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Cumberland Pharmaceuticals Reports Revenue and Earnings Growth Second Quarter 2023
NASHVILLE, Tenn., Aug. 8, 2023 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, today announced
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"NASHVILLE, Tenn., Aug. 8, 2023 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, today announced significantly improved financial results and a favorable overall company performance for the second quarter of 2023.\n\n \n \n \n \n \n \n\n \nHighlights include:\n$10.9 million in revenue during the second quarter, an increase of 6% over the prior year period, and an increase of 18% sequentially from the first quarter of this year.Positive earnings for the second consecutive quarter, with $1.1 million in net income for the first half of the year.Adjusted earnings for the first half of 2023 of $4.0 million, or $0.27 a share, which is up significantly from the same period last year.$89.4 million in total assets, $52.5 million in total liabilities, and $36.8 million of shareholders' equity at the end of June 2023.Cumberland will report its full second quarter 2023 financial results and provide a company update via a conference call today at 4:30 p.m. Eastern Time.\n\"We have had an overall successful first half of the year, with several key developments, including FDA approval for the use of our Caldolor® product for treating infants,\" said Cumberland's CEO, A.J. Kazimi. \"We look forward to building on this success throughout the remainder of the year, as we continue to provide innovative products to improve patients' lives.\"\nRecent Company developments include: \nCaldolor for Treating Infants & Supporting Study Publication\nIn May 2023, Cumberland announced that the FDA approved expanded labeling for its Caldolor product, an intravenously delivered formulation of ibuprofen, to now include use in infants. The non-narcotic agent may now be administered for the treatment of pain and fever in patients 3 to 6 months of age. With this newly approved labeling, Caldolor is the only non-opioid product approved to treat pain in infants that is delivered through injection.\nIn June 2023, the Company shared the positive results from a clinical study investigating the safety and pharmacokinetics of Caldolor in newborn infants. The clinical study evaluated the safety and drug exposure profile of Caldolor in 24 hospitalized infants between the ages of 1 and 6 months who required treatment for pain or fever. The results of the study support the growing body of evidence that demonstrates Caldolor i...