aibioAmphastar adds $50 million to its share buyback program
Tickers AMPH
Amphastar's board raised its buyback by $50 million on March 12, 2026, to offset dilution from equity compensation, while 2025 net income fell to $98.1 million and cash from operations dropped.
Key facts
- Company
- Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH)
- News type
- Financings
- Primary source
- Amphastar Pharmaceuticals, Inc. 8-K (2026-03-16)
Amphastar Pharmaceuticals, Inc. (Nasdaq: AMPH) said its Board of Directors authorized a $50 million increase to the company's share buyback program on March 12, 2026. The company disclosed the step in an 8-K under Item 8.01, which covers other events. The 8-K is dated March 12 and was filed March 16, 2026. It says the program is expected to continue for an indefinite period.
What the buyback is for
The 8-K gives one stated purpose: offsetting the dilution created by the company's equity compensation programs. Dilution means each holder's stake shrinks when new shares are issued, here to employees and others under those programs. A buyback aimed at that target mainly absorbs stock the company has handed out to staff. The filing does not say the program will reduce the share count below its current level.
Purchases may be made in the open market, through private block transactions under Rule 10b5-1 plans, through privately negotiated transactions, or by other means, as management decides and within SEC requirements. The timing and number of shares repurchased depend on price, corporate and regulatory requirements and other conditions. The 8-K does not say how much of the $50 million has been used or at what prices any shares have been bought. The 8-K names no underwriter, placement agent, financial adviser or counsel. It was signed by William J. Peters, Chief Financial Officer, Executive Vice President and Treasurer.
The business behind the cash
Amphastar develops, manufactures and sells technically challenging generic and proprietary injectable, inhalation and intranasal products, along with active pharmaceutical ingredients. The annual report filed February 26, 2026 says the company sells more than 25 prescription products, plus the over-the-counter product Primatene MIST. Its largest products by net revenue include BAQSIMI glucagon nasal powder, Primatene MIST, glucagon, epinephrine and lidocaine. Amphastar acquired BAQSIMI in June 2023, and the report says it is available in the United States and 26 international markets.
The company has added several approvals recently. The FDA approved its albuterol sulfate inhalation aerosol in May 2024, and it launched in August 2024. It approved an iron sucrose injection in August 2025, launched that month, and a teriparatide injection in December 2025, launched that month. An ipratropium bromide HFA inhalation aerosol was approved in February 2026, with a launch planned for early in the second quarter of 2026.
The pipeline is built around ANDAs and biologics license applications, including biosimilar insulin candidates. The report says one ANDA and one biosimilar insulin candidate are on file with the FDA.
The report sizes its markets with a December 2025 IQVIA National Sales Perspective Report. It puts the U.S. injectable market at over $480 billion in 2025, with the company's generic development targeting over $7 billion of it. It puts the U.S. inhalation market at approximately $27 billion, with generic development targeting over $1.1 billion. The report also says quality problems at several injectable makers have constrained supply. That is the company's view of its own position, not an independent finding.
The financial record
Net revenues were $719.9 million in 2025, $732.0 million in 2024 and $644.4 million in 2023. Net income was $98.1 million in 2025, down from $159.5 million in 2024, and $137.5 million in 2023. Research and development expense rose to $85.8 million in 2025 from $73.9 million in 2024.
Cash provided by operations was $156.1 million in 2025, against $213.4 million in 2024. At the end of 2024 the company held $151.6 million in cash and cash equivalents and $70.0 million in short-term investments.
The buyback is therefore authorized while both net income and operating cash flow are lower than in 2024. The 8-K does not say how the company plans to fund purchases, and it does not set out a cash figure for the program.
What comes next
The ipratropium launch is due in the second quarter of 2026. The buyback runs for an indefinite period, with no end date or size of repurchases given.