Lannett Reports Fiscal 2017 Third-Quarter Financial Results

PHILADELPHIA, May 2, 2017 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today reported financial results for its fiscal 2017 third quarter ended March 31, 2017. 

"Net sales in our fiscal 2017 third quarter increased compared with the same quarter last year, largely due to volume increases, even though sales were reduced by $4.5 million as a result of Medicaid's Inflation-Adjusted Rebate program," said Arthur Bedrosian, chief executive officer of Lannett.  "The program began being applied to generic drugs for the first time in calendar 2017.  Despite higher net sales, our financial results were not at the level we expected due to competitive pricing pressure across a number of products, product mix and changes within distribution channels.

"Looking ahead, our business remains strong.  We paid down $100 million of debt during the recently completed quarter, lowering annualized cash interest expense by approximately $5.5 million.  Our goal remains to utilize free cash flow to further pay down debt.  We continue to make solid progress on reducing costs, enhancing efficiencies and transferring manufacturing to our state of the art facility in Seymour, Indiana.  In addition, we have a number of drug applications pending at the FDA and anticipate launching recently approved products in the first half of fiscal 2018."

For the fiscal 2017 third quarter, net sales increased to $165.7 million from $163.7 million for the third quarter of fiscal 2016.  During the third quarter of last year, the company recorded a reduction to net sales of $23.6 million related to a pre-tax, one-time, settlement agreement with one of its customers.  In the current year third quarter, the company recorded a $4.0 million adjustment to the settlement agreement.  As a result, total net sales were $161.7 million compared with $140.1 million for the prior year third quarter.  Gross profit rose 26% to $72.4 million from $57.5 million.  Gross profit as a percentage of total net sales was 45% compared with 41% in last year's third quarter.  Research and development (R&D) expenses decreased to $8.3 million from $16.5 million for the fiscal 2016 third quarter.  Selling, general and administrative (SG&A) expenses were $17.6 million compared with $16.2 million.  Acquisition and integration-related expenses were $1.3 million compared with $1.5 million in the prior-year third quarter.  Restructuring expenses related to a cost reduction plan implemented in February 2016 were $1.6 million compared with $4.7 million in the third quarter of the previous year. 

Operating income was $43.6 million compared with $18.6 million.  Interest expense was $22.4 million compared with $27.0 million for the third quarter of fiscal 2016.  Net income attributable to Lannett was $14.9 million, or $0.40 per diluted share, versus net loss attributable to Lannett of $5.5 million, or $0.15 per share, for the fiscal 2016 third quarter. 

For the fiscal 2017 third quarter reported on a Non-GAAP basis, adjusted net sales increased to $165.7 million from $163.7 million for the third quarter of fiscal 2016.  Adjusted gross profit was $85.5 million, or 52% of adjusted net sales, compared with $97.4 million, or 59% of adjusted net sales, for the fiscal 2016 third quarter.  Adjusted R&D expenses decreased to $8.3 million from $16.4 million.  Adjusted SG&A expenses were $17.3 million compared with $15.8 million.  Adjusted operating income was $59.9 million compared with $65.2 million for the prior-year third quarter.  Adjusted net income attributable to Lannett increased to $29.2 million, or $0.77 per diluted share, from $27.9 million, or $0.75 per diluted share, for the fiscal 2016 third quarter.

Guidance for Fiscal 2017

The company's fiscal 2017 third quarter was unfavorably impacted by a number of factors, including competitive pricing pressure, product mix and changes within distribution channels, which are expected to continue in the fourth quarter and result in slightly lower sales.  The company expects its fiscal 2017 fourth quarter profitability on an adjusted basis to be similar with its fiscal 2017 third quarter. 

Conference Call Information and Forward-Looking Statements

Later today, the company will host a conference call at 4:30 p.m. ET to review its results of operations for the fiscal 2017 third quarter ended March 31, 2017.  The conference call will be available to interested parties by dialing 800-446-1671 from the U.S. or Canada, or 847-413-3362 from international locations, passcode 44816037.  The call will be broadcast via the Internet at www.lannett.com.  Listeners are encouraged to visit the website at least 10 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software.  A playback of the call will be archived and accessible on the same website for at least three months.

