10 bagger
11年前
CPHMF.. $7.777 Cipher reports record financial results for Q3 2013..
I have decided to repurchase a smaller position in CPHMF.. I know there is a lawsuit out there for thier patent infringment but the last reported numbers are too compelling to ignore.. Hank
Cipher reports record financial results for Q3 2013
Cipher Pharmaceuticals (TSX:DND)
Revenue increases to $5.6 million and earnings per share rise to $0.14
MISSISSAUGA,, ON, Oct. 30, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND) ("Cipher") today announced its financial and operational results for the three and nine months ended September 30, 2013.
Q3 2013 Highlights
•Net revenue increased to $5.6 million, from $2.1 million in Q3 2012.
•EBITDA1 of $3.6 million versus $1.0 million in Q3 2012.
•Net income was $3.4 million, or $0.14 per share, compared with net income of $0.08 million, or $0.03 per share, in Q3 2012.
•Cash balance increased to $20.0 million at quarter end, compared with $15.8 million at December 31, 2012 and $17.8 million at June 30, 2013.
•Launched Epuris™ (isotretinoin) capsules in the Canadian market.
"Absorica™ performed well again in the third quarter, with market share increasing to 17.3%2 by September from 13.1% in June, resulting in strong increases in our revenue, earnings and cash," said Larry Andrews, President and CEO of Cipher. "While Epuris™ was only launched recently, feedback from the Canadian dermatology community has been very encouraging. With a healthy financial position, we continue to pursue growth through product portfolio expansion and new out-licensing agreements for our current products in other regions."
Financial Review
Net revenue for Q3 2013 was $5.6 million, compared with $2.1 million in Q3 2012. The year-over-year increase was mainly driven by the success of Absorica™, which contributed $4.5 million of net revenue in Q3 2013 versus $0.5 million in Q3 2012.
Net revenue from Lipofen® was $0.6 million in Q3 2013, compared with $1.3 million in Q3 2012. The comparable period in 2012 benefited from $0.4 million in revenue from a retroactive increase in Cipher's royalty percentage.
Net revenue from the Company's extended release tramadol product (ConZip®/Durela®) increased to $0.5 million in Q3 2013, compared with $0.3 million in Q3 2012.
Research and Development expense in Q3 2013 was $0.4 million, a slight increase over $0.3 million in Q3 2012. Selling, General and Administrative ("SG&A") expenses for Q3 2013 increased to $1.7 million, compared to $0.8 million in Q3 2012. The year-over-year increase in SG&A reflects the build out of the Company's commercial infrastructure in Canada to support the launch of Epuris™ and future products.
Net income in Q3 2013 grew to $3.4 million, or $0.14 per share ($0.13 per share on a fully diluted basis), compared with net income of $0.8 million, or $0.03 per share, in Q3 2012.
The Company's cash position increased at quarter end. As at September 30, 2013, Cipher had cash and cash equivalents of $20.0 million, compared with $15.8 million at December 31, 2012.
1 EBITDA - Non-IFRS Financial Measure: the term EBITDA (earnings before interest, taxes, depreciation and amortization) does not have any standardized meaning under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest expense, income taxes, depreciation of property and equipment, amortization of intangible assets and non-cash share-based compensation.
2 Source: IMS Health. Market share calculated based on total isotretinoin prescriptions.
Product Update
Absorica™/Epuris™ (CIP-ISOTRETINOIN)
Absorica™ was released in the U.S. market in late November 2012. The product has performed well to date, achieving 17.3% market share by September 2013, compared to 13.1% in June 2013, based on total isotretinoin prescriptions. In addition, the overall U.S. isotretinoin market continues to show growth. Prescriptions increased by 15%3 in the nine months of 2013 and by 19%4 in Q3 2013, over the comparable periods in the prior year. While total U.S. prescriptions increased year-over-year, they declined from Q2 2013 to Q3 2013. This is consistent with the historical seasonal pattern that has seen total U.S. isotretinoin prescriptions decrease by approximately 11% from Q2 (the summer months) to Q3. Based on Absorica's strong sales performance to-date, Cipher expects to achieve a US$10.0 million milestone payment by the end of Q1 2014 at the latest (50% of which would be shared with its technology partner, Galephar Pharmaceutical Research).
In September 2013, Cipher's partner Ranbaxy received a Paragraph IV Certification Notice of filing from Watson Laboratories Inc. ("Watson") of an Abbreviated New Drug Application ("ANDA") to the FDA for a generic version of Absorica™.
Ranbaxy and Cipher intend to vigorously defend Absorica's intellectual property rights and pursue all available legal and regulatory pathways in defense of the product. Cipher has been advised by Ranbaxy that this development has no impact on current sales and marketing plans for the product, and that Ranbaxy plans to continue to invest in Absorica™ to increase sales and market penetration.
CIP-ISOTRETINOIN was approved by Health Canada in Q4 2012 under the trade name Epuris™. Cipher launched Epuris™ in early July 2013, supported by a field sales force of six full-time representatives and one part-time representative.
Lipofen® (CIP-FENOFIBRATE)
In Q3 2013, new prescriptions for Lipofen® were 6% below Q3 2012 levels. Kowa Pharmaceuticals America, Cipher's U.S. marketing partner for Lipofen®, plans to continue to promote the product in a second detail position for the remainder of 2013.
ConZip®/Durela® (CIP-TRAMADOL ER)
Cipher's extended-release tramadol is marketed in the U.S. by Vertical Pharmaceuticals under the trade name ConZip®. In Q1 2013, Vertical expanded its sales force from 60 to 75 representatives, which has contributed to modestly improved performance. In Q3 2013, prescriptions grew 3% compared to Q3 2012. In Canada, Medical Futures launched the product in March 2012 under the trade name Durela®, with a dedicated sales force comprising 22 representatives. Following its strong performance in Q2 2013, the product continued to demonstrate steady improvement, with a 25% growth in sales during Q3 2013.
In Q2 2013, Cipher out-licensed the Latin American distribution rights for CIP-TRAMADOL ER to Tecnofarma International Ltd. Cipher is working closely with Tecnofarma in preparing regulatory submissions for certain countries in Latin America.
Cipher is also actively pursuing marketing partners for CIP-TRAMADOL ER and CIP-ISOTRETINOIN in other territories.
Other Products
In Q3 2012, Cipher obtained exclusive license and distribution rights in Canada to market the Betesil® Patch, a novel, patent-protected, self-adhesive medicated plaster for the treatment of inflammatory skin conditions such as plaque psoriasis. The efficacy and safety of the Betesil® Patch has been established in three successful phase III trials, and the product is currently marketed in several European countries. Cipher is working with its partner, Institut Biochimique SA, on a New Drug Submission for the product, and will provide additional detail on expected timelines and plans in the coming months.
In addition, the Company is seeking other late-stage to commercial-stage product candidates targeting specialty markets to support its commercial marketing and sales presence in Canada.
