Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the
“Company”) today reported results for the three months ended June
30, 2020.
Second Quarter Highlights
- Net revenues of $85.8 million for the second quarter
- GAAP net loss of $0.2 million, or $0.00 per share, for the
second quarter
- Adjusted non-GAAP net income of $7.6 million, or $0.16 per
share, for the second quarter
Dr. Jack Zhang, Amphastar’s President and Chief Executive
Officer, commented: “We are pleased with Amphastar’s second quarter
and the first half of the year so far. Primatene® Mist has been a
strong performer for the Company, while our epinephrine multi-dose
vial launch continues to gain momentum. Despite the challenges
presented by the COVID-19 pandemic, we remain confident, heading
into our catalyst-rich second half of the year.”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2020 |
|
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
|
Net revenues |
|
$ |
85,806 |
|
|
$ |
79,047 |
|
$ |
170,494 |
|
$ |
158,837 |
|
GAAP net (loss) income
attributable to Amphastar |
|
$ |
(192 |
) |
|
$ |
47,787 |
|
$ |
3,757 |
|
$ |
48,655 |
|
Adjusted non-GAAP net income
attributable to Amphastar* |
|
$ |
7,610 |
|
|
$ |
4,117 |
|
$ |
15,993 |
|
$ |
9,002 |
|
GAAP diluted EPS attributable
to Amphastar shareholders |
|
$ |
(0.00 |
) |
|
$ |
0.96 |
|
$ |
0.08 |
|
$ |
0.97 |
|
Adjusted non-GAAP diluted EPS
attributable to Amphastar shareholders* |
|
$ |
0.16 |
|
|
$ |
0.08 |
|
$ |
0.33 |
|
$ |
0.18 |
|
_______________________________* Adjusted non-GAAP net income
attributable to Amphastar and Adjusted non-GAAP diluted EPS
attributable to Amphastar shareholders 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 III of this press release.
Second Quarter Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2020 |
|
2019 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Primatene® Mist |
|
$ |
12,468 |
|
$ |
2,512 |
|
$ |
9,956 |
|
|
396 |
|
% |
Phytonadione |
|
|
10,689 |
|
|
12,441 |
|
|
(1,752 |
) |
|
(14 |
) |
% |
Enoxaparin |
|
|
10,218 |
|
|
9,838 |
|
|
380 |
|
|
4 |
|
% |
Lidocaine |
|
|
7,608 |
|
|
10,082 |
|
|
(2,474 |
) |
|
(25 |
) |
% |
Naloxone |
|
|
8,723 |
|
|
7,833 |
|
|
890 |
|
|
11 |
|
% |
Epinephrine |
|
|
6,957 |
|
|
3,139 |
|
|
3,818 |
|
|
122 |
|
% |
Other finished pharmaceutical products |
|
|
24,272 |
|
|
27,890 |
|
|
(3,618 |
) |
|
(13 |
) |
% |
Total finished pharmaceutical products net revenues |
|
$ |
80,935 |
|
$ |
73,735 |
|
$ |
7,200 |
|
|
10 |
|
% |
API |
|
|
4,871 |
|
|
5,312 |
|
|
(441 |
) |
|
(8 |
) |
% |
Total net revenues |
|
$ |
85,806 |
|
$ |
79,047 |
|
$ |
6,759 |
|
|
9 |
|
% |
Changes in net revenues were primarily driven by:
- Increased sales of Primatene® Mist primarily resulting from the
continued success of our nationwide television, radio, and digital
marketing campaign
- Increased epinephrine sales due to the launch of our
newly-approved epinephrine injection, USP 30mg/30mL multiple-dose
vial product as well as increased sales of our epinephrine
pre-filled syringes
- Increased naloxone sales due to higher unit volumes
- Decreased lidocaine sales due to lower demand, largely due to
reductions in elective procedures, in which the jelly form of
lidocaine is often used, during the COVID-19 pandemic
- Decreases in other finished pharmaceutical products were driven
by reductions in products frequently used in elective procedures
including Cortrosyn®, which were partially offset by an increase in
sodium bicarbonate as we were able to utilize our new production
line approved earlier in the year to meet strong demand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2020 |
|
|
2019 |
|
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Net revenues |
|
$ |
85,806 |
|
|
$ |
79,047 |
|
|
$ |
6,759 |
|
9 |
% |
Cost of revenues |
|
|
52,629 |
|
|
|
46,660 |
|
|
|
5,969 |
|
13 |
% |
Gross profit |
|
$ |
33,177 |
|
|
$ |
32,387 |
|
|
$ |
790 |
|
2 |
% |
as % of net revenues |
|
|
39 |
% |
|
|
41 |
% |
|
|
|
|
|
|
Changes in cost of revenues and the resulting decrease to gross
margin were primarily driven by:
- Increase in inventory reserves including a $3.6 million reserve
for crude heparin purchases and commitments at our Chinese
subsidiary, Amphastar Nanjing Pharmaceuticals, Inc.
