Despite maintaining robust gross margins consistently near 85%, the company remains unable to achieve profitability, with SG&A expenses frequently exceeding $7 million per quarter.
Cumberland Pharmaceuticals Inc. (CPIX) annual income statement — 21-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 31.27M | 44.52M | 37.87M | 39.55M | 42.01M | 35.99M | 37.44M | 34.39M | 40.74M | 41.15M | 33.03M | 33.52M | 36.9M | 32.03M | 48.85M | 51.14M | 45.88M | 43.54M | 35.08M | 28.06M | 17.82M | 10.69M |
| Revenue Growth % | -25.68% | 17.57% | -4.26% | -5.85% | 16.75% | -3.89% | 8.88% | -15.59% | -0.99% | 24.6% | -1.47% | -9.17% | 15.22% | -34.44% | -4.48% | 11.48% | 5.37% | 24.13% | 24.98% | 57.52% | 66.66% | - |
| Cost of Goods Sold | 5.2M | 6.67M | 6.59M | 6.07M | 9.12M | 8.81M | 8.65M | 7.42M | 7.38M | 7.37M | 5.96M | 4.97M | 5.05M | 5.44M | 5.05M | 5.36M | 3.59M | 4.14M | 3.05M | 2.67M | 2.4M | 533.26K |
| COGS % of Revenue | - | 14.98% | 17.39% | 15.34% | 21.71% | 24.49% | 23.11% | 21.58% | 18.11% | 17.91% | 18.04% | 14.82% | 13.69% | 16.98% | 10.33% | 10.49% | 7.82% | 9.5% | 8.68% | 9.51% | 13.47% | 4.99% |
| Gross Profit | 26.07M | 37.85M | 31.28M | 33.49M | 32.89M | 27.17M | 28.79M | 26.97M | 33.36M | 33.78M | 27.07M | 28.55M | 31.85M | 26.59M | 43.81M | 45.78M | 42.29M | 39.4M | 32.03M | 25.39M | 15.42M | 10.16M |
| Gross Margin % | 83.37% | 85.02% | 82.61% | 84.66% | 78.29% | 75.51% | 76.89% | 78.42% | 81.89% | 82.09% | 81.96% | 85.18% | 86.31% | 83.02% | 89.67% | 89.51% | 92.18% | 90.5% | 91.32% | 90.49% | 86.53% | 95.01% |
| Gross Profit Growth % | - | 21.01% | -6.58% | 1.8% | 21.04% | -5.61% | 6.75% | -19.17% | -1.23% | 24.8% | -5.2% | -10.35% | 19.79% | -39.3% | -4.31% | 8.25% | 7.33% | 23.01% | 26.13% | 64.72% | 51.79% | - |
| Operating Expenses | 35.69M | 40.65M | 37.71M | 43.04M | 38.6M | 34.85M | 35.17M | 36.26M | 40.75M | 37.86M | 28.5M | 27.44M | 28.29M | 30.39M | 34.99M | 35.93M | 35.79M | 33.62M | 24.75M | 18.67M | 13.19M | 9.41M |
| OpEx % of Revenue | - | 91.3% | 99.59% | 108.82% | 91.87% | 96.85% | 93.93% | 105.43% | 100.03% | 92.01% | 86.3% | 81.86% | 76.66% | 94.89% | 71.62% | 70.26% | 78.01% | 77.23% | 70.56% | 66.52% | 74.05% | 88% |
| Selling, General & Admin | 27.42M | 31.05M | 28.15M | 29.1M | 26.84M | 24.8M | 24.96M | 25.25M | 30.66M | 31.52M | 23.12M | 21.6M | 23.3M | 23.88M | 29.43M | 30.14M | 30.66M | 27.84M | 19.53M | 14.19M | 10.35M | 8.24M |
| SG&A % of Revenue | - | 69.73% | 74.34% | 73.58% | 63.89% | 68.9% | 66.67% | 73.43% | 75.26% | 76.61% | 69.99% | 64.45% | 63.15% | 74.55% | 60.24% | 58.93% | 66.84% | 63.94% | 55.67% | 50.57% | 58.08% | 77.04% |
| Research & Development | 5.03M | 5.57M | 4.82M | 5.83M | 6.69M | 5.68M | 5.77M | 6.87M | 7.32M | 3.9M | 3.19M | 3.85M | 3.39M | 5.62M | 5.1M | 5.03M | 4.33M | 4.99M | 4.43M | 3.69M | 2.23M | 1.16M |
| R&D % of Revenue | - | 12.5% | 12.72% | 14.75% | 15.92% | 15.8% | 15.42% | 19.97% | 17.97% | 9.48% | 9.66% | 11.48% | 9.19% | 17.53% | 10.43% | 9.83% | 9.43% | 11.47% | 12.63% | 13.16% | 12.53% | 10.83% |
