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Record Quarterly Revenue and Earnings Driven by New Product Launches
Company Achieves Revised Fiscal Year 2012 Guidance
SCHAUMBURG, Ill., Feb. 14, 2013 (GLOBE NEWSWIRE) -- Sagent Pharmaceuticals, Inc. (Nasdaq:SGNT), a leader of specialty pharmaceutical products with a specific emphasis on the injectable market, today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.
Fourth Quarter 2012 Highlights
Revenue increased 10% to $53.2 million driven by products launched in the last twelve months;
Reported gross profit increased 159% to $11.6 million, or 21.8% of net revenue;
Adjusted gross profit 1 increased 152% to $13.1 million, or 24.6% of net revenue;
Earnings per share increased 100% to essentially breakeven; and
Seven new products launched, including Calcium Leucovorin, Nafcillin and Ondansetron increasing total for fiscal 2012 to 16 new product launches.
"We are pleased with the strong revenue growth and substantial margin expansion achieved this quarter," said Jeffrey M. Yordon, president, chief executive officer, and chairman of the board of Sagent. "We ended the year on a high note with our first quarter of positive EBITDA
1, and breakeven earnings per share. These results substantiate further the strength of our unique operating model and demonstrate the value of our growing product portfolio."
Yordon added, "2012 has been a year of significant accomplishments for Sagent, including the launch of 16 new products and the continued development of our product pipeline through the filing of 16 new ANDAs. We finished the year with 46 marketed products in 122 presentations and 39 products represented by 70 ANDAs either pending launch or awaiting approval with the FDA. The strong year over year revenue growth and the improvement of our bottom line is a direct result of our commitment to executing against our key strategic initiatives to build a long-term, profitable business for our shareholders. Building on this positive momentum, we will continue to invest in our business model and are focused on positioning Sagent for long-term success in the injectable pharmaceutical market."