TacticScaleWhat Amphastar Pharmaceuticals Does & How It Makes Money (AMPH)
Updated October 2026 · reflects Amphastar Pharmaceuticals's latest reported financials
Specialty drugmaker of injectable, inhalation, and nasal medicines. It earns revenue by selling its branded and generic finished drugs, such as BAQSIMI, Primatene MIST, glucagon, and enoxaparin, to the healthcare market.
How Amphastar Pharmaceuticals makes money
It earns revenue by selling its branded and generic finished drugs, such as BAQSIMI, Primatene MIST, glucagon, and enoxaparin, to the healthcare market. It also sells active pharmaceutical ingredients such as recombinant human insulin and porcine insulin API.
What Amphastar Pharmaceuticals does
Amphastar Pharmaceuticals is a California-based biopharmaceutical company founded in 1996. It makes generic and proprietary medicines delivered by injection, inhalation, and nasal spray, and sells them in the US, China, and France. Its best-known brands are BAQSIMI, a dry nasal spray for severe hypoglycemia; Primatene MIST, an epinephrine inhaler for mild intermittent asthma; and REXTOVY for opioid overdose. The rest of its portfolio is mostly hospital and emergency-care products. These include enoxaparin, glucagon kits, Cortrosyn, Amphadase, prefilled emergency syringes, lidocaine products, iron sucrose, teriparatide, and albuterol and ipratropium inhalers. It also sells insulin active pharmaceutical ingredients, both recombinant human and porcine.
Products & services
- BAQSIMI nasal glucagon
- Primatene MIST
- Enoxaparin
- Glucagon emergency kit
- REXTOVY / Naloxone
- Cortrosyn
What is Amphastar Pharmaceuticals worth?
On an owner-earnings DCF, Amphastar Pharmaceuticals's most-likely value is about $67 versus a recent price near $27 (152% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$40) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $27 is below even the no-growth floor ($40); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -4.4%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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