Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the
“Company”) today reported results for the three months and
full-year ended December 31, 2020.
Fourth Quarter Highlights
- Net revenues of $95.9 million for the fourth quarter
- GAAP net loss of $6.3 million, or $0.13 per share, for the
fourth quarter
- Adjusted non-GAAP net income of $8.0 million, or $0.16 per
share, for the fourth quarter
Full-Year Highlights
- Net revenues of $349.8 million for the fiscal year
- GAAP net income of $1.4 million, or $0.03 per share, for the
fiscal year
- Adjusted non-GAAP net income of $31.6 million, or $0.64 per
share, for the fiscal year
Dr. Jack Zhang, Amphastar’s President and Chief Executive
Officer, commented: “Glucagon’s approval, along with the
substantial growth in Primatene Mist® and epinephrine multi-dose
vials sales helped drive top line growth in 2020 for Amphastar. We
remain optimistic that these trends will continue into 2021 and
look forward to our pipeline’s continued development. On February
11, 2021, the FDA recognized the Company’s glucagon product as a
‘significant first generic drug approval’ for 2020, emphasizing the
‘real impact on American patients’ of such a
product.”
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Three Months Ended |
|
Year Ended |
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December 31, |
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
|
Net revenues |
|
$ |
95,921 |
|
|
$ |
83,383 |
|
|
$ |
349,846 |
|
$ |
322,357 |
|
GAAP net (loss) income
attributable to Amphastar |
|
$ |
(6,273 |
) |
|
$ |
(1,026 |
) |
|
$ |
1,403 |
|
$ |
48,939 |
|
Adjusted non-GAAP net income
attributable to Amphastar* |
|
$ |
7,994 |
|
|
$ |
3,639 |
|
|
$ |
31,616 |
|
$ |
17,810 |
|
GAAP diluted EPS attributable
to Amphastar stockholders |
|
$ |
(0.13 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.03 |
|
$ |
0.98 |
|
Adjusted non-GAAP diluted EPS
attributable to Amphastar stockholders* |
|
$ |
0.16 |
|
|
$ |
0.07 |
|
|
$ |
0.64 |
|
$ |
0.36 |
|
* 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.
Fourth Quarter Results
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Three Months Ended |
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December 31, |
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Change |
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|
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2020 |
|
2019 |
|
Dollars |
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% |
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(in thousands) |
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Net
revenues: |
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|
|
|
|
|
|
|
|
|
|
|
Enoxaparin |
|
$ |
17,648 |
|
$ |
8,800 |
|
$ |
8,848 |
|
|
101 |
|
% |
Primatene Mist® |
|
|
13,392 |
|
|
9,002 |
|
|
4,390 |
|
|
49 |
|
% |
Lidocaine |
|
|
12,191 |
|
|
12,282 |
|
|
(91 |
) |
|
(1 |
) |
% |
Phytonadione |
|
|
10,458 |
|
|
12,309 |
|
|
(1,851 |
) |
|
(15 |
) |
% |
Epinephrine |
|
|
7,482 |
|
|
4,311 |
|
|
3,171 |
|
|
74 |
|
% |
Naloxone |
|
|
7,079 |
|
|
8,951 |
|
|
(1,872 |
) |
|
(21 |
) |
% |
Other finished pharmaceutical products |
|
|
19,550 |
|
|
22,342 |
|
|
(2,792 |
) |
|
(12 |
) |
% |
Total finished pharmaceutical
products net revenues |
|
$ |
87,800 |
|
$ |
77,997 |
|
$ |
9,803 |
|
|
13 |
|
% |
API |
|
|
8,121 |
|
|
5,386 |
|
|
2,735 |
|
|
51 |
|
% |
Total net revenues |
|
$ |
95,921 |
|
$ |
83,383 |
|
$ |
12,538 |
|
|
15 |
|
% |
Changes in net revenues were primarily driven by:
- Primatene Mist® increased volumes resulting from:
- Continued success of our nationwide television, radio, and
digital marketing campaign
- An increase in our distribution channels, including a growth in
online sales through Amazon and Kroger, the largest grocery store
chain in the United States
- Enoxaparin increased due to higher unit volumes as a result of
a competitor leaving the market
- Epinephrine sales increased due to the launch of our approved
epinephrine injection multi-dose vials during the second quarter of
2020
- Naloxone sales decreased due to lower average selling price
because of increased competition
- Other finished pharmaceutical product sales decreased 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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|
December 31, |
|
Change |
|
|
|
2020 |
|
|
2019 |
|
