Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (“Amphastar” or the
“Company”) today reported results for the three months and fiscal
year ended December 31, 2016.
Fourth Quarter Highlights
- Net revenues of $63.5 million for the fourth quarter
- GAAP net loss of $2.7 million, or $0.06 per share, for the
fourth quarter
- Adjusted non-GAAP net income of $0.5 million, or $0.01 per
diluted share, for the fourth quarter
Fiscal Year Highlights
- Net revenues of $255.2 million for the fiscal year
- GAAP net income of $10.5 million, or $0.22 per diluted share,
for the fiscal year
- Adjusted non-GAAP net income of $23.1 million, or $0.49 per
diluted share, for the fiscal year
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|
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|
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|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
(in thousands, except per share data) |
|
Net revenues |
|
$ |
63,543 |
|
|
$ |
76,912 |
|
$ |
255,165 |
|
$ |
251,519 |
|
|
GAAP net income
(loss) |
|
$ |
(2,742 |
) |
|
$ |
7,533 |
|
$ |
10,532 |
|
$ |
(2,787 |
) |
|
Adjusted non-GAAP net
income* |
|
$ |
549 |
|
|
$ |
9,074 |
|
$ |
23,106 |
|
$ |
2,895 |
|
|
GAAP diluted EPS |
|
$ |
(0.06 |
) |
|
$ |
0.16 |
|
$ |
0.22 |
|
$ |
(0.06 |
) |
|
Adjusted non-GAAP
diluted EPS* |
|
$ |
0.01 |
|
|
$ |
0.19 |
|
$ |
0.49 |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
* Adjusted
non-GAAP net income (loss) and Adjusted non-GAAP diluted EPS are
non-GAAP financial measures. Please see the discussion in the
section entitled “Non-GAAP Financial Measures” and the
reconciliation of GAAP to non-GAAP financial measures in Table II
of this press release. |
|
Fourth Quarter Results
For the three months ended December 31, 2016, the
Company reported net revenues of $63.5 million, a decrease of 17%
compared to $76.9 million for the three months ended December 31,
2015.
For the three months ended December 31, 2016, net
revenues of enoxaparin were $8.3 million, a decrease of 58%
compared to $19.9 million for the three months ended December 31,
2015, primarily due to lower unit volumes in the retail market as a
result of the termination of the distribution agreement with
Actavis Inc. (“Actavis”). Under the terms of the Company’s
distribution agreement with Actavis, the Company was unable to ship
enoxaparin for retail clients from August 2016 until the agreement
was terminated in late December 2016.
Other finished pharmaceutical product revenues were
$50.6 million for the three months ended December 31, 2016,
representing an increase of 10% compared to $46.2 million for the
three months ended December 31, 2015. This was primarily due to an
increase in sales of epinephrine to $10.7 million from $5.0 million
due to increases in both average selling price and unit volumes.
This increase was partially offset by a decrease in sales of
naloxone to $9.3 million from $10.7 million, primarily as a result
of a decrease in average selling price, which resulted from an
increase in rebates. The FDA recently requested that the Company
discontinue the manufacturing and distribution of its epinephrine
injection, USP vial product, which has been marketed under the
“grandfather” exception to the FDA’s “Prescription Drug Wrap-Up”
program. The Company is currently in discussions with the FDA
regarding the timing of the discontinuation of this product. For
the three months ended December 31, 2016, the Company recognized
$8.7 million in net revenues for the sale of this product.
Sales of the Company’s insulin active
pharmaceutical ingredient, or API, products were $4.7 million for
the three months ended December 31, 2016, compared to $10.8 million
for the three months ended December 31, 2015, as MannKind did not
purchase any of its 2016 commitments under the supply agreement
entered into in 2014.
Cost of revenues were $43.6 million, or 69% of
revenues, and $43.7 million, or 57% of revenues, for the three
months ended December 31, 2016 and 2015, respectively, representing
a decrease of $0.1 million. Cost of revenues of enoxaparin
and insulin API decreased by $10.9 million and $3.5 million,
respectively, primarily due to a decrease in unit volumes. The
Company also recorded an inventory reserve of $7.3 million in
December 2016, to adjust certain inventory items to their net
realizable value. This reserve included $3.1 million for enoxaparin
inventory items due to a decrease in the forecasted average selling
price and $3.3 million for the epinephrine injection vial inventory
items and related firm inventory purchase commitments due to the
anticipated discontinuation of this product.
