NOV 26, 2012
InSite Vision Incorporated announced $5.1 million in net income for the third quarter, compared to $1.5 million in last year's third quarter. The California-based ophthalmic drug specialist attributed this result to an increase in royalties.
AzaSite royalties for the third quarter were $11.5 million compared to $6.3 million for the same period of 2011. AzaSite is marketed in the U.S. by Merck for the treatment of bacterial conjunctivitis. The increase in royalties was driven by an increase of the required minimum royalty to $17 million for the fiscal year ended September 30, 2012 compared to $15 million for the same period in 2011. In addition, a decline in net sales of AzaSite by Merck further increased the minimum royalty true-up.
Total revenues increased to $12.1 million for the third quarter compared to $6.6 million for the same period in 2011.