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
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|
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(in thousands) |
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|
|
Net revenues |
|
$ |
95,921 |
|
|
$ |
83,383 |
|
|
$ |
12,538 |
|
15 |
% |
Cost of revenues |
|
|
59,089 |
|
|
|
50,002 |
|
|
|
9,087 |
|
18 |
% |
Gross profit |
|
$ |
36,832 |
|
|
$ |
33,381 |
|
|
$ |
3,451 |
|
10 |
% |
as % of net revenues |
|
|
38 |
% |
|
|
40 |
% |
|
|
|
|
|
|
Offsetting factors primarily drove changes in cost of revenues
and the resulting gross margin:
- Increased sales of high margin products such as Primatene Mist®
and epinephrine injection multi-dose vials
- Increased sales of low margin enoxaparin
- A $1.3 million amendment fee from MannKind in the fourth
quarter of 2019, which increased gross margins in 2019 as a
percentage of revenue
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|
Three Months Ended |
|
|
|
|
|
|
|
|
December 31, |
|
Change |
|
|
|
2020 |
|
2019 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Selling, distribution, and marketing |
|
$ |
3,787 |
|
$ |
3,476 |
|
$ |
311 |
|
|
9 |
|
% |
General and
administrative |
|
|
12,033 |
|
|
10,505 |
|
|
1,528 |
|
|
15 |
|
% |
Research and development |
|
|
18,133 |
|
|
19,644 |
|
|
(1,511 |
) |
|
(8 |
) |
% |
- Selling, distribution, and marketing expenses increased due to
the cost of our ongoing national television, radio, and digital
marketing campaign for Primatene Mist®
- General and administrative expenses increased primarily due to
increased legal expenses, including a reserve taken for the
preliminary settlement of certain employment litigation
- Research and development expenses decreased due to lower
clinical trial expenses
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Three Months Ended |
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|
December 31, |
|
Change |
|
|
|
2020 |
|
|
2019 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Non-operating (expense) income, net |
|
$ |
(9,621 |
) |
|
$ |
1,430 |
|
$ |
(11,051 |
) |
|
NM |
|
- In December 2020, we recorded $12.8 million of expense relating
to the litigation with Aventis, which was partially offset by
foreign currency gains.
Year-End Results
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Year Ended December 31, |
|
Change |
|
|
|
2020 |
|
2019 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
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|
|
|
(in thousands) |
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|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Primatene Mist® |
|
$ |
51,725 |
|
$ |
18,065 |
|
$ |
33,660 |
|
|
186 |
|
% |
Enoxaparin |
|
|
48,681 |
|
|
42,695 |
|
|
5,986 |
|
|
14 |
|
% |
Phytonadione |
|
|
42,646 |
|
|
45,786 |
|
|
(3,140 |
) |
|
(7 |
) |
% |
Lidocaine |
|
|
41,113 |
|
|
46,013 |
|
|
(4,900 |
) |
|
(11 |
) |
% |
Naloxone |
|
|
33,416 |
|
|
34,761 |
|
|
(1,345 |
) |
|
(4 |
) |
% |
Epinephrine |
|
|
23,799 |
|
|
13,885 |
|
|
9,914 |
|
|
71 |
|
% |
Other finished pharmaceutical products |
|
|
89,988 |
|
|
100,795 |
|
|
(10,807 |
) |
|
(11 |
) |
% |
Total finished pharmaceutical
products net revenues |
|
$ |
331,368 |
|
$ |
302,000 |
|
$ |
29,368 |
|
|
10 |
|
% |
API |
|
|
18,478 |
|
|
20,357 |
|
|
(1,879 |
) |
|
(9 |
) |
% |
Total net revenues |
|
$ |
349,846 |
|
$ |
322,357 |
|
$ |
27,489 |
|
|
9 |
|
% |
Changes in net revenues were primarily driven by:
- Primatene Mist® increased volumes resulting from:
- Continued success of our nationwide television, radio, and
digital marketing campaign
- Expansion of our distribution channels, including Kroger, the
largest grocery store chain in the United States, starting in the
third quarter of 2020 and online sales through Amazon
- Enoxaparin increased primarily due to higher unit volumes as a
result of a competitor leaving the market
- Epinephrine increased volumes due to the launch of our
epinephrine injection multi-dose vials during the second quarter of
2020
- Decreased naloxone sales due to lower average selling price
because of increased competition
- Other finished pharmaceutical product sales decreased due to:
- Lower demand for certain products which are frequently used in
elective procedures, including lidocaine products and Cortrosyn® as
a result of a nationwide decline in these procedures in response to
the COVID-19 pandemic.
