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## Corporate Update 

## To Our Shareholders, Employees & Partners: 

Cumberland rebounded strongly during 2014 returning to growth and profitability. We ended the year with revenues growing 15% to $37 million and adjusted earnings of $6.3 million or $0.35 per share. 

With the addition of our two newest products, our revenue stream is now more diverse than ever before. During 2014, we completed the acquisition of Vaprisol ®  just a few months after adding Omeclamox ® -Pak  to our portfolio. We launched active promotion of both brands in 2014 and are encouraged by their initial contributions, as well as the favorable response we have received from the medical community. 

Meanwhile, Kristalose ®  grew to be our largest brand in 2014 following the successful launch of its new positioning.  Acetadote ®  sales stabilized during the year and remained an important contributor to our business as we continued to maintain a majority market share between shipments of the brand and our Authorized Generic. Caldolor ®  continued its steady growth with additional hospitals stocking the product every month and increasing pull through sales in the stocked accounts. International sales of our products grew during 2014, buoyed by strong Caldolor sales in South Korea following its launch there earlier in the year. 

Our strategy is to maximize the full potential of our commercial brands and pursue opportunities to further expand our portfolio through our business development efforts and advancement of our internal pipeline. 

Our financial profile remained strong. We ended the year with $55 million in cash and investments, and no debt. During 2014 the Company structured a new senior credit facility for up to $20 million with SunTrust Bank. We also arranged $2 million in new funding for our research activities at CET, which included an investment from our international partner, China’s Gloria Pharmaceuticals. 

We secured and listed new patents for Acetadote and Caldolor in 2014 and completed our two key Caldolor pediatric studies. This important new pediatric data will be the catalyst for an updated labeling request to the FDA for the brand. 

I was pleased with our progress in 2014 and am confident that our best days are ahead of us. I would like to acknowledge and thank my colleagues at Cumberland for all their fine efforts. 

Our strategy is to maximize the full potential of our commercial brands and pursue opportunities to further expand our portfolio through our business development efforts and advancement of our internal pipeline. We are confident that Cumberland remains in a position to do just that, supported by our strong financial position. Most importantly, we remain focused on our mission of advancing patient care through the delivery of high quality pharmaceutical products. 

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With best wishes, 

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