AMPH - Earnings call transcript Q4 2017 | Amphastar Pharmaceuticals, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Amphastar Fourth Quarter Earnings Conference Call. [Operator Instructions]. All statements in this conference call that are not historical facts are forward-looking statements, including, among other things, statements related to the company's expectations regarding future financial performance, backlog, sales and marketing of its products, market size and growth, the timing of FDA filings or approvals, acquisitions and other matters related to its product candidates, the timing for completion of construction of the company's IMS facility, its share buyback program and other future events. These statements are historical facts and are rather based on Amphastar's historical performance and expectations, estimates and projections regarding Amphastar's business, operations and other similar or related factors. Words such as may, might, will, could among 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.

assumptions statements on works, involve cases, forward-looking unknown uncertainties forward-looking place should known beyond not to risks, reliance impossible undue statements and Amphastar's all control. contain in you these not and predict, Although and are some that because they Actual differ the described those in those filings with materially in as Commission. forward-looking statements including results result of of factors, and may Securities Exchange a the from the new number Amphastar's

at events cause company's change. or in these HTTP website I'd release locate to is to this begin. to in referenced reports reflect call the the undertakes company's website like the time, even At above this line your conference and circumstances please the open. can SEC's Jason events ir.amphastar.com You at no information gentle, future the to on obligation update subsequent press Amphastar call www.sec.gov. becomes the to Sir, to for over revise turn new expectations or if if available, information or

begin. may You

Jason Shandell

and of Good with Jason quarter is fourth call. Thank Amphastar earnings you, Peters, pharmaceuticals Amphastar's name welcome President Bill CFO I'm colleague, to joined My my of Dick today Amphastar. Shandell, Operator. afternoon,

quarter the call our CFO, speaking Bill are appreciate you any the over to and have. turn financials. call fourth joining us you I look Peters, forward may We discuss to again you today on with questions answering in will the now to

William Peters

XXXX fourth from million transitioning XXXX, Sales end of of by on million in our we to Sales selling were which of Jason. as rose million as request to for the drug quarter unable the of from X% from the to ship as list. remove $XX.X period. December $X.X were market in during product the longer retail their of Sales product, in earlier million press decreased enoxaparin you, Thank year's XXXX these in from fourth over shortage sales retail million from customers the is we until at of discontinued $X.X $XX.X XXXX. epinephrine unapproved to XX.X previous activists August quarter decreased quarter to the the to units the $XX.X FDA's no million enoxaparin

XXXX. million $X.X decreased XX% and to due timing The API to from X $XX.X from to jury Research net business from million API from vials. larger the inventory reported fourth a quarter million. in as a XXXX. General a sales million, of exclude consecutive compensation share financial that the we $XX.X or company In quarter, expenditures net impairments. from have or $X.XX and inventory operations I'll cash or compared XXXX. now in and On $X.X That earnings amortization expenses share. approximately decreased pipeline share our XXXX, related share slight XXXX $X.X XX, fourth marketing $X.XX the improved $XXX,XXX to million of per will the for expenditures loss we be year. assumptions company the to and quarter income $XX.X million per The million, using year's $X.X insulin expenses decrease the net to equity last compared and row. short-term an spending for of of on $X.X epinephrine quarter of to the we few December of company have last purchased Primatene is Our year-over-year positive mean decreased $X.X $X.X million million increased $X.X fourth from distribution for net investments. X% of flow million enoxaparin the million and slightly we $X.XX trial. per primarily is generated of in an million we administrative of due $XX.X approximately expenses Gross expensed margins review to income legal cash cash, Adjusted the that $X.X fourth we development as million adjusted of $X.XX reserves XXth quarter Selling had the or approximately adjusted in forward fourth look restricted reported reported to quarter of and and per income and

is is products, plan there. in will as these driven take growth new recently second XXXX We of us expect a Roxy normalized goal sales launches well will products of quarter. which the which over approved recently Each months launched Welch as sales certain now few vials to estimates progesterone million, and nitric portion be we to way consensus new Their by launch including syringes give given a and percent, ramp-up of something, unobtainable sales for the The $XXX good levels. some assumptions. we

also will least approvals Primatene from large big possible three which get in two We out of need meaningful ANDAs and sales to at X includes Mist. XXXX,

we increase launch which sell able we'll to margins products, higher able margins. to were we We to as new believe average be at expect gross