- Decrease in calcium chloride, dextrose, and atropine, as a
competitor who experienced shortages in 2019 returned to the market
in 2020
|
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|
|
|
|
|
|
|
Year Ended December 31, |
|
Change |
|
|
|
2020 |
|
|
2019 |
|
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Net revenues |
|
$ |
349,846 |
|
|
$ |
322,357 |
|
|
$ |
27,489 |
|
9 |
% |
Cost of revenues |
|
|
206,506 |
|
|
|
190,434 |
|
|
|
16,072 |
|
8 |
% |
Gross profit |
|
$ |
143,340 |
|
|
$ |
131,923 |
|
|
$ |
11,417 |
|
9 |
% |
as % of net revenues |
|
|
41 |
% |
|
|
41 |
% |
|
|
|
|
|
|
Offsetting factors impacting gross margin:
- Increased sales of high margin products such as Primatene Mist®
and epinephrine injection multi-dose vials
- Increased sales of low margin enoxaparin
- A $2.8 million amendment fee from MannKind in 2019, which
increased gross margin as a percentage of revenue
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
Change |
|
|
|
2020 |
|
2019 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Selling, distribution, and marketing |
|
$ |
14,780 |
|
$ |
12,830 |
|
$ |
1,950 |
|
|
15 |
|
% |
General and
administrative |
|
|
50,377 |
|
|
50,279 |
|
|
98 |
|
|
0 |
|
% |
Research and development |
|
|
67,229 |
|
|
68,853 |
|
|
(1,624 |
) |
|
(2 |
) |
% |
- Selling, distribution, and marketing expenses increased due to
the cost of our ongoing national television, radio, and digital
marketing campaign for Primatene Mist® 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, which was
partially offset by a decrease in legal expenses
- Research and development expenses decreased due to a decrease
in clinical trial expenses as a result of delays caused by the
COVID-19 pandemic and the completion of one of our external studies
in 2020
|
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|
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|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
Change |
|
|
|
2020 |
|
|
2019 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Non-operating (expense) income, net |
|
$ |
(6,317 |
) |
|
$ |
60,267 |
|
$ |
(66,584 |
) |
|
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.
- In December 2020, we recorded $12.8 million of expense relating
to the litigation with Aventis, which was partially offset by
foreign currency gains
Cash flow provided by operating activities for the year ended
December 31, 2020, was $57.3 million.
Impact of COVID-19
As a result of the COVID-19 pandemic, sales of Primatene Mist®
and certain hospital products increased, while sales of certain
products frequently used in elective produces, such as Cortrosyn®
and lidocaine products, decreased. 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 $2.3
billion, three biosimilar products in development targeting
products with a market size of approximately $13 billion, and seven
generic products in development targeting products with a market
size of approximately $10.5 billion. This market information is
based on IQVIA data for the 12 months ended December 31, 2020. The
Company is currently developing multiple proprietary products with
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 bio-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, March 15, 2021, at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free (877)
407-0989 or (201) 389-0921 for international callers, five minutes
before the conference.
