Amphastar Pharmaceuticals, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the three months ended September 30, 2024, net revenues increased to $191,214,000, a 6% rise from $180,556,000 in the same period of 2023. This growth was primarily driven by the finished pharmaceutical products segment, which saw revenues of $189,752,000, up 27% from $176,366,000. Notably, product revenues rose to $188,819,000, a 24% increase from $151,855,000. Key contributors included BAQSIMI® sales, which generated $40,409,000, and increased sales of Primatene MIST® and epinephrine. However, gross profit for the quarter decreased to $101,941,000, down 6% from $108,403,000, attributed to higher labor and component costs.
For the nine months ended September 30, 2024, net revenues reached $545,444,000, a 17% increase from $466,290,000 in 2023. Finished pharmaceutical products revenues for this period were $519,147,000, reflecting a 22% increase. Gross profit for the nine months also improved to $287,207,000, up 13% from $254,981,000.
Despite the revenue growth, net income for the three months ended September 30, 2024, was $40,429,000, down from $49,222,000 in 2023. For the nine-month period, net income increased to $121,555,000 from $101,378,000. Basic net income per share for the third quarter was $0.83, down from $1.01, while diluted earnings per share were $0.78, compared to $0.91 in the prior year.
Strategically, Amphastar completed the acquisition of BAQSIMI® glucagon nasal powder from Eli Lilly & Company on June 30, 2023, for $591,338,000. This acquisition has been pivotal in enhancing the company’s product portfolio, although it has also led to increased costs and lower gross margins due to the transition of distribution responsibilities. The company has recognized $85,106,000 in BAQSIMI® sales for the nine months ended September 30, 2024.
On the balance sheet, total assets increased to $1,545,178,000 as of September 30, 2024, from $1,512,912,000 at the end of 2023. Cash and cash equivalents rose to $192,116,000, up from $144,296,000. Current liabilities decreased significantly to $159,010,000 from $225,407,000, while stockholders' equity increased to $727,678,000 from $639,421,000.
Overall, Amphastar's financial performance reflects a mix of growth in revenues and strategic acquisitions, alongside challenges in profitability and increased operational costs.
About Amphastar Pharmaceuticals, Inc.
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