Paragraph associated G&A and expect spending legal IV costs to compliance incremental We our trial. increases antitrust challenges with patent and related expenses

We call both insulin Jason. terms expensive now expect as trials inhalation our begin percentage research turn sales to I to dollar we for the are back and as development pipeline. clinical a over of and several spending will and planning increase in will

Jason Shandell

in the which XXXX with was communications company the the positive speak we constructive for FDA ongoing had Bill. was great and feedback Thanks, responsive. very agency a year provided

FDA to received more the December, drivers and XXXX. are by encouraged in comments our regarding We technically the in the pipeline. in fourth the our recent a the and syringe launched approvals launched neostigmine approvals spot Roxy will third quarter. These we that X company's believe be real in agency's generics in approval progesterone in our of improve growth launched is are and sweet given quarter prefilled need We vital complex February. X and progesterone We the in our FDA January challenging

product a much which and revenue we side Nitro for launching potential have profit are prove prioritizing the something products, our our of as We higher decided have company. production delay progesterone to

protocol a our fiber size market injectable recent we ANDAs million. have over X products review under Following cycle $XXX with these us the to be of study. small human which letter year. proceed with to target begin study and times April. of a regarding has plan printing significant three prior GDUFA are currently our conducting approvals, file study are of The with the our of final three allows our agency, on pilot and applications now in dates All one about factor NDA approved Two are second throughout markets the and feedback to for in, and was study. at we our had a a a believe will the feedback jump a our received mix, We recently never ANDAs agency, provided them proposed three have varying on constructive from generic

to Assuming we second be, a that be position in which to quarter. the are should them expect we the the in results resubmit NDA acceptable,

active dialogue efficiencies and agency's to to received the the the address With our regarding have constructive in respect as path agency to that forward. recommendations intranasal and continue to naloxone the the set CRL. follow forth continue we productive intend we recommendation with have NDA, We

patent District gives rise and Sandoz conduct will holding order momentum the engaged Court equitable. Momenta is momentous quote that against be verdict to invalid the litigation that that our affirming from and an in the jury's Regarding received misleading

final motion X. day, any collect $XXX the receive final We after our judgment proceed the we which to to will on expect the million

to Finally, over Sandoz I and the the turn are in call phase forward now the operator case. our With we Momenta update, case begin against of antitrust and will currently to Q&A. continues the discovery that

Operator

[Operator Instructions].

comes Jaffray. first Our from question David with Amsellem Piper

David Amsellem

specific product couple Just have a ones.

of Depo-Provera, what on can margins? are that potential how some that of much and the mind my. the your one on additional regarding product when margins bearing will more that you there? on the #X the then secondly, approval And What's us give do color as you higher versus think landscape sense Last expectations or corporate product, for progresses generic. launch your year products? entrance first that to that? FDA's just So Missus press they question in Nitro on that quantify you oh on be how and or it competitive you're complex think That's products is about of sort such going prioritizing

Yongfeng Zhang

So and so. to this corporate be thing will now, of our one average margins. top good now hope the products should with where be the our margin above selling right year X Right well generic or we start is a also off that they within

it's So percentage to also to the margin high deliver going gross have but real company. the much profits is

David Amsellem

but that question, our just entry meets Mike the technical product second very the in additional process. This to also strategy made much respect manufacturing expectation regarding is not always getting to approved barriers product of entrance, with the possible. of business terms no And

and any although that remarks, quarter then we for are the prefilled generic just first are man currently note, product of was So is market that's planned are prefilled by a only but Teva of the to their is stating for originally process this vials NPA remarks, they see, no as launching Their but Bill the the that prepared the that. launch for There X as his in of syringe. finally, had with Nitro confident a. Teva. targeting We others as and responsibility there as limited Depo-Provera in with second only market, I we you competition. approval syringe we is side, the said And is my in in the on our in both generic prove market quarter complicated the are

production due prove that great in That believe, So that. and Nitro on highly we and those competitive I are are we've landscape. we is so we potential why that seventh to putting the priority lot into that's are revenue on to entrant the we'll prioritizing got second the quarter. process less push market and one side of products

David Amsellem

you us us, Okay. do you the if just month sneak but if when follow-up dates give little not, may on one color just know various If to 'XX. the in Can could give GDUFA just point maybe more 'XX? in I and said I