Selling, distribution, and marketing expenses were
$1.5 million and $1.3 million for the three months ended December
31, 2016 and 2015, respectively. For the three months ended
December 31, 2016, general and administrative expenses increased to
$10.7 million from $8.7 million for the three months ended December
31, 2015, primarily due to an increase in legal fees.
For the three months ended December 31, 2016,
research and development expenses increased by 40% to $12.3 million
from $8.8 million for the three months ended December 31, 2015,
primarily due to an increase in pre-launch inventory as well as
other research and development supplies, which was partially offset
by a decrease in clinical trials expense.
The Company recorded an income tax benefit of $1.9
million for the three months ended December 31, 2016, compared to
an income tax expense of $2.8 million for the three months ended
December 31, 2015.
The Company reported a quarterly net loss of $2.7
million, or $0.06 per share, for the three months ended December
31, 2016, compared to a net income of $7.5 million, or $0.16 per
fully diluted share, for the three months ended December 31, 2015.
The Company reported an adjusted non-GAAP quarterly net income of
$0.5 million, or $0.01 per fully diluted share, for the three
months ended December 31, 2016, compared to an adjusted non-GAAP
net income of $9.1 million, or $0.19 per fully diluted share, for
the three months ended December 31, 2015. Please see the discussion
in the section entitled “Non-GAAP Financial Measures” and the
reconciliation of GAAP to non-GAAP measures in Table II of this
press release.
Year-End Results
For the year ended December 31, 2016, the Company
reported net revenues of $255.2 million, an increase of 1% compared
to $251.5 million for the year ended December 31, 2015.
For fiscal 2016, net revenues of enoxaparin were
$59.3 million, a decrease of 30% compared to $84.5 million for
fiscal 2015. Lower unit volumes led to a decrease of approximately
$18.8 million in the retail market as a result of the termination
of the Company’s distribution agreement with Actavis. The remaining
decrease of $6.4 million resulted from lower average selling prices
of enoxaparin.
Other finished pharmaceutical product revenues were
$180.9 million for fiscal 2016, an increase of 29% compared to
$140.4 million for fiscal 2015. Sales of phytonadione increased to
$33.3 million from $19.8 million, and sales of epinephrine
increased to $25.7 million from $14.9 million, in each case
primarily due to higher average selling prices. Sales of naloxone
increased to $47.5 million from $38.6 million, as a result of an
increase in unit volumes, which was partially offset by a decrease
in average selling price of $1.4 million primarily due to increased
rebates. Additionally, sales of lidocaine increased to $36.6
million from $30.3 million, primarily as a result of increased unit
volumes, as well as the average selling price. For fiscal 2016, the
Company recognized $18.6 million in net revenues for the sale of
epinephrine injection vials. The Company is currently in
discussions with the FDA regarding the timing of the
discontinuation of this product.
Sales of the Company’s insulin API products were
$14.9 million for fiscal 2016, compared to $26.6 million for fiscal
2015, as MannKind purchased its remaining unfulfilled 2015
commitments during the third quarter of 2016 but did not purchase
any of its 2016 commitments under the supply agreement entered into
in 2014.
Cost of revenues were $151.0 million, or 59% of
revenues, and $174.2 million, or 69% of revenues, for the years
ended December 31, 2016 and 2015, respectively, representing a
decrease of $23.2 million, or 13%. Cost of revenues of
enoxaparin decreased by $22.6 million, primarily due to a decrease
in unit volumes of $16.0 million and a decrease in average cost per
unit of $6.7 million as a result of lower heparin input costs. In
addition, cost of revenues for insulin API decreased $7.4 million,
primarily due to a decrease in unit volume.
Selling, distribution, and marketing expenses were
$5.5 million and $5.5 million for the years ended December 31, 2016
and 2015, respectively. For the year ended December 31, 2016,
general and administrative expenses increased to $41.8 million from
$41.5 million for the year ended December 31, 2015, primarily due
to an increase in personnel cost and legal fees, which was
partially offset by the effect of a one-time $3.3 million
settlement charge in 2015 relating to a California employment
lawsuit.
