Amphastar Pharmaceuticals Reports Financial Results for the Three Months and Full-Year Ended December 31, 2022

Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (“Amphastar” or the “Company”) today reported results for the three months and full-year ended December 31, 2022.

Reports Net Revenues of $135.0 Million for the Three Months Ended December 31, 2022

RANCHO CUCAMONGA, CA / ACCESSWIRE / February 28, 2023 / Amphastar Pharmaceuticals, Inc., (NASDAQ:AMPH) ("Amphastar" or the "Company") today reported results for the three months and full-year ended December 31, 2022.

Fourth Quarter Highlights

  • Net revenues of $135.0 million for the fourth quarter
  • GAAP net income of $33.9 million, or $0.66 per share, for the fourth quarter
  • Adjusted non-GAAP net income of $37.6 million, or $0.73 per share, for the fourth quarter

Full-Year Highlights

  • Net revenues of $499.0 million for the fiscal year
  • GAAP net income of $91.4 million, or $1.74 per share, for the fiscal year
  • Adjusted non-GAAP net income of $103.2 million, or $1.97 per share, for the fiscal year

Dr. Jack Zhang, Amphastar's President and Chief Executive Officer, commented: "We are pleased to report our strongest quarter yet, driven by sales of epinephrine, Primatene MIST®, glucagon, and other finished pharmaceutical products. Looking ahead to 2023, we anticipate launching multiple new products to continue driving our growth."

 
  Three Months Ended     Year Ended  
 
  December 31,     December 31,  
 
  2022     2021     2022     2021  
 
  (in thousands, except per share data)  
Net revenues
  $ 135,023     $ 120,887     $ 498,987     $ 437,768  
GAAP net income attributable to Amphastar
  $ 33,913     $ 19,760     $ 91,386     $ 62,116  
Adjusted non-GAAP net income attributable to Amphastar*
  $ 37,638     $ 20,833     $ 103,186     $ 67,999  
GAAP diluted EPS attributable to Amphastar stockholders
  $ 0.66     $ 0.39     $ 1.74     $ 1.25  
Adjusted non-GAAP diluted EPS attributable to Amphastar stockholders*
  $ 0.73     $ 0.42     $ 1.97     $ 1.37  

* Adjusted non-GAAP net income attributable to Amphastar and Adjusted non-GAAP diluted EPS attributable to Amphastar stockholders are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.

Fourth Quarter Results

 
  Three Months Ended              
 
  December 31,     Change  
 
  2022     2021     Dollars     %  
 
  (in thousands)        
Net revenues:
                       
Primatene MIST®
  $ 22,279     $ 21,489     $ 790       4 %
Epinephrine
    21,427       18,868       2,559       14 %
Glucagon
    18,319       15,335       2,984       19 %
Lidocaine
    13,286       12,099       1,187       10 %
Phytonadione
    11,666       13,921       (2,255 )     (16 )%
Enoxaparin
    7,812       7,942       (130 )     (2 )%
Naloxone
    4,845       6,546       (1,701 )     (26 )%
Other finished pharmaceutical products
    33,082       21,776       11,306       52 %
Total finished pharmaceutical products net revenues
  $ 132,716     $ 117,976     $ 14,740       12 %
API
    2,307       2,911       (604 )     (21 )%
Total net revenues
  $ 135,023     $ 120,887     $ 14,136       12 %

Changes in net revenues as compared to fourth quarter in prior year were primarily driven by:

  • Primatene MIST® sales increased primarily due to an increase in unit volumes
  • Epinephrine sales increased by $1.8 million due to an increase in average selling price, with the remainder of the increase due to increased unit volumes as a result of competitor shortages
  • Glucagon sales increased primarily due to an increase in unit volumes
  • Phytonadione sales decreased due to decreased unit volumes
  • Naloxone sales decreased primarily due to a lower average selling price
  • Other finished pharmaceutical product sales changes were primarily due to:
    • An increase in unit volumes for dextrose and sodium bicarbonate, which were in high demand due to competitor shortages
    • Higher unit volumes of isoproterenol
    • Launches of ganirelix and vasopressin, in June 2022 and August 2022, respectively
  • Active Pharmaceutical ingredient ("API") sales decreased primarily due to the timing of customer purchases
 
  Three Months Ended              
 
  December 31,     Change  
 
  2022     2021     Dollars     %  
 
  (in thousands)        
Net revenues
  $ 135,023     $ 120,887     $ 14,136       12 %
Cost of revenues
    63,855       64,653       (798 )     (1 )%
Gross profit
  $ 71,168     $ 56,234     $ 14,934       27 %
as % of net revenues
    53%       47%                  

Changes in the cost of revenues and the resulting increase in gross margins were primarily driven by:

  • Increased sales of higher-margin products such as Primatene MIST®, epinephrine, and glucagon, as well as the launches of ganirelix and vasopressin in 2022
  • These factors were partially offset by overall increases in labor and input costs
 
  Three Months Ended              
 
  December 31,     Change  
 
  2022     2021     Dollars     %  
 
  (in thousands)        
Selling, distribution, and marketing
  $ 5,472     $ 4,075     $ 1,397       34 %
General and administrative
    10,628       10,621       7       0 %
Research and development
    17,236       17,286       (50 )     0 %
Non-operating income (expense), net
    3,428       2,910       518       18 %
  • Selling, distribution, and marketing expenses increased primarily due to increased advertising and freight expenses
  • Research and development expenses remained flat during the quarter as a result of a decrease in expenditure for materials and components, which was partially offset by an increase in clinical trial expense for our insulin and inhalation product pipeline
  • The change in non-operating income, net is primarily a result of foreign currency gains

Year-End Results

 
  Year Ended December 31,     Change  
 
  2022     2021     Dollars     %  
 
  (in thousands)        
Net revenues:
                       
Primatene MIST®
  $ 84,309     $ 73,113     $ 11,196       15 %
Epinephrine
    74,204       57,530       16,674       29 %
Glucagon
    55,322       47,639       7,683       16 %
Lidocaine
    52,539       44,413       8,126       18 %
Phytonadione
    49,500       45,498       4,002       9 %
Enoxaparin
    34,950       35,962       (1,012 )     (3 )%
Naloxone
    26,269       27,540       (1,271 )     (5 )%
Other finished pharmaceutical products
    109,412       87,875       21,537       25 %
Total finished pharmaceutical products net revenues
  $ 486,505     $ 419,570     $ 66,935       16 %
API
    12,482       18,198       (5,716 )     (31 )%
Total net revenues
  $ 498,987     $ 437,768     $ 61,219       14 %

Changes in net revenues were primarily driven by:

  • Primatene MIST® sales increased primarily due to increased unit volumes, which was primarily a result of the continued success of our advertising campaign throughout the year
  • Epinephrine sales increased primarily due to an increase in unit volumes, arising from high demand due to competitor shortages, contributing $9.0 million in sales, as well as a higher average selling price, which contributed $7.7 million to the increase in sales
  • Glucagon sales increased due to an increase in unit volumes as the prior year period did not include a full year of sales due to glucagon's launch in the first quarter of 2021
  • Lidocaine sales increased due to an increase in unit volumes, which contributed $4.4 million, as well as a higher average selling price, which contributed $3.8 million to the increase in sales
  • Phytonadione sales increased due to a higher average selling price
  • Other finished pharmaceutical product sales changes were primarily due to:
    • Higher unit volumes of calcium chloride, dextrose, and sodium bicarbonate, which were in high demand due to competitor shortages
    • Launches of ganirelix and vasopressin in June 2022 and August 2022, respectively
  • API sales decreased primarily due to the timing of customer purchases
 
  Year Ended December 31,     Change  
 
  2022     2021     Dollars     %  
 
  (in thousands)        
Net revenues
  $ 498,987     $ 437,768     $ 61,219       14 %
Cost of revenues
    250,127       238,029       12,098       5 %
Gross profit
  $ 248,860     $ 199,739     $ 49,121       25 %
as % of net revenues
    50%       46%                  

Changes in the cost of revenues and the resulting increase in gross margins were primarily driven by:

  • Increased sales of higher-margin products such as Primatene MIST®, epinephrine, and glucagon, as well as the launches of ganirelix and vasopressin in 2022
  • These factors were partially offset by overall increases in labor and input costs
 
