit margins, and a higher assumed future P/E multiple. They also note the potential importance of AMP-007 for achieving mid to high single digit revenue growth targets.
Narrative Update • Apr 10

AMPH: Share Repurchases And New Launches Will Support Future Upside Potential

Analysts have trimmed Amphastar Pharmaceuticals' fair value estimate by $1 to about $28, reflecting lower Street price targets and cautious views on revised revenue guidance despite recent product approvals. Analyst Commentary Recent Street research on Amphastar shares points to a more cautious tone after the latest revenue guidance update and lower price targets, even as new products move through the approval pipeline.
Narrative Update • Mar 26

AMPH: Softer Guidance And Execution Risk Will Shape Future Upside Potential

Analysts have trimmed Amphastar Pharmaceuticals' fair value estimate from $32.00 to $29.00. This reflects updated views on softer revenue guidance, lower projected profit margins, a slightly higher discount rate, and a higher assumed future P/E multiple in light of recent price target cuts to $30.00 from several firms.
Narrative Update • Mar 12

AMPH: Softer Guidance And Pipeline Risk Will Still Support Future Upside

Analysts have modestly reduced their price targets on Amphastar Pharmaceuticals to $30, reflecting concerns about softer revenue guidance and pipeline execution risk. At the same time, recent product approvals and revised earnings assumptions support a slightly higher modeled fair value and P/E multiple in our framework.
Narrative Update • Feb 26

AMPH: Pipeline Execution Risk Will Cap Upside Despite Lowered US$30 Outlook

Analysts have trimmed their price target on Amphastar Pharmaceuticals to $30 from $31, citing cautious views on pipeline execution risk, even as they still see the shares as undervalued relative to peers and historical valuation. Analyst Commentary Recent research updates reflect a more cautious tone, with bearish analysts trimming price expectations even while acknowledging that Amphastar still trades at what they view as a discount to peers and its own history.
Narrative Update • Feb 09

AMPH: Pipeline Execution Risk Will Drive Cautious View Despite Lowered US$30 Outlook

Analysts have trimmed their price target on Amphastar Pharmaceuticals to US$30 from US$31, reflecting a cautious view on pipeline execution risk, even as they see the shares as undervalued relative to historical and peer valuations. Analyst Commentary Bearish analysts have trimmed their price target on Amphastar Pharmaceuticals to US$30 from US$31 as coverage transitions, signaling a cautious stance on how the company can deliver on its current pipeline while justifying its valuation.
Narrative Update • Jan 25

AMPH: Buybacks And Pipeline Risk Will Shape Cautious Yet Balanced Outlook

Analysts have trimmed their price target on Amphastar Pharmaceuticals to $30 from $31, reflecting updated views on revenue growth, margin assumptions, and future P/E expectations, along with ongoing caution around pipeline execution risk. Analyst Commentary Bearish analysts have taken a slightly more cautious stance, trimming the price target to US$30 from US$31 as coverage transitions to a new lead.
Narrative Update • Jan 11

AMPH: Pipeline Execution Risk Will Shape Cautious View Despite Buybacks

Analysts have trimmed their price target on Amphastar Pharmaceuticals to $30 from $31. The revised target reflects fresh coverage that balances a view of the shares as undervalued on comps and historical valuation with caution around pipeline execution risk.
Narrative Update • Dec 13

AMPH: Q3 Drug Trends And Buybacks Will Shape Balanced Near-Term Outlook

Analysts have modestly lowered their price target on Amphastar Pharmaceuticals to $31 from $32, citing recent Q3 pricing and volume trends for key drugs and a largely unchanged outlook for near term earnings and 2026 estimates. Analyst Commentary Bearish analysts have highlighted that the modest reduction in the price target reflects growing caution around the durability of Amphastar's recent performance, particularly in light of more muted pricing and volume trends observed in the third quarter.
Analysis Article • Jul 01

Earnings Working Against Amphastar Pharmaceuticals, Inc.'s (NASDAQ:AMPH) Share Price

Amphastar Pharmaceuticals, Inc.'s ( NASDAQ:AMPH ) price-to-earnings (or "P/E") ratio of 7.6x might make it look like a...
Analysis Article • Apr 04

We Think Amphastar Pharmaceuticals (NASDAQ:AMPH) Can Stay On Top Of Its Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Seeking Alpha • Feb 19

Amphastar Pharmaceuticals: A Gradual Strategy

Summary Amphastar Pharmaceuticals has a growth model based on organic growth and acquisitions, though competition and patent expirations pose risks. Financially, Amphastar has a strong revenue trend but faces potential growth slowdowns, especially in 2025. A fair value estimate derived from a DCF model and backed by a comparison with peers is $43.24, which suggests a 40% upside. My strategy includes a 0.75x position weight and a gradual approach combining the stock with a Covered Call. Read the full article on Seeking Alpha
Analysis Article • Jan 03

