Category: Foodies/Tastylicious

Grab a bite day or night at my pub den. Enjoy your grubs. Listen and dance to the reggae rub-a-dub. Just a fantasy for now tho…

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Bayer introduces Iberogast™ in the US, bringing proven plant-based relief to the millions who experience gut health issues

Rooted in science, Iberogast’s six-herb formulation helps relieve occasional gastrointestinal symptoms with the power of nature*

 

 

WHIPPANY, N.J. — (BUSINESS WIRE) — After more than 60 years of researching the power of plants in Germany, Bayer Consumer Health is introducing Iberogast™, a plant-based digestive relief product, to the United States. Formulated with a clinically proven, proprietary six-herb blend, Iberogast harnesses the power of nature to provide dual-action relief for those who experience occasional digestive symptoms by helping to relieve stomach upsets and restore digestive function.*

Sourced from nature and backed by science, Iberogast’s six-herb blend helps relieve six occasional digestive symptoms including indigestion, bloating, heartburn, nausea, gas and abdominal discomfort + constipation/diarrhea. Iberogast helps reduce stomach acid, regulate stomach muscles, calm gut nerves, and support both the gut lining and microbiome.* Each herb found in Iberogast is carefully selected for its known benefits, including:

  • Iberis amara, the namesake ingredient of the product, helps stimulate and relax certain muscles in the digestive tract to help support digestive function.*
  • German Chamomile helps regulate certain stomach muscles and reduces stomach acidity.*
  • Caraway helps relax certain intestinal muscles, reduces acidity in the stomach and helps relieve occasional indigestion when combined with peppermint.*
  • Lemon Balm provides a calming effect while helping regulate stomach and intestinal muscles, and can also help reduce acidity.*
  • Licorice helps support the gut lining, regulate stomach muscles and reduce acidity.*
  • Peppermint helps support abdominal comfort, including relief from occasional bloating.*

 

“The dedicated team of scientists, researchers and botanists at the Natural Science Center at Bayer in Germany have been researching the power of plants for the past 60 years,” said David Ball, General Manager & Vice President, Digestive Health, Bayer Consumer Health. “With tens of millions of Americans experiencing occasional digestive health issues, this clinically proven, game-changing product will allow them to experience the power of nature and its incredible abilities to support gut health.*”

 

With a formulation that abides by the highest production standards to deliver a powerful and reliable product, Iberogast’s proprietary six-herb blend has been proven effective in four clinical studies.

 

“In my practice, I encourage my patients to maintain their gut health using a well-rounded approach that focuses primarily on healthy lifestyle choices. For those with occasional digestive issues, products like Iberogast can help relieve unwanted symptoms,” said double board-certified gastroenterologist and therapeutic endoscopist, Dr. Rabia de Latour, a paid partner of Iberogast. “Iberogast’s proven six-herb blend harnesses the power of some of the world’s most researched botanical extracts to not only address symptoms as they arise, but to also help restore digestive function. It should be avoided in people who are pregnant, and those taking medications or who have a medical condition should consult their doctor before use.”

 

Iberogast is available for purchase on Amazon and in-store at major retailers including Target, Walmart, Walgreens and CVS. It is available in 20mL and 50mL liquid drops, as well as 30-count softgels. For best results, it is recommended to take the product three times a day, before or during meals. Prices range from $8.00 – $22.00 USD MSRP.

 

For additional information on Iberogast and how to experience the proven power of nature, visit Iberogast.com and follow along on Instagram, Facebook and TikTok @IberogastUS.

 

Bayer: Science For A Better Life

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses before special items amounted to 4.9 billion euros. For more information, go to www.bayer.us.

 

Bayer U.S. Social Media Channels: Facebook / X / Instagram

 

Bayer, the Bayer Cross, and Iberogast are trademarks of Bayer.

* This statement has not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.

Contacts

Danielle Goonan

Senior Director, Strategic Communications, Brand PR, Influencer & Social, Bayer Consumer Health U.S.

danielle.goonan@bayer.com

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Business Culture Foodies/Tastylicious Healthcare International & World Lifestyle Regulations & Security Science

Alvotech and Teva announce US FDA approval of SELARSDI™ (ustekinumab-aekn), biosimilar to Stelara® (ustekinumab)

  • SELARSDI is approved for both adult and pediatric indications and is the second biosimilar approved under the strategic partnership between Alvotech and Teva
  • SELARSDI is expected to be marketed in the U.S. on or after February 21, 2025, following a settlement agreement with Johnson & Johnson, the manufacturer of Stelara
  • SELARSDI was developed and is manufactured by Alvotech using murine cell (Sp2/0) and a continuous perfusion process, which are the same type of cells and process used for the production of Stelara

 

 

REYKJAVIK, Iceland & PARSIPPANY, N.J. — (BUSINESS WIRE) — Alvotech (NASDAQ: ALVO) and Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), on Wednesday announced that the U.S. Food and Drug Administration (FDA) has approved SELARSDI (ustekinumab-aekn) injection for subcutaneous use, as a biosimilar to Stelara, for the treatment of moderate to severe plaque psoriasis and for active psoriatic arthritis in adults and pediatric patients 6 years and older. Under the strategic partnership between Teva and Alvotech, Teva is responsible for the exclusive commercialization of SELARSDI in the United States.

 

“The approval of SELARSDI – which is our second biosimilar approval this year – underscores Teva’s commitment to expanding the availability, access and uptake of this important treatment option to patients in the U.S.,” said Thomas Rainey, Senior Vice President, U.S. Market Access at Teva. “The biosimilars market is growing, both globally and in the U.S., and biosimilars are a key component of delivering on Teva’s Pivot to Growth strategy. The partnership model that we’ve established enables us to leverage our commercial presence and experiences globally as we move to bring additional biosimilars to market.”

 

Robert Wessman, Chairman and CEO of Alvotech, added, “We are delighted to announce our second biosimilar approval in the U.S., which is the thirty-eighth approved market for our biosimilar to Stelara globally. Bringing SELARSDI to market in the U.S. early next year presents a significant opportunity to improve patient access to a vital biologic in inflammatory disease and contribute to the reduction of inflationary pressure in healthcare costs. The development of SELARSDI leveraged our purpose-built end-to-end development and manufacturing platform for biosimilars. Being able to develop the biosimilar in the same cell type and continuous perfusion process as was used for the reference product, facilitated the development program’s success.”

 

Ustekinumab is a human monoclonal antibody (mAb) that selectively targets the p40 protein, a component common to both interleukin (IL)-12 and IL-23 cytokines, which play crucial roles in treating immune-mediated diseases like psoriasis and psoriatic arthritis. Alvotech developed and produces SELARSDI using Sp2/0 cells and a continuous perfusion process, which are the same type of host cell line and process used in the production of Stelara.

