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Hi-Tech Pharmacal reports 58% increase in second-quarter net sales

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AMITYVILLE, N.Y. — Hi-Tech Pharmacal earned $1.1 million, or $0.09 per share, in the fiscal second-quarter as compared with a net loss of $1 million, or $0.08 per share, during the same period a year ago, the company announced in a press release.

Second-quarter net sales totaled $25.1 million, up 58% from $15.9 million during the same period last year. Net sales on generic pharmaceutical products, which included contract manufacturing and a small amount of branded prescription sales, increased by 44% to $19.5 million. The company attributed this increase to several newly launched products, including $5.4 million in sales from dorzolamide with timolol ophthalmic solution and other new launches.

Hi-Tech currently has 13 products awaiting approval from the U.S. Food and Drug Administration and 20 products in active development, targeting brand sales of more than $600 million and $2 billion, respectively, according to the release.