CUMBERLAND PHARMACEUTICALS REPORTS 31% FOURTH QUARTER 2025 REVENUE GROWTH
Net revenues for the full year 2025 were
The net loss for 2025 was
"We are pleased with
2025 HIGHLIGHTS INCLUDE:
International Expansion
In
In
In
Expanded Commercial Portfolio
In
Through a co-commercialization agreement,
Talicia is the only all-in-one treatment containing omeprazole, amoxicillin and rifabutin, and is now recommended as a first-line therapy in the
CMS Establishes Reimbursement for Caldolor® Through Permanent J-Code
Caldolor® received a key reimbursement milestone with the establishment of its permanent J-code, J1741, in
As the nation continues to address the opioid crisis, Caldolor offers an important non-opioid option for managing pain and fever. The availability of CMS reimbursement through J1741 enhances provider access to this therapy, supporting safer pain management strategies and helping reduce reliance on opioid medications.
This reimbursement milestone reinforces Caldolor's role as a clinically proven, non-opioid alternative and strengthens its position within hospital protocols and opioid-sparing treatment initiatives. It also supports broader access for patients while advancing efforts to improve outcomes and promote responsible pain management.
Clinical Top-Line Study Results
In early 2025,
The trial enrolled 41 DMD patients who received either low dose ifetroban (150 mg per day), high dose ifetroban (300 mg per day) or placebo. The study's primary endpoint was an improvement in the heart's left ventricular ejection fractions (LVEF). Key findings included:
- High dose ifetroban treatment resulted in an overall 3.3% improvement in LVEF.
- The high dose ifetroban group showed an increase in 1.8% in LVEF, while the study placebo group showed an expected decline in LVEF of 1.5%.
- When compared with propensity matched natural history controls, the difference was even more pronounced, with the high dose treatment providing a significant 5.4% overall improvement in LVEF, as the control patients experienced a 3.6% decline in LVEF.
- Both doses of ifetroban were well-tolerated, with no serious drug-related events.
The top-line FIGHT DMD study findings were selected for a late-breaking presentation at the
FINANCIAL RESULTS:
Net Revenue: For 2025, net revenues were
Operating Expenses: Total operating expenses for 2025 were
Net Income (Loss): The net loss for 2025 was $2.9 million, an improvement of
Adjusted Earnings: Adjusted earnings for 2025 were $1.7 million, a
Balance Sheet: On
EARNINGS REPORT CALL:
A conference call will be held today,
The link to register is https://register-conf.media-server.com/register/BI6effc1a9cae9445f9bb0d60817870ffa.
Registered participants can dial in from their phone using a dial-in and PIN number that will be provided to them. Alternatively, they can choose a "Call Me" option to have the system automatically call them at the start of the conference.
A replay of the call will be available for one year and can be accessed via
ABOUT
- Acetadote® (acetylcysteine) injection, for the treatment of acetaminophen poisoning;
- Caldolor® (ibuprofen) injection, for the treatment of pain and fever;
- Kristalose® (lactulose) oral, a prescription laxative, for the treatment of constipation;
- Sancuso® (granisetron) transdermal, for the prevention of nausea and vomiting in patients receiving certain types of chemotherapy treatment;
- Vaprisol® (conivaptan) injection, to raise serum sodium levels in hospitalized patients with euvolemic and hypervolemic hyponatremia;
- Vibativ® (telavancin) injection, for the treatment of certain serious bacterial infections including hospital-acquired and ventilator-associated bacterial pneumonia, as well as complicated skin and skin structure infections; and
- Talicia® (omeprazole, amoxicillin and rifabutin) oral capsule, for the treatment of H. pylori infection.
The company also has a series of Phase II clinical programs underway evaluating its ifetroban product candidate in patients with Duchenne Muscular Dystrophy, Systemic Sclerosis and Pulmonary Fibrosis.
For more information on
About Acetadote® (acetylcysteine) Injection
Acetadote, administered intravenously within 8 to 10 hours after ingestion of a potentially hepatotoxic quantity of acetaminophen, is indicated to prevent or lessen hepatic injury. Used in the emergency department, Acetadote is approved in
About Caldolor® (ibuprofen) Injection
Caldolor is indicated in adults and pediatric patients for the management of mild to moderate pain and the management of moderate to severe pain as an adjunct to opioid analgesics, as well as the reduction of fever. It was the first FDA-approved intravenous therapy for fever.
