Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) Q1 2023 Results Conference Call May 9, 2023 5:00 PM ET

Company Participants

Dan Dischner - VP of HR & Corporate Communication

William Peters - CFO, Executive VP of Finance, Treasurer & Director

Conference Call Participants

Tim Chiang - Capital One

David Amsellem - Piper Sandler

Operator

Greetings, and welcome to the Amphastar Pharmaceuticals, Inc. First 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 and 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. Important information on our use of these measures and reconciliations to U.S. GAAP may be found in our earnings release.

Please note, this conference call is being recorded. Our speakers today are Mr. Bill Peters, CFO; and Mr. Dan Dischner, SVP of Corporate Communications; and Mr. Tony Marrs, EVP of Regulatory Affairs and Clinical Operations.

I will now turn the conference over to our host, Mr. Dan Dischner, SVP of Corporate Communications. Dan, you may begin.

Dan Dischner

Thank you, Karen. Good afternoon. and thank you all for joining us for Amphastar Pharmaceuticals 2023 First Quarter Earnings Call. Joining me today on the call are Bill Peters, CFO and Executive Vice President of Finance; and Tony Marrs, Executive Vice President of Regulatory Affairs and Clinical Operations. For the first quarter of 2023, I am pleased to announce that Amphastar has begun another year on a strong note as our continued execution in our portfolio resulted in $140 million in revenue or a 16% increase on a year-over-year basis.

Equally important, our gross profit for the quarter saw an impressive 32% increase on an annualized basis. Once again, we attribute this success to our key, high-margin Primatene MIST, glucagon and epinephrine products, seeing notable increases for sustained growth. Concerning Primatene MIST, in-store sales for the product had a 5% growth compared to the previous quarter. We remain confident that this product is on its path towards $100 million in annualized sales by the end of 2024 as we continue our strategic investment of an additional $2 million to $3 million in marketing spend in 2023.