CollaGenex Pharmaceuticals, Inc. Reports Financial Results for the Third Quarter of 2007
06 Nov 2007
Financial Statement
NEWTOWN, Pa.--(BUSINESS WIRE)--CollaGenex Pharmaceuticals, Inc. (NASDAQ:CGPI) today reported financial results for the third quarter and nine months ended September 30, 2007.
Net revenues were $15.9 million in the third quarter of 2007 compared to $5.6 million in the third quarter of 2006, reflecting significantly higher net product sales of Oracea(R), the only FDA-approved systemic treatment for rosacea. Net sales of Oracea were $13.1 million in the third quarter of 2007 compared to $2.2 million in the third quarter of 2006. Total deductions from gross sales for managed care, government and patient rebates, wholesale distribution fees, trade cash discounts and estimated product returns were 14.7% of Oracea gross sales in the third quarter of 2007. Wholesaler inventories were within the Company’s target range of 3 to 5 weeks of sales.
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