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Cumberland Pharmaceuticals 3rd-quarter profit up 6 percent, shares rally on earnings beat
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NASHVILLE, Tenn. - Cumberland Pharmaceuticals Inc. said Tuesday its profit rose 6 percent in the third quarter, as sales of its recently approved fever and pain treatment Caldolor were partly offset by costs to launch the drug.
Caldolor is an injectable form of ibuprofen that is intended for patients who are in the hospital and cannot take oral drugs. Cumberland launched Caldolor in the U.S. in September.
In the third quarter, Cumberland's profit rose to $1.3 million from $1.2 million. On a per-share basis, profit was unchanged at 7 cents.
Revenue climbed 58 percent to $13.6 million from $8.6 million, driven by Caldolor sales and greater use of Acetadote, an injectable drug intended to counteract overdoses of acetaminophen.
Analysts were expecting a smaller profit of a penny per share and $11.1 million in revenue, according to Thomson Reuters.
In midday trading, Cumberland stock advanced $1.09, or 8.7 percent, to $13.60. The company went public in August.
Cumberland said its sales and marketing expenses jumped to $6.1 million from $3.6 million a year ago, and general and administrative spending more than doubled to $2.5 million from $1.2 million.
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