Lannett today reported financial results for its fiscal 2018 second quarter ended December 31, 2017.
--Adjusted EPS Higher Than Expected; Full-Year Adjusted Profitability Expected to Improve-- |
| [07-February-2018] |
|
PHILADELPHIA, Feb. 7, 2018 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today reported financial results for its fiscal 2018 second quarter ended December 31, 2017. "Our record revenues for the second quarter reflect strong sales across several product categories," said Tim Crew, Lannett's recently appointed chief executive officer. "Our topline increased 19% from the preceding quarter and would have been even higher, but for the shorter than anticipated supply disruption for a key product by a competitor. "With regard to our fiscal 2018 second quarter bottomline, our adjusted earnings substantially benefited from recently enacted U.S. tax reform. We also anticipate our future results will be positively impacted by a lower effective tax rate. "Looking ahead, we recently commenced shipping an authorized generic version of Toprol-XL® (Metoprolol Succinate) Extended Release Tablets and expect over the next several months to launch a number of products, which include previously approved, as well as recently acquired or licensed, commercially ready products. While we have revised several components of our outlook, we expect our profitability on an adjusted basis for the fiscal 2018 full year to slightly improve from our previous guidance." For the fiscal 2018 second quarter, net sales were $184.3 million compared with $170.9 million for the second quarter of fiscal 2017. Gross profit was $87.5 million, or 47% of net sales, compared with $88.1 million, or 52% of net sales. Research and development (R&D) expenses increased to $10.7 million from $9.9 million for the fiscal 2017 second quarter. Selling, general and administrative (SG&A) expenses increased to $28.5 million from $18.1 million. Restructuring expenses were $1.0 million compared with $1.7 million. In the prior year second quarter, the company recorded an impairment charge of $23.0 million related to an acquired in-process R&D project. Operating income increased 37% to $47.1 million from $34.3 million. Interest expense declined to $20.7 million from $23.3 million for the second quarter of fiscal 2017. Income tax expense was $18.1 million compared with $3.5 million in the prior-year period. Net income attributable to Lannett was $14.0 million, or $0.37 per diluted share, compared with $8.2 million, or $0.22 per share, for the fiscal 2017 second quarter. For the fiscal 2018 second quarter reported on a Non-GAAP basis, adjusted net sales were $184.3 million compared with $170.9 million for the second quarter of fiscal 2017. Adjusted gross profit was $96.7 million, or 52% of adjusted net sales, compared with $96.2 million, or 56% of adjusted net sales, for the prior year second quarter. Adjusted R&D expenses were $10.7 million compared with $9.9 million. Adjusted SG&A expenses were $20.9 million compared with $17.0 million. Adjusted operating income was $65.1 million compared with $69.3 million for the prior-year second quarter. Adjusted interest expense declined to $16.2 million from $17.9 million for the second quarter of fiscal 2017. Adjusted income tax expense was $10.5 million compared with $17.5 million in the prior-year period. Adjusted net income attributable to Lannett was $40.6 million, or $1.06 per diluted share, compared with $34.5 million, or $0.92 per diluted share, for the fiscal 2017 second quarter. Guidance for Fiscal 2018 GAAP Non-GAAP Adjusted
---- -----------------
Net sales $680 million to $700 million, down from 710 million to $720 million $680 million to $700 million, down from $710 million to $720 million
--------- ----------------------------------- -----------------------------------
Gross margin % 42% to 43%, down from 46% to 47% 48% to 49%, down from 51% to 52%
------------- ------------------------------- -------------------------------
R&D expense $36 million to $38 million, down from $46 million to $48 million $36 million to $38 million, down from $46 million to $48 million
----------- ----------------------------------- -----------------------------------
SG&A expense $79 million to $81 million, up from $78 million to $80 million $71 million to $73 million, down from $77 million to $79 million
------------ ----------------------------------- -----------------------------------
Integration and
restructuring
related expense $4 million to $5 million, unchanged $ --
---------------- ----------------------------------- ----
Interest expense
and other $77 million to $78 million, down from $85 million to $86 million $62 million to $63 million, down from $66 million to $67 million
---------------- ----------------------------------- -----------------------------------
Effective tax rate Approximately 39%, up from 35% Approximately 27%, down from 35%
------------------ ----------------------------- -------------------------------
Capital
expenditures $45 million to $55 million, down from $65 million to $75 million $45 million to $55 million, down from $65 million to $75 million
------------- ----------------------------------- -----------------------------------
Conference Call Information and Forward-Looking Statements 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 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.: 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, realizing the expected increase in sales of generic Toprol-XL®, expected benefits of a lower effective tax rate, successfully launching and commercializing recently acquired and previously approved products, and achieving the financial metrics stated in the company's guidance for fiscal 2018, 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. Contact: Robert Jaffe
Robert Jaffe Co.,
LLC
(424) 288-4098
FINANCIAL SCHEDULES FOLLOW
LANNETT COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
December 31, 2017 June 30, 2017
----------------- -------------
ASSETS
------
Current assets:
Cash and cash equivalents $139,862 $117,737
Investment securities 27,842 27,091
Accounts receivable, net 256,728 204,066
Inventories 135,591 122,604
Prepaid income taxes 1,760 16,703
Other current assets 6,471 6,592
----- -----
Total current assets 568,254 494,793
Property, plant and equipment,
net 258,206 243,148
Intangible assets, net 439,639 453,861
Goodwill 339,566 339,566
Deferred tax assets 30,584 52,753
Other assets 23,146 19,191
TOTAL ASSETS $1,659,395 $1,603,312
========== ==========
LIABILITIES
-----------
Current liabilities:
Accounts payable $78,633 $44,720
Accrued expenses 12,730 12,499
Accrued payroll and payroll-
related expenses 16,036 4,833
Rebates payable 48,379 44,593
Royalties payable 5,579 3,015
Restructuring liability 4,581 5,431
Settlement liability 12,000 17,000
Short-term borrowings and
current portion of long-term
debt 66,845 60,117
------ ------
Total current liabilities 244,783 192,208
Long-term debt, net 819,220 843,530
Other liabilities 2,596 6,452
TOTAL LIABILITIES 1,066,599 1,042,190
--------- ---------
Commitments and contingencies
STOCKHOLDERS' EQUITY
--------------------
Common stock($0.001 par value, 100,000,000 shares authorized; 37,760,877
and 37,528,450 shares issued; 37,105,338 and 36,919,296 shares outstanding at
December 31, 2017 and June 30,
2017, respectively) 38 37
Additional paid-in capital 298,337 292,780
Retained earnings 305,053 277,774
Accumulated other comprehensive
loss (347) (222)
Treasury stock (655,539 and
609,154 shares at December 31,
2017 and June 30, 2017,
respectively) (10,285) (9,247)
------- ------
Total stockholders' equity 592,796 561,122
------- -------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,659,395 $1,603,312
========== ==========
LANNETT COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except share and per share data)
Three months ended Six months ended
December 31, December 31,
------------ ------------
2017 2016 2017 2016
---- ---- ---- ----
Net sales $184,305 $170,944 $339,266 $332,503
Cost of sales 88,914 75,154 168,467 145,974
Amortization of
intangibles 7,941 7,737 15,678 16,624
Gross profit 87,450 88,053 155,121 169,905
------ ------ ------- -------
Operating expenses:
Research and
development expenses 10,722 9,939 18,131 22,310
Selling, general, and
administrative
expenses 28,493 18,069 47,531 39,329
Acquisition and
integration-related
expenses 65 1,027 83 2,418
Restructuring expenses 1,035 1,712 1,562 3,764
Intangible asset
impairment charges - 23,000 - 88,084
--- ------ --- ------
Total operating
expenses 40,315 53,747 67,307 155,905
------ ------ ------ -------
Operating income 47,135 34,306 87,814 14,000
------ ------ ------ ------
Other income (loss):
Investment income 2,325 1,021 3,489 2,048
Interest expense (20,686) (23,333) (41,598) (46,327)
Other 3,386 (266) 3,135 (263)
----- ---- ----- ----
Total other loss (14,975) (22,578) (34,974) (44,542)
------- ------- ------- -------
Income (loss) before
income tax 32,160 11,728 52,840 (30,542)
Income tax expense
(benefit) 18,138 3,542 25,561 (9,340)