| Other Operating Expenses | 2.97M | 4.03M | 4.75M | 8.1M | 5.07M | 4.37M | 4.43M | 4.13M | 2.77M | 2.44M | 2.19M | 1.99M | 1.6M | 896.16K | 466.13K | 655.3K | 686.91K | 793.68K | 791.11K | 783.43K | 611.61K | 13.49K |
| Operating Income | -9.63M | -2.79M | -6.43M | -9.55M | -5.7M | -7.68M | -6.38M | -9.29M | -7.39M | -4.08M | -1.43M | -1.11M | 3.56M | -3.8M | 8.82M | 9.85M | 6.5M | 5.78M | 7.28M | 6.73M | 2.22M | 749.92K |
| Operating Margin % | -30.79% | -6.27% | -16.99% | -24.16% | -13.58% | -21.34% | -17.04% | -27.01% | -18.14% | -9.92% | -4.34% | -3.32% | 9.64% | -11.87% | 18.05% | 19.26% | 14.17% | 13.27% | 20.76% | 23.96% | 12.48% | 7.02% |
| Operating Income Growth % | - | 56.59% | 32.68% | -67.48% | 25.69% | -20.31% | 31.29% | -25.67% | -81.09% | -184.79% | -28.92% | -131.24% | 193.62% | -143.11% | -10.47% | 51.49% | 12.55% | -20.67% | 8.28% | 202.42% | 196.55% | - |
| EBITDA | -5.95M | 2.49M | -389.11K | -1.45M | -376.82K | -3.07M | -1.63M | -4.88M | -4.41M | -1.43M | 963.78K | 1.14M | 5.55M | -2.5M | 9.72M | 10.89M | 7.48M | 6.59M | 8.07M | 7.49M | 2.81M | 803.45K |
| EBITDA Margin % | -19.02% | 5.6% | -1.03% | -3.67% | -0.9% | -8.53% | -4.36% | -14.2% | -10.82% | -3.48% | 2.92% | 3.39% | 15.04% | -7.8% | 19.9% | 21.29% | 16.3% | 15.14% | 23% | 26.68% | 15.78% | 7.52% |
| EBITDA Growth % | -310.41% | 740.93% | 73.2% | -285.34% | 87.73% | -88.06% | 66.56% | -10.8% | -207.48% | -248.75% | -15.1% | -79.54% | 321.98% | -125.72% | -10.75% | 45.58% | 13.45% | -18.29% | 7.76% | 166.31% | 249.94% | - |
| D&A (Non-Cash Add-back) | 3.68M | 5.29M | 6.04M | 8.1M | 5.33M | 4.61M | 4.75M | 4.4M | 2.98M | 2.65M | 2.4M | 2.25M | 1.99M | 1.3M | 901.65K | 1.04M | 978.4K | 816.5K | 786.6K | 762.22K | 587.74K | 53.54K |
| EBIT | -9.32M | -2.33M | -5.86M | -5.62M | -5M | -5.46M | -6.31M | -9.04M | -10.61M | -3.78M | -1.23M | 1.32M | 3.81M | -3.57M | 9.12M | 10.06M | 6.7M | 5.86M | 7.52M | 7.11M | 2.43M | 833.52K |
| Net Interest Income | 53.26K | -19.24K | -271.06K | -381.01K | -487.59K | -71.95K | -188.28K | -2.82K | 368.64K | 206.42K | 98.27K | 135.33K | 184.37K | 126.87K | 232.88K | -142.77K | -1.22M | -693.56K | 27.98K | -256.67K | -513.13K | 26.04K |
| Interest Income | 362.46K | 476.75K | 334.44K | 286.85K | 98.41K | 26.08K | 75.34K | 243.36K | 564.48K | 299.33K | 204.66K | 209.18K | 251.45K | 230.29K | 304.87K | 210.73K | 200.21K | 79.36K | 241.28K | 382.92K | 208.68K | 89.24K |
| Interest Expense | 309.2K | 495.99K | 605.51K | 667.86K | 586K | 98.03K | 263.63K | 246.19K | 195.85K | 92.9K | 106.39K | 73.86K | 67.07K | 103.42K | 71.98K | 353.5K | 1.42M | 772.93K | 213.3K | 639.59K | 721.8K | 63.2K |
| Other Income/Expense | 40.04K | -32.46K | -33.98K | 3.27M | 123.74K | 2.12M | -188.28K | -2.82K | 368.64K | 206.42K | 98.27K | 135.33K | 184.37K | 126.87K | 232.88K | -142.77K | -1.22M | -693.56K | 27.98K | -256.67K | -515.93K | 20.4K |
| Pretax Income | -9.59M | -2.82M | -6.47M | -6.28M | -5.58M | -5.56M | -6.57M | -9.29M | -7.02M | -3.87M | -1.33M | 1.25M | 3.74M | -3.67M | 9.05M | 9.71M | 5.28M | 5.08M | 7.31M | 6.47M | 1.71M | 770.32K |
