10. Hi-Tech Pharmacal

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By Nesa Nourmohammadi

2011 generic drug sales: $192 million
Growth rate 2011: 22%
Growth rate 2010: 22%

In 2007 and 2008, Amityville, NY-based Hi-Tech Pharmacal was on a downward spiral. Its sales were stagnant. It was losing money. Its sales were stagnant. But after regaining ground in 2009, Hi-Tech skyrocketed to new heights in 2010 and 2011.

One generic wins a large share of the credit for Hi-Tech's growth in recent years. Its Flonase knockoff, Fluticasone, is Hi-Tech's headlining star, generating $99.4 million in sales for the 2012 fiscal year that ended in April. That's up from $73.8 million for fiscal 2011. Fluticasone is by far the company's biggest-selling generic, and represents more than 40% of net sales. 

Other noteworthy drugs include its second best-selling franchise: eye drops based on Merck's Cosopt and Trusopt products, used to treat glaucoma. Together, these two copycat products accounted for $27 million of Hi-Tech's sales. Its third best-seller is a knockoff form of Bactrim, a Roche ($RHHBY) antibiotic. And then there is its copycat Levaquin, which launched last June as the Johnson & Johnson antibiotic fell off patent. All that helped Fortune magazine rank Hi-Tech Pharmacal third in its list of the 100 fastest-growing companies of 2011.