- Increased sales of Primatene® Mist and the launch of
epinephrine injection multiple-dose vial, both of which have higher
margins, partially offset the inventory reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2020 |
|
2019 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Selling, distribution and
marketing |
|
$ |
4,026 |
|
$ |
2,992 |
|
$ |
1,034 |
|
35 |
% |
General and
administrative |
|
|
15,924 |
|
|
12,426 |
|
|
3,498 |
|
28 |
% |
Research and development |
|
|
16,149 |
|
|
15,996 |
|
|
153 |
|
1 |
% |
- Marketing and distribution expenses increased primarily related
to Primatene® Mist, including the cost of a national digital,
television, radio and digital marketing campaign, which began in
July 2019
- General and administrative expenses increased primarily due to
the separation agreement entered into with a former executive, in
which we incurred an expense of $4.9 million relating to cash
compensation and share-based compensation expense
- Research and development expenses increased primarily at our
ANP subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2020 |
|
2019 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Non-operating income (expense), net |
|
$ |
1,418 |
|
$ |
60,120 |
|
$ |
(58,702 |
) |
|
NM |
|
- In June 2019, we recognized a gain of $59.9 million relating to
the settlement of our patent and antitrust litigation with Momenta
Pharmaceuticals, Inc. and Sandoz Inc.
Cash flow provided by operating activities for the six months
ended June 30, 2020, was $31.6 million.
Impact of COVID-19
The increase in sales of Primatene® Mist and certain hospital
products as a result of the COVID-19 pandemic experienced towards
the end of the first quarter continued into the early part of the
second quarter of 2020. We also noticed a decline in demand for
certain products such as Cortrosyn® and lidocaine, which are
frequently used in elective procedures. The Company has not
experienced any significant negative impacts on its cash flows or
operations as a result of the COVID-19 pandemic. All of the
Company’s production facilities continued to operate during the
quarter as they had prior to the COVID-19 pandemic with very little
change, other than for enhanced safety measures intended to prevent
the spread of the virus. It is not possible at this time to
estimate the complete impact that the COVID-19 pandemic
could have on our business, as the impact will depend on future
developments of the pandemic, which are highly uncertain and cannot
be predicted.
Share Buyback Program
On August 4, 2020, the Company’s Board of Directors authorized
an increase of $20 million to the Company’s share buyback program,
which is expected to continue for an indefinite period of time. The
primary goal of the program is to offset dilution created by the
Company’s equity compensation programs.
Purchases may be made through the open market and private block
transactions pursuant to Rule 10b5-1 plans, privately negotiated
transactions, or other means, as determined by the Company’s
management and in accordance with the requirements of
the Securities and Exchange Commission and applicable
laws.
The timing and actual number of shares repurchased will depend
on a variety of factors including price, corporate and regulatory
requirements, and other conditions.
