This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sagent Pharmaceuticals Reports Second Quarter 2013 Financial Results

New Product Launches Drive Revenue and Record Earnings

Company Increases Earnings Outlook for 2013

SCHAUMBURG, Ill., Aug. 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 June 30, 2013.

Second Quarter 2013 Highlights
  • Revenue increased 40% to $59.6 million driven by products launched in the last twelve months;
  • Reported gross profit increased 257% to $23.2 million, or 39% of net revenue;
  • Adjusted Gross Profit 1 increased 212% to $23.9 million, or 40% of net revenue;
  • Net income of $13.4 million, or diluted earnings per share of $0.46, inclusive of a $2.9 million gain related to the KSCP transaction;
  • Raised 2013 net income guidance to between $18 million and $28 million; and
  • Closed transaction to acquire joint venture partner's 50% interest in KSCP, now known as Sagent China Pharmaceuticals ("SCP"), in furtherance of our strategic objective of vertical integration.

"The second quarter earnings performance exceeded our initial guidance for the full year and our adjusted gross margin and Adjusted EBITDA as a percentage of revenue were well in excess of our stated long-term targets," said Jeffrey M. Yordon, chief executive officer and chairman of the board of Sagent. "Our strong results this quarter were primarily driven by contributions from recently launched products such as Zoledronic Acid. As we move in to the back half of the fiscal year, efforts will be focused on accelerating our product launches, developing and transferring products to SCP and intensifying our product development activity."

Financial Results for the quarter ended June 30, 2013

Net revenue for the second quarter of 2013 was $59.6 million, an increase of $16.9 million, or 40%, compared to $42.7 million in the second quarter of 2012. The increase was driven by $24.9 million in revenue from the launch of 29 new codes or presentations of 15 new products since June 30, 2012, including Zoledronic Acid at market formation, partially offset by reductions in demand driven by the abatement of market shortages and increased competitive pricing pressures. Gross profit for the second quarter of 2013 was $23.2 million, or 39.0% of net revenue, compared to $6.5 million, or 15.2% of net revenue, in the second quarter of 2012. Adjusted Gross Profit for the second quarter of 2013 was $23.9 million, or 40.0% of net revenue, compared to $7.7 million, or 17.9% of net revenue in the second quarter of 2012.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs