Shares of Lannett Company, Inc. (NYSE: LCI) are up about 15% on Wednesday after the pharmaceutical company reported financial results for its fiscal 2016 fourth quarter and full year ended June 30, 2016. The company performed above analysts’ expectations.
Lannett is a generic-drug maker, and last year the company acquired Kremers Urban Pharmaceuticals, which turned out to be a wining deal. Sales of Lannett jumped 70% year over year thanks to the acquisition.
The drug maker provided good sales guidance as well. Lannett projects sales in a range of $690 million and $700 million, which is significantly higher than the $566 million sold in the recently completed fiscal year.
A rthur Bedrosian, chief executive officer of Lannett, said in a statement, “”Our record net sales for the fourth quarter were driven by the addition of KU’s operations and higher sales of key products… Today’s announcement builds upon our recent positive momentum and caps a number of significant successes over the last six months… our increased size and scale resulting from our acquisition strategy, gives us great confidence in Lannett’s future.”