Lannett Company, Inc.
) reported fourth quarter fiscal 2013 (ended Jun 30, 2013)
earnings of 12 cents per share, above the Zacks Consensus
Estimate of 7 cents and the year-ago earnings of 5 cents per
share. Earnings were up year over year primarily due to higher
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Lannett's revenues in the reported quarter increased 13% year
over year to $40.2 million. Revenues in the fourth quarter were
above the Zacks Consensus Estimate of $38 million. Net sales
during the quarter were up primarily due to increased sales in
the company's thyroid deficiency category.
Lannett's revenues during the fourth quarter of fiscal 2013
consisted of sales from thyroid deficiency, cardiovascular, pain
management, antibiotic, gallstone, obesity, migraine and glaucoma
categories among others.
Lannett reported research and development (R&D) expenses of
$3.7 million during the quarter, down 7.7% year over year.
Selling, general and administrative (SG&A) expenses in the
quarter came in at $5.8 million, up 7.9% year over year due to
higher employee related costs.
Fiscal Full Year Results
Lannett reported full year fiscal 2013 earnings of 43 cents per
share, above the Zacks Consensus Estimate of a loss of 41 cents
and the year-ago earnings of 14 cents per share. Earnings during
the fiscal year were up primarily due to higher revenues.
Lannett's revenues in fiscal 2013 increased 22.8% year over year
to $151.1 million. Revenues were above the Zacks Consensus
Estimate of $149 million. Net revenues during fiscal 2013 were up
primarily due to increased sales in the company's thyroid
The thyroid deficiency category was the largest contributor
during the year, bringing in $58 million (38% of the company's
total net sales). Thyroid deficiency was followed by revenues
from cardiovascular and pain management, which contributed $25.9
million (17% of net sales) and $21.2 million (14% of net sales),
Fiscal 2014 Outlook
Apart from releasing its financial results, Lannett also
announced its guidance for fiscal 2014. The company expects
fiscal 2014 net sales in the range of $181-$186 million. The
pre-earnings Zacks Consensus Estimate of $166 million is however
below the company's guidance range.
Lannett's R&D and SG&A expenses are expected in the range
of $24 million to $26 million and $28 to $30 million,
Lannett also expects its first quarter fiscal 2014 results to be
at par with the fourth quarter results. Moreover, results are
expected to improve sequentially thereafter.
Lannett currently carries a Zacks Rank #3 (Hold). Meanwhile,
other companies like
Biogen Idec Inc.
Gilead Sciences Inc.
) look better positioned with a Zacks Rank #1 (Strong Buy).