Amphastar Pharmaceuticals Inc. (AMPH) is breaking out technically today with news of second-quarter net income of $6.9 million, after reporting a loss in the same period a year earlier.
The Rancho Cucamonga, California-based company said it had net income of 15 cents per share. Earnings, adjusted for one-time gains and costs, were 23 cents per share.
The results beat Wall Street expectations with the specialty pharmaceutical company posting revenue of $68 million in the period.
Dr. Jack Zhang, Amphastar’s CEO, commented: “Resubmitting our Primatene® NDA this quarter is a big milestone for the company and its inhalation platform. We look forward to the possibility of bringing this product back to the market in early 2017.”
Amphastar Pharmaceuticals, Inc. is a specialty pharmaceutical company that focuses primarily on developing, manufacturing, marketing and selling generic and injectable and inhalation products. The company has two segments: finished pharmaceutical products and active pharmaceutical ingredients (API) products. The finished pharmaceutical products segment manufactures, markets and distributes enoxaparin, Cortrosyn, Amphadase, naloxone, lidocaine jelly, as well as various other critical and non-critical care drugs. The API segment manufactures and distributes recombinant human insulin and porcine insulin. Amphastar manufactures and sells approximately 20 products. Additionally, the company is developing a portfolio of approximately 10 generic abbreviated new drug applications (ANDA), over three generic biosimilar and over six injectable and inhalation product candidates.
AMPH is breaking out on the monthly chart view breaking the $17.50 barrier with gusto. Let’s see if the stock can keep pushing ahead with some momentum. $17.50 had been resistance sine mid-2015.
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