Lannett Spikes Higher After Big Q4 Earnings Beat

Lannett Company, Inc. LCI are spiking after reporting a big fourth-quarter earnings beat.

Adjusted earnings came in at 37 cents per share, beating estimates by 16 cents. Sales came in at $133.84 million, beating estimates by $12.16 million.

The company also issued strong 2020 sales guidance of $525 million-$545 million versus a $505.95 million estimate.

"In fiscal 2019, we made excellent progress rebuilding our business," said CEO Tim Crew. "We feel positive about our company's future following a number of significant accomplishments. Since January 2018, we have launched 25 products with annualized sales of approximately $100 million, acquired or in-licensed more than 40 ANDAs and paid down approximately $187 million of our outstanding debt, which included $87 million of voluntary payments."

Lannett shares spiked up more than 17% to $7.09 in Tuesday's after-hours session. The stock closed at $6.03 per share.