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Corporate Presentation February 2026 Highly Purified Peptide/Protein Biosimilar Interchangeable Proprietary Injectables Inhalation Intranasal New Molecular Peptides Oncology Ophthalmology Rheumatology
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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, in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 6, 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 ■ Extensive in-house product development capabilities − Advanced technical platforms and analytical instrumentation − In-house animal studies and clinical research team ■ A One-Stop, Vertically Integrated Model ■ Full control of quality and compliance across development and manufacturing ■ Fully Integrated manufacturing − API and key materials production − Device and component manufacturing − U.S.-based finished product manufacturing ■ 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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5 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 Secondary 2018 2020 2003 2014 2023 2025On-going
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6 Three-H Focus 3.5% 5.5% 9.0% 15.5% 20.7% 27.3% 27.4% 21.8% 0% 5% 10% 15% 20% 25% 30% 35% 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted Net Income Margin, % Year Adjusted Net Income Margin, % ($Million or Specified) 2018 2019 2020 2021 2022 2023 2024 2025 Revenue, x 295 322 350 438 499 644 732 720 Net Income (GAAP) -5.7 48.9 1.4 62.1 91.4 137.5 159.5 98.1 Net Income, Adjusted, y 10.4 17.8 31.6 68.0 103.2 175.7 200.8 156.6 Net Income Margin, Adjusted, =y/x, % 3.5% 5.5% 9.0% 15.5% 20.7% 27.3% 27.4% 21.8% Amphastar’s management team operates the Company with a clear focus on: ■ High Quality for products ■ High Efficiency for operation and ■ High Technology to drive pipeline development The 3-H focus results in high net income margin
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7 Leveraging Strategic Vision & Core Strengths
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8 Pipeline Evolution Generic 63% Biosimilar 16% Proprietary 21% Generic 15% Biosimilar 35% Proprietary 50% In 2026, Amphastar’s proprietary and biosimilars will represent 85% of the pipeline 2021 Pipeline Projected 2026 Pipeline
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9 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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10 Strategic Shift Toward Proprietary & Biosimilars Drugs • BAQSIMI® global footprint in +26 countries • Proprietary Rx sales and marketing infrastructure Commercial Capabilities Expanded • AMP-028 • 2 Biosimilar Insulins Biosimilar Portfolio Proprietary Product Pipeline • Intranasal Epinephrine • 3 early-stage products developed internally • Primatene MIST® with Green* propellant • 3 early-stage in-licensed NCEs • Synthetic Corticotropin product • AMP-015 (Teriparatide) Launched • AMP-007 • AMP-018 (GLP-1) Expected Launches *Low global warming potential • Existing portfolio Complex Generics
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11 R&D and Proprietary Pipeline
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12 ■ Strategic focus and emphasis on investment in R&D differentiates us from our competitors, as our focus is on the long-term growth of our company ■ Diverse pipeline development with flexibility and scalability for sourcing APIs, starting materials, and research within our vertically integrated platform ■ R&D includes API, early-stage, and clinical trials ■ Expect R&D spending to increase as we focus on proprietary products Focused on R&D Investment $369M self-funded R&D investment over five years, fueling proprietary innovation.
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13 Promising New Peptide Pipelines (NDA, NCE) 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; MS: Multiple Sclerosis; RA: Rheumatoid Arthritis AMP-105 HNSCC, HCC, Lymphoma, Multiple Myeloma, solid tumors US Market OpportunityOverview AMP-107 wet-AMD, DME • Potential novel MoA targeting cell growth and metastasis inhibition • Early studies show broad anti-tumor activity Key Value Propositions First-in-class peptide with a novel mechanism offering a new therapeutic option for multiple cancer types Non-invasive eye drop alternative to injected anti-VEGF therapies ~60k solid tumor patients ~125k lymphoma & myeloma patients • First non-injectable anti-VEGFR eye drop • Targets 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 Preclinical Asset Source: 1) IQVIA National Sales Perspective Database, 2) SEER 2025, 3) 2025 Company Reports, 4) Secondary Epidemiology Resear ch, 5) IQVIA Research and Analysis Oncology Ophthalmology Rheumatology
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14 Promising New Peptide Pipelines (NDA, NCE) 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; MS: Multiple Sclerosis; RA: Rheumatoid Arthritis US Market OpportunityOverview AMP-109 NSCLC, CRC, Gastric, Pancreatic cancers, etc. Key Value Propositions Improved safety and efficacy profile for taxane-based chemotherapy ~91 – 125k NSCLC patients ~101 – 121k GI cancer patients Preclinical Asset Source: 1) IQVIA National Sales Perspective Database, 2) SEER 2025, 3) 2025 Company Reports, 4) Secondary Epidemiology Resear ch, 5) IQVIA Research and Analysis AMP-110 Acute MS/RA exacerbations, gouty arthritis flares, ocular inflammation, etc. • A novel synthetic human corticotropin (ACTH) analog with 97% amino acid sequence homology to endogenous human ACTH • Improved safety profile • Phase I clinical development stage Fully synthetic, highly purified peptide with differentiated safety profile (significantly lower impurity levels, reduced immunogenicity and viral transmission risks compared to porcine- sourced ACTH) - Established U.S. market for penetration - U.S. addressable ACTH market size of over $684 million and growing Oncology Ophthalmology Rheumatology ~25% TRx Rheumatology indications ~15% - 20% TRx Ophthalmology indications • Peptide-coupled docetaxel with improved bioavailability and Efficacy • Improved safety profile • Reduced Docetaxel-induced Toxicity
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15 Peptide Pipeline Strategic Rationale Builds on Amphastar’s proven track record in peptide development and commercialization. Grows portfolio with the potentially best-in-class peptide assets Targets high-growth therapy areas: • Oncology (>$50B market) • Ophthalmology (>$10B market) Differentiated mechanisms to improve outcomes, tolerability, and compliance Accelerates shift towards novel, proprietary, innovative products Supported by cGMP manufacturing & Clinical development expertise.
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16 AMP-109: Encouraging Strong Anti-Tumor Activity for Pancreatic Cancer The tumor inhibition rate of AMP-109 for pancreatic cancer reaches > 99% in a preclinical nude mouse xenograft model. It shows a significantly stronger inhibition profile than Taxane chemotherapy and other medications indicated for the treatment of pancreatic cancer.
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17 AMP-109: Encouraging Strong Anti-Tumor Activity for Pancreatic Cancer The pancreatic cancer tumor in the mouse disappeared. The mouse died before Day 42. At Day-42 (after 21 day treatment), for the AMP-109 high dose group, pancreatic tumors in the majority of nude mice were unobservable (for the mice/group with green circles below)
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18 AMP-110: Novel Corticotropin AMP-110 is fully synthetic & Highly Purified (>99%), with significantly fewer impurities. The risk of virus transmission from a porcine-origin product is mitigated. The below is an Efficacy Study of neonatal spasms by modeled neonatal mice (by Betamethasone + NMDA, n=12/Group)
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19 Intranasal (IN) Delivery Proprietary Pipeline Amphastar has multiple pipeline candidates in development by IN Delivery Technology Novel Powder and Spray Formulations Strong Absorption Enhancement Dedicated Device Platforms Inclusion Complex Technology Proven Cases: Baqsimi ® & Rextovy ® Controlled PK Sustainability