Pipeline Information
The Company currently has five ANDAs filed with the FDA
targeting products with a market size of approximately $1.7
billion, three biosimilar products in development targeting
products with a market size of approximately $13 billion, and nine
generic products in development targeting products with a market
size of approximately $12 billion. This market information is based
on IQVIA data for the 12 months ended June 30, 2020. The Company is
currently developing four proprietary products, including a new
drug application for intranasal naloxone.
Amphastar’s Chinese subsidiary, ANP, currently has 14 Drug
Master Files, or DMFs, on file with the FDA and is developing
several additional DMFs.
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 API 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 and
resources are available at www.amphastar.com.
Amphastar’s logo and other trademarks or service marks of
Amphastar, including, but not limited to Amphastar®, Primatene®,
Amphadase® and Cortrosyn®, are the property of Amphastar.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (“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) attributed to Amphastar and (ii) Adjusted non-GAAP
diluted EPS attributed to Amphastar’s shareholders, which exclude
amortization expense, share-based compensation, impairment charges,
executive severance expense, and legal settlements, 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 measures. 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 measures 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, August 6, 2020, at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free (800)
708-4540 five minutes before the conference. The passcode for the
conference call is 49844225.
The call can also be accessed on the Investors page
on the Company’s website at 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,
backlog, sales and marketing of its products, market size and
growth, the timing of FDA filings or approvals, including the DMFs
of ANP, the timing of product launches, acquisitions and other
matters related to its pipeline of product candidates, its share
buyback program and other future events, such as the impact of the
COVID-19 pandemic and related responses of business and governments
to the pandemic on our operations and personnel, and on commercial
activity and demand across our business operations and results of
operations. 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, including in the Annual Report
on Form 10-K for the year ended December 31, 2019, filed with the
SEC on March 16, 2020. In particular, the extent of COVID-19’s
impact on our business will depend on several factors, including
the severity, duration and extent of the pandemic, as well as
actions taken by governments, businesses, and consumers in response
to the pandemic, all of which continue to evolve and remain
uncertain at this time. 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. The forward-looking statements in
this release speak only as of the date of the release. Amphastar
undertakes no obligation to revise or update information or any
forward-looking statements 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 Amphastar’s expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.Bill PetersChief Financial
Officer(909) 980-9484
Table IAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Statement of Operations(Unaudited; in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
85,806 |
|
|
$ |
79,047 |
|
|
$ |
170,494 |
|
|
$ |
158,837 |
|
|
Cost of revenues |
|
|
52,629 |
|
|
|
46,660 |
|
|
|
100,494 |
|
|
|
