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Name of each exchange on which registered

Common Stock, par value $0.0001 per share

The NASDAQ Stock Market LLC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event Reported): February 27, 2025

Amphastar Pharmaceuticals, Inc.

(Exact Name of Registrant as Specified in Charter)


Delaware	001-36509	33-0702205
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)


11570 6th Street
Rancho Cucamonga, California	91730
(Address of Principal Executive Offices)	(Zip Code)

Registrant's telephone number, including area code: (909) 980-9484

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 27, 2025, Amphastar Pharmaceuticals, Inc. issued a press release announcing its financial results for the three months and fiscal year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:


Exhibit No.		Description
99.1		Press release, dated February 27, 2025, issued by Amphastar Pharmaceuticals, Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: February 27, 2025	Amphastar Pharmaceuticals, Inc.

	By:	/s/ WILLIAM J. PETERS
		William J. Peters
		Chief Financial Officer, Executive Vice President and Treasurer

EX-99.1 2 amph-20250227xex99d1.htm EX-99.1

EXHIBIT 99.1

Amphastar Pharmaceuticals Reports Financial Results for the Three Months and Full Year Ended December 31, 2024

Reports Net Revenues of $186.5 Million for the Three Months Ended December 31, 2024

RANCHO CUCAMONGA, CA – February 27, 2025 – Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the “Company”) today reported results for the three months and full year ended December 31, 2024.

Fourth quarter Highlights

●

Net revenues of $186.5 million for the fourth quarter

●

GAAP net income of $38.0 million, or $0.74 per share, for the fourth quarter

●

Adjusted non-GAAP net income of $47.2 million, or $0.92 per share, for the fourth quarter

Full Year Highlights

●

Net revenues of $732.0 million for the fiscal year

●

GAAP net income of $159.5 million, or $3.06 per share, for the fiscal year

●

Adjusted non-GAAP net income of $200.8 million, or $3.86 per share, for the fiscal year

Dr. Jack Zhang, Amphastar’s President and Chief Executive Officer, commented: “We are incredibly proud that in 2024, we exceeded our long-term goal of achieving $100 million in annual sales for Primatene MIST®, and we look forward to continuing to grow the brand. Furthermore, BAQSIMI® showed strong factory sales growth of 12% compared to the fourth quarter of last year. As we look ahead to 2025, we plan to continue developing and growing our proprietary pipeline.”


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023

	(in thousands, except per share data)
Net revenues	$	186,523	$	178,105	$	731,967	$	644,395
GAAP net income	$	37,964	$	36,167	$	159,519	$	137,545
Adjusted non-GAAP net income*	$	47,237	$	46,875	$	200,806	$	175,699
GAAP diluted EPS	$	0.74	$	0.68	$	3.06	$	2.60
Adjusted non-GAAP diluted EPS*	$	0.92	$	0.88	$	3.86	$	3.32

* Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS 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


	Three Months Ended
	December 31,				Change
	2024		2023		Dollars		%

	(in thousands)
Product revenues, net:
BAQSIMI®	$	41,792	$	—	$	41,792	N/A
Primatene MIST®		28,935		24,484		4,451	18	%
Glucagon		25,619		31,198		(5,579)	(18)	%
Epinephrine		18,698		24,646		(5,948)	(24)	%
Lidocaine		14,397		14,988		(591)	(4)	%
Phytonadione		11,171		11,922		(751)	(6)	%
Enoxaparin		3,731		6,092		(2,361)	(39)	%
Naloxone		3,604		4,230		(626)	(15)	%
Other products		39,031		38,089		942	2	%
Total product revenues, net	$	186,978	$	155,649	$	31,329	20	%
Other revenues		(455)		22,456		(22,911)	(102)	%
Total net revenues	$	186,523	$	178,105	$	8,418	5	%

Changes in product revenues, net as compared to the fourth quarter of the prior year were primarily driven by:

●

BAQSIMI® revenues consisting of $41.8 million in sales made by the Company directly to its customers, which are recorded as part of product revenues, net

●

Primatene MIST® sales increased primarily due to an increase in unit volumes

●

Glucagon sales decreased due to a decrease in unit volumes as a result of competition and a market shift towards ready-to-use glucagon products such as BAQSIMI®

●

Epinephrine sales decreased due to a decrease in unit volumes, as well as a decrease in average selling price, primarily as a result of new competition for our epinephrine vial product