These 4 Measures Indicate That Amphastar Pharmaceuticals (NASDAQ:AMPH) Is Using Debt Reasonably Well

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Dec 16

Amphastar Pharmaceuticals, Inc.'s (NASDAQ:AMPH) Prospects Need A Boost To Lift Shares

With a price-to-earnings (or "P/E") ratio of 12.9x Amphastar Pharmaceuticals, Inc. ( NASDAQ:AMPH ) may be sending...
Analysis Article • Nov 28

Here's Why Amphastar Pharmaceuticals (NASDAQ:AMPH) Has Caught The Eye Of Investors

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Seeking Alpha • Oct 25

Amphastar: Objectively Undervalued But For Good Reason (Rating Downgrade)

Summary Amphastar's Q2 2024 revenue grew 25% year-over-year to $182.4 million, primarily driven by BAQSIMI and Primatene MIST sales. Primatene MIST faces future challenges as its key patent expires in 2026, limiting long-term revenue potential. BAQSIMI contributed $38.5 million in Q2 2024 sales, affirming its strategic acquisition from Eli Lilly. Amphastar’s heavy reliance on a few high-margin products, like glucagon and epinephrine, may limit future growth due to rising competition. I recommend holding Amphastar as current valuations seem fair, but growth prospects are uncertain due to product competition and patent expirations. Read the full article on Seeking Alpha
Analysis Article • Sep 15

Investors Continue Waiting On Sidelines For Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH)

Amphastar Pharmaceuticals, Inc.'s ( NASDAQ:AMPH ) price-to-earnings (or "P/E") ratio of 14.1x might make it look like a...
Seeking Alpha • Sep 12

Amphastar: Perplexing Pipeline, Lumpy Revenues - I'm On Sidelines

Summary Amphastar Pharmaceuticals has seen significant growth since its 2014 IPO, with its stock price increasing over 500% to $45 per share. The acquisition of Baqsimi from Eli Lilly is a key revenue driver, but its long-term profitability remains uncertain due to milestone payments. Amphastar's revenue growth from epinephrine and Primatene Mist may not be sustainable, and the company faces intense competition in these markets. The pipeline's future is unclear, with several FDA rejections and no standout products, leading to a "Hold" rating on Amphastar stock. Read the full article on Seeking Alpha
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New Narrative • Sep 10

Decisive Acquisitions And Production Innovations Propel Pharma Growth And Market Dominance

Emphasis on proprietary products and strategic acquisitions to enhance market presence and contribute significantly to revenue growth.
Analysis Article • Aug 27

Is Amphastar Pharmaceuticals (NASDAQ:AMPH) Using Too Much Debt?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
Analysis Article • Jul 05

Do Amphastar Pharmaceuticals' (NASDAQ:AMPH) Earnings Warrant Your Attention?

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Seeking Alpha • Jul 01

Amphastar Pharmaceuticals: Shining Star Soon To Fade With Competitive Pressures Looming

Summary AMPH has materially benefited from a variety of temporary factors across their key product lines that have largely gone unnoticed by investors, sending shares up ~100% over the last 3yrs. Amphastar’s glucagon business has benefited from shortages at Fresenius, which were recently rectified. Three new competitors are about to launch glucagon, turning this duopoly into a potential 5-player market. Epinephrine revenues should meaningfully disappoint as shortage benefits alleviate, a newly approved competitor ramps, and two potential competitors gain approval. The sole Orange Book patent on Primatene MIST, a key high margin product, expires in January 2026, which opens the door to material competition. Primatene is one of the few DTC products in its aisle without a generic. A handful of smaller “Other” products have been buoyed by a tornado which took out competitor Pfizer’s product warehousing. The magnitude of the benefit is larger than investors believe, and Pfizer is quickly returning to market. Read the full article on Seeking Alpha
Analysis Article • May 30

Amphastar Pharmaceuticals, Inc.'s (NASDAQ:AMPH) Subdued P/E Might Signal An Opportunity

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 17x, you may...
Seeking Alpha • May 30

Amphastar Pharmaceuticals: Buy When Fear Is Overblown

Summary Seeking Alpha's screener identified Amphastar Pharmaceuticals as a potential investment candidate based on its solid financials, positive growth in revenue and earnings. Despite its strong financials and potential for earnings growth, the company's stock fell 31% in 5 months. The article aims to uncover the reasons behind the price decline to determine if the price decline is a temporary setback that offers an opportunity for value investors. Read the full article on Seeking Alpha
Seeking Alpha • May 15

