Shortfall in sales doesn’t hurt Inspire stock
Sales of the eye allergy drug Elestat failed to reach contractual agreements for Inspire Pharmaceuticals (Nasdaq: ISPH), triggering a larger loss than expected for the quarter ending March 31, the company said Thursday.
However, Inspire shares climbed nearly 7 percent to $3.20 in afternoon trading. Inspire will be able to report the Elestat revenues of $7.4 million in future quarters. Elestate revenues were up 54 percent from the same quarter in 2007.
The upward trend continued to Thursday's close, with shares finishing at $3.32, up 32 cents or 11.7 percent.
Inspire said it lost $25.9 million, or 46 cents, in the quarter. Wall Street analysts expected a 32 cent per share loss.
The pharmaceutical firm’s revenues did increase to $9.7 million from $7.2 million in the first quarter. Driving the increase was a 35 percent increase in sales for the allergy drug AzaSitre.
Inspire licensed Elestat from a European firm. It sells AzaSite in partnership with Allegran.
Expenses at Inspire increased to $35.6 million from $33.9 million in 2007. The company cited increased costs for expanded sales and marketing efforts as a driver for higher costs.
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