What Amphastar Pharmaceuticals does

Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) is a vertically integrated specialty biopharmaceutical company founded in 1996 by Dr. Jack Zhang and Dr. Mary Luo and headquartered in Rancho Cucamonga, California. The company develops, manufactures, and markets injectable, intranasal, and inhalation pharmaceutical products — including complex biologics derived from living cells or organisms, proteins, and interchangeable biosimilars — across eight technological platforms spanning particle engineering (nm to µm), sustained-release formulations, immunogenicity characterization, combination products, and proprietary drug delivery systems. The portfolio combines branded proprietary products (BAQSIMI glucagon nasal powder, Primatene MIST OTC epinephrine inhaler, Rextovy OTC naloxone nasal spray, Cortrosyn, Amphadase) with a generic injectable and inhalation portfolio (Iron Sucrose, Teriparatide, Albuterol Sulfate, Ipratropium Bromide HFA, Glucagon, Epinephrine, Enoxaparin Sodium, Naloxone Injection), and the company manufactures its own active pharmaceutical ingredients through wholly owned subsidiaries in Nanjing, China and Eragny-sur-Epte, France.

The business operates a sales-led go-to-market model distributing prescription products through direct field sales to hospitals and urgent care settings, while OTC products (Primatene MIST, Rextovy) are distributed through retail pharmacies, convenience stores, and online channels. Pricing for prescription products is negotiated through healthcare providers, insurance plans, and pharmacy benefit managers and is not publicly disclosed. The company employs 1,001-5,000 staff across six cGMP-compliant facilities — three in California (Rancho Cucamonga HQ/injectables, South El Monte/IMS sterile injectables, Chino R&D), one in Canton, Massachusetts (Armstrong/inhalation MDIs and nasal sprays), one in Nanjing, China (API manufacturing), and one in Eragny-sur-Epte, France (recombinant human insulin API). FY2025 revenue was $719.9 million with GAAP net income of $98.1 million, reflecting a 2% top-line decline from FY2024 driven by generic pricing pressure partially offset by BAQSIMI growth of 46% to $185.4 million.

Revenue mechanics rest on three streams: (1) generic pharmaceutical products sold one-time to hospitals and urgent care, (2) proprietary branded products with established market positions in glucagon, OTC asthma, and now OTC naloxone, and (3) internal API production supplying both operations and external customers. Customer segments are horizontally distributed across hospital systems, retail pharmacy chains, and end-patient consumers for OTC products, with no disclosed customer concentration. The company is publicly traded with approximately 65% institutional ownership, completed its IPO in April 2014, and raised $300 million in convertible senior notes in September 2023 to support debt repayment, share repurchases, and general corporate purposes including potential M&A.

Name

Amphastar Pharmaceuticals

Legal name

Amphastar Pharmaceuticals, Inc.

Website

https://amphastar.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Amphastar Pharmaceuticals is a vertically integrated specialty biopharmaceutical company that develops, manufactures, and markets generic and proprietary injectable, intranasal, and inhalation pharmaceutical products, serving hospitals, urgent care facilities, retail pharmacies, and patients across the US, China, and France.

Ownership category

akta.pro rank

Product category

Specialty Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (32541), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Specialty Injectable & Infusion Therapies (Cross-therapeutic) (HLAIACAO)

akta.pro secondary industries

Respiratory & Allergy Pharmaceuticals (HLAIAAAH), Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF), Generic APIs & Intermediates (Active Ingredients) (HLAIABAG), Specialty Care Pharmaceuticals (HLAIAAAB)

Keywords

• Generic injectables
• Inhalation pharmaceuticals
• Intranasal drug delivery
• Biopharmaceutical manufacturing
• Specialty pharmaceutical products

Headquarters

HQ city

Rancho Cucamonga

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Generic Pharmaceutical Products: Amphastar generates revenue from manufacturing and selling generic injectable, inhalation, and intranasal products to hospitals and urgent care settings. Products include iron sucrose injection, various injectable medications, and generic respiratory products.
2. Proprietary/Branded Products: Revenue from proprietary branded products including BAQSIMI (glucagon nasal powder), Primatene MIST (OTC epinephrine inhaler), and other proprietary pharmaceutical products sold through healthcare providers and retail channels.
3. Active Pharmaceutical Ingredients (APIs): Amphastar manufactures and supplies APIs to internal operations and potentially external customers. APIs manufactured include enoxaparin sodium, isoproterenol hydrochloride, hyaluronidase, cosyntropin, human insulin and insulin analogs, and vasopressin.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Amphastar Pharmaceuticals develops, manufactures, and markets a diversified portfolio of injectable, intranasal, and inhalation pharmaceutical products, including generics, complex biologics, biosimilars, and proprietary drugs. The company sells generic prescription products to hospitals and urgent care settings, OTC branded products such as Primatene MIST and Rextovy through retail channels, and also produces active pharmaceutical ingredients (APIs) for internal and external customers. It operates six cGMP manufacturing and research facilities across the United States, China, and France.

