Earlier on Wednesday, Hi-Tech Pharmacal Co. Inc. announced that profits from generic drug sales resulted in a revenue rise of 59% during the company’s fiscal first-quarter.
In the three months that ended July 31, Hi-Tech earned $13.8 million, or $1.05 per share, which was comparable to a net income of $8.7 million, or 67 cents per share, in last year’s quarter.
Revenues jumped 43 percent to $56.2 million.
Factset surveyed analysts anticipated average revenues of 84 cents per share on $54.1 million.
Generic pharmaceuticals sales of the Amityville, N.Y.-based Company witnessed a rise of 52 percent to $48.9 million in the in the fiscal quarter. This jump could be attributed to sales rises of fluticasone propionate nasal spray, after the company sold more units at a higher average price. Hi-Tech’s nasal spray, a generic equivalent for the allergy treatment Flonase, increased revenues to nearly $26.2 million.
Earlier this year, the company launched generic versions of Neurontin and Levaquin, a seizure drug and an antibiotic, respectively.
Although the cost of products sold by the company caused a hike of 37 percent to about $23 million in the fiscal quarter, it declined as a percentage of sales due in part to the performance of the generic Flonase and higher-than-average margins on new launched products.
While broader trading indexes increased over 1 percent, Hi-Tech’s shares climbed 29 cents, about 1 percent, to $29.95 in afternoon trading.