●

The decrease in sales of phytonadione and naloxone was due to a decrease in unit volume, as well as a decrease in average selling price

●

Enoxaparin sales decreased primarily due to a decrease in unit volumes

●

Other pharmaceutical product sales changes were primarily due to:

o

Higher unit volumes of dextrose and sodium bicarbonate due to increased demand caused by supplier shortages during the fourth quarter

o

This increase was partially offset by:

◾

Lower sales of ganirelix and medroxyprogesterone due to a decrease in average selling price, as well as lower unit volumes

●

Other revenues decreased as the Transition Service Agreement, or TSA, with Lilly expired in the fourth quarter of 2024, and since we have assumed all distribution responsibilities, we record BAQSIMI® sales in product revenues, net and costs of sales. The other revenues included in the fourth quarter of 2024 represents BAQSIMI® sales of $0.3 million, less associated costs of sales, and a true-up of the Net Economic Benefit payments due at the expiration of the TSA.


	Three Months Ended
	December 31,				Change
	2024		2023		Dollars		%

	(in thousands)
Net revenues	$	186,523	$	178,105	$	8,418	5	%
Cost of revenues		99,875		81,965		17,910	22	%
Gross profit	$	86,648	$	96,140	$	(9,492)	(10)	%
as % of net revenues		46.5%		54.0%

Changes in the cost of revenues and gross margin were primarily driven by:

●

Decrease in other revenues related to Lilly’s sales of BAQSIMI® under the TSA, which were recorded net of cost of sales and other expenses as we assumed distribution of BAQSIMI® to our customers and now record those sales in product revenues and cost of sales separately

●

Increased labor costs and certain component costs

●

This was partially offset by an increase in sales of Primatene MIST®, which is a higher-margin product


	Three Months Ended
	December 31,				Change
	2024		2023		Dollars		%

	(in thousands)
Selling, distribution, and marketing	$	10,424	$	8,619	$	1,805	21	%
General and administrative		12,938		13,122		(184)	(1)	%
Research and development		18,142		20,419		(2,277)	(11)	%

●

Selling, distribution, and marketing expenses increased primarily due to the expansion of our sales and marketing efforts related to BAQSIMI®

●

Research and development expenses decreased primarily due to a decrease in clinical trial expense, as well as a decrease in materials and supply expense, as a result of expenses in 2023 for our insulin and inhalation pipeline products that were higher than those incurred in 2024


	Three Months Ended
	December 31,				Change
	2024		2023		Dollars		%

	(in thousands)
Non-operating income (expenses)
Interest income	$	2,292	$	2,303	$	(11)	(0)	%
Interest expense		(6,425)		(9,456)		3,031	(32)	%
Other income (expenses), net		2,951		(5,482)		8,433	154	%
Total non-operating income (expenses), net	$	(1,182)	$	(12,635)	$	11,453	(91)	%

The change in non-operating income (expenses), net is primarily a result of:

●

A decrease in interest expense, primarily related to the accretion of the $129.0 million deferred cash payment to Lilly, which was made in June 2024, as well as a lower principal balance on the Wells Fargo Term Loan, along with the write-off of unamortized debt issuance costs related to such Term Loan in 2023

●

A change to other income (expenses), net primarily as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts

Year-End Results


	Year Ended December 31,				Change
	2024		2023		Dollars		%

	(in thousands)
Product revenues, net:
BAQSIMI®	$	126,898	$	—	$	126,898	N/A
Glucagon		108,319		113,684		(5,365)	(5)	%
Primatene MIST®		102,012		89,321		12,691	14	%
Epinephrine		94,090		81,650		12,440	15	%
Lidocaine		55,854		58,162		(2,308)	(4)	%
Phytonadione		43,169		44,939		(1,770)	(4)	%
Enoxaparin		21,715		31,533		(9,818)	(31)	%
Naloxone		15,728		19,004		(3,276)	(17)	%
Other products		145,029		154,945		(9,916)	(6)	%
Total product revenues, net	$	712,814	$	593,238	$	119,576	20	%
Other revenues		19,153		51,157		(32,004)	(63)	%
Total net revenues	$	731,967	$	644,395	$	87,572	14	%

Changes in product revenues, net were primarily driven by:

●

BAQSIMI® revenues consisting of $126.9 million in sales made by the Company directly to its customers, which are recorded as part of product revenues, net

