Aceto Corp. profits soar 93 percent
The headquarters of Aceto Corp. in Port Washington on Oct. 21, 2011. Credit: Barry Sloan
Aceto Corp. Thursday night said its profit soared 93 percent in the July-September period compared with the same time a year ago, on strong sales of its generic drugs and pharmaceutical ingredients.
The Port Washington-based manufacturer of drugs and chemicals reported a profit of $9 million in its fiscal first quarter, compared with $5 million a year earlier.
Sales rose 2 percent in the same period to $134 million.
Chief executive Sal Guccione said the company has been delivering strong profit growth "on a substantial improvement in operating profitability."
He also said Aceto's move to become a larger player in the pharmaceutical industry "continued nicely in the quarter." Drugs now represent 72 percent of the company's sales, up from 67 percent a year ago.
Guccione said Aceto plans to introduce six to 10 generic drugs in the fiscal year that ends June 30, 2016.
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