NORTHVALE, NJ - Elite Pharmaceuticals, Inc. (OTCQB: ELTP), a specialty pharmaceutical company with a market capitalization of $571.58 million, announced the release of a generic version of the ADHD medication Vyvanse® (Lisdexamfetamine Dimesylate). The company's product, available in dosages ranging from 10 mg to 70 mg, is now on the market under the Elite Laboratories, Inc. label. According to InvestingPro data, Elite has demonstrated impressive revenue growth of 73.45% in the last twelve months.
This introduction comes as the reported annual sales for Vyvanse® reached approximately $4.3 billion for the twelve-month period ending in October 2024, according to data from IQVIA, a healthcare analytics provider.
Elite Pharmaceuticals operates a facility that complies with current Good Manufacturing Practice (cGMP) and Drug Enforcement Administration (DEA) regulations in Northvale, New Jersey. The company focuses on the development, manufacturing, and distribution of niche generic products, primarily in solid oral dose forms.
The press release issued by Elite Pharmaceuticals included forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to risks and uncertainties. The company disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.
Investors and the public are reminded that this news is based on a press release statement and that Elite's filings with the Securities and Exchange Commission can provide additional details and updates.
In other recent news, Elite Pharmaceuticals reported a 33% increase in total revenues, reaching $18.9 million for the quarter ending September 2024. The operating income for the quarter was reported at $3.5 million, more than double from the previous year's $1.9 million. The company's cash flow also showed a significant improvement, boasting $4.6 million for the first half of the fiscal year.
These are part of recent developments in the company, including the launch of new products like methotrexate and Codeine APAP. Elite Pharmaceuticals is also expecting significant ANDA approval from the FDA, which could potentially drive further growth.
The company anticipates record revenues of $56 million for the fiscal year 2024. Despite an increase in total liabilities, Elite Pharmaceuticals maintains a strong cash position and is confident about its growth trajectory and robust pipeline. The company is looking forward to further updates in February, reflecting optimism for its future performance and continued shareholder support.
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