Generic drug manufacturer Lannett (NYSE: LCI) released its financial results for the second quarter of its fiscal year 2021 — which ended on Dec. 31, 2020 — after the market closed on Wednesday. And although the company’s performance was in line with or above expectations, investors were not pleased with its updated guidance for its full fiscal year 2021. As a result, shares of Lannett are dropping sharply on Thursday and were down by 16.3% as of 1:14 p.m. EST today, after falling by as much as 19.7% earlier in the day.
During the quarter, Lannett recorded net sales of $134 million, compared to the $136 million in sales it recorded during the comparable period of the previous fiscal year. Still, Lannett’s top line came in above the $130 million analysts were expecting on average. Meanwhile, the company’s adjusted net income was $3.2 million, or $0.08 on a per-share basis. Lannett’s adjusted earnings per share (EPS) was right in line with the average analyst estimates.