Amphastar at Jefferies Conference: Strategic Focus on Growth

On Thursday, 05 June 2025, Amphastar Pharmaceuticals (NASDAQ:AMPH) presented at the Jefferies Global Healthcare Conference 2025, outlining a strategic plan aimed at reviving double-digit sales growth. The company is focusing on complex generic injectables, proprietary products like Primatene Mist and Baqsimi, and potential FDA approvals, amid challenges such as increased R&D spending and competitive pressures.

Key Takeaways

• Amphastar aims for double-digit sales growth next year after flat revenues in 2025.
• Baqsimi, a key product, anticipates peak sales of $250 million to $275 million.
• The company expects FDA approvals for new products to bolster revenue.
• Tariffs on APIs from China will impact costs, but the effect is not material.
• Manufacturing in the U.S. provides a competitive edge amid changing trade policies.

Financial Results

• Q1 2025 revenues were flat year-over-year, with a slight decline in earnings.
• Increased R&D spending impacted the bottom line, despite a strategic focus on innovation.
• Gross margins are under pressure due to competition on key products like glucagon kits.

Operational Updates

• Baqsimi sales growth was flat in Q1 due to acquisition-related accounting issues.
• The company is enhancing awareness and accessibility for Baqsimi, aiming for high single-digit sales growth.
• Primatene Mist sales are projected to grow in the high single digits, supported by marketing efforts targeting primary care physicians.
• Amphastar is open to acquiring products that complement its expertise in injectables and inhalations.

Future Outlook

• Amphastar targets a return to double-digit sales growth, driven by increased uptake of Baqsimi among insulin users.
• Two ANDA approvals are expected by year-end, with AMP002 and AMP007 likely to launch soon.
• AMP007, an inhalation product, is anticipated to launch in Q4 2025, priced 30% below the brand.

Q&A Highlights

• Baqsimi remains the leading prescribed glucagon in the U.S., favored for its intranasal administration.
• The company addressed FDA inquiries for AMP002 swiftly, boosting optimism for approval.
• Tariffs on Chinese APIs are expected to add $500,000 to quarterly costs, though the impact is manageable.

Readers are encouraged to refer to the full transcript for a detailed understanding of Amphastar’s strategic plans and market positioning.

Full transcript - Jefferies Global Healthcare Conference 2025:

Dennis Ding, Biotech Analyst, Jefferies: Good afternoon and welcome to day two of the Jefferies Global Healthcare Conference. My name is Dennis Ding, biotech analyst here. I have the great pleasure of having Amphastar Pharmaceuticals here up with me for fireside chat. We have CFO Bill Peters as well as the EVP of Corporate Administration Jacob Liawatadui, here with us. Welcome.

Bill Peters, CFO, Amphastar Pharmaceuticals: Thank you. Thank you.

Dennis Ding, Biotech Analyst, Jefferies: So maybe to kick things off, like, don’t you give a little bit of background to the company, where you are right now, and sort of what’s been happening over the last one to one or two years that got you here.

Bill Peters, CFO, Amphastar Pharmaceuticals: Yeah. So Amphastar is an interesting company. We’re a biopharmaceutical company which has a base of injectable and inhalation products and a long history of strong science. What we like to focus on are the hardest to do products in the generic injectable space and the inhalation space. And additional additionally, we’ve also made efforts into proprietary products as well.

So we have sell Primatene Mist, which is the only OTC FDA approved asthma product. And we sell Baqsimi, which we purchased from Eli Lilly about two years ago. So that’s a highly specialized glucagon product that’s used for it’s a nasal nasal administration, the only and nasally administrative glucagon product out there. What’s going on recently is that, you know, last year we launched albuterol, and we’ve got an exciting pipeline of multiple products that we’re working on.

Dennis Ding, Biotech Analyst, Jefferies: Okay, great. And then, you know, remind us, you know, first quarter earnings and just what the results were and just how people should think about the rest of the year.

