Lannett Announces Fiscal 2019 Third-Quarter Financial Results; Raises Guidance For Fiscal 2019
PHILADELPHIA, May 6, 2019 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today reported financial results for its fiscal 2019 third quarter ended March 31, 2019.
"Our solid third quarter financial results reflect continued growth of our core business," said Tim Crew, chief executive officer of Lannett. "Excluding sales of Levothyroxine, net sales have progressed from $101 million to $105 million to $118 million in the first, second and third quarters, respectively, representing 17% growth from the first to the third quarter. This growth has largely been fueled by the launch of new products, while maintaining our base business.
"We remain quite positive about our progress and outlook. During March, we purchased approximately $24 million of our Term Loans in open market transactions, and still had more than $200 million in cash at quarter end. Our cost reduction program is nearly complete and we expect to enter fiscal 2020 positioned with a cost structure approximately $33 million lower than the recent past. And, with our ongoing investment in product development, combined with our product acquisition efforts, we expect to continue to both augment our offering and replenish our pipeline. Our ongoing goal is to add approximately $75 million of new product revenues annually."
For the fiscal 2019 third quarter, on a GAAP basis, net sales were $172.8 million compared with $174.4 million for the third quarter of fiscal 2018. Gross profit was $65.3 million, or 38% of total net sales, compared with $67.1 million, or 38% of total net sales. Research and development (R&D) expenses were $9.8 million compared with $2.7 million for the fiscal 2018 third quarter. Selling, general and administrative (SG&A) expenses were $21.6 million compared with $14.1 million. Restructuring expenses were $0.5 million compared with $1.4 million. Operating income was $33.4 million compared with $33.3 million. Interest expense decreased to $21.5 million from $22.8 million for the third quarter of fiscal 2018. Net income was $10.6 million, or $0.27 per diluted share, compared with $12.8 million, or $0.33 per diluted share, for the fiscal 2018 third quarter.
For the fiscal 2019 third quarter reported on a Non-GAAP basis, net sales were $172.8 million compared with $174.4 million for the third quarter of fiscal 2018. Adjusted gross profit was $77.0 million, or 45% of adjusted net sales, compared with $76.7 million, or 44% of adjusted net sales, for the prior-year third quarter. Adjusted R&D expenses were $9.1 million compared with $2.7 million. Adjusted SG&A expenses were $17.5 million compared with $14.1 million. Adjusted operating income was $50.4 million compared with $59.8 million for the prior-year third quarter. Adjusted interest expense was $17.0 million compared with $16.2 million for the third quarter of fiscal 2018. Adjusted net income was $26.6 million, or $0.68 per diluted share, compared with $30.5 million, or $0.80 per diluted share, for the fiscal 2018 third quarter.
Guidance for Fiscal 2019
Based on its current outlook, the company has raised its estimates, as follows:
GAAP Adjusted
Net sales
$640 million to $645 million, up from $615 million to $635 million
$640 million to $645 million, up from $615 million to $635 million
---
Gross margin % Approximately 37%, changed from 37% Approximately 44%, changed from 44%
to 38% to 45%
---
R&D expense
$37 million to $38 million, up from $35 million to $37 million
$35 million to $36 million, up from $33 million to $35 million
---
SG&A expense
$82 million to $84 million, up from $78 million to $81 million
$70 million to $71 million, up from $66 million to $69 million
---
Restructuring
expense
$2 million to $3 million, down from $3 million to $4 million
$ --
---
Asset impairment
charges
$369 million, unchanged
$ --
---
Interest and other
$84 million to $85 million, down from $84 million to $86 million
$65 million to $66 million, down from $66 million to $68 million
---
Effective tax rate Approximately 22%, changed from 22% Approximately 23%, changed from 22%
to 23% to 23%
---
Capital
expenditures
$28 million to $31 million, down from $30 million to $35 million
$28 million to $31 million, down from $30 million to $35 million
---
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 its fiscal 2019 third quarter ended March 31, 2019. The conference call will be available to interested parties by dialing 877-261-8992 from the U.S. or Canada, or 847-619-6548 from international locations, passcode 48589492. 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) non-cash interest expense, as well as (4) 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, successfully launching and commercializing recently acquired and previously approved products, adding approximately $75 million of new revenues annually, achieving expected savings from the cost reduction program, successfully consummating transactions with new and existing alliance partners and successfully launching and commercializing products included therein, and achieving the financial metrics stated in the company's guidance for fiscal 2019, 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.
