Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the
“Company”) today reported results for the three months ended
September 30, 2020.
Third Quarter Highlights
- Net revenues of $83.4 million for the third quarter
- GAAP net income of $3.9 million, or $0.08 per share, for the
third quarter
- Adjusted non-GAAP net income of $7.6 million, or $0.15 per
share, for the third quarter
Dr. Jack Zhang, Amphastar’s President and Chief Executive
Officer, commented: “We once again demonstrated growth due to the
continued strength of Primatene Mist® and the re-launch of our
epinephrine vial product. Additionally, we are very excited about
the significant progress on our intranasal epinephrine product as
this product once again illustrates our scientific and technical
strengths.”
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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|
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2020 |
|
2019 |
|
2020 |
|
2019 |
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|
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|
|
|
(in thousands, except per share data) |
|
Net revenues |
|
$ |
83,431 |
|
$ |
80,137 |
|
$ |
253,925 |
|
$ |
238,974 |
|
GAAP net income attributable
to Amphastar |
|
$ |
3,919 |
|
$ |
1,310 |
|
$ |
7,676 |
|
$ |
49,965 |
|
Adjusted non-GAAP net income
attributable to Amphastar* |
|
$ |
7,629 |
|
$ |
5,169 |
|
$ |
23,622 |
|
$ |
14,171 |
|
GAAP diluted EPS attributable
to Amphastar stockholders |
|
$ |
0.08 |
|
$ |
0.03 |
|
$ |
0.16 |
|
$ |
1.00 |
|
Adjusted non-GAAP diluted EPS
attributable to Amphastar stockholders* |
|
$ |
0.15 |
|
$ |
0.10 |
|
$ |
0.48 |
|
$ |
0.28 |
|
_________________
* Adjusted non-GAAP net income attributable to Amphastar
and Adjusted non-GAAP diluted EPS attributable to Amphastar
stockholders 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.
Third Quarter Results
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Three Months Ended |
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September 30, |
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Change |
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2020 |
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2019 |
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Dollars |
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% |
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(in thousands) |
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Net
revenues: |
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|
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Primatene Mist® |
|
$ |
12,988 |
|
$ |
3,654 |
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$ |
9,334 |
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255 % |
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Enoxaparin |
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|
11,647 |
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|
9,573 |
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|
2,074 |
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22 % |
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Lidocaine |
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10,657 |
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11,670 |
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(1,013 |
) |
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(9)% |
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Phytonadione |
|
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10,470 |
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10,916 |
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(446 |
) |
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(4)% |
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Naloxone |
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8,739 |
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10,613 |
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(1,874 |
) |
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(18)% |
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Epinephrine |
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5,370 |
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3,756 |
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1,614 |
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43 % |
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Other finished pharmaceutical products |
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21,464 |
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25,547 |
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(4,083 |
) |
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(16)% |
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Total finished pharmaceutical products net revenues |
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$ |
81,335 |
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$ |
75,729 |
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$ |
5,606 |
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7 % |
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API |
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2,096 |
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|
4,408 |
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(2,312 |
) |
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(52)% |
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Total net revenues |
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$ |
83,431 |
|
$ |
80,137 |
|
$ |
3,294 |
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4 % |
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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• Growth in online sales through Amazon•
Launching Primatene Mist® at Kroger, the largest grocery store
chain in the United States
- Increased sales of enoxaparin primarily due to higher unit
volumes
- Increased epinephrine sales due to the launch of our recently
approved epinephrine injection, USP 30mg/30mL multi-dose vial
product during the second quarter of 2020
- Decreased naloxone sales due to lower average selling price
because of increased competition
- Decreased lidocaine and other finished pharmaceutical product
sales due to lower demand, largely due to competitors returning to
their normal distribution levels
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Three Months Ended |
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September 30, |
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Change |
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2020 |
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2019 |
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Dollars |
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% |
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(in thousands) |
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Net revenues |
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$ |
83,431 |
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$ |
80,137 |
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$ |
3,294 |
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4% |
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Cost of revenues |
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46,923 |
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44,885 |
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2,038 |
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5% |
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Gross profit |
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$ |
36,508 |
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$ |
35,252 |
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$ |
1,256 |
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4% |
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as % of net revenues |
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44% |
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44% |
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Changes in cost of revenues and the resulting gross margin were
primarily driven by:
- Increased sales of Primatene Mist® and the launch of
epinephrine injection multi-dose vial, both of which have higher
margins
- Decreased sales of naloxone and other finished pharmaceutical
products with higher margins
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Three Months Ended |
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September 30, |
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Change |
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2020 |
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2019 |
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Dollars |
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% |
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(in thousands) |
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Selling, distribution, and marketing |
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$ |
3,673 |
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$ |
3,221 |
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$ |
452 |
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14 % |
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General and
administrative |
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11,674 |
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11,021 |
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653 |
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6 % |
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Research and development |
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17,644 |
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18,606 |
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(962 |
) |
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(5)% |
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- Marketing and distribution expenses increased primarily related
to Primatene Mist®, including the cost of a national television,
radio and digital marketing campaign, which began in July 2019
- General and administrative expenses increased primarily due to
increased legal expenses
- Research and development expenses decreased due to lower
expenses in China, partially offset by increased domestic expenses
related to our generic inhalation product pipeline, our insulin
biosimilar programs and our intranasal epinephrine program
Cash flow provided by operating activities for the nine months
ended September 30, 2020, was $40.4 million.
