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Cumberland Pharmaceuticals Reports 6% Revenue Growth
The Nashville-based specialty pharmaceutical company issues first quarter 2022 financial results and a company update NASHVILLE, Tenn., May 10, 2022
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"The Nashville-based specialty pharmaceutical company issues first quarter 2022 financial results and a company update \nNASHVILLE, Tenn., May 10, 2022 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company today announced that the Company's product portfolio of FDA-approved brands delivered combined revenues of $11.2 million during the first quarter of 2022, - which is a 6% increase over the prior year period. Adjusted earnings for the quarter were $0.5 million, or $0.03 a share. The company ended the first quarter with $96.7 million in total assets, $55.9 million in total liabilities, and $41.0 million of shareholders' equity. Cumberland will report its first quarter 2022 financial results and provide a company update via a conference call and live internet webcast today at 4:30 p.m. Eastern Time.\n\n \n \n \n \n \n \n\n \nAt the start of the first quarter, Cumberland announced its acquisition of the oncology-supportive drug Sancuso® from the U.S. subsidiary of Kyowa Kirin, Inc., a Japan-based specialty pharmaceutical company. Sancuso is the first and only FDA-approved prescription patch that prevents nausea and vomiting in cancer patients receiving certain types of chemotherapy treatment. Through the acquisition, Cumberland obtained full commercial responsibility for Sancuso in the U.S., including its marketing, promotion, distribution and manufacturing. Cumberland formed a new sales division, Cumberland Oncology, to support the brand.\nOn Monday, May 9, 2022, Cumberland announced that it has entered into a co-promotion agreement with Verity Pharmaceuticals to bring Sancuso to more patients across the U.S. Verity will feature Sancuso through its national oncology sales organization, covering a majority of the U.S. market for an initial three-year term.\nCumberland also announced several new partnerships for its Vibativ® product during the first quarter. Vibativ is an antibiotic used to treat patients with pneumonia and serious skin infections resulting from gram-positive bacteria:\nIn March of 2022, the company announced a new partnership with Saudi Arabia-based Tabuk Pharmaceutical Manufacturing Company to introduce Vibativ in the Middle East. The arrangement provided Tabuk exclusive rights to distribute Vibativ in Saudi Arabia and Jordan, with the option to expand into other countr...