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At the Needham Healthcare Conference, Amphastar Pharmaceuticals Inc (NASDAQ:AMPH) highlighted why they remain excited about Baqsimi, the inhaled glucagon product for severe hypoglycemia.
Amphastar Pharmaceuticals develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products.
Needham says the company still believes Baqsimi is the best glucagon product based on its expertise, which is difficult to genericize, and its IP that goes to 2036.
Needham notes that the market opportunity for Baqsimi is promising because only a small fraction of insulin users currently receive a prescription for glucagon to manage emergency hypoglycemia.
There’s a widespread recommendation among doctors and guidelines that all insulin users should have access to a glucagon product, akin to an Epipen, for diabetic emergencies.
Baqsimi is projected to reach peak sales of $250-270 million, a significant increase from $153 million in 2023.
These sales estimates might be conservative, especially if the market expands, as Baqsimi currently faces competition primarily from Gvoke, another injectable glucagon product.
In 2024, Amphastar Pharmaceuticals anticipates Baqsimi’s inaugural full-year performance to be fueled by a modest increase in product units sold, coupled with a slight decrease in prices due to elevated wholesaler fees compared to those paid by Eli Lilly And Co (NYSE:LLY).
In anticipation of competitors re-entering the market by the second half of 2024 and 2025, Amphastar Pharmaceuticals foresees new opportunities emerging despite potential shortages.
Amphastar Pharmaceuticals is keen on exploring business development prospects, particularly in the endocrinology sector, to expand its product portfolio by leveraging Baqsimi’s commercial infrastructure. With $300 million in cash reserves and strong cash flow, Amphastar Pharmaceuticals is inclined towards debt financing for potential asset acquisitions.
Needham keeps the Hold rating for Amphastar Pharmaceuticals.
Price Action: AMPH shares are down 2.33% at $39.95 on the last check Wednesday.
