Amphastar Pharmaceuticals Q2 2024 10-Q Filing

Ticker: AMPH · Form: 10-Q · Filed: 2024-08-09T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-report, pharmaceuticals

TL;DR

**AMPHARMA Q2 FILING OUT: Financials and operations detailed for period ending June 30, 2024.**

AI Summary

Amphastar Pharmaceuticals, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and strategic initiatives are presented, reflecting the company's ongoing activities in the pharmaceutical sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Amphastar Pharmaceuticals, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the pharmaceutical industry inherently carries risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on August 9, 2024.

What is Amphastar Pharmaceuticals, Inc.'s Standard Industrial Classification code?

Amphastar Pharmaceuticals, Inc.'s Standard Industrial Classification code is 2834, for Pharmaceutical Preparations.

What is the company's fiscal year end?

The company's fiscal year ends on December 31.

Does the filing indicate Amphastar Pharmaceuticals, Inc. is a Large Accelerated Filer?

No, the filing explicitly states 'Large Accelerated Filer false'.

Filing Stats: 4,369 words · 17 min read · ~15 pages · Grade level 19.1 · Accepted 2024-08-09 16:15:37

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION PAGE

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) : Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosure about Market Risk

Item 3. Quantitative and Qualitative Disclosure about Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 43

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 47

Signatures

Signatures 48 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENT S This Quarterly Report on Form 10-Q, or Quarterly Report, contains "forward-looking statements" that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the following words: "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these identifying words. Forward-looking statements relate to future events or future financial performance or condition and involve known and unknown risks, uncertainties and other factors that could cause actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: our expectations regarding the sales and marketing of our products; our expectations regarding our newly acquired product, BAQSIMI , including with respect to our ability to increase our revenues and derive certain benefits as a result of our acquisition of BAQSIMI ; our ability to successfully acquire and integrate assets, including our ability to integrate BAQSIMI ; our expectations regarding our manufacturing and production and the integrity of our supply chain for our products, including the risks associated with our single source suppliers; our business and operations in general, including: adverse impacts of the Russia-Ukraine and Middle East conflicts and challenging macroeconomic conditions on our business, financial condition, operations, cash flows and liquidity; our ability to attract, hire, and retain highly skilled personnel; interruptions to our manufacturing and production as a result of natural catastrophic events or

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AMPHASTAR PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, December 31, 2024 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 189,619 $ 144,296 Restricted cash 235 235 Short-term investments 28,156 112,510 Restricted short-term investments 2,200 2,200 Accounts receivable, net 131,412 114,943 Inventories 122,411 105,833 Income tax refunds and deposits 667 526 Prepaid expenses and other assets 7,945 9,057 Total current assets 482,645 489,600 Property, plant, and equipment, net 287,999 282,746 Finance lease right-of-use assets 469 564 Operating lease right-of-use assets 32,104 32,333 Investment in unconsolidated affiliate — 527 Goodwill and intangible assets, net 600,849 613,295 Long-term investments 9,944 14,685 Other assets 24,260 25,910 Deferred tax assets 53,252 53,252 Total assets $ 1,491,522 $ 1,512,912 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 131,212 $ 93,366 Accrued payments for BAQSIMI (see Note 3) — 126,090 Income taxes payable 1,514 1,609 Current portion of long-term debt 249 436 Current portion of operating lease liabilities 3,996 3,906 Total current liabilities 136,971 225,407 Long-term reserve for income tax liabilities 6,066 6,066 Long-term debt, net of current portion and unamortized debt issuance costs 586,853 589,579 Long-term operating lease liabilities, net of current portion 29,483 29,721 Other long-term liabilities 18,803 22,718 Total liabilities 778,176 873,491 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; 60,482,455 and 48,962,414 share

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