Amphastar Pharmaceuticals, Inc. (AMPH)

Executive Summary

Amphastar Pharmaceuticals is a vertically integrated specialty pharmaceutical company that makes technically difficult injectable, inhalation, and intranasal products, and it is exactly the kind of founder-led, beaten-down compounder we are drawn to. The stock has been cut roughly in half from its 2024 highs near $55 to about $17 today, falling some 36% in 2026 alone after a Q1 print in which BAQSIMI revenue dropped 15% on pricing pressure and management trimmed BAQSIMI growth guidance to flat-to-low-single-digits. At $17, AMPH trades for roughly 8x trailing GAAP earnings and only about 5x trailing adjusted EPS of $3.25, with an EV/EBITDA near 6x, FCF yield in the low-teens, and a balance sheet carrying about $601M of debt against $222M of cash and a comfortable ~8x interest coverage.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers