Lannett reports Q2 adjusted EPS (34c), consensus (41c)

Reports Q2 revenue $80.9M, consensus $73M. "For the quarter, net sales, gross margin and adjusted gross margin increased compared with the two preceding quarters," said CEO Tim Crew. "This improved performance was in part driven by higher product sales across our offering, notably, generic Adderall due to an ongoing market shortage where our partner was able to maintain their supply; the sale of certain products under a private label agreement; and less competitive intensity than we anticipated. During the quarter, we received, as expected, approximately $19 million of income tax refunds. Looking ahead, we have raised our full-year guidance for net sales and adjusted gross margin, which reflects, in part, our improved performance over the first half of our current fiscal year and our belief that our and our partners’ reliable and high-quality supply of affordable medicines has contributed to some stabilization of our current business."