Amphastar Pharmaceuticals Q4 2024: Navigating Contradictions in BAQSIMI Sales, Epinephrine Competition, and GLP-1 Strategy

These are the key contradictions discussed in Amphastar Pharmaceuticals' latest 2024 Q4 earnings call, specifically including: BAQSIMI sales performance and growth strategy, Epinephrine market dynamics and competition, GLP-1 market positioning, and Primatene Mist sales growth expectations:



Strong Revenue Growth and Product Contributions:
- Amphastar Pharmaceuticals achieved revenues of $732 million in 2024, showing a 14% increase compared to the previous year.
- The growth was driven by contributions from key products such as Primatene Mist and the integration of BAQSIMI into its expanding diabetes franchise.

Expansion and Partnership in Diabetes Portfolio:
- Primatene Mist reached annual sales of $102 million, up 14% from 2023, and BAQSIMI operations have fully transitioned to Amphastar.
- A strategic partnership with MannKind was announced, expanding sales reach for BAQSIMI, which is expected to amplify its growth trajectory.

Competitive Pressures and Market Evolution:
- Annual sales of glucagon declined to $108 million in 2024, marking a 5% decrease from the previous year.
- The decline is attributed to increasing competitive pressures and market shifts towards ready-to-use products like BAQSIMI.

Regulatory and Pipeline Developments:
- The company is optimistic about the potential approval of 4 key products in 2025, including AMP-002, AMP-007, AMP-015, and AMP-018.
- The regulatory pipeline is progressing, with anticipated GDUFA goal dates in the second half of 2025 or later, depending on specific product timelines.