Elite Pharmaceuticals Inc (OTCMKTS:ELTP) shares were down more than 1% on Friday as traders booked profits after the company printed upbeat earnings figures.
Elite Pharmaceuticals Inc (OTCMKTS:ELTP) shares were down 1.20% to $0.165 on Friday. The company has a market cap of $121.06 million at 733.72 million shares outstanding. Share prices have been trading in a 52-week range of $0.11 to $0.44.
Elite Pharmaceuticals is a specialty pharmaceutical company that is engaged in the development and manufacture of oral, controlled-release products. As such, it develops and manufactures generic products, products using controlled-release drug technology, products utilizing abuse deterrent technologies, and it develops and markets generic controlled-release and abuse deterrent pharmaceutical products. The company owns approximately six approved Abbreviated New Drug Applications or ANDAs.
In its conference call last August 11, Elite Pharmaceuticals shared that it made consolidated revenues of $3.3 million for the latest quarter. This reflects an increase of roughly 51% from the same period last year, spurred mostly by the continued growth in both manufacturing and license revenues.
In particular, manufacturing revenues were up from $1.7 million last year to $2.7 million in the current year quarter, representing a 52% gain, while license fees rose from $0.5 million last year to $0.7 million in the recent quarter, up 47%.
After three straight years of record revenues, Fiscal 2017 begins with another strong quarter with revenues continuing their upward trend. Further, we are moving ahead with a plan to address the items listed by the FDA for SequestOX™ and will continue developing our abuse-deterrent product pipeline while growing our generic line,” said Elite Pharmaceuticals CEO Nasrat Hakim.
Prior to this earnings release, Elite Pharmaceuticals also filed an ANDA with the US Food and Drug Administration for a generic version of Percocet, which is a combination medication and is used to help relieve moderate to severe pain. This product and its generic equivalents had total sales of approximately $700 million in the US last year, based on IMS Health data. Hakim noted that the company is still aiming to file another generic opioid product later this year, increasing potential revenue streams for the latter half of 2016.
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