Shares of Amphastar Pharmaceuticals (AMPH) are soaring 11.79% in Friday's pre-market trading session, following the release of the company's second-quarter earnings report that exceeded analyst expectations. The pharmaceutical firm reported adjusted earnings per share (EPS) of 85 cents, significantly beating the Wall Street consensus estimate of 74 cents.

Despite the positive earnings surprise, Amphastar faced some headwinds in the quarter ended June 30. The company's revenue declined by 4.4% year-over-year to $174.41 million, slightly above the analysts' forecast of $173.34 million. Net income for the quarter came in at $31.03 million, with a reported EPS of 64 cents. These figures represent a decrease from the same quarter last year when the company posted an EPS of 94 cents.

The stock's strong performance today comes as a relief for investors, as Amphastar shares had fallen by 9.3% over the past quarter and lost 43.9% year-to-date before this earnings release. Wall Street remains optimistic about the company's prospects, with the current average analyst rating on the shares being "buy". The median 12-month price target stands at $32.50, suggesting a potential upside of about 33.5% from its last closing price of $21.62. As Amphastar continues to navigate challenges in the pharmaceutical industry, investors will be closely watching for signs of sustained growth and improved financial performance in the coming quarters.