  Year Ended December 31,     Change  
 
  2022     2021     Dollars     %  
 
  (in thousands)        
Selling, distribution, and marketing
  $ 21,531     $ 17,486     $ 4,045       23 %
General and administrative
    45,061       51,434       (6,373 )     (12 )%
Research and development
    74,771       60,932       13,839       23 %
Non-operating income (expense), net
    8,543       14,252       (5,709 )     (40 )%
  • Selling, distribution, and marketing expenses increased due to increased freight expense and advertising expense for Primatene MIST®
  • General and administrative expenses decreased primarily due to a decrease in legal expenses and a decrease in expenses in China due to the restructuring of Amphastar's Chinese subsidiary, Amphastar Nanjing Pharmaceutical, Co., Ltd. ("ANP"), in 2021
  • Research and development expenses increased due to:
    • Increases in expenditures for materials and components, primarily for our AMP-018 and insulin products candidates
    • An increase in clinical trial expense primarily due to external studies related to our insulin and inhalation product pipeline
    • This was partially offset by a decrease in expenses in China due to the completion of the restructuring of ANP in 2021
  • The change in non-operating income, net is primarily due to:
    • $5.4 million litigation settlement received in January 2022 in connection with the Regadenoson patent litigation
    • $13.6 million gain on the deconsolidation of Hanxin Pharmaceutical Technology Co., Ltd related to the ANP restructuring in 2021

Cash flow provided by operating activities for the year ended December 31, 2022 was $89.2 million.

Pipeline Information

The Company currently has three ANDAs on file with the FDA targeting products with a market size of over $3 billion, three biosimilar products in development targeting products with a market size of over $11 billion, and six generic products in development targeting products with a market size of over $9 billion. This market information is based on IQVIA data for the 12 months ended December 31, 2022. The Company is developing multiple proprietary products with injectable and intranasal dosage forms.

Amphastar's Chinese subsidiary, ANP, currently has 17 Drug Master Files, or DMFs, on file with the FDA and is developing several additional DMFs.

Company Information

Amphastar is a bio-pharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically-challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells insulin API products. Most of the Company's finished products are used in hospital or urgent care clinical settings and are primarily contracted and distributed through group purchasing organizations and drug wholesalers. More information and resources are available at www.amphastar.com.

Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, Primatene MIST®, Amphadase®, and Cortrosyn®, are the property of Amphastar.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) attributed to Amphastar and (ii) Adjusted non-GAAP diluted EPS attributed to Amphastar's stockholders, which exclude amortization expense, share-based compensation, impairment charges, legal settlements, and other one-time events in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.

Conference Call Information

The Company will hold a conference call to discuss its financial results today, February 28, 2023, at 2:00 p.m. Pacific Time.

To access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, five minutes before the conference.

The call can also be accessed on the Investors page on the Company's website at www.amphastar.com.

Forward-Looking Statements

All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth, backlog, sales and marketing of our products, market size and expansion, product development, the timing of FDA filings or approvals, including the DMFs of ANP, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, our share buyback program, and other future events, such as the impact of the COVID-19 pandemic including its variants, the Russia-Ukraine conflict and resulting macroeconomic conditions, such as inflation and rising interest rates, and related responses of business and governments to the pandemic and international conflict on our operations and personnel, and on commercial activity and demand across our business operations and results of operations. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 11, 2022, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 10, 2022, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 9, 2022, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 7, 2022. In particular, the extent of COVID-19 including its variants, the Russia-Ukraine conflict and resulting macroeconomic conditions, such as inflation and rising interest rates, impacts on our business will depend on several factors, including the actions taken by governments, businesses, and consumers in response, which continues to evolve and remain uncertain at this time. You can locate these reports through our website at http://ir.amphastar.com and on the SEC's website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.

Contact Information:
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 980-9484

Table I
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Statement of Operations
(Unaudited; in thousands, except per share data)

 
  Three Months Ended     Year Ended  
 
  December 31,     December 31,  
 
  2022     2021     2022     2021  
 
                       
Net revenues
  $ 135,023     $ 120,887     $ 498,987     $ 437,768  
Cost of revenues
    63,855       64,653       250,127       238,029  
Gross profit
    71,168       56,234       248,860       199,739  
 
                               
Operating expenses:
                               
Selling, distribution, and marketing
    5,472       4,075       21,531       17,486  
General and administrative
    10,628       10,621       45,061       51,434  
Research and development
    17,236       17,286       74,771       60,932  
Total operating expenses
    33,336       31,982       141,363       129,852  
 
                               
Income from operations
    37,832       24,252       107,497       69,887  
 
                               
Non-operating income (expense), net
    3,428       2,910       8,543       14,252  
 
                               
Income before income taxes
    41,260       27,162       116,040       84,139  
Income tax provision
    7,290       7,194       23,477       20,630  
Net income before equity in losses of unconsolidated affiliate
    33,970       19,968       92,563       63,509  
 
