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Cumberland Pharmaceuticals Reports Annual 2023 Financial Results
2023 highlights include expanded FDA approval and new study publications NASHVILLE, Tenn., March 5, 2024 /PRNewswire/ -- Cumberland Pharmaceuticals Inc.
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"2023 highlights include expanded FDA approval and new study publications\nNASHVILLE, Tenn., March 5, 2024 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, announced today that its product portfolio of FDA-approved brands delivered combined revenues of $40 million in 2023 and provided $6 million in cash generated from operations.\n\n \n \n \n \n \n \n\n \nCumberland ended the year with $82 million in total assets – including $18 million in cash, $53 million in liabilities and $30 million of shareholders' equity.\n\"In many ways 2023 was a building year for Cumberland, as we continued to integrate our newest products, while also delivering several significant achievements,\" said Cumberland Pharmaceuticals CEO A.J. Kazimi. \"We were pleased to expand the labeling for our Caldolor product to include use in infants, while continuing to build our other brands and progress our clinical programs.\"\nCumberland will report its 2023 financial results and provide a Company update via a conference call today, March 5, 2024, at 4:30 p.m. Eastern Time.\nHIGHLIGHTS FOR THE YEAR INCLUDE:\nNew Mission Statement \nIn 2023, Cumberland refined its mission statement to better capture the spirit of the Company. It now reads: working together to provide unique products that improve the quality of patient care.\nIn designing this statement, Cumberland considered several factors.\nThe Company wanted its mission to address the constituencies it serves, which include patients in need of care, as well as health care providers and its employees, shareholders, partners and community.\nIt needed to reflect Cumberland's culture, where teamwork is prized, emphasized and expected – in order to achieve the company's goals.\nIt also demonstrates Cumberland's focus on developing, acquiring and distributing differentiated brands.\nAnd finally, Cumberland wanted to emphasize that the patient is at the core of everything it does. Its collective efforts are directed at providing unique products that serve as better alternatives for poorly met medical needs.\nCaldolor® FDA Approval for Treating Infants and Supporting Study Publication \nThe FDA approved expanded labeling for Cumberland's Caldolor product, an intravenously delivered formulation of ibuprofen, to include its use in infants. The non-narcotic agent may now ...