SCHAUMBURG, Ill. — Third-quarter net revenue for Sagent Pharmaceuticals jumped 94% to $41.3 million, thanks to several new product launches during the period.
Gross profit for the quarter ended Sept. 30 was $6.9 million, or 16.8% of net revenues, compared with $2.7 million, or 12.9% of net revenues, in the year-ago period.
"I am very pleased with the growth we achieved during the quarter, nearly doubling our gross margin percentage from the second quarter," Sagent founder, board chairman and CEO Jeffrey Yordon said. "We have seen strong demand for our new product launches, especially levofloxacin, where we were the first company to launch and gemcitabine. In addition, we have been able to help alleviate market shortages through the launches of vecuronium and paclitaxel. We expect to continue our revenue and gross margin momentum in the fourth quarter, while focusing on the launch of 40 additional products, which are represented by 75 [abbreviated new drug applications] that have been recently approved or are pending approval by the [Food and Drug Administration]."