Hi-Tech Pharmacal Q1 profit soars 59% on nasal spray sales
Hi-Tech Pharmacal (NASDAQ:HITK) said Wednesday that first-quarter earnings rose 59% as the company continued to report strong sales growth for its generic products, especially its nasal spray used to treat asthma and allergies.
For the quarter ended July 31, the specialty pharmaceutical company, reported a profit of $13.8 million, or $1.05 a share, up from $8.7 million, or 67 cents a share, a year earlier. Revenue soared 43% to $56.2 million. Analysts polled by Thomson Reuters most recently forecast earnings of 84 cents a share on revenue of $54 million.
As at 9.49 am EDT, shares were up 3.84% to $30.80.
President and CEO David Seltzer said that the success of its Fluticasone Propionate nasal spray has allowed the company to increase its research and development spending and add several products at its ECR Pharmaceuticals unit, which markets branded prescription products.
Generic drug sales, the largest top-line contributor, surged 52% as Fluticasone Propionate nasal spray sales more than doubled. In the over-the-counter drug segment, sales edged up 0.1%.
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