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
95,921 |
|
|
$ |
83,383 |
|
|
$ |
349,846 |
|
|
$ |
322,357 |
|
|
Cost of revenues |
|
|
59,089 |
|
|
|
50,002 |
|
|
|
206,506 |
|
|
|
190,434 |
|
|
Gross profit |
|
|
36,832 |
|
|
|
33,381 |
|
|
|
143,340 |
|
|
|
131,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, distribution, and marketing |
|
|
3,787 |
|
|
|
3,476 |
|
|
|
14,780 |
|
|
|
12,830 |
|
|
General and administrative |
|
|
12,033 |
|
|
|
10,505 |
|
|
|
50,377 |
|
|
|
50,279 |
|
|
Research and development |
|
|
18,133 |
|
|
|
19,644 |
|
|
|
67,229 |
|
|
|
68,853 |
|
|
Total operating expenses |
|
|
33,953 |
|
|
|
33,625 |
|
|
|
132,386 |
|
|
|
131,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
|
2,879 |
|
|
|
(244 |
) |
|
|
10,954 |
|
|
|
(39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating (expense)
income, net |
|
|
(9,621 |
) |
|
|
1,430 |
|
|
|
(6,317 |
) |
|
|
60,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income
taxes |
|
|
(6,742 |
) |
|
|
1,186 |
|
|
|
4,637 |
|
|
|
60,228 |
|
|
Income tax (benefit)
provision |
|
|
(950 |
) |
|
|
431 |
|
|
|
3,540 |
|
|
|
13,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(5,792 |
) |
|
$ |
755 |
|
|
$ |
1,097 |
|
|
$ |
46,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to non-controlling interests |
|
$ |
481 |
|
|
$ |
1,781 |
|
|
$ |
(306 |
) |
|
$ |
(2,434 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to Amphastar |
|
$ |
(6,273 |
) |
|
$ |
(1,026 |
) |
|
$ |
1,403 |
|
|
$ |
48,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share
attributable to Amphastar stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.13 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.03 |
|
|
$ |
1.04 |
|
|
Diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.03 |
|
|
$ |
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net (loss) income per share
attributable to Amphastar stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,496 |
|
|
|
46,840 |
|
|
|
47,038 |
|
|
|
46,982 |
|
|
Diluted |
|
|
47,496 |
|
|
|
46,840 |
|
|
|
49,124 |
|
|
|
49,907 |
|
|
Table IIAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Balance Sheets(Unaudited; in thousands, except
share data)
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
92,642 |
|
|
$ |
73,685 |
|
Restricted cash |
|
|
1,865 |
|
|
|
1,865 |
|
Short-term investments |
|
|
12,977 |
|
|
|
11,675 |
|
Restricted short-term investments |
|
|
2,200 |
|
|
|
2,290 |
|
Accounts receivable, net |
|
|
66,005 |
|
|
|
45,376 |
|
Inventories |
|
|
96,831 |
|
|
|
110,501 |
|
Income tax refunds and deposits |
|
|
385 |
|
|
|
311 |
|
Prepaid expenses and other assets |
|
|
6,777 |
|
|
|
9,538 |
|
Total current assets |
|
|
279,682 |
|
|
|
255,241 |
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net |
|
|
260,055 |
|
|
|
233,856 |
|
Finance lease right-of-use
assets |
|
|
612 |
|
|
|
887 |
|
Operating lease right-of-use
assets |
|
|
20,042 |
|
|
|
18,805 |
|
Goodwill and intangible
assets, net |
|
|
40,615 |
|
|
|
41,153 |
|
Other assets |
|
|
5,250 |
|
|
|
11,156 |
|
Deferred tax assets |
|
|
24,980 |
|
|
|
25,873 |
|
Total assets |
|
$ |
631,236 |
|
|
$ |
586,971 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
95,504 |
|
|
$ |
77,051 |
|
Income taxes payable |
|
|
1,077 |
|
|
|
2,042 |
|
Current portion of long-term debt |
|