Discussion during the conference call may include forward-looking statements regarding such topics as, but not limited to, the company's financial status and performance, regulatory and operational developments, and any comments the company may make about its future plans or prospects in response to questions from participants on the conference call.

Use of Non-GAAP Financial Measures

This news release contains references to Non-GAAP financial measures, which are financial measures that are not prepared in conformity with United States generally accepted accounting principles (U.S. GAAP).  Management uses these measures internally for evaluating its operating performance.  The Company's management believes that the presentation of Non-GAAP financial measures provides useful supplementary information regarding operational performance, because it enhances an investor's overall understanding of the financial results for the Company's core business.  Additionally, it provides a basis for the comparison of the financial results for the Company's core business between current, past and future periods.  Non-GAAP financial measures should be considered only as a supplement to, and not as a substitute for or as a superior measure to, financial measures prepared in accordance with U.S. GAAP.  Detailed reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included with this release.

Non-GAAP financial measures exclude, among others, the effects of (1) amortization of purchased intangibles and other purchase accounting entries, (2) acquisition and integration-related expenses, (3) impairment charges, (4) non-cash interest expense, as well as (5) certain other items considered unusual or non-recurring in nature. 

About Lannett Company, Inc.:

Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications – see financial schedule below for net sales by medical indication.  For more information, visit the company's website at www.lannett.com.

This news release contains certain statements of a forward-looking nature relating to future events or future business performance.  Any such statements, including, but not limited to, realizing the expected benefits of optimizing operations, enhancing efficiencies, significantly reducing costs, paying down debt, expanding the pipeline, receiving product approvals, successfully commercializing product approvals and achieving the financial metrics stated in the company's guidance for fiscal 2017, whether expressed or implied, are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the difficulty in predicting the timing or outcome of FDA or other regulatory approvals or actions, the ability to successfully commercialize products upon approval, including acquired products, and Lannett's estimated or anticipated future financial results, future inventory levels, future competition or pricing, future levels of operating expenses, product development efforts or performance, and other risk factors discussed in the company's Form 10-K and other documents filed with the Securities and Exchange Commission from time to time.  These forward-looking statements represent the company's judgment as of the date of this news release.  The company disclaims any intent or obligation to update these forward-looking statements.

Contact:  

Robert Jaffe


Robert Jaffe Co., LLC


(424) 288-4098

FINANCIAL SCHEDULES FOLLOW

LANNETT COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)





(Unaudited)







March 31, 2017


June 30, 2016








ASSETS






Current assets:





Cash and cash equivalents

$                132,031


$         224,769

Investment securities

22,534


14,094

Accounts receivable, net

215,237


211,722

Inventories


123,817


114,904

Prepaid income taxes

9,889


-

Deferred tax assets

43,945


40,892

Other current assets

7,268


6,434

Total current assets

554,721


612,815

Property, plant and equipment, net

232,320


216,638

Intangible assets, net

461,963


575,503

Goodwill


339,566


333,611

Deferred tax assets

19,720


11,556

Other assets


18,714


13,895

TOTAL ASSETS


$             1,627,004


$      1,764,018















LIABILITIES





Current liabilities:





Accounts payable


$                  48,787


$          34,720

Accrued expenses


7,462


9,247

Accrued payroll and payroll-related expenses

9,939


10,572

Rebates payable


34,667


21,894

Royalties payable


3,931


5,127

Restructuring liability

4,970


4,130

Settlement liability

19,500


7,000

Income taxes payable

-


743

Acquisition-related contingent consideration

-


35,000

Short-term borrowings and current portion of long-term debt

81,678


178,236

Total current liabilities

210,934


306,669

Long-term debt, net

855,379


883,612

Settlement liability

-


12,526

Other liabilities


6,770


6,754

TOTAL LIABILITIES

1,073,083


1,209,561

Commitments and contingencies











STOCKHOLDERS' EQUITY




Common stock($0.001 par value, 100,000,000 shares authorized; 37,483,583 and 37,150,165 shares issued; 36,876,849 and 36,604,202 shares outstanding at March 31, 2017 and June 30, 2016, respectively)

37


37

Additional paid-in capital

291,206


283,301

Retained earnings


272,048


278,355

Accumulated other comprehensive loss

(181)


(295)

Treasury stock(606,734 and 545,963 shares at March 31, 2017 and June 30, 2016, respectively)

