Lannett (LCI) Tops Q3 EPS by 12c; Maintains Q4 View

Lannett (NYSE: LCI) reported Q3 EPS of $0.75, $0.12 better than the analyst estimate of $0.63. Revenue for the quarter came in at $164 million versus the consensus estimate of $161.61 million.

"We continued with our strategy to enhance our near and longer term prospects," said Arthur Bedrosian, chief executive officer of Lannett. "In March, we met with a key former customer to attempt to re-establish a relationship with KU and initiate a relationship with Lannett; we appreciate their willingness to quickly resolve our minor differences and look forward to a long-term association. In April, we expanded our collaboration with a strategic partner to co-develop a generic insulin product for the $21 billion U.S. market. In addition, our efforts are on track to complete the integration of KU and implement substantial cost savings throughout the organization. Looking ahead, we expect our financial performance in fiscal 2017 and beyond to benefit from three recent drug approvals and a deep pipeline that includes 31 product applications pending at the FDA.

"Our overall third quarter financial performance was affected by a number of factors. The substantial increase in net sales was driven by the first full quarter of KU operations; however, our results were impacted by interest expense related to the debt financing of the KU acquisition."

The company's fiscal 2016 third quarter was favorably impacted by a number of factors, including product mix and manufacturing efficiencies, which are not expected to continue in the fourth quarter. The company continues to expect its fiscal 2016 fourth quarter performance on an adjusted basis to be in line with its previous outlook.

For earnings history and earnings-related data on Lannett (LCI) click here.

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