|
12,263 |
|
|
|
7,741 |
|
Current portion of operating lease liabilities |
|
|
3,357 |
|
|
|
3,175 |
|
Total current liabilities |
|
|
112,201 |
|
|
|
90,009 |
|
|
|
|
|
|
|
|
Long-term reserve for income
tax liabilities |
|
|
4,709 |
|
|
|
3,425 |
|
Long-term debt, net of current
portion |
|
|
34,186 |
|
|
|
39,394 |
|
Long-term operating lease
liabilities, net of current portion |
|
|
17,464 |
|
|
|
16,315 |
|
Deferred tax liabilities |
|
|
741 |
|
|
|
867 |
|
Other long-term
liabilities |
|
|
13,212 |
|
|
|
9,433 |
|
Total liabilities |
|
|
182,513 |
|
|
|
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;
54,760,922 and 47,495,439 shares issued and outstanding as of
December 31, 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 |
|
|
410,061 |
|
|
|
367,305 |
|
Retained earnings |
|
|
117,773 |
|
|
|
116,370 |
|
Accumulated other comprehensive loss |
|
|
(3,721 |
) |
|
|
(4,687 |
) |
Treasury stock |
|
|
(121,812 |
) |
|
|
(97,627 |
) |
Total Amphastar Pharmaceuticals, Inc. stockholders’ equity |
|
|
402,306 |
|
|
|
381,366 |
|
Non-controlling interests |
|
|
46,417 |
|
|
|
46,162 |
|
Total equity |
|
|
448,723 |
|
|
|
427,528 |
|
Total liabilities and stockholders’ equity |
|
$ |
631,236 |
|
|
$ |
586,971 |
|
Table IIIAmphastar
Pharmaceuticals, Inc.Reconciliation of Non-GAAP
Measures(Unaudited; in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
2019 |
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net (loss) income |
|
$ |
(5,792 |
) |
|
$ |
755 |
|
$ |
1,097 |
|
|
$ |
46,505 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible amortization |
|
|
265 |
|
|
|
260 |
|
|
1,036 |
|
|
|
1,037 |
|
Share-based compensation |
|
|
4,334 |
|
|
|
4,296 |
|
|
18,180 |
|
|
|
17,296 |
|
Impairment of long-lived assets |
|
|
81 |
|
|
|
171 |
|
|
241 |
|
|
|
365 |
|
Expense related to executive separation agreement |
|
|
— |
|
|
|
— |
|
|
4,869 |
|
|
|
— |
|
Gain (loss) on litigation settlement |
|
|
13,780 |
|
|
|
— |
|
|
13,780 |
|
|
|
(59,900 |
) |
Income tax (benefit) provision on pre-tax adjustments |
|
|
(4,090 |
) |
|
|
72 |
|
|
(7,482 |
) |
|
|
10,494 |
|
Non-GAAP net income |
|
$ |
8,578 |
|
|
$ |
5,554 |
|
$ |
31,721 |
|
|
$ |
15,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss)
attributable to non-controlling interests |
|
$ |
584 |
|
|
$ |
1,915 |
|
$ |
105 |
|
|
$ |
(2,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Amphastar |
|
$ |
7,994 |
|
|
$ |
3,639 |
|
$ |
31,616 |
|
|
$ |
17,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share
attributable to Amphastar stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.17 |
|
|
$ |
0.08 |
|
$ |
0.67 |
|
|
$ |
0.38 |
|
Diluted |
|
$ |
0.16 |
|
|
$ |
0.07 |
|
$ |
0.64 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute non-GAAP net income per
share attributable to Amphastar stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,496 |
|
|
|
46,840 |
|
|
47,038 |
|
|
|
46,982 |
|
Diluted |
|
|
49,730 |
|
|
|
49,242 |
|
|
49,124 |
|
|
|
49,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 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 |
|
$ |
59,089 |
|
|
$ |
3,787 |
|
|
$ |
12,033 |
|
|
$ |
18,133 |
|
|
$ |
(9,621 |
) |
|
$ |
(950 |
) |
|
$ |
481 |
|
Intangible amortization |
|
|
(232 |
) |
|
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Share-based compensation |
|
|
