Aceto Corp. reported a loss for the July-September period compared with a profit a year earlier as pharmaceutical sales fell by one quarter, officials said.
The Port Washington-based seller of generic drugs and chemicals said it lost $21.1 million in the three months ended Sept. 30 compared with a profit of $500,000 in the same period in 2017.
Sales in the quarter totaled $164.4 million, down 11 percent, year over year. About half of Aceto’s sales are derived from its generic drugs division.
CEO William C. Kennally III blamed the sales drop on “the loss of revenue from government entities and the continuing challenges we face in the generics market” where prices are being squeezed. Aceto has had to pay “failure to supply" charges to some of its customers in the past nine months, he said on Thursday.
Still, Kennally said the company will introduce 15 to 20 new drugs in the year ending June 30, 2019.
The earnings announcement came after the stock market closed on Thursday. Aceto shares closed down 23 cents, or 11 percent, to $1.80 on Friday.