FINANCIAL SCHEDULES FOLLOW
LANNETT COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
March 31, 2019 June 30, 2018
ASSETS
---
Current assets:
Cash and cash equivalents $205,207 $98,586
Accounts receivable, net 151,804 252,651
Inventories 136,352 141,635
Prepaid income taxes 101 15,159
Assets held for sale 14,644 13,976
Other current assets 7,246 4,863
Total current assets 515,354 526,870
Property, plant and equipment,
net 193,121 233,247
Intangible assets, net 401,973 424,425
Goodwill 339,566
Deferred tax assets 102,541 22,063
Other assets 18,620 29,133
TOTAL ASSETS $1,231,609 $1,575,304
LIABILITIES
---
Current liabilities:
Accounts payable $31,564 $56,767
Accrued expenses 8,423 7,425
Accrued payroll and payroll-
related expenses 18,677 7,819
Rebates payable 41,873 49,400
Royalties payable 10,423 5,955
Restructuring liability 270 6,706
Liabilities held for sale 847 -
Short-term borrowings and
current portion of long-term
debt 66,845 66,845
Total current liabilities 178,922 200,917
Long-term debt, net 711,341 772,425
Other liabilities 2,046 3,047
TOTAL LIABILITIES 892,309 976,389
STOCKHOLDERS' EQUITY
---
Common stock
($0.001 par value,
100,000,000 shares authorized;
38,858,670
and 38,256,839 shares
issued; 37,908,587 and
37,380,517 shares outstanding
at
March 31, 2019
and June 30, 2018,
respectively) 39 38
Additional paid-in capital 314,591 306,817
Retained earnings 39,661 306,464
Accumulated other comprehensive
loss (571) (515)
Treasury stock(950,083 and
876,322 shares at March 31,
2019 and June 30, 2018,
respectively) (14,420) (13,889)
Total stockholders' equity 339,300 598,915
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,231,609 $1,575,304
===
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,
2019 2018 2019 2018
Net sales $172,794 $174,386 $521,566 $513,652
Cost of sales 99,571 99,036 303,012 267,503
Amortization of intangibles 7,906 8,293 24,286 23,971
Gross profit 65,317 67,057 194,268 222,178
Operating expenses:
Research and development
expenses 9,838 2,730 29,371 20,861
Selling, general and
administrative expenses 21,649 14,112 65,434 61,643
Acquisition and integration-
related expenses 83
Restructuring expenses 452 1,421 1,687 2,983
Loss on sale of intangible asset 15,514 15,514
Asset impairment charges 369,499
Total operating expenses 31,939 33,777 465,991 101,084
Operating income (loss) 33,378 33,280 (271,723) 121,094
Other income (loss):
Investment income 925 719 1,860 4,208
Interest expense (21,485) (22,842) (64,430) (64,440)
Loss on extinguishment of debt (413) (413)
Other (401) (662) (1,409) 2,473
Total other loss (21,374) (22,785) (64,392) (57,759)
Income (loss) before income tax 12,004 10,495 (336,115) 63,335
Income tax expense (benefit) 1,359 (2,275) (71,594) 23,286
Net income (loss) $10,645 $12,770 $(264,521) $40,049
Earnings (loss) per common
share:
Basic $0.28 $0.34 $(7.01) $1.08
Diluted $0.27 $0.33 $(7.01) $1.05
Weighted average common shares
outstanding:
Basic 37,842,224 37,136,945 37,729,099 37,064,781
Diluted 39,330,847 38,287,005 37,729,099 38,112,193
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, 2019
---
Net sales
Cost of sales
Amortization Gross Profit Gross Margin %
R&D expenses
SG&A expenses
Restructuring expenses
Operating income
Other income (loss)
Income
Income tax Net income Diluted
of intangibles before expense earnings
income tax per share
(k)
---
GAAP Reported $172,794 $99,571 $7,906 $65,317 38% $9,838 $21,649 $452 $33,378 $(21,374) $12,004 $1,359 $10,645 $0.27
Adjustments:
---
Amortization of intangibles
(a) - (7,906) 7,906 7,906 7,906 7,906
Cody API business Held for
Sale (b) - (1,342) 1,342 (775) (979) 3,096 3,096 3,096
Depreciation on capitalized
software costs (c) - (1,058) 1,058 1,058 1,058
Legal and financial
advisory costs (d) - (961) 961 961 961
Decommissioning of
Philadelphia sites (e) - (1,760) 1,760 1,760 1,760 1,760
Restructuring expenses (f) - (452) 452 452 452
Non-cash interest (g) - 4,514 4,514 4,514
Loss on extinguishment of
debt (h) - 413 413 413
Other (i) - (625) 625 (1,188) 1,813 352 2,165 2,165
Tax adjustments (j) - 6,363 (6,363)
Non-GAAP Adjusted $172,794 $95,844
$ - $76,950 45% $9,063 $17,463
$ - $50,424 $(16,095) $34,329 $7,722 $26,607 $0.68
===
(a) To exclude
amortization of
purchased
intangible
assets
primarily
related to the
acquisitions of
KUPI and Silarx
Pharmaceuticals,
Inc.
