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Greetings and welcome to the Amphistar Pharmaceuticals, Inc. Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow a formal presentation. If anyone should require operator assistance during this conference, please press star-zero on your telephone keypad. Please note that certain statements made during this call regarding matters that are not historical facts, including but not limited to management's outlook or predictions for future periods, are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the session entitled Forward Looking Statements in the press release issued today and the presentation on the company's website. Also, please refer to our SEC filings, which can be found on the Company's website and the SEC's website, for a discussion of numerous factors that may impact our future performance. We will also discuss certain non-GAAP measures. information on our use of these measures and reconciliations to U.S. GAAP may be found in our earnings release. Please note this conference is being recorded. Our speakers today are Mr. Bill Peters, CFO, Mr. Dan Dishner, Senior Vice President of Corporate Communications, and Mr. Tony Mars, Executive Vice President, Executive Vice Vice President for the U.N. Department of Health, of Regulatory Affairs, and Clinical Operations. I will now turn the conference over to your host, Mr. dan Dishler, Senior vice president of corporate communications. Dan, you may begin. Thank you, Paul. Good afternoon, everyone, and thank you for joining Amphistar's second quarter 2026 earnings call. Earlier today, we reported the financial results for the second quarter ended June 30th, 2026, which are available on the investor's page of our website. The second quarter was marked by strong execution across each of our strategic growth pillars. We observed continued demand across our commercial portfolio. We expanded our manufacturing capabilities, and advanced both our development pipeline and regulatory programs. As a result, we generated improved financial performance during the second quarter. Revenue increased to approximately $184 million, reflecting both sequential and year-over-year growth. Profitability also improved significantly from the first quarter, driven by increased revenue, margin expansion, and enhanced operating performance. Despite a dynamic operating environment, our strategic priorities have remained consistent. We continue to focus on building a diversified pharmaceutical company supported by three complementary growth pillars. First, expanding and optimizing our branded and differentiated commercial portfolio. Second, advancing our pipeline of complex, generic, and biosimilar products. And third, progressing our proprietary development programs that have the potential to create significant long-term value. We believe this diversified business model provides multiple avenues for growth, enhances resilience, and reduces our dependence on any single product, market, or revenue stream. Turning to the first pillar of our growth strategy, expanding and optimizing our branded and differentiated commercial portfolio. We continued to make meaningful progress during the second quarter. Products such as Vaximi and Primatine Miz remained central to our long-term strategy and continue to demonstrate strong consumer demand. Vaxemi remained an important contributor to our business. Total prescriptions increased approximately 17% compared with the second quarter of last year, demonstrating continued growth in patient demand. Vaccine's net sales were approximately $45.5 million, a decrease of approximately 3% compared to the prior year quarter. The difference primarily reflects pricing, rebates, and commercial dynamics. Importantly, strong prescription growth continues to reinforce our confidence in the long-term strength of the franchise. In June, we also completed the third contract year following our acquisition of Vaximi from Eli Lilly. During the contract year, Vaxami generated $178.3 million in net sales, exceeding the $175 million threshold and triggering our first milestone payment to Lilly. Achieving this milestone reflects the continued strength of the franchise and the successful execution of our commercial strategy since acquiring the product. Our focus remains on expanding patient access, supporting continued prescription growth, and managing the business with disciplined commercial execution to maximize long-term value. Primatine Mist continued to demonstrate strong consumer demand during the quarter. Each in-store sales increased compared with both the prior year quarter and the first quarter of 2026, reflecting continued brand strength and market penetration. While reported net sales declined, the decrease was largely attributable to consumer ordering patterns and the timing of shipments associated with pricing discussions with certain retailers. We believe these were temporary channel-related effects rather than a change in consumer demand. Retail performance remained healthy throughout the quarter, reinforcing our confidence in the primatine mis-franchise and the effectiveness of our marketing investments and commercial execution. At the same time, performance