| Pretax Margin % | -30.66% | -6.34% | -17.08% | -15.89% | -13.29% | -15.46% | -17.55% | -27.02% | -17.24% | -9.42% | -4.04% | 3.72% | 10.14% | -11.47% | 18.53% | 18.98% | 11.51% | 11.68% | 20.84% | 23.05% | 9.59% | 7.21% |
| Income Tax | 36.66K | 40.26K | -22.67K | 45.77K | 68.85K | 34.89K | 55.9K | -79.32K | 16.64K | 4.17M | -330.92K | 575.83K | 1.38M | -1.52M | 3.24M | 4.08M | 2.85M | 2.02M | 2.54M | 2.42M | -2.7M | -1.18M |
| Effective Tax Rate % | -0.38% | -1.43% | 0.35% | -0.73% | -1.23% | -0.63% | -0.85% | 0.85% | -0.24% | -107.74% | 24.79% | 46.18% | 36.89% | 41.45% | 35.85% | 42.03% | 54.02% | 39.82% | 34.8% | 37.48% | -157.88% | -153.7% |
| Net Income | -10.61M | -2.84M | -6.48M | -6.28M | -5.57M | -3.51M | -3.34M | -3.54M | -6.96M | -7.98M | -944.68K | 731.35K | 2.42M | -2.1M | 5.84M | 5.66M | 2.46M | 3.09M | 4.77M | 4.04M | 4.4M | 1.95M |
| Net Margin % | -33.92% | -6.37% | -17.11% | -15.88% | -13.26% | -9.75% | -8.92% | -10.29% | -17.09% | -19.39% | -2.86% | 2.18% | 6.57% | -6.57% | 11.96% | 11.06% | 5.36% | 7.1% | 13.59% | 14.41% | 24.72% | 18.28% |
| Net Income Growth % | -261.8% | 56.23% | -3.19% | -12.73% | -58.81% | -5.04% | 5.61% | 49.19% | 12.73% | -744.58% | -229.17% | -69.83% | 215.16% | -136.02% | 3.26% | 130.31% | -20.53% | -35.14% | 17.85% | -8.18% | 125.37% | - |
| Net Income (Continuing) | -9.62M | -2.86M | -6.44M | -6.33M | -5.65M | -5.6M | -6.63M | -9.21M | -10.82M | -8.05M | -1M | 671.11K | 2.36M | -2.15M | 5.81M | 5.63M | 2.43M | 3.06M | 4.77M | 4.04M | 4.4M | 1.95M |
| Discontinued Operations | -1000K | 0 | 0 | 0 | 0 | 1.99M | 3.21M | 5.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -331.56K | -336.1K | -307.52K | -343.57K | -292.13K | -212.33K | -117.12K | -37.62K | -274.27K | -198.56K | -127.38K | -68.13K | -7.88K | -176.64K | -129.83K | -93.55K | -62.2K | -32.54K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.71 | -0.19 | -0.46 | -0.44 | -0.38 | -0.24 | -0.22 | -0.23 | -0.45 | -0.50 | -0.06 | 0.04 | 0.14 | -0.11 | 0.30 | 0.28 | 0.12 | 0.17 | 0.29 | 0.24 | 0.27 | 0.12 |
| EPS Growth % | -224.73% | 58.7% | -4.55% | -15.79% | -58.33% | -9.09% | 4.35% | 48.89% | 10% | -759.11% | -245.5% | -71.43% | 227.27% | -136.67% | 7.14% | 133.33% | -29.41% | -41.38% | 20.83% | -11.11% | 125% | - |
| EPS (Basic) | - | -0.19 | -0.46 | -0.44 | -0.38 | -0.24 | -0.22 | -0.23 | -0.45 | -0.50 | -0.06 | 0.04 | 0.14 | -0.11 | 0.30 | 0.28 | 0.12 | 0.22 | 0.47 | 0.40 | 0.45 | 0.21 |
| Diluted Shares Outstanding | 14.98M | 14.96M | 14.06M | 14.3M | 14.56M | 14.9M | 15.16M | 15.4M | 15.61M | 15.91M | 16.24M | 17.09M | 17.9M | 18.33M | 19.79M | 20.57M | 21.06M | 18.23M | 16.54M | 16.58M | 16.45M | 16.09M |
| Basic Shares Outstanding | 14.98M | 14.96M | 14.06M | 14.3M | 14.56M | 14.9M | 15.16M | 15.4M | 15.57M | 15.91M | 15.74M | 16.72M | 17.62M | 18.33M | 19.56M | 20.34M | 20.33M | 14.2M | 10.14M | 10.03M | 9.8M | 9.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CPIX stock.