(b) To exclude the
operating
results of the
Cody API
business Held
for Sale which
was classified
as Held for
Sale as of
September 30,
2018
(c) To exclude
depreciation on
previously
capitalized
software
integration
costs
associated with
the KUPI
acquisition
(d) To exclude legal
and financial
advisory costs
primarily
related to
exploring and
evaluating debt
and capital
structure
alternatives
(e) To exclude the
costs
associated with
the
decommissioning
and shutdown of
the
Philadelphia
manufacturing
and
distribution
sites
To exclude
expenses
associated with
the 2016
Restructuring
Plan as well as
the Cody
Restructuring
(f) Plan
To exclude non-
cash interest
expense
associated with
debt issuance
(g) costs
To exclude the
loss on
extinguishment
of debt related
to open market
repurchases of
(h) Term Loans
(i) To primarily
exclude
separation
costs related
to the
Company's cost
reduction plan,
a reversal of
indemnified
unrecognized
tax benefits
due to
expirations in
the statute of
limitations, as
well as a
write-down of
certain assets
related to the
Company's
foreign
subsidiary
To exclude the
tax effect of
the pre-tax
adjustments
included above
at applicable
(j) tax rates
(k) The weighted
average share
number for the
three months
ended March 31,
2019 is
39,330,847 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)
Nine months ended March 31, 2019
---
Net sales
Cost of sales
Amortization Gross Profit Gross Margin %
R&D expenses
SG&A expenses
Restructuring expenses Asset impairment charges Operating income
Other income
Income
Income tax
Net income Diluted
of intangibles (loss) (loss) before expense (loss) earnings
income tax (benefit) (loss) per
(loss) share (m)
---
GAAP Reported $521,566 $303,012 $24,286 $194,268 37% $29,371 $65,434 $1,687 $369,499 $(271,723) $(64,392) $(336,115) $(71,594) $(264,521) $(7.01)
Adjustments:
---
Depreciation of fixed
assets step-up (a) - (2,459) 2,459 2,459 2,459 2,459
Amortization of intangibles
(b) - (24,286) 24,286 24,286 24,286 24,286
Cody API business Held for
Sale (c) - (4,828) 4,828 (1,637) (945) 7,410 7,410 7,410
Depreciation on capitalized
software costs (d) - (3,175) 3,175 3,175 3,175
Legal and financial
advisory costs (e) - (3,389) 3,389 3,389 3,389
Decommissioning of
Philadelphia sites (f) - (4,025) 4,025 4,025 583 4,608 4,608
Restructuring expenses (g) - (1,687) 1,687 1,687 1,687
Asset impairment charges
(h) - (369,499) 369,499 369,499 369,499
Non-cash interest (i) - 13,448 13,448 13,448
Loss on extinguishment of
debt (j) - 413 413 413
Other (k) - (1,751) 1,751 (210) (3,789) 5,750 637 6,387 6,387
Tax adjustments (l) - 95,066 (95,066)
Non-GAAP Adjusted $521,566 $289,949
$ - $231,617 44% $27,524 $54,136
$ -
$ - $149,957 $(49,311) $100,646 $23,472 $77,174 $1.98
===
(a) To exclude
depreciation of
a fair value
step-up in
property, plant
and equipment
related to the
acquisition of
Kremers Urban
Pharmaceuticals,
Inc. ("KUPI")
(b) To exclude
amortization of
purchased
intangible
assets
primarily
related to the
acquisitions of
KUPI and Silarx
Pharmaceuticals,
Inc.
