LCI - Why Lannett Company Is Plunging Today
Shares of Lannett Company (NYSE: LCI) -- a generic drug manufacturer -- are down by 20.3% as of 12:24 p.m. EDT on Thursday. The company released its fiscal third-quarter earnings report after the market closed on Wednesday, and investors were not impressed with Lannett's financial results.
During the third quarter of its fiscal year 2020, Lannett's net sales were $144.4 million, a decrease of about 16.4% from the prior-year quarter. Still, Lannett's net sales came in ahead of the $134.5 million in net sales analysts had been expecting. The company's better-than-expected net sales came as a result of the COVID-19 pandemic: "For our fiscal 2020 third quarter, net sales were higher than expected due to COVID-19, as patients appear to have purchased extra supply of their medications and some customers increased their purchases of some of our products to address patient demand and avoid shortages," management said.
Image source: Getty Images.