Caldolor is contraindicated in patients with known hypersensitivity to ibuprofen or other non-steroidal anti-inflammatory drugs (NSAIDs) as well as patients with a history of asthma or other allergic type reactions after taking aspirin or other NSAIDs. Caldolor is contraindicated for use during the peri-operative period in the setting of coronary artery bypass graft (CABG) surgery. For full prescribing and safety information, including boxed warning, visit www.caldolor.com.
About Kristalose® (lactulose) Oral Solution
Kristalose is indicated for the treatment of acute and chronic constipation. It is a unique, proprietary, crystalline form of lactulose, with no restrictions on length of therapy or patient age. Kristalose is contraindicated in patients who require a low-galactose diet. Elderly, debilitated patients who receive lactulose for more than six months should have serum electrolytes (potassium, chloride, carbon dioxide) measured periodically. For full prescribing and safety information, visit www.kristalose.com.
About Sancuso®(granisetron) Transdermal System
Sancuso is the only skin patch approved by the FDA for the prevention of chemotherapy-induced nausea and vomiting (CINV) in patients receiving moderately and/or highly emetogenic chemotherapy. When applied 24 to 48 hours before receiving chemotherapy, the Sancuso patch slowly and continuously releases the medicine contained in the adhesive through clean and intact skin areas into the patient's bloodstream. It can prevent CINV for chemotherapy regimens of up to five consecutive days. For full prescribing and safety information, visit www.sancuso.com.
About Vaprisol® (conivaptan hydrochloride) Injection
Vaprisol is an intravenous treatment for hyponatremia used in the critical care setting. Hyponatremia is an electrolyte disturbance in which sodium ion concentration in blood plasma is lower than normal. This can be associated with a variety of critical care conditions including congestive heart failure, liver failure, kidney failure and pneumonia. The product is a vasopressin receptor antagonist that raises serum sodium levels and promotes free water secretion. Vaprisol is contraindicated in patients with hypovolemic hyponatremia. The coadministration of Vaprisol with potent CYP3A inhibitors, such as ketoconazole, itraconazole, clarithromycin, ritonavir and indinavir, is contraindicated. For full prescribing and safety information, including boxed warning, visit www.vaprisol.com.
About Vibativ® (telavancin) for Injection
Vibativ is a patented, FDA-approved injectable anti-infective for the treatment of certain serious bacterial infections including hospital-acquired and ventilator-associated bacterial pneumonia and complicated skin and skin structure infections. It addresses a range of Gram-positive bacterial pathogens, including those that are considered difficult-to-treat and multidrug-resistant. Intravenous unfractionated heparin sodium is contraindicated with Vibativ administration due to artificially prolonged activated partial thromboplastin time (aPTT) test results for up to 18 hours after Vibativ administration. Vibativ is contraindicated in patients with a known hypersensitivity to telavancin. For more information, please visit www.vibativ.com.
About Talicia®
Talicia® is an FDA approved oral capsule for the treatment of Helicobacter pylori (H. pylori) infection in adults, a bacterial infection of the stomach and leading risk factor for gastric cancer. Talicia is listed as a first line option in the 2024 ACG Guideline for the treatment of H. pylori and features three key advantages: 1) high eradication rates - >90% in confirmed adherent patients, 2) the simplicity of an all-in-one capsule, and 3) low resistance to the two antibiotics - amoxicillin and rifabutin. For more information, please visit www.talicia.com.
