MISSISSAUGA, ON, Feb. 25, 2015 /PRNewswire/ - Cipher Pharmaceuticals Inc. (NASDAQ:CPHR; TSX:CPH) (“Cipher” or “the Company”) today announced its financial and operational results for the three and 12 months ended December 31, 2014.
Financial & Operating Highlights
- Record revenue of $32.3 million, an increase of 20% compared with $27.0 million in 2013.
- Excluding the impact of a $5.3 million non-recurring milestone payment in 2013, revenue grew by 49% year over year.
- Q4 2014 revenue was $8.5 million compared with $7.2 million in Q4 2013 (or $12.5 million including the non-recurring milestone).
- Adjusted EBITDA1 rose 12% to a record $22.4 million versus $20.0 million in 2013.
- Cash balance increased to $52.6 million at year end, compared with $47.6 million as at September 30, 2014 and $24.2 million as at December 31, 2013.
- Listed on NASDAQ.
- Submitted Beteflam regulatory package, which is now under review by Health Canada.
- Acquired seven pre-clinical compounds for the treatment of melanoma and other cancers from Melanovus Oncology, Inc.
- Subsequent to year end, licensed the Canadian rights to Ozenoxacin, a topical treatment for adult and paediatric patients with impetigo.
“It was another excellent year for the company, with revenue, EBITDA and cash growing strongly,” said Shawn O’Brien, President and Chief Executive Officer of Cipher Pharmaceuticals. “Our record top-line performance was driven by 42% growth in Absorica revenue, excluding non-recurring milestones, as well as a 65% increase in Lipofen revenue based on the successful introduction of the authorized generic. Our team has been highly focused on our three-pronged growth strategy, and we’ve completed two transactions in the past several months. Our business development activity remains high as we work toward our goal of building a high-quality, customer-focused dermatology business with commercial presence both in Canada and the U.S.”
Financial Review
Total revenue for 2014 was $32.3 million, an increase of 20% compared with $27.0 million in 2013. The year-over-year growth mainly reflects the strong performance from Cipher’s isotretinoin products (Absorica in the U.S. and Epuris®in Canada). When adjusting for the impact of a $5.3 million non-recurring milestone payment recognized in Q4 2013, year-over-year total revenue growth was 49%. In Q4 2014, total revenue was $8.5 million, compared with $7.2 million in the same period last year (adjusted for the non-recurring item), an increase of 18%.
Revenue from Absorica increased 42% to $22.5 million from $15.9 million in 2013 (adjusted for the non-recurring item), which was mainly attributable to steady market penetration during 2014 and continued expansion of the overall isotretinoin market. Product revenue for Epuris was $2.1 million in 2014, a five-fold increase over 2013. Revenue from Lipofen was $5.6 million in 2014, an increase of $2.2 million or 65% compared to 2013. Revenue from Cipher’s extended-release tramadol product (ConZip® in the U.S. and Durela® in Canada), was $2.1 million in 2014, compared to $2.0 million in 2013.
Research and Development expense decreased during 2014 to $1.2 million from $1.4 million in 2013. Selling, and Marketing expenses increased to $2.3 million from $2.0 million in 2013. In 2013, Cipher’s Canadian sales and marketing organization was not in place for the full year as Epuris was launched in June 2013.
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