3 Source: IMS Health
4 Source: IMS Health
Notice of Conference Call
Cipher will hold a conference call today, October 30, 2013, at 8:30 a.m (ET) to discuss its financial results and other corporate developments. To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. A live audio webcast of the call will be available at www.cipherpharma.com. The webcast will be archived for 90 days.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: DND) is a growing specialty pharmaceutical company with three commercial products and a fourth in development. Our product candidates are typically improved formulations of successful, currently marketed drugs. We in-license a product, manage the required clinical development and regulatory approval process, and either out-license it to a marketing partner, or, in Canada, we may market the product ourselves. Our core capabilities are in clinical and regulatory affairs, product licensing, supply chain management, and marketing and sales. Since the Company was founded in 2000, we have achieved final regulatory approval in the U.S. and Canada for all three of our original products and completed six marketing partnerships, generating growing licensing revenue.
Cipher Pharmaceuticals Inc.
Balance Sheets
As at September 30, 2013 and December 31, 2012
(in thousands of Canadian dollars - unaudited)
September 30, December 31,
2013 2012
$ $
ASSETS
Current assets
Cash and cash equivalents 20,035 15,843
Accounts receivable 9,220 3,185
Inventory 318 -
Prepaid expenses and other assets 200 212
29,773 19,240
Property and equipment, net 21 25
Intangible assets, net 1,859 2,690
31,653 21,955
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 5,747 2,808
Current portion of deferred revenue 2,392 2,392
8,139 5,200
Deferred revenue 2,611 4,349
10,750 9,549
SHAREHOLDERS' EQUITY
Share capital 9,514 50,339
Contributed surplus 3,464 33,227
Retained earnings (Deficit) 7,925 (71,160)
20,903 12,406
31,653 21,955
Cipher Pharmaceuticals Inc.
Statements of Operations and Comprehensive Income
Three and nine month periods ended September 30, 2013 and 2012
(in thousands of Canadian dollars, except per share data - unaudited)
Three months Nine months
September 30, September 30, September 30, September 30,
2013 2012 2013 2012
$ $ $ $
Revenues
Licensing revenue 5,592 2,118 14,344 5,558
Product revenue 44 - 132 -
5,636 2,118 14,476 5,558
Expenses
Cost of product sold 12 - 39 -
Research and development 388 335 1,037 1,154
Selling, general and administrative 1,660 799 4,823 2,676
Amortization of intangible assets 277 277 831 747
Interest income (64) (47) (179) (108)
2,273 1,364 6,551 4,469
Income before income taxes 3,363 754 7,925 1,089
Provision for (recovery of) income taxes
Current 891 225 2,100 352
Deferred (891) (225) (2,100) (352)
Income and comprehensive income for the period 3,363 754 7,925 1,089
Basic earnings per share 0.14 0.03 0.32 0.04
Diluted earnings per share 0.13 0.03 0.31 0.04
Cipher Pharmaceuticals Inc.
Statements of Changes in Equity
Nine month periods ended September 30, 2013 and 2012
(in thousands of Canadian dollars - unaudited)
Retained Total
Share Contributed Earnings Shareholders'
Capital Surplus (Deficit) Equity
$ $ $ $
Balance, January 1, 2013 50,339 33,227 (71,160) 12,406
Income and comprehensive income for the period - - 7,925 7,925
Exercise of stock options 194 (93) - 101
Shares issued under the share purchase plan 141 - - 141
Share-based compensation - stock option plan - 330 - 330
Reduction of stated capital (41,160) (30,000) 71,160 -
Balance, September 30, 2013 9,514 3,464 7,925 20,903
Balance, January 1, 2012 50,172 33,032 (73,704) 9,500
Income and comprehensive income for the period - - 1,089 1,089
Exercise of stock options 8 (8) -
Shares issued under the share purchase plan 114 - - 114
Share-based compensation - stock option plan - 151 - 151
Balance, September 30, 2012 50,294 33,175 (72,615) 10,854
Cipher Pharmaceuticals Inc.
Statements of Cash Flows
Three and nine month periods ended September 30, 2013 and 2012
(in thousands of Canadian dollars - unaudited)
Three months Nine months
September 30, September 30, September 30, September 30,
2013 2012 2013 2012
$ $ $ $
Cash provided by (used in)
Operating activities
Income for the period 3,363 754 7,925 1,089
Items not affecting cash:
Depreciation of property and equipment 3 3 12 16
Amortization of intangible assets 277 277 831 747
Share-based compensation - share purchase plan 7 6 21 17
Share-based compensation - stock option plan 141 51 330 151
3,791 1,091 9,119 2,020
Changes in non-cash operating items:
Accounts receivable (1,158) (417) (6,035) (975)
Inventory 10 - (318) -
Prepaid expenses and other assets (130) (27) 12 170
Accounts payable and accrued liabilities 227 795 2,939 898
Deferred revenue (607) (698) (1,738) 4,018
Net cash generated from operating activities 2,133 744 3,979 6,131
Investing activities
Purchase of property and equipment (3) - (8) (12)
Acquisition of intangible rights - (100) - (771)
Net cash used in investing activities (3) (100) (8) (783)
Financing activities
Proceeds from shares issued under the share purchase plan 41 34 120 97
Proceeds from exercise of stock options 89 - 101 -
Net cash generated from financing activities 130 34 221 97
Increase in cash and cash equivalents 2,260 678 4,192 5,445
Cash and cash equivalents, beginning of period 17,775 14,403 15,843 9,636
Cash and cash equivalents, end of period 20,035 15,081 20,035 15,081
SOURCE Cipher Pharmaceuticals Inc.
Copyright 2013 Canada NewsWire
10 bagger
11年前
CPHMF.. Bad News..
Cipher's Partner Ranbaxy receives Paragraph IV Certification
Cipher Pharmaceuticals (TSX:DND)
MISSISSAUGA, ON, Sept. 19, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND) ("Cipher") today announced that its sales and distribution partner, Ranbaxy Laboratories Inc. ("Ranbaxy") has received a Paragraph IV Certification Notice of filing from Watson Laboratories Inc. of an Abbreviated New Drug Application ("ANDA") to the U.S. Food and Drug Administration ("FDA") for a generic version of Absorica™ (isotretinoin capsules).
Ranbaxy and Cipher intend to vigorously defend Absorica's intellectual property rights and pursue all available legal and regulatory pathways in defense of the product. Absorica is currently protected by two issued patents listed in the FDA's Approved Drug Products List (Orange Book), which expire in September 2021. Ranbaxy shall take appropriate actions in response to the Paragraph IV notice letter, and FDA approval of the ANDA shall then be governed by the Hatch-Waxman Act.
Absorica was approved by the FDA in May 2012, and granted a three-year market exclusivity period, which expires in May 2015.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: DND) is a growing specialty pharmaceutical company with three commercial products and a fourth in development. Our product candidates are typically improved formulations of successful, currently marketed drugs. We in-license a product, manage the required clinical development and regulatory approval process, and either out-license it to a marketing partner, or, in Canada, we may market the product ourselves. Our core capabilities are in clinical and regulatory affairs, product licensing, supply chain management, and marketing and sales. Since Cipher was founded in 2000, we have achieved final regulatory approval in the U.S. and Canada for all three of our original products and completed six marketing partnerships, generating growing licensing revenue.
