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MIAMI – December 2, 2021 – Veru Inc. (NASDAQ: VERU), an oncology biopharmaceutical company with a focus on developing novel medicines for the management of breast and prostate cancer, today announced that fiscal 2021 full-year net revenues increased 44% to $61 million and gross profit increased 56% to $48 million, achieving new historical highs.
Fourth-Quarter Financial Highlights: Fiscal 2021 vs Fiscal 2020
Net revenues increased 33% to $15.6 million from $11.7 million
FC2 prescription net revenues climbed 55% to $13.6 million from $8.7 million
Gross profit rose 29% to $12.3 million from $9.6 million
Gross margin was 79% of net revenues compared with 81% of net revenues
Operating loss was $1.9 million versus $11.3 million. Operating loss in the fiscal 2020 period includeda $14.1 million non-cash impairment charge.
Net loss was $4.3 million, or $0.05 per share, compared with $11.8 million, which included a non-cash impairment charge of $14.1 million related to intangible assets, or $0.17 per share.
Full-Year Financial Highlights: Fiscal 2021 vs Fiscal 2020
Net revenues increased 44% to $61.3 million from $42.6 million, a record high when compared to any prior fiscal year
FC2 prescription net revenues climbed 71% to $46.5 million from $27.1 million
Gross profit rose 56% to $47.9 million from $30.8 million
Gross margin increased to 78% of net revenues from 72% of net revenues
Operating income was $13.0 million, which included an $18.4 million gain on the December 2020 sale of the PREBOOST business, compared with operating loss of $14.7 million, which included the $14.1 million non-cash impairment charge.
Net income, which included the gain on the sale of the PREBOOST business, was $7.4 million and diluted EPS was $0.09 compared with net loss of $19.0 million and diluted loss per share of $0.28, which included the non-cash impairment charge.