Amphastar Pharmaceuticals Posts Narrower Q1 Loss

reported a narrower loss for the first quarter on Wednesday. The Rancho Cucamonga, California-based company reported a quarterly loss of $0.7 million, or $0.01 per share, versus a year-ago loss of $1.6 million, or $0.04 per share. Its non-GAAP quarterly net loss came in at $0.01 per share, versus a year-ago non-GAAP loss of $0.00 per share. Its revenue climbed 24 percent year-over-year to $56.9 million. However, analysts were expecting a loss of $0.09 per share on revenue of $53.7 million. Its net revenue of enoxaparin slipped 9 percent to $23.8 million, while other finished pharmaceutical product revenue gained 37 percent to $27.1 million for the quarter. Sales of its insulin API products came in at $6.0 million during the first quarter. Selling, distribution, and marketing expenses increased to $1.5 million from $1.3 million, while general and administrative expenses climbed to $12.5 million from $6.8 million. Its research and development expenses climbed 6 percent year-over-year to $6.6 million from $6.2 million. At March 31, 2015, Amphastar Pharmaceuticals had $70.1 million in cash and cash equivalents, and short-term investments. Dr. Jack Zhang, CEO, said, "We are pleased to announce that the FDA has granted Amphastar fast-track designation for an NDA that we plan to file later this year." Amphastar Pharmaceuticals shares fell 1.50 percent to close at $14.40 yesterday.