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Piper Sandler 37th Annual Healthcare Conference December 3, 2025 Highly Purified Peptide/Protein Proprietary Injectables Inhalation Intranasal Biosimilar Interchangeable Complex Generic Combination Products
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2 Forward Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements, of Amphastar Pharmaceuticals, Inc. (“Amphastar”, “we”. “our” and that are based on our management’s current expectations and assumptions and on information currently available to management. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including, but not limited to, information concerning our business plans and objectives, potential growth opportunities, product development, regulatory approvals, market potential, efficiencies, competitive position, and industry environment, among other statements. All statements in this presentation 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, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our manufacturing in-house expertise, our commercial momentum and position in the market. 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 (“SEC”), including in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 8, 2025, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 7, 2025, 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 presentation 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. The forward-looking statements in this presentation 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. You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur as forward-looking statements are inherently susceptible to uncertainty and changes in circumstances as with any projections or forecasts. Moreover, neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements. Any forward-looking statements made by us in this presentation speak only as of the date of this presentation, and we undertake no obligation to update any forward-looking statements for any reason after the date of this presentation, except as required by law. All third-party brand names and logos appearing in this presentation are trademarks or registered trademarks of their respective holders. Any such appearance does not necessarily imply any endorsement of the company.
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3 Company Overview
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4 Company Overview ■ High Quality ■ High Efficiency ■ High Technology ■ Pipeline Development ■ Strategic Acquisitions ■ Fully Integrated Business Model, R&D, Manufacturing and Distribution One- Stop Dual Strategies Growth Model Three-H Focus
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5 ■ Extensive in-house product development capabilities − Technical Platforms − State-of-the-art instruments − Animal studies − Clinical research team ■ Control over quality and compliance throughout the product development and manufacturing cycle ■ Fully integrated back-end manufacturing capabilities − API and key materials − Device and key components ■ Complete front-end integration − Marketing − Distribution Fully Integrated Business Model: One-Stop Product Development API / Key Components Manufacturing US Based Finished Product Manufacturing Marketing Distribution
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6 Dual-Strategies Growth Model Dual-Strategies Pipeline Development Primatene MIST® NDA, MDI, OTC Glucagon Injection ANDA, Highly- Purified Peptide Insulin Analogs BLA, rDNA Strategic Acquisition Armstrong MDI Facility AFP rDNA Facility Baqsimi® NDA, Powder IN Delivery Proprietary Products In-licensed early stage NCEs Primary - Organic Growth Secondary - Inorganic Growth 2018 2020 2003 2014 2023 2025On-going
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7 Three-H Focus Amphastar’s Management team operates the Company to: ■ Insist on High Quality ■ Emphasize High Efficiency and ■ Rely on High Technology to Develop Pipelines The 3-H focus results in high net income margin 3.5% 5.5% 9.0% 15.5% 20.7% 27.3% 27.4% 0% 5% 10% 15% 20% 25% 30% 35% 2018 2019 2020 2021 2022 2023 2024 Adjusted Net Income Margin, % Year Adjusted Net Income Margin, % ($Million or Specified) 2018 2019 2020 2021 2022 2023 2024 Revenue, x 295 322 350 438 499 644 732 Net Income (GAAP) -5.7 48.9 1.4 62.1 91.4 137.5 159.5 Net Income, Adjusted, y 10.4 17.8 31.6 68.0 103.2 175.7 200.8 Net Income Margin, Adjusted, =y/x, % 3.5% 5.5% 9.0% 15.5% 20.7% 27.3% 27.4%
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8 Leveraging Strategic Vision & Core Strengths
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9 Pipeline Evolution Generic 63% Biosimilar 16% Proprietary 21% Generic 15% Biosimilar 35% Proprietary 50% 2021 Pipeline Projected 2026 Pipeline Amphastar’s pipeline is projected to advance with a greater focus on proprietary and biosimilar products
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10 Technical Platforms NDA The Only FDA approved asthma inhaler available as OTC Multiple peptide/protein products including AMP-028 Insulin Analogs BLA Biosimilar Interchangeable ANDA Baqsimi® Characterization Immunogenicity Evaluation rDNA Highly-Purified Peptide/Protein Particle Engineering Novel Formulation Novel Device
