sagent pharmaceuticals inc (SGNT) Key Developments
Sagent Pharmaceuticals, Inc. Initiates Nationwide Voluntary Recall of Three Lots of Vecuronium Bromide for Injection, 10mg Manufactured by Mustafa Nevzat Ilaç Sanayii A.S. Due to Elevated Impurity Levels
Jun 7 13
Sagent Pharmaceuticals, Inc. announced the voluntary nationwide recall of three lots of Vecuronium Bromide for Injection 10mg (NDC number 25021-657-10) manufactured by Mustafa Nevzat Ilac Sanayii A.S. (MN Pharmaceuticals) and distributed by Sagent. Sagent has initiated this voluntary recall of Vecuronium Bromide for Injection to the user level due to the discovery of an elevated impurity result detected during routine quality testing of stability samples at the 18-month interval. The elevated impurity result has the potential to result in prolonged neuromuscular blockade for critically ill patients with renal failure. Sagent is not aware of any adverse patient events resulting from the use of this product and is continuing its diligent investigation of the situation. The lot numbers being recalled are: 11I30481A, 11I30721A and 11I32581A, which were distributed to hospitals, wholesalers and distributors nationwide from January 2012 through May 2012. Vecuronium Bromide for Injection is a neuromuscular blocking agent indicated as an adjunct to general anesthesia, to facilitate endotracheal intubation and to provide skeletal muscle relaxation during surgery or mechanical ventilation and is supplied in a glass vial. Sagent's Distributor DDN is notifying Sagent's distributors and customers by fax, email and certified mail and is arranging for return of all recalled product.Customers have been instructed to examine their inventory immediately and to quarantine, discontinue distribution of and return all recalled lots of the product. Customers who may have further distributed this product have been requested to identify their customers and notify them at once of this product recall.
Sagent Pharmaceuticals, Inc. Presents at Jefferies 2013 Global Healthcare Conference, Jun-05-2013 11:30 AM
May 21 13
Sagent Pharmaceuticals, Inc. Presents at Jefferies 2013 Global Healthcare Conference, Jun-05-2013 11:30 AM. Venue: Grand Hyatt Hotel, 109 East 42nd Street at Grand Central, New York, New York, United States. Speakers: Jeffrey M. Yordon, Founder, Chairman and Chief Executive Officer.
Sagent Pharmaceuticals, Inc. Presents at UBS Global Healthcare Conference, May-21-2013 09:00 AM
May 9 13
Sagent Pharmaceuticals, Inc. Presents at UBS Global Healthcare Conference, May-21-2013 09:00 AM. Venue: Sheraton New York Hotel, 811 Seventh Avenue, New York, New York, United States. Speakers: Jeffrey M. Yordon, Founder, Chairman and Chief Executive Officer, Jonathon M. Singer, Chief Financial Officer and Executive Vice President.
Sagent Pharmaceuticals, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Year 2013
May 6 13
Sagent Pharmaceuticals, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported net revenue of $60,211,000 against $38,280,000 a year ago. Income from operations was $9,887,000 against loss from operations of $6,952,000 a year ago. Income before income taxes was $9,838,000 against loss before income taxes of $8,289,000 a year ago. Net income was $9,838,000 or $0.34 per diluted share against net loss of $8,289,000 or $0.30 per diluted share a year ago. Adjusted EBITDA was $14,201,000 against adjusted LBITDA of $3,317,000 a year ago. EBITDA was $11,140,000 against LBITDA of $5,686,000 a year ago. The increase in revenue was driven by $21.3 million in revenue from the launch of 32 new codes or presentations of 16 new products since March 31, 2012, including Zoledronic acid at market formation. The company generated $6.9 million in cash flow from operations during the first quarter of 2013.
The company provided earnings guidance for the year 2013. For the period, the company anticipates net revenue for the year to be in the range of $220 to $250 million driven by 13 to 15 product launches. Adjusted gross profit as a percentage of net revenue expects to be in the range of 23% to 28%. Product development expense in the range of $25 to $27 million, an increase over the previous range of $20 to $22 million based primarily on the reinvestment of the $5 million settlement received from Actavis and selling, general and administrative expenses in the range of $34 to $37 million, an increase from the previous range of $32 to $35 million, based primarily on the consolidation of KSCP upon completion of the acquisition. Based upon the assumptions and its first quarter performance, the company has expanded its anticipated range for reported net income for fiscal 2013 to between $5 million and $15 million.
Sagent Pharmaceuticals, Inc., Annual General Meeting, Jun 13, 2013
Apr 30 13
Sagent Pharmaceuticals, Inc., Annual General Meeting, Jun 13, 2013., at 14:00 Central Daylight. Location: The Stonegate Conference & Banquet Centre. Agenda: To elect as the class II directors the nominees named in the proxy statement; to ratify the retention of Ernst & Young LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2013; to hold an advisory vote to approve the compensation of the named executive officers; and to transact any other business properly presented at the meeting or any adjournment thereof.