Pharmaceutical company Lannett Company Inc (NYSE:LCI) stated on Tuesday that it achieved net income of USD28.7m (USD0.75 per diluted share) for its fiscal year ended 30 June 2018.

This reflects an improvement when compared with net loss of USD0.6m (USD0.02 per share) for fiscal 2017.

GAAP net sales of USD684.6m were recorded for fiscal 2018, up from GAAP net sales of USD637.3m for fiscal 2017.

For fiscal 2017, R&D expenses were USD29.2m, a decline over R&D expenses of USD42.1m for fiscal 2017.