 

Sales of the reference product Stelara in the U.S. were nearly $7 billion in 2023.1 The availability of a Stelara biosimilar will create opportunities for cost savings across the healthcare system and introduce additional treatment options for patients. In the U.S., plaque psoriasis is the most common form of psoriasis while psoriatic arthritis accounts for approximately six percent of all cases of juvenile arthritis.2,3

 

In June 2023, Alvotech and Teva announced that they had reached a settlement and license agreement with the manufacturer of the reference biologic, Johnson & Johnson, granting a license entry date for SELARSDI in the United States no later than Feb. 21, 2025.

 

In August 2020, Alvotech and Teva entered into a strategic partnership for the exclusive commercialization of five of Alvotech’s biosimilar product candidates, and in August 2023, the collaboration was extended to include two additional biosimilars and new presentations of two previously partnered products. Alvotech handles development and manufacturing, while Teva is responsible for the exclusive commercialization in the U.S., which leverages Teva’s experience and extensive sales and marketing infrastructure. SELARSDI is the second biosimilar approved under the strategic partnership: in Feb. 2024, the FDA approved SIMLANDI®, the first high-concentration, citrate-free biosimilar to Humira that has been granted an interchangeability status by the FDA.

 

The FDA approval of SELARSDI, referred to as AVT04 during development, was based on a totality of evidence, including analytical and clinical data. The clinical development program included data from: 1) Study AVT04-GL-301, a randomized, double blind, multicenter, 52-week study to demonstrate equivalent efficacy and to compare safety and immunogenicity between SELARSDI and the reference product Stelara in patients with moderate to severe chronic plaque-type psoriasis. The study was conducted in four countries in Europe and enrolled 581 patients. The primary efficacy endpoint was Psoriasis Area and Severity Index (PASI) percent improvement from Baseline to Week 12; 2) Study AVT04-GL-101, a Phase I, randomized, double-blind, single-dose, parallel-group, 3-arm study to compare the pharmacokinetic, safety, tolerability, and immunogenicity profiles of SELARSDI, administered as a single 45mg/0.5mL subcutaneous injection with that of the US-licensed Stelara as well as EU-approved Stelara. The study was conducted in Australia and New Zealand and enrolled 294 healthy adult volunteers.

 

Use of Trademarks

Stelara® is a registered trademark of Johnson & Johnson.

Humira® is a registered trademark of AbbVie Biotechnology Ltd.

 

About Alvotech

Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline includes eight disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.

 

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a global pharmaceutical leader with a category-defying portfolio, harnessing our generics expertise and stepping up innovation to continue the momentum behind the discovery, delivery, and expanded development of modern medicine. For over 120 years, Teva’s commitment to bettering health has never wavered. Today, the company’s global network of capabilities enables its 37,000 employees across 58 markets to push the boundaries of scientific innovation and deliver quality medicines to help improve health outcomes of millions of patients every day. To learn more about how Teva is all in for better health, visit www.tevapharm.com.

 

INDICATIONS FOR SELARSDI (ustekinumab-aekn)

SELARSDI is a human interleukin-12 and -23 antagonist indicated for:

  • the treatment of adults and pediatric patients 6 years of age and older with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy.
  • the treatment of adults and pediatric patients 6 years of age and older with active psoriatic arthritis.

 

IMPORTANT SAFETY INFORMATION

SELARSDI injection is contraindicated in patients with clinically significant hypersensitivity to ustekinumab products or to any of the excipients in SELARSDI.

Infections

Ustekinumab products may increase the risk of infections and reactivation of latent infections. Serious bacterial, mycobacterial, fungal, and viral infections were observed in patients receiving ustekinumab products. Serious infections requiring hospitalization, or otherwise clinically significant infections, reported in clinical trials included the following:

  • Plague psoriasis: diverticulitis, cellulitis, pneumonia, appendicitis, cholecystitis, sepsis, osteomyelitis, viral infections, gastroenteritis, and urinary tract infections.
  • Psoriatic arthritis: cholecystitis.

Avoid initiating treatment with SELARSDI in patients with a clinically important active infection until the infection resolves or is adequately treated. Consider the risks and benefits of treatment prior to initiating use of SELARSDI in patients with a chronic infection or a history of recurrent infection.

Instruct patients to seek medical advice if signs or symptoms suggestive of an infection occur while on treatment with SELARSDI and discontinue SELARSDI for serious or clinically significant infections until the infection resolves or is adequately treated.

 

Theoretical Risk for Vulnerability to Particular Infections

Individuals genetically deficient in IL-12/IL-23 are particularly vulnerable to disseminated infections from mycobacteria (including nontuberculous, environmental mycobacteria), salmonella (including non typhi strains), and Bacillus Calmette-Guerin (BCG) vaccinations. Serious infections and fatal outcomes have been reported in such patients.

It is not known whether patients with pharmacologic blockade of IL-12/IL-23 from treatment with ustekinumab products may be susceptible to these types of infections. Consider appropriate diagnostic testing, (e.g., tissue culture, stool culture as dictated by clinical circumstances).

 

Pre-Treatment Evaluation of Tuberculosis (TB)

Evaluate patients for tuberculosis prior to initiating treatment with SELARSDI.

Avoid administering SELARSDI to patients with active tuberculosis infection. Initiate treatment of latent tuberculosis before administering SELARSDI. Consider anti-tuberculosis therapy prior to initiation of SELARSDI in patients with a past history of latent or active tuberculosis in whom an adequate course of treatment cannot be confirmed. Closely monitor patients receiving SELARSDI for signs and symptoms of active tuberculosis during and after treatment.

 

Malignancies

Ustekinumab products are immunosuppressants and may increase the risk of malignancy. Malignancies were reported among patients who received ustekinumab in clinical trials. In rodent models, inhibition of IL-12/IL-23p40 increased the risk of malignancy.

The safety of ustekinumab products has not been evaluated in patients who have a history of malignancy or who have a known malignancy.

There have been post-marketing reports of the rapid appearance of multiple cutaneous squamous cell carcinomas in patients receiving ustekinumab products who had pre-existing risk factors for developing non-melanoma skin cancer. Monitor all patients receiving SELARSDI should be monitored for the appearance of non-melanoma skin cancer. Closely follow patients greater than 60 years of age, those with a medical history of prolonged immunosuppressant therapy and those with a history of PUVA treatment.

 

Hypersensitivity Reactions

Hypersensitivity reactions, including anaphylaxis and angioedema, have been reported with ustekinumab products. If an anaphylactic or other clinically significant hypersensitivity reaction occurs, institute appropriate therapy and discontinue SELARSDI.

 

Posterior Reversible Encephalopathy Syndrome (PRES)

Two cases of posterior reversible encephalopathy syndrome (PRES), also known as Reversible Posterior Leukoencephalopathy Syndrome (RPLS), were reported in clinical trials. Cases have also been reported in postmarketing experience in patients with psoriasis and psoriatic arthritis. Clinical presentation included headaches, seizures, confusion, visual disturbances, and imaging changes consistent with PRES a few days to several months after ustekinumab product initiation. A few cases reported latency of a year or longer. Patients recovered with supportive care following withdrawal of ustekinumab products.