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11 In Progress In Progress In Progress Strategic Shift Toward Proprietary & Biosimilars Drugs Diabetes Portfolio BAQSIMI® acquired with global footprint in +26 countries Commerical Capabilities Expanded • AMP-028 • 3 Biosimilar Insulins Biosimilar Portfolio Capacity expansion at facilities to support future approvals CapEx Investments & Product Support Proprietary Product Pipeline • Intranasal Epinephrine • 3 early stage products developed internally • Primatene MIST ® with Green* propellant • 3 early stage in- licensed NCEs • AMP-015 (Teriparatide) • AMP-007 • AMP-018 (GLP-1) Expected Approvals Inhalation pipeline to be filed and approved Inhalation Pipeline (Complex Generic) In Progress In Progress 2023 • 3 Biosimilar Insulins • GLP-1 ANDA In Progress *Low global warming potential
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12 R&D and Pipeline
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13 ■ Strategic focus to make substantial R&D investments to expand our product portfolio ■ Diverse pipeline development with flexibility and scalability for sourcing API, starting material, and research under our vertically –integrated platform ■ Emphasis and investment in R&D differentiates us from our competitors as our focus is on the long-term growth of our company ■ R&D from API, early stage, and clinical trials and from laboratory to scale-up Focused on R&D Investment Self-funded R&D investment of approximately $351 million in the recent 5 years
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14 Amphastar Generics & Biosimilars Pipeline *IQVIA sales with TTM as of September 30, 2025 ANDA Type Product Code Current Stage *IQVIA Sales Injectable AMP-002 (Iron Sucrose) Approved; Launched August 2025 +$500 Million AMP-015 (Teriparatide) Commercial launch expected in 1H 2026 +$500 Million AMP-018 (GLP-1) Commercial launch expected in 2027 +$300 Million Inhalation AMP-007 Commercial launch expected in mid-2026 +$1.3 BillionAMP-017 Development AMP-023 Development Biosimilar AMP-004 (Insulin Aspart) Commercial launch expected in 2027 $4.5 Billion AMP-005 (Recombinant Human Insulin) Development AMP-025 (Insulin Degludec) Development AMP-028 Development +2.5 Billion
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15 Diabetes Portfolio Interchangeable Insulin Pipeline Recombinant Human Insulin Insulin Aspart Insulin Degludec AMP-025 AMP-005 AMP-004 ■ BAQSIMI®, the first and only FDA approved glucagon nasal powder ■ The first FDA approved generic Glucagon injection kit ■ Insulin Pipeline: - Covers the full spectrum of the insulin from rapid to long acting - $4.5 Billion in IQVIA sales, ~70 million units of both pens and vials Commercialized Glucagon Inj. Kit BAQSIMI® Nasal Powder GLP-1 AMP-018 GLP-1 ANDA *IQVIA sales with TTM as of September 30, 2025
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16 Proprietary Pipeline
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17 In-licensing of 3 promising new peptide assets CRC: Colorectal Cancer; DME: Diabetic Macular Edema; HCC: Hepatocellular Carcinoma; HNSCC: Head & Neck Squamous Cell Cancer; MM: Multiple Myeloma; NSCLC: Non-Small Cell Lung Cancer; wet-AMD: wet-Age-Related Macular Degeneration AMP-105 HNSCC, HCC, Lymphoma, MM, etc. US Market OpportunityOverview AMP-107 wet-AMD, DME AMP-109 NSCLC, CRC, Gastric, Pancreatic, etc. • Potential novel MoA for growth and metastasis inhibition • Early studies have shown anti-tumor activity across cancer types • Peptide-coupled docetaxel with improved bioavailability and Efficacy • Improved safety profile • Reduced Docetaxel-induced Toxicity Key Value Propositions First-in-class peptide targeting a novel mechanism to modulate cell growth and metastasis, offering a new anti-tumor option for patients First non-injectable anti- VEGFR eye drop, offering a proven MoA, improved patient quality of life, & non-invasive delivery compared to current injected anti-VEGF biologics Taxane chemo conjugated with peptide with improved bioavailability to improve efficacy and alleviate adverse events ~60k solid tumor patients ~125k lymphoma & myeloma patients • Eye-drop formulation targeting VEGFR and integrin αvβ3 • Aims to reduce treatment burden and improve compliance 2.2 – 3.4 Mn wet-AMD & DME patients $9.4Bn 2024 net revenue for anti-VEGF injections ~91 – 125k NSCLC patients ~101 – 121k GI cancer patients Preclinical Asset Oncology Ophthalmology Source: 1) IQVIA National Sales Perspective Database, 2) SEER 2025, 3) Company SEC Fillings, 4) Secondary Epidemiology Resear ch
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18 In-licensing AMP-105, -07, -09 builds on Amphastar’s successful peptide record Amphastar has a longstanding history of developing and successfully commercializing peptide products. Grows portfolio with three potentially best-in-class peptide assets Targets high-growth therapy areas with a market potential of >$50 Bn across oncology indications & >$10 Bn in ophthalmology Improves patient outcomes through better clinical benefit, tolerability, and compliance with differentiated mechanisms of action across indications Accelerates Amphastar’s transition toward novel, proprietary, innovative products In-licensing pipeline candidates AMP-105, AMP-107 and AMP-109: Leverages Amphastar’s proven cGMP manufacturing & Clinical development expertise.
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19 In-licensing Transaction Overview Product: ■ Amphastar entered into an exclusive license agreement with Nanjing Anji Biotech, Co. Ltd. (the “Transaction”) for 3 peptide assets in US and Canada Terms: Cash payments: ■ $0.75 million earnest money paid prior to detailed due diligence ■ $5.25 million paid upon signing ■ Development milestones of up to $42 million ■ Sales milestones of up to $225 million ($75 million/molecule) ■ Royalty Payments: 5% of Net Sales with lifetime maximum of $60 million/molecule ■ Potential payments total $453 million over the lifetime of the agreement Overview
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20 Sales and Marketing
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21 Sales and EPS Trend
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22 Recent Quarter Trend: Sales & Adjusted EPS
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23 3% 8% 2% 1% 6% 13% 14% 15% 20% 3% 15% 51% 11% 9% 6% 5% 4% 14% 2014 ■ Naloxone ■ Other Pharma ■ Primatene MIST■ Epi■ Vita K ■ Lidocaine■ Enox. Existing Products Provide Strong Base New Launches have Supported Diversification of the Revenue Base 2024 ® ■ Insulin API ■ Enox. ■ Lidocaine ■ Glucagon ■ Naloxone ■ Insulin API ■ Epi ■ Vita K % of Total Revenue ($210 MM) % of Total Revenue ($732 MM) ■ All Other Pharma■ Baqsimi® ■ Other New Launches
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24 Key Proprietary Products
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25 BAQSIMI® Strategic Rationale: A Transformative Transaction for Amphastar BAQSIMI® fits well into Amphastar’s proprietary product strategy Novel intranasal glucagon product with IP protection Expands diabetes portfolio Builds upon our commercial intranasal product portfolioExpands Amphastar’s international footprint into 26 countries Initiate commercial sales team for BAQSIMI® and future branded products Branded product with growing sales and strong gross margin
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26 BAQSIMI® Patient Impact Glucagon is underutilized: The American Diabetes Association (ADA) recommends that patients at increased risk for Level 2 hypoglycemia be prescribed glucagon1 Approximately 7 million people are treated with insulin and only about 0.85 million (~12%)2 of these patients currently utilize glucagon BAQSIMI® is currently a category leader for ease in patient use: Simple nasal administration: Currently the only non-injection glucagon approved by the FDA, passively absorbed in the nose, provide lower barrier for administration than injection Ready-to-use with no reconstitution or priming required Smaller product size than other glucagon products, and wider temperature storage range than other glucagon injection product. 1American Diabetes Association. Standards of Medical Care in Diabetes—2020. Diabetes Care. 2020;43(suppl 1):S1-S212. 2Estimates based on IQVIA Annual TRx volume in 2024. Portability for Consumers: Amphastar will focus on BAQSIMI® to better serve patients
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27 $76M $113M $139M $153M $166M 0 20 40 60 80 100 120 140 160 180 200 2020 2021 2022 2023 2024 $-Million BAQSIMI® Worldwide Annual Sales BAQSIMI® Forecast ■ Sales − Projected to reach peak of $250 million to $275 million ■ Selling Expense − Projected to be 15% of Baqsimi® sales − Starting in January 2025: Collaboration with Mannkind to increase Baqsimi ® sales footprint with their endocrinology focused sales force ■ Adjusted EPS(1) − Project $2.00 to $2.50 incremental adjusted EPS at peak (1) Adjusted EPS is a non-GAAP financial measure. Reconciliation to the nearest GAAP measure is unavailable without unreasonable efforts. Refer to the section titled "Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.
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28 Primatene MIST® ■ Primatene MIST®, a proprietary and patent- protected over-the-counter epinephrine inhalation product ■ The only FDA approved asthma inhaler available OTC, launched Dec 2018 ■ US Adult asthma patients: 20 million per CDC(1) ■ Starting in January 2025: increase physician sampling program ■ Development of proprietary Green (2) propellant formulation with patent pending ■ Forecasting high single-digit growth in 2025 1. https://www.cdc.gov/asthma/most_recent_national_asthma_data.htm 2. Low global warming potential $18M $52M $73M $84M $89M $102M 15 25 35 45 55 65 75 85 95 105 115 2019 2020 2021 2022 2023 2024 $-Million Primatene MIST® Annual Sales
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29 Highlights and Catalysts
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30 Growth Drivers and Upcoming Milestones ■ BAQSIMI® - Increased sales footprint ■ Primatene MIST® - Advertising campaign - Increased physician sampling program ■ Albuterol - Launched in August 2024 ■ AMP-002 (Iron Sucrose) - Approved; Launched in Q3 2025 Key Growth Drivers in 2025/2026 ■ AMP-015 (Teriparatide) - Commercial launch expected in 1H 2026 ■ AMP-007 - Commercial launch expected in mid-2026 ■ AMP-018 (GLP-1) - Commercial launch expected in 2027 ■ AMP-004 (Insulin Aspart) - Commercial launch expected in 2027 Upcoming Milestones