PHARMACY

Hi-Tech Pharmacal Q3 sales down

BY Drew Buono

AMITYVILLE, N.Y. Hi-Tech Pharmacal has released the results of its third quarter, which ended on Jan. 31.

For the three-month period, the company saw its net sales for generic pharmaceuticals products decrease by 10 percent from $13.8 million during third quarter 2007 to $12.5 million for the same period in 2008.

The healthcare products division, which markets the company’s branded over-the-counter products, had net sales of $2.6 million for the quarter, a decrease of $0.8 million compared with the same period for 2007.

Research and product development costs for the three-month period increased $0.1 million to $1.4 million as compared with $1.3 million for the three-month period ended Jan. 31, 2007, as the company increased expenditures on external projects.

The company experienced a net loss for the period ended Jan. 31, 2008, of $1.5 million compared with net income of $0.7 million in the prior period.

David Seltzer, president and chief executive officer, commented, “The quarter was challenging as we experienced a milder that expected cough-and-cold season, which affected our higher margin prescription products, as well as our OTC brands. Additionally we faced increased competition on selected generic products.”

Seltzer further commented, “We are very upbeat about our generic business due to our recent approval of generic Flonase, and more recently, the approval for the generic alternative to Hycodan. Also, our Midlothian Laboratories division has performed well. To date, the Midlothian division has already launched two new generic prescription products since we announced the acquisition on Dec. 31, 2007. In the healthcare products division, we are excited about the upcoming launch of new and unique products, both in the areas of diabetes management, as well as broader nondiabetes related markets.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

PHARMACY

Pfizer wins Celebrex patent challenge

BY Drew Buono

NEW YORK Pfizer announced that the Court of Appeals for the Federal Circuit has upheld two main patents for the company’s anti-inflammatory drug Celebrex, according to published reports.

Teva had challenged the patents, but the court ruled that the patents are valid and enforceable, but they did rule that a third patent, covering the treatment of inflammation was invalid.

Nevertheless, the decision blocks Teva from launching a generic version until May 2014.

The drug had global sales of $1.7 billion in 2007. Bear Stearns analyst project that it will reach global sales of $2.5 billion in 2008, an increase of 9 percent, and that the drug will pull in $3.1 billion by 2012.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

PHARMACY

FDA to enhance warnings on Tussionex

BY Diana Alickaj

WASHINGTON UCB, the maker of Tussionex cough medicine, has reached out to the Food and Drug Administration to place a stronger warning on the drug. This new push stems from the report of five deaths of young children from taking Tussionex.

According to published reports, the deaths were all children under age 6, but the Belgian pharmaceutical company said that the drug is only to be taken for children and adults ages 6 and up.

Tussionex Pennketic Extended- Release Suspension contains the pain reliever hydrocodone. According to reports, the FDA is planning to issue an alert about the effects of Tussionex.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES