Elite Pharmaceuticals Inc (OTCMKTS:ELTP) released financial results for 3Q2015. It stated that the consolidated revenue came at $1.4 million, a jump of 8% from revenues posted in 2Q2015. The growth in consolidated revenue came sequentially as it was $0.3 million less than consolidated revenue recorded in 3Q2014. The higher revenue in 3Q2014 was due to a one-time $0.6 million milestone recorded in the books at that time.
The revenue of Elite in the first three-quarters of fiscal 2015 came at $3.8 million, up 65 compared to the same quarter, a year ago. The revenue came consistent as per the previous year’s performance despite one-time revenue recorded in FY2014. The company witnessed strong growth in the category of generic product line favoring strong revenue. It was primarily achievable due to expansion strategies.
Elite Pharmaceuticals has been taking several measures to expand its offerings in the abuse-deterrent opioids technology industry. One of the best ways is to enhance the investment and that the company did in the third quarter when it invested more than $2 million in clinical trials and other associated activities. The investment in the R&D was $9.9 in the first nine months of FY2015 and included all the costs related with the ongoing liability study for ELI-200.
The expert view
Nasrat Hakim, the Chief Executive said that Elite Pharmaceuticals posted impressive financial performance in the third quarter. He said that growth will continue in the current quarter. Again, the company will shift its resources on the extension of generic product line that enhanced revenue in the last quarter. ELI-200 study is making strong progress. IT will enter into the next stages after FDA provides its key feedback on protocol. On Friday’s trading session, Elite Pharmaceuticals stock price declined 1.24% to close the trading session at $0.222.