Third Quarter and First Nine Months Results
Total revenues were $5.7 million and $3.9 million for the three months ended September 30, 2012 and 2011, respectively, an increase of 45%. For the nine months ended September 30, 2012, the Company’s total revenue increased to $17.1 million, or 55%, from $11.0 million in the first nine months of 2011. Product sales were $2.1 million in the third quarter of 2012 compared to $2.2 million in 2011. For the nine months ended September 30, 2012, product sales increased 33% to $7.8 million compared to $5.8 million in the prior year. The product sales increase was primarily due to sales of our oxybutynin gel 3% product to Watson in connection with Watson’s launch of Gelnique 3% in April 2012.
Development revenues were $2.6 million and $1.0 million in the three month periods ended September 30, 2012 and 2011, respectively. For the nine months ended September 30, 2012, the Company’s development revenue increased to $6.3 million from $2.7 million in the first nine months of 2011. The revenue in the first nine months of 2012 was primarily due to revenue recognized in connection with our license agreement with Watson along with development revenue from Teva, while the development revenue in the first nine months of 2011 consisted primarily of auto injector and pen injector development work for Teva. The development revenue in the three and nine month periods of 2012 also included $750,000 from Pfizer after the achievement of a development milestone related to its undisclosed Consumer Healthcare product.
Licensing revenues were $0.1 million in each of the three month periods ended September 30, 2012 and 2011. For the first nine months of 2012 licensing revenues were $0.8 million compared to $0.6 million in the first nine months of 2011. Licensing revenue in the first nine months of 2012 was primarily due to an upfront fee received in connection with our licensing agreement with Daewoong Pharmaceuticals for our 3% oxybutynin gel for South Korea, along with license revenue recognized in connection with our license agreement with Watson. Licensing revenue in the first nine months of 2011 was primarily related to Teva agreements.
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