Forward-Looking Statements
Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in the Company's Annual Information Form and other filings with Canadian securities regulatory authorities. These factors include, but are not limited to; the applicability of patents and proprietary technology; possible patent litigation; approval of products in the Company's pipeline; marketing of products; meeting projected drug development timelines and goals; product liability and insurance; dependence on strategic partnerships and licensees; concentration of the Company's revenue; substantial competition and rapid technological change in the pharmaceutical industry; the publication of negative results of clinical trials of the Company's products; the ability to access capital; the ability to attract and retain key personnel; changes in government regulation or regulatory approval processes; dependence on contract research organizations; third party reimbursement; the success of the Company's strategic investments; the achievement of development goals and time frames; the possibility of shareholder dilution; market price volatility of securities; and the existence of significant shareholders. All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.
SOURCE Cipher Pharmaceuticals Inc.
10 bagger
12年前
CPHMF. $6.45..
10 bagger Wednesday, July 31, 2013 9:02:32 AM
Re: 10 bagger post# 4899 Post # of 4945
CPHMF.. $5.45.. Cipher reports record financial results for Q2 2013
Revenue increases to $5.5 million; Company records earnings per share of $0.13... Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, July 31, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND) ("Cipher") today announced its financial and operational results for the three and six months ended June 30, 2013.
Q2 2013 Highlights
•Net revenue increased to $5.5 million, from $1.6 million in Q2 2012.
•EBITDA of $3.3 million versus $0.4 million in Q2 2012.
•Net income was $3.1 million, or $0.13 per basic share, compared with net income of $0.02 million, or $0.01 per basic share, in Q2 2012.
•Cash balance increased to $17.8 million at quarter end, compared with $15.8 million at December 31, 2012 and $16.5 million at March 31, 2013.
•Out-licensed Latin American distribution rights for CIP-TRAMADOL ER to Tecnofarma International Ltd.
•Subsequent to quarter end, announced the Canadian launch of Epuris™ (isotretinoin) capsules.
"The continued strong growth of Absorica™ drove significant gains in our revenue, earnings and cash for the second quarter," said Larry Andrews, President and CEO of Cipher. "The product was up to 13.1% share of the U.S. isotretinoin market by June, from 7.5% at the end of Q11, and the feedback from our marketing partner Ranbaxy has been very positive. We launched the product in Canada in late June with our own sales force and are pursuing out-licensing agreements in other markets. We are also looking at opportunities to expand our product portfolio."
Financial Review and Outlook
Net revenue for Q2 2013 was $5.5 million, compared with $1.6 million in Q2 2012. The year-over-year increase was mainly driven by the success of Absorica™, which contributed $4.2 million of net revenue in Q2 2013 versus $0.3 million in Q2 2012.
Quote:
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Absorica™/Epuris™ (CIP-ISOTRETINOIN)
Absorica™ was released in the U.S. market in late November 2012. The product has performed strongly to date, achieving 13.1% market share by June 2013, based on total isotretinoin prescriptions. In addition, the overall U.S. isotretinoin market continues to show growth. Prescriptions increased by 15%2 in the first half of 2013 and by 17%3 in Q2 2013, over the comparable periods in the prior year.
--------------------------------------------------------------------------------
Net revenue from Lipofen® was $0.8 million in Q2 2013, compared with $0.9 million in Q2 2012. Net revenue from the Company's extended release tramadol product (ConZip®/Durela®) increased to $0.5 million in Q2 2013, compared with $0.4 million in Q2 2012.
Research and Development expense in Q2 2013 was $0.3 million, the same level as incurred in Q2 2012. Selling, General and Administrative ("SG&A") expenses for Q2 2013 increased to $1.9 million, compared to $0.9 million in Q2 2012. The year-over-year increase in SG&A reflects the planned build out of the Company's commercial infrastructure in Canada to support the launch of Epuris™ and future products. The Company incurred approximately $0.5 million of one-time costs to support the June 2013 launch of Epuris™.
Net income in Q2 2013 grew to $3.1 million, or $0.13 per basic share ($0.12 per diluted share), compared with net income of $0.2 million, or $0.01 per basic and diluted share, in Q2 2012.
The Company's cash position increased at quarter end. As at June 30, 2013, Cipher had cash and cash equivalents of $17.8 million, compared with $15.8 million at December 31, 2012.
For the second half of fiscal 2013, Cipher expects continued aggregate revenue growth from its currently marketed products and the recent introduction of Epuris™ in Canada. In particular, the Company expects the full-year contribution of Absorica™ to be a primary revenue driver. In 2013, Cipher will be investing in commercial sales and marketing capabilities in Canada. The Company expects an increase in operating expenses of approximately $1.0 million to $1.5 million during the balance of 2013, compared to the same period in 2012, related to the launch of Epuris™ in Canada. Cipher expects its revenue growth to continue to offset the additional spending required to build its commercial infrastructure in Canada.
____________________
1 Source: IMS Health. Market share calculated based on total isotretinoin prescriptions.
Product Update
Absorica™/Epuris™ (CIP-ISOTRETINOIN)
Absorica™ was released in the U.S. market in late November 2012. The product has performed strongly to date, achieving 13.1% market share by June 2013, based on total isotretinoin prescriptions. In addition, the overall U.S. isotretinoin market continues to show growth. Prescriptions increased by 15%2 in the first half of 2013 and by 17%3 in Q2 2013, over the comparable periods in the prior year.
The product was also approved by Health Canada in Q4 2012 under the trade name Epuris™. Cipher launched Epuris™ in June 2013, supported by a field sales force of six fully dedicated representatives.
Lipofen® (CIP-FENOFIBRATE)
In Q2 2013, Lipofen® prescriptions were 6% below Q2 2012 levels, however, Cipher's royalty increased over the period due to the 3% increase in the royalty rate compared to prior year. Kowa Pharmaceuticals America, Cipher's U.S. marketing partner for Lipofen®, plans to continue to promote the product in a second detail position throughout the remainder of 2013.
ConZip®/Durela® (CIP-TRAMADOL ER)
Cipher's extended-release tramadol is marketed in the U.S. by Vertical Pharmaceuticals under the trade name ConZip®. In Q1 2013, Vertical expanded its sales force from 60 to 75 representatives, which has contributed to improved performance. In Q2 2013, prescriptions grew 5% compared to Q2 2012. In Canada, Medical Futures launched the product in March 2012 under the trade name Durela®, with a dedicated sales force comprising 22 representatives. The product demonstrated steady improvement and market share growth during Q2 2013.
Cipher is actively pursuing marketing partners for CIP-TRAMADOL ER and CIP-ISOTRETINOIN in other territories, including Latin America. During Q2 2013, Cipher granted the Latin American distribution rights to CIP-TRAMADOL ER to Tecnofarma International Ltd. Tecnofarma, headquartered in Uruguay, operates in 18 Latin American countries and following regulatory approval, plans to launch the product in several jurisdictions, including Brazil and Mexico.
Other Products
In Q3 2012, Cipher obtained exclusive license and distribution rights in Canada to market the Betesil® Patch, a novel, patent-protected, self-adhesive medicated plaster for the treatment of inflammatory skin conditions such as plaque psoriasis. The efficacy and safety of the Betesil® Patch has been established in three successful phase III trials, and the product is currently marketed in several European countries. Cipher is working toward completion of a New Drug Submission for the product and will provide additional detail on expected timelines and plans in the coming months.
