On March 25, 2021 Knight Therapeutics Inc. (TSX: GUD) ("Knight" or "the Company"), a leading pan-American (ex-US) specialty pharmaceutical company, reported financial results for its fourth quarter and year ended December 31, 2020 (Press release, Knight Therapeutics, MAR 25, 2021, View Source [SID1234577163]). All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

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2020 Highlights

Financials

Revenues were $199,519, an increase of $152,058 or 320% over prior year.
Gross margin was $81,690 or 41% compared to $26,918 or 57% in prior year.
Adjusted EBITDA1 was $16,837 compared to $2,827 in prior year.
Interest income generated of $14,322 a decrease of $9,220 or 39% over prior year.
Gain from strategic fund investments of $46,733, of which $16,644 was realized.
Adjusted earnings1 of $28,713, an increase of $2,714 or 10% over prior year.
Net income was $31,760 compared to net income of $18,033 in prior year.
Corporate Developments

Promoted Arvind Utchanah from VP Finance to CFO.
Appointed Janice Murray and Nicolás Sujoy on the Board of Directors.
Disposed of the shares of Medison Biotech (1995) Ltd. for a cash consideration of $77,000 and recorded a gain of $2,948.
Purchased 5,748,716 common shares at an average price of $6.40 per share through a Normal Course Issuer Bid ("NCIB").
Completed the tender offer process for an aggregate purchase price of $170,855 and achieved 99.9% ownership of Biotoscana Investments S.A. ("GBT").
Products

Launched Cresemba, indicated for the treatment of invasive aspergillosis and invasive mucormycosis, in Brazil.
Launched Karfib, indicated for relapsed or refractory multiple myeloma, in Argentina.
Received regulatory approval from Health Canada for Ibsrela for the treatment of Irritable Bowel Syndrome with Constipation ("IBS-C").
Obtained the exclusive Canadian commercial rights of Trelstar, approved for the treatment of advanced prostate cancer.
Obtained regulatory approval for Lenvima and Halaven in Ecuador.
Received regulatory approval from Health Canada for Imvexxy and Bijuva.
Submitted a supplement to a New Drug Submission ("NDS") of Nerlynx for HER2-positive metastatic breast cancer.
Signed a new exclusive distribution agreement with Gilead for the continued commercialization of AmBisome in Brazil, effective January 1, 2021.
Strategic Investments

Disposed of 111,355 common shares of Profound Medical Inc. for total proceeds of $1,825.
Received US$5,000 for the full repayment of the strategic loan issued to Triumvira Immunologics Inc.
Amended strategic loan issued to Synergy CHC Corp. and loaned an additional US$2,500.
Received distributions of $29,128 from strategic fund investments and realized a gain of $16,644.
Key Subsequent Event

Purchased an additional 2,895,456 common shares at an average price of $5.25 per share through the NCIB.
Disposed of 315,600 common shares of Medexus Pharmaceuticals Inc. for total proceeds of $2,624.
Announced the Canadian commercial launch of Ibsrela for the treatment of IBS-C.
"The past year was a transformative year for Knight with the completion of the acquisition of GBT. Despite the challenges due to COVID-19, we continue to progress on integration, while advancing on our product portfolio in both Canada and Latin America. We have received regulatory approvals from Health Canada for Ibsrela, Imvexxy and Bijuva and received regulatory approvals for Lenvima and Halaven in Ecuador. We continue to focus on our mission to acquire, in-license, develop and commercialize innovative medicines and high-quality treatments to improve the health of patients in Latin America and Canada," said Samira Sakhia, President and Chief Operating Officer of Knight Therapeutics Inc.