Generic Flonase Sales Boost Hi-Tech's 2Q Profit
From Associated Press (December 9, 2010)
AMITYVILLE, N.Y. -- Hi-Tech Pharmacal Co. said Thursday its profit climbed 35 percent in the fiscal second quarter on better sales of generic drugs, including a version of Flonase allergy nasal spray.
The company said its profit rose to $10 million, or 76 cents per share, in the three months ended Oct. 31. That’s up from $7.4 million, or 60 cents per share, one year ago. Revenue rose 10 percent to $44.9 million from $40.9 million.
The results topped the average estimates of analysts polled by Thomson Reuters, who expected a profit of 56 cents per share and $42.5 million in revenue.
Hi-Tech said sales of generic drugs rose 13 percent to $36.8 million. That included payments for manufacturing along with $17.3 million from sales of generic Flonase, or fluticasone nasal spray. The company said demand for generic Flonase grew and the company was able to raise prices. Hi-Tech reported $2.5 million in fluticasone revenue during the second quarter of fiscal 2009.
Revenue from the company’s ECR Pharmaceuticals business edged up to $4.7 million from $4.6 million, while revenue from over-the-counter products slipped to $3.4 million from $3.6 million.
Shares of Hi-Tech Pharmacal rose $1.17, or 4.8 percent, to $25.54 in morning trading. The stock closed at $24.37 Wednesday and has traded between $16.69 and $29.88 over the last year.
Posted: December 2010