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Inspire reports $6.4 million net loss, $22 million in revenue for second quarter

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DURHAM, N.C. — Inspire Pharmaceuticals reported a net loss of $6.4 million, or $0.11 per share, for the second quarter, compared with a net loss of $5.9 million, or $0.14 per share, for the second quarter of 2007, the company announced in a press release.

Second-quarter revenue totaled $22 million, an increase compared with $15.4 million in revenue during the same period last year. Specifically, revenue from AzaSite (1% azithromycin ophthalmic solution) totaled $4.1 million for the quarter, according to the release.

Second-quarter co-promotion revenue totaled $16.7 million, including $8.9 million from Restasis (0.05% cyclosporine ophthalmic emulsion) and $7.8 million from Elestat (0.05% epinastine HCl ophthalmic solution).

A sum of $2.6 million in co-promotion revenue from net sales of Elestat was deferred during the first half of 2008. Under Inspire's co-promotion agreement for Elestat, this deferred revenue will be recognized later this year when the annual minimum net sales target for the drug are met, the release said.

Inspire reported $1.25 million in collaborative research and development revenue, received pursuant to a collaborative research agreement with Santen Pharmaceutical related to Santen's completion of a phase 3 trial in Japan of diquafosol tetrasodium ophthalmic solution for treating dry eye.

Second-quarter operating expenses totaled $27.9 million, a 30% increase compared with $21.4 million during last year's second quarter. Inspire attributed the increase to personnel expansion, as well as costs associated with the commercialization of AzaSite.