Every material Form 8-K Amphstar Pharmaceuticals has filed with the SEC since February 27, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Amphastar reported third-quarter 2026 net revenues of $207.6 million, up 8% from $191.8 million a year earlier. GAAP net income was $37.8 million, or $0.87 per diluted share, compared with $17.4 million, or $0.37, in the prior-year quarter, which included a $23.1 million litigation provision. Gross margin fell to 48.0% from 51.4%, and the board authorized a $50 million increase to the share buyback program.
Net revenues $207.6 million vs $191.8 million in Q3 2025, up 8%
GAAP diluted EPS $0.87 vs $0.37; adjusted non-GAAP diluted EPS $1.14 vs $0.93
Gross margin 48.0% vs 51.4%, mainly from lower average selling prices and higher remediation-related manufacturing costs
Board authorized a $50 million increase to the share buyback program on November 4, 2026
Amphastar reported second-quarter 2026 net revenues of $183.9 million, up 5% from $174.4 million a year earlier, and gross margin rose to 50.8% from 49.6%. GAAP net income fell slightly to $30.3 million, though diluted EPS rose to $0.67 from $0.64 on a lower share count, and income from operations declined to $39.7 million from $42.2 million. Shareholders face a $100.0 million milestone payment to Eli Lilly due in the third quarter of 2026.
Net revenues $183.9 million vs. $174.4 million a year earlier; glucagon sales fell 42% to $11.9 million
GAAP net income $30.3 million, or $0.67 diluted EPS, vs. $31.0 million, or $0.64, in Q2 2025
Adjusted non-GAAP net income $40.8 million, or $0.91 per diluted share, vs. $0.85 a year earlier
BAQSIMI first annual net sales milestone of $175.0 million triggers a $100.0 million payment to Lilly due Q3 2026
Amphastar Pharmaceuticals increased its board from 10 to 11 seats on July 9, 2026, and appointed Anthony Pierce as a Class III director, effective immediately. The board deemed him independent under Nasdaq listing standards, and he has no committee assignments at this time.
Board size increased from 10 to 11 directors; Pierce appointed effective immediately
Pierce's term runs until the 2028 annual meeting of stockholders
Annual cash retainer of $55,000, pro-rated for his start date
Initial equity grant with aggregate grant date fair value of $300,000, split 50% restricted stock units and 50% stock options, vesting on the first anniversary
Amphastar reported first-quarter 2026 results with net revenues essentially flat at $171.2 million, up $643 thousand from a year earlier. GAAP net income fell to $6.4 million, or $0.14 per diluted share, from $25.3 million, or $0.51, as gross margin dropped to 41.1% from 50.0%. For shareholders, the flat sales and sharply lower profit point to weaker earnings, with the company citing higher cost of revenues and research and development spending.
Net revenues were $171.2 million versus $170.5 million in Q1 2025, a 0% change.
GAAP net income was $6.4 million ($0.14 per diluted share) versus $25.3 million ($0.51) a year earlier.
Adjusted non-GAAP net income was $19.5 million ($0.42 per diluted share) versus $36.9 million ($0.74).
BAQSIMI sales fell 15% to $32.4 million, and glucagon sales fell 56% to $9.2 million; cash flow from operations was $47.8 million.
On March 3, 2026, Amphastar entered employment agreements with Jacob Liawatidewi, Executive Vice President of Corporate Administration Center, Secretary and board member, and Rong Zhou, Senior Executive Vice President of Production Center. The agreements set base salaries, target bonuses, and severance terms that would apply if an executive is terminated without cause, does not have a renewal, or resigns for good reason, with enhanced terms after a change in control.
Liawatidewi base salary is $525,800 with a target annual bonus of 55% of salary; Zhou base salary is $590,000 with a target bonus of 53% of salary.
On a qualifying termination, each executive receives a lump sum of two times the highest base salary of the prior 12 months plus the average annual bonus for the two most recent fiscal years, up to 12 months of health premium payments, and
Terms within one year after a change in control add a second lump-sum payment of the same formula and an extra 12 months of health premium payments.
The agreements have a one-year initial term with automatic one-year renewals; the form of agreement is filed as Exhibit 10.1, and the report is dated March 6, 2026.
