Sagent 3Q revenues increase 15 percent

SCHAUMBURG - Sagent Pharmaceuticals said business growth and the recent acquisition of Omega laboratories helped boost the niche drugmaker third quarter 2015 revenues by 15 percent.

The company reported revenues of $75.2 million during the quarter. an increase of $9.8 million over the same period in 2014. The increase was driven by the $7.3 million from the addition of Omega on Oct 2014, as well the launch of new products since Sept. 30, 2014.

"Our extensive base business offering, inherent operating leverage and flexibility of our partnership model for product development and supply will enable us to drive significant value over the next several years from the new product pipeline," said Allan Oberman, Sagent's Chief Executive Officer.

"This is further supported by the positive backdrop of strong growth and demand for generic injectable and related hospital pharmaceutical products which should provide additional opportunities for growth in the future," Oberman added.

Gross profit for the third quarter of 2015 was $24.4 million, or 32.4 percent of net revenue, compared to $18.8 million, or 28.7 percent of net revenue, in the third quarter of 2014.

For the remainder of 2015, the company anticipates net revenue to be in the range of $305 to $330 million and adjusted gross profit as a percentage of net revenue in the range of 25 percent to 28 percent.