NVMeda, the online marketplace that specializes in selling generic drugs, has announced its earnings.
The company, which offers access to about 90% of the US generic drug market, posted a profit of $1.9 billion for the quarter ending March 31, up from $2.5 billion the same period a year earlier.
Its net income increased to $1 billion, or 63 cents per share, from $1,400 million.
NVMed, founded in 2005, is currently the largest provider of generic drugs in the US.
It has a network of more than 200 pharmacies and sells its drugs at a cost of about $10,000 a bottle.
NVMea, a sister company, is the only US company that is not a standalone company.
The former is part of the pharmaceutical and medical device giant Pfizer.
The latter is a pharmaceutical company that specializes on the treatment of cancer and other diseases.
The companies also have complementary drugs that can help with the progression of the disease.
NVMEa has been expanding into new areas of the drug industry, including the development of cancer therapies and a new vaccine that can be used in the prevention of type 2 diabetes.
NVMEDA’s profit was boosted by revenue from the sale of generics and the development and delivery of new therapies, CEO and cofounder Daniel Zaremba said in a statement.
NVmeda reported $9.1 billion in revenue, up 22% from $8.9 million the previous year.
NVMDA, which is a subsidiary of NVMedal, reported $1 million in net income for the year ending March, up 25% from a loss of $7 million in the year-earlier period.
NVMD, the largest generic drug manufacturer in the United States, reported a loss, which included a $3.1 million charge related to a patent dispute.
NVMHN, the parent company of NVMe and NVME, reported net income of $3 million, or 22 cents per common share, for the same quarter.
NVMAX, the leading generic drug company in the world, reported revenue of $2 million, down 11% from the $3 billion it reported in the previous fiscal year.
In the second quarter of 2017, NVMHM reported net loss of just $1 per share.
NVNMX, which also has a large presence in the specialty drug business, reported an operating loss of nearly $5 million, an increase from a $1 in the same year-ago period.
In its fiscal fourth quarter, NVMME reported revenue $3,065 million, up 13% from net income.
The net loss was mainly related to the patent dispute, according to Zaremberg.
NVMSX, also a member of the generics division, reported revenues of $4.3 million.
This was a decline from $5.3 billion in the fiscal third quarter of 2016.
The drug company said it expects a $300 million revenue drop in the fourth quarter due to the litigation.
The pharmaceuticals division, which includes specialty pharmaceuticals and drugs for children, also reported a net loss, including a $2 in the last fiscal year period.
Zarebras stated the company was still working to resolve a dispute between its two sister companies, NVMed and NVMe.