There’s a good bit of Lannett Company news that has LCI stock taking off on Wednesday.
The positive news for Lannett Company (NYSE:LCI) starts with its earnings report for its fiscal fourth quarter of 2019. This includes earnings per share of 37 cents on revenue of $133.84 million. The company’s earnings per share and revenue from the same time last year were 64 cents and $170.91 million.
While this drop seems like bad Lannett Company news, it isn’t. The company was still able to beat out Wall Street’s earnings per share and revenue estimate of 21 cents and $121.88 million.
Lannett Company also includes its outlook for fiscal 2020 in its most recent earnings report. It is expecting revenue ranging from $525 million to $545 million for the year. Wall Street is looking for revenue of $505.95 million for the company’s fiscal 2020 year.
More good Lannett Company news for Wednesday includes a distribution deal for Posaconazole Delayed-Release Tablets. This is a generic version of Noxafil Delayed-Release Tablets. The deal has LCI acting as the exclusive distributor for the Posaconazole Delayed-Release Tablets in the U.S.
Lannett Company is expecting to see strong revenue from the sales of Posaconazole Delayed-Release Tablets. The brand name version of the drug saw sales of $325 million for the 12 months ended June 2019. LCI isn’t expecting the generic version to reach sales quite this high.
LCI stock was up 38% as of noon Wednesday. The stock is also up 12% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.