Revenue growth in third quarter of 2015 was mainly driven by strong growth in product sales, which was up 367% compared to that for third quarter of 2014. Product revenue growth was primarily a result of the acquisition of Innocutis completed in April 2015, which added 7 commercial products marketed in the US. Canadian product revenue from Epuris and Vaniqa sales in 3Q15 increased by 63% compared to 3Q14, with Vaniqa contributing 20% of that growth amount.
Total revenue for the second quarter of 2015 was $8.8 million, compared to $8.0 million for the second quarter of 2014, an increase of 10%. Revenue growth in second quarter of 2015 was mainly driven by strong growth in product sales, which was up 451% compared to that for second quarter of 2014. The high growth in product sales was offset by decline in licensing revenue in the second quarter of 2015, which was down 16%.
On October 29, 2014, Cipher Pharmaceuticals (DND.TO) (CPHMF) reported financial results for the third quarter ended September 30, 2014. Revenues did decline by $1.5 million sequentially from the second quarter 2014 due to seasonality of the company’s leading isotretinoin franchise, which we discuss below. Cipher also recorded $0.5 million in product sales relating to sales of Epuris® (CIP-isotretinoin) in Canada. The company has been expanding its commercial operations in Canada and executing on its business plan well over the past year.