For the year ended December 31, 2016, research and
development expenses increased by 11% to $41.2 million, from $37.3
million for the year ended December 31, 2015, primarily due to an
increase in FDA fees pertaining to the filing of a new drug
application, or NDA, for the Company’s intranasal naloxone product
candidate and an increase of pre-launch inventory expense of $1.1
million related to Primatene® Mist in fiscal 2016. Additionally,
the Company increased its spending on API and component materials
for its ANDA pipeline products. These increases were partially
offset by a decrease in clinical trials expense.
The Company recorded an income tax expense of $4.4
million for the year ended December 31, 2016, compared to an income
tax benefit of $7.6 million for fiscal 2015.
The Company reported annual net income of $10.5
million, or $0.22 per fully diluted share, for the year ended
December 31, 2016, compared to a net loss of $2.8 million, or $0.06
per share, for the year ended December 31, 2015. The Company
reported adjusted non-GAAP annual net income of $23.1 million, or
$0.49 per fully diluted share, for the year ended December 31,
2016, compared to adjusted non-GAAP net income of $2.9 million, or
$0.06 per fully diluted share, for the year ended December 31,
2015. Please see the discussion in the section entitled “Non-GAAP
Financial Measures” and the reconciliation of GAAP to non-GAAP
measures in Table II of this press release.
The Company’s cash and cash equivalents as of
December 31, 2016, were $72.4 million. Cash flow provided by
operating activities for the year ended December 31, 2016, was
$38.6 million.
Pipeline Information
The Company currently has five abbreviated new drug
applications, or ANDAs filed with the FDA, targeting products with
a market size of over $1.0 billion, three biosimilar products in
development targeting products with a market size of $15.0 billion,
and another 11 generic products in development targeting products
with a market size of over $12.0 billion. This market information
is based on IMS Health data for the 12 months ended December 31,
2016. The Company’s proprietary pipeline includes NDAs for
Primatene® Mist and intranasal naloxone. The Company is currently
developing four other proprietary products, which include
injectable, inhalation and intranasal dosage forms.
Company Information
Amphastar is a specialty pharmaceutical company
that focuses primarily on developing, manufacturing, marketing, and
selling technically-challenging generic and proprietary injectable,
inhalation, and intranasal products. Additionally, the Company
sells insulin active pharmaceutical ingredient products. Most of
the Company’s finished products are used in hospital or urgent care
clinical settings and are primarily contracted and distributed
through group purchasing organizations and drug wholesalers. More
information is available at the Company’s website at
www.amphastar.com.
The Amphastar Pharmaceuticals’ logo and other
trademarks or service marks of Amphastar
Pharmaceuticals, Inc., including, but not limited to
Primatene®, Amphadase® and Cortrosyn®, are the property of
Amphastar Pharmaceuticals, Inc.
Non-GAAP Financial Measures
To supplement its consolidated financial
statements, which are prepared and presented in accordance with
U.S. generally accepted accounting principles, or GAAP, the Company
is disclosing non-GAAP financial measures when providing financial
results. The Company believes that an evaluation of its ongoing
operations (and comparisons of its current operations with
historical and future operations) would be difficult if the
disclosure of its financial results were limited to financial
measures prepared only in accordance with GAAP. As a result, the
Company is disclosing certain non-GAAP results, including (i)
Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP
diluted EPS, that exclude amortization expense, share-based
compensation and impairment charges in order to supplement
investors’ and other readers’ understanding and assessment of the
Company’s financial performance, because the Company’s management
uses these measures internally for forecasting, budgeting, and
measuring its operating performance. Whenever the Company uses such
non-GAAP measures, it will provide a reconciliation of non-GAAP
financial measures to their most directly comparable GAAP financial
measure. Investors and other readers are encouraged to review the
related GAAP financial measures and the reconciliation of non-GAAP
measures to their most directly comparable GAAP measure set forth
below and should consider non-GAAP measures only as a supplement
to, not as a substitute for or as a superior measure to, measures
of financial performance prepared in accordance with GAAP.
Conference Call Information
The Company will hold a conference call to discuss
its financial results today, March 13, 2017, at 2:00 p.m. Pacific
Time.
To access the conference call, dial toll-free (877)
881-2595 or (315) 625-3083 for international callers, five minutes
before the conference. The passcode for the conference call is
82660524.
The call can also be accessed on the Investors page
on the Company’s website www.amphastar.com.
Forward Looking Statements
All statements in this press release and in the
conference call referenced above that are not historical are
forward-looking statements, including, among other things,
statements relating to the Company’s expectations regarding future
financial performance, sales and marketing of its products, market
size and growth, the timing of FDA filings or approvals,
acquisitions and other matters related to its pipeline of product
candidates, its share buyback program and other future events.