●

Primatene MIST® sales increased primarily due to an increase in unit volumes

●

Epinephrine sales increased primarily due to an increase in unit volumes, as we began selling our epinephrine pre-filled syringes in Canada starting in the third quarter of 2024

●

Glucagon sales decreased primarily due to a decrease in unit volumes, as a result competition and a move to ready-to-use glucagon products such as BAQSIMI®

●

Enoxaparin and naloxone sales decreased primarily due to a decrease in unit volumes

●

Other pharmaceutical products sales decreased primarily due to:

o

Lower unit sales of atropine and calcium chloride, as a result of other suppliers returning to their historical distribution levels

o

Lower unit sales of medroxyprogesterone, as our API supplier discontinued making the active ingredient

o

These decreases were partially offset by:

◾

Higher unit volumes of dextrose and sodium bicarbonate due to an increase in demand caused by other supplier shortages

◾

The launch of albuterol in August 2024

●

Other revenues which consisted of $38.9 million in BAQSIMI® sales made by Lilly, on behalf of the Company under the TSA, which resulted in a net payment to the Company of $19.2 million after deducting the cost of sales and other expenses


	Year Ended December 31,				Change
	2024		2023		Dollars		%

	(in thousands)
Net revenues	$	731,967	$	644,395	$	87,572	14	%
Cost of revenues		358,112		293,274		64,838	22	%
Gross profit	$	373,855	$	351,121	$	22,734	6	%
as % of net revenues		51.1%		54.5%

Changes in the cost of revenues and gross margin were primarily driven by:

●

Decrease in other revenues related to Lilly’s sales of BAQSIMI® under the TSA, which are recorded net of cost of sales and other expenses, as we assumed distribution of BAQSIMI® to our customers and now record those sales in product revenues and cost of sales separately

●

Increase in depreciation and amortization expenses related to the acquired BAQSIMI® assets

●

Increased labor and certain component costs

●

This was partially offset by increased sales of Primatene MIST® and epinephrine, which are higher-margin products


	Year Ended December 31,				Change
	2024		2023		Dollars		%

	(in thousands)
Selling, distribution, and marketing	$	37,802	$	28,853	$	8,949	31	%
General and administrative		56,720		51,540		5,180	10	%
Research and development		73,914		73,741		173	0	%

●

Selling, distribution, and marketing expenses increased primarily due to expenses related to the expansion of our sales and marketing efforts related to BAQSIMI®

●

General and administrative expenses increased primarily due to an increase in salary and personnel-related expenses and expenses related to BAQSIMI®

●

Research and development expenses remained flat during the year. Salary and personnel-related expenses and FDA filing fees increased, while clinical trial expense, as well as materials and supply expense decreased


	Year Ended December 31,				Change
	2024		2023		Dollars		%

	(in thousands)
Non-operating income (expenses)
Interest income	$	10,612	$	5,459	$	5,153	94	%
Interest expense		(30,343)		(27,158)		(3,185)	12	%
Other income (expenses), net		4,076		(3,929)		8,005	204	%
Total non-operating income (expenses), net	$	(15,655)	$	(25,628)	$	9,973	(39)	%

The change in non-operating income (expenses), net is primarily a result of:

●

An increase in interest income resulting from an increase in cash and investments.

●

An increase in interest expense resulting from the Term Loan used to finance the acquisition of BAQSIMI®, as well as the 2029 Convertible Notes, which we entered into in the second half of 2023.

●

A change to Other income (expenses), net primarily as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts during the year ended December 31, 2024.

Cash flow provided by operating activities for the year ended December 31, 2024, was $213.4 million.

Pipeline Information

The Company currently has four abbreviated new drug applications (“ANDAs”) filed with the U.S. Food and Drug Administration (the “FDA”) targeting products with a market size exceeding $2 billion, along with four biosimilar products in development targeting products with a market size exceeding $7 billion, and two generic products in development targeting products with a market size of over $1.3 billion. This market information is based on IQVIA data for the 12 months ended December 31, 2024. The Company is developing multiple proprietary products with injectable and intranasal dosage forms.

