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Inspire third-quarter revenue up 26%

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DURHAM, N.C. — Inspire Pharmaceuticals reported a 26% increase in third-quarter revenue compared with the same period last year, totaling $12.2 million, according to a press release from the company.

The revenue increase was partially due to the August launch of AzaSite (1% azithromycin ophthalmic solution) in the United States for treating bacterial conjunctivitis. AzaSite sales totaled approximately $1.1 million in the first 50 days of its launch.

Also, an additional $1.1 million has been recorded as deferred revenue until certain criteria are met related to AzaSite sale transactions with special launch provisions, according to the release.

In the third quarter, co-promotion revenue on net sales of Restasis (0.05% cyclosporine ophthalmic emulsion) increased 52% to $6.5 million compared with the third quarter 2006. However, third-quarter co-promotion revenue from net sales of Elestat (0.05% epinastine HCl ophthalmic solution) decreased to $4.6 million.

Operating expenses for the third quarter totaled $26.6 million, a 47% increase compared with the same period 2006. The increase was primarily due to the AzaSite launch, which increased sales and marketing expenses $8.1 million.

Overall, Inspire had a third-quarter net loss of $13.7 million, or $0.32 per share, the release said.

For the first 9 months of the year, Inspire's revenue totaled $34.8 million, which included $33.7 million in co-promotion revenue from Elestat and Restasis and $1.1 million in AzaSite sales.

Also for the first 9 months, operating expenses totaled $82 million, and the net loss was $45.7 million, or $1.08 per share, according to the release.