Located in Northvale, New Jersey, Elite has earned a stellar name within the pharmaceutical industry due to their development of oral sustained and controlled released products. With a strategy that includes assisting partner companies in the life cycle management of products to improve off-patent drugs and developing generic versions of controlled release drug products, Elite has started to turn heads on Wall Street.
Today, Elite Pharmaceuticals released their 3rd quarter 2010 financial results. The company showed that for the 3rd quarter ending December 31, 2009, Elite generated revenues of $917,383, which is an increase of 287% for the comparable period of the prior year.
The revenue consisted of $744,948 in manufacturing fees and $172,435 in royalty fees. Manufacturing fees increased by approximately 358% due to increased orders resulting in large part from increased marketing efforts being made by the distributor of the products. Royalties increased by approximately 132% due to growth of product sales.
One of the main reasons for such successful financial improvement is the sales of Lodrane 24 and Lodrane 24D which are both up-and-coming products of Elite. Lodrane and Lodrane 24D are marketed with Elite partner ECR Pharmaceuticals for treatment of symptoms due to seasonal allergy. The rapid success Lodrane and Lodrane 24D have helped Elite Pharmaceuticals begin to catch the attention of institutional investors.
Jerry Treppel, who serves as the young company’s Chairman and CEO, was quoted as saying, “We are clearly encouraged by the continued year over year increase in revenues generated by the manufacture and sales of Lodrane 24® and Lodrane 24D®, our two products being sold commercially. In addition, the recent ANDA approval for methadone hydrochloride 10 mg tablets, co-developed with our partner, The Pharma Network received in November 2009 will provide an additional revenue source going forward.”
Currently, Elite Pharmaceuticals in trading in the $0.10 range and has continued to make strides towards financial viability and state-of-the-art production. With a leader such as Jerry Treppel in place and products that are becoming friends of patients and the market place, Elite Pharmaceuticals may end up being a stock the savvy investor should consider placing in their portfolio.
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