(9,189)


(7,349)

Total Lannett Company, Inc. stockholders' equity

553,921


554,049

Noncontrolling interest

-


408

Total stockholders' equity

553,921


554,457

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 

$             1,627,004


$      1,764,018

 

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except share and per share data)












Three months ended 


Nine months ended 



March 31,


March 31,



2017


2016


2017


2016










Net sales


$           165,720


$      163,712


$           498,223


$       397,204

Settlement agreement


(4,000)


(23,598)


(4,000)


(23,598)

Total net sales


$           161,720


$      140,114


$           494,223


$       373,606

Cost of sales 


81,553


75,345


227,527


155,964

Amortization of intangibles


7,737


7,278


24,361


11,079

Gross profit


72,430


57,491


242,335


206,563

Operating expenses:









Research and development expenses


8,340


16,495


30,650


32,092

Selling, general and administrative expenses


17,629


16,157


56,958


46,359

Acquisition and integration-related expenses


1,256


1,473


3,674


23,000

Restructuring expenses


1,568


4,749


5,332


4,749

Intangible asset impairment charges


-


-


88,084


-

Total operating expenses


28,793


38,874


184,698


106,200

Operating income


43,637


18,617


57,637


100,363

Other income (loss)









Investment income


1,037


204


3,085


69

Interest expense


(22,373)


(26,988)


(68,700)


(38,820)

Other


(35)


(46)


(298)


(76)

Total other loss


(21,371)


(26,830)


(65,913)


(38,827)

Income (loss) before income tax


22,266


(8,213)


(8,276)


61,536

Income tax expense (benefit)


7,337


(2,743)


(2,003)


20,270

Net income (loss)


14,929


(5,470)


(6,273)


41,266

Less: Net income attributable to noncontrolling interest


-


20


34


55

Net income (loss) attributable to Lannett Company, Inc.


$             14,929


$        (5,490)


$             (6,307)


$         41,211










Earnings (loss) per common share attributable to Lannett Company, Inc.









     Basic


$                 0.41


$          (0.15)


$               (0.17)


$            1.13

     Diluted


$                 0.40


$          (0.15)


$               (0.17)


$            1.10










Weighted average common shares outstanding:









     Basic


36,849,208


36,495,961


36,785,829


36,398,030

     Diluted


37,752,304


36,495,961


36,785,829


37,383,742

 

LANNETT COMPANY, INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)

(In thousands, except percentages, share and per share data)



















Three months ended March 31, 2017


Total net sales

Cost of sales

Amortization of intangibles

Gross Profit

Gross
Margin %

R&D expense

SG&A expense

Acquisition and
integration-
related
expenses

Restructuring expenses

Operating income

Other income (loss)

Income before income tax

Income tax expense

Net income

Net income attributable to noncontrolling interest

Net income attributable to Lannett Company, Inc.

Diluted
earnings
per share
(h)




GAAP Reported

$   161,720

$   81,553

$          7,737

$   72,430

45%

$     8,340

$   17,629

$            1,256

$         1,568

$    43,637

$  (21,371)

$   22,266

$     7,337

$   14,929

$                 -

$            14,929

$     0.40

Adjustments:


















Settlement agreement (a)

4,000

-

-

4,000


-

-

-

-

4,000

-

4,000

-

4,000

-

4,000


Depreciation of Fixed Assets step-up (b)

-

(1,335)

-

1,335


-

-

-

-

1,335

-

1,335

-

1,335

-

1,335


Amortization of intangibles (c)

-

-

(7,737)

7,737


-

(365)

-

-

8,102

-

8,102

-

8,102

-

8,102


Acquisition and integration-related expenses (d)

-

-

-

-


-

-

(1,256)

-

1,256

-

1,256

-

1,256

-

1,256


Restructuring expenses (e)

-

-

-

-


-

-

-

(1,568)

1,568

-

1,568

-

1,568

-

1,568


Non-cash interest (f)

-

-

-

-


-

-

-

-

-

5,688

5,688

-

5,688

-

5,688


Tax adjustments (g)

-

-

-

-


-

-

-

-

-

-

-

7,679

(7,679)

-

(7,679)




















Non-GAAP Adjusted

$   165,720

$   80,218

$               -

$   85,502

52%

$     8,340

$   17,264

$                 -

$               -

$    59,898

$  (15,683)

$   44,215

$   15,016

$   29,199

$                -

$            29,199

$     0.77





















(a)

Relates to expense for an adjustment to a settlement agreement with a former customer 



(b)

Relates to depreciation of a fair value step-up in property, plant and equipment related to the acquisition of Kremers Urban Pharmaceuticals, Inc. ("KUPI") 



(c)

Relates to amortization of purchased intangible assets primarily related to the acquisitions of KUPI and Silarx Pharmaceuticals, Inc. 



