Message from CEO
To our Shareholders, Employees and Partners:
These are exciting times at Cumberland!
The company has established a foundation to place us on a trajectory of sustainable growth. Many of the steps needed to accomplish that have been put into place over the past year and the results from those efforts are now unfolding. There are seven key operational pillars that Cumberland focuses on each day. We strive to deliver on each of these goals, as we expect them to generate revenue growth and profitability for years to come.
We ended 2016 with revenues of $33 million and adjusted earnings of approximately $2 million or $0.11 per share. We also had nearly $94 million in total assets, including over $50 million in cash and reserves.
Early in the year, we acquired Ethyol®, our first oncology brand, and the initial product to emerge from our alliance with the Clinigen Group plc. Ethyol is an FDA approved product used to support the care of cancer patients and a nice complement to our hospital product line. We launched the brand in the third quarter, with initial sales contributions, and believe that Ethyol can become our largest selling product.
Also in 2016, we made significant progress with Caldolor® with sales up 33% over the prior year. We expanded the product’s reach by gaining FDA approval for use in children six months and older; then launched our initiative to support those pediatric patients during the first quarter. We also leveraged our existing infrastructure through a co-promotion agreement with Piramal Critical Care. Through this partnership, both our Caldolor®and Vaprisol® brands are being featured by Piramal in an expanded number of hospitals throughout the United States.
We continued to advance our Hepatoren® and Boxaban® clinical programs in 2016. We also announced the expansion of our pipeline with the addition of two new drug candidates – VasculanTM for the treatment of systemic sclerosis, and PortabanTM for the treatment of portal hypertension. All four programs are in advanced Phase II clinical studies and address patient conditions for which there are no approved treatments in the U.S.
These key accomplishments in 2016 provide a strong foundation for us to build upon in 2017. I am confident that our best days are ahead of us. I would like to acknowledge and thank my colleagues at Cumberland for their continued dedication and valuable contributions. Together, we remain focused on our mission of advancing patient care, through the delivery of high-quality medicines.
With best wishes,
Chief Executive Officer