RANCHO CUCAMONGA, Calif. (AP) — RANCHO CUCAMONGA, Calif. (AP) — Amphastar Pharmaceuticals Inc. (AMPH) on Wednesday reported second-quarter net income of $37.9 million.
The Rancho Cucamonga, California-based company said it had profit of 73 cents per share. Earnings, adjusted for one-time gains and costs, were 94 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The specialty pharmaceutical company posted revenue of $182.4 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $171.3 million.
Amphastar shares have dropped 37% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $38.89, a decline of 38% in the last 12 months.
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