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GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Earnings

Cipher Pharmaceuticals Reports Fourth Quarter Results and Full Year 2025 Record Revenue and Earnings

By The Northwire Desk — AI Analysis Mar 12, 2026 · 17:00 CPH · 14.42 CIPHER PHARMACEUTICALS INC.
CPH · Price

Executive Summary

  • Cipher Pharmaceuticals reported record full‑year 2025 revenue of $50.5 M (↑51% YoY) and net income of $27.3 M (↑137% YoY).
  • Adjusted EBITDA reached $28.1 M for the year (↑79% YoY); Q4 adjusted EBITDA was $7.0 M (↑40% YoY).
  • Debt repayments of $35.0 M reduced revolving credit facility balance to $5.0 M, leaving $85 M of available debt capacity and a cash balance of $7.5 M.

Key Details

  • Full Year 2025 Financial Highlights
  • Total revenue: $50.5 M (vs. $33.4 M in 2024)
  • U.S. business revenue: $30.0 M, up 150% YoY
  • Canadian product portfolio revenue: +15% YoY
  • Net income: $27.3 M (vs. $11.5 M in 2024)
  • Adjusted EBITDA: $28.1 M (vs. $15.7 M in 2024)
  • Basic EPS: $1.07 (vs. $0.47 in 2024)

  • Operating cash flow: $29.7 M (vs. $19.5 M in 2024)

  • Q4 2025 Financial Highlights

  • Revenue: $12.2 M (vs. $11.8 M Q4‑24)
  • Natroba™ revenue: $7.4 M (↑14% YoY)
  • Epuris revenue: $3.7 M (↑6% YoY)
  • Net income: $13.3 M (vs. $3.3 M Q4‑24)

  • Adjusted EBITDA: $7.0 M (vs. $5.0 M Q4‑24)

  • Share Repurchases

  • Normal Course Issuer Bid (NCIB): $5.4 M total repurchased in FY2025; Q4‑25 average price CDN $14.22 per share for 160,962 shares.

  • Debt & Liquidity

  • Revolving credit facility repayments: $35.0 M during FY2025.
  • Remaining term debt: $5.0 M (down from $40.0 M at end‑2024).

  • Available borrowing capacity: $60.0 M plus a $25.0 M accordion option; total $85 M committed facility.

  • Corporate Highlights

  • April 29 2025 – Natroba™ received preferred step‑through status on Illinois Medicaid, superseding competitor Permethrin 5%.
  • May 1 2025 – TSX approved NCIB authorizing purchase of up to 1,485,260 shares (10% of float).

  • Jan 28 2026 – Health Canada accepted Natroba™ New Drug Submission for review.

  • Management Commentary

  • Interim CEO Craig Mull noted the company “more than doubled” revenue and earnings post‑Natroba™ acquisition.

  • CFO Ryan Mailling highlighted near‑full repayment of revolving credit, strong cash flow, and $85 M of available debt financing to fund future growth.

  • Outlook & Strategy

  • Focus on expanding Natroba™ market share in the U.S., pursuing accretive acquisitions, obtaining Health Canada approval for Natroba™, and out‑licensing globally.

  • Conference Call

  • Date: March 13 2026, 8:30 a.m. ET; dial‑in numbers and webcast link provided.
Read the original news release →

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Earnings