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Executive Summary

KEY's NITRO-DUR MARKETSHARE UP TO 45% OF TRANSDERMAL NITROGLYCERIN Rxs written, the company said in its recently released first quarter financial results. Rxs for Nitro-Dur "were at record levels in the first quarter of 1984, reflecting a 90% increase in Rxs from year ago levels and a 10% increase from the fourth quarter of 1983," Key reported. The firm's other major project, Theo-Dur, continues to hold a 22% share of total bronchodilator Rxs, reflecting increases in total Rxs from the first quarter of 1983 for both Theo-Dur (up 21%) and Theo-Dur Sprinkle (up 141%), the company said. First quarter sales for the Miami-based firm were up 42.5% to $35.6 mil. accompanied by a 50.1% jump in net earnings to $4.8 mil. Key noted that operating income, which excludes research and license fee income, was up 61% this year from the same period last year. [For other firms reporting financials, see table on p. 18]. "The 42% sales increase in the first quarter represented a particularly impressive achievement in view of the heavy competitive pressures that we face, but we are especially pleased at the 50% growth in income," Key President Michael Jaharis declared. "The stronger growth in income reflected the continued improvements in manufacturing efficiencies that we have been able to achieve as we gain more experience in Nitro-Dur production." As a result, he added, Key's gross profit margin in the quarter was 68.4%, up 3.6% from the prior year.

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