Why Shares of Amphastar Pharmaceuticals Rose Today
Shares of Amphastar Pharmaceuticals (NASDAQ: AMPH) were up more than 15% early Wednesday afternoon, a day after the company reported fourth-quarter and annual earnings. The specialty pharmaceutical company focuses on innovative drug delivery systems for therapies, including injectable, inhalation, and intranasal products.
Amphastar reported a record $499 million in revenue in 2022, up 14%, including a 25% rise in gross profit, while the company's yearly earnings per share (EPS) rose 39.2% to $1.74.
The company said that its high-margin products did especially well, including Primatene MIST, the only Food and Drug Administration (FDA)-approved asthma inhaler available over the counter, and Amphastar's generic glucagon, to treat extremely low blood sugar. The FDA has approved the company's increased manufacturing capacity of glucagon, allowing Amphastar to better meet market demand. Amphastar's generic epinephrine had the biggest revenue rise in 2022, up 29%, thanks to increased volumes and a price increase.
Source Fool.com