Amphastar’s Chinese subsidiary, Amphastar Nanjing Pharmaceuticals, Co., Ltd. (“ANP”), currently has multiple Drug Master Files (“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®, BAQSIMI®, Primatene MIST®, REXTOVYTM, 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 and (ii) Adjusted non-GAAP diluted EPS, which exclude amortization expense, share-based compensation, impairment charges, expenses related to our acquisition of BAQSIMI®, certain debt issuance costs, income tax provisions on pre-tax adjustments, and other one-time events 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, February 27, 2025, 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, ten 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 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 benefits BAQSIMI®, including its potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our ability to leverage our existing expertise and technology, 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 Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 10, 2024, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 9, 2024, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 7, 2024, and our other filings or reports that we may file with the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI®. You can locate these reports through our 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 our expectations to change.

Contact Information:

Amphastar Pharmaceuticals, Inc.

Bill Peters

Chief Financial Officer

(909) 476-3416

Table I

Amphastar Pharmaceuticals, Inc.

Condensed Consolidated Statement of Operations

(Unaudited; in thousands, except per share data)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Net revenues:
Product revenues, net	$	186,978	$	155,649	$	712,814	$	593,238
Other revenues		(455)		22,456		19,153		51,157
Total net revenues		186,523		178,105		731,967		644,395

Cost of revenues		99,875		81,965		358,112		293,274
Gross profit		86,648		96,140		373,855		351,121

Operating expenses:
Selling, distribution, and marketing		10,424		8,619		37,802		28,853
General and administrative		12,938		13,122		56,720		51,540
Research and development		18,142		20,419		73,914		73,741
Total operating expenses		41,504		42,160		168,436		154,134

Income from operations		45,144		53,980		205,419		196,987

Non-operating income (expenses):
Interest income		2,292		2,303		10,612		5,459
Interest expense		(6,425)		(9,456)		(30,343)		(27,158)
Other income (expenses), net		2,951		(5,482)		4,076		(3,929)
Total non-operating income (expenses), net		(1,182)		(12,635)		(15,655)		(25,628)

Income before income taxes		43,962		41,345		189,764		171,359
Income tax provision		5,998		4,673		29,672		31,833
Net income before equity in losses of unconsolidated affiliate		37,964		36,672		160,092		139,526

Equity in losses of unconsolidated affiliate		—		(505)		(573)		(1,981)

Net income	$	37,964	$	36,167	$	159,519	$	137,545

Net income per share:
Basic	$	0.79	$	0.75	$	3.29	$	2.85
Diluted	$	0.74	$	0.68	$	3.06	$	2.60

Weighted-average shares used to compute net income per share:
Basic		47,975		47,957		48,429		48,265
Diluted		51,310		53,014		52,058		53,001

Table II

Amphastar Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(Unaudited; in thousands, except share data)


	December 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	151,609	$	144,296
Restricted cash		235		235
Short-term investments		70,036		112,510
Restricted short-term investments		2,200		2,200
Accounts receivable, net		136,289		114,943
Inventories		153,741		105,833
Income tax refunds and deposits		1,747		526
Prepaid expenses and other assets		18,214		9,057
Total current assets		534,071		489,600

Property, plant, and equipment, net		297,345		282,746
Finance lease right-of-use assets		383		564
Operating lease right-of-use assets		46,899		32,333
Investment in unconsolidated affiliate		—		527
Goodwill and intangible assets, net		590,660		613,295
Long-term investments		10,996		14,685
Other assets		25,992		25,910
Deferred tax assets		71,124		53,252
Total assets	$	1,577,470	$	1,512,912

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	157,057	$	93,366
Accrued payments for BAQSIMI®		—		126,090
Income taxes payable		9,664		1,609
Current portion of long-term debt		234		436
Current portion of operating lease liabilities		6,804		3,906
Total current liabilities		173,759		225,407

Long-term reserve for income tax liabilities		6,957		6,066
Long-term debt, net of current portion and unamortized debt issuance costs		601,630		589,579
Long-term operating lease liabilities, net of current portion		41,881		29,721
Other long-term liabilities		20,945		22,718
Total liabilities		845,172		873,491
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; 60,847,124 and 47,617,691 shares issued and outstanding, respectively, as of December 31, 2024 and 59,390,194 and 48,068,881 shares issued and outstanding, respectively, as of December 31, 2023		6		6
Additional paid-in capital		505,400		486,056
Retained earnings		568,787		409,268
Accumulated other comprehensive loss		(9,181)		(8,478)
Treasury stock		(332,714)		(247,431)
Total equity		732,298		639,421
Total liabilities and stockholders’ equity	$	1,577,470	$	1,512,912

Table III

Amphastar Pharmaceuticals, Inc.

