Amphastar Pharmaceuticals is a specialty pharma company that develops, manufactures, and sells generic and proprietary injectable, inhalation, and intranasal drug products, as well as APIs. Amphastar targets products with high barriers to entry — complex formulations, difficult manufacturing, or limited raw material availability — which face fewer competitors and sustain better pricing. Amphastar's two largest products are BAQSIMI, a nasally administered glucagon for severe hypoglycemia acquired from Eli Lilly in 2023 and available in the U.S. and 26 international markets, and Primatene MIST, an OTC epinephrine inhaler for mild asthma. Both are proprietary products with above-average margins and form the core growth pillars. The remainder of the business consists of complex generic injectables — including glucagon injection, epinephrine, lidocaine, and enoxaparin — sold primarily to hospitals, clinics, and retail pharmacies through distributors. Three distributors, McKesson, Cencora, and Cardinal Health, together account for roughly 65% of net revenues. Amphastar's business model is shaped by the tension between generic erosion on older products and proprietary product growth, with gross margins running around 50%. Vertical integration — including in-house API manufacturing — gives Amphastar a cost advantage, particularly relevant for its pipeline biosimilar insulin aspart (AMP-004), targeting a 2027 launch. Amphastar's stated strategy is to shift its revenue mix toward proprietary and biosimilar products over time, and the company is planning to quadruple manufacturing capacity at its Rancho Cucamonga headquarters to support future launches.