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Pharmagen Announces Year-End Financial Results
Date:4/1/2013

SILVER SPRING, Md., April 1, 2013 /PRNewswire/ -- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or "Pharmagen") today announced financial results for the fiscal year ended December 31, 2012. On a consolidated basis, net revenues for the fiscal year 2012 totaled $4.26 mln vs. 2011 of $863K, representing 490% growth year-over-year. The company had one-time, non-recurring expenses of $1.2 mln related to going public and the investments it made in building a foundation for future growth. The company spent much of 2012 building the cornerstones for a move toward profitability in 2013. This included acquiring BryceRx Laboratories, Inc., which not only grew the company's topline with prescription based revenue but also dramatically increased the company's gross profit.

Pharmagen's branded OTC product, Clotamin™, has demonstrated consistent momentum growing from being carried in several hundred stores to being carried nationally at over 7,000 locations at one of the leading pharmacy chains in the world. The company has made significant investments in Clotamin and expects continued growth of the product across other major national retailers and internationally.

From a brand prospective, the company went through a strategic realignment. Pharmagen is now moving toward being the leader in pragmatic solutions to the drug shortage crisis in the United States. With a multifaceted approach, the company is meeting the demands of the health provider market through dynamic, independent wholesale, compounding/admix, and innovative IT solutions. The company grew its Pharmagen Distribution pharmaceutical wholesale license base to 47 states and continues to rapidly grow Pharmagen Laboratories license base as well. The company made significant investment across the board from IT, accounting, equipment and personnel.

Pharmagen brought on a Chief Financial Officer from a major hospital system, '/>"/>

SOURCE Pharmagen, Inc.
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