------ ----- ------ ------
Net income (loss) 14,022 8,186 27,279 (21,202)
Less: Net income
attributable to
noncontrolling
interest - 14 - 34
--- --- --- ---
Net income (loss)
attributable to
Lannett Company, Inc. $14,022 $8,172 $27,279 $(21,236)
======= ====== ======= ========
Earnings (loss) per common share attributable to
Lannett Company, Inc.:
Basic $0.38 $0.22 $0.74 $(0.58)
Diluted $0.37 $0.22 $0.72 $(0.58)
Weighted average common shares outstanding:
Basic 37,066,902 36,810,388 37,029,483 36,754,828
Diluted 38,290,358 37,676,370 38,087,826 36,754,828
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 December 31, 2017
------------------------------------
Net sales Cost of Amortization Gross Gross R&D SG&A Acquisition and Restructuring Operating Other Income Income Net income Net income Net income Diluted
sales of intangibles Profit Margin % expense expense integration- expenses income income before tax expense attributable to attributable to earnings
related (loss) income tax noncontrolling Lannett per share
expenses interest Company, Inc. (i)
--- --- -------- --- ---
GAAP Reported $184,305 $88,914 $7,941 $87,450 47% $10,722 $28,493 $65 $1,035 $47,135 $(14,975) $32,160 $18,138 $14,022 $ - $14,022 $0.37
Adjustments:
------------
Depreciation of
Fixed Assets step-
up (a) - (1,335) - 1,335 - - - - 1,335 - 1,335 - 1,335 - 1,335
Amortization of
intangibles (b) - - (7,941) 7,941 - (217) - - 8,158 - 8,158 - 8,158 - 8,158
Acquisition and
integration-
related expenses
(c) - - - - - - (65) - 65 - 65 - 65 - 65
Restructuring
expenses (d) - - - - - - - (1,035) 1,035 - 1,035 - 1,035 - 1,035
Non-cash interest
(e) - - - - - - - - - 4,454 4,454 - 4,454 - 4,454
Litigation
settlement gain
(f) - - - - - - - - - (3,500) (3,500) - (3,500) - (3,500)
Other (g) - - - - - (7,405) - - 7,405 - 7,405 - 7,405 - 7,405
Tax adjustments (h) - - - - - - - - - - - (7,653) 7,653 - 7,653
Non-GAAP Adjusted $184,305 $87,579 $ - $96,726 52% $10,722 $20,871 $ - $ - $65,133 $(14,021) $51,112 $10,485 $40,627 $ - $40,627 $1.06
======== ======= ======= ======= === ======= ======= ====================== ================== ======= ======== ======= ======= ======= ====================== ======= =====
(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.
(c) Relates to acquisition and integration-related expenses primarily related to the acquisition of KUPI
(d) To exclude expenses associated with the 2016 Restructuring Plan
(e) To exclude non-cash interest expense primarily associated with debt issuance costs
(f) To exclude a settlement gain associated with patent litigation
(g) 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
(h) 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
(i) The weighted average share number for the three months ended December 31, 2017 is 38,290,358 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)
Three months ended December 31, 2016
------------------------------------
Net sales Cost of Amortization Gross Gross R&D SG&A Acquisition Restructuring Intangible Operating Other Income Income tax Net Net income Net income Diluted
sales Profit Margin % expense expense and integration- expenses asset income income before expense income attributable to attributable to earnings per
of intangibles related impairment (loss) income noncontrolling Lannett Company, share (i)
expenses charge tax interest Inc.
--- --- --- --- ---- ---
GAAP Reported $170,944 $75,154 $7,737 $88,053 52% $9,939 $18,069 $1,027 $1,712 $23,000 $34,306 $(22,578) $11,728 $3,542 $8,186 $14 $8,172 $0.22
Adjustments:
------------
Depreciation of Fixed Assets
step-up (a) - (404) - 404 - - - - - 404 - 404 - 404 - 404
Amortization of intangibles (b) - - (7,737) 7,737 - (365) - - - 8,102 - 8,102 - 8,102 - 8,102
Acquisition and integration-
related expenses (c) - - - - - - (1,027) - - 1,027 - 1,027 - 1,027 - 1,027
Restructuring expenses (d) - - - - - - - (1,712) - 1,712 - 1,712 - 1,712 - 1,712
Intangible assets impairment
charge (e) - - - - - - - - (23,000) 23,000 - 23,000 - 23,000 - 23,000
Non-cash interest (f) - - - - - - - - - - 5,403 5,403 - 5,403 - 5,403
Other (g) - - - - - (715) - - - 715 - 715 - 715 - 715
Tax adjustments (h) - - - - - - - - - - - - 13,992 (13,992) - (13,992)
Non-GAAP Adjusted $170,944 $74,750 $ - $96,194 56% $9,939 $16,989 $ - $ - $ - $69,266 $(17,175) $52,091 $17,534 $34,557 $14 $34,543 $0.92
======== ======= ================ ======= === ====== ======= ================ =============== ============= ======= ======== ======= ======= ======= === ======= =====
(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.