across our broader portfolio reflected the competitive dynamics that are characteristic of the generic pharmaceutical market. Glucagon sales declined compared with the prior year as a result of increased competition. We believe this underscores the importance of continuing to diversify our commercial portfolio and advance new products, which can create multiple sources of growth and enhance the resilience of our business over the long term. Furthermore, during the quarter, our manufacturing facility, Armstrong, benefited from the successful launch of our ipitropium bromide product in April. The launch further demonstrates our ability to advance technically complex generic products from development through regulatory approval and into commercial production, reinforcing a core capability that differentiates our platform. Based on early demand and the current competitive landscape, we believe Ithotropium bromide represents an attractive long-term opportunity for Amphistar. We continue to invest strategically across our U.S. manufacturing network to strengthen quality and efficiency, expand automation and capacity, and prepare for upcoming pipeline products. As policymakers and consumers place greater emphasis on domestic pharmaceutical manufacturing and supply chain resilience, we believe our U.S.-based manufacturing footprint, combined with our vertically integrated development and commercialization capabilities, represents a meaningful competitive advantage. These investments not only support our current commercial portfolio, but also provide a strong foundation for future product launches and sustainable long-term growth. IMS, one of our subsidiaries, recently received an FDA warning letter related to the FDA inspection conducted in December 2025. Since the inspection, IMS has continued implementing corrective actions. We have responded to the FAA in a timely manner regarding our remediation plan and continue to work closely with the agency to address the items identified in the warning letter. The warning letter does not require IMS to stop manufacturing or distributing its products. While the remediation effort will require additional resources, at this time, we do not currently anticipate a material adverse effect on Amphistar's overall business operations, commercial portfolio, development pipeline or sales. We remain committed to addressing the FDA's observations thoroughly and sustainably. Quality remains a fundamental responsibility throughout AMFSTAR, and we will continue strengthening the overall effectiveness of our quality systems. Turning to our third pillar of growth strategy, advancing our development pipeline, we continue to achieve important regulatory and clinical milestones during the second quarter. For our insulin Aspart biosimilar and interchangeable program, we continue preparing for potential commercialization in 2027, subject to regulatory approval. We have also made meaningful progress with our proprietary pipeline. During the second quarter, we initiated the Phase I clinical program for AMP 101, our epinephrine nasal product. For AMP 109, our targeted oncology program, non-clinical studies are on their way. During the quarter, we received constructive feedback from the FDA and are continuing preparations for regulatory interactions in the near future and an anticipated IND submission. Development activities are ongoing for AMP-110, our synthetic human corticotropin program, and AMP-107, our I-DROP program for wet age-related macular degeneration, and diabetic macular edema, as we look to advance both towards a future IND submission. While these programs remain in early stages of development, we believe they represent meaningful long-term opportunities. Leveraging our scientific, regulatory, and manufacturing capabilities, these programs have the potential to expand our presence into larger proprietary markets and create additional drivers of future growth and value creation. I will now turn the call over to Bill Peters, our CFO and Executive Vice President of Finance, for a more detailed financial review of the second quarter. Thank you, Dan, and good afternoon, everyone. In my comments today, I will discuss the second-quarter results and then update some of our assumptions for 2026. Revenues for the second quarter increased 5% to $183.9 million from $174.4 million in the previous year's period. Impetropion bromide inhalation, which we launched in April, led to growth with strong sales of $8.4 billion. Vaccine revenues decreased 3% to$45.5 million compared to $46.7 million inthe prior year. An increase in units sold, contributing $6.9 million in sales, was driven by our continued marketing efforts. Lower average selling prices negatively impacted sales by approximately $8.1 million, primarily as a result of higher rebates and higher 340B pharmacy discounts, some of which may have been duplicated. In May, in response to these pricing dynamics, we had seen over the past few quarters we engaged a third party to support data-driven identification, validation, and resolution of potential 340B duplicate discounts, which led to a smaller impact than we saw in the first quarter. Primacy and mis-sales were $21 million in the second quarter, down 