Bill Peters, CFO, Amphastar Pharmaceuticals: Yes. So what we’ve said this year is that our revenues would be relatively flat. And earnings were down slightly, so what we’ve also mentioned is that gross margins are going to be a little bit constricted by competition that we’ve had on a couple of our key products such as glucagon kit and the epinephrine vial product along with phytonodion. So the price pressure on those products brings down our gross margin. Additionally, we’ve really increased our r and d budget as we’re taking a look at more hard to do generic products and some proprietary products as well along with some biosimilars.

So those things lead to a lower bottom line for this year. But our goal is then to return to double digit sales growth in the following year. Okay.

Dennis Ding, Biotech Analyst, Jefferies: So you mentioned Baqsimi. That’s obviously a big growth driver for the company. So can you talk a little bit more about that specific product and what’s been driving that growth, whether it’s price, volumes or maybe a bit of both?

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: So yeah, for Baqsimi, the growth basically based on more feasibility and awareness. So according to ADA, each patient that receive insulin prescription should have glucagon on hand or available. And based on the IQVIA data, it’s only roughly about twelve percent of patients that prescribe insulin having glucagon. So, prior to the Novo glucagon approval back in 2019, prior to that glucagon is not really being marketed out there just because it’s an old product. It’s been around a long time.

So now with the Novo Gogu Gone, which the nasal powder, much easier administration, I think there’s more awareness to have Gogu Gone available for emergency use. So it’s our job to continue basically make that awareness out there.

Dennis Ding, Biotech Analyst, Jefferies: Okay. So you’re saying that ideally with every insulin prescription that a doctor would prescribe concurrently, glucagon, right? As sort of rescue. Yeah. But right now it’s only twelve percent.

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Yeah, roughly about twelve percent.

Dennis Ding, Biotech Analyst, Jefferies: Male So talk about that for a little bit and, you know, just the history of that. I think you mentioned just lack of marketing and things like that. But like, is there kind of like, there ways to improve that just overall disease awareness education? Like what’s kind of being done to kind of help that along?

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Yeah. So our sales reps, we have a sales program where it’s our own and contract sales organization. They marked detailed endocrinologists. And earlier this year, in January, we worked with MannKind, which also have sales reps that details endocrinologists, that they also market Baqsimi into their endocrinologist. So, I think it’s more shares of voice out there, kind of make the endo aware that the products available, accessible, and the costs are minimal to patient just because it’s only, as you mentioned, emergency use.

So hopefully, the patient never need to use one, but always good to have one when available. We internally, we call it like insurance for insulin, where you don’t use it but it’s good to have it when there’s emergency. Yeah,

Bill Peters, CFO, Amphastar Pharmaceuticals: and the other thing is that historically when we bought vaccine it was only that rate was only ten percent scripts. But historically the glucagon was delivered through the kit, which we also sell, and that’s a difficult process. The kit is much significantly larger to carry around. It’s a big plastic box that contains a vial with lyophilized powder and then a prefilled syringe that contains diluent, and the person has to mix the product up themselves. So they have to inject the diluent into the vial, shake up the vial, withdraw the product, and then inject it into someone.

Now if this is some, you know, a person who’s a parent or a caregiver or a teacher or something like that, the person’s, like, unconscious, that’s a very difficult proposition versus Baqsimi. It’s a ready to use product. It’s you just take it out of the packaging and you spray it in the person’s nose. So it’s a much easier product to use and also to carry. So we think that the ease of use, ease of administration, ease of carrying will lead to longer term compliance with the product.

So we think that the there’s a real advantage with this this ready to use product. And as we’ve seen, you know, moving from 10% to 12% in just the last two years, we think it’s, you know, on a good pathway to continue that growth and continue that trajectory.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And then in terms of the competitive dynamics on the ground, can you talk a little bit about Gvoke and how Baqsimi compares? And, yeah, just what you’re hearing on the ground from doctors in terms of feedback between those two products?

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Yeah, absolutely. So, for ready to use glucagon, so there’s Baqsimi, there’s Gvoke, and there’s a smaller glucagon analog or Zagalog. So, those are the market dynamic. And for Gvoke, it is ready to use but still injectable versus intranasal. So Baqsimi is still the number one prescribed glucagon in The U.

