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Inspire posts $8.5 million net loss for third quarter

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DURHAM, N.C. — Inspire Pharmaceuticals reported a net loss of $8.5 million, or $0.12 per common share, for the third quarter of 2009, compared with a net loss of $9.6 million, or $0.17 per common share, for the third quarter of 2008, according to a company press release.

Third-quarter revenue totaled $25.2 million, up 26% compared with $20 million reported during last year's third quarter. Specifically, revenue from sales of AzaSite (azithromycin ophthalmic solution 1%) totaled $9 million, representing a 92% spike compared with $4.7 million during the same period last year. According to Inspire's estimates, approximately $1 million to $1.5 million of third-quarter revenue from AzaSite sales stemmed from hospital usage of the drug as a substitute therapy during the erythromycin ophthalmic ointment 0.5% supply shortage.

Co-promotion revenue from net sales of Elestat (epinastine HCl ophthalmic solution 0.05%) and Restasis (cyclosporine ophthalmic emulsion 0.05%) totaled $16.1 million for the third quarter, up slightly from $15.2 million reported during the same period last year. Inspire also announced that an additional $1.2 million of revenue from net sales of Elestat from the first nine months of 2009 has been deferred until minimum net sales targets are achieved.

"The first 9 months of 2009 have been extremely productive," Christy L. Shaffer, PhD, president and CEO of Inspire, said in the release. "First, we generated double-digit revenue growth this quarter as compared to the third quarter of 2008. Second, our four ongoing clinical trials are progressing well with three of the trials having recently completed patient enrollment and results anticipated from all of these programs within 18 months. Finally, as a result of our recent financing, Inspire is now well-positioned to progress our three late-stage clinical programs."

Based on sales trends for AzaSite, Elestat and Restasis, Inspire expects to post aggregate revenue in the range of $80 million to $90 million for the full year 2009.