8% from $22.9 million in the second corner of last year due to the timing of customer purchases. Epinephrine sales were relatively flat as weakness in the vial product was offset by increased demand for our pre-filled syringe product. Leucagon sales declined 42% to $11.9 million from $20.6 million due to increased competition. Sales of other products increased 25% to 66.2 million dollars from $53.1 million primarily due to recently launched products including iron sucrose with sales of $3.5 million and teraparotide with sales of $4.5 million, which we launched in August 2025 and December 2025, respectively. An increase in albuterol sales of$2.4 million, which we'd launched in 2024, also contributed to the increase. Additionally, an increase in phytonodion and sodium bicarbonate sales driven by higher demand resulting from supplier shortages and an increase of sales of API from our AMP subsidiary had a positive impact on sales. Cost of revenues increased 3% to $90.4 million from $87.9 million. However, gross margins increased to 51% of revenues in the second quarter of 2026 compared to 50% in the previous year period. The primary drivers of the change were sales of recently launched products with higher margins, such as ipipherpium bromide, teraparotide, and iron sucrose. This trend was partially offset by a lower average selling price for Baximi, Leucagon, and epinephrine multi-dose vials. Additionally, we had increased manufacturing costs at our Amphistar facility. Selling, distribution, and marketing expenses increased 30% at $13.3 million from $10.2 million, primarily due to an increase in marketing efforts for Baximi and higher freight expenses. General and administrative spending increased 30% to $18.2 million from $14 million, driven by higher legal expenses, salary and personnel-related expenses, as well as expenses related to the implementation of a new ERP system. Research and development expenditures increased 10% to $22.29 from $20.1 million, primarily due to an increase in clinical trial expense, largely for our insulin pipeline. Our non-operating expense of $1.2 million during the period compares to a non- operating expense of 2.8 million dollars in the prior year period, primarily due to foreign currency fluctuations and mark-to-market adjustments related to our interest rate swap contract during the quarter. Net income decreased slightly to $30.3 million, but increased on a per share basis to 67 cents in the second quarter from $31 million or $0.64 per share in the second quarter of 2025. Adjusted net income was relatively flat at $40.8 million, but increased on a per share basis to $0,91 in the second quarter compared to an adjusted net income of $40,9 million or $0.,85 per share. Adjustable earnings exclude amortization, equity compensation, and one-time events. In the second quarter, we had cash flow from operations of approximately $51.3 million. During the quarter, we accelerated our share repurchase program and bought back approximately $45 million worth of shares. Separately, in June, we achieved the first annual Baximi net sales milestone under our asset purchase agreement with Eli Lilly, which triggers a $100 million payment due in the third quarter of 2026. Before I turn the call back over to Dan, I would like to update some of our guidance for 2026 due to remediation efforts at our IMS facility. We expect expenses there will increase by two to $3 million per quarter for the next several quarters. Capital expenditures will also increase at this facility, but there will be no change to our previously communicated capital expenditure profile as we redirect spending from our AMFSA facility to our IMS facility. We also expect a slight slowing of sales from IMS as we concentrate on addressing corrective actions, thus improving the quality and manufacturing systems. Importantly, even with this revised outlook, we maintain our overall corporate sales guidance of mid-single-digit to high-single-digits sales growth, reflecting the strength of our broader portfolio. I will now turn the call back over to Dan. Thank you, Bill. Looking ahead, our priorities remain clear. We are focused on supporting continued growth across our commercial portfolio, expanding our U.S. manufacturing capabilities, completing the IMS remediation activities, advancing our near-term regulatory programs, and continuing disciplined investment in our proprietary pipelines. We believe the second quarter highlighted the strength and resilience of Amphistar's diversified business model faced with a dynamic operating environment. We delivered improved financial performance, generated continued demand across our key commercial brands, and achieved important regulatory and development milestones. These results reflect the benefits of our diversified growth strategy and the balanced foundation we have built across our commercial portfolio, development pipeline and manufacturing platform. We also believe Amphistar is well positioned for the evolving pharmaceutical landscape. Our diversified product portfolio, our U.S.-based finished product manufacturing footprint, vertically integrated capabilities, and growing development pipeline provide multiple avenues of growth and support long-term value creation. With that, we will now take your questions. Paul? Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we call for questions. Thank you. Our first question is from Ekaterina Nyakova with J.P. Morgan. Thanks so much. So, first question is just on operating costs. Can you just elaborate a bit on how we should think about spend from here and what both R&D and SG&A could look like over the next several quarters? And then a related question just on adjusted gross margins. Seems like there's been quite a bit of volatility in that number over the past few quarters. Just what's been driving that and what's a good baseline to use for gross margins in the second half of the year? Thanks. So there's a couple things driving the decrease in the first quarter. The primarily thing was the vaccine discounting that we saw there that had a pretty negative impact. We had some better impacts in the second quarter as we began some procedures to mitigate that and hired an independent party that's going to help reduce that double discount. The second thing in the second quarter was that we had the launch of Expirafram, which is a higher margin product, so that really helps out a lot. So on a going forward basis, I would expect to see the coming quarter similar to this quarter, because remember, we'll have higher vaccine sales next quarter, so those higher sales should offset some of the costs that we're expecting at IMS. Initially, on the G&A and selling expense, I think the second quarter is also a good comp for those. But the R&D expense, we do expect that to tick up a little bit as a percentage of sales on a going forward basis. Thanks. Our next question is from Dennis Ding with Jefferies. Hi. Thanks for taking the questions. That's two questions. Number one, remind us what's going on with the IMS facility that got the warning letter. If I recall, you guys probably responded to it in late July. So remind us the revenue exposure here again from this facility. What are the next steps from the FDA and when? And then would remediation plans require shutting down some of the production lines? That's question number one. And then question number two on vaccine is 340B dynamic. I think you said 80% of that pricing pressure can ultimately go away. Can you reiterate that number on the call today and how much of that 80% was recovered in Q2 and how much is left to recover in Q3? Thanks so much. So let me start with the revenue. IMS makes the sales are probably about a third of our overall corporate sales on a big picture. However, you know, we are still shipping there. We don't expect to stop shipping there, and we still are producing at the same rate that we've been. We have taken all of these steps, which have slowed down some of the releases, some of these batches right now, to make sure that they've gone through an extra quality review. So that's led to a small delay right now for that. But I'll turn it over to Tony for some ofthe other next steps that we have going on there. Yeah, as you mentioned, we did respond to the warning letter in late July, and essentially the way these are is you have an interaction where you update the FDA on a routine basis generally every month or two just to go over your plan and the program. We've hired a third-party independent consultant that has great experience in helping to work with these kind of projects and we'll continue to just work with them and if there are any remediation efforts we'll work with them and keep the FDA in the loop with that if there are any shutdowns as you mentioned which is definitely a possibility then we'll do those as needed we continually do those now whether it's a little bit longer or not remains to be you know depending on what they find during the remediation and during the assessments but we do routinely have those so I'm likely at this point we don't have any expectation that there'll be any of those but again it sort of remains to be seen based on the assessments and then going back to the last question on the 340B now we just implemented that consultant or that firm that helps us with this in May so we only covered two months, and I'll say not all of their actions took place right away. So when we talked about reducing 80% of the double-dipping on the last call, I'd say that we probably are halfway there at this point. Thank you. Our next question is from David Amsalon with Piper Sandler. Hi, this is for David, thank you for taking our question. First, with respect to BD, is your priority acquiring immediately accretive commercial products or would you accept some development spending for a differentiated late-stage asset? That's number one. Number two, also with respect BD are you willing to establish a new commercial organization in a new vertical or will any potential targets need to leverage existing commercial infrastructure? Thank you. Yeah, good question. So, as far as the development goes, we have been looking at both development programs and, you know, things that would be immediately accretive or soon to be accreted, I'll say. things that are very late stage essentially filed with the FDA would so right now because we in license three products last year that are early stage our real focus