(972 |
) |
|
|
(106 |
) |
|
|
(2,920 |
) |
|
|
(336 |
) |
|
|
— |
|
|
|
— |
|
|
|
114 |
|
Impairment of long-lived
assets |
|
|
(40 |
) |
|
|
— |
|
|
|
(12 |
) |
|
|
(29 |
) |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
Loss on litigation
settlement |
|
|
— |
|
|
|
— |
|
|
|
(975 |
) |
|
|
— |
|
|
|
(12,805 |
) |
|
|
— |
|
|
|
— |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,090 |
|
|
|
(27 |
) |
Non-GAAP |
|
$ |
57,845 |
|
|
$ |
3,681 |
|
|
$ |
8,093 |
|
|
$ |
17,768 |
|
|
$ |
3,184 |
|
|
$ |
3,140 |
|
|
$ |
584 |
|
Reconciliation of Non-GAAP Measures
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 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 |
|
$ |
50,002 |
|
|
$ |
3,476 |
|
|
$ |
10,505 |
|
|
$ |
19,644 |
|
|
$ |
1,430 |
|
$ |
431 |
|
|
$ |
1,781 |
|
Intangible amortization |
|
|
(226 |
) |
|
|
— |
|
|
|
(34 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
11 |
|
Share-based compensation |
|
|
(880 |
) |
|
|
(103 |
) |
|
|
(2,961 |
) |
|
|
(352 |
) |
|
|
— |
|
|
— |
|
|
|
98 |
|
Impairment of long-lived
assets |
|
|
(30 |
) |
|
|
— |
|
|
|
(141 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
58 |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(72 |
) |
|
|
(33 |
) |
Non-GAAP |
|
$ |
48,866 |
|
|
$ |
3,373 |
|
|
$ |
7,369 |
|
|
$ |
19,292 |
|
|
$ |
1,430 |
|
$ |
359 |
|
|
$ |
1,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 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 |
|
$ |
206,506 |
|
|
$ |
14,780 |
|
|
$ |
50,377 |
|
|
$ |
67,229 |
|
|
$ |
(6,317 |
) |
|
$ |
3,540 |
|
$ |
(306 |
) |
Intangible amortization |
|
|
(902 |
) |
|
|
— |
|
|
|
(134 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
45 |
|
Share-based compensation |
|
|
(4,248 |
) |
|
|
(456 |
) |
|
|
(11,771 |
) |
|
|
(1,705 |
) |
|
|
— |
|
|
|
— |
|
|
444 |
|
Impairment of long-lived
assets |
|
|
(72 |
) |
|
|
— |
|
|
|
(140 |
) |
|
|
(29 |
) |
|
|
— |
|
|
|
— |
|
|
20 |
|
Expense related to executive
separation agreement |
|
|
— |
|
|
|
— |
|
|
|
(4,869 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Loss on litigation
settlement |
|
|
— |
|
|
|
— |
|
|
|
(975 |
) |
|
|
— |
|
|
|
(12,805 |
) |
|
|
— |
|
|
— |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,482 |
|
|
(98 |
) |
Non-GAAP |
|
$ |
201,284 |
|
|
$ |
14,324 |
|
|
$ |
32,488 |
|
|
$ |
65,495 |
|
|
$ |
6,488 |
|
|
$ |
11,022 |
|
$ |
105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 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 |
|
$ |
190,434 |
|
|
$ |
12,830 |
|
|
$ |
50,279 |
|
|
$ |
68,853 |
|
|
$ |
60,267 |
|
$ |
13,723 |
|
|
$ |
(2,434 |
) |
Intangible amortization |
|
|
(895 |
) |
|
|
— |
|
|
|
(142 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
45 |
|
Share-based compensation |
|
|
(3,819 |
) |
|
|
(388 |
) |
|
|
(11,538 |
) |
|
|
(1,551 |
) |
|
|
— |
|
|
— |
|
|
|
355 |
|
Impairment of long-lived
assets |
|
|
(99 |
) |
|
|
— |
|
|
|
(164 |
) |
|
|
(102 |
) |
|
|
— |
|
|
— |
|
|
|
113 |
|
Gain on litigation
settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
59,900 |
|
|
— |
|
|
|
— |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(10,494 |
) |
|
|
(92 |
) |
Non-GAAP |
|
$ |
185,621 |
|
|
$ |
12,442 |
|
|
$ |
38,435 |
|
|
$ |
67,200 |
|
|
$ |
367 |
|
$ |
3,229 |
|
|
$ |
(2,013 |
) |
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