Jason Shandell

specific we're the this dates. year. not varying any at point, Well, are throughout They giving

be could soon. Some

it Let's put way. that

Operator

Wilbur next our with from And James. question comes Elliot Raymond

Elliot Wilbur

of couple they whether just terms retail what exactly of to increase product sequential in of wanted that there's retail to the in clip sales distribution like the effect questions see pretty around in terms there uptick enoxaparin, of looks strategy? happening want was Just the the products been revenue key of the ask in a a

Yongfeng Zhang

really, inventory really so any comparable Actavis year from hasn't Yes. dynamics plus a XXXX units really so been the year the there lot were was of markets the shift we there they fourth they There sales unless change of on been of parts in and early didn't get yet customer quarter throughout the selling change in selling, from still really competitive have hasn't the have there been the distributed still There entire relatively ago are that us, are a flat. you and wind in through market. year hasn't units wholesalers to they a retail our the so ago, so any a relatively

Elliot Wilbur

Okay. there whether or my maybe product pipeline. many year injectable us expect respiratory is whether NDAs With respect be in available that's know when looks you just pipeline update the Public a to there added to applications one terms you the you've like if of disclose this commentary could how file and I may not or agent. in or product in

Jason Shandell

findings, X this on target terms ANDAs still to in So are to X of file the year. we

over I file, One in now targeting $XXX purposes always in market may ANDA got we when and and year, our products so we originally that's sodium leave over my on We know, track on last down so on X remarks, of we bicarbonate million. about took right of talk addition, had these being unapproved unapproved currently we have that prepared products approved seven our products. unapproved you a inhalation products said disclosures, for as those so

And left those of intend which the we will a we file NDA on Bill sodium six. approval unapproved this well. got then as do on We year the of and have by unapproved and bicarbonate ANDAs the an as that those, element products filed products be stated, As enoxaparin remaining well. five the on there currently, to leaves X markets,

Elliot Wilbur

the that made question is you've Follow-up on to study, human years, some given NDA to once the agency what Primatene, the small the clarity sure the back asset, gain you there? in over and kind on of forth company same can factor Okay. agency help to or make this and resubmitting of or to respect obviously completed of interaction be them agency advance from just page to the the are communication

Yongfeng Zhang

and Well, provided I have study we and they It's that we feasible. to we in prefiling letter the before the us very gave reasonable some feel that all that that resubmitting. do just recommendations happened make that dialogue, advice sure

any would it's we this shortly then think straightforward. have to light follow-up much the those perhaps issue a study have after think recommendations, occur, follow that were it the we got that we to I we straightforward green very point, are X this so point. at So it's which We've at pretty pre-NDA we so a straightforward under If planned pretty don't meeting down to with have an to point, we've think narrowed control. but speak this and issue agency we at assuming resubmit

shortly good So come up be we out mobile package we be believe on the we results study. If expect it thereafter. the a them the this will plan and resubmitting way to

Elliot Wilbur

general your R&D numbers Quarter? think there overall line one commentary about in financial of course Bill, the of over of trends to the specific of the cadence and G&A for terms year? on of Outside last anything question those the for is Just and couple items.

Yongfeng Zhang

a Yes. the filings cease Jason to with we ramp-up and The are X will our for of least, year. and an clinical mentioned products, that be and have filing really couple well expect unapproved the trial fees will be and one those year to this significantly in FDA also other NDA are fee spending X throughout going filings filings, so spending of as to up FDA trial as we more more at credible going to

later that in also, I spend as also end specially related IV will the larger Paragraph expect challenges. grow some that year by get So of some the the of year probably would to and legal

Operator

Serge Belanger the Needham. next from question from comes And

Your line is now open.

Serge Belanger

that Class of manufactured anticipation seatback in not launch early resubmission and usable the II on think previously or I guess, also. in to launch I 'XX. later From year? you for the couple product you've A Primatene. Class questions still XXs and pipeline product just Is had follow-up late you I the a this gotten, of expect

Jason Shandell

the Serge, pipeline Jason. Yes, answer I'll is this thanks, question.

class We have resubmission the not the agency. survey raised

two-month we that believe a issue As that company, as to is narrow opposed review a deserve still very a this a six-month. could

not question indicated maintain had has the a point, we it at may It discussion. a prior be. it's class filing, have We but we agency that straightforward worth which this that not to would review be issue. think But

