Research and development expenses were $1.2 million in the 2009 first quarter, compared to $98,000 in the 2008 first quarter, an increase of approximately $1.1 million, or 1086%. Research and development expenses in the most recent first quarter included additional expenses related to on-going pipeline development.
For the three months ended March 31, 2009, the Company had operating income of $10.4 million, or 33.9% of net revenues, compared with operating income of $1.4 million, or 14.9% of net revenues, for the same period in 2008, an increase of approximately 658%. The Company's first quarter 2009 net income and diluted earnings per share were $6.3 million and $0.48, respectively.
"We are extremely pleased with our financial performance in the first quarter, as we delivered substantial growth in operating income, and further strengthened our balance sheet," said Craig A. Collard, Cornerstone's President and Chief Executive Officer. "Also, our sales and marketing strategies for key products, including SPECTRACEF, ZYFLO CR and ALLERX, continued to gain traction with net product sales more than tripling year-over-year. In addition, our existing product pipeline continues to move forward."
As of March 31, 2009, the Company had $10.7 million in cash and cash equivalents, an increase of $1.5 million compared to December 31, 2008.
Following this strong start to the year, the Company is raising its full year guidance for net revenues from over $80 million to over $95 million. In addition, the Company is increasing its income from operations estimate from in excess of $10 million to in excess
|SOURCE Cornerstone Therapeutics Inc.|
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