Amphastar Pharmaceuticals

AMPH

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$21.60

-0.08 (-0.37%)

Market Cap

$952.4M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Weak

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Share count falling — buybacks

−3.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 49.8M (2021) → 48.2M (2025)

Winston Score History

The full picture

Amphastar Pharmaceuticals makes generic and specialty injectable drugs used in hospitals and clinics. Its key products include glucagon emergency kits, enoxaparin (a blood thinner), and insulin, sold mainly to hospitals, pharmacies, and healthcare providers across the United States. The company also manufactures active pharmaceutical ingredients (APIs), which are the raw chemical building blocks used to make finished drugs.

Amphastar earns money by selling finished drug products and APIs, with most revenue coming from the US market. It operates manufacturing facilities in California, Colorado, and France, giving it some control over its supply chain — a meaningful advantage in the generic drug industry. The company faces ongoing pricing pressure common to generic drug makers, as competitors can erode margins once patents expire and multiple suppliers enter a market. Its ability to grow depends on winning new product approvals from the FDA and expanding sales of newer branded products like Baqsimi, a nasal glucagon treatment.

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on AMPH in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+4.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$86M/ year

↑ Rising (+16% vs prior year)

11.9% of revenue

Below sector average (18%)

Investing heavily in future products and technology

Insider Activity

25.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$290M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Amphastar Pharmaceuticals is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

50.8%

Healthy — 50.8% gross margin

Profit after running costs

Operating Margin

21.6%

Excellent — 21.6% operating margin

Return on the money invested

ROCE

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.4%

Nearly flat sales (+1.4% YoY)

Profit growth

EPS YoY

-37.9%

Earnings shrinking (-37.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

296%

Turns 296% of profit into real cash

Spare cash per sale

FCF Margin

26.2%

Converts sales into free cash efficiently (26.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.80

Moderate — manageable debt (0.80)

Covers its interest

Interest Cover

4.37x

Adequate interest coverage (4.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.4x

Attractive valuation — P/E 12.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.4 → 6.6)

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Dividends

Dividend

Dividend Yield

1.39%

Small dividend — 1.39% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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