In Brief

The strong performances of Mag-Ox magnesium supplements and Sinus Buster nasal spray highlight Hi-Tech Pharmacal Co. Inc.’s OTC product division in fiscal 2013, as the division’s sales increased 2.7% to $17.7 million. The OTC unit’s fourth-quarter performance was down, as lower sales of Diabetic Tussin led to a 6.7% drop to $4.9 million. During a July 9 call, executives said the Amityville, N.Y., firm expects advertising and promotion spending to drive double-digit OTC sales growth this year, along with larger gross margins due to discontinuation of pricing promotions. For Hi-Tech’s full-year – ended April 30 – net sales were virtually flat at $232.4 million, with net income down 66.4% to $16.3 million. The firm absorbed a $15.5 million settlement charge related to a Texas investigation into drug pricing, plus $700,000 to settle a class action over Nasal Ease advertising.

Moscow-based Pharmstandard OJSC plans to spin off its branded OTC drug business into an independent, fully operational company by the...