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Cumberland Pharmaceuticals Inc. (CPIX) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net revenues of $37.9 million, a decrease from $39.6 million in the previous year. The decline in revenue is attributed to decreased sales of Kristalose and Vibativ, despite increases in sales of Sancuso and Caldolor.
Cost of products sold increased to $6.6 million from $6.1 million, with a gross margin of 82.6%, down from 84.7% in the previous year.
Selling and marketing expenses decreased to $17.0 million from $18.5 million, primarily due to reduced royalty costs and promotional spending.
Research and development expenses were $4.8 million, down from $5.8 million, reflecting reduced FDA fees and consulting expenses.
General and administrative expenses increased slightly to $11.1 million from $10.7 million, driven by higher salary costs.
Amortization and impairment expenses were $4.7 million, a decrease from $8.1 million, due to a prior year write down of Omeclamox intangible assets.
The company reported a net loss of $6.4 million, compared to a net loss of $6.3 million in the previous year.
Cumberland's cash and cash equivalents were $18.0 million at the end of the year, with a working capital of $4.8 million.
The company continues to focus on its core competencies in the acquisition, development, and commercialization of pharmaceutical products, with ongoing clinical programs for its ifetroban product candidate.
Cumberland's growth strategy involves maximizing the potential of existing brands, expanding international partnerships, and acquiring additional marketed brands.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cumberland Pharmaceuticals Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.