and what we prefer to look at are things that would be either immediately a creative or creative to earnings in you know that that's the strong preference however we're looking at multiple things and if we saw the right thing that was knowledge states we probably do that but I think the cost structure of those are different for example when we look at the four products that we in you know we in license last year the upfront cost of two million dollars a far you know much much lower than the vaccine or something else that's already on the market and as far as new commercial verticals we can consider new commercial protocols but they would probably be in the areas where we have either, you know, some kind of planned product such as the in-license assets that are in oncology, ophthalmology, and immunology. So, those are the three areas that we would consider new verticals. So in addition to the endocrinology where we have vaccines. I don't see us moving outside of those verticals Thank you. Our next question is from Serge Bellinger with Needham & Company. Hi, this is John for Serge today. Thanks for taking our questions. So just a couple on your current product portfolio. The first being the generic AtroVant launch that came about in mid-April. I believe you've highlighted previously that you see this product capturing as much as 50% to 80% of the market, so curious what the early stages of the launch have shown thus far and whether you've narrowed that market share goal at this time. And then second, on glucagon, you highlighted that it's still seeing some competitive pressures. Although it increased a little bit in the second quarter over the first quarter, I'm Curious if you think that this product is now at a stabilization period and could return to growth in the second half of the year. Thanks. Yeah, so Atravent, generic AtraVent, we've got a nice market share, and we are closing in on that goal range that we have put out there, but we're not quite there yet. But we're really happy with where we are at this point, and that product launch has gone going really well for us as far as looping on goes you know we saw several new competitors come in over the over about an 18 month period and including all the way into late last year so we you know year-over-year we haven't finished the decline on a go-forward basis that rate of decline we think will diminish so we the worst of that to find over however we don't see this as becoming a growth product again the in all likelihood it's something where the portion of the market that's for diagnostic with has you know we'll slightly, but the proportion that's for the anti-hyperglycemia will continue to decline somewhat. So, we don't see this as being a road thing. It's going to decline, but that the decline is more muted than it's been over the last several quarters. Great. Thank you. Our next question is from Jason Gerberry with Bank of America. Hi, this is Melanie on for Jason. Thanks for taking our question. Just on A&P 004, your insulin ask part, based on current price levels and anticipated concessions, do you see the product gross margin being relative to corporate levels? Yes, this something that we think will probably be at or slightly below the current corporate given the competition that we've seen in there today, it is still being something where we have a fairly large sales potential for us, so we think sales will be meaningful for us. Our next question is from Ben Burnett with Wells Fargo. Hi. Hello. This is for Ben. Thanks for taking our questions. So one question we have is that on the insulin S-part bioavailability study, recently it's shown up as completed on clinical trial. So is this something that we can touch on, like, you know, what did the data look like? What is the path forward on this? Thank you. Okay. Could you please repeat the question again? I think you're having a little hard time understanding. Oh, sorry. Is it better? Which product are you referring to? So, yeah, sorry, let me repeat again. So, yes, it's the insulin and aspart bioavailability study showing up recently on clinicaltrial.gov as completed. So is this something that we can touch on? Have you seen the data with the path forward in terms of resubmitting, et cetera? So the question is about the trial, as you've seen on it, it's a bioequivalent decay type trial and it's just measuring the AUC between the two products, the reference together. So I think that's what it is. What I'll say about that product is we're on schedule for that to have our launch, commercial launch of the product next year in 2027. Thanks, Paul. Thanks. Thank you. There are no further questions at this time. I would like to hand the floor back over to management for any closing remarks. Thank you, Paul, and thank you all for the questions today. As highlighted in our remarks today, we remain focused on executing our long-term strategy. strengthening our commercial portfolio and advancing our pipeline, and continuing to invest in our U.S. manufacturing capabilities. Thank you for your continued interest in Amphistar. We appreciate your support and look forward to updating you on our progress next quarter. This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.