Q2 2026 Amphastar Pharmaceuticals Inc Earnings Call

August 6, 2026

Speaker #1: Greetings and welcome to the Amphastar Pharmaceuticals, Inc. second quarter earnings call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow formal presentation.

Operator: Greetings, welcome to the Amphastar Pharmaceuticals, Inc. Q2 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during this conference, please press star zero on your telephone keypads. Please note that certain statements made during this call regarding matters that are not historical facts, including but not limited to management's outlook or predictions for future periods, are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the session entitled Forward-Looking Statements in the press release issued today and the presentation on the company's website. Also, please refer to our SEC filings, which can be found on the company's website and the SEC's website, for a discussion of numerous factors that may impact our future performance.

Speaker #1: operator assistance during this conference, please If anyone should require press star zero on your telephone keypad. Please note that certain statements made during this call regarding matters that are not historical facts, including but not limited to management's outlook or predictions for future periods, are forward-looking statements.

Speaker #1: These statements are based solely on information that is now available to us. We encourage you to review the session entitled "Forward-Looking Statements" in the press release issued today and the presentation on the company's website.

Speaker #1: Also, please refer to our SEC filings, which can be found on the company's website and the SEC's website for discussion of numerous factors that may impact our future performance.

Speaker #1: We will also discuss certain non-GAAP measures. Important information on our use of these measures and reconciliations to US GAAP may be found in our earnings release.

Operator: We will also discuss certain non-GAAP measures. Important information on our use of these measures and reconciliations to U.S. GAAP may be found in our earnings release. Please note this conference is being recorded. Our speakers today are Mr. Bill Peters, CFO, Mr. Dan Dischner, Senior Vice President of Corporate Communications, and Mr. Tony Marrs, Executive Vice President of Regulatory Affairs and Clinical Operations. I will now turn the conference over to your host, Mr. Dan Dischner, Senior Vice President of Corporate Communications. Dan, you may begin.

Speaker #1: Please note this conference is being recorded. Our speakers today are Mr. Bill Peters, CFO; Mr. Dan Dischner, Senior Vice President of Corporate Communications; and Mr. Tony Mars, Executive Vice President of Regulatory Affairs and Clinical Operations.

Speaker #1: I will now turn the conference over to your host, Mr. Dan Dischner, Senior Vice President of Corporate Communications. Dan, you may begin.

Speaker #2: Thank you, Paul. Good afternoon, everyone, and thank you for joining Amphastar's second quarter 2026 earnings call. Earlier today, we reported the financial results for the second quarter ended June 30th, 2026, which are available on the investors' page of our website.

Dan Dischner: Thank you, Paul. Good afternoon, everyone, and thank you for joining Amphastar's Q2 2026 earnings call. Earlier today, we reported the financial results for the Q2 ended 30 June 2026, which are available on the investors page of our website. The Q2 was marked by strong execution across each of our strategic growth pillars. We observed continued demand across our commercial portfolio. We expanded our manufacturing capabilities and advanced both our development pipeline and regulatory programs. As a result, we generated improved financial performance during the Q2. Revenue increased to approximately $184 million, reflecting both sequential and year-over-year growth. Profitability also improved significantly from the Q1, driven by increased revenue, margin expansion, and enhanced operating performance. Despite a dynamic operating environment, our strategic priorities have remained consistent. We continue to focus on building a diversified pharmaceutical company supported by three complementary growth pillars.

Speaker #2: The second quarter was marked by strong execution across each of our strategic growth pillars. We observed continued demand across our commercial portfolio. We expanded our manufacturing capabilities and advanced both our development pipeline and regulatory programs.

Speaker #2: As a result, we generated improved financial performance during the second quarter. Revenue increased to approximately $184 million, reflecting both sequential and year-over-year growth. Profitability also improved significantly from the first quarter, driven by increased revenue, margin expansion, and enhanced operating performance.

Speaker #2: Despite a dynamic operating environment, our strategic priorities have remained consistent. We continue to focus on building a diversified pharmaceutical company supported by three complementary growth pillars.

Speaker #2: First, expanding and optimizing our branded and differentiated commercial portfolio. Second, advancing our pipeline of complex generic and biosimilar products. And third, progressing our proprietary development programs that have the potential to create significant long-term value.

Dan Dischner: First, expanding and optimizing our branded and differentiated commercial portfolio. Second, advancing our pipeline of complex generic and biosimilar products. Third, progressing our proprietary development programs that have the potential to create significant long-term value. We believe this diversified business model provides multiple avenues for growth, enhances resilience, and reduces our dependence on any single product, market or revenue stream. Turning to the first pillar of our growth strategy, expanding and optimizing our branded and differentiated commercial portfolio. We continued to make meaningful progress during the Q2. Products such as BAQSIMI and Primatene MIST remain central to our long-term strategy and continue to demonstrate strong consumer demand. BAQSIMI remained an important contributor to our business. Total prescriptions increased approximately 17% compared with the Q2 of last year, demonstrating continued growth in patient demand.

Speaker #2: We believe this diversified business model provides multiple avenues for growth. Enhances resilience, and reduces our dependence on any single product, market, or revenue stream.

Speaker #2: Turning to the first pillar of our growth strategy, expanding and optimizing our branded and differentiated commercial portfolio. We continue to make meaningful progress during the second quarter.

Speaker #2: Products such as Baqsimi and Primetene Mist remain central to our long-term strategy and continue to demonstrate strong consumer demand. Baqsimi remained an important contributor to our business.

Speaker #2: Total prescriptions increased approximately 17% compared with the second quarter of last year. Demonstrating continued growth in patient demand. Baqsimi's net sales were approximately $45.5 million, a decrease of approximately 3% compared to the prior year quarter, the difference primarily reflects pricing, rebates, and commercial dynamics.

Dan Dischner: BAQSIMI's net sales were approximately $45.5 million, a decrease of approximately 3% compared to the prior year quarter. The difference primarily reflects pricing, rebates, and commercial dynamics. Importantly, strong prescription growth continues to reinforce our confidence in the long-term strength of the franchise. In June, we also completed the third contract year following our acquisition of BAQSIMI from Eli Lilly. During the contract year, BAQSIMI generated $178.3 million in net sales, exceeding the $175 million threshold and triggering our first milestone payment to Lilly. Achieving this milestone reflects the continued strength of the franchise and the successful execution of our commercial strategy since acquiring the product. Our focus remains on expanding patient access, supporting continued prescription growth, and managing the business with disciplined commercial execution to maximize long-term value. Primatene MIST continued to demonstrate strong consumer demand during the quarter.

Speaker #2: Importantly, strong prescription growth continues to reinforce our confidence in the long-term strength of the franchise. In June, we also completed the third quarter the third contract year following our acquisition of Baqsimi from Eli Lilly.

