Sales of the Harvard Lampoon's People parody have already exceeded half a million copies, a publisher familiar with the parody's djstribution estimated yesterday, and Lampoon executives predicted they would reap a profit of several hundred thousand dollars on the parody.

"It should be the hottest magazine launched this fall," added the publisher, who asked not to be idetified.

Total sales of the People parody are expected to exceed 750,000 copies before the sale of the magazine ends on December 15, David O. Cox, an account executive at Select Magazines, the parody's national distributor, said yesterday.

Lampoon executives said yesterday they did not have a figure for total production costs of the parody, which sells for $2.

Advertisers bought over $500,000 worth of ads in the parody, Gerald L. Taylor, consulting publisher for the issue, said yesterday. He added that the Lampoon had to add pages to the issue after the original advertising space sold out.

Salad Plates

John P. Ziaukas '82, vice president of the Lampoon, said yesterday the Lampoon would keep most of the profits for the corporation's day-to-day operations. The Lampoon's treasurer, Harold W. Otto '83, said yesterday the profits would be "enough to pay our bills and print out local issue for a long time" in a separate interview yesterday.

Modern Medicis

Otto added that the Lampoon has in the past used its profits for special projects, grants to charities, and donations toHarvard.

Jeff S. Martin '82, the Lampoon's president, said yesterday he has already received several calls from "people curious about grants." He added, "Please tell people to stpo calling me."