Cipher Pharmaceuticals (CPH) investor relations material

Executive summary

• Fiscal 2025 revenue reached a record $50.5 million, up 51% year-over-year, with net income of $27.3 million, up 137% from 2024, driven by the acquisition and strong performance of the US-based Natroba business.

• Adjusted EBITDA for 2025 was $28.1 million, a 79% increase over 2024, with strong cash generation and significant debt reduction.

• U.S. business, led by Natroba™, drove growth, with U.S. revenue up 150% to $30.0 million; Canadian base business remained stable with $20.5 million in revenue.

• Management focused on integrating acquisitions, capital allocation, and preparing for further growth opportunities.

Financial highlights

• Q4 2025 net revenue was $12.2 million, up 3% year-over-year, with Natroba contributing $7.4 million (+14%).

• Full-year 2025 net revenue was $50.5 million, up 51% from 2024; product revenue rose 75% to $46.9 million.

• Gross margin for 2025 was 83% for Natroba and 81% overall in Q4, up from 57% in Q4 2024.

• Net income for 2025 was $27.3 million ($1.05/diluted share), up from $11.5 million ($0.46/diluted share) in 2024; basic EPS was $1.07, up from $0.47.

• Adjusted EBITDA for 2025 was $28.1 million, up 79% from 2024.

Outlook and guidance

• Expectation to launch Natroba in Canada pending Health Canada review, with a decision anticipated by end of 2026.

• New direct-to-consumer (DTC) platform for Natroba launched in the US, expected to drive growth and potentially lower sales costs.

• Focus remains on profitability, market share growth for Natroba™ in the U.S., and pursuing accretive acquisitions and global out-licensing.

• Access to $85 million in available debt financing supports future growth initiatives.