Impact of COVID-19
As a result of the COVID-19 pandemic, during the first quarter
and second quarter, sales of Primatene Mist® and certain hospital
products increased, while sales of certain products frequently used
in elective produces, such as Cortrosyn® and lidocaine jelly,
decreased. During the third quarter of 2020, sales of these
products returned to levels closer to those experienced prior to
the COVID-19 pandemic. 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, including our customers and suppliers, as the impact will
depend on future developments of the pandemic, which are highly
uncertain and cannot be predicted.
Pipeline Information
The Company currently has five ANDAs on file with the FDA
targeting products with a market size of approximately $1.5
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 September 30, 2020. The
Company is currently developing multiple proprietary products for
injectable and intranasal dosage forms.
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
Mist®, 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 stockholders, 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, November 6, 2020, at 9:00 a.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
7086853.
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, product development, 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)
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|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
83,431 |
|
$ |
80,137 |
|
|
$ |
253,925 |
|
|
$ |
238,974 |
|
|
Cost of revenues |
|
|
46,923 |
|
|
44,885 |
|
|
|
147,417 |
|
|
|
140,432 |
|
|
Gross profit |
|
|
36,508 |
|
|
35,252 |
|
|
|
106,508 |
|
|
|
98,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, distribution, and marketing |
|
|
3,673 |
|
|
3,221 |
|
|
|
10,993 |
|
|
|
9,354 |
|
|
General and administrative |
|
|
11,674 |
|
|
11,021 |
|
|
|
38,344 |
|
|
|
39,774 |
|
|
Research and development |
|
|
17,644 |
|
|
18,606 |
|
|
|
49,096 |
|
|
|
49,209 |
|
|
Total operating expenses |
|
|
32,991 |
|
|
32,848 |
|
|
|
98,433 |
|
|
|
98,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
3,517 |
|
|
2,404 |
|
|
|
8,075 |
|
|
|
205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expenses), net |
|
|
3,561 |
|
|
(822 |
) |
|
|
3,304 |
|
|
|
58,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
7,078 |
|
|
1,582 |
|
|
|
11,379 |
|
|
|
59,042 |
|
|
Income tax provision |
|
|
2,285 |
|
|
598 |
|
|
|
4,490 |
|
|
|
13,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,793 |
|
$ |
984 |
|
|
$ |
6,889 |
|
|
$ |
45,750 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Net income (loss) attributable
to non-controlling interests |
|
$ |
874 |
|
$ |
(326 |
) |
|
$ |
(787 |
) |
|
$ |
(4,215 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Amphastar |
|
$ |
3,919 |
|
$ |
1,310 |
|
|
$ |
7,676 |
|
|
$ |
49,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to Amphastar stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.08 |
|
$ |
0.03 |
|
|
$ |
0.16 |
|
|
$ |
1.06 |
|
|
Diluted |
|
$ |
0.08 |
|
$ |
0.03 |
|
|
$ |
0.16 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net income per share
attributable to Amphastar stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,496 |
|
|
47,239 |
|
|
|
46,886 |
|
|
|
47,030 |
|
|
Diluted |
|
|
49,848 |
|
|
50,075 |
|
|
|
48,922 |
|
|
|
50,128 |
|
|
Table IIAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Balance Sheets(Unaudited; in thousands, except
share data)
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|
September 30, |
|
December 31, |
|
|
2020 |
|
|
2019 |
|
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,910 |
|
|
$ |
73,685 |
|
Restricted cash |
|
|
1,865 |
|
|