FORWARD LOOKING STATEMENTS:
This press release contains forward-looking statements, which are subject to certain risks and reflect
|
Consolidated Balance Sheets
(Unaudited) |
||||
|
|
||||
|
|
|
2025 |
|
2024 |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ 11,444,693 |
|
$ 17,964,184 |
|
Accounts receivable, net |
|
16,944,780 |
|
11,701,466 |
|
Inventories, net |
|
6,225,518 |
|
3,999,995 |
|
Prepaid and other current assets |
|
2,445,276 |
|
2,786,513 |
|
Total current assets |
|
37,060,267 |
|
36,452,158 |
|
Non-current inventories |
|
9,253,090 |
|
11,005,499 |
|
Property and equipment, net |
|
264,724 |
|
277,365 |
|
Intangible assets, net |
|
14,027,921 |
|
17,973,449 |
|
|
|
914,000 |
|
914,000 |
|
Operating lease right-of-use assets |
|
8,343,832 |
|
6,176,923 |
|
Investment in co-commercialization |
|
3,986,780 |
|
— |
|
Other assets |
|
2,973,378 |
|
2,784,016 |
|
Total assets |
|
$ 76,823,992 |
|
$ 75,583,410 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ 18,567,546 |
|
$ 13,914,266 |
|
Operating lease current liabilities |
|
467,774 |
|
356,508 |
|
Revolving line of credit - current |
|
— |
|
5,100,000 |
|
Other investment liabilities |
|
5,074,504 |
|
— |
|
Other current liabilities |
|
12,635,095 |
|
12,250,955 |
|
Total current liabilities |
|
36,744,919 |
|
31,621,729 |
|
Revolving line of credit - long term |
|
5,240,733 |
|
10,176,170 |
|
Operating lease non-current liabilities |
|
4,471,965 |
|
4,939,739 |
|
Other long-term liabilities |
|
5,822,153 |
|
6,299,795 |
|
Total liabilities |
|
52,279,770 |
|
53,037,433 |
|
Commitments and contingencies |
|
|
|
|
|
Equity: |
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Common stock – no par value; 100,000,000 shares authorized; 14,956,627 |
|
51,684,381 |
|
46,821,425 |
|
Accumulated deficit |
|
(26,804,059) |
|
(23,967,931) |
|
Total shareholders' equity |
|
24,880,322 |
|
22,853,494 |
|
Noncontrolling interests |
|
(336,100) |
|
(307,517) |
|
Total equity |
|
24,544,222 |
|
22,545,977 |
|
Total liabilities and equity |
|
$ 76,823,992 |
|
$ 75,583,410 |
|
Consolidated Statements of Operations (Unaudited) |
||||||||
|
|
||||||||
|
|
|
Three months
ended |
|
Years ended
|
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net revenues |
|
$ 13,678,651 |
|
$ 10,435,569 |
|
$ 44,521,431 |
|
$ 37,867,945 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
2,241,344 |
|
1,976,473 |
|
6,667,207 |
|
6,585,972 |
|
Selling and marketing |
|
6,208,695 |
|
4,222,554 |
|
19,098,153 |
|
17,023,023 |
|
Research and development |
|
1,549,656 |
|
1,292,671 |
|
5,566,498 |
|
4,816,206 |
|
General and administrative |
|
4,036,913 |
|
3,326,466 |
|
11,946,909 |
|
11,126,901 |
|
Amortization and impairment |
|
1,013,245 |
|
1,459,444 |
|
4,034,657 |
|
4,748,252 |
|
Total costs and expenses |
|
15,049,853 |
|
12,277,608 |
|
47,313,424 |
|
44,300,354 |
|
Operating loss |
|
(1,371,202) |
|
(1,842,039) |
|
(2,791,993) |
|
(6,432,409) |
|
Interest income |
|
91,967 |
|
106,667 |
|
476,748 |
|
334,444 |
|
Equity in loss of investee |
|
(13,220) |
|
— |
|
(13,220) |
|
— |
|
Other income - gain on insurance proceeds |
|
— |
|
— |
|
— |
|
237,089 |
|
Interest expense |
|
(112,942) |
|
(223,261) |
|
(495,990) |
|
(605,508) |
|
Loss before income taxes |
|
(1,405,397) |
|
(1,958,633) |
|
(2,824,455) |
|
(6,466,384) |
|
Income tax benefit (expense) |
|
(23,245) |
|
56,996 |
|
(40,256) |
|
22,669 |
|
