Amphastar Pharmaceuticals (AMPH) posted revenue of $183.11 million for the quarter ended December 2025, down 1.8% year on year. EPS was $0.73, compared with $0.92 a year earlier.
Revenue missed the Zacks Consensus Estimate of $194.03 million by 5.63%. EPS missed the consensus estimate of $0.97 by 24.49%.
BAQSIMI net revenues were $46.71 million versus an average estimate of $52.07 million, up 11.8% year on year. Primatene MIST net revenues were $27.93 million versus $31.48 million, down 3.5%.
Lidocaine net revenues were $14.9 million versus $13.51 million, up 3.5%. Epinephrine net revenues were $17.09 million versus $19.78 million, down 8.6%.
Glucagon net revenues were $14.08 million versus $10.59 million. This was down 45% compared with the year-ago quarter.
Given the significant miss on both revenue and earnings for the fourth quarter of 2025, we are anticipating downward pressure on Amphastar’s stock. The 24.5% miss on earnings per share is particularly concerning and will likely fuel bearish sentiment in the near term. Implied volatility for near-term options has already surged over 40%, reflecting the market’s heightened uncertainty following this report.
The weakness appears broad-based, with key revenue streams like BAQSIMI and Primatene MIST failing to meet expectations. While Glucagon technically beat a low analyst estimate, its 45% year-over-year revenue collapse from the same period in 2024 is a major red flag for its product lifecycle. These underlying metrics suggest the stock’s challenges may not be a one-time issue, justifying a more cautious outlook.
Market data supports this cautious approach, as the put-to-call ratio for AMPH has climbed to 1.5, its highest level since mid-2025. This indicates traders are actively buying protection against further declines or speculating on a drop. In contrast, the broader SPDR S&P Pharmaceuticals ETF (XPH) has remained relatively stable this month, suggesting this is a company-specific problem, not a sector-wide trend.
Looking back at the company’s performance after its earnings miss in the second quarter of 2025, we saw the stock drift lower for several weeks. With the current high implied volatility, selling out-of-the-money call spreads could be a viable strategy to capitalize on this potential price stagnation and eventual volatility crush. This approach allows us to collect premium while defining our risk, betting that the stock will struggle to rally in the coming weeks.