Amphastar's Chinese subsidiary ANP signed a five-year supply agreement with Nanjing Letop Biotechnology on March 3, 2026, for chemical intermediates, with no minimum purchase obligation. The company also amended a contract research agreement with Nanjing Hanxin, raising its total cost by about $0.6 million. Both counterparties are linked to the company's CEO and Chairman through family ownership, and the company states neither agreement is material to its financial condition or results of operations.
Supply Agreement with Letop signed March 3, 2026, for five years; ANP has no minimum purchase obligation
Contract Research Amendment with Hanxin raises total cost by about $0.6 million, shifting work from AMP-107 to AMP-105
Letop and Hanxin are related parties; Audit Committee evaluated and approved both deals
Company states neither agreement is material to its financial condition or results of operations
Amphastar reported fourth-quarter and full-year 2025 results on February 26, 2026. Revenue, GAAP net income and diluted EPS declined from 2024 in both periods, and the release does not include financial guidance for 2026. Full-year results include a $23.1 million litigation provision, and glucagon sales fell 45% in the fourth quarter on lower average selling prices and unit volumes.
Q4 2025 net revenues were $183.1 million, down 2% from $186.5 million in Q4 2024
Q4 GAAP diluted EPS was $0.51 vs. $0.74; adjusted non-GAAP diluted EPS was $0.73 vs. $0.92
Full-year 2025 net revenues were $719.9 million vs. $732.0 million; GAAP diluted EPS was $2.03 vs. $3.06
BAQSIMI sales rose 46% to $185.4 million for the full year, while glucagon sales fell 36% to $69.1 million
Amphastar entered into an exclusive license agreement with Nanjing Hanxin Pharmaceutical Technology on January 6, 2026, for AMP-110, a fully synthetic corticotropin compound in early-phase human clinical development, covering the United States and Canada. Hanxin is controlled by family members of Amphastar's CEO and Chairman, so the agreement and two related amendments are related party transactions, and the company says the amendments are not expected to be material.
Amphastar made a $2 million upfront payment to Hanxin, with up to $14 million in development milestones and up to $75 million in sales milestones.
Royalties payable by Amphastar to Hanxin are capped at $7.5 million per calendar year and $60 million in total accumulated.
Dr. Jack Zhang and Dr. Mary Luo and certain family members own a majority of Hanxin; the Audit Committee approved the distribution and manufacturing amendments.
The Distribution and Manufacturing Amendments expand territories; their value is not determinable until sales occur in the expanded regions.
Amphastar reported third-quarter 2025 net revenues of $191.8 million, roughly flat from $191.2 million a year earlier. GAAP diluted EPS fell to $0.37 from $0.78, and the company said general and administrative expenses rose mainly because of a $23.1 million litigation provision. Adjusted non-GAAP diluted EPS was $0.93, compared with $0.96 a year earlier.
Net revenues were $191.8 million, up $626 thousand (0%) from $191.2 million in the third quarter of 2024.
GAAP net income was $17.4 million, down from $40.4 million; GAAP diluted EPS was $0.37 versus $0.78.
Adjusted non-GAAP diluted EPS was $0.93 versus $0.96; the adjustments include a $23.1 million litigation provision.
BAQSIMI sales rose 33% to $53.6 million, while glucagon sales fell 49% to $13.6 million.
Amphastar entered a Distribution Agreement effective October 21, 2025, appointing Nanjing Chengong Pharmaceutical as exclusive distributor of BAQSIMI in Mainland China, Taiwan, Hong Kong, and Macau. The filing says the deal's total revenue to Amphastar cannot be determined yet, because per-unit net revenues may vary, and it is a related party transaction with a company controlled by the CEO and Chairman's family.
Agreement effective October 21, 2025, with a ten-year term; either party may terminate without cause after the fourth Contract Year.
Chengong must obtain regulatory approvals in the Region, perform post-marketing clinical trials, and meet minimum purchase amounts per contract year.
Amphastar and Chengong will share profits on earnings above a floor price per unit, based on Chengong's per-unit net revenue.
Dr. Jack Zhang and Dr. Mary Luo, with certain family members, own a majority of Hanxin, Chengong's parent. The independent Audit Committee approved the agreement.
Amphastar Pharmaceuticals entered a three-year contract research agreement on September 15, 2025 with Nanjing Hanxin Pharmaceutical Technology, a company majority-owned by the CEO, COO and Chairman's family. Hanxin will develop cell banks the company will own and use for its product candidate AMP-107, with total cost not expected to exceed about $2.8 million. The deal is with a related party, and the independent Audit Committee approved it.
