Amphastar Pharmaceuticals, Inc (AMPH) Fair Value & Analysis

Healthcare · US · Market cap $856M

A solid business, screening 107% undervalued on our models.

What matters now

• The price is below even our cautious bear case ($21.39). The market is more pessimistic than our downside scenario.
• The model range is unusually wide ($21.39 to $56.65). The outcome hinges heavily on assumptions, so read the point estimate with caution.
• Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range $16.87 – $65.00 · fair‑value band $21.39 – $56.65 · the $20.78 price screens below the $43.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

Amphastar Pharmaceuticals, Inc (AMPH) currently trades at $20.78, while our model-based Fair Value estimate is $43.11, implying the stock looks roughly 107.5% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Amphastar Pharmaceuticals, Inc generated revenue of $721M at a net margin of 11.0%. Revenue grew 0.4% year over year. It earns a return on equity of 10.4%. Net debt stands at $486M. Fundamentals as of Jul 24, 2026

Our scenario range runs from $21.39 (bear case) to $56.65 (bull case); at $20.78, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 34% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 107%, AMPH screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Dividend Discount ($131.70) versus Asset-Based ($11.99). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Amphastar Pharmaceuticals, Inc., a bio-pharmaceutical company, develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products in the United States, China, and France.

Full company description

Amphastar Pharmaceuticals, Inc., a bio-pharmaceutical company, develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products in the United States, China, and France. It offers BAQSIMI, a dry nasal spray used in an emergency for the treatment of severe hypoglycemia; Primatene MIST, an epinephrine inhalation product for the temporary relief of mild symptoms of intermittent asthma; Glucagon for injection emergency kit; Enoxaparin, an injectable form of low molecular weight heparin for the prevention and treatment of deep vein thrombosis; and REXTOVY and Naloxone for opioid overdose. The company also provides Cortrosyn, a lyophilized power for use as a diagnostic agent in the screening of patients with adrenocortical insufficiency; Amphadase, a bovine-sourced hyaluronidase injection; Epinephrine injection for allergic reactions; Lidocaine jelly, an anesthetic product for urological procedures; Lidocaine topical solution for various procedures; Phytonadione injection, a vitamin K1 injection for newborn babies; and emergency syringe products, including atropine, calcium chloride, dextrose, epinephrine, lidocaine, and sodium bicarbonate. In addition, it offers Albuterol sulfate inhalation aerosol for the treatment or prevention of bronchospasm; Iron sucrose injection, an iron replacement product for the treatment of iron deficiency anemia in patients with chronic kidney disease; Teriparatide injection for managing daily osteoporosis therapy; and Ipratropium Bromide HFA inhalation aerosol, an anticholinergic indicated for the maintenance treatment of bronchospasm associated with chronic obstructive pulmonary disease. Further, the company provides active pharmaceutical ingredient (API) products, such as Recombinant Human Insulin and porcine insulin API. The company was founded in 1996 and is headquartered in Rancho Cucamonga, California.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Amphastar Pharmaceuticals, Inc reported revenue of $720M in FY2025 versus $438M in FY2021, a compound +13.2%/yr. Reported net income was $98.1M in FY2025, compounding +12.1%/yr from FY2021.

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Peer Group

Drug Manufacturers - Specialty & Generic · 626 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Insider activity: 35/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.