(c) Relates to acquisition and integration-related expenses primarily related to the acquisition of KUPI
(d) To exclude expenses associated with the 2016 Restructuring Plan
(e) To exclude an impairment charge related to certain intangible assets acquired as part of the KUPI acquisition
(f) To exclude non-cash interest expense primarily associated with debt issuance costs
(g) Primarily relates to separation expenses associated with a former employee
(h) The tax effect of the pre-tax adjustments included at applicable tax rates
(i) The weighted average share number for the three months ended December 31, 2016 is 37,676,370 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)
Six months ended December 31, 2017
----------------------------------
Net Cost of Amortization Gross Gross R&D SG&A Acquisition Restructuring Operating Other Income Income tax Net Net income Net income Diluted
sales sales of intangibles Profit Margin % expense expense and integration- expenses income income before expense income attributable to attributable to earnings
related (loss) income tax noncontrolling Lannett Company, per share (i)
expenses interest Inc.
--- --- ---- ---
GAAP Reported $339,266 $168,467 $15,678 $155,121 46% $18,131 $47,531 $83 $1,562 $87,814 $(34,974) $52,840 $25,561 $27,279 $ - $27,279 $0.72
Adjustments:
------------
Depreciation of
Fixed Assets step-
up (a) - (2,670) - 2,670 - - - - 2,670 - 2,670 - 2,670 - 2,670
Amortization of
intangibles (b) - - (15,678) 15,678 - (582) - - 16,260 - 16,260 - 16,260 - 16,260
Acquisition and
integration-
related expenses
(c) - - - - - - (83) - 83 - 83 - 83 - 83
Restructuring
expenses (d) - - - - - - - (1,562) 1,562 - 1,562 - 1,562 - 1,562
Non-cash interest
(e) - - - - - - - - - 9,014 9,014 - 9,014 - 9,014
Litigation
settlement gain
(f) - - - - - - - - - (3,500) (3,500) - (3,500) - (3,500)
Other (g) - - - - - (7,405) - - 7,405 - 7,405 - 7,405 - 7,405
Tax adjustments (h) - - - - - - - - - - - (2,530) 2,530 - 2,530
Non-GAAP Adjusted $339,266 $165,797 $ - $173,469 51% $18,131 $39,544 $ - $ - $115,794 $(29,460) $86,334 $23,031 $63,303 $ - $63,303 $1.66
======== ======== =================== ======== === ======= ======= =================== =============== ======== ======== ======= ======= ======= ================ ======= =====
(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.
(c) Relates to acquisition and integration-related expenses primarily related to the acquisition of KUPI
(d) To exclude expenses associated with the 2016 Restructuring Plan
(e) To exclude non-cash interest expense primarily associated with debt issuance costs
(f) To exclude a settlement gain associated with patent litigation
(g) 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
(h) 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
(i) The weighted average share number for the six months ended December 31, 2017 is 38,087,826 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)
Six months ended December 31, 2016
----------------------------------
Net sales Cost Amortization Gross Gross R&D SG&A Acquisition Restructuring Intangible Operating Other Income Income tax Net Net income Net income (loss) Diluted
of sales of intangibles Profit Margin % expense expense and integration- expenses asset income income (loss) before expense income attributable to attributable to earnings
related impairment (loss) income tax (benefit) (loss) noncontrolling Lannett Company, (loss) per
expenses charges interest Inc. share (j)
--- --- --- ---- ---- ---------
GAAP Reported $332,503 $145,974 $16,624 $169,905 51% $22,310 $39,329 $2,418 $3,764 $88,084 $14,000 $(44,542) $(30,542) $(9,340) $(21,202) $34 $(21,236) $(0.58)
Adjustments:
------------
Depreciation of
Fixed Assets step-
up (a) - (1,740) - 1,740 - - - - - 1,740 - 1,740 - 1,740 - 1,740
Amortization of
Inventory step-up
(b) - (1,938) - 1,938 - - - - - 1,938 - 1,938 - 1,938 - 1,938
Amortization of
intangibles (c) - - (16,624) 16,624 - (730) - - - 17,354 - 17,354 - 17,354 - 17,354
Acquisition and
integration-
related expenses
(d) - - - - - - (2,418) - - 2,418 - 2,418 - 2,418 - 2,418
Restructuring
expenses (e) - - - - - - - (3,764) - 3,764 - 3,764 - 3,764 - 3,764
Intangible asset
impairment charges
(f) - - - - - - - - (88,084) 88,084 - 88,084 - 88,084 - 88,084
Non-cash interest
(g) - - - - - - - - - - 10,273 10,273 - 10,273 - 10,273
Other (h) - - - - - (715) - - - 715 - 715 - 715 - 715
Tax adjustments (i) - - - - - - - - - - - - 41,516 (41,516) - (41,516)
Non-GAAP Adjusted $332,503 $142,296 $ - $190,207 57% $22,310 $37,884 $ - $ - $ - $130,013 $(34,269) $95,744 $32,176 $63,568 $34 $63,534 $1.69
======== ======== =================== ======== === ======= ======= =================== =============== ============ ======== ======== ======= ======= ======= === ======= =====
(a) Relates to depreciation of a fair value step-up in property, plant and equipment related to the acquisition of Kremers Urban Pharmaceuticals, Inc. ("KUPI")
(b) Relates to amortization of a fair value step-up in inventory related to the acquisition of KUPI
(c) Relates to amortization of purchased intangible assets primarily related to the acquisitions of KUPI and Silarx Pharmaceuticals, Inc.
