DURHAM, N.C.--(BUSINESS WIRE)--May 9, 2006--Inspire Pharmaceuticals, Inc. (NASDAQ: ISPH - News) today reported financial results for the first quarter ended March 31, 2006. Total revenue for the first quarter of 2006 was $5.5 million compared to $1.9 million for the first quarter of 2005. First quarter 2006 co-promotion revenue of $4.2 million reflected a 128% increase over the first quarter of 2005. Total co-promotion revenue for the first quarter of 2006 included $1.3 million from net sales of Elestat® (epinastine HCl ophthalmic solution) 0.05% and $2.9 million from net sales of Restasis® (cyclosporine ophthalmic emulsion) 0.05%. In addition, the Company has deferred $1.8 million of revenue from net sales of Elestat due under its co-promotion agreement with Allergan, in accordance with Inspire's revenue recognition policy. The Company expects to recognize this deferred revenue in future 2006 quarters as it makes progress against an annual net sales target for Elestat.
