Cipher Pharmaceuticals reports revenue increase in Q3 financial results

Cipher Pharmaceuticals announced its financial and operational results for the quarter ending Sept. 30, 2013, which included total revenue of $9.3 million, an increase of 10% from $8.5 million in the same quarter a year earlier.

“In what is typically a slower season in dermatology, our total revenue in the third quarter increased by 10%, led by the solid performance of our royalty business, which generated $6.8 million in high-margin revenue in the quarter and more than $20 million year to date,” Stephen Lemieux, interim CEO of Cipher, stated in the release.

“While the Canadian commercial operation continues to perform well, the growth trajectory of the U.S. company’s expectations and, as a result, we took a non-cash impairment charge in the quarter.”

Other financial highlights of the third quarter compared to the same period a year earlier included licensing revenue of $6.8 million for an increase of 9%, Canadian product revenue of $1 million for an increase of 67%, and U.S. product revenue of $1.5 million compared with $1.5 million in the third quarter of 2015, according to the release.

Net loss was $21.8 million for the quarter, or $.81 per share. Licensing revenue for the third quarter was $6.8 million, compared with $6.3 million for the same period in 2015, according to the release.

Reference: www.cipherpharma.com