                               
Equity in losses of unconsolidated affiliate
    (57 )     (208 )     (1,177 )     (208 )
 
                               
Net income
  $ 33,913     $ 19,760     $ 91,386     $ 63,301  
 
                               
Net income attributable to non-controlling interests
  $ -     $ -     $ -     $ 1,185  
 
                               
Net income attributable to Amphastar
  $ 33,913     $ 19,760     $ 91,386     $ 62,116  
 
                               
Net income per share attributable to Amphastar stockholders:
                               
Basic
  $ 0.70     $ 0.41     $ 1.88     $ 1.30  
Diluted
  $ 0.66     $ 0.39     $ 1.74     $ 1.25  
 
                               
Weighted-average shares used to compute net income per share attributable to Amphastar stockholders:
                               
Basic
    48,298       47,836       48,551       47,777  
Diluted
    51,716       50,057       52,427       49,784  

Table II
Amphastar Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(Unaudited; in thousands, except share data)

 
  December 31,     December 31,  
 
  2022     2021  
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $ 156,098     $ 126,353  
Restricted cash
    235       235  
Short-term investments
    19,664       10,320  
Restricted short-term investments
    2,200       2,200  
Accounts receivable, net
    88,804       78,804  
Inventories
    103,584       92,807  
Income tax refunds and deposits
    171       126  
Prepaid expenses and other assets
    7,563       7,274  
Total current assets
    378,319       318,119  
 
               
Property, plant, and equipment, net
    238,266       244,244  
Finance lease right-of-use assets
    753       353  
Operating lease right-of-use assets
    25,554       26,894  
Investment in unconsolidated affiliate
    2,414       3,985  
Goodwill and intangible assets, net
    37,298       38,870  
Other assets
    20,856       16,665  
Deferred tax assets
    38,527       22,399  
Total assets
  $ 741,987     $ 671,529  
 
               
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Current liabilities:
               
Accounts payable and accrued liabilities
  $ 84,242     $ 89,545  
Income taxes payable
    4,571       9,081  
Current portion of long-term debt
    3,046       2,202  
Current portion of operating lease liabilities
    3,003       2,982  
Total current liabilities
    94,862       103,810  
 
               
Long-term reserve for income tax liabilities
    7,225       6,531  
Long-term debt, net of current portion and unamortized debt issuance costs
    72,839       74,776  
Long-term operating lease liabilities, net of current portion
    23,694       24,703  
Deferred tax liabilities
    144       534  
Other long-term liabilities
    14,565       15,653  
Total liabilities
    213,329       226,007  
Commitments and contingencies
               
Stockholders' equity:
               
Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding
    -       -  
Common stock: par value $0.0001; 300,000,000 shares authorized; 58,110,231 and 48,112,069 shares issued and outstanding as of December 31, 2022 and 56,440,202 and 47,714,912 shares issued and outstanding as of December 31, 2021, respectively
    6       6  
Additional paid-in capital
    455,077       422,423  
Retained earnings
    271,723       180,337  
Accumulated other comprehensive loss
    (8,624 )     (6,765 )
Treasury stock
    (189,524 )     (150,479 )
Total equity
    528,658       445,522  
Total liabilities and stockholders' equity
  $ 741,987     $ 671,529  

Table III
Amphastar Pharmaceuticals, Inc.
Reconciliation of Non-GAAP Measures
(Unaudited; in thousands, except per share data)

 
  Three Months Ended     Year Ended  
 
  December 31,     December 31,  
 
  2022     2021     2022     2021  
 
                       
GAAP net income
  $ 33,913     $ 19,760     $ 91,386     $ 63,301  
Adjusted for:
                               
Intangible amortization
    331       360       1,419       1,290  
Share-based compensation
    4,304       3,850       17,860       18,687  
Impairment of long-lived assets
    -       9       -       348  
Gain on ANP Restructuring
    -       -       -       (13,587 )
Reserves for litigation and settlements
    -       (2,717 )     (4,929 )     274  
Income tax provision on pre-tax adjustments
    (910 )     (429 )     (2,550 )     (2,043 )
Non-GAAP net income
  $ 37,638     $ 20,833     $ 103,186     $ 68,270  
 
                               
Non-GAAP net income attributable to non-controlling interests
  $ -     $ -     $ -     $ 271  
 
                               
Non-GAAP net income attributable to Amphastar
  $ 37,638     $ 20,833     $ 103,186     $ 67,999  
 
