Q2 2024 Amphastar Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Amphastar Pharmaceuticals Inc (AMPH) reported a 25% year-over-year increase in total revenues, reaching $182.4 million.
- BAQSIMI achieved impressive worldwide sales of $38.5 million for the quarter, representing a 10% increase compared to the same period last year.
- Primatene MIST sales grew 38% to $22.9 million, and Epinephrine sales increased 67% to $27.9 million, driven by other supplier shortages.
- The company has focused on enhancing efficiencies in the production of Epinephrine and other products, leading to increased capacity without additional square footage.
- Amphastar Pharmaceuticals Inc (AMPH) is well-positioned for a promising second half of 2024 with the potential for three significant product approvals: teriparatide, AMP-015, and AMP-002.
- Phytonadione sales decreased to $10.3 million from $17.9 million due to increased competition.
- Enoxaparin and Naloxone sales also saw a decline due to increased competition.
- The company anticipates a decline in glucagon injection sales from peak levels due to increased availability of competitor products in the diagnostic market.
- Selling, distribution, and marketing expenses increased 34% to $9 million, and general and administrative spending increased 8% to $13.3 million, primarily due to expenses related to BAQSIMI.
- Non-operating expenses increased to $5 million from $4.1 million, primarily driven by increased interest expense on loans associated with the acquisition of BAQSIMI.
Greetings, and welcome to the Amphastar Pharmaceuticals second-quarter earnings call. (Operator Instructions)
Please note that certain statements made during this call regarding matters that are not historical facts, including, but not limited to management's outlook or predictions for future periods are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the section entitled forward-looking statements in the press release issued today in the presentation on the company's website. Also, please refer to our SEC filings, which can be found on our website and the SEC's website for a discussion of numerous factors that may impact our future performance.
We will also discuss certain non-GAAP measures and for information on our use of these measures and reconciliations to US GAAP may be found in our earnings release. Please note, this conference is being recorded.
Our speakers today are Mr. Bill Peters, CFO; Mr. Dan Dischner, Senior Vice President of Corporate Communications; and Mr. Tony Marrs,
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