Inspire Pharmaceuticals limits third-quarter loss with 6% revenue boost

DURHAM, N.C. — Inspire Pharmaceuticals reported a third-quarter 2010 net loss of $7.6 million, or $0.09 per share, compared with a net loss of $8.5 million, or $0.12 per share, posted during the third quarter of 2009.

Third-quarter revenue totaled $26.7 million, representing a 6% increase, compared with $25.2 million posted during the same period last year. Inspire's revenue growth was led in part by sales of AzaSite (azithromycin ophthalmic solution 1%), which jumped 23% to $11.1 million for the third quarter.

Co-promotion and royalty revenue from net sales of Restasis (cyclosporine ophthalmic emulsion 0.05%) and Elestat (epinastine HCl ophthalmic solution 0.05%) dropped slightly to $15.6 million during the third quarter, largely due to a drop in co-promotion revenue stemming from sales of Elestat.

"We are pleased to have delivered another strong quarter of commercial and financial performance," Adrian Adams, president and CEO of Inspire, said in the release. "The key aspects of our business are moving in the right strategically aligned direction, creating solid foundations for a potentially transformational year in 2011 for Inspire."

As of Sept. 30, Inspire had $99.5 million in cash, cash equivalents and investments, according to the release.

Inspire projects 2010 aggregate revenue in the range of $100 million and $111 million.