Reassessing Amphastar Pharmaceuticals

Summary Amphastar Pharmaceuticals, Inc. stock is down approximately 30% this year, and the company reported mixed Q1 results last week. Despite the poor performance of the stock so far in 2024, there are some positives on the company and its stock. An updated analysis around Amphastar Pharmaceuticals follows in the paragraphs below. Read the full article on Seeking Alpha
Analysis Article • Mar 27

Amphastar Pharmaceuticals (NASDAQ:AMPH) Has A Pretty Healthy Balance Sheet

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Seeking Alpha • Mar 04

Why Amphastar Pharmaceuticals Is A Strong Buy: Growth, Valuation, And Strategic Acquisitions

Summary Amphastar Pharmaceuticals specializes in developing, manufacturing, and distributing pharmaceutical products, with a focus on strategic acquisitions. The company's portfolio includes high-margin products such as Primatene MIST and Glucagon Injection for severe hypoglycemia. Amphastar's pipeline includes promising upcoming products such as Rextovy, and its recent acquisition of Baqsimi enhances its position in diabetes management. AMPH's financials indicate manageable debt levels and the potential for continued revenue growth and profitability, reinforcing its investment appeal. My valuation analysis suggests AMPH is undervalued compared to peers, with strong business fundamentals supporting a "Strong Buy" rating. Read the full article on Seeking Alpha
Analysis Article • Jan 04

Here's Why We Think Amphastar Pharmaceuticals (NASDAQ:AMPH) Might Deserve Your Attention Today

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Analysis Article • Dec 20

Why Investors Shouldn't Be Surprised By Amphastar Pharmaceuticals, Inc.'s (NASDAQ:AMPH) P/E

With a price-to-earnings (or "P/E") ratio of 21.4x Amphastar Pharmaceuticals, Inc. ( NASDAQ:AMPH ) may be sending...
Analysis Article • Dec 03

Amphastar Pharmaceuticals (NASDAQ:AMPH) Has A Rock Solid Balance Sheet

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Earnings and Revenue Growth Forecasts

NasdaqGS:AMPH - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20288151091361765
12/31/20277901051381726
12/31/20267481021291965
3/31/202672179133169N/A
12/31/202572098119156N/A
9/30/2025723112111152N/A
6/30/2025723135110160N/A
3/31/2025731142150193N/A
12/31/2024732160172213N/A
9/30/2024724158170208N/A
6/30/2024713167178213N/A
3/31/2024676155161198N/A
12/31/2023644138145184N/A
9/30/2023601135140175N/A
6/30/2023541102100131N/A
3/31/2023519935179N/A
12/31/2022499916589N/A
9/30/20224857790114N/A
6/30/2022477917097N/A
3/31/202245581100126N/A
12/31/2021438627198N/A
9/30/2021413364574N/A
6/30/2021384105281N/A
3/31/202136824579N/A
12/31/202035012357N/A
9/30/202033771346N/A
6/30/20203344-1125N/A
3/31/2020327521247N/A
12/31/201932249N/A42N/A
9/30/201932952N/A46N/A
6/30/201932453N/A73N/A
3/31/20193162N/A26N/A
12/31/2018295-6N/A38N/A
9/30/2018265-7N/A38N/A
6/30/2018248-9N/A25N/A
3/31/2018242-4N/A25N/A
12/31/20172404N/A39N/A
9/30/20172430N/A43N/A
6/30/20172504N/A42N/A
3/31/20172529N/A47N/A
12/31/201625510N/A39N/A
9/30/201626921N/A28N/A
6/30/201626814N/A30N/A
3/31/20162540N/A23N/A
12/31/2015252-3N/A11N/A
9/30/2015230-13N/A20N/A
6/30/2015226-15N/A30N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AMPH's forecast earnings growth (5.4% per year) is above the savings rate (3.5%).

Earnings vs Market: AMPH's earnings (5.4% per year) are forecast to grow slower than the US market (16.7% per year).

High Growth Earnings: AMPH's earnings are forecast to grow, but not significantly.

Revenue vs Market: AMPH's revenue (4.7% per year) is forecast to grow slower than the US market (11.6% per year).

High Growth Revenue: AMPH's revenue (4.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AMPH's Return on Equity is forecast to be low in 3 years time (15%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/11 07:38
End of Day Share Price 2026/05/11 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Amphastar Pharmaceuticals, Inc. is covered by 14 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Glen SantangeloBarclays
Gary NachmanBMO Capital Markets Equity Research
Jason Matthew GerberryBofA Global Research