Lannett Company Inc (NYSE: LCI), a company that manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications, announced its financial results for the fiscal 2020 third quarter ended 31 March 2020, on Wednesday.

The company reported on a GAAP basis, net sales at USD144.4m for the fiscal 2020 third quarter, compared with USD172.8m in the same period in fiscal 2019.

Gross profit was USD41.7m, or 29% of net sales, compared with USD65.3m, or 38% of net sales in the year-ago period.

Net loss was USD16.6m, or USD0.43 per share, versus net income of USD10.6m, or USD0.27 per diluted share, for the third quarter of fiscal 2019.

'For our fiscal 2020 third quarter, net sales were higher than expected due to COVID-19, as patients appear to have purchased extra supply of their medications and some customers increased their purchases of some of our products to address patient demand and avoid shortages.' said Tim Crew, Lannett chief executive officer. 'We plan to launch several new products in the next several months, and look forward to our scheduled meeting in early June with the FDA to plan next steps for the clinical advancement of our biosimilar insulin glargine partnered product candidate.'