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Amphastar Pharmaceuticals supplies injectable, inhaled and nasal medicines to healthcare facilities and retail pharmacies through wholesalers and specialty distributors. Its largest product is BAQSIMI, a nasal glucagon powder used to treat severe low blood sugar in people with diabetes. Another major brand, Primatene MIST, is sold without a prescription for temporary relief of mild intermittent asthma symptoms. These brands, together with generic glucagon, epinephrine and lidocaine, generate most of its revenue.
The company earns money by selling these products, with McKesson, Cencora and Cardinal Health together accounting for most revenue. Many hospitals and pharmacies belong to purchasing groups that negotiate prices. Insurance coverage and reimbursement also influence sales, while government drug programs require rebates, discounts or price ceilings that limit what Amphastar receives.
Reliable, regulator-compliant production is central to the business. Amphastar depends on a contract manufacturer for BAQSIMI and on single or limited sources for some drug ingredients and components. Replacing suppliers can require FDA approval, so it cannot always switch quickly when supply stops. Its own and outside manufacturers must meet FDA manufacturing standards, and changes to approved products’ manufacturing processes or sites may need additional approval.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Amphastar’s results also hinge on injectable-drug pricing and supply competition from Hikma and Fresenius Kabi, two important rivals missing from this list.
Xeris Biopharma’s ready-to-use Gvoke competes with Amphastar’s BAQSIMI and emergency glucagon kits to treat severe low blood sugar in people with diabetes. Watch Gvoke sales as a sign of competition for BAQSIMI while the shift to ready-to-use treatments also erodes Amphastar’s traditional glucagon sales.
Amneal Pharmaceuticals competes with Amphastar for sales of hard-to-make generic medicines and injectables, including nasal naloxone for reversing opioid overdoses. Its nasal naloxone launch news is worth watching for competition facing Amphastar’s Rextovy.
Teva competes with Amphastar for generic injectable and inhalation medicine sales, including nasal naloxone used to reverse opioid overdoses. Teva’s U.S. generic nasal naloxone sales are a product-level signal of competition for Amphastar’s Rextovy.
Viatris competes with Amphastar to supply injectable and inhalation medicines to pharmaceutical buyers. Watch news about Viatris’s production and supply reliability in these medicines, rather than its overall revenue, for clues to the competition Amphastar faces.
Dr. Reddy’s competes with Amphastar to sell generic injectable and inhalation medicines, with both handling drug development and manufacturing in-house. Watch Dr. Reddy’s complex-generic launches for new competition to Amphastar’s technically challenging medicines.
MannKind depends on Amphastar for insulin used in Afrezza, its inhaled diabetes medicine: Amphastar was its only qualified source at December 31, 2025, but purchases are paused for at least the next two years while upgraded insulin is qualified. Watch qualification and purchasing updates, because the pause leaves Amphastar’s French insulin factory exposed to unused capacity and margin pressure.
Pfizer competes with Amphastar for injectable-medicine sales, where rival supply and pricing can move Amphastar’s revenue. Watch Pfizer’s injectable supply and pricing news: Amphastar says competitors’ ability to meet demand affects its epinephrine and other product sales.
Emergent BioSolutions competes with Amphastar’s Rextovy through NARCAN and KLOXXADO, nasal sprays sold to reverse opioid overdoses. Watch revenue from Emergent’s Commercial Product business, which contains those two sprays, for a view of the competing overdose-reversal market.
Dr. Reddy's Laboratories Limited earningsRDY
Dr. Reddy’s report will show whether its complex-generic launches are adding competition for Amphastar’s injectable and inhalation medicines.
Look for complex-generic launches and sales, especially in injectables and inhalation medicines. If new products launch and build sales, another supplier is competing for the same buyers and could weigh on Amphastar’s related product volumes or prices. Few launches or little sales would be weaker evidence of added competition, not proof that Amphastar faces no other rivals.
Fed Interest Rate Decision
The Fed’s interest-rate decision shapes the cost of borrowing for Amphastar, whose term loan and matching-rate revolving facility can make interest expense higher or lower and leave more or less cash for its pharmaceutical business.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates rise more than expected, interest on Amphastar’s rate-sensitive borrowing may increase, leaving less cash from its pharmaceutical business for operations.
If it comes in below expectations
If rates fall more than expected, interest on Amphastar’s rate-sensitive borrowing may ease, leaving more cash from its pharmaceutical business for operations.
Emergent Biosolutions, Inc. earningsEBS
Emergent BioSolutions’ report will show whether NARCAN and KLOXXADO are finding buyers in the nasal-spray overdose-reversal market that its report shares with Amphastar’s Rextovy.
Check Emergent’s Commercial Product results and any separate sales detail for NARCAN and KLOXXADO. Stronger results would suggest these rival sprays are finding buyers and could increase competition for Amphastar’s Rextovy. Weaker results would offer less evidence of pressure from Emergent, but the segment includes other products, so it may not show how either spray performed by itself.
Pfizer Inc. earningsPFE
Pfizer’s report will show what injectable supply and pricing may mean for competition with Amphastar’s epinephrine and other products.
Look for Pfizer’s disclosures about injectable supply and pricing, and relate them to the alternatives available to Amphastar’s buyers. If competing products are readily available or priced more aggressively, buyers have more options and Amphastar may find it harder to win orders or defend prices. If supply is constrained, Amphastar could have more room to fill demand if it can deliver. Pfizer’s overall results alone would not establish what happened in these product markets.
Mannkind Corporation earningsMNKD
MannKind’s report will show whether qualification and purchasing updates could bring demand back to Amphastar’s French insulin facility.
Look for MannKind’s updates on qualification of the upgraded insulin and its purchasing plans. If qualification advances and purchases from Amphastar resume, orders would provide demand for the French facility and help absorb capacity. If purchases remain paused, the facility stays exposed to unused capacity, making fixed manufacturing costs harder to absorb and margins more vulnerable. Qualification progress would not by itself mean purchasing has resumed.
Amphastar Pharmaceuticals, Inc. earningsThis company
Amphastar’s report will show whether BAQSIMI sales can offset price and volume pressure on its glucagon and epinephrine products.
Read BAQSIMI sales alongside glucagon and epinephrine sales, separating changes in volume from changes in average selling price, and check the overall gross margin. If BAQSIMI holds up, declines in the other products ease and margin stays firm, its sales mix is helping absorb competitive pressure. If BAQSIMI weakens while glucagon or epinephrine keeps losing volume or price and margin also comes under pressure, the largest growth driver is not making up for erosion elsewhere.
Xeris Biopharma Holdings, Inc. earningsXERS
Xeris Biopharma’s report will show whether ready-to-use Gvoke is drawing buyers away from the emergency glucagon products it shares a market with at Amphastar.
Look at Gvoke sales alongside Amphastar’s BAQSIMI and traditional glucagon emergency products. If Gvoke sales strengthen, buyers are choosing a ready-to-use treatment, pointing to more competition for BAQSIMI and a continued shift away from traditional glucagon products. If sales weaken, there is less evidence of pressure from Gvoke, but that would not show that Amphastar’s products are growing.