(c) To exclude the
operating
results of the
Cody API
business Held
for Sale which
was classified
as Held for
Sale as of
September 30,
2018
(d) To exclude
depreciation on
previously
capitalized
software
integration
costs
associated with
the KUPI
acquisition
(e) To exclude legal
and financial
advisory costs
primarily
related to
exploring and
evaluating debt
and capital
structure
alternatives,
including the
December 2018
amendment to
our Credit
Agreement
(f) To exclude the
costs
associated with
the
decommissioning
and shutdown of
the
Philadelphia
manufacturing
and
distribution
sites
To exclude
expenses
associated with
the 2016
Restructuring
Plan as well as
the Cody
Restructuring
(g) Plan
To exclude asset
impairment
charges related
to goodwill and
other long-
(h) lived assets
To exclude non-
cash interest
expense
associated with
debt issuance
(i) costs
To exclude the
loss on
extinguishment
of debt related
to open market
repurchases of
(j) Term Loans
(k) To primarily
exclude
separation
costs related
to the
Company's cost
reduction plan,
a special
recognition
incentive
payment, as
well as
reversals of
indemnified
unrecognized
tax benefits
due to
expirations in
the statute of
limitations
To exclude the
tax effect of
the pre-tax
adjustments
included above
at applicable
(l) tax rates
(m) The weighted
average share
number for the
nine months
ended March 31,
2019 is
37,729,099 for
GAAP and
39,066,670 for
the non-GAAP
earnings (loss)
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, 2018
---
Net sales
Cost of sales
Amortization Gross Profit Gross Margin %
R&D expense
SG&A expense
Acquisition and
Restructuring expenses
Loss on sale of Operating income
Other income (loss)
Income
Income tax Net income Diluted
of intangibles integration- intangible asset before expense earnings
related income tax (benefit) per share
expenses
(g)
---
GAAP Reported $174,386 $99,036 $8,293 $67,057 38% $2,730 $14,112
$ - $1,421 15,514 $33,280 $(22,785) $10,495 $(2,275) $12,770 $0.33
Adjustments:
---
Depreciation of
Fixed Assets step-
up (a) - (1,335) 1,335 1,335 1,335 1,335
Amortization of
intangibles (b) - (8,293) 8,293 8,293 8,293 8,293
Restructuring
expenses (c) - (1,421) 1,421 1,421 1,421
Loss on sale of
intangible asset
(d) - (15,514) 15,514 15,514 15,514
Non-cash interest
(e) - 6,642 6,642 6,642
Tax adjustments (f) - 15,508 (15,508)
Non-GAAP Adjusted $174,386 $97,701
$ - $76,685 44% $2,730 $14,112
$ -
$ -
$ - $59,843 $(16,143) $43,700 $13,233 $30,467 $0.80
===
(a) Relates to
depreciation of
a fair value
step-up in
property, plant
and equipment
related to the
acquisition of
Kremers Urban
Pharmaceuticals,
Inc. ("KUPI")
(b) Relates to
amortization of
purchased
intangible
assets
primarily
related to the
acquisitions of
KUPI and Silarx
Pharmaceuticals,
Inc.
To exclude
expenses
associated with
the 2016
Restructuring
(c) Plan
To exclude a
loss realized
on a sale of an
intangible
(d) asset
To exclude non-
cash interest
expense
primarily
associated with
debt issuance
(e) costs
(f) To exclude the
impact of the
revaluation of
net long term
deferred tax
assets related
to the Tax Cut
and Jobs Act
legislation
("2017 Tax
Reform"),
partially
offset by the
tax effect of
the pre-tax
adjustments
included at
applicable tax
rates
(g) The weighted
average share
number for the
three months
ended March 31,
2018 is
38,287,005 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)
Nine months ended March 31, 2018
---
Net sales
Cost of sales
Amortization Gross Profit Gross Margin %
R&D expense
SG&A expense
Acquisition and
Restructuring expenses
Loss on sale of Operating income
Other income (loss)
Income
Income tax Net income Diluted
of intangibles integration- intangible asset before expense earnings
related income tax per share
expenses (j)
---
GAAP Reported $513,652 $267,503 $23,971 $222,178 43% $20,861 $61,643 $83 $2,983 $15,514 $121,094 $(57,759) $63,335 $23,286 $40,049 $1.05
Adjustments:
---
Depreciation of
Fixed Assets step-
up (a) - (4,005) 4,005 4,005 4,005 4,005
Amortization of
intangibles (b) - (23,971) 23,971 (582) 24,553 24,553 24,553
Acquisition and
integration-
related expenses
(c) - (83) 83 83 83
Restructuring
expenses (d) - (2,983) 2,983 2,983 2,983
Loss on sale of
intangible asset
(e) - (15,514) 15,514 15,514 15,514
Non-cash interest
(f) - 15,656 15,656 15,656
Litigation
settlement gain
(g) - (3,500) (3,500) (3,500)
Other (h) - (7,405) 7,405 7,405 7,405
Tax adjustments (i) - 12,978 (12,978)
Non-GAAP Adjusted $513,652 $263,498
$ - $250,154 49% $20,861 $53,656
$ -
$ -
$ - $175,637 $(45,603) $130,034 $36,264 $93,770 $2.46
===
(a) Relates to
depreciation of
a fair value
step-up in
property, plant
and equipment
related to the
acquisition of
Kremers Urban
Pharmaceuticals,
Inc. ("KUPI")
(b) Relates to
amortization of
purchased
intangible
assets
primarily
related to the
acquisitions of
KUPI and Silarx
Pharmaceuticals,
Inc.
