Amphastar Pharma (AMPH) Stock Forecast & Price Target

Amphastar Pharma is supported by a portfolio of technically challenging products across injectable, inhalation, and intranasal therapies, plus insulin API, which creates multiple revenue drivers and reduces reliance on any single product line. The excerpt highlights meaningful contribution from Other Revenues, including Baqsimi via LLY at 19.2 and AFP (Insulin API) at 6.7, reinforcing the company’s ability to monetize both proprietary and partner-related assets in high-value pharmaceutical niches. Its focus on hospital and urgent care settings, combined with distribution through group purchasing organizations and drug wholesalers and a dominant U.S. revenue base, supports durable demand, commercial reach, and an operational profile that can benefit from continued product execution.

Amphastar Pharma is viewed negatively because 1Q26 results showed clear execution and demand pressure, with diluted non-GAAP EPS of $0.42 missing the $0.71 estimate and revenue of $171.2M slightly below the $173.5M expectation, while Baqsimi sales fell to $32.4M from $38.4M in 1Q25 due to higher rebates, 340B discounts, and an unfavorable channel mix. Competitive erosion is also intensifying in the core base business, as injectable glucagon sales dropped about 56% year over year to $9.2M after Viatris launched a generic in December 2024, and the broader visibility into when pipeline assets such as the Phase I ACTH analog can contribute remains murky, limiting confidence in top-line and EBITDA growth. Although the company maintained expectations for 2026 high-single digit revenue growth and highlighted a new ipratropium bromide HFA launch that could become a $30M-$40M opportunity, the downward revision of Baqsimi to flat-to-low-single-digit growth and the likely permanence of pricing pressure suggest the shares deserve a cautious stance.