First quarter sales of Hi-Tech Pharmacal’s fluticasone proprionate nasal spray rose from $11,700,000 in 2010 to $26,200,000 this year, the company has announced, continuing a rapid increase in sales since the product was introduced. First quarter earnings rose 59% overall, which is mostly attributable to the increase in nasal spray sales.
The fluticasone proprionate nasal spray, a generic equivalent of GSK’s Flonase, was approved by the FDA in 2008. The company also manufactures a generic albuterol inhalation solution and offers contract manufacturing of inhalation solutions.
David Seltzer, President and CEO of Hi-Tech Pharmacal, credited the success of the nasal spray for the company’s ability to develop new products: “We are pleased with our strong performance this quarter. In particular, our success with Fluticasone Propionate nasal spray has enabled us to reinvest in the business which can be seen in both the increased R&D spending and the addition of several product lines to the ECR business.”
Read the Hi-Tech Pharmacal press release.