Speaker #2: During the contract year, Baqsimi generated $178.3 million in net sales, exceeding the $175 million threshold and triggering our first milestone payment to Lilly. Achieving this milestone reflects the continued strength of the franchise and the successful execution of our commercial strategy since acquiring the product.

Speaker #2: Our focus remains on expanding patient access, supporting continued prescription growth, and managing the business with disciplined commercial execution to maximize long-term value. Primetene Mist continued to demonstrate strong consumer demand during the quarter.

Speaker #2: Each in-store sales increased compared with both the prior year quarter and the first quarter of 2026, reflecting continued brand strength and market penetration. While reported net sales declined, the decrease was largely attributable to consumer ordering patterns and the timing of shipments associated with pricing discussions with certain retailers.

Dan Dischner: Each in-store sales increased compared with both the prior year quarter and the first quarter of 2026, reflecting continued brand strength and market penetration. While reported net sales declined, the decrease was largely attributable to consumer ordering patterns and the timing of shipments associated with pricing discussions with certain retailers. We believe these were temporary channel-related effects rather than a change in consumer demand. Retail performance remained healthy throughout the quarter, reinforcing our confidence in the Primatene MIST franchise and the effectiveness of our marketing investments and commercial execution. At the same time, performance across our broader portfolio reflected the competitive dynamics that are characteristic of the generic pharmaceutical market. glucagon sales declined compared with the prior year as a result of increased competition.

Speaker #2: We believe these were temporary channel-related effects rather than a change in consumer demand. Retail performance remained healthy throughout the quarter, reinforcing our confidence in the Primetene Mist franchise and the effectiveness of our marketing investments and commercial execution.

Speaker #2: At the same time, performance across our broader portfolio reflected the competitive dynamics that are characteristic of the generic pharmaceutical market. Glucagon sales declined compared with the prior year, as a result of increased competition.

Speaker #2: We believe this underscores the importance of continuing to diversify our commercial portfolio and advance new products. Which can create multiple sources of growth and enhance the resilience of our business over the long term.

Dan Dischner: We believe this underscores the importance of continuing to diversify our commercial portfolio and advance new products, which can create multiple sources of growth and enhance the resilience of our business over the long term. Furthermore, during the quarter, our manufacturing facility, Armstrong, benefited from the successful launch of our ipratropium bromide product in April. The launch further demonstrates our ability to advance technically complex generic products from development through regulatory approval and into commercial production, reinforcing a core capability that differentiates our platform. Based on early demand and the current competitive landscape, we believe ipratropium bromide represents an attractive long-term opportunity for Amphastar. We continue to invest strategically across our US manufacturing network to strengthen quality and efficiency, expand automation and capacity, and prepare for upcoming pipeline products.

Speaker #2: Furthermore, during the quarter, our manufacturing facility Armstrong benefited from the successful launch of our ipratropium bromide product in April. The launch further demonstrates our ability to advance technically complex generic products from development through regulatory approval and into commercial production.

Speaker #2: Reinforcing a core capability that differentiates our platform. Based on early demand and the current competitive landscape, we believe ipratropium bromide represents an attractive long-term opportunity for Amphastar.

Speaker #2: We continue to invest strategically across our U.S. manufacturing network to strengthen quality, and efficiency, expand automation, and capacity, and prepare for upcoming pipeline products.

Speaker #2: As policymakers and consumers place greater emphasis on domestic pharmaceutical manufacturing and supply chain resilience, we believe our U.S.-based manufacturing footprint, combined with our vertically integrated development and commercialization capabilities, represents a meaningful competitive advantage.

Dan Dischner: As policymakers and consumers place greater emphasis on domestic pharmaceutical manufacturing and supply chain resilience, we believe our US-based manufacturing footprint, combined with our vertically integrated development and commercialization capabilities, represents a meaningful competitive advantage. These investments not only support our current commercial portfolio, but also provide a strong foundation for future product launches and sustainable long-term growth. IMS, one of our subsidiaries, recently received an FDA warning letter related to the FDA inspection conducted in December 2025. Since the inspection, IMS has continued implementing corrective actions. We have responded to the FDA in a timely manner regarding our remediation plan and continue to work closely with the agency to address the items identified in the warning letter. The warning letter does not require IMS to stop manufacturing or distributing its products.

Speaker #2: These investments not only support our current commercial portfolio but also provide a strong foundation for future product launches and sustainable long-term growth. IMS, one of our subsidiaries, recently received an FDA warning letter related to the FDA inspection conducted in December 2025.

Speaker #2: Since the inspection, IMS has continued implementing corrective actions. We have responded to the FDA in a timely manner regarding our remediation plan and continue to work closely with the agency to address the items identified in the warning letter.

Speaker #2: The warning letter does not require IMS to stop manufacturing or distributing its products. While the remediation effort will require additional resources, at this time, we do not currently anticipate a material adverse effect on Amphastar's overall business operations, commercial portfolio, development pipeline, or sales.

Dan Dischner: While the remediation effort will require additional resources, at this time, we do not currently anticipate a material adverse effect on Amphastar's overall business operations, commercial portfolio, development pipeline, or sales. We remain committed to addressing the FDA's observations thoroughly and sustainably. Quality remains a fundamental responsibility throughout Amphastar, and we will continue strengthening the overall effectiveness of our quality systems. Turning to our third pillar of growth strategy, advancing our development pipeline, we continue to achieve important regulatory and clinical milestones during the second quarter. For our insulin aspart biosimilar and interchangeable program, we continue preparing for potential commercialization in 2027, subject to regulatory approval. We have also made meaningful progress with our proprietary pipeline. During the second quarter, we initiated the phase I clinical program for AMP-101, our epinephrine nasal product. For AMP-109, our targeted oncology program, non-clinical studies are underway.

Speaker #2: We remain committed to addressing the FDA's observations thoroughly and sustainably. Quality remains a fundamental responsibility throughout Amphastar, and we will continue strengthening the overall effectiveness of our quality systems.

Speaker #2: Turning to our third pillar of growth strategy, advancing our development pipeline, we continue to achieve important regulatory and clinical milestones during the second quarter.

Speaker #2: For our insulin aspart biosimilar and interchangeable program, we continue preparing for potential commercialization in 2027, subject to regulatory approval. We have also made meaningful progress with our proprietary pipeline.

Speaker #2: During the second quarter, we initiated the phase one clinical program for AMP 101, our epinephrine nasal product. For AMP 109, our targeted oncology program, non-clinical studies are on their way, during the quarter we received constructive feedback from the FDA and are continuing preparations for regulatory interactions in the near future and an anticipated I&D submission.