For fiscal year 2025, Cumberland Pharmaceuticals Inc. (CPIX) reported total revenue of $44.5M. This represents a 316.5% increase compared to $10.7M in 2005.
Cumberland Pharmaceuticals Inc. (CPIX) reported a net loss of $2.8M for the fiscal year ending 2025.
Cumberland Pharmaceuticals Inc. (CPIX) reported an operating income of $-2.8M, resulting in an operating profit margin of -6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cumberland Pharmaceuticals Inc. (CPIX) generated $37.9M in gross profit for the year, representing a gross profit margin of 85.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Operating Losses
Metrics are mathematically derived from official filings.
Volatile Revenue Growth Patterns Observed
According to the provided financial data, Cumberland Pharmaceuticals has experienced significant revenue volatility, with a 22% contraction in 2026Q1 following a 31.1% expansion in 2025Q4, suggesting that the company's top-line performance remains highly sensitive to lumpy hospital procurement cycles and potential inventory adjustments across its niche product portfolio.
The lack of consistent sequential growth indicates that the company's revenue base is not yet anchored by predictable, recurring demand. Investors should monitor whether this volatility is a structural feature of their hospital-focused sales model or if it reflects temporary disruptions in the supply chain for their specialized injectables.
High Gross Margins Mask Profitability
As reported in financial statements, CPIX maintains a robust gross margin profile, consistently hovering around 85%, which highlights the premium nature of their branded hospital products despite the company's inability to translate this efficiency into positive operating income during the most recent quarterly reporting periods.
The wide gap between gross and operating margins suggests that the company's cost structure is heavily weighted toward fixed sales and marketing infrastructure. This implies that the business model requires a significantly higher revenue scale to achieve operating leverage, as current volumes are insufficient to absorb the necessary overhead.
Operating Leverage Remains Elusive
Based on the reported figures, operating expenses continue to outpace gross profit generation, resulting in persistent negative operating margins that reached -34.3% in 2026Q1, indicating that the company has yet to reach the critical mass required to achieve meaningful operating leverage in its current commercial configuration.
The inability to scale operating income alongside revenue growth suggests that SG&A costs are largely fixed rather than variable. This warrants further investigation into whether management can optimize their sales force deployment or if the current cost structure is a permanent requirement for maintaining their hospital formulary presence.
Fixed Cost Burden Constrains Earnings
Data from the income statement reveals that SG&A remains the primary driver of the company's negative bottom line, with quarterly expenditures frequently exceeding $7 million, a level that consistently overwhelms the gross profit generated by their specialized pharmaceutical portfolio during periods of lower revenue realization.
The company's reliance on a dedicated acute-care sales force appears to create a high floor for operating expenses that is difficult to adjust in response to revenue fluctuations. This cost rigidity implies that the company is highly vulnerable to any sustained downturn in hospital demand or delays in new product adoption.
Binary Risks Overshadow Operational Stability
While the company maintains a clean balance sheet, the persistent cash burn and reliance on clinical milestones for ifetroban suggest that the current valuation may be more reflective of speculative biotech potential than the underlying performance of their legacy branded hospital product business, according to recent filings.
Short-term investors should be wary of the potential for further equity dilution if the company cannot reach a self-sustaining revenue level before cash reserves are exhausted. The market's current pricing may be ignoring the significant execution risk inherent in transitioning from a niche commercial platform to a successful clinical-stage developer.