Cipher reports record financial results for 2012
Cipher Pharmaceuticals (TSX:DND; OTCBB:CPHMF) has reported net income of $2.5-million, or 10 cents share, for 2012, compared with a year earlier loss of $2.3-million. Revenue soared 137% to $8.5-million.
“Our financial performance in 2012 was excellent, reflecting the strong growth of Lipofen and early returns from Absorica, which was introduced in the fourth quarter,” Larry Andrews, president and CEO, said in a statement.
“With a full-year contribution from Absorica, the Canadian launch of the product later this year, and ongoing growth in our other products, we are well positioned to deliver continued revenue gains in 2013,” he added.
“We are also investing to build commercial sales and marketing capabilities in Canada both to support the Epuris launch as well as future products we plan to in-license for the Canadian market.”
For fiscal 2013, Cipher said it expects the full-year contribution of Absorica to be a primary revenue driver. The company also expects an increase in operating expenses of $2.5-million to $3-million related to the launch of Epuris in Canada and to support other growth initiatives.
In addition to one-time launch costs associated with marketing promotion and market access for Epuris, the company plans to deploy a six-to-eight person field sales force in the second half of 2013, with revenue growth in 2013 expected to fund the build of its commercial infrastructure.
At the end of 2012, Cipher had cash of $15.8-million, compared with $15.1-million as at Sept. 30, 2012 and $9.6-million at the end of 2011.