95,547 |
|
|
Gross profit |
|
|
33,177 |
|
|
|
32,387 |
|
|
|
70,000 |
|
|
|
63,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, distribution, and marketing |
|
|
4,026 |
|
|
|
2,992 |
|
|
|
7,320 |
|
|
|
6,133 |
|
|
General and administrative |
|
|
15,924 |
|
|
|
12,426 |
|
|
|
26,670 |
|
|
|
28,753 |
|
|
Research and development |
|
|
16,149 |
|
|
|
15,996 |
|
|
|
31,452 |
|
|
|
30,603 |
|
|
Total operating expenses |
|
|
36,099 |
|
|
|
31,414 |
|
|
|
65,442 |
|
|
|
65,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
operations |
|
|
(2,922 |
) |
|
|
973 |
|
|
|
4,558 |
|
|
|
(2,199 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expenses), net |
|
|
1,418 |
|
|
|
60,120 |
|
|
|
(257 |
) |
|
|
59,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income
taxes |
|
|
(1,504 |
) |
|
|
61,093 |
|
|
|
4,301 |
|
|
|
57,460 |
|
|
Income tax (benefit)
provision |
|
|
(75 |
) |
|
|
14,173 |
|
|
|
2,205 |
|
|
|
12,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,429 |
) |
|
$ |
46,920 |
|
|
$ |
2,096 |
|
|
$ |
44,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
non-controlling interests |
|
$ |
(1,237 |
) |
|
$ |
(867 |
) |
|
$ |
(1,661 |
) |
|
$ |
(3,889 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to Amphastar |
|
$ |
(192 |
) |
|
$ |
47,787 |
|
|
$ |
3,757 |
|
|
$ |
48,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share
attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.00 |
) |
|
$ |
1.01 |
|
|
$ |
0.08 |
|
|
$ |
1.04 |
|
|
Diluted |
|
$ |
(0.00 |
) |
|
$ |
0.96 |
|
|
$ |
0.08 |
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net (loss) income per share
attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,753 |
|
|
|
47,107 |
|
|
|
46,581 |
|
|
|
46,925 |
|
|
Diluted |
|
|
46,753 |
|
|
|
49,894 |
|
|
|
48,458 |
|
|
|
50,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table IIAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Balance Sheets(Unaudited; in thousands, except
share data)
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2020 |
|
|
2019 |
|
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,388 |
|
|
$ |
73,685 |
|
Restricted cash |
|
|
1,865 |
|
|
|
1,865 |
|
Short-term investments |
|
|
11,101 |
|
|
|
11,675 |
|
Restricted short-term investments |
|
|
2,200 |
|
|
|
2,290 |
|
Accounts receivable, net |
|
|
49,862 |
|
|
|
45,376 |
|
Inventories |
|
|
104,726 |
|
|
|
110,501 |
|
Income tax refunds and deposits |
|
|
682 |
|
|
|
311 |
|
Prepaid expenses and other assets |
|
|
8,997 |
|
|
|
9,538 |
|
Total current assets |
|
|
266,821 |
|
|
|
255,241 |
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net |
|
|
238,236 |
|
|
|
233,856 |
|
Finance lease right-of-use
assets |
|
|
774 |
|
|
|
887 |
|
Operating lease right-of-use
assets |
|
|
17,086 |
|
|
|
18,805 |
|
Goodwill and intangible
assets, net |
|
|
40,271 |
|
|
|
41,153 |
|
Other assets |
|
|
12,635 |
|
|
|
11,156 |
|
Deferred tax assets |
|
|
24,235 |
|
|
|
25,873 |
|
Total assets |
|
$ |
600,058 |
|
|
$ |
586,971 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
75,385 |
|
|
$ |
77,051 |
|
Income taxes payable |
|
|
2,345 |
|
|
|
2,042 |
|
Current portion of long-term debt |
|
|
12,075 |
|
|
|
7,741 |
|
Current portion of operating lease liabilities |
|
|
3,481 |
|
|
|
3,175 |
|
Total current liabilities |
|
|
93,286 |
|
|
|
90,009 |
|
|
|
|
|
|
|
|
Long-term reserve for income
tax liabilities |
|
|
3,425 |
|
|
|
3,425 |
|
Long-term debt, net of current
portion |
|
|
34,622 |
|
|
|
39,394 |
|
Long-term operating lease
liabilities, net of current portion |
|
|
14,530 |
|
|
|
16,315 |
|
Deferred tax liabilities |
|
|
760 |
|
|
|
867 |
|