In addition, the Company is seeking other late-stage to commercial-stage product candidates targeting specialty markets to support its commercial marketing and sales presence in Canada.
____________________
2 Source: IMS Health
3 Source: IMS Health
Notice of Conference Call
Cipher will hold a conference call today, July 31, 2013, at 8:30 a.m (ET) to discuss its financial results and other corporate developments. To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. A live audio webcast of the call will be available at www.cipherpharma.com. The webcast will be archived for 90 days.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: DND; OTC: CPHMF) is a growing specialty pharmaceutical company with three commercial products and a fourth in development. Our product candidates are typically improved formulations of successful, currently marketed drugs. We in-license a product, manage the required clinical development and regulatory approval process, and either out-license it to a marketing partner, or, in Canada, we may market the product ourselves. Our core capabilities are in clinical and regulatory affairs, product licensing, supply chain management, and marketing and sales. Since the Company was founded in 2000, we have achieved final regulatory approval in the U.S. and Canada for all three of our original products and completed six marketing partnerships, generating growing licensing revenue.
Cipher Pharmaceuticals Inc.
Condensed Interim Financial Statements
For the Three Months Ended June 30, 2013
(Unaudited)
Cipher Pharmaceuticals Inc.
Balance Sheets
As at June 30, 2013 and December 31, 2012
(in thousands of Canadian dollars - unaudited)
June 30, December 31,
2013 2012
$ $
ASSETS
Current assets
Cash and cash equivalents 17,775 15,843
Accounts receivable 8,062 3,185
Inventory 328 -
Prepaid expenses and other assets 70 212
26,235 19,240
Property and equipment, net 21 25
Intangible assets, net 2,136 2,690
28,392 21,955
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 5,520 2,808
Current portion of deferred revenue 2,400 2,392
7,920 5,200
Deferred revenue 3,210 4,349
11,130 9,549
SHAREHOLDERS' EQUITY
Share capital 9,298 50,339
Contributed surplus 3,402 33,227
Retained earnings (Deficit) 4,562 (71,160)
17,262 12,406
28,392 21,955
Cipher Pharmaceuticals Inc.
Statements of Operations and Comprehensive Income
Three month periods ended June 30, 2013 and 2012
(in thousands of Canadian dollars, except per share data - unaudited)
Three months Six months
June 30, June 30, June 30, June 30,
2013 2012 2013 2012
$ $ $ $
Revenues
Licensing revenue 5,459 1,629 8,752 3,440
Product revenue 88 - 88 -
5,547 1,629 8,840 3,440
Expenses
Cost of product sold 27 - 27 -
Research and development 341 348 649 819
Selling, general and administrative 1,901 861 3,163 1,877
Amortization of intangible assets 277 245 554 470
Interest income (60) (35) (115) (61)
2,486 1,419 4,278 3,105
Income before income taxes 3,061 210 4,562 335
Provision for (recovery of) income taxes
Current 811 127 1,209 127
Deferred (811) (127) (1,209) (127)
Income and comprehensive income for the period 3,061 210 4,562 335
Basic earnings per share 0.13 0.01 0.19 0.01
Diluted earnings per share 0.12 0.01 0.18 0.01
Cipher Pharmaceuticals Inc.
Statements of Changes in Equity
Three month periods ended June 30, 2013 and 2012
(in thousands of Canadian dollars - unaudited)
Retained Total
Share Contributed Earnings Shareholders'
Capital Surplus (Deficit) Equity
$ $ $ $
Balance, January 1, 2013 50,339 33,227 (71,160) 12,406
Income and comprehensive income for the period - - 4,562 4,562
Exercise of stock options 26 (14) - 12
Shares issued under the share purchase plan 93 - - 93
Share-based compensation - stock option plan - 189 - 189
Reduction of stated capital (41,160) (30,000) 71,160 -
Balance, June 30, 2013 9,298 3,402 4,562 17,262
Balance, January 1, 2012 50,172 33,032 (73,704) 9,500
Income and comprehensive income for the period - - 335 335
Exercise of stock options 8 (8) -
Shares issued under the share purchase plan 74 - - 74
Share-based compensation - stock option plan - 100 - 100
Balance, June 30, 2012 50,254 33,124 (73,369) 10,009
Cipher Pharmaceuticals Inc.
Statements of Cash Flows
Three month periods ended June 30, 2013 and 2012
(in thousands of Canadian dollars - unaudited)
Three months Six months
June 30, June 30, June 30, June 30,
2013 2012 2013 2012
$ $ $ $
Cash provided by (used in)
Operating activities
Income for the period 3,061 210 4,562 335
Items not affecting cash:
Depreciation of property and equipment 4 6 9 13
Amortization of intangible assets 277 245 554 470
Share-based compensation - share purchase plan 9 5 14 11
Share-based compensation - stock option plan 121 51 189 100
3,472 517 5,328 929
Changes in non-cash operating items:
Accounts receivable (2,720) (403) (4,877) (558)
Inventory (328) - (328) -
Prepaid expenses and other assets 69 105 142 197
Accounts payable and accrued liabilities 1,236 (197) 2,712 103
Deferred revenue (533) 4,911 (1,131) 4,716
Net cash generated from operating activities 1,196 4,933 1,846 5,387
Investing activities
Purchase of property and equipment - (2) (5) (12)
Acquisition of intangible rights - (671) - (671)
Net cash generated from (used in) investing activities - (673) (5) (683)
Financing activities
Proceeds from shares issued under the share purchase plan 49 30 79 63
Proceeds from exercise of stock options 12 - 12 -
Net cash generated from financing activities 61 30 91 63
Increase in cash and cash equivalents 1,257 4,290 1,932 4,767
Cash and cash equivalents, beginning of period 16,518 10,113 15,843 9,636
Cash and cash equivalents, end of period 17,775 14,403 17,775 14,403
SOURCE Cipher Pharmaceuticals Inc.
Craig Armitage
Investor Relations
TMX Equicom
(416) 815-0700 ext 278
(416) 815-0080 fax
carmitage@tmxequicom.com
Larry Andrews
President and CEO
Cipher Pharmaceuticals
(905) 602-5840 ext 324
(905) 602-0628 fax
landrews@cipherpharma.com
10 bagger
12年前
CPHMF.. $5.65..
10 bagger Monday, July 15, 2013 9:25:57 AM
Re: 10 bagger post# 4882 Post # of 4945
CPHMF.. $5.65 Bid.. If the pre-market bid holds CPHMF will be trading at another NEW HIGH..
I did sell 4600 at an Ave. of $5.58 last week to make a tic but have no further sales planned.. $10.00 next stop..?? Present position value is $192K.. hank
10 bagger Tuesday, March 26, 2013 2:22:57 PM
Re: None Post # of 154933
=================================================
CPHMF.. $3.5849 USD.. Since that last post CPHMF is up 18.65% and I have tried to build a position.. While I have surpassed the $$$ position I once had in BIOYF I still would like to add on down dips if any occur..
