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Cumberland Pharmaceuticals Reports Second Quarter 2021 Financial Results & Company Update
Year-to-date net revenues up 9.3% NASHVILLE, Tenn., Aug. 10, 2021 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical
About this update from Cumberland Pharmaceuticals Inc.
[{"type":"text","content":"Year-to-date net revenues up 9.3%\n\n\nNASHVILLE, Tenn., Aug. 10, 2021 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, today is providing a company update and second quarter 2021 financial results. Net revenues from continuing operations during the quarter were $9.1 million and totaled $19.6 million for the first half of 2021. The company also recorded an additional $500,000 in revenue during the second quarter and $1 million year to date, associated with divested product rights for two brands it is no longer distributing.\n\n \n \n \n \n \n \n\n \nWhile there was a slight decline in revenues during the second quarter 2021 compared to the prior year period, net revenues for the first half of 2021 were up 9.3% compared to the same period in 2020. The Company also posted year-to-date net income of $1.4 million during the first half of 2021, compared to a loss of $2 million during the prior year period. \nThe Company's financial position included $89 million in total assets, with $26 million in cash, $41 million of total liabilities, and $48 million of shareholders' equity at the end of the quarter.\n\"Cumberland continued to face headwinds due to the pandemic, but we are fortunate to have a diversified product portfolio that helped us counter the negative effects on our business,\" said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. \"We have adjusted our strategies and reinvented the way we operate in order to support our customers and the patients who can benefit from the delivery of our medicines.\"\nRECENT COMPANY DEVELOPMENTS:\nESG Report\nIn July 2021, Cumberland released its second annual Sustainability Report (the \"ESG Report\"), which details the Company's activities pertaining to environmental, social and governance (\"ESG\") matters. After issuing an inaugural ESG report last year, the Company remains committed to sustainability and to maintaining transparency of its corporate operations. As the largest biopharmaceutical company founded and headquartered in the Mid-South, Cumberland holds itself to the highest standards of ethical practices and understands the importance of recognizing and addressing the Company's impact on its constituents, the community and the environment.\nThe ESG Report notes that in 2020, Cumberland provided nearly 2.5 milli...