Net loss |
|
(1,428,642) |
|
(1,901,637) |
|
(2,864,711) |
|
(6,443,715) |
|
Net (income) loss at subsidiary attributable to |
|
16,950 |
|
(2,177) |
|
28,583 |
|
(36,055) |
|
Net loss attributable to common shareholders |
|
$ (1,411,692) |
|
$ (1,903,814) |
|
$ (2,836,128) |
|
$ (6,479,770) |
|
|
|
|
|
|
|
|
|
|
|
Loss per share attributable to common |
|
|
|
|
|
|
|
|
|
Basic |
|
$ (0.09) |
|
$ (0.14) |
|
$ (0.19) |
|
$ (0.46) |
|
Diluted |
|
(0.09) |
|
(0.14) |
|
(0.19) |
|
(0.46) |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
14,956,627 |
|
13,971,228 |
|
14,954,619 |
|
14,060,272 |
|
Diluted |
|
14,956,627 |
|
13,971,228 |
|
14,954,619 |
|
14,060,272 |
|
Condensed Consolidated Statements of Cash Flows
Years ended (Unaudited) |
||||
|
|
||||
|
|
|
2025 |
|
2024 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
|
$ (2,864,711) |
|
$ (6,443,715) |
|
Adjustments to reconcile net loss to net cash flows provided by (used |
|
|
|
|
|
Depreciation and amortization expense |
|
4,145,201 |
|
4,902,560 |
|
Amortization of operating lease right-of-use asset |
|
1,140,738 |
|
1,140,738 |
|
Loss on co-commercialization investment |
|
13,220 |
|
— |
|
Disposal of assets |
|
— |
|
2,691 |
|
Stock-based compensation |
|
408,320 |
|
301,895 |
|
Increase (decrease) in non-cash contingent consideration |
|
46,569 |
|
(1,460,804) |
|
Increase in cash surrender value of life insurance policies over |
|
(142,927) |
|
(139,953) |
|
Noncash interest expense |
|
23,185 |
|
28,313 |
|
Life insurance proceeds |
|
— |
|
(237,089) |
|
Net changes in assets and liabilities affecting operating activities: |
|
|
|
|
|
Accounts receivable |
|
(5,243,314) |
|
(1,943,290) |
|
Inventories, net |
|
2,242,616 |
|
2,408,397 |
|
Other current assets and other assets |
|
(231,829) |
|
189,112 |
|
Operating lease liabilities |
|
(836,100) |
|
1,784,089 |
|
Accounts payable and other current liabilities |
|
6,709,196 |
|
(991,359) |
|
Other long-term liabilities |
|
(477,642) |
|
(153,771) |
|
Net cash provided by (used in) operating activities |
|
4,932,522 |
|
(612,186) |
|
Cash flows from investing activities: |
|
|
|
|
|
Additions to property and equipment |
|
(97,903) |
|
(66,461) |
|
Additions to intangible assets |
|
(84,402) |
|
(113,253) |
|
Net investment in manufacturing |
|
(2,477,192) |
|
— |
|
Other investment |
|
(2,000,000) |
|
— |
|
Increase in cash surrender value of life insurance policies |
|
(47,000) |
|
— |
|
Life insurance policy proceeds received |
|
— |
|
237,556 |
|
Net cash provided by (used in) investing activities |
|
(4,706,497) |
|
57,842 |
|
Cash flows from financing activities: |
|
|
|
|
|
Borrowings on line of credit |
|
— |
|
38,488,920 |
|
Payments on line of credit |
|
(10,035,437) |
|
(35,996,894) |
|
Proceeds from ATM offering, net |
|
5,266,334 |
|
— |
|
Payments made in connection with repurchase of common shares |
|
(263,478) |
|
(579,049) |
|
Cash settlement of contingent consideration |
|
(1,712,935) |
|
(1,716,073) |
|
Net cash provided by (used in) financing activities |
|
(6,745,516) |
|
196,904 |
|
Net decrease in cash and cash equivalents |
|
(6,519,491) |
|
(357,440) |
|
Cash and cash equivalents, beginning of year |
|
17,964,184 |
|
18,321,624 |
|
Cash and cash equivalents, end of year |
|
$ 11,444,693 |
|
$ 17,964,184 |
|
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Adjusted Earnings (Loss) and (Unaudited) |
||||||||
|
|
||||||||
|
|