|
1,865 |
|
Short-term investments |
|
|
10,873 |
|
|
|
11,675 |
|
Restricted short-term investments |
|
|
2,200 |
|
|
|
2,290 |
|
Accounts receivable, net |
|
|
52,382 |
|
|
|
45,376 |
|
Inventories |
|
|
108,870 |
|
|
|
110,501 |
|
Income tax refunds and deposits |
|
|
1,455 |
|
|
|
311 |
|
Prepaid expenses and other assets |
|
|
10,986 |
|
|
|
9,538 |
|
Total current assets |
|
|
276,541 |
|
|
|
255,241 |
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net |
|
|
245,881 |
|
|
|
233,856 |
|
Finance lease right-of-use
assets |
|
|
693 |
|
|
|
887 |
|
Operating lease right-of-use
assets |
|
|
20,256 |
|
|
|
18,805 |
|
Goodwill and intangible
assets, net |
|
|
40,377 |
|
|
|
41,153 |
|
Other assets |
|
|
7,735 |
|
|
|
11,156 |
|
Deferred tax assets |
|
|
22,235 |
|
|
|
25,873 |
|
Total assets |
|
$ |
613,718 |
|
|
$ |
586,971 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
79,292 |
|
|
$ |
77,051 |
|
Income taxes payable |
|
|
1,619 |
|
|
|
2,042 |
|
Current portion of long-term debt |
|
|
12,167 |
|
|
|
7,741 |
|
Current portion of operating lease liabilities |
|
|
3,639 |
|
|
|
3,175 |
|
Total current liabilities |
|
|
96,717 |
|
|
|
90,009 |
|
|
|
|
|
|
|
|
Long-term reserve for income
tax liabilities |
|
|
3,425 |
|
|
|
3,425 |
|
Long-term debt, net of current
portion |
|
|
32,903 |
|
|
|
39,394 |
|
Long-term operating lease
liabilities, net of current portion |
|
|
17,534 |
|
|
|
16,315 |
|
Deferred tax liabilities |
|
|
823 |
|
|
|
867 |
|
Other long-term
liabilities |
|
|
11,354 |
|
|
|
9,433 |
|
Total liabilities |
|
|
162,756 |
|
|
|
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;
54,623,837 and 47,534,215 shares issued and outstanding as of
September 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 |
|
|
404,084 |
|
|
|
367,305 |
|
Retained earnings |
|
|
124,046 |
|
|
|
116,370 |
|
Accumulated other comprehensive loss |
|
|
(4,478 |
) |
|
|
(4,687 |
) |
Treasury stock |
|
|
(118,425 |
) |
|
|
(97,627 |
) |
Total Amphastar Pharmaceuticals, Inc. stockholders’ equity |
|
|
405,232 |
|
|
|
381,366 |
|
Non-controlling interests |
|
|
45,730 |
|
|
|
46,162 |
|
Total equity |
|
|
450,962 |
|
|
|
427,528 |
|
Total liabilities and stockholders’ equity |
|
$ |
613,718 |
|
|
$ |
586,971 |
|
|
|
|
|
|
|
|
|
|
Table IIIAmphastar
Pharmaceuticals, Inc.Reconciliation of Non-GAAP
Measures(Unaudited; in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
4,793 |
|
|
$ |
984 |
|
|
$ |
6,889 |
|
|
$ |
45,750 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible amortization |
|
|
262 |
|
|
|
251 |
|
|
|
771 |
|
|
|
777 |
|
Share-based compensation |
|
|
4,370 |
|
|
|
4,294 |
|
|
|
13,846 |
|
|
|
13,000 |
|
Impairment of long-lived assets |
|
|
130 |
|
|
|
11 |
|
|
|
160 |
|
|
|
194 |
|
Expense related to executive separation agreement |
|
|
— |
|
|
|
— |
|
|
|
4,869 |
|
|
|
— |
|
Gain on litigation settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(59,900 |
) |
Income tax (benefit) provision on pre-tax adjustments |
|
|
(943 |
) |
|
|
(598 |
) |
|
|
(3,392 |
) |
|
|
10,422 |
|
Non-GAAP net income |
|
$ |
8,612 |
|
|
$ |
4,942 |
|
|
$ |
23,143 |
|
|
$ |
10,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss)
attributable to non-controlling interests |
|
$ |
983 |
|
|
$ |
(227 |
) |
|
$ |
(479 |
) |
|
$ |
(3,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Amphastar |
|
$ |
7,629 |
|
|
$ |
5,169 |
|
|
$ |
23,622 |
|
|
$ |
14,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share
attributable to Amphastar stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.16 |
|
|
$ |
0.11 |
|
|
$ |
0.50 |
|
|
$ |
0.30 |
|
Diluted |
|
$ |
0.15 |
|
|
$ |
0.10 |
|
|
$ |
0.48 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute non-GAAP net income per