Dan Dischner: During the quarter, we received constructive feedback from the FDA and are continuing preparations for regulatory interactions in the near future and an anticipated IND submission. Development activities are ongoing for AMP-110, our synthetic human corticotropin program, and AMP-107, our eye drop program for wet age-related macular degeneration and diabetic macular edema, as we look to advance both towards a future IND submission. While these programs remain in early stages of development, we believe they represent meaningful long-term opportunities. Leveraging our scientific, regulatory, and manufacturing capabilities, these programs have the potential to expand our presence into larger proprietary markets and create additional drivers of future growth and value creation. I will now turn the call over to Bill Peters, our CFO and Executive Vice President of Finance, for a more detailed financial review of the second quarter.

Speaker #2: Development activities are ongoing for AMP 110, our synthetic human corticotropin program, and AMP 107, our eye drop program for wet age-related macular degeneration and diabetic macular edema.

Speaker #2: As we look to advance both towards a future I&D submission. While these programs remain in early stages of development, we believe they represent meaningful long-term opportunities.

Speaker #2: Leveraging our scientific, regulatory, and manufacturing capabilities, these programs have the potential to expand our presence into larger proprietary markets and create additional drivers of future growth and value creation.

Speaker #2: I will now turn the call over to Bill Peters our CFO and executive vice president of finance for more detailed financial review of the second quarter.

Speaker #3: Thank you, Dan. And good afternoon, everyone. In my comments today, I will discuss the second quarter results and then update some of our assumptions for 2026.

William Peters: Thank you, Dan. Good afternoon, everyone. In my comments today, I will discuss the Q2 results and update some of our assumptions for 2026. Revenues for the Q2 increased 5% to $183.9 million from $174.4 million in the previous year's period. Ipratropium bromide inhalation, which we launched in April, led to growth with strong sales of $8.4 million. BAQSIMI revenues decreased 3% to $45.5 million compared to $46.7 million in the prior year. An increase in units sold, contributing $6.9 million in sales, was driven by our continued marketing efforts. Lower average selling prices negatively impacted sales by approximately $8.1 million, primarily as a result of higher rebates and higher 340B pharmacy discounts, some of which may have been duplicated.

Bill Peters: Thank you, Dan. Good afternoon, everyone. In my comments today, I will discuss the Q2 results and update some of our assumptions for 2026. Revenues for the Q2 increased 5% to $183.9 million from $174.4 million in the previous year's period. Ipratropium bromide inhalation, which we launched in April, led to growth with strong sales of $8.4 million. BAQSIMI revenues decreased 3% to $45.5 million compared to $46.7 million in the prior year. An increase in units sold, contributing $6.9 million in sales, was driven by our continued marketing efforts. Lower average selling prices negatively impacted sales by approximately $8.1 million, primarily as a result of higher rebates and higher 340B pharmacy discounts, some of which may have been duplicated.

Speaker #3: Revenues for the second quarter increased 5% to $183.9 million from $174.4 million in the previous year's period. Ipratropium bromide inhalation which we launched in April led to growth with strong sales of 8.4 million.

Speaker #3: Vaccine revenues decreased 3% to $45.5 million, compared to $46.7 million in the prior year. An increase in units sold, contributing $6.9 million in sales, was driven by our continued marketing efforts.

Speaker #3: Lower average selling prices negatively impacted sales by approximately 8.1 million. Primarily as a result of higher rebates and higher 340B pharmacy discounts, some of which may have been duplicated.

Speaker #3: In May, in response to these pricing dynamics, we had seen over the past few quarters, we engaged a third party to support data-driven identification, validation, and resolution of potential 340B duplicate discounts.

William Peters: In May, in response to these pricing dynamics we had seen over the past few quarters, we engaged a third party to support data-driven identification, validation, and resolution of potential 340B duplicate discounts, which led to a smaller impact than we saw in the Q1. Primatene MIST sales were $21 million in the Q2, down 8% from $22.9 million in the Q2 of last year due to the timing of customer purchases. Epinephrine sales were relatively flat as weakness in the vial product was offset by increased demand for our prefilled syringe product. Glucagon sales declined 42% to $11.9 million from $20.6 million due to increased competition.

Bill Peters: In May, in response to these pricing dynamics we had seen over the past few quarters, we engaged a third party to support data-driven identification, validation, and resolution of potential 340B duplicate discounts, which led to a smaller impact than we saw in the Q1. Primatene MIST sales were $21 million in the Q2, down 8% from $22.9 million in the Q2 of last year due to the timing of customer purchases. Epinephrine sales were relatively flat as weakness in the vial product was offset by increased demand for our prefilled syringe product. Glucagon sales declined 42% to $11.9 million from $20.6 million due to increased competition.

Speaker #3: Which led to a smaller impact than we saw in the first quarter. Primitive mis-sales were 21 million dollars in the second quarter, down 8% from 22.9 million dollars in the second quarter of last year due to the timing of customer purchases.

Speaker #3: Epinephrine sales were relatively flat as weakness in the vial product was offset by increased demand for our prefilled syringe product. Glucagon sales declined 42% to 11.9 million dollars from 20.6 million dollars due to increased competition.

Speaker #3: Sales of other products increased 25% to 66.2 million dollars from 53.1 million dollars, primarily due to recently launched products including iron sucrose with sales of 3.5 million dollars and teriparatide with sales of 4.5 million dollars, which we launched in August 2025 and December 2025 respectively.

William Peters: Sales of other products increased 25% to $66.2 million from $53.1 million, primarily due to recently launched products, including iron sucrose, with sales of $3.5 million, and teriparatide, with sales of $4.5 million, which we launched in August 2025 and December 2025 respectively. An increase in albuterol sales of $2.4 million, which we launched in 2024, also contributed to the increase. Additionally, an increase in phytonadione and sodium bicarbonate sales, driven by higher demand resulting from supplier shortages, and an increase in sales of API from our AMP subsidiary, had a positive impact on sales. Cost of revenues increased 3% to $90.4 million from $87.9 million. However, gross margins increased to 51% of revenues in the Q2 of 2026 compared to 50% in the previous year period.

Bill Peters: Sales of other products increased 25% to $66.2 million from $53.1 million, primarily due to recently launched products, including iron sucrose, with sales of $3.5 million, and teriparatide, with sales of $4.5 million, which we launched in August 2025 and December 2025 respectively. An increase in albuterol sales of $2.4 million, which we launched in 2024, also contributed to the increase. Additionally, an increase in phytonadione and sodium bicarbonate sales, driven by higher demand resulting from supplier shortages, and an increase in sales of API from our AMP subsidiary, had a positive impact on sales. Cost of revenues increased 3% to $90.4 million from $87.9 million. However, gross margins increased to 51% of revenues in the Q2 of 2026 compared to 50% in the previous year period.

Speaker #3: An increase in albuterol sales of 2.4 million dollars, which we launched in 2024, also contributed to the increase. Additionally, an increase in fentanyl diam and sodium bicarbonate sales driven by higher demand resulting from supplier shortages and an increase in sales of API from our AMP subsidiary had a positive impact on sales.