It should not be considered cheap by VMC standrds but IMO as it is selling for a PE of less than 12 on projected earnings of this year,, with a nose bleed growth rate cheap enough to warrent a major position in my portfolios.. I believe all projections in the report below will be exceeded by at least 25%....
Cipher Pharmaceuticals Ltd. is a pharmaceutical company, which is focused on commercializing novel formulations of marketed molecules by using advanced drug delivery technologies. The company has three in-licensed products, which includes Lipofen, Conzip/Durela, and CIP-ISOTRETINOIN. The Lipofen is a novel, patented formulation of the active ingredient fenofibrate, which is used in the treatment of hyperlipidemia, a cholesterol disorder. The ConZip/ Durela is a novel, extended-release formulation of the active ingredient tramadol, which is used for the management of moderate to moderately severe chronic pain. The CIP-ISOTRETINOIN is an innovative formulation of the active ingredient isotretinoin, which is used in the treatment of severe acne. The company was founded in 2000 and is headquartered in Mississauga, Canada.
=========================================================
Analyst Note
Cipher Posts Solid 2012 Financial Results
03/01/2013
Download this Press Release ()
By Jason Napodano, CFA
On March 1, 2013, Cipher Pharmaceuticals (Toronto:DND.TO) / (OTC Markets:CPHMF) reported financial results for the fourth quarter and full year ended December 31, 2012. Total revenues in the fourth quarter were $2.9 million, up 177% over the fourth quarter 2011 and nicely ahead of our estimate for revenues of $2.4 million. The revenue up-tick was driven by milestone recognition and royalties from Ranbaxy on the newly launched Absorica (CIP-Isotretinoin), which hit the market in November 2012.
A Copy Of Our Full Report Can Be Downloaded Here >> Cipher/Napodano_3/1/2013
For the full year 2012, total revenues were $8.5 million, up 137% over revenues for the full year 2011. The growth in revenues year-over-year reflects the strong performance of Lipofen (CIP-fenofibrate), including an increase in product shipments and the achievement of a $1.0 million sales milestone in the first quarter 2012. Lipofen contributed $4.6 million in revenues in 2012, up from $2.2 million in 2011. ConZip and Durela (CIP-Tramadol-ER) contributed another $1.4 million in revenues in 2012, up from $0.8 million in 2011. Absorica contributed $2.6 million in revenues in 2012, up from $0.6 million in 2011.
Operating expenses for the full year 2012 totaled approximately $6.0 million, flat with 2011. R&D expense at $1.5 million was down meaningfully from $2.2 million in 2011. OG&A expense at $3.5 million was up slightly from $3.2 million in 2011. Net income for the fourth quarter 2012 totaled $1.6 million, or $0.06 per share. This was nicely ahead of our forecast for net income of $1.2 million, or $0.4 per share. Net income in the fourth quarter 2012 compared to a loss of $0.5 million in the fourth quarter 2011. For the full year 2012, net income totaled $2.5 million, or $0.10 per share. This compared to a loss of $2.3 million in 2011.
We are impressed that the company can grow its top-line by 137% while keeping expenses essentially flat. Cipher now has 3 products on the market with Lipofen, ConZip/Durela, and the recently launched Absorica. In the past we’ve written that Absorica is a game-changer for Cipher. Cipher plans to launch Epuris in Canada during the second half of 2013, and should be in position to file for approval of Betesil Patch in Canada by the end of the year. Cipher exited 2012 with approximately $15.3 million in cash and investments, up nicely from the $9.6 million balance at the end of 2011. In fact, Cipher grew its cash balance each quarter throughout 2013. We find the current balance sufficient to fund operations for the foreseeable future, as we believe that Cipher will continue to report positive cash flow throughout 2013 even in the face of building a specialty dermatology sales force to promote Epuris and Betesil Patch in Canada.
…Stock Still Attractive…
Based on our financial projections, Cipher should report total revenues in 2013 of around $13.8 million, with net income of $5.4 million, or $0.22 per share. This equates to a P/E ratio of only 11.1x our 2013 figure. In 2014, we model growth in revenues to $21.3 million, net income of $10.1 million and EPS of $0.40. A P/E ratio of 10x our 2014 estimate for $0.40 in EPS yields a price target of $4.00 per share.
================================================================
Valuation
P/E Current 34.50
P/E Ratio (with extraordinary items)
33.46
P/E Ratio (without extraordinary items)
25.00
Price to Sales Ratio
7.21
Price to Book Ratio
4.92
Price to Cash Flow Ratio
8.99
Enterprise Value to EBITDA
19.16
Enterprise Value to Sales
7.78
Total Debt to Enterprise Value
0.00
Efficiency
Receivables Turnover
3.41
Total Asset Turnover
0.46
Liquidity
Current Ratio
3.70
Quick Ratio
3.70
Cash Ratio
3.05
Profitability
Operating Margin
28.25
Pretax Margin
30.08
Net Margin
30.08
Return on Assets
13.90
Return on Equity
23.23
Return on Total Capital
23.23
Return on Invested Capital
23.23
Capital Structure
Total Debt to Total Equity
0.00
Total Debt to Total Capital
0.00
Total Debt to Total Assets
0.00
Long-Term Debt to Equity
0.00
Long-Term Debt to Total Capital
0.00
Officers and Executives
Name Age Officer Since Title
Mr. William Charles Garriock 74 2004 Chairman
Mr. Larry Andrews - 2004 President, CEO, Director & Head-Investor Relations
Mr. Norman Charles Evans - 2007 CFO, Secretary & Investor Relations Person
Dr. Jason A. Gross - 2006 Vice President-Scientific & Medical Affairs
Mr. Peter Weiler - - Director-Portfolio Development
Insider Actions
10 bagger
12年前
CPHMF.. $4.1256
10 bagger Wednesday, June 05, 2013 11:06:06 AM
Re: 10 bagger post# 4835 Post # of 4945
Month End 05/31/2013.. Market Value: $1,435,155.00(-$50,168.00/ -3.37%) Includes $9155.00.00 Trading Profits.. Since 04/30/2013...
05/01/2013 Starting Position $1,435,155.00 Up 36.7% since YE...
CASH 662,608 $1.00 1.00 46.63%
CPHMF 39,260 $4.1256 $161,971.06
SPND 29,726 $3.31 $98,393.06
GAMR 215,180 $0.38 $81,768.40
CIBH 129,725 $0.538 $69,792.05
ENSV 55,829 $1.06 $59,178.74
GLMB 400,122 $0.13 $52,015.86
VSTI 360,467 $0.1199 $43,219.99
ICTL 63,201 $0.62 $39,184.62
ASNB 394,600 $0.08 $35,514.00
BNLB 259,013 $0.107 $27,895.70
SPCBF 93,028 $0.2488 $23,145.37
KLYG 172,434 $0.118 $20,347.21
ITSI 14,600 $0.952 $13,899.20
TOOT 57,771 $0.175 $10,109.92
BOLL 12,300 $0.91 $11,193.00
TEXC 68,194 $0.1448 $9,874.49
CONX 38,888 $0.2148 $8,353.14
ADTY 40,600 $0.15 $6,090.00
QMDT 47,300 $0.10 $4,730.00
10 bagger
12年前
CPHMF.. $3.76
10 bagger Monday, May 06, 2013 9:25:16 AM
Re: None Post # of 4945
CPHMF.. $3.76.. Cipher reports record financial results for Q1 2013.. - Revenue increases 82%, Company records earnings of $0.06 per share -
MISSISSAUGA, ON, May 3, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND); (OTC: CPHMF) today announced its financial and operational results for the three months ended March 31, 2013.
