Hi-Tech Pharmacal Co. said Thursday that its profit more than tripled in its fiscal third quarter due to stronger sales of generic drugs and greater royalty revenue.
Hi-Tech Pharmacal earned $8.5 million, or 67 cents per share, in the three months ended Jan. 31. That's up from $2.1 million, or 18 cents per share, in the same period a year earlier.
Revenue climbed 32 percent to $38.8 million from $29.4 million due to greater generic drug sales, including a recently launched version of the swimmer's ear treatment VoSol.
The company said total generic drug sales rose 24 percent to $30.4 million, and revenue from over-the-counter products rose to $2.9 million from $2.6 million. It also reported $1.6 million in royalty income, compared with $119,000 in the year-ago quarter, and more income from contract research.
In morning trading, Hi-Tech Pharmacal stock rose 70 cents, or 2.8 percent, to $26.20.