S. And so we still lead in that category. While some doctors say, Oh, my patient do injection of insulin all the time, so they have no fear of injection. But a lot of time people forgot that for hypoglycemia situation, it’s not the patient that are injecting themselves. As Bill mentioned, it will be their coach, their parents, their caregiver.

Those individual will be much basically comfortable to basically dispense intranasal versus try to figure out to do injection. So yeah, I think especially during for pediatrics age, I think parents much more comfortable with vaccine as a intranasal versus injection. I think that’s the feedback in that we see that parents much more prefer intranasal.

Dennis Ding, Biotech Analyst, Jefferies: Okay. Thanks. And, you know, in Q1, I believe or maybe just remind us how Baqsimi did in Q1 because you guys are guiding to the street that it would be like Baqsimi for the year, I believe, would be high single digit growth? Yes. So maybe clarify that

Bill Peters, CFO, Amphastar Pharmaceuticals: a little The quarter the accounting gets a little tricky because when we purchased the product from Lilly a year you know, accounting a year ago was a little tricky because all of the they were originally selling the product and for the sales that they made, the accounting treatment was that we could only book the revenue based on the net of what we would get from them. So if they sold a hundred dollars worth of product that had $40 worth of expenses, then we would only recognize that $60. So that was last year as and as we changed the distribution on a country by country basis, over the course of the year, we took on the distribution ourselves. It goes to a normal model where we’re recognizing a % of the revenue. So this year, when you take a look at the Vaximi line, there’s it shows great growth, but the the reality is that was mostly an accounting issue.

So the it was relatively flat year over year in the first quarter. But what we’ve seen in the second quarter is that the scripts are growing at a much higher rate. So the guidance that we’ve given for the year is that the scripts will grow at a high single digit rate, and that we took a price increase of 3% in The United States. And The United States makes up about 80% of that market. So you get to a sales growth that’s, you know, closer to 10% range.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And then as you go through the year, there’s going to be some acceleration that would happen. Is that fair?

Bill Peters, CFO, Amphastar Pharmaceuticals: That first of all, yeah, that’s fair. And we’ve seen acceleration in the second quarter from on a script basis, taking a look at the script data from IQVIA. And but what we really will see is we believe a big jump in the third quarter. And the third quarter is the big quarter for vaccinee because it’s back to school season. So when we take a look at the sales last year, they peak in the month of August, and it’s a significant jump up in that month.

So right now,

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: we

Bill Peters, CFO, Amphastar Pharmaceuticals: our factory sales really jump up in the the June and July time frame to get prepared for that back to school season. So we expect to see that jump this month, and we expect to see that in the next couple months. And, you know, the seasonal trend, we believe, will continue, so we expect a very strong third quarter. Okay.

Dennis Ding, Biotech Analyst, Jefferies: And then, you know, as you think about Bexumi beyond 2025,

Bill Peters, CFO, Amphastar Pharmaceuticals: what sort of growth profile are you expecting? We expect a similar growth profile going forward for several years, and the guidance that we’ve given remains that we expect to see peak sales in the $250,000,000 to $275,000,000 range. Now we haven’t given a time frame as to when that will be, but we have said it’s going to take us several years to get to that that level. So but, you know, we’re happy with the trajectory we’ve seen. We’re happy with the the product, and and we’re really excited about it.

Okay.

Dennis Ding, Biotech Analyst, Jefferies: So then from a revenue perspective, if you are getting what around high single digit volume growth this year and then price is an incremental couple of percent, so that gets you to I think you said around 10%, eleven %. You’re kind of expecting continued double digit growth in ’26 and plus? Or would it moderate a little bit just because of larger base?

Bill Peters, CFO, Amphastar Pharmaceuticals: Right now, we haven’t given guidance beyond this year other than that we will get to that $250,000,000 to $275,000,000. But, you know, we don’t really see any reason why it would slow down from where we are right now. So at least in the current rate, so we expect, as we mentioned before with uptake rate from going from ten percent of insulin users to twelve percent, that’s pretty big growth actually for that timeframe. So we think that we can continue to move this product along at a nice Right. Above average growth.

Dennis Ding, Biotech Analyst, Jefferies: Right. Because even though it’s an extra 200 basis points, the volume is, like, so big because Yes. So many people are on insulin. Exactly. Okay.

