Market Overview

Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended June 30, 2019

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RANCHO CUCAMONGA, Calif., Aug. 07, 2019 (GLOBE NEWSWIRE) -- Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" or the "Company") today reported results for the three months ended June 30, 2019.

Second Quarter Highlights

  • Net revenues of $79.0 million for the second quarter
  • GAAP net income of $47.8 million, or $0.96 per share, for the second quarter
  • Adjusted non-GAAP net income of $4.1 million, or $0.08 per share, for the second quarter

Dr. Jack Zhang, Amphastar's Chief Executive Officer, commented: "We are pleased that we have settled our long-running patent dispute with Momenta and Sandoz, and have received $59.9 million from them. Putting this case behind us will allow us to focus on research and development of our pipeline, which will be the primary use of the money that we received. We will also use some of the funds to increase our capacity for sterile injectable and inhalation products to meet the needs of production capacity when more of our pipeline products are approved. We will have the additional benefit of lower legal expenses going forward."

    Three Months Ended   Six Months Ended  
    June 30,    June 30,   
    2019   2018     2019   2018    
                       
    (in thousands, except per share data)  
Net revenues   $ 79,047   $ 71,040     $ 158,837   $ 129,433    
GAAP net income (loss) attributable to Amphastar   $ 47,787   $ (2,853 )   $ 48,655   $ (9,994 )  
Adjusted non-GAAP net income (loss) attributable to Amphastar*   $ 4,117   $ 1,157     $ 9,002   $ (1,356 )  
GAAP diluted EPS attributable to Amphastar shareholders   $ 0.96   $ (0.06 )   $ 0.97   $ (0.21 )  
Adjusted non-GAAP diluted EPS attributable to Amphastar shareholders*   $ 0.08   $ 0.02     $ 0.18   $ (0.03 )  

____________________________
* Adjusted non-GAAP net income attributable to Amphastar and Adjusted non-GAAP diluted EPS attributable to Amphastar shareholders are non-GAAP financial measures.  Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.

Second Quarter Results

    Three Months Ended          
    June 30,    Change
    2019   2018   Dollars   %
                 
    (in thousands)    
Net revenues:                      
Phytonadione   $ 12,441   $ 10,806   $ 1,635     15 %
Lidocaine     10,082     10,010     72     1 %
Enoxaparin     9,838     8,715     1,123     13 %
Naloxone     7,833     11,133     (3,300 )   (30 )%
Medroxyprogesterone     6,696     6,365     331     5 %
Epinephrine     3,139     3,687     (548 )   (15 )%
Primatene® Mist     2,512         2,512     N/A  
Other finished pharmaceutical products     21,194     12,525     8,669     69 %
Total finished pharmaceutical products net revenues   $ 73,735   $ 63,241   $ 10,494     17 %
API     5,312     7,799     (2,487 )   (32 )%
Total net revenues   $ 79,047   $ 71,040   $ 8,007     11 %
 

Changes in net revenues were primarily driven by:

  • Enoxaparin increases due to higher average selling prices
  • Phytonadione increases due to a higher average selling price
  • Sales of Primatene® Mist, launched in December 2018
  • Increase in sales of other finished pharmaceutical products, such as Cortrosyn®, atropine, sodium bicarbonate, and dextrose which were in high demand due to market shortages, as well as sales of Isoproterenol which we launched in the third quarter of 2018
                         
    Three Months Ended            
    June 30,    Change  
    2019     2018     Dollars   %  
                       
    (in thousands)      
Net revenues   $ 79,047     $ 71,040  
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