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

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Reports Net Revenues of $80.1 Million for the Three Months Ended September 30, 2019

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

Third Quarter Highlights

  • Net revenues of $80.1 million for the third quarter
  • GAAP net income of $1.3 million, or $0.03 per share, for the third quarter
  • Adjusted non-GAAP net income of $5.2 million, or $0.10 per share, for the third quarter

Dr. Jack Zhang, Amphastar's Chief Executive Officer, commented: "A significant accomplishment in the third quarter was the successful ramp up of our marketing efforts for Primatene® Mist. We are pleased to announce we started shipping Primatene® Mist to Walmart in October. Meanwhile, our pipeline of both generic and proprietary candidates continues to move ahead. Additionally, we recently had another complex ANDA accepted for filing."

                         
    Three Months Ended   Nine Months Ended
    September 30,    September 30, 
    2019   2018   2019   2018  
                   
    (in thousands, except per share data)
Net revenues   $  80,137   $  75,543   $  238,974   $  204,976  
GAAP net income (loss) attributable to Amphastar   $  1,310   $  2,389   $  49,965   $  (7,605 )
Adjusted non-GAAP net income attributable to Amphastar*   $  5,169   $  5,721   $  14,171   $  4,168  
GAAP diluted EPS attributable to Amphastar shareholders   $  0.03   $  0.05   $  1.00   $  (0.16 )
Adjusted non-GAAP diluted EPS attributable to Amphastar shareholders*   $  0.10   $  0.12   $  0.28   $  0.09  

_____________________________
* 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.

Third Quarter Results

                         
    Three Months Ended            
    September 30,    Change  
                   
    2019   2018   Dollars   %  
                   
    (in thousands)      
Net revenues:                        
Lidocaine   $  11,670   $  9,875   $  1,795      18   %
Phytonadione      10,916      8,968      1,948      22   %
Naloxone      10,613      9,432      1,181      13   %
Enoxaparin      9,573      18,564      (8,991 )    (48 ) %
Medroxyprogesterone      7,879      7,552      327      4   %
Epinephrine      3,756      1,881      1,875      100   %
Primatene® Mist      3,654      —      3,654     N/A  
Other finished pharmaceutical products      17,668      15,495      2,173      14   %
Total finished pharmaceutical products net revenues   $  75,729   $  71,767   $  3,962      6   %
API      4,408      3,776      632      17   %
Total net revenues   $  80,137   $  75,543   $  4,594      6   %

Changes in net revenues were primarily driven by:

  • Lidocaine sales increases due to a higher average selling price, as well as higher unit volumes
  • Phytonadione sales increases due to a higher average selling price
  • Epinephrine and naloxone sales increases due to higher unit volumes
  • Sales of Primatene® Mist, which launched in December 2018
  • Increases in sales of other finished pharmaceutical products, including atropine, calcium chloride, and dextrose, which were in high demand due to market shortages
                         
    Three Months Ended
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