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Ista reports strong second quarter after entering allergy market
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IRVINE, Calif. — Ista Pharmaceuticals reported $35.1 million in revenue for the second quarter of 2010, representing a 46% increase compared with revenue posted during the same period in 2009.
Net revenue from sales of Xibrom (bromfenac ophthalmic solution 0.09%) totaled $21 million for the quarter, up 17% from $18.1 million in Xibrom sales during the same period last year. Sales of Istalol (timolol maleate ophthalmic solution 0.5%) remained stable at $4.3 million, while sales of Vitrase (hyaluronidase injection) rose 133% to $3.5 million.
The increased revenue set the stage for reported income of $26.2 million, or $0.61 per diluted share, for the second quarter, which compared with a net loss of $36.6 million, or $1.10 per diluted share, during the second quarter last year.
The company's entrance to the allergy market, coupled with an increased sales force, is believed to be the driving force behind the revenue growth.
"ISTA's second quarter revenue growth clearly reflects a thriving eye care business and great success with our first product entry into the allergy market. Bepreve [bepotastine besilate ophthalmic solution 1.5%], for ocular itching associated with allergic conjunctivitis, had a strong adoption rate during its first spring allergy season among U.S.-based ophthalmologists, optometrists and allergists," Vicente Anido, Jr., PhD, president and CEO of Ista, said in a statement.
Based on the early returns, Ista is projecting a 2010 full-year revenue guidance of between $147 million and $165 million, Dr. Anido said in the statement.
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