Nasal-spray sales boost Hi-Tech profits
Sales of a generic nasal allergy spray led to a surge in revenues and profits at Hi-Tech Pharmacal Co., of Amityville -- and to the best results in its history -- the company said as it released its annual earnings report for the year ended April 30.
The company had revenue of $190.8 million, compared with $159.3 million in the same quarter last year, and net income of $41.25 million, compared to $31.12 million in the year-ago quarter.
"Strong unit sales at higher average prices helped increase sales of fluticasone propionate nasal spray to $73.8 million for the current fiscal year, versus $13.8 million in the previous fiscal year," the company said.
When Hi-Tech got FDA approval in January 2008 for its generic version of GlaxoSmithKline's nasal spray, it started shipping immediately and predicted the product would generate the highest level of sales and profits to date.
It had generated $1 billion in sales a year in its original branded version and was expected to be a $700-million product as a generic, the company said.
Hi-Tech makes and markets generic, prescription, over-the-counter and nutritional products for asthma, bronchial disorders, dermatologic disorders, allergies and other disorders.
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
