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Inspire reports $9.6 million net loss, $20 million in revenue for third quarter
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DURHAM, N.C. — Inspire Pharmaceuticals announced a net loss of $9.6 million, or $0.17 per share, in the third quarter and a yearly net loss to date of $41.9 million, or $0.74 per share, according to a press release from the company.
A net loss of $13.7 million, or $0.32 per share, was recorded in the third quarter 2007, and a net loss of $45.7 million, or $1.08 per share, was recorded through Sept. 30, 2007.
Third-quarter revenue totaled $20 million compared with $12.2 million for the third quarter 2007. Revenue from AzaSite (1% azithromycin ophthalmic solution) totaled $4.7 million for the quarter compared with $1.1 million in the same period last year.
Total revenue through the first three quarters was $51.6 million, a 48% increase over $34.8 million reported through the first three quarters in 2007.
Co-promotion revenue from net sales of Restasis (0.05% cyclosporine ophthalmic emulsion) and Elestat (0.05% epinastine HCl ophthalmic solution) totaled $15.2 million, representing a 37% increase compared with third quarter 2007.
Inspire also recognized $2.6 million in co-promotion Elestat revenue in the third quarter that had been deferred until minimum net sales targets were met.
Inspire reported quarterly operating expenses of $29 million, a 9% increase compared with $26.6 million for the same period in 2007. The increase in operating expenses was due to an increase in research and development costs and expenses related to AzaSite sales but was partially offset by a reduction in sales and marketing expenses.