Monitor all patients treated with SELARSDI for signs and symptoms of PRES. If PRES is suspected, promptly administer appropriate treatment and discontinue SELARSDI.

 

Immunizations

Prior to initiating therapy with SELARSDI, patients should receive all age-appropriate immunizations as recommended by current immunization guidelines. Patients being treated with SELARSDI should avoid receiving live vaccines. Avoid administering BCG vaccines during treatment with SELARSDI or for one year prior to initiating treatment or for one year following discontinuation of treatment. Caution is advised when administering live vaccines to household contacts of patients receiving SELARSDI because of the potential risk for shedding from the household contact and transmission to patient.

Non-live vaccinations received during a course of SELARSDI may not elicit an immune response sufficient to prevent disease.

 

Noninfectious Pneumonia

Cases of interstitial pneumonia, eosinophilic pneumonia, and cryptogenic organizing pneumonia have been reported during post-approval use of ustekinumab products. Clinical presentations included cough, dyspnea, and interstitial infiltrates following one to three doses. Serious outcomes have included respiratory failure and prolonged hospitalization. Patients improved with discontinuation of therapy and in certain cases administration of corticosteroids. If diagnosis is confirmed, discontinue SELARSDI and institute appropriate treatment.

 

ADVERSE REACTIONS

The following serious adverse reactions are discussed elsewhere in the label:

  • Infections
  • Malignancies
  • Hypersensitivity Reactions
  • Posterior Reversible Encephalopathy Syndrome (PRES)
  • Noninfectious Pneumonia

 

To report SUSPECTED ADVERSE REACTIONS, contact Teva Pharmaceuticals at 1-888-483-8279 or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Please click here for full Prescribing Information for SELARSDI.

 

ALVOTECH Forward Looking Statements

Certain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, results, level of activities, performance, goals or achievements or other future events, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, and market launches. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “aim” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability to raise substantial additional funding, which may not be available on acceptable terms or at all; (2) the ability to maintain stock exchange listing standards; (3) changes in applicable laws or regulations; (4) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (5) Alvotech’s estimates of expenses and profitability; (6) Alvotech’s ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (7) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (8) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (9) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (10) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (11) the ability of Alvotech’s partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (12) Alvotech’s ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (13) the success of Alvotech’s current and future collaborations, joint ventures, partnerships or licensing arrangements; (14) Alvotech’s ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (15) Alvotech’s ability to manufacture sufficient commercial supply of its approved products; (16) the outcome of ongoing and future litigation regarding Alvotech’s products and product candidates; (17) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company’s business, financial position, strategy and anticipated milestones; and (18) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication.

 

TEVA Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. You can identify these forward-looking statements by the use of words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks relating to: our strategic partnership with Alvotech; our ability to successfully commercialize SELARSDI in the U.S.; our ability to successfully commercialize SIMLANDI in the U.S; our ability to commercialize the additional biosimilar product candidates under the strategic partnership with Alvotech once U.S. regulatory approval is obtained; our ability to successfully compete in the marketplace including our ability to develop and commercialize additional pharmaceutical products; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development, and to sustain and focus our portfolio of generics medicines; and other factors discussed in this press release, and in our Annual Report on Form 10-K for the year ended December 31, 2023, including in the sections captioned “Risk Factors.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.i

 

1 Johnson and Johnson Full-Year and Fourth Quarter 2023 Financial Results: https://www.investor.jnj.com/news/news-details/2024/Johnson–Johnson-Reports-Q4-and-Full-Year-2023-Results/default.aspx.

2 Psoriasis in Children: Your FAQs. (2021, June 29). Healthline.

3 Philadelphia, T. C. H. of. (2014, August 23). Psoriatic Arthritis in Children.

 

Contacts

ALVOTECH
Investor Relations and Global Communications
Benedikt Stefansson, Senior Director

alvotech.ir@alvotech.com

TEVA

IR Contacts

Ran Meir

+1 (267) 468-4475

Yael Ashman

+972 (3) 914 8262

Sanjeev Sharma

+1 (973) 658 2700

Media Contacts

Kelley Dougherty

+1 (973) 832-2810

Yonatan Beker

+1 (973) 264-7378

Eden Klein

+972 (3) 906 2645

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Business Culture Economics Foodies/Tastylicious International & World Lifestyle Local News Science

Innophos upgrades production facility for EC grade calcium phosphates

CRANBURY, N.J. — (BUSINESS WIRE) — Innophos, a leader in the food and nutritional ingredient industry, is excited to announce a significant upgrade in its production facility for EC (European Commission) grade calcium phosphates. This capital investment is a strategic move to meet the growing demand in the EU food and dietary supplement markets.

 

This investment at Innophos’ Chicago Heights, IL production facility will result in greater manufacturing flexibility and is set to enhance the company’s ability to supply high-quality, EC grade calcium phosphates, long known for their purity, consistency, and compliance with stringent European regulatory standards.

 

Migue DeJong, Commercial Director, stated, “This investment reflects our commitment to providing our European customers with top-tier products and services. We recognize the growing need for high-quality calcium phosphates in the food, health, and wellness industry, and we are poised to meet this demand with our enhanced production capabilities.”

 

Calcium phosphates are essential ingredients in dietary supplements, food and beverage products, and infant food and formula contributing to bone health and overall well-being. Innophos’ EC grade calcium phosphates are specifically designed to blend seamlessly into various formulations, offering excellent bioavailability and stability.

 

For more information about Innophos’ EC grade calcium phosphates and other products, please visit our website.

 

About Innophos

Innophos is a leading global producer of specialty phosphate and mineral solutions serving food, beverage, nutrition, and industrial markets. Leveraging our expertise in phosphate science and technology, we partner with our customers to innovate and deliver products that excel in quality and performance. Headquartered in Cranbury, New Jersey, Innophos has an integrated manufacturing footprint that spans the United States, Canada, Mexico, and China. For more information, please visit www.innophos.com.

Contacts

Carrie Livingston

Email: carrie@colinkurtis.com
Phone: 815-519-8302

Categories
Business Culture Foodies/Tastylicious Healthcare Lifestyle Science

New tea store, Bardo Tea, opens in Portland’s Concordia neighborhood

Ravi Kroesen and Veronika Vogler have opened Bardo Tea’s first retail location this month.

 

PORTLAND, Ore. — Bardo Tea today announced it has opened its first retail location in Portland’s Concordia neighborhood.

 

Bardo Tea’s brick-and-mortar store offers a full line of high-quality single-origin teas and premium blends for retail and wholesale purchase, curated teaware, small batch-produced incense from Asia, and lifestyle products for the fashion- and health-conscious.