(d)

Relates to acquisition and integration-related expenses primarily related to the acquisition of KUPI 



(e)

To exclude expenses associated with the 2016 Restructuring Plan 



(f)

To exclude non-cash interest expense primarily associated with debt issuance costs 



(g)

The tax effect of the pre-tax adjustments included at applicable tax rates 



(h)

The weighted average share number for the three months ended March 31, 2017 is 37,752,304 for both the GAAP and the non-GAAP earnings per share calculations 


 

LANNETT COMPANY, INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)

(In thousands, except percentages, share and per share data)



















Three months ended March 31, 2016


Total net sales

Cost of sales

Amortization of intangibles

Gross Profit

Gross
Margin %

R&D expense

SG&A expense

Acquisition and integration-related expenses

Restructuring expenses

Operating income

Other income (loss)

Income
(loss) before
income tax

Income tax expense (benefit)

Net income (loss)

Net income attributable to noncontrolling interest

Net income (loss) attributable to Lannett Company, Inc.

Diluted earnings (loss) per share (i)




GAAP Reported

$    140,114

$    75,345

$           7,278

$    57,491

41%

$    16,495

$     16,157

$           1,473

$          4,749

$    18,617

$   (26,830)

$       (8,213)

$    (2,743)

$   (5,470)

$                   20

$                     (5,490)

$         (0.15)

Adjustments:


















Settlement agreement (a)

23,598

-

-

23,598


-

-

-

-

23,598

-

23,598

-

23,598

-

23,598


Depreciation of Fixed Assets step-up (b)

-

(388)

-

388


(90)

-

-

-

478

-

478

-

478

-

478


Amortization of Inventory step-up (c)

-

(8,616)

-

8,616


-

-

-

-

8,616

-

8,616

-

8,616

-

8,616


Amortization of intangibles (d)

-

-

(7,278)

7,278


-

(365)

-

-

7,643

-

7,643

-

7,643

-

7,643


Acquisition and integration-related expenses (e)

-

-

-

-


-

-

(1,473)


1,473

-

1,473

-

1,473

-

1,473


Restructuring expenses (f)

-

-

-

-


-

-

-

(4,749)

4,749

-

4,749

-

4,749

-

4,749


Non-cash interest (g)

-

-

-

-


-

-

-

-

-

5,003

5,003

-

5,003

-

5,003


Tax adjustments (h)

-

-

-

-


-

-

-

-

-

-

-

18,180

(18,180)

-

(18,180)




















Non-GAAP Adjusted

$    163,712

$    66,341

$                -

$    97,371

59%

$    16,405

$     15,792

$                 -

$                -

$    65,174

$   (21,827)

$       43,347

$    15,437

$  27,910

$                   20

$                     27,890

$          0.75





















(a)

Relates to a settlement agreement with a former customer 



(b)

Relates to depreciation of a fair value step-up in property, plant and equipment related to the acquisition of Kremers Urban Pharmaceuticals, Inc. ("KUPI") 



(c)

Relates to amortization of a fair value step-up in inventory related to the acquisition of KUPI 



(d)

Relates to amortization of purchased intangible assets primarily related to the acquisitions of KUPI and Silarx Pharmaceuticals, Inc. 



(e)

Relates to acquisition and integration-related expenses primarily related to the acquisition of KUPI 



(f)

To exclude expenses associated with the 2016 Restructuring Plan 



(g)

To exclude non-cash interest expense associated with debt issuance costs 



(h)

The tax effect of the pre-tax adjustments included at applicable tax rates 



(i)

The weighted average share numbers for the three months ended March 31, 2016 are 36,495,961 and 37,379,473 for the GAAP and non-GAAP earnings (loss) per share calculations, respectively 


 

LANNETT COMPANY, INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)

(In thousands, except percentages, share and per share data)




















Nine months ended March 31, 2017


Total net sales

Cost of sales

Amortization of intangibles

Gross Profit

Gross
Margin %

R&D expense

SG&A expense

Acquisition and
integration-
related expenses

Restructuring expenses

Intangible asset impairment charges

Operating income

Other income (loss)

Income
(loss) before
income tax

Income tax expense (benefit)

Net income
(loss)

Net income attributable to noncontrolling interest

Net income (loss)
attributable to
Lannett
Company, Inc.