These statements are not historical facts but rather are based on
Amphastar’s historical performance and its current expectations,
estimates, and projections regarding Amphastar’s business,
operations and other similar or related factors. Words such as
“may,” “might,” “will,” “could,” “would,” “should,” “anticipate,”
“predict,” “potential,” “continue,” “expect,” “intend,” “plan,”
“project,” “believe,” “estimate,” and other similar or related
expressions are used to identify these forward-looking statements,
although not all forward-looking statements contain these words.
You should not place undue reliance on forward-looking statements
because they involve known and unknown risks, uncertainties, and
assumptions that are difficult or impossible to predict and, in
some cases, beyond Amphastar’s control. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described in Amphastar’s
filings with the Securities and Exchange Commission. You can locate
these reports through the Company’s website at
http://ir.amphastar.com and on the SEC’s website at www.sec.gov.
Amphastar undertakes no obligation to revise or update information
in this press release or the conference call referenced above to
reflect events or circumstances in the future, even if new
information becomes available or if subsequent events cause the
Company’s expectations to change.
Table IAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Statement of Operations(Unaudited; in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
63,543 |
|
|
$ |
76,912 |
|
|
$ |
255,165 |
|
|
$ |
251,519 |
|
|
Cost of revenues |
|
|
43,582 |
|
|
|
43,741 |
|
|
|
150,976 |
|
|
|
174,172 |
|
|
Gross profit |
|
|
19,961 |
|
|
|
33,171 |
|
|
|
104,189 |
|
|
|
77,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
distribution, and marketing |
|
|
1,491 |
|
|
|
1,307 |
|
|
|
5,466 |
|
|
|
5,470 |
|
|
General
and administrative |
|
|
10,703 |
|
|
|
8,711 |
|
|
|
41,832 |
|
|
|
41,504 |
|
|
Research
and development |
|
|
12,277 |
|
|
|
8,782 |
|
|
|
41,199 |
|
|
|
37,271 |
|
|
Total operating
expenses |
|
|
24,471 |
|
|
|
18,800 |
|
|
|
88,497 |
|
|
|
84,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
|
(4,510 |
) |
|
|
14,371 |
|
|
|
15,692 |
|
|
|
(6,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating expense,
net |
|
|
(113 |
) |
|
|
(4,033 |
) |
|
|
(746 |
) |
|
|
(3,466 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes |
|
|
(4,623 |
) |
|
|
10,338 |
|
|
|
14,946 |
|
|
|
(10,364 |
) |
|
Income tax expense
(benefit) |
|
|
(1,881 |
) |
|
|
2,805 |
|
|
|
4,414 |
|
|
|
(7,577 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(2,742 |
) |
|
$ |
7,533 |
|
|
$ |
10,532 |
|
|
$ |
(2,787 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.06 |
) |
|
$ |
0.17 |
|
|
$ |
0.23 |
|
|
$ |
(0.06 |
) |
|
Diluted |
|
$ |
(0.06 |
) |
|
$ |
0.16 |
|
|
$ |
0.22 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,104 |
|
|
|
45,085 |
|
|
|
45,375 |
|
|
|
44,961 |
|
|
Diluted |
|
|
46,104 |
|
|
|
46,709 |
|
|
|
47,504 |
|
|
|
44,961 |
|
|
Table IIAmphastar
Pharmaceuticals, Inc.Reconciliation of Non-GAAP
Measures(Unaudited; in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) |
|
$ |
(2,742 |
) |
|
$ |
7,533 |
|
|
$ |
10,532 |
|
|
$ |
(2,787 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible amortization |
|
|
766 |
|
|
|
479 |
|
|
|
2,517 |
|
|
|
1,938 |
|
Share-based compensation |
|
|
3,520 |
|
|
|
3,458 |
|
|
|
15,124 |
|
|
|
12,815 |
|
Impairment of long-lived assets |
|
|
235 |
|
|
|
128 |
|
|
|
566 |
|
|
|
206 |
|
Income
tax expense (benefit) on pre-tax adjustments |
|
|
(1,230 |
) |
|
|
(2,524 |
) |
|
|
(5,633 |