Q1 2013 Highlights
•Net revenue increased by 82% over Q1 2012 to $3.3 million.
•EBITDA of $ 1.7 million versus $0.3 million in Q1 2012.
•Net income was $1.5 million, or $0.06 per share, compared with net income of $0.1 million, or $0.01 per share, in Q1 2012.
•Cash balance increased to $16.5 million at quarter end, compared with $15.8 million at December 31, 2012 and $10.1 million at March 31, 2012.
•Expanded management team with the addition of Joan Chypyha as Vice President, Marketing and Sales.
•Subsequent to quarter end, out-licensed Latin American distribution rights for CIP-TRAMADOL ER to Tecnofarma International Ltd.
"We delivered record financial performance in the first quarter, reflecting the addition of new product revenue streams, especially the strong early results from Absorica," said Larry Andrews, President and CEO of Cipher. "Building off this good start to the year, we are working toward the Canadian launch of Epuris by Q3 and have recently added experienced marketing and sales leadership to help us build our commercial presence in Canada. In addition, we recently licensed out the Latin American rights for our extended-release tramadol product to Tecnofarma International, which has deep experience in pain therapeutics and a large sales team in the region."
Financial Review and Outlook
Net revenue for Q1 2013 was $3.3 million, an increase of 82% compared with $1.8 million in Q1 2012. The contribution from Absorica™ was particularly strong in Q1 2013, with net revenue of $2.0 million, compared with $0.1 million in Q1 2012.
Net revenue from Lipofen® was $0.8 million in Q1 2013, compared with $1.4 million in Q1 2012. In Q1 2012, the Company received a milestone payment that contributed $0.5 million in net revenue for the quarter. Net revenue from the Company's extended release tramadol product (ConZip®/Durela®) increased to $0.5 million in Q1 2013, compared with $0.3 million in Q1 2012.
Research and Development expense decreased in Q1 2013 to $0.3 million, compared with $0.5 million in Q1 2012. Operating, General and Administrative expenses for Q1 2013 were $1.3 million, compared to $1.1 million in Q1 2012.
Net income in Q1 2013 grew to $1.5 million, or $0.06 per share, compared with net income of $0.1 million, or $0.01 per share, in Q1 2012.
The Company's cash position increased at quarter end. As at March 31, 2013, Cipher had cash and cash equivalents of $16.5 million, compared with $15.8 million at December 31, 2012.
For the balance of fiscal 2013, Cipher expects continued revenue growth from its currently marketed products and the introduction of Epuris™ in Canada during the second half of 2013. In particular, the Company expects the full-year contribution of Absorica™ to be a primary revenue driver. In 2013, Cipher will be investing in commercial sales and marketing capabilities in Canada. The Company expects an increase in operating expenses of approximately $2.0 million to $2.5 million during the balance of 2013 related to the launch of Epuris™ in Canada and to support other growth initiatives. In addition to one-time launch costs associated with marketing promotion and market access for Epuris™, the Company plans to deploy a 6 to 8 person field sales force in the second half of 2013.
Cipher expects the revenue growth in 2013 to offset the additional spending required to build its commercial infrastructure in Canada.
Product Update
CIP-ISOTRETINOIN (Absorica™/Epuris™)
Absorica™ was released in the U.S. market in late November 2012. The product has performed well to date, achieving 7.5% market share by March 2013, based on total isotretinoin prescriptions. The overall U.S. isotretinoin market grew in 2012, with prescriptions increasing 11% over the prior year, and this growth has continued into 2013 with Q1 2013 prescriptions increasing 13% over the same period in the prior year.
The product was also approved by Health Canada in Q4 2012 under the trade name Epuris™. The Company is preparing to launch Epuris™ by Q3 2013 and has commenced pre-commercial activities.
Lipofen®
Lipofen® prescriptions in Q1 2013 were 4% ahead of Q1 2012 levels, and the product continues to be promoted in second detail position by Cipher's partner.
CIP-TRAMADOL ER (ConZip®/Durela®)
Cipher's extended-release tramadol was launched in the U.S. by Vertical Pharmaceuticals in September 2011 under the trade name ConZip®. Subsequent to year end, Vertical expanded its sales force to 75 representatives, which has contributed to improved performance. In Q1 2013, prescriptions grew 15% compared to Q1 2012. In Canada, Medical Futures launched the product in March 2012 under the trade name Durela®, with a dedicated sales force comprising 22 representatives. While sales to date have been below expectations, there was continued steady improvement and growth during Q1 2013.
Cipher is actively pursuing marketing partners for CIP-TRAMADOL ER and CIP-ISOTRETINOIN in other territories, including Latin America. Subsequent to quarter end, Cipher announced that the Latin American distribution rights to CIP-TRAMADOL ER have been granted to Tecnofarma International Ltd. Tecnofarma, headquartered in Uruguay, operates in 18 Latin American countries and will launch the product in certain territories, including Brazil and Mexico.
Other Products
In Q3 2012, Cipher obtained exclusive license and distribution rights in Canada to market the Betesil® Patch, a novel, patent-protected, self-adhesive medicated plaster for the treatment of inflammatory skin conditions such as plaque psoriasis. The efficacy and safety of the Betesil® Patch has been established in three successful phase III trials, and the product is currently marketed in several European countries. Cipher is working toward completion of a New Drug Submission for the product and will provide additional detail on expected timelines and plans in the coming months.
In addition, the Company is seeking other late-stage to commercial-stage product candidates in specialty markets to support its Canadian commercial strategy.
Notice of Conference Call
Cipher will hold a conference call today, May 3, 2013, at 8:30 a.m (ET) to discuss its financial results and other corporate developments. To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. A live audio webcast of the call will be available at www.cipherpharma.com. The webcast will be archived for 90 days.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: DND; OTC: CPHMF) is a growing specialty pharmaceutical company with three commercial products and a fourth in development. Our product candidates are typically improved formulations of successful, currently marketed drugs. We in-license a product, manage the required clinical development and regulatory approval process, and either out-license it to a marketing partner, or, in Canada, we may market the product ourselves. Our core capabilities are in clinical and regulatory affairs, product licensing, supply chain management, and marketing and sales. Since the Company was founded in 2000, we have achieved final regulatory approval in the U.S. and Canada for all three of our original products and completed six marketing partnerships, generating growing licensing revenue.