 

Going beyond the classic boutique model, Bardo Tea’s structure boasts three segmented spaces—all designed for a distinct and superb tasting experience that accentuates the nuance and complexity of each tea.

 

Kroesen explains, “The purpose of Bardo Tea is to change the mold. From the moment you step into the space, you’ll be welcomed by a converted carriage house split into three rooms—each providing a unique tea drinking experience with teas served in high-end teaware to honor each sip. No milk, sweeteners, or additives. Just tea and water.”

 

Kroesen—who worked as Smith Tea’s Head Teamaker for five years—has spent over two decades in the tea industry, traveling throughout the world to learn from and connect with tea growers, processers and experts.

 

Veronika Vogler, long-time mindfulness facilitator and co-founder, remarks, “At Bardo, we encourage you to take time and be present with the tea you are drinking,” she shares.

 

“As the leaves unfold, you go on a journey. You sit with the clay pot, the boiling water, the tea leaves, and you recognize that it all communicates. The flavor of tea deepens with every pour, and over time it unlocks that language.”

 

Vogler has integrated tea with meditation for the last decade, focusing on tasting teas mindfully over the course of multiple steeps.

 

About Bardo Tea:

Bardo Tea is a Portland-based retail and wholesale tea supplier. Offering a wide variety of high-quality teas and teaware, Bardo weaves the story that connects the soil to the farmer, the tea, and the cup. Bardo Tea commits to working toward equal representation by supporting women’s roles in tea beyond the picking of the leaf by actively building relationships with female tea farmers and supporting them as tea growers.

 

Learn more about Bardo Tea

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Culture Foodies/Tastylicious Government Lifestyle Local News Programs & Events

Mercer County to celebrate its 12th-Annual Cultural Festival & Food Truck Rally in June

TRENTON, N.J. — In celebration of Mercer County diversity, County Executive Dan Benson, the Board of County Commissioners, and the Division of Culture and Heritage present the 12th Annual Cultural Festival & Food Truck Rally on Saturday, June 8, at Mercer County Park in West Windsor, N.J.

Mercer County’s 12 municipalities are home to citizens of many ethnicities and countries of origin. Therefore, the county welcomes food trucks and craft vendors to apply for participation in this festival.

The festival, will be held from 11 a.m. to 7 p.m., celebrating diverse cultures through live music and traditional dance performances, authentic food trucks, a beer garden, art demonstrations, heritage crafters, activities for children, and more.

Those who want to participate in this year’s Cultural Festival as either a craft vendor (selling cultural/heritage-related goods) or as a food truck/vendor, should fill out the online form below by April 1, 2024.

Given the growing success of the annual Cultural Festival, The Division of Culture & Heritage has put a cap on the number of craft and food vendors able to participate.

The program management will review all the submitted applications to ensure this year’s Cultural Festival is as diverse as possible, in order to determine this year’s food truck and craft vendor festival line-up. Those who are selected to participate will be notified by April 8, 2024. Payment will be processed after the line-up is determined.

Click the following link to apply:

For more information, please call the Mercer County Division of Culture & Heritage at

(609) 278-2712 or e-mail culturalfestival@mercercounty.org.

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‘Veselka: The Rainbow on the Corner at the Center of the World’ review: Come for pierogis and goulash, stay for freedom

A documentary about the fabled Ukrainian restaurant becomes a portrait of wartime valor. I wish the film had drawn a deeper connection between the taste of freedom and the taste of Veselka.

 

— It’s not every day I get to review a documentary about a subject I feel personally close to, so let me put my bias right out there.

 

“Veselka: The Rainbow on the Corner at the Center of the World” is a movie about one of my favorite New York restaurants — and, in fact, countless New Yorkers feel the same way. When you walk into Veselka, the legendary Ukrainian restaurant/diner on the corner of 2nd Ave. and E. 9th St., a vibe of warmth envelops you.

 

I’ve spent endless hours hanging out there, nursing a cup of coffee or a glass of wine, writing on my laptop, chowing down on the magically tasty dishes that the purveyors call Ukrainian soul food: the pierogis that melt in your mouth, the potato pancakes that are crisp salty heaven, the succulent meatballs and rolled cabbage, the high-octane borscht, not to mention all the sublime American fare, including a burger I’d put up against any burger in New York.​

 

As Veselka devotees will tell you, the welcoming aura of the place ­— the lack of pretense, the gorgeous murals and knickknacks, the extraordinary friendliness of the staff, many of whom are Ukrainian — feeds right into the savoriness of the cuisine. Veselka is a place of love where the food is made from love; you can’t separate the two.

 

For years, the restaurant stayed open 24 hours a day, mostly to cater to the world of East Village night crawlers (it had to cut back on hours starting in the pandemic). One of the most memorable images I have of Veselka is when I sat down at around midnight to have a late dinner and write a piece at one of the back tables. I got immersed in what I was doing and didn’t leave, or even look up, until around 4 a.m. When I walked out, every table in the place was full; it felt not like a scraggly after-hours crowd but like a 7 p.m. Friday-night dinner crowd. At Veselka (the name is Ukrainian for “rainbow),” the deliciousness, the casual joy, and the love all go around the clock.

 

“Veselka: The Rainbow on the Corner at the Center of the World” pays enthusiastic tribute to Veselka’s place in the city, and to its 70-year history as a family restaurant. On some level, it’s a tale of ego, money, and real estate, and the details of how the restaurant runs are fascinating. Yet this was a documentary shot, for the most part, after the start of the war in Ukraine, and the way Veselka has confronted the war — raising hundreds of thousands of dollars in charity by donating all its borscht sales, acting as a sponsor for Ukrainian citizens to come to the United States — is more than just part of the story the movie is telling. It becomes the central story.

 

Some of this is noble and stirring. The neighborhood in which Veselka is located was once known as Little Ukraine, and though there are fewer Ukrainians living there than there were decades ago, the area retains its identity. Veselka, during the two years the war has gone on, has become a kind of beacon for the pride and fighting spirit of Ukraine.

 

Yet as moving as parts of the documentary are, I’ll be honest and say that I couldn’t escape the feeling that Michael Fiore, who wrote, produced, directed, and edited it, should have cut back on some of this stuff and done a more complete job of telling the inside story of the restaurant itself. Veselka is a place that would anchor a great segment of “Diners, Drive-ins and Dives.”

 

There’s a 12-minute video on YouTube that goes into the restaurant’s kitchen and shows you, with a Guy Fieri-like eagerness, how the sausage gets made. I found it a little odd that I learned five times as much about the food at Veselka from that video than I did from a 106-minute documentary about the place. I’m not saying that a pierogi recipe is more important, in the grand human scheme of things, than Ukraine’s — and in many ways, by extension, the Western world’s — fight for freedom in this terrible and heroic war. But “Veselka” is a documentary about a restaurant. The movie should have given us a more detailed sense of why, exactly, people come there.

