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Inspire narrows net loss, posts 54% increase in first-quarter revenue
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DURHAM, N.C. — Inspire Pharmaceuticals reported a net loss of $14.8 million, or $0.18 per share, for the first quarter, compared with a net loss of $19.4 million, or $0.34 per share, reported during the first quarter of 2009, the company announced in a press release.
Inspire posted $22.1 million in first-quarter revenue, representing a 54% increase compared with $14.3 million in total revenue reported during the comparable period last year.
First-quarter revenue from sales of AzaSite (azithromycin ophthalmic solution 1%) totaled $8.7 million, up 41% from $6.2 million in revenue posted during last year's first quarter. Approximately $1 million of first-quarter AzaSite revenue stemmed from hospital use of the drug as a substitute therapy during the supply shortage of erythromycin ophthalmic ointment 0.5%, the release said.
First-quarter royalty revenue from net sales of Restasis (cyclosporine ophthalmic emulsion 0.05%) totaled $9.8 million, compared with $8.1 million in net sales posted for the first quarter of 2009. Co-promotion revenue from net sales of Elestat (epinastine HCl ophthalmic solution 0.05%) totaled $3.6 million for the quarter, compared to no revenue recognized during the same period last year.
"During the quarter, we continued our trend of double-digit revenue growth, and through tight management of our operating expenses, continued to successfully reduce our net loss," Adrian Adams, president and CEO of Inspire, said in the release.
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