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Cumberland Pharmaceuticals Reports 41% Revenue Growth
Company Also Delivers Growing Cash Flow from Operations NASHVILLE, Tenn., Nov. 8, 2022 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"Company Also Delivers Growing Cash Flow from Operations\nNASHVILLE, Tenn., Nov. 8, 2022 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, announced today that its product portfolio of FDA-approved brands delivered combined revenues of $11.4 million during the third quarter of 2022 - a 41% increase over the prior year period. Cumberland also reported a 19% increase in net revenues for the first nine months of the year compared to the same period in 2021.\n\n \n \n \n \n \n \n\n \nThe Company ended the third quarter with $91 million in total assets, $53 million in total liabilities and $38 million of shareholders' equity.\n\"Fueled by initial sales from our newest product Sancuso, we saw tremendous growth during the third quarter and the first nine months of 2022,\" said A.J. Kazimi, CEO of Cumberland Pharmaceuticals. \"As we move through the final quarter of the year, we look forward to building on this success. As always, we remain sharply focused on our mission of improving patient care through the delivery of high-quality medicines.\"\nQUARTER HIGHLIGHTS:\nSancuso® Acquisition and Transition\nFollowing its acquisition of Sancuso from Kyowa Kirin, Inc. in January, Cumberland largely completed the transition of the product, assuming responsibilities for its sales, distribution and promotion in the U.S. Sancuso is an FDA-approved prescription patch that prevents nausea and vomiting in patients undergoing certain types of chemotherapy.\nSancuso® Promotion \nCumberland formed a new sales division, Cumberland Oncology, to support Sancuso and also entered into an agreement with Verity Pharmaceuticals International Limited for the national co-promotion of the brand. \nUnder the terms of the agreement, Verity will utilize its established oncology commercial organization to co-promote Sancuso throughout the U.S. Verity completed the training and launched its sales efforts in support of Sancuso during the third quarter of 2022.\nRediTrex® Agreement with Nordic Pharma\nIn July 2022, Cumberland entered into an amendment to its agreement with Nordic Pharma addressing the responsibilities and financial arrangements regarding Cumberland's license to Nordic's methotrexate line of products for the U.S., which are marketed under the brand name RediTrex.\nBased on the amendment, Nordic has the opp...