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Cornerstone Therapeutics Reports First Quarter 2009 Financial Results
Date:5/7/2009

er 2008, or 225%, to $30.7 million. Net product sales were $30.5 million in the first quarter of 2009, compared to $9.0 million in the same period of 2008, an increase of $21.5 million, or 239%. Net product sales in the first quarters of 2009 and 2008 consisted of revenues from sales of the Company's AlleRx(R) family of products, which increased $4.4 million in the most recent first quarter compared to 2008, Spectracef(R), which increased $3.5 million in the most recent first quarter compared to 2008, Deconsal(R), and Balacet(R) 325 products. Additionally, net product sales in the 2009 first quarter also included $8.6 million in sales of the HyoMax(R) line of products, which was launched in May 2008, and $5.3 million in sales of ZYFLO CR and ZYFLO.

Gross profit was $27.5 million in the quarter ended March 31, 2009, compared to $8.8 million in the corresponding period of 2008. Gross margin (exclusive of amortization of product rights of $511,000 and $739,000 the three months ended March 31, 2009 and 2008, respectively) was 90% in the first quarter of 2009 and 94% in the first quarter of 2008.

Sales and marketing expenses were $5.4 million in the 2009 first quarter, compared to $3.9 million in the 2008 first quarter, an increase of approximately $1.5 million, or 38%, which includes a $776,000 increase in co-promotion expenses primarily relating to ZYFLO CR.

Royalty expenses were $6.3 million in the first quarter of 2009, compared to $1.2 million in the corresponding period of 2008, an increase of approximately $5.1 million, or 405%. This increase was primarily due to the launch of the HyoMax line of products, which took place in May 2008, increased net product sales of the AlleRx family of products and royalties relating to ZYFLO CR and ZYFLO.

General and administrative expenses were $3.8 million in the quarter ended March 31, 2009, compared to $1.5 million in the quarter ended March 31,
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SOURCE Cornerstone Therapeutics Inc.
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