To Our Shareholders, Employees & Partners:
Our Mission: Working together to provide unique products that improve the quality of patient care.
We have recently refined our mission statement as noted above to reflect our focus on patients and on collaboration. We are now disseminating it across the organization and beyond.
As we reflect on the progress we’ve made throughout 2023, we are pleased to share a number of exciting updates and growth opportunities for our portfolio of FDA-approved brands.
- In October, we announced a new publication in Antimicrobial Agents and Chemotherapy detailing the results of the first pediatric study investigating the safety and pharmacokinetics of Vibativ, our potent injectable antibiotic. The results suggest that a single dose of Vibativ can be safely administered to children to fight certain serious skin and lung infections in those patients.
- We’re also working with our partners in their efforts to register and launch Vibativ in several international markets, which should provide significant catalysts for the product’s future growth.
- We recently announced the publication of positive results from a clinical study investigating the safety and pharmacokinetics of our Caldolor® product in newborns – supporting the brand’s FDA approval in infants 3 to 6 months of age. Caldolor is the only non-opioid injectable product approved to treat pain and fever in infants, and we are thrilled to further expand its labeling for those youngest of patients.
- We have also completed the expansion of our oncology sales division as we work to deliver our newest brand – Sancuso – to cancer patients, to help them tolerate their chemotherapy treatment.
- Our largest-selling brand, Kristalose, is benefiting from its listing on the New York Medicaid formulary, as well as the ongoing support from our two co-promotion partners.
In addition, we continue to progress our Phase II clinical trials evaluating ifetroban for patients with a series of unmet medical needs. In May, we announced that the FDA cleared the Investigational New Drug Application for a Phase II study in patients with Idiopathic Pulmonary Fibrosis. We will await results from all the Phase II clinical programs before deciding on the best path to further develop the product, which we believe has the potential to help many patients.
Our product portfolio of FDA-approved brands delivered combined revenues of $10.1 million during the third quarter of 2023, resulting in adjusted earnings of $0.3 million or $.02 a share. Year to date revenues were $30.2 million with adjusted earnings totaling $4.2 million or $.29 a share. We ended the first quarter with $88 million in total assets, $52 million in liabilities and $36 million of shareholders’ equity.
As we move through the final quarter of 2023, we look forward to additional accomplishments while we remain focused on our mission. As always, I’d like to extend a special thanks to the entire Cumberland team for your dedication and many contributions.
All the best,
Chief Executive Officer
Please see our corporate website at www.cumberlandpharma.com for links to our product websites for full prescribing and safety information on our brands and for our SEC filings that contain the risk factors associated with our business.