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20 Metered Dose Inhaler (MDI) Proprietary Pipeline Novel Formulations: True Solutions and Suspensions High Delivery Efficiency Advanced Particle Engineering Green Propellant Technology Proven Case: Primatene Mist ® State-of-the-Art Manufacturing Facility Amphastar has multiple pipeline candidates in development using MDI Delivery Technology
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21 Generic and Biosimilar Pipeline
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22 Amphastar Generics & Biosimilars Pipeline *IQVIA sales TTM as of December 31, 2025 ** As reported by Brand Company ANDA Type Product Code Current Stage IQVIA Sales* Injectable AMP-015 (Teriparatide) Launched in December 2025 +$500 Million AMP-018 (GLP-1) Commercial launch expected in 2027 +$300 Million AMP-029 Development +$500 Million** Inhalation AMP-007 (Ipratropium Bromide) Launch planned for early Q2 2026 +100 Million AMP-017 Planned Filing 1H 2027 +1.2 Billion AMP-023 Development Biosimilar AMP-004 (Insulin Aspart) Commercial launch expected in 2027 $1.4 Billion AMP-005 (Recombinant Human Insulin) Planned filing 1H 2027 $0.2 Billion AMP-028 Development $2.5 Billion
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23 Diabetes Portfolio Interchangeable Insulin Pipeline Recombinant Human Insulin Insulin Aspart AMP-005 AMP-004 ■ BAQSIMI®, the first and only FDA approved glucagon nasal powder ■ The first FDA approved generic Glucagon injection kit ■ Insulin Pipeline: - $1.7 Billion in IQVIA sales* Commercialized Glucagon Inj. Kit BAQSIMI® Nasal Powder GLP-1 AMP-018 GLP-1 ANDA *IQVIA sales TTM as of December 31, 2025
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24 Sales and Marketing
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25 Sales and EPS Trend
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26 2% 8% 2% 1% 6% 10% 15% 10% 26% 6% 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 continue diversification of the revenue base 2025 ® ■ Insulin API ■ Enox. ■ Lidocaine ■ Glucagon ■ Naloxone ■ Insulin API ■ Epi ■ Vita K % of Total Revenue ($210 MM) % of Total Revenue ($720 MM) ■ All Other Pharma■ Baqsimi® ■ Other New Launches
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27 BAQSIMI®: A Transformative Transaction for Amphastar Novel intranasal glucagon with IP protection Expands into proprietary commercial Rx Enhances intranasal delivery portfolio Expands international footprint to 26 countries Strengthens branded product presence in an underutilized market Established a proprietary Rx sales team
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28 $76M $113M $139M $153M $166M $185M 0 50 100 150 200 250 2020 2021 2022 2023 2024 2025 $-Million BAQSIMI® Worldwide Annual Sales BAQSIMI® Forecast ■ Sales − Peak annual sales projected at $250 million to $275 million − Mid single-digit growth expected in 2026 ■ Selling Expense − Projected at ~15% of Baqsimi® sales ■ Adjusted EPS(1) − Expected to add $2.00 to $2.50 in 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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29 Primatene MIST® ■ Primatene MIST®, a proprietary and patent- protected over-the-counter epinephrine inhalation product ■ The only FDA approved OTC asthma inhaler available Growth Initiatives: ■ Increased physician sampling program ■ Developing a new version with a patented Green(1) propellant formulation ■ Forecasting high single-digit growth in 2026 1. Low global warming potential $18M $52M $73M $84M $89M $102M $109M 15 25 35 45 55 65 75 85 95 105 115 2019 2020 2021 2022 2023 2024 2025 $-Million Primatene MIST® Annual Sales
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30 Highlights and Catalysts
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31 Growth Drivers and Upcoming Milestones ■ BAQSIMI® - Increased sales footprint ■ Primatene MIST® - Advertising campaign - Increased physician sampling program ■ AMP-002 (Iron Sucrose) - Approved; Launched in Q3 2025 ■ AMP-015 (Teriparatide) - Approved; Launched in Dec 2025 ■ AMP-007 (Ipratropium Bromide) - Launch planned for early Q2 2026 Key Growth Drivers in 2026 ■ AMP-018 (GLP-1) - Commercial launch expected in 2027 ■ AMP-004 (Insulin Aspart) - Commercial launch expected in 2027 Upcoming Milestones