 

 

Read More

 

— Variety

Categories
Art & Life Business Culture Economics Foodies/Tastylicious Lifestyle

B&G Foods reports financial results for fourth quarter and full year 2023

— Net Cash Provided by Operating Activities Increased by $241.8 Million for Full Year 2023 —

— Principal Amount of Long-Term Debt Decreased by $340.1 Million During Full Year 2023 —

 

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — B&G Foods, Inc. (NYSE: BGS) today announced financial results for the fourth quarter and full year 2023.

 

Financial results for the fourth quarter and full year 2023 reflect the impact of the Back to Nature divestiture on the first day of fiscal 2023 and the Green Giant U.S. shelf‑stable divestiture during the fourth quarter of 2023.

 

Summary

Fourth Quarter of 2023

Fiscal Year 2023

(In millions, except per share data)

Change vs.

Change vs.

Amount

Q4 2022

Amount

FY 2022

Net Sales

$

578.1

(7.2

)

%

$

2,062.3

(4.7

)

%

Base Business Net Sales (1)

$

562.3

(2.3

)

%

$

1,997.2

(1.5

)

%

Diluted EPS

$

0.03

(91.2

)

%

$

(0.89

)

nm

%

Adj. Diluted EPS (1)

$

0.30

(25.0

)

%

$

0.99

(8.3

)

%

Net Income (Loss)

$

2.6

(89.4

)

%

$

(66.2

)

nm

%

Adj. Net Income (1)

$

23.5

(18.7

)

%

$

73.9

(3.1

)

%

Adj. EBITDA (1)

$

86.8

(7.3

)

%

$

318.0

5.7

%

 

 

Guidance for Full Year Fiscal 2024

  • Net sales range of $1.975 billion to $2.020 billion.
  • Adjusted EBITDA range of $305 million to $325 million.
  • Adjusted diluted earnings per share range of $0.80 to $1.00.

 

 

Commenting on the results, Casey Keller, President and Chief Executive Officer of B&G Foods, stated, “B&G Foods’ fourth quarter and fiscal 2023 results demonstrated strong progress, with improved margins, stabilizing volumes, stronger cash flows, and a reduction in leverage. We further completed the divestiture of Green Giant U.S. canned vegetables to focus and strengthen the future portfolio.”

 

Financial Results for the Fourth Quarter of 2023

Net sales for the fourth quarter of 2023 decreased $45.1 million, or 7.2%, to $578.1 million from $623.2 million for the fourth quarter of 2022. The decrease was primarily attributable to a decrease in unit volume due to the divestitures of the Green Giant U.S. shelf-stable product line and Back to Nature, a decrease in net pricing and the negative impact of foreign currency. Net sales of Back to Nature, which the Company divested on January 3, 2023, and therefore not part of the Company’s fiscal 2023 results, were $11.9 million during the fourth quarter of 2022(2). Net sales of the Green Giant U.S. shelf-stable product line, which the Company divested on November 8, 2023, were $19.9 million lower in the fourth quarter of 2023 compared to the fourth quarter of 2022, primarily as a result of the divestiture.

 

Base business net sales for the fourth quarter of 2023 decreased $13.3 million, or 2.3%, to $562.3 million from $575.6 million for the fourth quarter of 2022. The decrease in base business net sales was driven by a decrease in net pricing and the impact of product mix of $15.9 million, or 2.8% of base business net sales (largely driven by a decrease in the Company’s Crisco pricing consistent with the Company’s Crisco pricing model as the Company’s costs for oil declined), and the negative impact of foreign currency of $0.3 million, partially offset by an increase in unit volume of $2.9 million.

 

Net sales of Clabber Girl increased $8.2 million, or 26.3%; net sales of Maple Grove Farms increased $0.7 million, or 3.4%; and net sales of the Company’s spices & seasonings(3) increased $0.7 million, or 0.8%. Net sales of Crisco decreased $10.6 million, or 8.7%; net sales of Green Giant (including Le Sueur but excluding net sales of the Green Giant U.S. shelf-stable product line) decreased $5.2 million, or 4.4%; net sales of Cream of Wheat decreased $2.2 million, or 9.0%; and net sales of Ortega decreased $0.3 million, or 1.0%, for the fourth quarter of 2023, as compared to the fourth quarter of 2022. Base business net sales of all other brands in the aggregate decreased $4.6 million, or 3.5%, for the fourth quarter of 2023, as compared to the fourth quarter of 2022.

 

Gross profit was $125.2 million for the fourth quarter of 2023, or 21.7% of net sales. Adjusted gross profit(1), which excludes the negative impact of $1.6 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during the fourth quarter of 2023, was $126.8 million, or 21.9% of net sales. Gross profit was $126.1 million for the fourth quarter of 2022, or 20.2% of net sales. Adjusted gross profit, which excludes the negative impact of $2.5 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during the fourth quarter of 2022, was $128.6 million, or 20.6% of net sales.

 

The improvement in gross profit as a percentage of net sales was driven by an increase in net pricing relative to input costs as compared to the fourth quarter of 2022, the moderation of input cost inflation, lower transportation and warehousing costs, and lower depreciation expense. Beginning in the fourth quarter of 2022, the Company has realized the benefits of previously announced list price increases, which, together with additional list price increases in 2023, partially offset by certain list price decreases, contributed to the Company’s recovery in gross profit as a percentage of net sales during the fourth quarter of 2023.

 

Selling, general and administrative expenses increased $1.3 million, or 2.7%, to $53.2 million for the fourth quarter of 2023 from $51.9 million for the fourth quarter of 2022. The increase was composed of increases in general and administrative expenses of $5.8 million and consumer marketing expenses of $0.9 million, partially offset by decreases in warehousing expenses of $2.6 million, selling expenses of $2.3 million and acquisition/divestiture-related and non-recurring expenses of $0.5 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.9 percentage points to 9.2% for the fourth quarter of 2023, as compared to 8.3% for the fourth quarter of 2022.

 

In connection with the Company’s sale of assets relating to the Green Giant U.S. shelf-stable product line, which was completed during the fourth quarter of 2023, the Company recorded a loss on sale of assets of $137.7 million during fiscal 2023, of which $132.9 million was recorded during the third quarter and $4.8 million was recorded during the fourth quarter of 2023.

 

During the fourth quarter of 2023, the Company recorded pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets for the Baker’s Joy, Molly McButter, Sugar Twin, and New York Flatbreads brands. The Company partially impaired the Baker’s Joy and Sugar Twin brands, and the Company fully impaired the Molly McButter and New York Flatbreads brands.