Diluted earnings (loss) per share (k)




GAAP Reported

$     494,223

$  227,527

$         24,361

$        242,335

49%

$      30,650

$     56,958

$             3,674

$             5,332

$       88,084

$    57,637

$    (65,913)

$      (8,276)

$  (2,003)

$     (6,273)

$                   34

$                (6,307)

$      (0.17)

Adjustments:



















Settlement agreement (a)

4,000

-

-

4,000


-

-

-

-

-

4,000

-

4,000

-

4,000

-

4,000


Depreciation of Fixed Assets step-up (b)

-

(3,075)

-

3,075


-

-

-

-

-

3,075

-

3,075

-

3,075

-

3,075


Amortization of Inventory step-up (c)

-

(1,938)

-

1,938


-

-

-

-

-

1,938

-

1,938

-

1,938

-

1,938


Amortization of intangibles (d)

-

-

(24,361)

24,361


-

(1,095)

-

-

-

25,456

-

25,456

-

25,456

-

25,456


Acquisition and integration-related expenses (e)

-

-

-

-


-

-

(3,674)

-

-

3,674

-

3,674

-

3,674

-

3,674


Restructuring expenses (f)

-

-

-

-


-

-

-

(5,332)

-

5,332

-

5,332

-

5,332

-

5,332


Intangible assets impairment charges (g)

-

-

-

-


-

-

-

-

(88,084)

88,084

-

88,084

-

88,084

-

88,084


Non-cash interest (h)

-

-

-

-


-

-

-

-

-

-

15,961

15,961

-

15,961

-

15,961


Other (i)

-

-

-

-


-

(715)

-

-

-

715

-

715

-

715

-

715


Tax adjustments (j)

-

-

-

-


-

-

-

-

-

-

-

-

49,195

(49,195)

-

(49,195)





















Non-GAAP Adjusted

$     498,223

$  222,514

$                -

$        275,709

55%

$      30,650

$     55,148

$                   -

$                   -

$              -

$  189,911

$    (49,952)

$    139,959

$  47,192

$    92,767

$                   34

$               92,733

$       2.46






















(a)

Relates to expense for an adjustment to a settlement agreement with a former customer 



(b)

Relates to depreciation of a fair value step-up in property, plant and equipment related to the acquisition of Kremers Urban Pharmaceuticals, Inc. ("KUPI") 



(c)

Relates to amortization of a fair value step-up in inventory related to the acquisition of KUPI 



(d)

Relates to amortization of purchased intangible assets primarily related to the acquisitions of KUPI and Silarx Pharmaceuticals, Inc. 



(e)

Relates to acquisition and integration-related expenses primarily related to the acquisition of KUPI 



(f)

To exclude expenses associated with the 2016 Restructuring Plan 



(g)

To exclude impairment charges related to certain intangible assets acquired as part of the KUPI acquisition 



(h)

To exclude non-cash interest expense primarily associated with debt issuance costs 



(i)

Primarily relates to separation expenses associated with a former employee 



(j)

The tax effect of the pre-tax adjustments included at applicable tax rates 



(k)

The weighted average share numbers for the nine months ended March 31, 2017 are 36,785,829 and 37,669,173 for the GAAP and non-GAAP earnings (loss) per share calculations, respectively 


 

LANNETT COMPANY, INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)

(In thousands, except percentages, share and per share data)



















Nine months ended March 31, 2016


Total net sales

Cost of sales

Amortization of intangibles

Gross Profit

Gross
Margin %

R&D expense

SG&A expense

Acquisition
and integration-
related
expenses

Restructuring expenses

Operating income

Other income (loss)

Income
before
income tax

Income tax expense

Net income

Net income attributable to noncontrolling interest

Net income attributable to Lannett Company, Inc.