Product overview

Amphastar Pharmaceuticals is a biopharmaceutical company that develops, manufactures, and markets a diversified portfolio of generic and proprietary pharmaceutical products. The company's offerings span injectable, intranasal, and inhalation products, along with complex biologics derived from living cells or organisms. Key proprietary products include BAQSIMI® (glucagon nasal powder), Primatene® MIST (OTC asthma inhaler), and Rextovy® (naloxone nasal spray). The generic portfolio includes iron sucrose injection, teriparatide injection, albuterol sulfate inhalation aerosol, epinephrine injection, enoxaparin sodium, and various other injectable medications. Amphastar also manufactures active pharmaceutical ingredients (APIs) including insulin, hyaluronidase, and vasopressin through its subsidiaries, and operates a device laboratory for combination products (pre-filled syringes, injection pens, nasal sprays, MDIs, and DPIs). The company operates six manufacturing facilities across the US, China, and France.

Differentiator

Problem solved

Functional benefit

Brands

• BAQSIMI: Glucagon nasal powder for treatment of severe hypoglycemia - #1 prescribed glucagon in the US
• Primatene MIST
• International Medication Systems
• Armstrong Pharmaceuticals
• Rextovy
• Amphadase
• Cortrosyn

Products and services

• BAQSIMI® (glucagon nasal powder) Glucagon nasal powder 3 mg; the first and only dry nasal spray to treat very low blood sugar (severe hypoglycemia). Marketed to healthcare providers for patients with diabetes.
• Primatene® MIST (Epinephrine Inhalation Aerosol) Epinephrine inhalation aerosol 0.125 mg per spray; the only FDA-approved over-the-counter asthma inhaler, sold directly to consumers via retail pharmacies, convenience stores, and online retailers.
• Iron Sucrose Injection, USP Generic iron replacement injection indicated for the treatment of iron deficiency anemia in patients with chronic kidney disease (CKD); available in 50 mg/2.5 mL, 100 mg/5 mL, and 200 mg/10 mL single-dose vials. Sold to hospitals, infusion centers, and nephrology practices.
• Teriparatide Injection 560 mcg/2.24 mL (250 mcg/mL) teriparatide in a single-patient-use prefilled pen delivering 28 daily doses of 20 mcg; bioequivalent to Eli Lilly's FORTEO, indicated for osteoporosis treatment in postmenopausal women and men at high risk for fracture.
• Rextovy® (Naloxone HCl Nasal Spray) 4 mg naloxone hydrochloride nasal spray for emergency treatment of opioid overdose; FDA-approved for OTC sale, allowing direct consumer purchase without a prescription at pharmacies, convenience stores, and online retailers.
• Ipratropium Bromide HFA Inhalation Aerosol (AMP-007) 17 mcg per actuation generic inhalation aerosol bioequivalent to Boehringer Ingelheim's Atrovent HFA, used for maintenance treatment of bronchospasm associated with COPD; first ANDA applicant entitled to 180 days of generic exclusivity.
• Albuterol Sulfate Inhalation Aerosol 90 mcg/actuation 8.5 g metered dose inhaler used for respiratory treatment; generic inhalation product for hospitals, urgent care, and patients with asthma or COPD.
• Glucagon for Injection Generic glucagon for injection bioequivalent and therapeutically equivalent to Lilly's Glucagon Emergency Kit; used for treatment of severe hypoglycemia and as a diagnostic aid.
• Epinephrine Injection, USP (Luer-Jet) Epinephrine 0.1 mg/mL injection in the Luer-Jet delivery system; indicated to increase mean arterial blood pressure in adult patients with hypotension associated with septic shock.
• Enoxaparin Sodium Injection Generic low molecular weight heparin (anticoagulant) injection with safety device; used for prevention and treatment of blood clots (DVT/PE) in hospital and outpatient settings.
• Cortrosyn® (Cosyntropin) for Injection Cosyntropin 0.25 mg with 10 mg mannitol for injection; used for ACTH stimulation testing to diagnose adrenal and pituitary gland disorders such as Addison's disease.
• Amphadase® (Hyaluronidase Injection, USP) Hyaluronidase injection used for drug dispersion, injectable therapies, surgical applications, aesthetic medicine, and management of skin and ophthalmic disorders.
• Naloxone Hydrochloride Injection, USP Generic opioid antagonist injection used for emergency treatment of opioid overdose in hospital, emergency, and pre-hospital settings.
• Active Pharmaceutical Ingredients (APIs) Active pharmaceutical ingredients manufactured at cGMP facilities in Nanjing, China (Amphastar Nanjing Pharmaceuticals) and Eragny-sur-Epte, France (Amphastar France Pharmaceuticals), including Enoxaparin Sodium, Isoproterenol Hydrochloride, Hyaluronidase, Cosyntropin, Human Insulin and insulin analogs, and Vasopressin; supplied to internal operations and external pharmaceutical customers.