Forward-Looking Statements
Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in the Company's Annual Information Form and other filings with Canadian securities regulatory authorities. These factors include, but are not limited to; the applicability of patents and proprietary technology; possible patent litigation; approval of products in the Company's pipeline; marketing of products; meeting projected drug development timelines and goals; product liability and insurance; dependence on strategic partnerships and licensees; concentration of the Company's revenue; substantial competition and rapid technological change in the pharmaceutical industry; the publication of negative results of clinical trials of the Company's products; the ability to access capital; the ability to attract and retain key personnel; changes in government regulation or regulatory approval processes; dependence on contract research organizations; third party reimbursement; the success of the Company's strategic investments; the achievement of development goals and time frames; the possibility of shareholder dilution; market price volatility of securities; and the existence of significant shareholders. All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.
Cipher Pharmaceuticals Inc.
Financial Statements
For the Three Months Ended March 31, 2013
(Unaudited)
Cipher Pharmaceuticals Inc.
Balance Sheets
As at March 31, 2013 and December 31, 2012
(in thousands of Canadian dollars - unaudited)
March 31, December 31,
2013 2012
$ $
ASSETS
Current assets
Cash and cash equivalents 16,518 15,843
Accounts receivable 5,342 3,185
Prepaid expenses and other assets 139 212
21,999 19,240
Property and equipment, net 25 25
Intangible assets, net 2,413 2,690
24,437 21,955
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 4,284 2,808
Current portion of deferred revenue 2,392 2,392
6,676 5,200
Deferred revenue 3,751 4,349
10,427 9,549
SHAREHOLDERS' EQUITY
Share capital 50,374 50,339
Contributed surplus 33,295 33,227
Deficit (69,659) (71,160)
14,010 12,406
24,437 21,955
Cipher Pharmaceuticals Inc.
Statements of Operations and Comprehensive Income
Three month periods ended March 31, 2013 and 2012
(in thousands of Canadian dollars, except per share data - unaudited)
March 31, March 31,
2013 2012
$ $
Revenues
Licensing revenue 3,293 1,811
Expenses
Research and development 308 471
Operating, general and administrative 1,262 1,016
Amortization of intangible assets 277 225
Interest income (55) (26)
1,792 1,686
Income before income taxes 1,501 125
Provision for (recovery of) income taxes
Current 398 -
Deferred (398) -
Income and comprehensive income for the period 1,501 125
Basic and diluted earnings per share 0.06 0.01
Cipher Pharmaceuticals Inc.
Statements of Changes in Equity
Three month periods ended March 31, 2013 and 2012
(in thousands of Canadian dollars - unaudited)
Total
Share Contributed Shareholders'
Capital Surplus Deficit Equity
$ $ $ $
Balance, January 1, 2013 50,339 33,227 (71,160) 12,406
Income and comprehensive income for the period - - 1,501 1,501
Shares issued under the share purchase plan 35 - - 35
Share-based compensation - stock option plan - 68 - 68
Balance, March 31, 2013 50,374 33,295 (69,659) 14,010
Balance, January 1, 2012 50,172 33,032 (73,704) 9,500
Income and comprehensive income for the period - - 125 125
Shares issued under the share purchase plan 39 - - 39
Share-based compensation - stock option plan - 49 - 49
Balance, March 31, 2012 50,211 33,081 (73,579) 9,713
Cipher Pharmaceuticals Inc.
Statements of Cash Flows
Three month periods ended March 31, 2013 and 2012
(in thousands of Canadian dollars - unaudited)
March 31, March 31,
2013 2012
$ $
Cash provided by (used in)
Operating activities
Income for the period 1,501 125
Items not affecting cash:
Depreciation of property and equipment 5 7
Amortization of intangible assets 277 225
Share-based compensation - share purchase plan 5 6
Share-based compensation - stock option plan 68 49
1,856 412
Changes in non-cash operating items:
Accounts receivable (2,157) (155)
Prepaid expenses and other assets 73 92
Accounts payable and accrued liabilities 1,476 300
Deferred revenue (598) (195)
Net cash generated from operating activities 650 454
Investing activities
Purchase of property and equipment (5) (10)
Financing activities
Proceeds from shares issued under the share purchase plan 30 33
Increase in cash 675 477
Cash and cash equivalents, beginning of period 15,843 9,636
Cash and cash equivalents, end of period 16,518 10,113
Craig Armitage
Investor Relations
The Equicom Group
(416) 815-0700 ext 278
(416) 815-0080 fax
carmitage@tmxequicom.com
Larry Andrews
President and CEO
Cipher Pharmaceuticals
(905) 602-5840 ext 324
(905) 602-0628 fax
landrews@cipherpharma.com
. All trades of myTop 20 Positions posted at: http://investorshub.advfn.com/Hanks-Trading-account-10347/
My favorite board is:http://investorshub.advfn.com/Value-Microcaps-Motherboard-3251/
10 bagger
12年前
CPHMF.. $3.5849..
10 bagger Tuesday, March 26, 2013 2:25:40 PM
Re: 10 bagger post# 4774 Post # of 4945
CPHMF.. $3.5849 USD.. Since that last post CPHMF is up 18.65% and I have tried to build a position.. While I have surpassed the position I once had in BIOYF I still would like to add on down dips if any occur..
It should not be considered cheap by VMC standrds but IMO as it is selling for a PE of less than 12 on projected earnings of this year,, with a nose bleed growth rate cheap enough to warrent a major position in my portfolios.. I believe all projections in the report below will be exceeded by at least 40%....
Cipher Pharmaceuticals Ltd. is a pharmaceutical company, which is focused on commercializing novel formulations of marketed molecules by using advanced drug delivery technologies. The company has three in-licensed products, which includes Lipofen, Conzip/Durela, and CIP-ISOTRETINOIN. The Lipofen is a novel, patented formulation of the active ingredient fenofibrate, which is used in the treatment of hyperlipidemia, a cholesterol disorder. The ConZip/ Durela is a novel, extended-release formulation of the active ingredient tramadol, which is used for the management of moderate to moderately severe chronic pain. The CIP-ISOTRETINOIN is an innovative formulation of the active ingredient isotretinoin, which is used in the treatment of severe acne. The company was founded in 2000 and is headquartered in Mississauga, Canada.
=========================================================
Analyst Note
Cipher Posts Solid 2012 Financial Results
03/01/2013
Download this Press Release ()
By Jason Napodano, CFA
On March 1, 2013, Cipher Pharmaceuticals (Toronto:DND.TO) / (OTC Markets:CPHMF) reported financial results for the fourth quarter and full year ended December 31, 2012. Total revenues in the fourth quarter were $2.9 million, up 177% over the fourth quarter 2011 and nicely ahead of our estimate for revenues of $2.4 million. The revenue up-tick was driven by milestone recognition and royalties from Ranbaxy on the newly launched Absorica (CIP-Isotretinoin), which hit the market in November 2012.
A Copy Of Our Full Report Can Be Downloaded Here >> Cipher/Napodano_3/1/2013
For the full year 2012, total revenues were $8.5 million, up 137% over revenues for the full year 2011. The growth in revenues year-over-year reflects the strong performance of Lipofen (CIP-fenofibrate), including an increase in product shipments and the achievement of a $1.0 million sales milestone in the first quarter 2012. Lipofen contributed $4.6 million in revenues in 2012, up from $2.2 million in 2011. ConZip and Durela (CIP-Tramadol-ER) contributed another $1.4 million in revenues in 2012, up from $0.8 million in 2011. Absorica contributed $2.6 million in revenues in 2012, up from $0.6 million in 2011.
