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Cipher Pharmaceuticals (CPH) investor relations material
Cipher Pharmaceuticals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved strong growth in Q3 2025, with revenue up 24% year-over-year to $12.8 million, driven by U.S. Natroba sales and Canadian portfolio gains.
Natroba sales reached $8.1 million in Q3 2025, up 4% sequentially, and contributed $22.5 million year-to-date.
Adjusted EBITDA rose 79% to $7.3 million in Q3 2025, with net income increasing to $5.5 million from $0.3 million in Q3 2024.
Significant debt reduction, with $17 million repaid in Q3 and $32 million year-to-date, lowering the revolving credit facility to $8 million.
Recent acquisition of Natroba in July 2024 expanded the U.S. dermatology platform and offers market share growth opportunities.
Financial highlights
Q3 2025 net revenue was $12.8 million, up 24% year-over-year; year-to-date revenue reached $38.2 million, up 78%.
Canadian product portfolio revenue grew 5% in Q3 and 18% year-to-date.
Licensing revenue declined 28% in Q3 and 44% year-to-date, mainly due to lower Absorica and Lipofen royalties.
Adjusted EBITDA for Q3 and year-to-date was $7.3 million and $21.1 million, up 79% and 97% year-over-year.
Gross margin was 82% in Q3 2025, up from 81% in Q3 2024.
Outlook and guidance
Direct-to-consumer sales model for Natroba to launch in early 2026, aiming to drive further U.S. growth.
Plans to launch Natroba in Canada, with a new drug submission to Health Canada in Q4 2025.
Outlicensing opportunities for Natroba being explored globally, with focus on Europe and Japan.
Actively pursuing complementary product in-licensing and acquisition opportunities aligned with U.S. operations.
Substantial liquidity for growth, with $82 million USD growth capital available and low leverage profile.
How many states are considering Natroba as preferred?
Post-debt, what is the capital allocation plan?
How is Natroba's resistance advantage leveraged?
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Next Cipher Pharmaceuticals earnings date
Q4 202519 Mar, 2026
Next Cipher Pharmaceuticals earnings date
Q4 202519 Mar, 2026
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Frequently asked questions
Cipher Pharmaceuticals Inc. is a specialty pharmaceutical company focused on dermatology. It acquires, develops, and markets prescription products for skin-related conditions through in-licensed and proprietary therapies. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
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