CPHMF.. $5.65..
10 bagger Monday, July 15, 2013 9:25:57 AM
Re: 10 bagger post# 4882 Post # of 4945
CPHMF.. $5.65 Bid.. If the pre-market bid holds CPHMF will be trading at another NEW HIGH..
I did sell 4600 at an Ave. of $5.58 last week to make a tic but have no further sales planned.. $10.00 next stop..?? Present position value is $192K.. hank
10 bagger Tuesday, March 26, 2013 2:22:57 PM
Re: None Post # of 154933
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CPHMF.. $3.5849 USD.. Since that last post CPHMF is up 18.65% and I have tried to build a position.. While I have surpassed the $$$ position I once had in BIOYF I still would like to add on down dips if any occur..
It should not be considered cheap by VMC standrds but IMO as it is selling for a PE of less than 12 on projected earnings of this year,, with a nose bleed growth rate cheap enough to warrent a major position in my portfolios.. I believe all projections in the report below will be exceeded by at least 25%....
Cipher Pharmaceuticals Ltd. is a pharmaceutical company, which is focused on commercializing novel formulations of marketed molecules by using advanced drug delivery technologies. The company has three in-licensed products, which includes Lipofen, Conzip/Durela, and CIP-ISOTRETINOIN. The Lipofen is a novel, patented formulation of the active ingredient fenofibrate, which is used in the treatment of hyperlipidemia, a cholesterol disorder. The ConZip/ Durela is a novel, extended-release formulation of the active ingredient tramadol, which is used for the management of moderate to moderately severe chronic pain. The CIP-ISOTRETINOIN is an innovative formulation of the active ingredient isotretinoin, which is used in the treatment of severe acne. The company was founded in 2000 and is headquartered in Mississauga, Canada.
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Analyst Note
Cipher Posts Solid 2012 Financial Results
03/01/2013
Download this Press Release ()
By Jason Napodano, CFA
On March 1, 2013, Cipher Pharmaceuticals (Toronto:DND.TO) / (OTC Markets:CPHMF) reported financial results for the fourth quarter and full year ended December 31, 2012. Total revenues in the fourth quarter were $2.9 million, up 177% over the fourth quarter 2011 and nicely ahead of our estimate for revenues of $2.4 million. The revenue up-tick was driven by milestone recognition and royalties from Ranbaxy on the newly launched Absorica (CIP-Isotretinoin), which hit the market in November 2012.
A Copy Of Our Full Report Can Be Downloaded Here >> Cipher/Napodano_3/1/2013
For the full year 2012, total revenues were $8.5 million, up 137% over revenues for the full year 2011. The growth in revenues year-over-year reflects the strong performance of Lipofen (CIP-fenofibrate), including an increase in product shipments and the achievement of a $1.0 million sales milestone in the first quarter 2012. Lipofen contributed $4.6 million in revenues in 2012, up from $2.2 million in 2011. ConZip and Durela (CIP-Tramadol-ER) contributed another $1.4 million in revenues in 2012, up from $0.8 million in 2011. Absorica contributed $2.6 million in revenues in 2012, up from $0.6 million in 2011.
Operating expenses for the full year 2012 totaled approximately $6.0 million, flat with 2011. R&D expense at $1.5 million was down meaningfully from $2.2 million in 2011. OG&A expense at $3.5 million was up slightly from $3.2 million in 2011. Net income for the fourth quarter 2012 totaled $1.6 million, or $0.06 per share. This was nicely ahead of our forecast for net income of $1.2 million, or $0.4 per share. Net income in the fourth quarter 2012 compared to a loss of $0.5 million in the fourth quarter 2011. For the full year 2012, net income totaled $2.5 million, or $0.10 per share. This compared to a loss of $2.3 million in 2011.
We are impressed that the company can grow its top-line by 137% while keeping expenses essentially flat. Cipher now has 3 products on the market with Lipofen, ConZip/Durela, and the recently launched Absorica. In the past we’ve written that Absorica is a game-changer for Cipher. Cipher plans to launch Epuris in Canada during the second half of 2013, and should be in position to file for approval of Betesil Patch in Canada by the end of the year. Cipher exited 2012 with approximately $15.3 million in cash and investments, up nicely from the $9.6 million balance at the end of 2011. In fact, Cipher grew its cash balance each quarter throughout 2013. We find the current balance sufficient to fund operations for the foreseeable future, as we believe that Cipher will continue to report positive cash flow throughout 2013 even in the face of building a specialty dermatology sales force to promote Epuris and Betesil Patch in Canada.
…Stock Still Attractive…
Based on our financial projections, Cipher should report total revenues in 2013 of around $13.8 million, with net income of $5.4 million, or $0.22 per share. This equates to a P/E ratio of only 11.1x our 2013 figure. In 2014, we model growth in revenues to $21.3 million, net income of $10.1 million and EPS of $0.40. A P/E ratio of 10x our 2014 estimate for $0.40 in EPS yields a price target of $4.00 per share.
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Valuation
P/E Current 34.50
P/E Ratio (with extraordinary items)
33.46
P/E Ratio (without extraordinary items)
25.00
Price to Sales Ratio
7.21
Price to Book Ratio
4.92
Price to Cash Flow Ratio
8.99
Enterprise Value to EBITDA
19.16
Enterprise Value to Sales
7.78
Total Debt to Enterprise Value
0.00
Efficiency
Receivables Turnover
3.41
Total Asset Turnover
0.46
Liquidity
Current Ratio
3.70
Quick Ratio
3.70
Cash Ratio
3.05
Profitability
Operating Margin
28.25
Pretax Margin
30.08
Net Margin
30.08
Return on Assets
13.90
Return on Equity
23.23
Return on Total Capital
23.23
Return on Invested Capital
23.23
Capital Structure
Total Debt to Total Equity
0.00
Total Debt to Total Capital
0.00
Total Debt to Total Assets
0.00
Long-Term Debt to Equity
0.00
Long-Term Debt to Total Capital
0.00
Officers and Executives
Name Age Officer Since Title
Mr. William Charles Garriock 74 2004 Chairman
Mr. Larry Andrews - 2004 President, CEO, Director & Head-Investor Relations
Mr. Norman Charles Evans - 2007 CFO, Secretary & Investor Relations Person
Dr. Jason A. Gross - 2006 Vice President-Scientific & Medical Affairs
Mr. Peter Weiler - - Director-Portfolio Development
Insider Actions