 

Net interest expense increased $3.9 million, or 10.8%, to $40.2 million for the fourth quarter of 2023 from $36.3 million for the fourth quarter of 2022. The increase was primarily attributable to higher interest rates on the Company’s long-term debt and a $0.5 million loss on extinguishment of debt, partially offset by a reduction in average long‑term debt outstanding as compared to the fourth quarter of 2022.

 

The Company’s net income was $2.6 million, or $0.03 per diluted share, for the fourth quarter of 2023, compared to net income of $24.3 million, or $0.34 per diluted share, for the fourth quarter of 2022. The decrease in net income and diluted earnings per share were primarily attributable to the Green Giant U.S. shelf-stable and Back to Nature divestitures, pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets and an increase in interest expense. Diluted earnings per share was also negatively impacted by an increase in diluted weighted average shares outstanding. The Company’s adjusted net income for the fourth quarter of 2023 was $23.5 million, or $0.30 per adjusted diluted share, compared to adjusted net income of $28.9 million, or $0.40 per adjusted diluted share, for the fourth quarter of 2022. The decrease in adjusted net income and adjusted diluted earnings per share were primarily attributable to the Green Giant U.S. shelf-stable and Back to Nature divestitures and an increase in interest expense. Adjusted diluted earnings per share was also negatively impacted by an increase in diluted weighted average shares outstanding.

 

For the fourth quarter of 2023, adjusted EBITDA was $86.8 million, a decrease of $6.8 million, or 7.3%, compared to $93.6 million for the fourth quarter of 2022. The decrease in adjusted EBITDA was primarily attributable to the Green Giant U.S. shelf-stable and Back to Nature divestitures. Adjusted EBITDA as a percentage of net sales was 15.0% for the fourth quarter of 2023, compared to 15.0% for the fourth quarter of 2022.

 

Financial Results for Full Year Fiscal 2023

Net sales for fiscal 2023 decreased $100.7 million, or 4.7%, to $2,062.3 million from $2,163.0 million for fiscal 2022. The decrease was primarily attributable to the Back to Nature divestiture, the Green Giant U.S. shelf‑stable divestiture, and a decrease in unit volume and the negative impact of foreign currency, which were partially offset by an increase in net pricing and the impact of product mix. Net sales of Back to Nature, which the Company divested on January 3, 2023, and therefore not part of the Company’s fiscal 2023 results, were $46.3 million during fiscal 2022(2). Net sales of the Green Giant U.S. shelf-stable product line, which the Company divested on November 8, 2023, were $24.6 million lower in fiscal 2023 compared to fiscal 2022, primarily due to the divestiture.

 

Base business net sales for fiscal 2023 decreased $30.0 million, or 1.5%, to $1,997.2 million from $2,027.2 million for fiscal 2022. The decrease in base business net sales was driven by a decrease in unit volume of $118.2 million and the negative impact of foreign currency of $5.1 million, partially offset by an increase in net pricing and the impact of product mix of $93.3 million, or 4.6% of base business net sales.

 

Net sales of Clabber Girl increased $31.1 million, or 32.1%; net sales of the Company’s spices & seasonings(3) increased $8.1 million, or 2.2%; and net sales of Maple Grove Farms increased $2.4 million, or 2.9%, in fiscal 2023 as compared to fiscal 2022. Net sales of Crisco decreased $38.2 million, or 10.3%; net sales of Green Giant (including Le Sueur and excluding net sales of the Green Giant U.S. shelf-stable product line) decreased $28.7 million, or 6.6%; net sales of Ortega decreased $6.4 million, or 4.1%; and net sales of Cream of Wheat decreased $2.9 million, or 3.6%, in fiscal 2023, as compared to fiscal 2022. Base business net sales of all other brands in the aggregate increased $4.6 million, or 1.0%, for fiscal 2023, as compared to fiscal 2022.

 

Gross profit was $455.5 million for fiscal 2023, or 22.1% of net sales. Adjusted gross profit(1), which excludes the negative impact of $2.9 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during fiscal 2023, was $458.4 million, or 22.2% of net sales. Gross profit was $409.6 million for fiscal 2022, or 18.9% of net sales. Adjusted gross profit, which excludes the negative impact of $9.1 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during fiscal 2022, was $418.7 million, or 19.4% of net sales.

 

The improvements in gross profit and gross profit as a percentage of net sales were driven by an increase in net pricing relative to input costs as compared to fiscal 2022, the moderation of input cost inflation, lower transportation and warehousing costs, and lower depreciation expense. Beginning in the fourth quarter of 2022, the Company has realized the benefits of previously announced list price increases, which, together with additional list price increases in 2023, partially offset by certain list price decreases, contributed to the Company’s recovery in gross profit and gross profit as a percentage of net sales during fiscal 2023.

 

Selling, general and administrative expenses increased $5.6 million, or 3.0%, to $196.0 million for fiscal 2023 from $190.4 million for fiscal 2022. The increase was composed of increases in general and administrative expenses of $14.1 million and consumer marketing expenses of $3.1 million, partially offset by decreases in warehousing expenses of $5.3 million, selling expenses of $3.2 million and acquisition/divestiture-related and non-recurring expenses of $3.1 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.7 percentage points to 9.5% for fiscal 2023, as compared to 8.8% for fiscal 2022.

 

In connection with the Company’s sale of assets relating to the Green Giant U.S. shelf-stable product line, which was completed during the fourth quarter of 2023, the Company recorded a loss on sale of assets of $137.7 million during fiscal 2023, of which $132.9 million was recorded during the third quarter and $4.8 million was recorded during the fourth quarter of 2023.

 

During the fourth quarter of 2023, the Company recorded pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets for the Baker’s Joy, Molly McButter, Sugar Twin, and New York Flatbreads brands. The Company partially impaired the Baker’s Joy and Sugar Twin brands, and the Company fully impaired the Molly McButter and New York Flatbreads brands.

 

Net interest expense increased $26.4 million, or 21.1%, to $151.3 million for fiscal 2023 from $124.9 million for fiscal 2022. The increase was primarily attributable to higher interest rates on the Company’s long-term debt, the accelerated amortization of deferred debt financing costs relating to long-term debt prepayments and a $0.5 million loss on extinguishment of debt during the fourth quarter of 2023, partially offset by a reduction in average long-term debt outstanding, a $0.8 million gain on extinguishment of debt during the second quarter of 2023 and a $0.6 million gain on extinguishment of debt during the third quarter of 2023.

 

The Company had a net loss of $66.2 million, or $0.89 per diluted share, for fiscal 2023, compared to a net loss of $11.4 million, or $0.16 per diluted share, for fiscal 2022. The Company’s net loss for fiscal 2023 was primarily attributable to the pre-tax, non-cash impairment charges during the third quarter of 2023, the loss on sale during the fourth quarter of 2023 in connection with the sale of assets relating to the Company’s Green Giant U.S. shelf-stable product line, the pre-tax, non-cash impairment charges recorded during the fourth quarter of 2023 related to intangible trademark assets, and the net negative impact on income taxes resulting from the Back to Nature divestiture. The Company’s net loss for fiscal 2022 was primarily attributable to non‑cash charges for the impairment of assets held for sale in connection with the Back to Nature divestiture. The Company’s adjusted net income for fiscal 2023 was $73.9 million, or $0.99 per adjusted diluted share, compared to adjusted net income of $76.2 million, or $1.08 per adjusted diluted share, for fiscal 2022.