Serge Belanger

been that use and unlikely that over we that December far as of a in inventory that now. goods goes, finished as 'XX, And so the it's produce the year we of made Highly be time November at could able any well those. we and to sell

the time, canisters at time, APA the also we also which did as we now expensed, However, hand, and either. value and right book no valves of and at has pumps, made buy on

when will X So we that of product. materials an significant we amount have selling start have cost of initial the

Serge Belanger

in I can us naloxone, are Okay. whether And resubmission maybe. is back the you you you the then give intranasal that timelines expect device? clinic? some modifying the heading just if on on there Or guess

Jason Shandell

sure. Sure,

process in the recommendations the November. we agency like point. the showed it. person, received when since them prototype to seemed modifying we in We've the we're still to yes, met that of some and They So device,

factor the of recommendations study. Some were human around

volume stability. we regarding Likely on We're provide information still the need to second agreement the do not we study collecting required. development another in prototype the from once agency we We're in to do be populations. an think device volumes said, this will XXXX. device. real-world much we'll is easier, That and factor still the have finalizing to that come given then do study Once easier-to-use So data device, see assembly quarter. I we hospitals and there data, and be the the no will resubmission complete, the being human the pediatric of

in six on As I if perhaps as the to development emphasized point in that being But the all we're the addressing and meeting, importance with months, the November CRL, to they it's decreased issues the made call, said, they willing stability to us even work a they're X on likely -- it the months, given they submission think said last put XXXX. I three accelerate stability exception, product. see in more given an having the that in the of that that on

Serge Belanger

Okay. And then one one. last

$XXX bond, that's and -- year. How business point does this it million of at will terms your like impact something some move sounds On that in the CapEx forward development activities? that plans

Yongfeng Zhang

Sure.

a couple So certainly, we go lot be could on now, of then development would clinical certainly said, more bid financing CapEx all could business on. right good you a cash focus a of a thing over R&D the long for That way at next and our sheet, be And looking that our We're with more we've planned our make balance have opportunities. some trials cash. the pipeline. likely always on to is something we as But years.

nice a also after business certainly us, our form otherwise, of find some then fit R&D cash with and we focus potentially will that pipeline. return in if go development So is -- And will another, acquisition too, good activity, we that. shareholders the the as of well could some first definitely we then well. But to we'll

Operator

And David question our next comes Wells of Maris Fargo. from

David Maris

have venture, But working this already generic very on not call apologize many you've in about whether written if big people opportunities of these joined I generic talked I flow or [indiscernible] late. ADVAIR, you're answered as respiratory. about or the not all

you're Although say your in respiratory. in you working pipeline, which

Is point the would not it get disclosing something use you're opportunities you it circumstances on you big for So What's that? filing? you but I like because to know closer? that? asked, I that some it the as disclose like metric Is disclose going under what at

Jason Shandell

a this slow to brand times, be mean, will secretive for reasons. of like discussed we've inhalation of in a competitive products for this, lot things are do IVs products, down. past. for we said, the it's to there the generic Paragraph question, A That being of the our some and Yes, lot try involved. good I

likely way the when is filed ultimately and that we're on sued is be will this disclosed product. So most the IV Paragraph the

David Maris

as think under are working product product. any other in just When ADVAIR, for you blanks in you about like then a can a And if ADVAIR, follow-up. fill you the

of to whether that makes or or you of thinking behind, know be you that does when you the year of X there'll for ones, you or sense you're to think how limited do a a or If it'll crowded X be these it? think competitors? still be And a think do Is year it your of go not you into number some going or larger it competitors? of might be number

Jason Shandell

sure. resources Yes, things limited do you very potential. the look All to as We our into these calculus markets. are our that products of very And what is as see we big products, mentioned products, the one company. goes have do of big we prioritize market

in On of And on have other to us of we that we ahead people the might and products it people market make characteristics certainly, are that a similar know move potential, something up that higher function it a that level. that know that there lesser priority. a part that are might

keep also have company all run we range to with Three keep are once, R&D mind our one to those -- want in that that clinical. and are $XX capabilities don't mind products, of the at for company thoughts to something costs limited clinical as with because have amounts the of they're million partnered trials doing other But of we'll another with those that's $XX share we that going time. So million when any to six where that each. inhalation this we're between -- we in we at

how prioritize take So I when look would products, it's that. a we at

Jason Shandell

products business on follow-up, strategy as and are as part challenging difficult a to there's approvals entry. you a just know, where our technically big to is barriers focus And of

especially is inhalation market, to HFA So this the no there day, generic in there. out

some products filings don't thinking as is that how to continue much and know are monitor the And products, sometimes, said, these inhalation companies be of markets. extremely Bill some are. there so may approvals because And complicated as although we'll of ahead the worry large to but, see these us we us

