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news.Noven Pharmaceuticals, a developer and marketer of prescription pharmaceutical products, has reported a net income of $9.11 million, or $0.37 per diluted share, for the fourth quarter ended December 31, 2008, compared to $1.05 million, or $0.04 per diluted share, for the fourth quarter ended December 31, 2007.
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For the year 2008, Noven reported a net income of $21.4 million, or $0.87 per diluted share, compared to a net loss of $45.4 million, or $1.84 per diluted share, for 2007.
The company reported net revenues of $36.38 million for the fourth quarter of 2008, an increase of 57%, compared to $23.19 million for the same period of 2007. Noven’s net revenues for 2008 were $108.17 million, an increase of 30%, compared to $83.16 million for 2007.
Peter Brandt, Noven’s president and CEO, said: “In 2008, we made significant progress in advancing our opportunities and addressing our challenges. Novogyne once again delivered outstanding results, with our equity in earnings of Novogyne increasing 27% over 2007 to $45.6 million.
“We believe our progress in 2008 – and our strategy and plans for Noven and Novogyne in the current year – position us to deliver improvement in revenues, profitability, and earnings per share in 2009, while continuing to invest in Mesafem and other developmental products that have the potential to meaningfully benefit patients and reward shareholders for the longer term.”