Agreement effective September 15, 2025, with a term of three years
Total cost to Amphastar not to exceed approximately $2.8 million, paid in Chinese yuan and adjusted for exchange rates
Approximately $0.3 million payable to Hanxin on the Effective Date
Dr. Jack Zhang and Dr. Mary Luo and family members own a majority of Hanxin; independent Audit Committee approved the deal
On August 8, 2025, Amphastar entered into an exclusive license agreement with Nanjing Anji Biotechnology for three peptide-based products in the United States and Canada, and announced it on August 12, 2025. Amphastar paid $0.75 million in earnest money and a $5.25 million upfront payment, with further development and sales milestone payments of up to $42 million and $225 million, contingent on achieving those milestones. The filing ties the deal to Amphastar's pipeline expansion, but the payments depend on future milestones and commercial results.
Agreement signed August 8, 2025; covers three identified peptide products in the US and Canada.
Upfront costs: $0.75 million earnest money and $5.25 million upfront payment to Anji.
Potential payments: up to $42 million in development milestones and up to $225 million in sales milestones.
Royalties owed by Amphastar are capped at $22.5 million per calendar year and $60 million accumulated per product.
Amphastar reported second-quarter 2025 results on August 7, 2025. Net revenues fell 4% to $174.4 million, and GAAP net income declined to $31.0 million, or $0.64 per diluted share, from $0.73 a year earlier. Growth in BAQSIMI sales was offset by lower glucagon and epinephrine sales, and the board increased its share buyback program by $50 million.
Net revenues were $174.4 million versus $182.4 million a year earlier, down 4%.
GAAP diluted EPS was $0.64 versus $0.73; adjusted non-GAAP diluted EPS was $0.85 versus $0.94.
BAQSIMI product revenues rose 51% to $46.7 million; epinephrine revenues fell 42% and glucagon fell 25%.
On August 5, 2025, the board authorized a $50 million increase to the share buyback program.
Amphastar Pharmaceuticals appointed David Gaugh as a Class I director on July 18, 2025, increasing the board from ten to eleven authorized seats. The board determined he is independent under Nasdaq listing standards, and he was not assigned to any committees at this time.
Board approved increase from 10 to 11 authorized directors on July 18, 2025
David Gaugh appointed Class I director, term runs to the 2026 annual meeting, effective immediately
Initial compensation: 50% restricted stock units and 50% stock options, aggregate grant date fair value of $260,000, vesting on first anniversary
Amphastar Pharmaceuticals reported first-quarter 2025 results for the three months ended March 31, 2025, with net revenues of $170.5 million, down 1% from $171.8 million a year earlier. GAAP net income fell to $25.3 million, or $0.51 per diluted share, from $43.2 million, or $0.81 per share, in the prior-year quarter. Lower glucagon and epinephrine sales and higher operating expenses offset growth in BAQSIMI, so shareholders saw lower revenue and profit compared with the prior-year quarter.
Net revenues were $170.5 million, down 1% from $171.8 million; BAQSIMI product revenue rose 177% to $38.4 million.
GAAP net income was $25.3 million, or $0.51 per diluted share, versus $43.2 million, or $0.81, a year earlier.
Adjusted non-GAAP net income was $36.9 million, or $0.74 per diluted share, versus $55.3 million, or $1.04, in the prior-year quarter.
Gross margin was 50.0% versus 52.4% a year earlier; research and development expenses rose to $20.1 million from $17.0 million.
Amphastar Pharmaceuticals reported fourth-quarter and full-year 2024 results on February 27, 2025. Net revenues rose 5% in the quarter and 14% for the year, and GAAP diluted EPS increased from the prior-year periods, though fourth-quarter gross margin fell to 46.5% from 54.0%.
Q4 net revenues were $186.5 million, up from $178.1 million; GAAP diluted EPS was $0.74 versus $0.68 and adjusted non-GAAP diluted EPS was $0.92 versus $0.88.
Full-year net revenues were $732.0 million, up from $644.4 million; GAAP diluted EPS was $3.06 versus $2.60.
Q4 gross margin was 46.5% versus 54.0%, mainly due to lower other revenues after the Lilly Transition Service Agreement with Lilly expired in Q4 2024; BAQSIMI product revenues were $41.8 million in the quarter.
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