Operating expenses for the full year 2012 totaled approximately $6.0 million, flat with 2011. R&D expense at $1.5 million was down meaningfully from $2.2 million in 2011. OG&A expense at $3.5 million was up slightly from $3.2 million in 2011. Net income for the fourth quarter 2012 totaled $1.6 million, or $0.06 per share. This was nicely ahead of our forecast for net income of $1.2 million, or $0.4 per share. Net income in the fourth quarter 2012 compared to a loss of $0.5 million in the fourth quarter 2011. For the full year 2012, net income totaled $2.5 million, or $0.10 per share. This compared to a loss of $2.3 million in 2011.
We are impressed that the company can grow its top-line by 137% while keeping expenses essentially flat. Cipher now has 3 products on the market with Lipofen, ConZip/Durela, and the recently launched Absorica. In the past we’ve written that Absorica is a game-changer for Cipher. Cipher plans to launch Epuris in Canada during the second half of 2013, and should be in position to file for approval of Betesil Patch in Canada by the end of the year. Cipher exited 2012 with approximately $15.3 million in cash and investments, up nicely from the $9.6 million balance at the end of 2011. In fact, Cipher grew its cash balance each quarter throughout 2013. We find the current balance sufficient to fund operations for the foreseeable future, as we believe that Cipher will continue to report positive cash flow throughout 2013 even in the face of building a specialty dermatology sales force to promote Epuris and Betesil Patch in Canada.
…Stock Still Attractive…
Based on our financial projections, Cipher should report total revenues in 2013 of around $13.8 million, with net income of $5.4 million, or $0.22 per share. This equates to a P/E ratio of only 11.1x our 2013 figure. In 2014, we model growth in revenues to $21.3 million, net income of $10.1 million and EPS of $0.40. A P/E ratio of 10x our 2014 estimate for $0.40 in EPS yields a price target of $4.00 per share.
================================================================
Valuation
P/E Current 34.50
P/E Ratio (with extraordinary items)
33.46
P/E Ratio (without extraordinary items)
25.00
Price to Sales Ratio
7.21
Price to Book Ratio
4.92
Price to Cash Flow Ratio
8.99
Enterprise Value to EBITDA
19.16
Enterprise Value to Sales
7.78
Total Debt to Enterprise Value
0.00
Efficiency
Receivables Turnover
3.41
Total Asset Turnover
0.46
Liquidity
Current Ratio
3.70
Quick Ratio
3.70
Cash Ratio
3.05
Profitability
Operating Margin
28.25
Pretax Margin
30.08
Net Margin
30.08
Return on Assets
13.90
Return on Equity
23.23
Return on Total Capital
23.23
Return on Invested Capital
23.23
Capital Structure
Total Debt to Total Equity
0.00
Total Debt to Total Capital
0.00
Total Debt to Total Assets
0.00
Long-Term Debt to Equity
0.00
Long-Term Debt to Total Capital
0.00
Officers and Executives
Name Age Officer Since Title
Mr. William Charles Garriock 74 2004 Chairman
Mr. Larry Andrews - 2004 President, CEO, Director & Head-Investor Relations
Mr. Norman Charles Evans - 2007 CFO, Secretary & Investor Relations Person
Dr. Jason A. Gross - 2006 Vice President-Scientific & Medical Affairs
Mr. Peter Weiler - - Director-Portfolio Development
Insider Actions
Olde English 800
13年前
Cipher Pharmaceuticals announces FDA approval of CIP-ISOTRETINOIN ..... http://finance.yahoo.com/news/cipher-pharmaceuticals-announces-fda-approval-033000798.html ... Product to be launched as Absorica™
Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, May 27, 2012 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND; OTC: CPHMF.PK) announced today that the U.S. Food and Drug Administration (FDA) has approved Absorica™, Cipher's novel, patented brand formulation of the acne medication isotretinoin, for the treatment of severe recalcitrant nodular acne. Absorica is expected to be launched in the U.S. in Q4 2012.
"Approval of Absorica represents our third FDA approval and most important milestone to date, reflecting the great work by our Scientific Affairs team at Cipher and our partner, Galephar Pharmaceutical Research," said Larry Andrews , President and CEO of Cipher. "We look forward to working closely with our partner, Ranbaxy Laboratories Inc., in preparation for the upcoming U.S. launch of the product through its dermatology sales force."
"We are thrilled to make Absorica available as a valuable option for the dermatologist and patients who need treatment for severe recalcitrant nodular acne. Absorica is a critical milestone in our commitment to serve the dermatology community and will be the flagship brand for Ranbaxy's specialized dermatology sales force," said Venkat Krishnan, Senior Vice President and Regional Director, Americas.
As a result of the FDA approval of Absorica, Cipher will receive a US$9.0 million milestone from Ranbaxy, approximately US$4.5 million of which will be shared with Galephar. This milestone will be reflected in Cipher's cash balance at the end of Q2 2012. Going forward, Cipher will also receive royalties on net U.S. sales and is eligible for future milestone payments based on sales targets. Under the agreement with Ranbaxy, Cipher is responsible for product supply and manufacturing.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: DND; OTC: CPHMF.PK) is a growing specialty pharmaceutical company that commercializes novel formulations of successful, currently marketed molecules. Cipher's strategy is to in-license clearly differentiated products, advance them through the clinical development and regulatory approval stages, and out-license to international marketing partners. The Company's first product is a fenofibrate formulation marketed in the United States as Lipofen®. Cipher's second product, an extended-release tramadol, is marketed in the United States as ConZip™ and is marketed in Canada as Durela™. Cipher's third product, a novel formulation of the acne treatment isotretinoin, was recently approved by the FDA and is expected to be launched in Q4 2012 as Absorica™. The product is also currently being reviewed by Health Canada . For more information, please visit www.cipherpharma.com.
About Ranbaxy Laboratories Inc.
Ranbaxy Laboratories Inc. (RLI) is a U.S. based wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL). RLI is focused on the promotion of branded prescription products in the U.S. RLI has been expanding and growing on the strength of Ranbaxy's R&D efforts, and continuing exploration of novel drug delivery systems (NDDS), licensing activities, mergers and acquisitions. RLI is expanding the visibility and presence of the Ranbaxy name by bringing value-added brand products to the market. For more information, please visit www. ranbaxyusa.com.
Forward-Looking Statements
Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in the Company's Annual Information Form and other filings with Canadian securities regulatory authorities. These factors include, but are not limited to losses; the applicability of patents and proprietary technology; possible patent litigation; approval of products in the Company's pipeline; marketing of products; meeting projected drug development timelines and goals; product liability and insurance; dependence on strategic partnerships and licensees; concentration of the Company's revenue; substantial competition and rapid technological change in the pharmaceutical industry; the publication of negative results of clinical trials of the Company's products; the ability to access capital; the ability to attract and retain key personnel; changes in government regulation or regulatory approval processes; dependence on contract research organizations; third party reimbursement; the success of the Company's strategic investments; the achievement of development goals and time frames; the possibility of shareholder dilution; market price volatility of securities; and the existence of significant shareholders. All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.
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