) |
|
|
(9,277 |
) |
Non-GAAP net
income |
|
$ |
549 |
|
|
$ |
9,074 |
|
|
$ |
23,106 |
|
|
$ |
2,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.20 |
|
|
$ |
0.51 |
|
|
$ |
0.06 |
|
Diluted |
|
$ |
0.01 |
|
|
$ |
0.19 |
|
|
$ |
0.49 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute non-GAAP net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,104 |
|
|
|
45,085 |
|
|
|
45,375 |
|
|
|
44,961 |
|
Diluted |
|
|
49,285 |
|
|
|
46,742 |
|
|
|
47,504 |
|
|
|
46,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Income |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
tax expense |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(benefit) |
GAAP |
|
$ |
43,582 |
|
|
$ |
1,491 |
|
|
$ |
10,703 |
|
|
$ |
12,277 |
|
|
$ |
(1,881 |
) |
Intangible
amortization |
|
|
(883 |
) |
|
|
— |
|
|
|
117 |
|
|
|
— |
|
|
|
— |
|
Share-based
compensation |
|
|
(722 |
) |
|
|
(44 |
) |
|
|
(2,526 |
) |
|
|
(228 |
) |
|
|
— |
|
Impairment of
long-lived assets |
|
|
(365 |
) |
|
|
— |
|
|
|
— |
|
|
|
130 |
|
|
|
— |
|
Income tax expense
(benefit) on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,230 |
|
Non-GAAP |
|
$ |
41,612 |
|
|
$ |
1,447 |
|
|
$ |
8,294 |
|
|
$ |
12,179 |
|
|
$ |
(651 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Income |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
tax expense |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(benefit) |
GAAP |
|
$ |
43,741 |
|
|
$ |
1,307 |
|
|
$ |
8,711 |
|
|
$ |
8,782 |
|
|
$ |
2,805 |
Intangible
amortization |
|
|
(445 |
) |
|
|
— |
|
|
|
(34 |
) |
|
|
— |
|
|
|
— |
Share-based
compensation |
|
|
(671 |
) |
|
|
(44 |
) |
|
|
(2,508 |
) |
|
|
(235 |
) |
|
|
— |
Impairment of
long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(128 |
) |
|
|
— |
Income tax expense
(benefit) on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,524 |
Non-GAAP |
|
$ |
42,625 |
|
|
$ |
1,263 |
|
|
$ |
6,169 |
|
|
$ |
8,419 |
|
|
$ |
5,329 |
Reconciliation of Non-GAAP Measures
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Income |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
tax expense |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(benefit) |
GAAP |
|
$ |
150,976 |
|
|
$ |
5,466 |
|
|
$ |
41,832 |
|
|
$ |
41,199 |
|
|
$ |
4,414 |
Intangible
amortization |
|
|
(2,375 |
) |
|
|
— |
|
|
|
(142 |
) |
|
|
— |
|
|
|
— |
Share-based
compensation |
|
|
(2,967 |
) |
|
|
(220 |
) |
|
|
(10,865 |
) |
|
|
(1,072 |
) |
|
|
— |
Impairment of
long-lived assets |
|
|
(365 |
) |
|
|
— |
|
|
|
— |
|
|
|
(201 |
) |
|
|
— |
Income tax expense
(benefit) on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,633 |
Non-GAAP |
|
$ |
145,269 |
|
|
$ |
5,246 |
|
|
$ |
30,825 |
|
|
$ |
39,926 |
|
|
$ |
10,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Income |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
tax expense |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(benefit) |
GAAP |
|
$ |
174,172 |
|
|
$ |
5,470 |
|
|
$ |
41,504 |
|
|
$ |
37,271 |
|
|
$ |
(7,577 |
) |
Intangible
amortization |
|
|
(1,782 |
) |
|
|
— |
|
|
|
(156 |
) |
|
|
— |
|
|
|
— |
|
Share-based
compensation |
|
|
(2,526 |
) |
|
|
(192 |
) |
|
|
(9,185 |
) |
|
|
(912 |
) |
|
|
— |
|
Impairment of
long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(206 |
) |
|
|
— |
|
Income tax expense
(benefit) on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,277 |
|
Non-GAAP |
|
$ |
169,864 |
|
|
$ |
5,278 |
|
|
$ |
32,163 |
|
|
$ |
36,153 |
|
|
$ |
1,700 |
|
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 980-9484
Amphastar Pharmaceuticals (NASDAQ:AMPH)
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