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Revenue Growth Driven by Products Launched in the Last Twelve Months
Company Revises Guidance for 2012
SCHAUMBURG, Ill., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Sagent Pharmaceuticals, Inc. (Nasdaq:SGNT), a leader of specialty pharmaceutical products with an emphasis on the injectable market, today announced financial results for the quarter ended June 30, 2012.
Second Quarter 2012 Highlights
Revenue increased 32% to $42.7 million driven by products launched in the last twelve months;
Reported gross profit increased to $6.5 million, or 15.2% inclusive of $1.2 million of margin from the sale of heparin inventory previously written off through excess inventory reserves;
Launched Atracurium Besylate and Irinotecan; and
Key manufacturing partner's facility found acceptable by FDA, clearing pathway for multiple product approvals and four to six new product launches during the second half of 2012.
"The second quarter results were in-line with our expectations," said Jeffrey M. Yordon, president, chief executive officer, and chairman of the board of Sagent. "We are confident that our business will continue to strengthen in the second half of the fiscal year, driven by new group purchasing contracts and the anticipated launch of ten to twelve new products over the remainder of 2012."
Financial Results for the quarter ended June 30, 2012
Net revenue for the second quarter of 2012 was $42.7 million, an increase of $10.4 million, or 32%, compared to $32.3 million in the second quarter of 2011. The increase is driven by $14.1 million in revenue from the launch of 36 new codes or presentations of 13 new products since June 30, 2011, partially offset by declines in existing products, primarily due to pricing pressure. Gross profit for the second quarter of 2012 was $6.5 million, or 15.2% of net revenues, compared to $2.7 million, or 8.5% of net revenues, in the second quarter of 2011. Gross profit for the second quarter of 2012 included $1.2 million of margin from the sale of heparin inventory previously written off through excess inventory reserves.