Cary’s Cornerstone Therapeutics posts record 3Q earnings
11/07/2013 12:03 PM
11/07/2013 12:04 PM
Cary-based Cornerstone Therapeutics posted record third-quarter earnings in one of its last earnings releases before it is acquired by an Italian firm.
One of Cornerstone’s top products, Cardene I.V., set an individual sales record amid a shortage of competing generic products, the company said. Cardene is a short-term intravenous treatment for hypertension.
Cornerstone, which employs 123 people, posted sales of $53.7 million, up 43 percent compared to the third quarter a year ago. Net income was $9.6 million, or 31 cents per diluted share, up from $1.2 million, or 5 cents per diluted share.
The company also released a fibrosis treatment in the third quarter: Pertzye . It also makes treatments for asthma and respiratory distress syndrome.
Cornerstone is a specialty drug company that focuses on selling directly to hospitals, as opposed to deploying teams of sales reps to work with individual doctors. It was created as a publicly-traded company in 2008 when Cary’s Cornerstone BioPharma acquired Critical Therapeutics in Boston.
In September, Cornerstone announced that it is being acquired by Chiesi Farmaceutici, an Italian drug firm. Chiesi already owns 58 percent of Cornerstone and became an investor shortly after Cornerstone went public.
Cornerstone’s stock closed Thursday at $9.46, up 1 cent. The shares have gained 97 percent in the past 12 months.
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