Diluted earnings per share (j)




GAAP Reported

$   373,606

$    155,964

$        11,079

$    206,563

55%

$      32,092

$     46,359

$         23,000

$          4,749

$     100,363

$   (38,827)

$     61,536

$  20,270

$   41,266

$                   55

$           41,211

$     1.10

Adjustments:


















Settlement agreement (a)

23,598

-

-

23,598


-

-

-

-

23,598

-

23,598

-

23,598

-

23,598


Depreciation of Fixed Assets step-up (b)

-

(388)

-

388


(90)

-

-

-

478

-

478

-

478

-

478


Amortization of Inventory step-up (c)

-

(14,516)

-

14,516


-

-

-

-

14,516

-

14,516

-

14,516

-

14,516


Amortization of intangibles (d)

-

-

(11,079)

11,079


-

(513)

-

-

11,592

-

11,592

-

11,592

-

11,592


Acquisition and integration-related expenses (e)

-

-

-

-


-

-

(23,000)

-

23,000

-

23,000

-

23,000

-

23,000


Restructuring expenses (f)

-

-

-

-


-

-

-

(4,749)

4,749

-

4,749

-

4,749

-

4,749


Non-cash interest (g)

-

-

-

-


-

-

-

-

-

7,666

7,666

-

7,666

-

7,666


Other (h)

-

-

-

-


-

(4,606)

-

-

4,606

-

4,606

-

4,606

-

4,606


Tax adjustments (i)

-

-

-

-


-

-

-

-

-

-

-

31,040

(31,040)

-

(31,040)




















Non-GAAP Adjusted

$   397,204

$    141,060

$               -

$    256,144

64%

$      32,002

$     41,240

$                -

$               -

$     182,902

$   (31,161)

$   151,741

$  51,310

$ 100,431

$                   55

$         100,376

$     2.69





















(a)

Relates to a settlement agreement with a former customer 



(b)

Relates to depreciation of a fair value step-up in property, plant and equipment related to the acquisition of Kremers Urban Pharmaceuticals, Inc. ("KUPI") 



(c)

Relates to amortization of fair value step-up in inventory primarily related to the acquisition of KUPI 



(d)

Relates to amortization of purchased intangible assets primarily related to the acquisitions of KUPI and Silarx Pharmaceuticals, Inc. 



(e)

Relates to acquisition and integration-related expenses primarily related to the acquisition of KUPI 



(f)

To exclude expenses associated with the 2016 Restructuring Plan 



(g)

To exclude non-cash interest expense primarily associated with debt issuance costs 



(h)

Primarily relates to separation expenses associated with former employees 



(i)

The tax effect of the pre-tax adjustments included at applicable tax rates 



(j)

The weighted average share number for the nine months ended March 31, 2016 is 37,383,742 for both the GAAP and the non-GAAP earnings per share calculations 


 

LANNETT COMPANY, INC.

NET SALES BY MEDICAL INDICATION










Three months ended


Nine months ended

(in thousands)

March 31, 


March 31, 

Medical Indication

2017


2016


2017


2016

Antibiotic

$                4,474


$                3,160


$              13,047


$                8,716

Anti Psychosis

14,433


1,061


47,119


4,533

Cardiovascular

14,815


16,652


39,484


38,059

Central Nervous System

11,124


14,264


32,028


20,351

Gallstone

11,157


14,698


37,465


53,389

Gastrointestinal

19,441


21,739


56,470


30,431

Glaucoma

4,868


6,006


15,962


19,371

Migraine

7,043


5,090


22,066


16,338

Muscle Relaxant

3,673


1,193


10,208


4,246

Obesity

1,024


1,023


2,819


2,853

Pain Management

6,085


7,178


20,132


23,386

Respiratory

4,256


5,308


9,426


6,703

Thyroid Deficiency

44,999


38,009


130,267


116,543

Urinary

2,619


6,506


12,413


10,148

Other

13,531


11,714


34,051


29,755

Contract manufacturing revenues

2,178


10,111


15,266


12,382

Net Sales

165,720


163,712


498,223


397,204

Settlement agreement

(4,000)


(23,598)


(4,000)


(23,598)

Total Net Sales

$            161,720


$            140,114


$            494,223


$            373,606

 

SOURCE Lannett Company, Inc.


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