Lannett Co Inc Up 17.1% To $0.63 After Earnings Beat

Lannett Company, Inc. (LCI) reported better than expected earnings this afternoon for Q2 2023.

Analyst expectations for Lannett Co Inc earnings per share (EPS) were at a loss of $0.41 per share, with the company surpassing those estimates with a reported EPS loss of $0.34 per share, leading to a positive surprise of $0.07 per share (17%). Lannett Co Inc's earnings rose 13% year-over-year as the firm reported an EPS loss of $0.39 per share in its year-ago quarter. The positive annual growth shows the Healthcare company is performing well amid recent economic conditions.

Revenues were upbeat at $80.9 million. That represents a 6.49% decrease in revenues from the year-ago report and is 10.81% higher than consensus estimates set at $73 million.

The stock is up 17.1% to $0.63 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

Trading in the five days leading up to the report earned Lannett Co Inc a Neutral Sentiment Rank from InvestorsObserver.

Lannett Co Inc has performed a little below average during the past few months. Before the report, Lannett Co Inc received a Long-Term Technical Rank by InvestorsObserver of 34, putting it in the bottom half of stocks. The firm set a 52-week low on October 20, 2022 at $0.39 and set a 52-week high on February 2, 2022 at $1.56.

Lannett Co Inc develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products. It offers solid oral, extended-release, topical, nasal, and oral solution finished dosage forms of drugs that address a range of therapeutic areas, as well as ophthalmic, patch, foam, buccal, sublingual, soft gel, and injectable dosages. In addition, the company also provides its products for various medical indications comprising glaucoma, gastrointestinal, migraine, obesity, respiratory, and others. It operates in the segment of generic pharmaceuticals. Its customers include generic pharmaceutical distributors, drug wholesalers, chain drug stores, private label distributors, mail-order pharmacies, and others.