 

For fiscal 2023, adjusted EBITDA was $318.0 million, an increase of $17.0 million, or 5.7%, compared to $301.0 million for fiscal 2022. The increase in adjusted EBITDA was primarily attributable to the improvement in gross profit described above, partially offset by the impact of the Green Giant U.S. shelf-stable and Back to Nature divestitures. Adjusted EBITDA as a percentage of net sales was 15.4% for fiscal 2023, compared to 13.9% for fiscal 2022.

 

Full Year Fiscal 2024 Guidance

For fiscal 2024, net sales are expected to be $1.975 billion to $2.020 billion, adjusted EBITDA is expected to be $305 million to $325 million, and adjusted diluted earnings per share are expected to be $0.80 to $1.00.

 

B&G Foods provides earnings guidance only on a non-GAAP basis and does not provide a reconciliation of the Company’s forward-looking adjusted EBITDA and adjusted diluted earnings per share guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for deferred taxes; acquisition/divestiture-related expenses, gains and losses (which may include third-party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up and gains and losses on the sale of certain assets); gains and losses on extinguishment of debt; impairment of assets held for sale; impairment of intangible assets; non-recurring expenses, gains and losses; and other charges reflected in the Company’s reconciliation of historic non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding B&G Foods’ non-GAAP financial measures, see “About Non-GAAP Financial Measures and Items Affecting Comparability” below.

 

Conference Call

B&G Foods will hold a conference call at 4:30 p.m. ET today, February 27, 2024 to discuss fourth quarter and full year 2023 financial results. The live audio webcast of the conference call can be accessed at www.bgfoods.com/investor-relations. A replay of the webcast will be available following the conference call through the same link.

 

About Non-GAAP Financial Measures and Items Affecting Comparability

“Adjusted net income” (net income (loss) adjusted for certain items that affect comparability), “adjusted diluted earnings per share” (diluted earnings (loss) per share adjusted for certain items that affect comparability), “base business net sales” (net sales without the impact of acquisitions until the acquisitions are included in both comparable periods and without the impact of discontinued or divested brands), “EBITDA” (net income (loss) before net interest expense, income taxes, and depreciation and amortization), “adjusted EBITDA” (EBITDA as adjusted for cash and non-cash acquisition/divestiture-related expenses, gains and losses (which may include third-party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up and gains and losses on the sale of certain assets), gains and losses on extinguishment of debt, impairment of assets held for sale, and non-recurring expenses, gains and losses), “adjusted gross profit” (gross profit adjusted for acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold) and “adjusted gross profit percentage” (gross profit as a percentage of net sales adjusted for acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold) are “non-GAAP financial measures.” A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP) in B&G Foods’ consolidated balance sheets and related consolidated statements of operations, comprehensive (loss) income, changes in stockholders’ equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. The Company’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

 

The Company uses non-GAAP financial measures to adjust for certain items that affect comparability. This information is provided in order to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as the Company’s management. Because the Company cannot predict the timing and amount of these items that affect comparability, management does not consider these items when evaluating the Company’s performance or when making decisions regarding allocation of resources.

 

Additional information regarding EBITDA and adjusted EBITDA and a reconciliation of EBITDA and adjusted EBITDA to net income (loss) and to net cash provided by operating activities, is included below for the fourth quarter and full year 2023 and 2022, along with the components of EBITDA and adjusted EBITDA. Also included below are reconciliations of the non-GAAP terms adjusted net income, adjusted diluted earnings per share and base business net sales to the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s consolidated balance sheets and related consolidated statements of operations, comprehensive (loss) income, changes in stockholders’ equity and cash flows.

 

End Notes

(1)

Please see “About Non-GAAP Financial Measures and Items Affecting Comparability” below for the definition of the non-GAAP financial measures “base business net sales,” “adjusted diluted earnings per share,” “adjusted net income ,” “EBITDA,” “adjusted EBITDA,” “adjusted gross profit” and “adjusted gross profit percentage,” as well as information concerning certain items affecting comparability and reconciliations of the non-GAAP terms to the most comparable GAAP financial measures.

(2)

Excludes net sales of certain Back to Nature products not part of the divestiture that the Company will soon transition to another brand name.

(3)

Includes the spices & seasoning brands acquired in the fourth quarter of 2016, as well as the Company’s legacy spices & seasonings brands, such as Dash and Ac’cent, and spices & seasonings products launched by the Company and sold under license.

nm

–

Not meaningful.

 

About B&G Foods, Inc.

Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com.

 

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” The forward-looking statements contained in this press release include, without limitation, statements related to B&G Foods’ expectations regarding net sales, adjusted EBITDA and adjusted diluted earnings per share, and the Company’s overall expectations for fiscal 2024 and beyond. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of B&G Foods to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “projects,” “intends,” “anticipates,” “assumes,” “could,” “should,” “estimates,” “potential,” “seek,” “predict,” “may,” “will” or “plans” and similar references to future periods to be uncertain and forward-looking.

Contacts

Investor Relations:

ICR, Inc.

Dara Dierks

866.211.8151

Media Relations:

ICR, Inc.

Matt Lindberg

203.682.8214

Read full story here

Categories
Business Culture Foodies/Tastylicious Lifestyle Special/Sponsored Content

Beyond St. Paddy’s Day, Sugar Plum Chocolates available for Easter celebrations, too

— Sugar Plum Chocolates are festive and delicious treats for St. Paddy’s Day and/or Easter. 

