ShutterWorx
- Shares of micro-cap generic drugmaker Lannett (NYSE:LCI) fell as much as 6.4% to $0.56 in Thursday mid-day trading, after it reported a wider Q4 adjusted loss and a 30% fall in revenue.
- LCI after-hours on Wednesday posted Q4 non-GAAP EPS of -$0.44 compared to -$0.19 a year ago, and net sales of $74.19M versus $106M last year.
- The company also said it expects adj. net sales of $275M to $300M for fiscal year 2023. The consensus revenue estimate is $290.40M.
- Trevose, Pa.-based LCI was founded in 1942 and has a portfolio of over 100 generic pharmaceutical drugs and medicines, including products such as hepatitis B treatment lamivudine, anxiety treatment diazepam, and cholesterol treatment fluvastatin.
- The fall in quarterly net sales was due to product rationalization efforts, LCI CFO John Kozlowski said on the earnings conference call.
- The company is hoping to tap a major revenue market with an insulin biosimilar with a potential launch in H1 2024.
- The generic drugs market has been recently affected by pricing pressures, particularly in the U.S.