|
Three months ended |
|
Three months ended |
||||
|
|
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
|
|
Earnings |
|
Earnings per |
|
Earnings |
|
Earnings per |
|
Net loss attributable to common shareholders |
|
$ (1,411,692) |
|
$ (0.09) |
|
$ (1,903,814) |
|
$ (0.14) |
|
Less: Net loss (income) at subsidiary attributable to |
|
16,950 |
|
— |
|
(2,177) |
|
— |
|
Net loss |
|
(1,428,642) |
|
(0.09) |
|
(1,901,637) |
|
(0.14) |
|
Adjustments to net loss |
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
23,245 |
|
— |
|
(56,996) |
|
— |
|
Depreciation and amortization |
|
1,041,895 |
|
0.07 |
|
1,496,394 |
|
0.11 |
|
Share-based compensation (a) |
|
172,160 |
|
0.01 |
|
74,812 |
|
0.01 |
|
Interest income |
|
(91,967) |
|
(0.01) |
|
(106,667) |
|
(0.01) |
|
Interest expense |
|
112,942 |
|
0.01 |
|
223,261 |
|
0.02 |
|
Adjusted Earnings (loss) and Adjusted Diluted |
|
$ (170,367) |
|
$ (0.01) |
|
$ (270,833) |
|
$ (0.02) |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average common shares outstanding: |
|
|
|
14,956,627 |
|
|
|
13,971,228 |
|
|
|
|
|
|
|
|
|
|
|
Additional Information: |
|
|
|
|
|
|
|
|
|
Reduction in the carrying amount of right-of-use assets (b) |
|
$ 285,184 |
|
$ 0.02 |
|
$ 285,184 |
|
$ 0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
Year ended |
||||
|
|
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
|
|
Earnings |
|
Earnings per |
|
Earnings |
|
Earnings per |
|
Net loss attributable to common shareholders |
|
$ (2,836,128) |
|
$ (0.19) |
|
$ (6,479,770) |
|
$ (0.46) |
|
Less: Net loss (income) at subsidiary attributable to |
|
28,583 |
|
— |
|
(36,055) |
|
— |
|
Net loss |
|
(2,864,711) |
|
(0.19) |
|
(6,443,715) |
|
(0.46) |
|
Adjustments to net loss |
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense |
|
40,256 |
|
— |
|
(22,669) |
|
$ — |
|
Depreciation and amortization |
|
4,145,201 |
|
0.27 |
|
4,902,560 |
|
$ 0.35 |
|
Share-based compensation (a) |
|
408,320 |
|
0.03 |
|
301,895 |
|
$ 0.02 |
|
Interest income |
|
(476,748) |
|
(0.03) |
|
(334,444) |
|
$ (0.02) |
|
Interest expense |
|
495,990 |
|
0.03 |
|
605,508 |
|
$ 0.04 |
|
Adjusted Earnings (loss) and Adjusted Diluted |
|
$ 1,748,308 |
|
$ 0.11 |
|
$ (990,865) |
|
$ (0.07) |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average common shares outstanding: |
|
|
|
15,245,309 |
|
|
|
14,060,272 |
|
|
|
|
|
|
|
|
|
|
|
Additional Information: |
|
|
|
|
|
|
|
|
|
Reduction in the carrying amount of right-of-use assets (b) |
|
$ 1,140,738 |
|
$ 0.07 |
|
$ 1,140,738 |
|
$ 0.08 |
The Company provided the above adjusted supplemental financial performance measures, which are considered "non-GAAP" financial measures under applicable
Because these supplemental financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the supplemental financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.
The Company defines these supplemental financial measures as follows:
- Adjusted Earnings: Net income (loss) adjusted for the impact of income taxes, depreciation and amortization expense, share-based compensation, interest income and interest expense.
(a) Represents the share-based compensation of
(b) Represents the straight line reduction in carrying value of right-of-use assets.
- Adjusted Diluted Earnings Per Share: Adjusted loss divided by diluted weighted-average common shares outstanding.
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