                               
Non-GAAP net income per share attributable to Amphastar stockholders:
                               
Basic
  $ 0.78     $ 0.44     $ 2.13     $ 1.42  
Diluted
  $ 0.73     $ 0.42     $ 1.97     $ 1.37  
 
                               
Weighted-average shares used to compute non-GAAP net income per share attributable to Amphastar stockholders:
                               
Basic
    48,298       47,836       48,551       47,777  
Diluted
    51,716       50,057       52,427       49,784  
 
  Three Months Ended December 31, 2022  
 
                                         
 
        Selling,     General     Research     Non-operating           Non-controlling  
 
  Cost of     distribution     and     and     income     Income     interest  
 
  revenue     and marketing     administrative     development     (expense), net     tax provision     adjustment  
GAAP
  $ 63,855     $ 5,472     $ 10,628     $ 17,236     $ 3,428     $ 7,290     $ -  
Intangible amortization
    (205 )     -       (126 )     -       -       -       -  
Share-based compensation
    (941 )     (186 )     (2,791 )     (386 )     -       -       -  
Income tax provision on pre-tax adjustments
    -       -       -       -       -       910       -  
Non-GAAP
  $ 62,709     $ 5,286     $ 7,711     $ 16,850     $ 3,428     $ 8,200     $ -  
 
  Three Months Ended December 31, 2021  
 
                                         
 
        Selling,     General     Research     Non-operating           Non-controlling  
 
  Cost of     distribution     and     and     income     Income     interest  
 
  revenue     and marketing     administrative     development     (expense), net     tax provision     adjustment  
GAAP
  $ 64,653     $ 4,075     $ 10,621     $ 17,286     $ 2,910     $ 7,194     $ -  
Intangible amortization
    (235 )     -       (125 )     -       -       -       -  
Share-based compensation
    (811 )     (158 )     (2,553 )     (328 )     -       -       -  
Impairment of long-lived assets
    (9 )     -       -       -       -       -       -  
Reserves for litigation and settlements
    -       -       -       -       (2,717 )     -       -  
Income tax provision on pre-tax adjustments
    -       -       -       -       -       429       -  
Non-GAAP
  $ 63,598     $ 3,917     $ 7,943     $ 16,958     $ 193     $ 7,623     $ -  
 
  Year Ended December 31, 2022  
 
                                         
 
        Selling,     General     Research     Non-operating           Non-controlling  
 
  Cost of     distribution     and     and     income     Income     interest  
 
  revenue     and marketing     administrative     development     (expense), net     tax provision     adjustment  
GAAP
  $ 250,127     $ 21,531     $ 45,061     $ 74,771     $ 8,543     $ 23,477     $ -  
Intangible amortization
    (865 )     -       (554 )     -       -       -       -  
Share-based compensation
    (4,179 )     (726 )     (11,180 )     (1,775 )     -       -       -  
Reserves for litigation and settlements
    -       -       (800 )     -       (5,729 )     -       -  
Income tax provision on pre-tax adjustments
    -       -       -       -       -       2,550       -  
Non-GAAP
  $ 245,083     $ 20,805     $ 32,527     $ 72,996     $ 2,814     $ 26,027     $ -  
 
  Year Ended December 31, 2021  
 
                                         
 
        Selling,     General     Research     Non-operating           Non-controlling  
 
  Cost of     distribution     and     and     income     Income     interest  
 
  revenue     and marketing     administrative     development     (expense), net     tax provision     adjustment  
GAAP
  $ 238,029     $ 17,486     $ 51,434     $ 60,932     $ 14,252     $ 20,630     $ 1,185  
Intangible amortization
    (963 )     -       (327 )     -       -       -       26  
Share-based compensation
    (3,778 )     (596 )     (12,622 )     (1,691 )     -       -       870  
Impairment of long-lived assets
    (93 )     -       (33 )     (222 )     -       -       7  
Gain on ANP Restructuring
    -       -       -       -       (13,587 )     -       (2,062 )
Reserves for litigation and settlements
    -       -       (1,295 )     -       (1,021 )     -       -  
Income tax provision on pre-tax adjustments
    -       -       -       -       -       2,043       245  
Non-GAAP
  $ 233,195     $ 16,890     $ 37,157     $ 59,019     $ (356 )   $ 22,673     $ 271  

SOURCE: Amphastar Pharmaceuticals, Inc.

 


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