Speaker #3: Cost of revenues increased 3% to 90.4 million dollars from 87.9 million dollars. However, gross margins increased to 51% of revenues in the second quarter of 2026 compared to 50% in the previous year period.

Speaker #3: The primary drivers of the change were sales of recently launched products with higher margins, such as ipratropium bromide, teriparatide, and iron sucrose. This trend was partially offset by a lower average selling price for vaccine, glucagon, and epinephrine multidose vials.

William Peters: The primary drivers of the change were sales of recently launched products with higher margins, such as ipratropium bromide, teriparatide, and iron sucrose. This trend was partially offset by a lower average selling price for BAQSIMI, glucagon, and epinephrine multidose vials. Additionally, we had increased manufacturing costs at our Amphastar facility. Selling, distribution, and marketing expenses increased 30% to $13.3 million from $10.2 million, primarily due to an increase in marketing efforts for BAQSIMI and higher freight expenses. General and administrative spending increased 30% to $18.2 million from $14 million, driven by higher legal expenses, salary and personnel-related expenses, as well as expenses related to the implementation of a new ERP system. Research and development expenditures increased 10% to $22.2 million from $20.1 million, primarily due to an increase in clinical trial expense, largely for our insulin pipeline.

Bill Peters: The primary drivers of the change were sales of recently launched products with higher margins, such as ipratropium bromide, teriparatide, and iron sucrose. This trend was partially offset by a lower average selling price for BAQSIMI, glucagon, and epinephrine multidose vials. Additionally, we had increased manufacturing costs at our Amphastar facility. Selling, distribution, and marketing expenses increased 30% to $13.3 million from $10.2 million, primarily due to an increase in marketing efforts for BAQSIMI and higher freight expenses. General and administrative spending increased 30% to $18.2 million from $14 million, driven by higher legal expenses, salary and personnel-related expenses, as well as expenses related to the implementation of a new ERP system. Research and development expenditures increased 10% to $22.2 million from $20.1 million, primarily due to an increase in clinical trial expense, largely for our insulin pipeline.

Speaker #3: Additionally, we had increased manufacturing costs at our Amphastar facility. Selling, distribution, and marketing expenses increased 30% to 13.3 million dollars from 10.2 million dollars, primarily due to an increase in marketing efforts for vaccine and higher frequent expenses.

Speaker #3: General and administrative spending increased 30% to 18.2 million dollars from 14 million dollars, driven by higher legal expenses salary and personnel related expenses as well as expenses related to the implementation of a new ERP system.

Speaker #3: Research and development expenditures increased 10% to 22.2 million dollars from 20.1 million dollars, primarily due to an increase in clinical trial expense, largely for our insulin pipeline.

Speaker #3: Our non-operating expense of 1.2 million dollars during the period compares to a non-operating expense of 2.8 million dollars in the prior year period, primarily due to foreign currency fluctuations and mark-to-market adjustments related to our interest rate swap contract during the quarter.

William Peters: Our non-operating expense of $1.2 million during the period compares to a non-operating expense of $2.8 million in the prior year period, primarily due to foreign currency fluctuations and mark-to-market adjustments related to our interest rate swap contract during the quarter. Net income decreased slightly to $30.3 million, but increased on a per share basis to $0.67 in the Q2 from $31 million or $0.64 per share in the Q2 of 2025. Adjusted net income was relatively flat at $40.8 million, but increased on a per share basis to $0.91 in the Q2, compared to an adjusted net income of $40.9 million or $0.85 per share in the Q2 of last year. Adjusted earnings exclude amortization, equity compensation, and one-time events. In the Q2, we had cash flow from operations of approximately $51.3 million.

Bill Peters: Our non-operating expense of $1.2 million during the period compares to a non-operating expense of $2.8 million in the prior year period, primarily due to foreign currency fluctuations and mark-to-market adjustments related to our interest rate swap contract during the quarter. Net income decreased slightly to $30.3 million, but increased on a per share basis to $0.67 in the Q2 from $31 million or $0.64 per share in the Q2 of 2025. Adjusted net income was relatively flat at $40.8 million, but increased on a per share basis to $0.91 in the Q2, compared to an adjusted net income of $40.9 million or $0.85 per share in the Q2 of last year. Adjusted earnings exclude amortization, equity compensation, and one-time events. In the Q2, we had cash flow from operations of approximately $51.3 million.

Speaker #3: Net income decreased slightly to 30.3 million dollars but increased on a per share basis to 67 cents in the second quarter, from 31 million dollars or 64 cents per share in the second quarter of 2025.

Speaker #3: Adjusted net income was relatively flat at 40.8 million dollars but increased on a per share basis to 91 cents in the second quarter, compared to an adjusted net income of 40.9 million dollars or 85 cents per share in the second quarter of last year.

Speaker #3: Adjusted earnings exclude amortization, equity compensation, and one-time events. In the second quarter, we had cash flow from operations of approximately 51.3 million dollars. During the quarter, we accelerated our share repurchase program and bought back approximately 45 million dollars worth of shares.

William Peters: During the quarter, we accelerated our share repurchase program and bought back approximately $45 million worth of shares. Separately, in June, we achieved the first annual BAQSIMI net sales milestone under our asset purchase agreement with Eli Lilly and Company, which triggers a $100 million payment due in the Q3 of 2026. Before I turn the call back over to Dan, I would like to update some of our guidance for 2026. Due to remediation efforts at our IMS facility, we expect expenses there will increase by $2 to $3 million per quarter for the next several quarters. Capital expenditures will also increase at this facility, but there will be no change to our previously communicated capital expenditure profile as we redirect spending from our Amphastar facility to our IMS facility.

Bill Peters: During the quarter, we accelerated our share repurchase program and bought back approximately $45 million worth of shares. Separately, in June, we achieved the first annual BAQSIMI net sales milestone under our asset purchase agreement with Eli Lilly and Company, which triggers a $100 million payment due in the Q3 of 2026. Before I turn the call back over to Dan, I would like to update some of our guidance for 2026. Due to remediation efforts at our IMS facility, we expect expenses there will increase by $2 to $3 million per quarter for the next several quarters. Capital expenditures will also increase at this facility, but there will be no change to our previously communicated capital expenditure profile as we redirect spending from our Amphastar facility to our IMS facility.

Speaker #3: Separately, in June, we achieved the first annual vaccine net sales milestone under our asset purchase agreement with Eli Lilly, which triggers a 100 million dollar payment due in the third quarter of 2026.

Speaker #3: Before I turn the call back over to Dan, I would like to update some of our guidance for 2026. Due to remediation efforts at our IMS facility, we expect expenses there will increase by 2 to 3 million dollars per quarter over the next several quarters.

