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Cipher Pharmaceuticals Reports Fourth Quarter and Full Year 2020 Financial Results Adjusted EBITDA increases 9 % to $ 13.7 million and EPS increases 60 % to $ 0.16 ( CDN $ 0.211 ) for the full year OAKVILLE , ON , March 18 , 2021 / CNW / - Cipher Pharmaceuticals Inc. ( TSX : CPH ) ( " Cipher " or " the Company " ) today announced its financial and operating results for the three and twelve months ended December 31 , 2020. Unless otherwise noted , all figures are in U.S. dollars . Full Year 2020 Financial Highlights ( All figures in U.S. dollars , compared to 2019 , unless otherwise noted ) • Total revenue was $ 21.6 million in 2020 compared to $ 22.5 million • SG & A decreased 18.2 % to $ 6.3 million compared to $ 7.6 million • Total operating expenses decreased 6.2 % to $ 14.9 million compared to $ 15.9 million • Total operating expense excluding impairment charges declined 22.6 % • Adjusted EBITDA² increased 8.6 % to $ 13.7 million from $ 12.6 million • Earnings per common share increased 60 % to $ 0.16 from $ 0.10 Earnings per common share excluding impairment charges increased 57 % to $ 0.36 from $ 0.23 Q4 2020 Financial Highlights ( All figures in U.S. dollars , compared to Q4 2019 , unless otherwise noted ) • Total revenue increased 3.4 % to $ 6.1 million from $ 5.9 million • SG & A increased to $ 1.9 million from $ 1.3 million • Total operating expenses increased to $ 8.0 million from $ 2.2 million • Total operating expenses excluding impairment increased to $ 2.7 million from $ 2.2 million • Adjusted EBITDA² decreased to $ 3.9 million from $ 4.2 million • Net income decreased to ( $ 0.1 ) million from $ 2.6 million • • Earnings per common share decreased to ( $ 0.00 ) from $ 0.10 Earnings per common share excluding impairment increased 90 % to $ 0.19 compared to $ 0.10 Management Commentary " Fiscal 2020 results showed stable revenue and strong cost control which translated into a 8.6 % improvement in adjusted EBITDA and a 60 % increase in earnings per common share , " said Mr. Craig Mull , Interim CEO . " We continue to execute on our priorities , including reducing our cost structure , buying back our stock , utilizing cash flow to pay - off our credit line and establishing the right partnerships to drive growth . Subsequent to year end , Cipher entered into a co - promotion agreement with Verity Pharmaceuticals for the marketing , sales & co - promotion of Brinavess , Aggrastat , and Trevyent . We are excited to be working with Verity and believe their sales force will help to manage our costs efficiently and drive growth and profitability within our hospital business , " added Mr. Mull . " Net income for the quarter and full year was negatively impacted by a $ 5.3 million non - cash impairment of intangible assets related to the arbitration process with Bausch . Despite this impact , EPS for the year was still up 60 % ; If you exclude this charge , Cipher saw strong earnings growth in both the quarter and the year . " 2020 Corporate Highlights