Cornerstone Therapeutics Reports Third Quarter 2013 Financial Results

CARY, N.C.--Cornerstone Therapeutics Inc. (NASDAQ: CRTX), a specialty pharmaceutical company focused on commercializing products for the U.S. hospital and adjacent specialty markets, today announced results for the third quarter ended September 30, 2013. Total net revenues were $53.7 million for the third quarter of 2013, compared to $37.5 million in the third quarter of 2012, an increase of 43%. CARDENE® I.V. (nicardipine hydrochloride) net sales were $20.7 million for the third quarter of 2013 compared to sales of $12.8 million for the third quarter of 2012. The substantial increase in CARDENE I.V. sales largely reflects Cornerstone’s ability to supply the market while generic manufacturers suffered product shortages. CUROSURF® (poractant alfa) net product sales totaled $11.2 million in the third quarter of 2013, representing an increase of 13% compared to the third quarter of 2012. Net sales of the ZYFLO® (zileuton) family of products amounted to $19.8 million for the third quarter of 2013, an increase of 36% over the third quarter of 2012.


Cornerstone initiated sales and marketing efforts for PERTZYE® (pancrelipase) on July 29, 2013, and launched its generic equivalent of Tussionex®, Hydrocodone Polistirex and Chlorpheniramine Polistirex Extended Release Suspension product (HP/CP ER Suspension) on September 23, 2013. PERTZYE’s net revenue (including copromotion revenue) totaled $620,000 during the third quarter of 2013. Net product sales for the Company’s HP/CP ER Suspension product totaled $246,000 during the same period.

Net income for the third quarter of 2013 was $9.6 million, or $0.31 per diluted share, compared to net income of $1.2 million, or $0.05 per diluted share, in the third quarter of 2012. On a non-GAAP basis, net income for the third quarter was $14.3 million, or $0.46 per diluted share, up from $5.6 million, or $0.19 per diluted share, in the third quarter of 2012.

Non-GAAP net income and net income per diluted share exclude stock-based compensation expense, amortization of product rights, transaction-related expenses, acquisition adjustments related to inventory sold, the change in acquisition-related contingent payments and the gain on the divestiture of certain product rights.

“This was another strong quarter for Cornerstone. Each of our products performed well, with CARDENE I.V. in particular posting record quarterly sales largely due to shortages of the generic products,” said Craig A. Collard, Cornerstone’s Chief Executive Officer. “In addition to posting record revenue for the third straight quarter, we also launched two products, PERTZYE and our generic equivalent of Tussionex. We plan to launch our BETHKIS® (Tobramycin Inhalation Solution) product later this year.”


About Cornerstone Therapeutics

Cornerstone Therapeutics Inc. (NASDAQ: CRTX), headquartered in Cary, N.C., is a specialty pharmaceutical company focused on commercializing products for the hospital and adjacent specialty markets. Key elements of the Company’s strategy are to focus its commercial and development efforts in the hospital and adjacent specialty product sector within the U.S. pharmaceutical marketplace; continue to seek out opportunities to acquire companies, marketed or registration-stage products and late-stage development products that fit within the Company’s focus areas; and generate revenues by marketing approved generic products through the Company’s wholly owned subsidiary, Aristos Pharmaceuticals, Inc. For more information, visit www.crtx.com.