Speaker #3: Capital expenditures will also increase at this facility but there will be no change to our previously communicated capital expenditure profile as we direct we redirect spending from our Amphastar facility to our IMS facility.

Speaker #3: We also expect a slight slowing of sales from IMS as we concentrate on addressing corrective actions thus improving the quality and manufacturing systems. Importantly, even with this revised outlook, we maintain our overall corporate sales guidance of mid-single-digit to high-single-digit sales growth, reflecting the strength of our broader portfolio.

William Peters: We also expect a slight slowing of sales from IMS as we concentrate on addressing corrective actions, thus improving the quality and manufacturing systems. Importantly, even with this revised outlook, we maintain our overall corporate sales guidance of mid-single digit to high single-digit sales growth, reflecting the strength of our broader portfolio. I will now turn the call back over to Dan.

Bill Peters: We also expect a slight slowing of sales from IMS as we concentrate on addressing corrective actions, thus improving the quality and manufacturing systems. Importantly, even with this revised outlook, we maintain our overall corporate sales guidance of mid-single digit to high single-digit sales growth, reflecting the strength of our broader portfolio. I will now turn the call back over to Dan.

Speaker #3: I will now turn the call back over to Dan.

Speaker #1: Thank you, Bill. Looking ahead, our priorities remain clear. We are focused on supporting continued growth across our commercial portfolio, expanding our US manufacturing capabilities, completing the IMS remediation activities, advancing our near-term regulatory programs, and continued continuing disciplined investment in our proprietary pipelines.

Dan Dischner: Thank you, Bill. Looking ahead, our priorities remain clear. We are focused on supporting continued growth across our commercial portfolio, expanding our US manufacturing capabilities, completing the IMS remediation activities, advancing our near-term regulatory programs, and continuing disciplined investment in our proprietary pipeline. We believe the Q2 highlighted the strength and resilience of Amphastar's diversified business model. Faced with a dynamic operating environment, we delivered improved financial performance, generated continued demand across our key commercial brands, and achieved important regulatory and development milestones. These results reflect the benefits of our diversified growth strategy and the balanced foundation we have built across our commercial portfolio, development pipeline, and manufacturing platform. We also believe Amphastar is well-positioned for the evolving pharmaceutical landscape. Our diversified product portfolio, our US-based finished product manufacturing footprint, vertically integrated capabilities, and growing development pipeline provide multiple avenues of growth and support long-term value creation.

Speaker #1: We believe the second quarter highlighted the strength and resilience of Amphastar's diversified business model faced with a dynamic operating environment. We delivered improved financial performance, generated continued demand across our key commercial brands, and achieved important regulatory and development milestones.

Speaker #1: These results reflect the benefits of our diversified growth strategy and the balanced foundation we have built across our commercial portfolio, development pipeline, and manufacturing platform.

Speaker #1: We also believe Amphastar is well-positioned for the evolving pharmaceutical landscape. Our diversified product portfolio, US-based finished product manufacturing footprint, vertically integrated capabilities, and growing development pipeline provide multiple avenues of growth and support long-term value creation.

Speaker #1: With that, we will now take your questions.

Dan Dischner: With that, we will now take your questions. Paul?

Speaker #2: Thank you. Well, now we conduct any question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad.

Operator: Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we call for questions. Thank you. Our first question is from Ekaterina Knyazkova with JPMorgan.

Speaker #2: A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue.

Speaker #2: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we call for questions.

Speaker #2: Thank you. Our first question is from Ekaterina Nayakova with JP Morgan.

Speaker #4: Thanks so much. So, first question is just on operating costs. Can you elaborate a bit on how we should think about spend from here, and what both R&D and SG&A could look like over the next several quarters?

Ekaterina Knyazkova: Thanks so much. First question is just on operating costs. Can you just elaborate a bit on how we should think about spend from here and what both R&D and SG&A could look like over the next several quarters? A related question just on adjusted gross margins. Seems like there's been quite a bit of volatility in that number over the past few quarters. Just what's been driving that, and what's a good baseline to use for gross margins in the H2 of the year? Thanks.

Speaker #4: And then a related question just on adjusted gross margins. Seems like there's been quite a bit of volatility in that number over the past few quarters.

Speaker #4: Just what's been driving that and what's a good baseline to use for gross margins in the second half of the year? Thanks.

Speaker #3: Yes. So, in the first quarter, the primary issue was the vaccine discounting that we saw there. That had a pretty negative impact. We had some better impacts in the second quarter as we began some procedures to mitigate that and hired an independent party that's going to help reduce that double discounting.

William Peters: There's a couple things driving the decrease in the first quarter. The primary thing was the BAQSIMI, double discounting that we saw there. That had a pretty negative impact. We had some better impacts in the second quarter as we began some procedures to mitigate that and hired an independent party that's going to help reduce that double discounting. The second thing in the second quarter was that we had the launch of Primatene MIST, which is a higher margin product, that really helped out a lot. On a going forward basis, I would expect to see the coming quarter similar to this quarter. Remember, we'll have higher BAQSIMI sales next quarter. Those higher sales should offset some of the costs that we're expecting at IMS. Additionally, on the G&A and selling expense, I think the second quarter is also a good comp for those.

Bill Peters: There's a couple things driving the decrease in the first quarter. The primary thing was the BAQSIMI, double discounting that we saw there. That had a pretty negative impact. We had some better impacts in the second quarter as we began some procedures to mitigate that and hired an independent party that's going to help reduce that double discounting. The second thing in the second quarter was that we had the launch of Primatene MIST, which is a higher margin product, that really helped out a lot. On a going forward basis, I would expect to see the coming quarter similar to this quarter. Remember, we'll have higher BAQSIMI sales next quarter. Those higher sales should offset some of the costs that we're expecting at IMS. Additionally, on the G&A and selling expense, I think the second quarter is also a good comp for those.

Speaker #3: The second thing in the second quarter was that we had the launch of Experian, which is a higher margin product, so that really helps out a lot.

Speaker #3: So on a going-forward basis, I would expect to see the coming quarter similar to this quarter. Because remember, we'll have higher vaccine sales next quarter so those higher sales should offset some of the costs that we're expecting at IMS.

Speaker #3: Additionally, on the G&A and selling expense, I think the second quarter is also a good comp for those. But the R&D expense, we do expect that to tick up a little bit as a percentage of sales on a going-forward basis.

William Peters: The R&D expense, we do expect that to tick up a little bit as a percentage of sales on a going forward basis.

Bill Peters: The R&D expense, we do expect that to tick up a little bit as a percentage of sales on a going forward basis.

Speaker #4: Thanks.

Ekaterina Knyazkova: Thanks.

Speaker #2: Now our next question is from Dennis Ding with Jeff.

Operator: Our next question is from Dennis Ding with Jefferies.

