Elite Pharmaceuticals Inc (OTCMKTS:ELTP), a leading specialty pharmaceutical company, is pleased to announce financial results for the three-month period ending March 31, 2015. As per the reports, the consolidated revenues surpassed $5 million mark. It’s the first time in the history of the company when Elite Pharmaceuticals has crossed this figure.
Elite Pharmaceuticals Inc is known for developing niche generic products and abuse-deterrent opioids.
The revenue in March 2015 quarter totaled $5.015 million compared to previous year’s $4.6 million. The 9% growth in revenues could be possible by sheer determination and continuous hard work. Elite Pharmaceuticals kept on expanding its generic product line and came up with Isradipine 2.5 mg and 5.0 mg capsules, which led to an exponential growth in revenues.
During fiscal 2015, the primary focus of the company was always on the development of abuse-deterrent opioid technology. The company invested over $14.7 million in various product development activities and clinical trials. Apart from this, it also indulged into multiple deals for the growth of its products. Amongst many other, Elite signed a marketing and licensing agreement for its lead product named ELI-200. The product uses abuse deterrent technology and has a great potential for long-term success.
The senior management of the company is delighted to have announced these financial results and hopes things will further improve in the coming days. According to Nasrat Hakim, things have fallen in line for the company. Fiscal 2015 was the first time when Elite Pharmaceuticals touched $5 million mark in revenues. Also, it was the second consecutive year when the company generated record revenues.
The demand of generics is inclining with every passing day. Elite Pharmaceuticals Inc (OTCMKTS:ELTP) could only generate record revenues in the March quarter due to this exponential demand. The company is planning to launch its first product in the abuse-deterrent opioid line in 2016. It promises to keep updating all the shareholders from time to time.