Amphastar Pharmaceuticals: Downgrade to Underperform: transitioning business, limited catalysts

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Amphastar Pharmaceuticals: Downgrade to Underperform: transitioning business, limited catalysts

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D

Amphastar Pharmaceuticals

Downgrade to Underperform: transitioning

business, limited catalysts

Rating Change: UNDERPERFORM | PO: 20.00 USD | Price: 21.78 USD

Downgrade: transition story with limited catalysts 29 June 2026

We downgrade AMPH from Neutral to Underperform as we see limited visibility to re- Equity

acceleration in growth and few catalysts to drive a re-rating over the next 12–18

months. We lower our estimates on a more modest outlook for Baqsimi and new product

Key Changeslaunches and reduce our PO to $20 (from $25). AMPH is transitioning toward a more

durable, proprietary product mix, but meaningful contributions from key pipeline assets (US$) Previous Current

are unlikely before 2028+, leaving the company reliant on a slowing base business. At Inv. Opinion C-2-9 C-3-9

the same time, recent generic launches have largely mitigated erosion rather than Inv. Rating NEUTRAL UNDERPERFORM

driving growth. In our view, the combination of constrained Baqsimi upside, a lower- Price Obj. 25.00 20.00

growth generic portfolio and limited near-term catalysts leaves AMPH positioned to 2026E Rev (m) 759.3 743.0

underperform peers. 2027E Rev (m) 817.0 756.7

Gx pipeline overly skewed to niche opportunities 2028E2026E RevEPS (m) 836.23.01 767.72.63

AMPH’s recent generic launches are unlikely to drive incremental growth, as products 2027E EPS 3.36 2.64

have entered either crowded markets or niche categories. While these launches have 2028E EPS 3.46 2.69

helped offset base business erosion, they do not change the overall growth trajectory. 2026E EBITDA (m) 255.2 230.7

Last 12-mo, AMPH’s key generic launches include g-Forteo, g-Venofer and g-Atrovent.