Speaker #5: Hi. Thanks for taking the questions. I have two questions. Number one, remind us what's going on with the IMS facility that got the warning letter.

Dennis Ding: Hi, thanks for taking the questions. I have two questions. Number one, remind us what's going on with the IMS facility that got the warning letter. If I recall, you guys probably responded to it in late July. Remind us the revenue exposure here again from this facility. What are the next steps from the FDA and when? Would remediation plans require shutting down some of the production lines? That's question number one. Question number two on BAQSIMI's 340B dynamic. I think you said 80% of that pricing pressure can ultimately go away. Can you reiterate that number on the call today, and how much of that 80% was recovered in Q2, and how much is left to recover in Q3? Thanks so much.

Speaker #5: If I recall, you guys probably responded to it in late July. So remind us the revenue exposure here again from this facility. What are the next steps from the FDA and when?

Speaker #5: And then would remediation plans require shutting down some of the production lines? That's question number one. And then question number two on vaccines 340B dynamic.

Speaker #5: I think you said 80% of that pricing pressure can ultimately go away. Can you reiterate that number on the call today and how much of that 80% was recovered in Q2 and how much is left to recover in Q3?

Speaker #5: Thanks so much.

Speaker #3: Okay. So let me start with the revenue IMS makes the sales are probably about a third of our overall corporate sales. On a big picture, however, we are still shipping there.

William Peters: Okay, let me start with the revenue. International Medication Systems, Ltd. makes up to sales are probably about a third of our overall corporate sales on a big picture. However, we are still shipping there. We don't expect to stop shipping there. We still are producing at the same rate that we've been. We have taken some quality steps which have slowed down some of the releases, some of the batches right now to make sure that they've gone through an extra quality review. That's led to a small delay right now for that. I'll turn it over to Tony Marrs for some of the other next steps that we have going on there. Yeah, as you mentioned, we did respond to the warning letter in late July.

Bill Peters: Okay, let me start with the revenue. International Medication Systems, Ltd. makes up to sales are probably about a third of our overall corporate sales on a big picture. However, we are still shipping there. We don't expect to stop shipping there. We still are producing at the same rate that we've been. We have taken some quality steps which have slowed down some of the releases, some of the batches right now to make sure that they've gone through an extra quality review. That's led to a small delay right now for that. I'll turn it over to Tony Marrs for some of the other next steps that we have going on there.

Speaker #3: We don't expect to stop shipping there. And we still are producing at the same rate that we've been. What we have taken some quality steps which have slowed down some of the releases, some of the batches right now to make sure that they've gone through an extra quality review.

Speaker #3: So that's led to a small delay right now for that. But I'll turn it over to Tony for some of the other next steps that we have going on there.

Speaker #1: Yeah. As you mentioned, we did respond to the warning letter in late July. And essentially, the way these are is you have an interaction where you update the FDA on a routine basis.

Tony Marrs: Yeah, as you mentioned, we did respond to the warning letter in late July.

William Peters: Essentially the way these are is you have an interaction where you update the FDA on a routine basis, generally every month or 2, just to go over your plan and the program. We've hired a third-party independent consultant that has great experience in helping to work with these kind of projects. We'll continue to just work with them, and if there are any remediation efforts, we'll work with them and keep the FDA in the loop with that. If there are any shutdowns, as you mentioned, which is definitely a possibility, we'll do those as needed. We routinely do those now. Whether it's a little bit longer or not remains to be, depending on what they find during the remediation and during the assessments. We do routinely have those, unlikely at this point. We don't have any expectation that there'll be any of those.

Tony Marrs: Essentially the way these are is you have an interaction where you update the FDA on a routine basis, generally every month or 2, just to go over your plan and the program. We've hired a third-party independent consultant that has great experience in helping to work with these kind of projects. We'll continue to just work with them, and if there are any remediation efforts, we'll work with them and keep the FDA in the loop with that. If there are any shutdowns, as you mentioned, which is definitely a possibility, we'll do those as needed. We routinely do those now. Whether it's a little bit longer or not remains to be, depending on what they find during the remediation and during the assessments. We do routinely have those, unlikely at this point. We don't have any expectation that there'll be any of those.

Speaker #1: Generally, every month or two, just to go over your plan and the program. We've hired a third-party independent consultant that has great experience in helping to work with these kind of projects.

Speaker #1: And we'll continue to just work with them and if there are any remediation efforts, we'll work with them and keep the FDA in the loop with that.

Speaker #1: If there are any shutdowns, as you mentioned, which is definitely a possibility, then we'll do those as needed. We routinely do those now, whether it's a little bit longer or not remains to be depending on what they find during the remediation and during the assessments.

Speaker #1: But we do routinely have those. So, likely at this point, we don't have any expectation that there will be any of those. But again, it sort of remains to be seen based on the assessments.

William Peters: Again, it sort of remains to be seen based on the assessments. Going back to the last question on BAQSIMI on the III, IV, and B. Now, we just implemented that consultant or that firm that helps us with this in May, we only covered 2 months, and I'll say not all of their actions took place right away. When we talked about reducing 80% of the double-dipping on the last call, I'd say that we probably are halfway there at this point.

Tony Marrs: Again, it sort of remains to be seen based on the assessments.

Speaker #3: And the last question was vaccine on the 340B. Now, we just implemented that consultant or that firm that helps us with this in May.

Bill Peters: Going back to the last question on BAQSIMI on the III, IV, and B. Now, we just implemented that consultant or that firm that helps us with this in May, we only covered 2 months, and I'll say not all of their actions took place right away. When we talked about reducing 80% of the double-dipping on the last call, I'd say that we probably are halfway there at this point.

Speaker #3: So we only covered two months and I'll say not all of their actions took place right away. So when we talked about reducing 80% of the double dipping, on the last call, I'd say that we probably are halfway there at this point.

Speaker #5: Thank you.

Tony Marrs: Thank you.

Dennis Ding: Thank you.

Speaker #2: Now our next question is from David Amselen with Piper Sandler.

Operator: Our next question is from David Amsellem with Piper Sandler.

Speaker #6: Hi. This is Malcolm Arno for David. Thank you for taking our questions. First, with respect to BD, is your priority acquiring immediately accretive commercial products or would you accept some development spending for a differentiated late-stage asset?

Malkiel Moran: Hi, this is Malkiel Moran for David. Thank you for taking our question. First, with respect to BD, is your priority acquiring immediately accretive commercial products, or would you accept some development spending for a differentiated late-stage asset? That's number one. Number two, also with respect to BD, are you willing to establish a new commercial organization in a new vertical, or will any potential targets need to leverage existing commercial infrastructure? Thank you.

[Analyst] (Piper Sandler): Hi, this is Malkiel Moran for David. Thank you for taking our question. First, with respect to BD, is your priority acquiring immediately accretive commercial products, or would you accept some development spending for a differentiated late-stage asset? That's number one. Number two, also with respect to BD, are you willing to establish a new commercial organization in a new vertical, or will any potential targets need to leverage existing commercial infrastructure? Thank you.

