Amphastar’s stock dropped sharply by 23.2% after earnings, reflecting investor disappointment over ongoing pricing pressure, rebate-related revenue headwinds, and mixed segment performance despite stable baseline business and pipeline progress.

• Net revenues reached approximately $171.2 million, driven primarily by recent product launches but offset by pricing pressure and product mix shifts in legacy products.
• BAQSIMI revenue was about $32 million but impacted by higher rebates, channel mix, and greater government program utilization, masking an underlying 8% volume growth.
• Primatene MIST generated roughly $30 million, with store-level sales up 6.5% year-over-year, supported by marketing efforts.
• Pricing and competitive intensity remain variable and continue to pressure margins and top-line stability in legacy products.
• The company’s pipeline shows progress with expected biosimilar and proprietary launches in 2027, though these have yet to meaningfully impact current financials.