Amphstar Pharmaceuticals vs Innoviva
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The short version
- Amphstar Pharmaceuticals is the larger business, with $720M of revenue in fiscal 2025 against $411M for Innoviva, about 1.8 times as much.
- Innoviva grew revenue faster (14.7%, against −1.7%).
- Innoviva kept more of each dollar of sales as operating profit (39.8% operating margin, against 19.5%).
- Innoviva turned more of its sales into free cash flow (47.6% FCF margin, against 16.8%).
- Innoviva earned a higher return on the capital invested in it (17.9%, against 9.9%).
- Investors pay more for each dollar of Amphstar Pharmaceuticals’s earnings: a P/E of 14.9x against 5.0x for Innoviva.
| Latest fiscal year | AMPH · FY25 | INVA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $1.5B |
| Revenue | $720M | $411M |
| Free cash flow | $121M | $196M |
| Net income | $98.1M | $271M |
| Growth | ||
| Revenue growth | −1.7% | 14.7% |
| 5-year growth | 15.5% | 4.1% |
| Share count change | −7.4% | 14.3% |
| Profitability | ||
| Gross margin | 49.5% | 74.8% |
| Operating margin | 19.5% | 39.8% |
| Net margin | 13.6% | 65.9% |
| FCF margin | 16.8% | 47.6% |
| Return on capital | 9.9% | 17.9% |
| Return on equity | 12.9% | 29.1% |
| Balance sheet | ||
| Net debt | $339M | −$293M |
| Net debt / EBITDA | 1.7x | — |
| Dividends and buybacks | $75.6M | $4.5M |
| Valuation & quality | ||
| P/E | 14.9x | 5.0x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
AMPH $255M
INVA $134M
FY17
AMPH $240M
INVA $217M
FY18
AMPH $295M
INVA $261M
FY19
AMPH $322M
INVA $261M
FY20
AMPH $350M
INVA $337M
FY21
AMPH $438M
INVA $392M
FY22
AMPH $499M
INVA $331M
FY23
AMPH $644M
INVA $311M
FY24
AMPH $732M
INVA $359M
FY25
AMPH $720M
INVA $411M
AMPH
INVA
Operating margin
FY16
AMPH 6.0%
INVA 81.6%
FY17
AMPH −0.5%
INVA 84.5%
FY18
AMPH −2.9%
INVA 91.3%
FY19
AMPH −0.0%
INVA 94.4%
FY20
AMPH 3.1%
INVA 95.4%
FY21
AMPH 16.0%
INVA 95.7%
FY22
AMPH 21.5%
INVA —
FY23
AMPH 30.6%
INVA 36.7%
FY24
AMPH 28.1%
INVA 46.5%
FY25
AMPH 19.5%
INVA 39.8%
AMPH
INVA
Free cash flow
FY16
AMPH $17.2M
INVA $60.7M
FY17
AMPH $4.1M
INVA $142M
FY18
AMPH −$8.6M
INVA $224M
FY19
AMPH $0.2M
INVA $257M
FY20
AMPH $23.4M
INVA $313M
FY21
AMPH $70.5M
INVA $364M
FY22
AMPH $65.2M
INVA $202M
FY23
AMPH $145M
INVA $141M
FY24
AMPH $172M
INVA $188M
FY25
AMPH $121M
INVA $196M
AMPH
INVA
Return on capital
FY16
AMPH 3.7%
INVA 50.5%
FY17
AMPH −0.4%
INVA —
FY18
AMPH −2.1%
INVA —
FY19
AMPH −0.0%
INVA 50.8%
FY20
AMPH 1.4%
INVA 47.8%
FY21
AMPH 13.4%
INVA 42.4%
FY22
AMPH 20.9%
INVA 30.3%
FY23
AMPH 22.6%
INVA 12.1%
FY24
AMPH 16.4%
INVA 13.3%
FY25
AMPH 9.9%
INVA 17.9%
AMPH
INVA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.