Relates to
acquisition and
integration-
related
expenses
primarily
related to the
acquisition of
(c) KUPI
To exclude
expenses
associated with
the 2016
Restructuring
(d) Plan
To exclude a
loss realized
on a sale of an
intangible
(e) asset
To exclude non-
cash interest
expense
primarily
associated with
debt issuance
(f) costs
To exclude a
settlement gain
associated with
patent
(g) litigation
(h) To exclude
separation
benefits
associated with
the former
Chief Executive
Officer as well
as a reversal
of indemnified
unrecognized
tax benefits
due to
expirations in
the statute of
limitations,
related to the
KUPI
acquisition
(i) To exclude the
impact of the
revaluation of
net long term
deferred tax
assets related
to the Tax Cut
and Jobs Act
legislation
("2017 Tax
Reform"),
partially
offset by the
tax effect of
the pre-tax
adjustments
included at
applicable tax
rates as well
as the reversal
of indemnified
unrecognized
tax benefits
related to the
KUPI
acquisition
(j) The weighted
average share
number for the
nine months
ended March 31,
2018 is
38,112,193 for
both the GAAP
and the non-
GAAP earnings
per share
calculations
LANNETT COMPANY, INC.
RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)
($ in millions)
Fiscal Year 2019 Guidance
Non-GAAP
GAAP Adjustments Adjusted
Net sales
$640 - $645
$640 - $645
Gross margin percentage approx. 37% 7% (a) approx. 44%
R&D expense
$37 - $38 ($2) (b)
$35 - $36
SG&A expense
$82 - $84
($12 - $13) (c)
$70 - $71
Restructuring expense
$2 - $3
($2 - $3) (d)
Asset impairment charges $369 ($369) (e)
Interest and other
$84 - $85 ($19) (f)
$65 - $66
Effective tax rate approx. 22% 1% (g) approx. 23%
Capital expenditures
$28 - $31
$28 - $31
(a) The adjustment primarily reflects
amortization of purchased intangible
assets related to the acquisition of
Kremers Urban Pharmaceuticals, Inc.
("KUPI") and, to a lesser extent, the cost
of sales associated with the Cody API
business which was classified as Held For
Sale as of September 30, 2018
(b) To exclude R&D expense associated with
the Cody API business
(c) To exclude various expenses associated
with the Company's overall cost savings
initiatives, which includes the Cody API
business; legal and financial advisory
costs; as well as nonrecurring
compensation-related expenses. In
addition, it also excludes depreciation on
previously capitalized software
integration costs associated with the KUPI
acquisition
(d) To exclude expenses associated with the
2016 Restructuring Plan and Cody
Restructuring Plan
(e) To exclude asset impairment charges
related to goodwill and other long-lived
assets
(f) The adjustment primarily reflects non-
cash interest expense associated with debt
issuance costs and the loss on
extinguishment of debt related to open
market repurchases of Term Loans
(g) The adjustment reflects the impact of
tax credits and deductions relative to
expected annual pre-tax income
LANNETT COMPANY, INC.
NET SALES BY MEDICAL INDICATION
Three months ended Nine months ended
(in thousands) March 31, March 31,
---
Medical Indication 2019 2018 2019 2018
--- ---
Antibiotic $3,789 $3,801 $12,066 $10,701
Anti-Psychosis 20,616 9,336 45,540 47,127
Cardiovascular 22,783 18,514 70,233 39,955
Central Nervous System 9,424 8,395 22,808 24,137
Gallstone 3,041 3,828 7,744 15,674
Gastrointestinal 11,735 16,562 36,783 46,171
Glaucoma 659 875 1,719 5,706
Migraine 9,846 12,888 32,134 43,387
Muscle Relaxant 3,238 3,299 9,538 10,309
Pain Management 5,856 6,594 19,771 18,483
Respiratory 498 2,324 2,676 6,200
Thyroid Deficiency 55,210 69,975 197,564 185,983
Urinary 2,105 33 5,262 5,870
Other 16,062 12,376 37,230 38,178
Contract Manufacturing
revenue 7,932 5,586 20,498 15,771
---
Net Sales $172,794 $174,386 $521,566 $513,652
===
Contact: Robert Jaffe
Robert Jaffe Co.,
LLC
(424) 288-4098
View original content to download multimedia:http://www.prnewswire.com/news-releases/lannett-announces-fiscal-2019-third-quarter-financial-results-raises-guidance-for-fiscal-2019-300844609.html
SOURCE Lannett Company, Inc.
