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Cadence Pharmaceuticals Reports Fourth Quarter and Full Year 2012 Financial Results
Date:3/7/2013

SAN DIEGO, March 7, 2013 /PRNewswire/ -- Cadence Pharmaceuticals, Inc. (NASDAQ: CADX), a biopharmaceutical company focused on acquiring, in-licensing, developing and commercializing proprietary products principally for use in the hospital setting, today reported financial results for the fourth quarter and full year ended December 31, 2012.

For the fourth quarter of 2012, Cadence reported net product revenue from sales of OFIRMEV® (acetaminophen) injection of $17.1 million, nearly three times the amount reported for the fourth quarter of 2011. Additionally, during the fourth quarter of 2012, the company entered into an agreement to terminate its option to purchase Incline Therapeutics, Inc., in connection with the sale of Incline to a third party. As a result, Cadence received a payment of $13.1 million for the waiver of its option plus an additional $1.5 million for the shares of Incline stock held by the company in connection with the closing of the transaction in January 2013. Other recent highlights include the following:

  • Net product revenue for the fourth quarter of 2012 was $17.1 million, an increase of $3.2 million, or 23%, from the $13.9 million in net product revenue received during the third quarter of 2012.
  • Net product revenue for the twelve months ended December 31, 2012, was $50.1 million, more than four times the $11.5 million in net product revenue reported for 2011.
  • The company had over 3,750 unique customer accounts as of December 31, 2012, an increase of 8% from the third quarter of 2012, and 66% from the fourth quarter of 2011.
  • The average number of orders per customer increased more than 16% for the fourth quarter of 2012 as compared to the fourth quarter of 2011.  Further, the average order size during the same period increased approximately 40%.
  • The gross margin on sales of OFIR
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  • SOURCE Cadence Pharmaceuticals, Inc.
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