Quantifiable outcome

• BAQSIMI achieved $185.4 million in full-year 2025 revenues, up 46% year-over-year
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Nanjing Hanxin Pharmaceutical Technology Co., Ltd.coreStrategic or Co-development Partner · 12 January 2026Amphastar entered into an exclusive license agreement with Nanjing Hanxin Pharmaceutical Technology Co., Ltd. for a synthetic human ACTH analog designated AMP-110, covering the United States and Canada markets. The deal involves a $2 million upfront payment, with potential additional payments of up to $14 million in development milestones, $75 million in sales milestones, and royalty payments capped at $7.5 million annually and $60 million total. AMP-110 is designed for inflammatory and autoimmune conditions and is currently in early-phase clinical development, with the U.S. ACTH market having exceeded $684 million in 2024. The agreement also grants Hanxin a non-exclusive license to certain Amphastar intellectual property for development and commercialization outside the U.S. and Canada.
• Nanjing Anji BiotechnologyminorStrategic or Co-development Partner · 6 November 2025Amphastar signed a licensing agreement with Nanjing Anji Biotechnology to develop peptides. The partnership expands Amphastar's pipeline development capabilities in the peptide drug space.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hikma Pharmaceuticals: Hikma is a global generic injectable, inhalation, and intranasal pharmaceutical manufacturer with a comparable product portfolio across hospital and respiratory channels. It directly overlaps Amphastar's core generics-plus-specialty franchise and similar US distribution model.
• ANI Pharmaceuticals: ANI is a US specialty generic manufacturer with a strong injectable, inhalation, and niche branded portfolio serving hospital and specialty pharmacies. Closely comparable to Amphastar in business model, customer mix, and product complexity.
• Lannett: Lannett is a US-focused generic pharmaceutical company with significant presence in sterile injectables and oral solids. Comparable in scale and channel focus, though with a heavier oral generics mix.
• Endo International: Endo operates a US sterile injectable franchise (through Par Sterile) alongside specialty/branded products. The injectable segment is a direct comparable to Amphastar's IMS hospital business, though Endo's portfolio is broader and includes branded pain and urology franchises.
• Dr. Reddy's Laboratories: Dr. Reddy's is a major India-based generics manufacturer with a sizable sterile injectable and biosimilar business targeting US hospital channels. Highly comparable to Amphastar across complex generics, injectables, and respiratory products.

Broad incumbents

• Hospira (Pfizer): Hospira, acquired by Pfizer in 2015, is the largest US sterile injectable manufacturer. It is the broad incumbent against which Amphastar's IMS subsidiary competes in hospital injectables and is a structural benchmark for Amphastar's generic injectable economics.
• Teva Pharmaceutical Industries: Teva is the world's largest generic drug maker with significant sterile injectable and respiratory (ProAir) franchises. It overlaps Amphastar across generic injectables, MDIs, and biosimilar development, and serves as a broader-sector reference point.
• Viatris: Viatris (Mylan-Upjohn combination) has a broad generic injectable, biosimilar, and branded specialty portfolio with strong hospital channel presence. Comparable to Amphastar across sterile injectables and complex generics, though materially larger and more diversified.
• Sandoz: Sandoz, Novartis's generics and biosimilars spin-off, is a leading global player in sterile injectables and biosimilars including insulins. Directly comparable to Amphastar's generic injectable and biosimilar insulin platform at larger scale.

Emerging players

• Aspen Pharmacare: Aspen is a South Africa-based specialty and generic pharmaceutical company with a growing sterile injectable portfolio and US presence. It is comparable to Amphastar as a non-traditional generics competitor expanding into complex injectables, though smaller in US hospital share.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/amphastar-pharmaceuticals-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amphastar Pharmaceuticals