 

Sugar Plum Chocolates Happy Easter Box

 

The Happy Easter Chocolate Collection Box is bursting with chocolate-covered treats for your loved ones, including milk and white chocolate-covered pretzels, milk chocolate-covered cookies with pastel drizzle and milk chocolate-covered graham crackers with pastel drizzle. But this Easter Bunny keeps the Easter fun going, because the Happy Easter Chocolate Collection Box also includes chocolate bites, strawberry delights, jelly beans, and a milk chocolate Easter Bunny. Every bunny is going to love this sweet collection of chocolates and candies this Easter. Retails for $55 at https://www.sugar-plum.com/collections/easter/products/happy-easter-box

 

 

 

Fun Easter Basket Treat – Sugar Plum Chocolate Zombie Bunny

 

Zombie Peter Rabbit is Sugar Plum’s classic white chocolate bunny with a twist! Made of white chocolate and designed to be a one-of-a-kind piece that will make kids and adults alike scream and start running for the hills, our Chocolate Zombie Bunny comes beautifully wrapped in a cello bag with a festive bow and a gift tag. Don’t let Zombie Peter Rabbit hop…err…stagger away – order today! Retails for $29.95 at https://www.sugar-plum.com/collections/easter/products/chocolate-zombie-easter-bunny

 

 

 

Sugar Plum Chocolates Happy St. Patrick’s Day Box

This delightful assortment of delectable treats will turn your St. Patrick’s Day celebration into a truly magical and mouthwatering experience. This box is the pot of gold you’ve been looking for, as it features a sweet and whimsical Chocolate Shamrock Lollipop, rich Whiskey Nuts & Irish Stout Nuts (seasoned to perfection), yummy smooth and creamy Milk Chocolate Beer Mugs with Green Sprinkles, irresistibly sweet and crunchy Caramel Corn, salty and succulent White Chocolate Covered Pretzels with Green Drizzle, and whimsical and delicious Gold Chocolate Coins. Retails for $45.00 at https://www.sugar-plum.com/products/happy-st-patricks-day-box

 

 

Categories
Art & Life Business Culture Foodies/Tastylicious Lifestyle Perks

Campbell names Anthony Kyles Chief Customer Officer of Meals & Beverages

CAMDEN, N.J. — (BUSINESS WIRE) — Campbell Soup Company (NYSE: CPB) today announced the appointment of Anthony Kyles as Chief Customer Officer, Meals & Beverages, effective March 4, 2024.

 

Kyles will lead the U.S. retail sales team for Campbell’s soups, meals, sauces and beverages, driving growth across the Meals & Beverages division with the company’s retail customers. He will be responsible for profitably growing an iconic portfolio of brands, including Campbell’s, Chunky, Pacific Foods, V8, Prego, Pace, Swanson and SpaghettiOs. He will join the Campbell Leadership Team and will report to Mick Beekhuizen, Campbell’s Executive Vice President and President, Meals & Beverages.

 

“The Meals & Beverages division is focused on driving growth with our retail customers and transforming our categories through our portfolio of iconic and distinctive brands, while providing value for our consumers,” said Beekhuizen. “Anthony is a results-oriented leader, and I’m confident his extensive industry experience will help us set the standard for accelerating profitable growth.”

 

Kyles joins Campbell from PepsiCo, where he most recently served as the Vice President of National Accounts for Frito-Lay. Since joining PepsiCo in 2007, Kyles has held multiple roles with increasing leadership responsibilities overseeing category growth strategies across various channels. These experiences enabled him to build cross-functional and divisional experiences in operations, marketing, sales, shopper insights and manufacturing. Previously, he worked at IBM as a systems engineer for several years, before transitioning to sales as a senior executive and leading sales and engineering teams in the banking and automotive industry. He earned his B.A. degree in Industrial Marketing and Finance from Western Michigan University.

 

About Campbell

For more than 150 years, Campbell (NYSE:CPB) has been connecting people through food they love. Generations of consumers have trusted us to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, the company generated fiscal 2023 net sales of $9.4 billion. Our portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. Campbell has a heritage of giving back and acting as a good steward of the environment. The company is a member of the Standard & Poor’s 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com.

Contacts

Investor Contact:
Rebecca Gardy

(856) 342-6081

Rebecca_Gardy@campbells.com

Media Contact:
Dervela Paul

(856) 536-0523

Dervela_Paul@campbells.com

Categories
Business Foodies/Tastylicious Lifestyle Special/Sponsored Content

Eat a Sub: Be a Valerie Fund Hero

Jersey Mike’s Celebrates 14th Annual “Month of Giving”

 

MAPLEWOOD, N.J. — (BUSINESS WIRE) — #becauseofvalerie — The Valerie Fund is joining forces with over 130 Jersey Mike’s Subs across the entire state of New Jersey for the 14th Annual March “Month of Giving” campaign to support local charities.

 

During the month of March, customers will have the option to round up their purchase to the nearest dollar or donate $1, $3, or $5 when placing their order.

The Month of Giving campaign will culminate with Jersey Mike’s “Day of Giving” on Wednesday, March 27, when local Jersey Mike’s restaurants will give 100 percent of the day’s sales – not just profit – to The Valerie Fund.

 

“We are deeply honored and immensely grateful to be chosen again as Jersey Mike’s charity partner for their Month of Giving campaign. The support from Jersey Mike’s has been tremendous. It is not just a partnership; it’s a heartfelt commitment of support for The Valerie Fund’s mission of providing critical psychosocial care to children with cancer and blood disorders, supporting the entire family at a hospital close to home,” said Barry Kirschner, Executive Director of The Valerie Fund. “This support will go a long way to helping The Valerie Fund meet the needs of the over 6,000 children who come through our eight centers every year.”

 

On Day of Giving, local Jersey Mike’s owners and operators throughout the country will donate their resources and every single dollar that comes in – whether in-store, online or through the app – to more than 200 different charities including hospitals, youth organizations, food banks and more. This March, Jersey Mike’s hopes to exceed last year’s record-breaking national fundraising total of $21 million and help local charities striving to fulfill their missions and make a difference.

 

“I would like to extend a personal invitation to you and your family to visit Jersey Mike’s Subs throughout the month of March, and especially on Day of Giving when 100 percent of sales – every penny – goes to help a great local cause,” said Peter Cancro, Jersey Mike’s founder and CEO, who started the company when he was only 17 years old.

 

Since Month of Giving began in 2011, Jersey Mike’s has raised more than $88 million for local charities. For a list of restaurants in your area, please visit our charity listing by state.

 

About Jersey Mike’s

Jersey Mike’s Subs, with more than 2,500 locations nationwide, serves authentic fresh sliced/fresh grilled subs on in-store freshly baked bread – the same recipe it started with in 1956. Passion for giving in Jersey Mike’s local communities is reflected in its mission statement “Giving…making a difference in someone’s life.” For more information, please visit jerseymikes.com or follow us on Facebook (facebook.com/jerseymikes), Instagram (instagram.com/jerseymikes), TikTok (tiktok.com/@jerseymikes) and X (formerly Twitter) (twitter.com/jerseymikes). Join in the conversation at #JerseyMikesGives.

 

ABOUT THE VALERIE FUND: After their nine-year-old daughter Valerie succumbed to cancer in 1976, Sue and Ed Goldstein were determined that no family should have to travel great distances to receive superior medical care. Along with a group of close friends, they began fundraising efforts from their living room – tireless work that would lead to the 1977 opening of New Jersey’s first pediatric oncology facility at Summit’s Overlook Hospital. Forty-five years later, The Valerie Fund’s mission remains that of supporting comprehensive health care for children battling cancer and blood disorders.

Contacts

Bunny Flanders

The Valerie Fund

973-761-0422 ext. 14

www.TheValerieFund.org