Lannett Company, Inc. (NYSE: LCI) today reported financial results for its fiscal 2015 first quarter ended September 30, 2014.
For the fiscal 2015 first quarter, net sales doubled to $93.4 million from $45.8 million in last year’s first quarter. Gross profit was $71.6 million, or 77% of net sales. This compares with fiscal 2014 first quarter gross profit of $1.3 million, or 3% of net sales, which included a non-recurring pre-tax charge of $20.1 million related to the contract extension with Jerome Stevens Pharmaceuticals, Inc. (JSP). Excluding the JSP contract renewal charge, gross profit was $21.4 million, or 47% of net sales. Research and development expenses increased to $6.4 million from $4.7 million for the fiscal 2014 first quarter.
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