Got it. Then switching to Primatene Mist, like that is another growth driver for the company. So explain a little bit what that product is, how is that positioned in the market, and how you’re thinking about the growth profile.

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Yes. So Primatene Mist is the only over the counter FDA approved asthma medication. So it’s been so we launched that back in late twenty eighteen, full year 2019. Since then, we continue to grow year over year. This year, we project it will grow by basically high single digit.

And we are continuing supporting that products from national media coverage such as TV advertisement. And also this year, we expand the marketing effort to expanding our physician sampling program to the PCP, because we believe PCP also would be helpful to provide information to patient that there’s over the counter products available. And so we’re very excited. I think that brand will continue to grow, being the only over the counter available.

Dennis Ding, Biotech Analyst, Jefferies: Yeah. I think I’ve seen one of those at those commercials. That’s great. And then, you remind us of, you know, your sales force for each of these products? Or, like, how is the sales organization structured?

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Male For Primatene Mist, because it is over the counter. So, we have a limited small sales force. We actually use contract sales organization. Prior to that, we did not have sales force, mainly just through what you mentioned, TV ad because that’s direct to consumer. But this year, that’s when we start having a small kind of like a pilot sales force to see Mhmm.

How we could continue incrementally grow the brand. How big is that pilot sales force? We haven’t disclosed, but it’s small compared to the number of

Dennis Ding, Biotech Analyst, Jefferies: PCP.

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: And we want to see how successful that program is. And then in ’26, we’ll decide if we’re going to add on or whether we see the ROI or not.

Dennis Ding, Biotech Analyst, Jefferies: Have you talked about which geographies? I mean presumably some of the high

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Geography, we haven’t disclosed that, but pretty much just the high population metropolitan areas where we see bang for the buck.

Dennis Ding, Biotech Analyst, Jefferies: And what do need to see from, I guess, a revenue perspective from those that pilot group, you know, to decide whether or not to expand?

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: I think it’s more into because part of the sales force will be providing physician with samples. And the physician basically provide that sample to patient that they see the benefit using those. I think we’ll see from that because it is difficult to quantify, right? Because it’s such a large distribution versus small sales force. But we’ll just continue monitoring the feedbacks and how often the samples goes out.

Okay.

Dennis Ding, Biotech Analyst, Jefferies: Now, those are two of the growth drivers. Can you just remind us the other parts of the business, the base business and the growth profile there?

Bill Peters, CFO, Amphastar Pharmaceuticals: Yes. So the base at the core of the base business is a portfolio of injectable products. A lot of them are used in the emergency room crash cart situation. So they’re products that have been steady contributors for decades to

Dennis Ding, Biotech Analyst, Jefferies: the

Bill Peters, CFO, Amphastar Pharmaceuticals: company. Additionally, we sell enoxaparin and fitonodion, which are both more on the decline right now. But what we’ve said this year to get to that flat sales that I mentioned earlier is that we would need contributions from two new approvals. So our expectation is that we have four ANDAs at the FDA today. Our expectation is that we would get approvals on two of those products and get sales from two of those products.

Dennis Ding, Biotech Analyst, Jefferies: Yeah. So okay. So taking a step back, you have growth drivers in Primatene Mist and in Baqsimi. Those are growing. The base business is kind of declining.

And then outside of the expected approvals of two products by the end of the year, revenue should be declining and then the delta makes is made up by the two pipeline or two approved products by the end of year? Okay. So can you talk a little bit about those four pipeline products that are under review? Just, you know, the markets and the mechanism and just kind of the history of those products with the FDA.

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Yeah. We could start with the AMP002. So that product, it’s we disclosed it is a generic injectable and that at this time there’s no other generic approved. It’s very complex products. And that’s one of the reasons why it takes so long to get the approval.

There’s no patent. And we have a GDUFA date that is two years ago, Q2, twenty twenty three. Between Q2 twenty twenty three till today, we have regular meetings and discussion with FDA on these products with their senior official. They always tell us that they are working on it. This is a must have product for them to get approval.

