Third Quarter Highlights
Net revenues of
GAAP net income of
Adjusted non-GAAP net income of
Dr.
Changes in product revenues as compared to the third quarter of the prior year were primarily driven by: Glucagon sales increased primarily due to an increase in unit volumes, as a result of two suppliers discontinuing their glucagon injection products at the end of 2022
Primatene MIST sales increased due to an increase in unit volumes
Lidocaine sales increased primarily due to an increase in unit volumes, as a result of supplier shortages
Phytonadione sales decreased due to lower unit volumes, as a result of increased competition
Sales of naloxone decreased due to lower unit volumes, as a result of increased competition
Other finished pharmaceutical product sales increased primarily due to:
Higher unit volumes of dextrose, atropine, calcium chloride, and sodium bicarbonate, due to increased demand caused by supplier shortages during the quarter
A full quarter of sales for vasopressin, which was launched in
Launch of regadenoson in
Active Pharmaceutical ingredient ('API') sales increased primarily due to the timing of customer purchases
Other revenues are comprised of net revenues from the sales of BAQSIMI of
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.
Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar, BAQSIMI, Primatene MIST, REXTOVY, 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
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 our expectations regarding future financial performance and business trends, our future growth, sales and marketing of our products, market size and expansion, product portfolio, 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 our pipeline of product candidates, the timing and results of clinical trials, the prospective benefits of the acquisition of BAQSIMI, and other future events, including potential contingent consideration amounts and terms related to the acquisition of BAQSIMI, the anticipated benefits of BAQSIMI to our product portfolio, Amphastar's commitment to strategically maximizing the commercial potential of BAQSIMI, and other future events. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our 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
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