Speaker #6: That's number one. Number two, also with respect to BD, are you willing to establish a new commercial organization in a new vertical, or will any potential targets need to leverage existing commercial infrastructure?

Speaker #6: Thank you.

Speaker #3: Yeah. Good question. So as far as this development goes, we have been looking at both development programs and things that would be immediately accretive or soon to be accretive, I'll say, things that are very late-stage, potentially filed with the FDA would.

William Peters: Yeah. Good question. As far as the development goes, we have been looking at both development programs and things that would be immediately accretive or soon to be accretive, I'll say, things that are very late stage, potentially filed. Right now, because we in-licensed three products last year that are early stage, our real focus and what we prefer to look at are things that would be either immediately accretive or accretive to earnings within a year. That's the strong preference. However, we're looking at multiple things, and if we saw the right thing that was an early stage, we'd probably do that. I think the cost structure of those are different. For example, when we took a look at the four products that we in-licensed last year, the upfront cost was $2 million each.

Bill Peters: Yeah. Good question. As far as the development goes, we have been looking at both development programs and things that would be immediately accretive or soon to be accretive, I'll say, things that are very late stage, potentially filed. Right now, because we in-licensed three products last year that are early stage, our real focus and what we prefer to look at are things that would be either immediately accretive or accretive to earnings within a year. That's the strong preference. However, we're looking at multiple things, and if we saw the right thing that was an early stage, we'd probably do that. I think the cost structure of those are different. For example, when we took a look at the four products that we in-licensed last year, the upfront cost was $2 million each.

Speaker #3: So right now, because we in-licensed three products last year that are early stage, our real focus on what we prefer to look at are things that would be either immediately accretive or accretive to earnings in within a year.

Speaker #3: So that's the strong preference. However, we're looking at multiple things, and if we saw the right thing that was at an early stage, we'd probably do that.

Speaker #3: But I think the cost structure of those is very different. So for example, when we took a look at the four products that we in-licensed last year, the upfront cost was $2 million each, a far much lower than the vaccine or something else that's already on the market.

William Peters: Far much lower than the BAQSIMI or something else that's already on the market. As far as new commercial verticals, we would consider new commercial verticals, but they would probably be in the areas where we have either some kind of planned product, such as these in-licensed assets that are in oncology, ophthalmology, and immunology. Those are the three areas that we would consider new verticals. In addition to the endocrinology where we have BAQSIMI. I don't see us moving outside of those verticals.

Bill Peters: Far much lower than the BAQSIMI or something else that's already on the market. As far as new commercial verticals, we would consider new commercial verticals, but they would probably be in the areas where we have either some kind of planned product, such as these in-licensed assets that are in oncology, ophthalmology, and immunology. Those are the three areas that we would consider new verticals. In addition to the endocrinology where we have BAQSIMI. I don't see us moving outside of those verticals.

Speaker #3: And as far as new commercial verticals, we would consider new commercial verticals, but they would probably be in areas where we have either some kind of planned product, such as these in-licensed assets that are in oncology, ophthalmology, and immunology.

Speaker #3: So those are the three areas that we would consider new verticals. So in addition to the endocrinology where we have vaccine. I don't see us moving outside of those verticals.

Speaker #6: Thank you.

Malkiel Moran: Thank you.

[Analyst] (Piper Sandler): Thank you.

Speaker #2: Now our next question is from Serge Bellinger with Needham & Company.

Operator: Our next question is from Serge Belanger with Needham & Company.

Speaker #7: Hi. This is John for Serge today. Thanks for taking our questions. So just a couple on your current product portfolio. The first being the generic Atrovent launch that came about in mid-April.

Operator: Hi, this is John on for Serge today. Thanks for taking our questions. Just a couple on your current product portfolio. The first being the generic Atrovent launch that came about in mid-April. I believe you've highlighted previously that you see this product capturing as much as 50% to 80% of the market. Curious what the early stages of the launch have shown thus far and whether you've narrowed that market share goal at this time. Second, on Glucagon, you highlighted that it's still seeing some competitive pressures. Although it increased a little bit in Q2 over Q1, I'm curious if you think that this product is now at a stabilization period and could return to growth in H2. Thanks.

[Analyst] (Needham & Company): Hi, this is John on for Serge today. Thanks for taking our questions. Just a couple on your current product portfolio. The first being the generic Atrovent launch that came about in mid-April. I believe you've highlighted previously that you see this product capturing as much as 50% to 80% of the market. Curious what the early stages of the launch have shown thus far and whether you've narrowed that market share goal at this time. Second, on Glucagon, you highlighted that it's still seeing some competitive pressures. Although it increased a little bit in Q2 over Q1, I'm curious if you think that this product is now at a stabilization period and could return to growth in H2. Thanks.

Speaker #7: I believe you've highlighted previously that you see this product capturing as much as 50 to 80 percent of the market. So, I'm curious what the early stages of the launch have shown thus far and whether you've narrowed that market share goal at this time.

Speaker #7: And then second, on Glucagon, you highlighted that it's still seeing some competitive pressures. Although it increased a little bit in the second quarter over the first quarter, I'm curious if you think that this product is now at a stabilization period and could return to growth in the second half of the year.

Speaker #7: Thanks.

Speaker #3: Yeah. So Atrovent, generic Atrovent, we've got a nice market share and we are closing in on that goal range that we have put out there, but we're not quite there yet.

William Peters: Yeah. Atrovent, generic Atrovent, we've got a nice market share, and we are closing in on that goal range that we have put out there, but we're not quite there yet. We're really happy with where we are at this point. That product launch has gone really well for us. As far as Glucagon goes, we saw several new competitors come in over about an 18-month period, including all the way into late last year. Year over year, we haven't finished the decline. On a go-forward basis, that rate of decline, we think will diminish. The worst of that decline is over. However, we don't see this as becoming a growth product again.

Bill Peters: Yeah. Atrovent, generic Atrovent, we've got a nice market share, and we are closing in on that goal range that we have put out there, but we're not quite there yet. We're really happy with where we are at this point. That product launch has gone really well for us. As far as Glucagon goes, we saw several new competitors come in over about an 18-month period, including all the way into late last year. Year over year, we haven't finished the decline. On a go-forward basis, that rate of decline, we think will diminish. The worst of that decline is over. However, we don't see this as becoming a growth product again.

Speaker #3: But we're really happy with where we are at this point. And that product launch is going really well for us. As far as Glucagon goes, we saw several new competitors come in over the about an 18-month period, including all the way into late last year.

Speaker #3: So we year over year, we haven't finished the decline. On a go forward basis, that rated decline, we think, will diminish. So the worst of that decline is over.

