Business
Cumberland Pharmaceuticals Reports 9% Revenue Growth In 2020
NASHVILLE, Tenn., March 9, 2021 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"NASHVILLE, Tenn., March 9, 2021 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care, gastroenterology and rheumatology, today announced fourth quarter and full year 2020 financial results. Net Revenues for the fourth quarter were $10.3 million, up 10% over the prior year period. For the full year 2020, Net Revenues totaled $37.4 million, a 9% increase over 2019. The company also recorded an additional $3.2 million in revenue during the year associated with divested product rights for two brands it is no longer distributing.\n\n \n \n \n \n \n \n\n \nAs of December 31, 2020, the total assets of the Company were $96.5 million, including $24.8 million in cash and investments. Total Liabilities were $49.6 million, and Total Shareholder's Equity was $47 million. Cumberland also had approximately $44 million in tax net operating loss carryforwards, resulting from the prior exercise of stock options.\n2020 Highlights:\nImplemented national launch of a Next Generation Caldolor product featuring a ready-to-use formulation in a pre-mixed bag Commenced several national initiatives during 2020 to help hospitals access Cumberland's acute care brands during the COVID-19 pandemic Announced a series of publications featuring important new data associated with the Company's Caldolor® (ibuprofen) Injection, for the treatment of pain and fever and Vibativ® (telavancin) Injection, for the treatment of hospital-acquired and ventilator-associated bacterial pneumonia, as well as complicated skin and skin structure infections Introduced an FDA-approved RediTrex® line of injectable methotrexate products, featuring an innovative delivery system for patients with arthritis \"We are grateful that Cumberland was able to successfully manage through the pandemic during 2020, in spite of the significant market headwinds and other challenges we encountered,\" said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. \"Our facilities remained open, our operations continued, and our organization remained intact.\" He continued, \"I would like to acknowledge and thank my colleagues for their continued dedication during such trying times for many. Together, we remain focused on our mission of advancing patient care through the delivery of high-quality medicines.\"\nCaldolor...