PHILADELPHIA (AP) _ Lannett Co. (LCI) on Wednesday reported a loss of $12.2 million in its fiscal first quarter.
On a per-share basis, the Philadelphia-based company said it had a loss of 32 cents. Earnings, adjusted for non-recurring costs, came to 22 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The generic drug company posted revenue of $127.3 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $121.4 million.
Lannett expects full-year revenue in the range of $525 million to $545 million.
Lannett shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.51, nearly tripling in the last 12 months.