Hi-Tech Pharmacal reports 175% increase in first-quarter net sales

AMITYVILLE, N.Y. — Hi-Tech Pharmacal reported net sales totaling $43.48 million for its first quarter, an increase of 175% compared with $15.8 million reported during the first quarter a year ago, according to a press release from the company.

Gross profit totaled $26.5 million, almost $21 million more than last year.

Net sales for generic pharmaceuticals totaled $36.7 million, representing a 193% gain compared with $12.53 million last year. The increase was partly attributed to the launches of dorzolamide with timolol ophthalmic solution and dorzolamide ophthalmic solution.

Net sales for the health care products division, which markets over-the-counter branded products, totaled $2.093 million, representing a 13% increase compared with $1.86 million reported during the same period last year.

First-quarter net income totaled $8.67 million, or $0.73 per diluted share, representing a gain compared with $1.5 million, or $0.13 per diluted share, reported for the same period last year, the release said.

Hi-Tech Pharmacal currently has 12 products awaiting U.S. Food and Drug Administration approval, targeting brand and generic sales of more than $600 million. In addition, Hi-Tech Pharmacal has 20 products, including sterile ophthalmic products, in active development, targeting brand sales of more than $2 billion.