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Cornerstone Therapeutics Reports Second Quarter and First Half 2009 Financial Results
Date:8/11/2009

ion compared to the six months ended in June 30, 2008. The growth in net product sales was due primarily to reduced competition and a price increase on the entire product family, offset by volume decreases in the AlleRx PE and the AlleRx DF formulations due to generic competition.

HyoMAX(R) net product sales increased $4.4 million, or 98%, to $8.8 million for the three months ended June 30, 2009 and increased $12.9 million, or 289%, to $17.4 million for the six months ended June 30, 2009 both compared to the same periods in 2008. These increases were primarily due to the timing of the HyoMAX product launches, which occurred in May through July of 2008. In addition, Cornerstone experienced a net reduction in sales prices due to increased competition during the three and six months ended June 30, 2009.

Gross profit was $22.1 million and $49.6 million in the three and six months ended June 30, 2009, respectively, compared to $13.1 million and $22.0 million in the corresponding periods of 2008. Gross margin (exclusive of royalty agreement revenues and amortization of product rights) was 88% and 93% for the three months ended June 30, 2009 and 2008, respectively. Gross margin (exclusive of royalty agreement revenues and amortization of product rights) was 89% and 93% for the six months ended June 30, 2009 and 2008, respectively. The reduction in margins in both periods resulted primarily from a change in the mix of products comprising net product sales.

Sales and marketing expenses increased $2.9 million and $4.4 million for the three and six months ended June 30, 2009 compared to the three and six months ended June 30, 2008, respectively. The increases in sales and marketing expenses were primarily attributable to growth of the sales force and management team; advertising and promotional spending; and co-promotion, travel and consulting-related expenses.

Royalty expenses increased $2.1 m
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SOURCE Cornerstone Therapeutics Inc.
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