CEO Message


To our Shareholders, Employees and Partners:


As the novel coronavirus continues to affect our lives over a year after its arrival in the U.S., we are hopeful, given several recent developments. We are encouraged to see that over 100 million Americans have now been fully vaccinated, the new cases of the virus are in decline and an overall reopening of our country is now underway.


Throughout the pandemic, Cumberland encountered the most challenging operating environment we have ever faced as a company. Our business and our clinical studies were affected, as fewer patients sought elective surgeries and our access to medical facilities was substantially limited. We adjusted our market strategies, retooled our sales communications and reinvented the way in which we operate our business. While several of our brands were negatively impacted, we are fortunate to have a diversified product portfolio which provided overall revenue growth of 9% for the full year 2020.


Turning to the first quarter of 2021, I am pleased to report a very strong financial performance.Total revenues were $10.5 million during the quarter, a 27% increase over the prior year period!

- We also received another $0.5 million during the quarter in additional revenue associated with the return of the U.S. rights to two products we previously distributed.

- Adjusted earnings for the period were $1.1 million, a significant improvement compared to the loss of $0.4 million during same period last year.

- Cashflow from operations during Q1 were $1.8 million, nearly double last year’s amount.

- We ended the first quarter with over $93 million in total assets, $46 million of total liabilities and $47 million of shareholders’ equity.


During 2021 we are focused in maximizing the potential of our existing brands, while continuing to build a portfolio of differentiated products. As a result we are:

- Pursuing opportunities to expand the use of our FDA-approved brands into additional patient populations.

- Developing several new product candidates that address poorly met medical needs.

- Building a long term pipeline of earlier stage biopharmaceutical candidates, through University collaborations at Cumberland Emerging Technologies..

-Actively pursuing opportunities to acquire additional marketed products, as well as late-stage development product candidates in our target medical specialties.

I would like to thank our team for their hard work and outstanding efforts during the challenging times. We are managing the Company to deliver sustained growth and profitability while advancing our mission of improving patient care through the delivery of high-quality medicines.


All the best,

A.J. Kazimi
Chief Executive Officer

May 2021