(d) Relates to acquisition and integration-related expenses primarily related to the acquisition of KUPI
(e) To exclude expenses associated with the 2016 Restructuring Plan
(f) To exclude impairment charges related to certain intangible assets acquired as part of the KUPI acquisition
(g) To exclude non-cash interest expense primarily associated with debt issuance costs
(h) Primarily relates to separation expenses associated with a former employee
(i) The tax effect of the pre-tax adjustments included at applicable tax rates
(j) The weighted average share number for the six months ended December 31, 2016 are 36,754,828 and 37,630,069 for the GAAP and non-GAAP earnings (loss) per share calculations, respectively
LANNETT COMPANY, INC.
RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)
($ in millions)
Fiscal Year 2018 Guidance
-------------------------
Non-GAAP
GAAP Adjustments Adjusted
---- ----------- --------
Net sales $680 - $700 - $680 - $700
Gross margin
percentage 42.0% - 43.0% 6% (a) 48.0% to 49.0%
R&D expense $36 - $38 - $36 - $38
SG&A expense $79 - $81 ($8) (b) $71 - $73
Integration and
Restructuring
expense $4 - $5 ($4 - $5) (c) -
Interest expense and
other $77 - $78 ($15) (d) $62 - $63
Effective tax rate approx. 39% (12%) (e) approx. 27%
Capital expenditures $45 - $55 - $45 - $55
(a) The adjustment primarily reflects
amortization of purchased intangible
assets and depreciation of a fair value
step-up in property, plant and equipment
related to the acquisition of Kremers
Urban Pharmaceuticals, Inc. ("KUPI")
(b) The adjustment primarily reflects
severance benefits to the former chief
executive officer, a reversal of
indemnified unrecognized tax benefits as
well as amortization of purchased
intangible assets related to the
acquisition of KUPI
(c) The adjustment primarily reflects
expenses related to the 2016
Restructuring Plan
(d) The adjustment primarily reflects non-
cash interest expense associated with
debt issuance costs as well as a
litigation settlement gain
(e) The adjustment primarily reflects the
impact of the revaluation of net long
term deferred tax assets related to the
Tax Cut and Jobs Act legislation ("2017
Tax Reform")
LANNETT COMPANY, INC.
NET SALES BY MEDICAL INDICATION
Three months ended Six months ended
(in thousands) December 31, December 31,
------------ ------------
Medical Indication 2017 2016 2017 2016
------------------ ---- ---- ---- ----
Antibiotic $3,552 $4,792 $6,900 $8,572
Anti-Psychosis 22,799 15,365 37,791 32,685
Cardiovascular 10,135 11,975 21,441 24,669
Central Nervous System 6,925 10,555 15,742 20,904
Gallstone 5,282 13,425 11,846 26,308
Gastrointestinal 15,055 18,977 29,608 37,029
Glaucoma 2,164 5,311 4,832 11,095
Migraine 15,484 7,863 30,499 15,023
Muscle Relaxant 3,219 3,004 7,010 6,536
Pain Management 6,128 7,439 11,889 14,047
Respiratory 2,230 2,957 3,876 5,170
Thyroid Deficiency 68,794 45,431 116,008 85,269
Urinary 2,840 4,693 5,837 9,794
Other 13,105 11,133 25,802 22,314
Contract Manufacturing
revenue 6,593 8,024 10,185 13,088
----- ----- ------ ------
Net Sales $184,305 $170,944 $339,266 $332,503
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Company Codes: NYSE:LCI |
