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MONTREAL, CANADA -- (Marketwire) -- 02/28/13 -- Paladin Labs Inc. (TSX: PLB), a leading Canadian specialty pharmaceutical company, today reported its financial results for the fourth quarter and year ended December 31, 2012. The Company has achieved its 17th consecutive year of record revenues and its 10th consecutive year of record EBITDA(1).
2012 Highlights
Financial
-- Adjusted(2) revenues for 2012 totalled a record $179.0 million an increase of 27% over 2011-- Adjusted(2)EBITDA(1) for 2012 increased 17% to a record $79.0 million compared to $67.7 million in 2011-- Sales of promoted products including: Tridural®, Trelstar®, Testim®, Metadol®, Abstral®, Digifab®, Plan B®, Glucagen®, Urocit®-K and and Oralair® grew 13% in 2012 compared to 2011
Product Development
-- Filed a New Drug Submission (NDS) and obtained approval for Silenor®-- Received regulatory approval from Health Canada and subsequently launched Oralair®-- Filed a Non-Traditional Product License Application for Travelan®-- Entered into a licensing agreement with QRxPharma Limited (ASX:QRX and OTCQX:QRXPY), for MOXDUO®-- Entered into a licensing and distribution agreement with Dynamiclear Australia, for Dynamiclear Rapid™-- Entered into an exclusive distribution agreement with Moberg Derma for Emtrix™-- Entered into agreement to loan Nuvo Research Inc. (TSX: NRI) $8.0 million in two equal tranches, of which $4.0 million was advanced on closing
Corporate Development
-- Announced closing of the 44.54% acquisition of Litha Healthcare Group ("Litha" - JSE:LHG) effective July 2, 2012-- Initiated launch of commercial operations in Latin America with acquisition of a controlling stake of 50.01% in Ativa Pharma S.A. ("Ativa") effective January 1, 2013-- Appointed Jonathan Ross Goodman as Chairman of the Board of Directors of PaladinSubsequent to year end
-- Entered into a Canadian distribution agreement with Allergy Therapeutics plc (AIM: AGY) for Pollinex®-R with an option to add Sub-Saharan Africa-- Entered into an exclusive licensing agreement with Apeiron Biologics AG for APN311, in Canada and Sub-Saharan Africa
"The year 2012 further demonstrated our ability to leverage our expertise into opportunity and growth through the expansion of our footprint in Africa and the initiation of our expansion into Latin America. Our ability to capitalize on opportunities and to continue to deliver on growth both locally and internationally is demonstrated through our record 2012 results and record cash position of $258.0 million" said Mark Beaudet, interim President and CEO of Paladin Labs.
Financial Results
Adjusted(2) revenues increased $37.5 million or 27% to a record $179.0 million in 2012 from $141.5 million in 2011. For the quarter ended December 31, 2012, Paladin recorded adjusted(2) revenues of $52.6 million compared to $37.1 million in the fourth quarter of 2011, a 42% year over year increase. The increase is mostly attributable to the proportionate consolidation of Litha's revenues of $12.1 million for the quarter and $25.1 million for the second half of the year. In addition, revenues further increased as a result of incremental revenues from products acquired and/or launched by Paladin including corporate acquisitions since 2011, which contributed $10.2 million for the year. In addition, the sales growth of certain significant promoted products, including Tridural®, Trelstar®, Testim®, Metadol®, Abstral®, Digifab®, Plan B®, Glucagen®, Urocit®-K and Oralair®, combined increased by 13% for the quarter and year.
