Cornerstone Therapeutics (NASDAQ:CRTX) hit a record high of $40.4 million in revenue in second quarter revenue as the specialty pharmaceutical company started to reap sales of newly acquired products.
In the second quarter of 2012, Cary-based Cornerstone reported $21.5 million in revenue. The biggest difference in sales performance this year compared to last year was Cardene I.V., an intravenous hypertension treatment that the company brought into its portfolio last year with the acquisition of EKR Therapeutics. That deal, struck in May 2012, brought Cornerstone only a portion of Cardene I.V.’s sales in that quarter. With a full quarter of the Cardene I.V. sales, the drug brought Cornerstone $14.2 million in sales.
Cornerstone also saw strong performance from its other drugs. Curosurf, a treatment for respiratory distress in infants, generated a record $11.3 million in second quarter revenue, a 21 percent increase compared to the prior year period. The Zyflo asthma products produced $14.8 million in the second quarter, up 37 percent over the second quarter of 2012.
Cornerstone reported $5.8 million in second quarter net income. A year ago, the company reported a $4.4 million net loss in the second quarter.
“This was an impressive quarter for Cornerstone as we achieved record top-line results along with significant bottom-line growth of more than 130 percent compared to the first quarter of this year,” CEO Craig Collard said in a statement.
Cornerstone is also ramping up its sales and marketing efforts for a pair of drugs for cystic fibrosis patients. The company last month started selling Pertyzye, a treatment for exocrine pancreatic insufficiency due to cystic fibrosis. Cornerstone also plans a launch later this year of Bethkis, a cystic fibrosis treatment whose U.S. rights Cornerstone acquired late last year.
