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Cornerstone Therapeutics Reports Year Ended December 31, 2008 Financial Results
Date:3/26/2009

07, or 131%, to $64.9 million. Net product sales were $63.2 million in 2008, compared to $26.2 million in 2007, an increase of $37.0 million, or 141%. Net product sales in 2008 and 2007 consisted of revenues from sales of the Company's AlleRx(R) family of products, which increased $12.9 million in 2008 compared to 2007, and Spectracef(R), Deconsal(R) and Balacet(R) 325 products. Additionally, net product sales in 2008 also included $23.0 million in sales of the HyoMax(R) line of products, and two months of sales of ZYFLO CR and ZYFLO after the closing of the merger totaling $888,000.

Gross profit was $58.9 million in 2008, compared to $24.8 million, in 2007. Gross margin (exclusive of amortization of product rights of $1.3 million and $3.2 million in 2008 and 2007, respectively) was 91% in 2008 and 87% in 2007.

Sales and marketing expenses were $17.0 million in 2008, compared to $10.4 million in 2007, an increase of approximately $6.6 million, or 64%. Sales and marketing expenses increased due to a $1.7 million increase in labor, benefits, related employee expenses and travel related expenses primarily due to the reorganization of the Company's sales force in May 2008; a $1.4 million increase in advertising and promotion expenses, primarily due to product launches and increased promotional efforts; and a $1.7 million increase in co-promotion expenses that was primarily due to renegotiated contract terms with our co-promotion partners.

Royalty expenses were $16.2 million in 2008, compared to $3.4 million in 2007, an increase of approximately $12.8 million, or 375%. This increase was primarily due to the launch of the HyoMax line of products in 2008 and increased net product sales of the AlleRx family of products.

General and administrative expenses were $9.8 million in 2008, compared to $4.2 million in 2007, an increase of approximately $5.6 million, or 134%. This increase was primarily due t
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SOURCE Cornerstone Therapeutics Inc.
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