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SCHAUMBURG, Ill., May 6, 2013 (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 March 31, 2013.
First Quarter 2013 Highlights
Revenue increased 57% to $60.2 million driven by products launched in the last twelve months;
Reported Gross profit increased 220% to $18.5 million, or 30.7% of net revenue;
Adjusted gross profit 1 increased 196% to $19.2 million, or 31.9% of net revenue;
Net income of $9.8 million, or diluted earnings per share of $0.34;
Launched Zoledronic Acid to strong market reception;
Appointed industry veteran Jim Hussey as President in March; and
Announced agreement to acquire joint venture partner's 50% interest in KSCP, in furtherance of our strategic objective of vertical integration.
"We are very pleased to report our first quarter financial results that include record revenues, our first full quarter of positive earnings and adjusted gross margins that are approaching our long term targeted rates," said Jeffrey M. Yordon, chief executive officer and chairman of the board of Sagent. "Strategically, we continue to build upon the positive momentum generated last year and position ourselves for continued growth with the strengthening of our leadership team and the agreement to acquire our joint venture partner's 50% interest in KSCP. The launch of Zoledronic acid, at market formation, was a strong contributor to our revenue growth and margin expansion during the first quarter."
Financial Results for the quarter ended March 31, 2013
Net revenue for the first quarter of 2013 was $60.2 million, an increase of $21.9 million, or 57.3%, compared to $38.3 million in the first quarter of 2012. The increase was driven by $21.3 million in revenue from the launch of 32 new codes or presentations of 16 new products since March 31, 2012, including Zoledronic acid at market formation. Gross profit for the first quarter of 2013 was $18.5 million, or 30.7% of net revenue, compared to $5.8 million, or 15.1% of net revenue, in the first quarter of 2012. Adjusted gross profit for the first quarter of 2013 was $19.2 million, or 31.9% of net revenue, compared to $6.5 million, or 16.9% of net revenue in the first quarter of 2012.