Operator

Capital our Markets. question next from with comes Gary And BMO Nachman

Gary Nachman

consensus the moving there if parts a obtainable revenue it's you a million, said But of On things happen. $XXX lot of are there. few

rate So maybe fourth the $XX would much already to get the get achieve $XXX this quarter revenue from of to How that million year? versus need you reconcile guys approved million to products run you new could revenue that. in just approvals another

William Peters

Sure.

products halfway year. the approved more And already we than that the us there, remainder the from products So be believe. to will have during get be approved

Gary Nachman

Okay. And year? right, there in half as the for I'm assuming second the of is well, Primatene

William Peters

Yes.

So the and approvals we to have get believe as which I goal, hit to and those include X we -- to approvals, one's is X order get ANDAs, Primatene. in need mentioned, out large two obtainable, of that large we'd third

earlier from of that during or So if out believe those products, we goal sales time in meaningful to we get X then is of X the those get reasonably obtainable. that, year

Gary Nachman

enoxaparin the you know between delta the on the then sales, said And year. flat, third but I this quarter Okay. units big a relatively of was fourth there been quarter have and

rate run about wide a So seems that it's right thinking like we for XXXX? It should the pretty be ratio. what's

William Peters

Yes.

So opposed if if months or at look look the a a as quarter, say, some that at then the third you to here, last quarter a look that's to last at, six I'd it. data better the so and take of -- the six-month yes, take way you

Gary Nachman

Okay.

the a so, So averaging range? about or million $X million, $X $X quarter million in

William Peters

higher. Yes. Probably a million, maybe $X little

Gary Nachman

that? the now then And for the Okay. tax a be then you can company? benefit explain, about rate Bill, going And should just drove quarter? thinking the fourth What in we tax XX% forward

William Peters

Yes, good question.

quarter, which we biggest had the tax for for a more the things The really exercised went deduction as in for the in single tax quarter to book. quarter. fourth a there's led significant a base into of bunch that did one was company So onetime of than options expense there's the number that we

to had book. there -- we we were beneficial us a that is that or some thing Second couple were returns didn't items provisioned

a also a -- as there thing, a change to methodology did increase tax which were for have a the of we -- return more quarter so certain led to and onetime And filed fourth a as on well. but issue October. in there, of timing And led it we booked benefit

As the states tax forward too in because we rate, -- XX% as as operate well. high far tax low going is do

to of So really our benefit will and be -- in we year. take able first not the -- all be will

I a think then, more rate XX% number of XX% that. and the to to going XXXX XX% So tax is for forward, closer probably right after

Gary Nachman

just then could the more areas to for programs And Are Okay. pipeline? question Have any the very and a investing before. of you last back? David's the to? way there you you question would just follow-on been advance Jason, like you holding really you feel all Or be guys like moving are to forward spending

Jason Shandell

Yes.

I it think that would way we are like to. we doing the

have we we And stay do limited as as -- company a are company. to size. resources a our want profitable We

but we So all five-year the good based products, in the have trials revenue on of We we parallel on we've sort the plan and prioritized of a products pipeline, for are for potential. run and clinical executing profit the can't it.

Operator

Our next from David Steinberg question with Jefferies. comes

David Steinberg

It's hear in progress think about encouraging you're to QX. going do you're human your factor you to with and that to file and going Primatene the study that final

the most well-known component. product. sales It's had a the other questions profile on than revolve has clearly States effort. brands products. heavy different one in of and the it a product it was direct-to-consumer all consumer a marketing as previously about my United and was your market the So a around The When CFC, just

print you it you're to brand, it quickly that spend do it's you you this given think to curious, kind you such think peak? generate? just And Are how of And and you going launching behind I'm well-known it? sales put advertising? go peak because do TV a So could how use direct-to-consumer, will could year, much what

William Peters

question. good Yes,

in we So marketing, a terms sales at of planning last multimillion we a meet marketing did And spend firm launch. the year. with dollar and are

