Lannett (LCI) Misses Q3 EPS by 2c, Revenues Beat; Narrows FY20 Revenue Outlook

Lannett (NYSE: LCI) reported Q3 EPS of $0.27, $0.02 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $144 million versus the consensus estimate of $134.52 million.

"I am incredibly proud of the effort and dedication of all of our employees in response to the COVID-19 public health crisis," said Tim Crew, chief executive officer of Lannett. "We focused on employee safety and our team continues to produce important medications for patients. We also recently brought a number of new drug products to market. Fortunately for Lannett, all of our finished-dose manufacturing is U.S. based. We have long articulated our supply chain has less global fragmentation than that of many of our competitors. As a result, our supply chain for products and key ingredients has to date been only modestly affected by challenges associated with COVID-19.

"For our fiscal 2020 third quarter, net sales were higher than expected due to COVID-19, as patients appear to have purchased extra supply of their medications and some customers increased their purchases of some of our products to address patient demand and avoid shortages.

"We plan to launch several new products in the next several months, and look forward to our scheduled meeting in early June with the FDA to plan next steps for the clinical advancement of our biosimilar insulin glargine partnered product candidate."

GUIDANCE:

Lannett sees FY2020 revenue of $535-545 million, versus the consensus of $541.95 million.

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

You May Also Be Interested In

• Safe & Green (SGBX) Provides Update on Audit and Planned 10-K Filing
• Wipro (WIT) Tops Q1 EPS by 1c
• Intuitive Surgiical (ISRG) beats earnings, revenue expectations in Q1