Inspire posts fourth-quarter net loss

DURHAM, N.C. — Inspire Pharmaceuticals reported a net loss of $2.6 million, or $0.03 per share, for the fourth quarter of 2009 and a net loss of $40 million, or $0.60 per share, for the full year, according to a press release from the company.

Fourth-quarter revenue rose 57% to $29.6 million, largely due to a 67% spike in revenue of AzaSite (1% azithromycin ophthalmic solution). Approximately $2 million to $2.5 million of revenue from sales of AzaSite stemmed from hospital use of the drug as a substitute therapy during the supply shortage of erythromycin ophthalmic ointment 0.5%, the release said.

Total product co-promotion and royalty revenue, which included royalties from net sales of Restasis (0.05% cyclosporine A, Allergan) and co-promotion revenue from net sales of Elestat (0.05% epinastine HCl ophthalmic solution), rose 51% to $17.5 million for the fourth quarter, according to the release.

For the full year, Inspire posted $92.2 million in total revenue, up 31% from $70.5 million reported for 2008. Specifically, revenue from sales of AzaSite rose to $35 million, and co-promotion and royalty revenue increased 12% to $57.2 million.

Inspire expects aggregate 2010 revenue to range between $100 million and $111 million.

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