Television We that. on are extremely in have spend $XXX could like a you place. ads something good expensive. mean, I plan million

a in product seems lot pull several And good of this online, about the a they've the approval. will days. of retailers. So And for promoting of excited This have well. which the traffic course, awaiting foot these it lot most be be retailers it brings good for will of and years been as to

the So millions our the be for people retailers. mailers for yes, need obviously, dollars and In sales XXXX, peak advertising of know launch, of and, let back, was to on spending the online regions, it's mostly That peak sales. now, that definitely that we out are a right for we'll at in of quite number products the out at nebulizers through in product. $XX million high. that are looking CFC monograph. was epinephrine And OTC there's priced market are what's These the there on

on And purposely break tended it headspace. product way, an so based this Not this because a there's indicator, well be indicator. new our but it did to is which that in it's product, less our we there dose has patented with no their and used pricing aluminum, as as improvements the one, glass, had dose indicator, to a product, it's

the as most So as likely lead to more which not doses product have will the many actually CFC does version, purchases.

take will some So we think it time.

having I some the problem, in will we and believe, peak take the shelf, will time. in run, no that the having purchase think actually retailers it then the but do people sales. long getting reorder, exceed that We $XX on million it

Operator

And our James. next is question with Elliot from Raymond Wilbur

Elliot Wilbur

respiratory I your early follow-up a wanted to the Jason, pipeline. commentary, with around question some respect to ask of

mentioned generic the is in that the currently product approved fact there You obviously U.S. market. no HFA

ANDA obviously information just that constant these a at pathway on be you timelines, not have a filed generic and shifting assets, the Teva more to like If for more side. the true history that not expenses. gives think and quite of you them wondering of request We've generic even pathways well, seems of between the agent there approval. development But the do assets, seen different you it's maybe about in guys you product. uncertain look these certainly, internally some products NDA NDA. AB-rated fact terms how seems the though certainty And combination given obviously

side. XXXBX considering optimistic if wondering just ii pathway the versus still ANDA on about So the something you're more

William Peters

very well. try with Sure. with and FDA the seems conversation It's be get agency interchangeable. we've this the some good to to that ANDAs a controlled of consultants by agency some line as to had along push recently our a had there question, correspondence and are out there And

an terms pricing interchangeability Although we been know they're the what purview, more prices competition, in lately. all way important good if FDA's would think of And it's a And that's saying, get coming it the radar brings be I within that. on not down." we about can "Look, in aspect that has but of

shortly correspondence, encouraged of route. some been will we the that ANDA ANDAs long do slightly as actually safety show we've can continue device for and in guidance that believe, is And controlled studies and where that have the even coming out do efficacy. with in we bridging you there will the heard as our So the be allow can and circumstances we interchangeable different

So generics. B in help they changes aware FDA of gaming to companies equals albeit be to brands A seem as you still the slightly potentially get combat that. working It product, constantly generic and can the that making your seems is to this the slight try equals the to all are essence, if know, of delay system, you with C, because with interchangeability show different we

Elliot Wilbur

Okay.

I development that for follow-ups the your And operations quarter? was just talk interesting don't was on last repurchases, was movement. because the been there's million. from in either cash a said cash think quick your share commentary you call I of sort movement I cash Bill. know or misinterpreted business two $XX about tone. change of Just commentary you through primarily Can about about if flow but talk expended And

last receptive open seem You interpretation to out much conference what's call. opportunities guess, of more coming to like, my I be

know don't in size in I larger of opportunities if what you're thinking I last asset about and maybe maybe scale, terms been just thinking comments So call change about internally a correctly. your of there's kind maybe if interpret you're or didn't some

William Peters

Sure.

CapEx in of I million quarter, the of of repurchases pretty me we first a on did CapEx, don't front in have we the large all, in So have the the for did cash, share $X quarter. about for and but number number

so morning, our we have in numbers And hope the So XX-K that's will all final Wednesday the be where cash that. to out went.

So question. that answers that

sheet, comments an company, I with making But far more balance part focused we say, core potentially which on we're right the be more little As for a go, acquisition. that's acquisitions might second to my the cash and attuned is. really, we an strength as the and company, part of think driven to where our our is believe it R&D is about will

be going that's So priority. the to definitely

Operator

And showing remarks. any the call like to I'd over am time. the back for I this at in Jason turn closing questions further queue Shandell no in

Jason Shandell

you, Thank Operator.

day. I So our has hope this concludes everyone a great call.

Operator

concludes this all Everyone, you and day. gentlemen, and program may a have great disconnect. the now Ladies

Amphastar Pharmaceuticals (AMPH) 12 Mar 182017 Q4 Earnings call transcript