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SCHAUMBURG, Ill., May 6, 2014 (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 quarter ended March 31, 2014.
First Quarter 2014 Highlights
Revenue increased 18% to a record $70.9 million driven by base business demand and products launched in the last twelve months;
Reported gross profit increased 10% to $20.4 million, or 28.8% of net revenue, inclusive of $1.5 million of expense due to unabsorbed manufacturing costs at our SCP facility;
Adjusted Gross Profit 1 increased 8% to $20.7 million, or 29.2% of net revenue;
Net income of $5.1 million, or diluted earnings per share of $0.16; and
Launched Adenosine Injection.
"We are very pleased to report a strong start to the year, with another quarter of record revenue performance driven by broad demand across our diverse product offering," said Jeffrey M. Yordon, chief executive officer and chairman of the board of Sagent. "Demand for our base portfolio was particularly strong, partially driven by market shortages. We were able to leverage the flexibility and responsiveness of our supply chain to support the market need for critical drugs such as heparin."
Financial Results for the Quarter Ended March 31, 2014
Net revenue for the first quarter of 2014 was $70.9 million, an increase of $10.7 million, or 17.7%, compared to $60.2 million in the first quarter of 2013. The increase was driven by $9.7 million in revenue from the launch of 23 new codes or presentations of ten new products since March 31, 2013, and $1.0 million in base business growth, driven by increased demand due to market shortages, partially offset by price declines in zoledronic acid vials, which we launched at market formation in March 2013. Gross profit for the first quarter of 2014 was $20.4 million, or 28.8% of net revenue, inclusive of $1.5 million of expense due to unabsorbed manufacturing costs at our SCP facility, compared to $18.5 million, or 30.7% of net revenue, in the first quarter of 2013. Adjusted gross profit for the first quarter of 2014 was $20.7 million, or 29.2% of net revenue, compared to $19.2 million, or 31.9% of net revenue in the first quarter of 2013.