Speaker #3: However, we don't see this as becoming a growth product again. In all likelihood, it's something where, over time, we think that the proportion of the market that's for diagnostic has grown slightly, but the proportion that's for the anti-hypoglycemia will continue to decline somewhat.

William Peters: In all likelihood, it's something where over time, and as we get the portion of the market that's for diagnostic will grow slightly, but the portion that's for the anti-hyperglycemia will continue to decline somewhat. We don't see this as being a growth thing. It's going to decline, but the decline is more muted than it's been over the last several quarters.

Bill Peters: In all likelihood, it's something where over time, and as we get the portion of the market that's for diagnostic will grow slightly, but the portion that's for the anti-hyperglycemia will continue to decline somewhat. We don't see this as being a growth thing. It's going to decline, but the decline is more muted than it's been over the last several quarters.

Speaker #3: So, we don't see this as being a growth thing. It's going to decline, but the decline is more muted than it's been over the last several quarters.

Speaker #5: Great. Thank you.

Dan Dischner: Great. Thank you.

Speaker #2: Now our next question is from Jason Gerberry with Bank of America.

Operator: Our next question is from Jason Gerberry with Bank of America.

Speaker #8: Hi. This is Melanie on for Jason. Thanks for taking our question. Just on AMP004, your insulin aspart, based on current price levels and anticipated concessions, do you see the product gross margin being relatively corporate levels?

[Analyst] (Bank of America): Hi, this is Melanie on for Jason. Thanks for taking our question. Just on AMP-004, your insulin aspart. Based on current price levels and anticipated concessions, do you see the product gross margin being relative to corporate levels?

Speaker #3: Yes. This is something that we think will probably be at or slightly below the current corporate gross margin levels given the competition that we see in there today.

William Peters: Yes. This is something that we think will probably be at or slightly below the current corporate gross margin levels, given the competition that we see in there today. However, it is still being something where we have a fairly large sales potential for us. We think the sales will be meaningful for us. Yeah.

Bill Peters: Yes. This is something that we think will probably be at or slightly below the current corporate gross margin levels, given the competition that we see in there today. However, it is still being something where we have a fairly large sales potential for us. We think the sales will be meaningful for us. Yeah.

Speaker #3: However, we see it as still being something where we have a fairly large sales potential for us. So we think sales will be meaningful for us.

Speaker #3: Yeah.

Speaker #2: Now, our next question is from Ben Burnett with Wells Fargo.

Operator: Our next question is from Ben Burnett with Wells Fargo.

Speaker #9: Hi. Hello. This is Ken Shion for Ben. Thanks for taking our questions. So one question we have is that on the insulin aspart bioavailability study, recently it's shown up as completed on clinical trial.

Ken Qian: Hi. Hello, this is Ken Qian for Ben. Thanks for taking our questions. One question we have is that on the insulin aspart bioavailability study, recently it's shown up as completed on ClinicalTrials.gov. Is this something that you can touch on? What did the data look like? What is the path forward on this? Thank you.

[Analyst] (Wells Fargo): Hi. Hello, this is Ken Qian for Ben. Thanks for taking our questions. One question we have is that on the insulin aspart bioavailability study, recently it's shown up as completed on ClinicalTrials.gov. Is this something that you can touch on? What did the data look like? What is the path forward on this? Thank you.

Speaker #9: So is this something that we can touch on? What does the data look like? What is the path forward on this? Thank you.

Speaker #3: Okay. Could you please repeat the question again? I think we were having a little hard time understanding.

William Peters: Okay. Could you please repeat the question again? I think we are having a little hard time understanding.

Bill Peters: Okay. Could you please repeat the question again? I think we are having a little hard time understanding.

Speaker #9: Oh, sorry. Is this better?

Ken Qian: Oh, sorry.

[Analyst] (Wells Fargo): Oh, sorry.

William Peters: Which product are you referring to?

Bill Peters: Which product are you referring to?

Speaker #3: Which product are you referring to?

Ken Qian: Yeah, sorry, let me repeat again. Yeah, it's the insulin aspart bioavailability study showing up recently on ClinicalTrials.gov as completed. Is this something that we can touch on? Have you seen the data? What's the path forward in terms of resubmitting, et cetera?

Speaker #9: So yeah. Sorry. Let me insulin aspart bioavailability study showing up recently on clinical trial.gov as completed. So is this something that we can touch on?

[Analyst] (Wells Fargo): Yeah, sorry, let me repeat again. Yeah, it's the insulin aspart bioavailability study showing up recently on ClinicalTrials.gov as completed. Is this something that we can touch on? Have you seen the data? What's the path forward in terms of resubmitting, et cetera?

Speaker #9: Have you seen the data? What's the path forward in terms of resubmitting, etc.?

Speaker #3: So the question is about the trial. As you had seen on it, it's a bioequivalent CK type trial. And it's just measuring the AUC between the two products, the reference and the other.

William Peters: The question is about the trial. As you had seen on it's a bioequivalent PK type trial, and it's just measuring the AUC between the two products, the reference and the other one. I think that's what it is. What I'll say about that product is we're on schedule for that to have our commercial launch of the product next year in 2027.

Bill Peters: The question is about the trial. As you had seen on it's a bioequivalent PK type trial, and it's just measuring the AUC between the two products, the reference and the other one. I think that's what it is. What I'll say about that product is we're on schedule for that to have our commercial launch of the product next year in 2027.

Speaker #3: So I think that's what it is. What I'll say about that product is we're on schedule for that to have our launch commercial launch of the product next year in 2027.

Speaker #9: Thanks for the color.

Ken Qian: Thanks. Bye. Color.

[Analyst] (Wells Fargo): Thanks. Bye. Color.

Speaker #3: Yeah. Thanks.

William Peters: Thanks.

Bill Peters: Thanks.

Speaker #2: Thank you. There are no further questions at this time. I would like to hand the floor back over to management for any closing remarks.

Operator: Thank you. There are no further questions at this time. I would like to hand the floor back over to management for any closing remarks.

Speaker #5: Thank you, Paul. And thank you all for the questions today. As highlighted in our remarks today, we remain focused on executing our long-term strategy, strengthening our commercial portfolio, and advancing our pipeline.

Dan Dischner: Thank you, Paul, and thank you all for the questions today. As highlighted in our remarks today, we remain focused on executing our long-term strategy, strengthening our commercial portfolio, and advancing our pipeline, and continuing to invest in our US manufacturing capabilities. Thank you for your continued interest in Amphastar. We appreciate your support and look forward to updating you on our progress next quarter.

Speaker #5: And continuing to invest in our US manufacturing capabilities. Thank you for your continued interest in Ampastar. We appreciate your support and look forward to updating you on our progress next quarter.

Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

Q2 2026 Amphastar Pharmaceuticals Inc Earnings Call

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