Categories Earnings, Health Care

Lannett stock jumps more than 15% after topping Q4 earnings and revenue estimates

Generic drug manufacturer Lannett’s (NYSE: LCI) stock surged more than 15% after it reported Q4 earnings results. The company’s bottom line and top line results exceeded the market’s expectations. On a non-GAAP basis, Lannett earned 37 cents per share on revenue of $134 million for the final quarter of 2019.

Lannett stock, which ended down 3.21% at $6.03 today, jumped about 18% immediately in the extended trading session after the earnings announcement. Analysts had projected Lannett to post earnings of 21 cents per share on revenue of $121.88 million for the fourth quarter.

Lannett (LCI) stock jumps more than 15% after topping Q4 2019 earnings and revenue estimates

On a GAAP basis, net loss was $7.6 million or $0.20 per share in the recently ended quarter compared with a loss of $11.4 million or $0.30 per share in the fiscal 2018 fourth quarter.

“Financial results for our fiscal 2019 fourth quarter, the first full quarter of the fiscal year without sales of Levothyroxine, exceeded or were at the upper end of our expectations,” said CEO Tim Crew.

For fiscal 2020, the company expects revenue to be in the range of $525 million to $545 million. “Looking ahead, we expect to launch a number of new products that will continue to build our business in the near term and have begun adding products to our pipeline that have significant potential in the medium term and beyond,” added Crew.

Read: Amgen to take over Celgene’s OTEZLA for $13.4 billion; Bristol-Myers Squibb increases share buyback plan

In early July, FDA cleared the path for the continuing review of Lannett’s New Drug Application for cocaine hydrochloride topical solution. The Philadelphia, Pennsylvania-based company expects to receive the approval  in early 2020.

Earlier today, Lannett entered into a three-year advisory services agreement with its strategic alliance partner, Cediprof, a wholly-owned subsidiary of privately-held Neolpharma Group.

Read: Why Arbutus Biopharma stock dipped to 11-year low?

Under the new agreement, Lannett will advise on a wide array of matters broadly related to assisting Cediprof and its affiliated entities with their efforts to further develop and commercialize products for the U.S. generic market. Lannett will receive an advisory fee for its services.

Lannett shares have gained 22% so far this year and 18% in the past 52 weeks.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

ADBE Earnings: Adobe reports higher Q2 earnings; results beat estimates

Design software maker Adobe Inc. (NASDAQ: ADBE) on Thursday reported an increase in second-quarter 2024 revenue and earnings. The results also topped expectations. Second-quarter revenues came in at $5.31 billion,

Dollar Tree (DLTR): A look at the discount retailer’s growth initiatives at its namesake banner

Shares of Dollar Tree, Inc. (NASDAQ: DLTR) were down over 1% on Thursday. The stock has dropped 24% year-to-date. The company delivered sales and GAAP earnings growth for the first

Key highlights from Signet Jewelers’ (SIG) Q1 2025 earnings results

Signet Jewelers Limited (NYSE: SIG) reported first quarter 2025 earnings results today. Sales decreased 9.4% year-over-year to $1.5 billion. Sales were down 9.6% on a constant currency basis. Same-store sales

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top