Other long-term
liabilities |
|
|
10,998 |
|
|
|
9,433 |
|
Total liabilities |
|
|
157,621 |
|
|
|
159,443 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock: par value $0.0001; 20,000,000 shares authorized;
no shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock: par value $0.0001; 300,000,000 shares authorized;
54,372,275 and 47,494,909 shares issued and outstanding as of June
30, 2020 and 52,495,483 and 46,576,968 shares issued and
outstanding as of December 31, 2019, respectively |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
396,841 |
|
|
|
367,305 |
|
Retained earnings |
|
|
120,127 |
|
|
|
116,370 |
|
Accumulated other comprehensive loss |
|
|
(5,173 |
) |
|
|
(4,687 |
) |
Treasury stock |
|
|
(114,119 |
) |
|
|
(97,627 |
) |
Total Amphastar Pharmaceuticals, Inc. stockholders’ equity |
|
|
397,681 |
|
|
|
381,366 |
|
Non-controlling interests |
|
|
44,756 |
|
|
|
46,162 |
|
Total equity |
|
|
442,437 |
|
|
|
427,528 |
|
Total liabilities and stockholders’ equity |
|
$ |
600,058 |
|
|
$ |
586,971 |
|
|
|
|
|
|
|
|
|
|
Table IIIAmphastar
Pharmaceuticals, Inc.Reconciliation of Non-GAAP
Measures(Unaudited; in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net (loss) income |
|
$ |
(1,429 |
) |
|
$ |
46,920 |
|
|
$ |
2,096 |
|
|
$ |
44,766 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible amortization |
|
|
251 |
|
|
|
256 |
|
|
|
509 |
|
|
|
526 |
|
Share-based compensation |
|
|
4,194 |
|
|
|
4,032 |
|
|
|
9,476 |
|
|
|
8,706 |
|
Impairment of long-lived assets |
|
|
16 |
|
|
|
46 |
|
|
|
30 |
|
|
|
183 |
|
Expense related to executive separation agreement |
|
|
4,869 |
|
|
|
— |
|
|
|
4,869 |
|
|
|
— |
|
Gain on litigation settlement |
|
|
— |
|
|
|
(59,900 |
) |
|
|
— |
|
|
|
(59,900 |
) |
Income tax (benefit) provision on pre-tax adjustments |
|
|
(1,445 |
) |
|
|
11,955 |
|
|
|
(2,449 |
) |
|
|
11,020 |
|
Non-GAAP net income |
|
$ |
6,456 |
|
|
$ |
3,309 |
|
|
$ |
14,531 |
|
|
$ |
5,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss attributable
to non-controlling interests |
|
$ |
(1,154 |
) |
|
$ |
(808 |
) |
|
$ |
(1,462 |
) |
|
$ |
(3,701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Amphastar |
|
$ |
7,610 |
|
|
$ |
4,117 |
|
|
$ |
15,993 |
|
|
$ |
9,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share
attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.16 |
|
|
$ |
0.09 |
|
|
$ |
0.34 |
|
|
$ |
0.19 |
|
Diluted |
|
$ |
0.16 |
|
|
$ |
0.08 |
|
|
$ |
0.33 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute non-GAAP net income per
share attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,753 |
|
|
|
47,107 |
|
|
|
46,581 |
|
|
|
46,925 |
|
Diluted |
|
|
48,668 |
|
|
|
49,894 |
|
|
|
48,458 |
|
|
|
50,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Non-operating |
|
Income |
|
Non-controlling |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
income |
|
tax provision |
|
interest |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(expense), net |
|
(benefit) |
|
adjustment |
GAAP |
|
$ |
52,629 |
|
|
$ |
4,026 |
|
|
$ |
15,924 |
|
|
$ |
16,149 |
|
|
$ |
1,418 |
|
$ |
(75 |
) |
|
$ |
(1,237 |
) |
Intangible amortization |
|
|
(217 |
) |
|
|
— |
|
|
|
(34 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
11 |
|
Share-based compensation |
|
|
(970 |
) |
|
|
(123 |
) |
|
|
(2,733 |
) |
|
|
(368 |
) |
|
|
— |
|
|
— |
|
|
|
86 |
|
Impairment of long-lived
assets |
|
|
(3 |
) |
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
6 |
|
Expense related to executive
separation agreement |
|
|
— |
|
|
|
— |
|
|
|
(4,869 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
1,445 |
|
|
|
(20 |
