Hi-Tech Pharmacal reports Q2

AMITYVILLE, N.Y. — Net sales for Hi-Tech Pharmacal rose 27% for its second quarter ended Oct. 31, the drug maker said.

Net sales for the three months were nearly $56.9 million, compared with about $44.7 million in the year-ago period. For its generic drug sales, Hi-Tech reported an increase of 33%, compared with second quarter 2012, which primarily was due to stronger sales of fluticasone propionate nasal spray. The company noted it also benefited from sales of gabapentin oral solution, ranitidine oral solution and lidocaine sterile jelly, all of which were launched this year, along with the company's clobetasol line of topical products and buprenorphine.

Meanwhile, the company said its branded division, ECR Pharmaceuticals, contributed $3.5 million to sales in the current period, a decrease of $1.2 million, or 26%, compared with the year-ago period, mainly due to the discontinuation of the extended release versions in the Lodrane line of antihistamines. Increased sales of recently acquired products, including Tussicaps, partially offset the decrease in sales for the quarter, Hi-Tech Pharmacal said.