And we disclose we typically do not talk about information requests because those are happens all the time for an application. But we disclose this quarter, we did receive an IR just because the unusual of this product’s process application process. We received an FDA IR for the first time for the past two years on this application. But the IR was very simple, which make us optimistic that we’ll we hope the next communication will be FDA approval. The IR was very simple that we responded within one day.

And the type of IR is not something that vague, like provide data for this or test for that. But it’s very straightforward that we basically provided returned that to FDA within one day. So that’s what we’re hopeful that we’ll get approval.

Dennis Ding, Biotech Analyst, Jefferies: Do you see some of the recent turnover and changes at the FDA as a potential kind of risk going into whatever decision process that the FDA is going through right now?

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Fortunately, no. So, FDA kept meeting the time that we have agreed to. So basically, this product, we are we have a regular meeting schedule with them them to provide update on this. Throughout this time, basically, there’s no action from our side. It’s just from their side.

They’re working internally. So yeah, fortunately, no. We’re excited with that.

Dennis Ding, Biotech Analyst, Jefferies: Have you talked more about what mechanism or like what indication or just any kind

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: of more details around O02? No. We have not disclosed that.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And then there are three others. Can you just remind us the other three?

Bill Peters, CFO, Amphastar Pharmaceuticals: Yes. So we also have, teriparatide at the FDA right now, and that’s one that we’ve, had a couple CRLs on. It’s a complex generic in some ways similar to glucagon in in structure, but it’s one where there’s already a couple of generics on the market. So, while we’re still, you know, looking forward to getting that product approved, it’s not as big a market opportunity as it might have been at one point.

Dennis Ding, Biotech Analyst, Jefferies: Additionally, we have And sorry, teriparatide is for what

Bill Peters, CFO, Amphastar Pharmaceuticals: disease? It’s osteoporosis.

Dennis Ding, Biotech Analyst, Jefferies: Osteoporosis? Okay. Thank you.

Bill Peters, CFO, Amphastar Pharmaceuticals: Male And then we have AMP18, which is a GLP-one, and that’s one where we think it’s gonna be a pretty crowded market, so it’s not as exciting. And it’s also the only one of the four that we do not believe could get approved this year. It’s probably gonna be an approval next year. And then the final one is a m p zero zero seven, which is an inhalation product. And, to us, it’s a pretty exciting one, because, you know, we’ve there’s no generics on the market right now.

And we just recently or we’re about to respond to a CRL, we think we’re likely to get the GDUFA date that’s in late in the third quarter. So we think that this one has a good chance to be on the market in the fourth quarter.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And then, you know, out of those four, I mean, seems like the GLP-one is more twenty twenty six. The other three, one of them has had a GDUFA update two years ago that’s passed. And then the other two, one of them is a kind of crowded market. So then, you know, you mentioned the inhalation one that’s kind of the most promising, right?

And do you think that is the one that investors should kind of most, you know, pay the most attention to?

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Yeah, I think that and the two. So for the seven, the generic inhalation, we know there’s at this time, there’s no generic available. And we know that MDI HFA products are challenging to get generic approval. That’s why we are excited that we may be the only generic to be approved by FDA for some time, similar to our glucagon story in the past. So, yeah.

So and that one has paragraph four. So we did certify paragraph four challenge. And RLD or the innovator never filed any patent claim against us. So that’s why we are very excited with that.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And did that product get a CRL? Remind me again. Yes. And then you responded to it.

Bill Peters, CFO, Amphastar Pharmaceuticals: So we’re about to respond.

Dennis Ding, Biotech Analyst, Jefferies: About to respond. So talk to me a little bit about the CRL, the details of it,

Bill Peters, CFO, Amphastar Pharmaceuticals: overall We really give much of the details about it other than to say that the CRL was minor, and therefore, were able to respond to it relatively quickly. We’re going to respond to it in the next couple of weeks. And because it was also characterized as minor by the FDA that we should have a GDUFA date that’s about three months after we respond So that puts us in the late third quarter for a GDUFA date, we believe that we could then prepare for launch and launch this in the fourth quarter.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And how should we think about pricing in that market?