) |
Non-GAAP |
|
$ |
51,439 |
|
|
$ |
3,903 |
|
|
$ |
8,275 |
|
|
$ |
15,781 |
|
|
$ |
1,418 |
|
$ |
1,370 |
|
|
$ |
(1,154 |
) |
Reconciliation of Non-GAAP Measures
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Non-operating |
|
Income |
|
Non-controlling |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
income |
|
tax provision |
|
interest |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(expense), net |
|
(benefit) |
|
adjustment |
GAAP |
|
$ |
46,660 |
|
|
$ |
2,992 |
|
|
$ |
12,426 |
|
|
$ |
15,996 |
|
|
$ |
60,120 |
|
|
$ |
14,173 |
|
|
$ |
(867 |
) |
Intangible amortization |
|
|
(223 |
) |
|
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Share-based compensation |
|
|
(959 |
) |
|
|
(95 |
) |
|
|
(2,648 |
) |
|
|
(330 |
) |
|
|
— |
|
|
|
— |
|
|
|
56 |
|
Impairment of long-lived
assets |
|
|
(43 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Gain on litigation
settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(59,900 |
) |
|
|
— |
|
|
|
— |
|
Income tax (benefit) provision
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,955 |
) |
|
|
(9 |
) |
Non-GAAP |
|
$ |
45,435 |
|
|
$ |
2,897 |
|
|
$ |
9,742 |
|
|
$ |
15,666 |
|
|
$ |
220 |
|
|
$ |
2,218 |
|
|
$ |
(808 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Non-operating |
|
Income |
|
Non-controlling |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
income |
|
tax provision |
|
interest |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(expense), net |
|
(benefit) |
|
adjustment |
GAAP |
|
$ |
100,494 |
|
|
$ |
7,320 |
|
|
$ |
26,670 |
|
|
$ |
31,452 |
|
|
$ |
(257 |
) |
|
$ |
2,205 |
|
$ |
(1,661 |
) |
Intangible amortization |
|
|
(441 |
) |
|
|
— |
|
|
|
(68 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
22 |
|
Share-based compensation |
|
|
(2,329 |
) |
|
|
(230 |
) |
|
|
(5,952 |
) |
|
|
(965 |
) |
|
|
— |
|
|
|
— |
|
|
213 |
|
Impairment of long-lived
assets |
|
|
(13 |
) |
|
|
— |
|
|
|
(17 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
7 |
|
Expense related to executive
separation agreement |
|
|
— |
|
|
|
— |
|
|
|
(4,869 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,449 |
|
|
(43 |
) |
Non-GAAP |
|
$ |
97,711 |
|
|
$ |
7,090 |
|
|
$ |
15,764 |
|
|
$ |
30,487 |
|
|
$ |
(257 |
) |
|
$ |
4,654 |
|
$ |
(1,462 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, |
|
General |
|
Research |
|
Non-operating |
|
Income |
|
Non-controlling |
|
|
Cost of |
|
distribution |
|
and |
|
and |
|
income |
|
tax provision |
|
interest |
|
|
revenue |
|
and marketing |
|
administrative |
|
development |
|
(expense), net |
|
(benefit) |
|
adjustment |
GAAP |
|
$ |
95,547 |
|
|
$ |
6,133 |
|
|
$ |
28,753 |
|
|
$ |
30,603 |
|
|
$ |
59,659 |
|
|
$ |
12,694 |
|
|
$ |
(3,889 |
) |
Intangible amortization |
|
|
(453 |
) |
|
|
— |
|
|
|
(73 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22 |
|
Share-based compensation |
|
|
(2,238 |
) |
|
|
(189 |
) |
|
|
(5,439 |
) |
|
|
(840 |
) |
|
|
— |
|
|
|
— |
|
|
|
150 |
|
Impairment of long-lived
assets |
|
|
(65 |
) |
|
|
— |
|
|
|
(12 |
) |
|
|
(106 |
) |
|
|
— |
|
|
|
— |
|
|
|
49 |
|
Gain on litigation
settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(59,900 |
) |
|
|
— |
|
|
|
— |
|
Income tax (benefit) provision
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,020 |
) |
|
|
(33 |
) |
Non-GAAP |
|
$ |
92,791 |
|
|
$ |
5,944 |
|
|
$ |
23,229 |
|
|
$ |
29,657 |
|
|
$ |
(241 |
) |
|
$ |
1,674 |
|
|
$ |
(3,701 |
) |
Amphastar Pharmaceuticals (NASDAQ:AMPH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amphastar Pharmaceuticals (NASDAQ:AMPH)
Historical Stock Chart
From Apr 2023 to Apr 2024