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Hi-Tech Pharmacal reports 95% increase in third-quarter net sales

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AMITYVILLE, N.Y. — Hi-Tech Pharmacal reported net income of $2.1 million, or $0.18 per share, in its third quarter ending Jan. 31 as compared with a net loss of $1.5 million, or $0.14 per share, a year ago, the company announced in a press release.

Third-quarter net sales totaled $29.4 million, a 95% increase from $15.1 million earned during the same period a year ago. Net sales on generic pharmaceutical products, which include contract manufacturing and a small amount of branded prescription sales, increased by 115% to $26.8 million. The company attributed this increase to sales of dorzolamide with timolol ophthalmic solution, which posted $6.3 million in third-quarter sales.

Hi-Tech 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.