share attributable to Amphastar stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,496 |
|
|
|
47,239 |
|
|
|
46,886 |
|
|
|
47,030 |
|
Diluted |
|
|
49,848 |
|
|
|
50,075 |
|
|
|
48,922 |
|
|
|
50,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 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 |
|
$ |
46,923 |
|
|
$ |
3,673 |
|
|
$ |
11,674 |
|
|
$ |
17,644 |
|
|
$ |
3,561 |
|
$ |
2,285 |
|
$ |
874 |
|
Intangible amortization |
|
|
(229 |
) |
|
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
12 |
|
Share-based compensation |
|
|
(947 |
) |
|
|
(120 |
) |
|
|
(2,899 |
) |
|
|
(404 |
) |
|
|
— |
|
|
— |
|
|
117 |
|
Impairment of long-lived
assets |
|
|
(19 |
) |
|
|
— |
|
|
|
(111 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
8 |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
943 |
|
|
(28 |
) |
Non-GAAP |
|
$ |
45,728 |
|
|
$ |
3,553 |
|
|
$ |
8,631 |
|
|
$ |
17,240 |
|
|
$ |
3,561 |
|
$ |
3,228 |
|
$ |
983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Measures
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 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 |
|
$ |
44,885 |
|
|
$ |
3,221 |
|
|
$ |
11,021 |
|
|
$ |
18,606 |
|
|
$ |
(822 |
) |
|
$ |
598 |
|
$ |
(326 |
) |
Intangible amortization |
|
|
(216 |
) |
|
|
— |
|
|
|
(35 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
12 |
|
Share-based compensation |
|
|
(701 |
) |
|
|
(96 |
) |
|
|
(3,138 |
) |
|
|
(359 |
) |
|
|
— |
|
|
|
— |
|
|
107 |
|
Impairment of long-lived
assets |
|
|
(4 |
) |
|
|
— |
|
|
|
(11 |
) |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
6 |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
598 |
|
|
(26 |
) |
Non-GAAP |
|
$ |
43,964 |
|
|
$ |
3,125 |
|
|
$ |
7,837 |
|
|
$ |
18,251 |
|
|
$ |
(822 |
) |
|
$ |
1,196 |
|
$ |
(227 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 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 |
|
$ |
147,417 |
|
|
$ |
10,993 |
|
|
$ |
38,344 |
|
|
$ |
49,096 |
|
|
$ |
3,304 |
|
$ |
4,490 |
|
$ |
(787 |
) |
Intangible amortization |
|
|
(670 |
) |
|
|
— |
|
|
|
(101 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
34 |
|
Share-based compensation |
|
|
(3,276 |
) |
|
|
(350 |
) |
|
|
(8,851 |
) |
|
|
(1,369 |
) |
|
|
— |
|
|
— |
|
|
330 |
|
Impairment of long-lived
assets |
|
|
(32 |
) |
|
|
— |
|
|
|
(128 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
15 |
|
Expense related to executive
separation agreement |
|
|
— |
|
|
|
— |
|
|
|
(4,869 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
3,392 |
|
|
(71 |
) |
Non-GAAP |
|
$ |
143,439 |
|
|
$ |
10,643 |
|
|
$ |
24,395 |
|
|
$ |
47,727 |
|
|
$ |
3,304 |
|
$ |
7,882 |
|
$ |
(479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 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 |
|
$ |
140,432 |
|
|
$ |
9,354 |
|
|
$ |
39,774 |
|
|
$ |
49,209 |
|
|
$ |
58,837 |
|
|
$ |
13,292 |
|
|
$ |
(4,215 |
) |
Intangible amortization |
|
|
(669 |
) |
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34 |
|
Share-based compensation |
|
|
(2,939 |
) |
|
|
(285 |
) |
|
|
(8,577 |
) |
|
|
(1,199 |
) |
|
|
— |
|
|
|
— |
|
|
|
257 |
|
Impairment of long-lived
assets |
|
|
(69 |
) |
|
|
— |
|
|
|
(23 |
) |
|
|
(102 |
) |
|
|
— |
|
|
|
— |
|
|
|
55 |
|
Gain on litigation
settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(59,900 |
) |
|
|
— |
|
|
|
— |
|
Income tax benefit on pre-tax
adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,422 |
) |
|
|
(59 |
) |
Non-GAAP |
|
$ |
136,755 |
|
|
$ |
9,069 |
|
|
$ |
31,066 |
|
|
$ |
47,908 |
|
|
$ |
(1,063 |
) |
|
$ |
2,870 |
|
|
$ |
(3,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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