Bill Peters, CFO, Amphastar Pharmaceuticals: Yes. So as what we think is likely a first generic, generally you have to price, say, 30% below the brand. It’s pretty typical for a generic, so that’s the type of pricing we would look to to see. And with that level of pricing, it would be a very profitable product for us and also one that gives us meaningful sales. So, yeah, so we’re very excited about it.

And additionally, it will be the third inhalation product that we’re making at our facility in Massachusetts. And because of that, as we add more products to that facility, the facility gets to run more efficiently and absorb more overhead over more products. So the existing product line from that facility, including Primatene Mist and albuterol, it ends up lowering the cost of goods for those products and making those margins better as well. So really looking forward to the operating contributions from bringing that product to market. Sure.

Let’s take

Dennis Ding, Biotech Analyst, Jefferies: a step back and, you know, everybody these days are talking about tariffs and things like that. Can you just remind us of your manufacturing and just overall exposure there?

Bill Peters, CFO, Amphastar Pharmaceuticals: Yes. So right now we make all of our finished product in The United States. We think that from that standpoint we should be better off than most companies. We do make some of our active ingredients in China and in France, but right now from China, there’s only five either APIs or starting materials that we make in China for the existing products. And of those, we would only have to import two of those this year because we have enough API on hand already for the other three products.

So we would be subject to a tariff on those APIs the way we’ve interpreted the laws right now. And what we’ve said is that the likely impact to us, the way we calculate it, is about $500,000 of extra expense to cost of goods on a quarterly basis. So it’s, you know, it’s definitely noticeable, but it’s not that it’s not really material to the company. Additionally, as these laws keep changing, we do source components from other countries, whether that be glass files or some of the pieces for the inhalation devices that we have. So depending on the way these tariffs are implemented, there’s always the potential that those those could have a tariff on them.

But now for us, the way we see it is that we’re making finished product in The United States. And additionally, we’re actually making several APIs in The United States as well. And so there’s not that many biopharmaceutical companies that are smaller like we are that have the capabilities to do that. So we think that really puts us in a good position.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And, you know, just ahead of the tariffs, you know, you see a lot of companies kind of talking about, oh, they have enough API, they have enough finished product through ’twenty five, sometimes even through 2026. Have you done a similar mitigation strategy or just not yet given the lack of clarity right now?

Bill Peters, CFO, Amphastar Pharmaceuticals: Well well, like I said, we we have enough API for three of those products that we make the API in China for more than this year. And in some cases, it’s two to three or four years worth of API. And in general, on APIs, we generally keep at least a year on hand just because of, you know, any other kind of logistical problems that will come up from time to time and headaches that we saw during COVID. So we want to keep and we plan to keep those amounts in inventory and anything else?

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Yes. No, absolutely. And we have multiple discussion with our suppliers whether we have things on hand here, then we’ll still honor our PO, but they retain it in Europe, let’s say, and they’ll figure out what’s the best way and they’ll think settle down just because tariff just kept changing.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And then the last minute or two, just talk about the company’s PD

Bill Peters, CFO, Amphastar Pharmaceuticals: strategy. Yes. So our main strategy is built around the internal r and d of the company, and our founders are are strong scientists, brilliant scientists, who bring that, that knowledge and that mindset to to the company. So our main our main thing is that we focus on r and d. However, you know, when we look at products and we find products like Vaximi, we just think it fits so well with our company.

We’re we’re really interested in making deals like that in the future as well. So we are looking at other opportunities that might be in the endocrinology space that would further involve Vaxmi or with products that would fit well with our manufacturing expertise in the injectable inhalation and intranasal space. So those are the type of things that we would be looking at. And in general, we’re pretty selective on what we do. We really think it has to fit in well with the long term goals the company.

Dennis Ding, Biotech Analyst, Jefferies: Okay. Very good. Well, think that’s all the time that we have. But thank you so much for the fireside. It’s nice to see you both in person, and best of luck.

Thanks

Bill Peters, CFO, Amphastar Pharmaceuticals: for Thank you, Dennis.

Jacob Liawatadui, EVP of Corporate Administration, Amphastar Pharmaceuticals: Thank you.

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