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RANCHO CUCAMONGA, California - Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) reported fourth quarter earnings that fell short of analyst expectations, sending shares plunging 12.3% in after-hours trading.
The specialty pharmaceutical company posted adjusted earnings per share of $0.92, missing the consensus estimate of $0.97. Revenue for the quarter came in at $186.5 million, below analyst projections of $192.69 million.
Compared to the same quarter last year, Amphastar’s revenue increased 4.7% from $178.1 million. The company’s top-selling product in Q4 was BAQSIMI, which generated sales of $41.8 million.
"We are incredibly proud that in 2024, we exceeded our long-term goal of achieving $100 million in annual sales for Primatene MIST, and we look forward to continuing to grow the brand," said Dr. Jack Zhang, Amphastar’s President and CEO. "Furthermore, BAQSIMI showed strong factory sales growth of 12% compared to the fourth quarter of last year."
While Primatene MIST sales rose 18% YoY to $28.9 million, the company saw declines in other key products. Glucagon revenue fell 18% to $25.6 million, while epinephrine sales dropped 24% to $18.7 million.
For the full year 2024, Amphastar reported revenue of $732 million, up 14% from $644.4 million in 2023. Adjusted earnings per share for the year were $3.86, compared to $3.32 in the prior year.
The significant stock decline following the earnings release suggests investors were disappointed by the Q4 miss and potentially concerned about competitive pressures on some of Amphastar’s core products.
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