Reconciliation of Non-GAAP Measures

(Unaudited; in thousands, except per share data)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023

GAAP net income	$	37,964	$	36,167	$	159,519	$	137,545
Adjusted for:
Intangible asset amortization		6,179		6,178		24,718		12,830
Share-based compensation		5,632		4,622		24,368		20,242
Impairment of long-lived assets		—		1		—		3,175
Expenses related to BAQSIMI® acquisition		—		2,148		3,651		5,830
Debt issuance costs		—		742		—		6,785
Income tax provision on pre-tax adjustments		(2,538)		(2,983)		(11,450)		(10,708)
Adjusted non-GAAP net income	$	47,237	$	46,875	$	200,806	$	175,699

Adjusted non-GAAP net income per share:
Basic	$	0.99	$	0.98	$	4.15	$	3.64
Diluted	$	0.92	$	0.88	$	3.86	$	3.32

Weighted-average shares used to compute adjusted non-GAAP net income per share:
Basic		47,975		47,957		48,429		48,265
Diluted		51,310		53,014		52,058		53,001


	Three Months Ended December 31, 2024

			Selling,		General		Research		Non-operating
	Cost of		distribution		and		and		(expenses)		Income
	revenue		and marketing		administrative		development		income, net		tax provision
GAAP	$	99,875	$	10,424	$	12,938	$	18,142	$	(1,182)	$	5,998
Intangible asset amortization		(6,160)		—		—		(19)		—		—
Share-based compensation		(1,159)		(286)		(3,682)		(505)		—		—
Income tax provision on pre-tax adjustments		—		—		—		—		—		2,538
Non-GAAP	$	92,556	$	10,138	$	9,256	$	17,618	$	(1,182)	$	8,536


	Three Months Ended December 31, 2023

			Selling,		General		Research		Non-operating
	Cost of		distribution		and		and		(expenses)		Income
	revenue		and marketing		administrative		development		income, net		tax provision
GAAP	$	81,965	$	8,619	$	13,122	$	20,419	$	(12,635)	$	4,673
Intangible asset amortization		(6,158)		—		(3)		(17)		—		—
Share-based compensation		(1,023)		(221)		(2,946)		(432)		—		—
Impairment of long-lived assets		—		—		(1)		—		—		—
Expenses related to BAQSIMI® acquisition		—		—		(322)		—		1,826		—
Debt issuance costs		—		—		—		—		742		—
Income tax provision on pre-tax adjustments		—		—		—		—		—		2,983
Non-GAAP	$	74,784	$	8,398	$	9,850	$	19,970	$	(10,067)	$	7,656


	Year Ended December 31, 2024

			Selling,		General		Research		Non-operating
	Cost of		distribution		and		and		(expenses)		Income
	revenue		and marketing		administrative		development		income, net		tax provision
GAAP	$	358,112	$	37,802	$	56,720	$	73,914	$	(15,655)	$	29,672
Intangible asset amortization		(24,639)		—		(4)		(75)		—		—
Share-based compensation		(5,742)		(1,063)		(14,921)		(2,642)		—		—
Expenses related to BAQSIMI® acquisition		—		—		—		—		3,651		—
Income tax provision on pre-tax adjustments		—		—		—		—		—		11,450
Non-GAAP	$	327,731	$	36,739	$	41,795	$	71,197	$	(12,004)	$	41,122


	Year Ended December 31, 2023

			Selling,		General		Research		Non-operating
	Cost of		distribution		and		and		(expenses)		Income
	revenue		and marketing		administrative		development		income, net		tax provision
GAAP	$	293,274	$	28,853	$	51,540	$	73,741	$	(25,628)	$	31,833
Intangible asset amortization		(12,741)		—		(19)		(70)		—		—
Share-based compensation		(4,891)		(870)		(12,269)		(2,212)		—		—
Impairment of long-lived assets		(3,170)		—		(5)		—		—		—
Expenses related to BAQSIMI® acquisition		—		—		(2,179)		—		3,651		—
Debt issuance costs		—		—		—		—		6,785		—
Income tax provision on pre-tax adjustments		—		—		—		—		—		10,708
Non-GAAP	$	272,472	$	27,983	$	37,068	$	71,459	$	(15,192)	$	42,541