Cornerstone Therapeutics (NASDAQ:CRTX) hit a record $53.7 million in revenue in the third quarter as the company reaped rewards from a drug that was acquired last year.
Cardene I.V., an intravenous hypertension treatment that joined Cornerstone’s portfolio with last year’s acquisition of EKR Therapeutics, produced $20.7 million in third quarter sales – up 62 percent year over year – as that drug established itself the company’s top seller. Cornerstone attributed the jump in Cardene sales to the company’s ability to supply the market while generic manufacturers suffered from shortages.
The $53.7 million in third quarter revenue is a 43 percent increase over the $37.5 million in revenue for the third quarter last year. It’s the third straight quarter where Cornerstone has set a sales record.
Cornerstone’s third quarter profit was $9.6 million, or 31 cents per diluted share. Last year, Cornerstone reported net income of $1.2 million, or 5 cents per diluted share.
The earnings report is could be the last for the company. In September, Italian firm Chiesi Farmaceutici, which had already owned a 58 percent stake in Cornerstone, reached an agreement to acquire the rest of the company for $9.50 per share. That deal is expected to close in the first quarter.
