The pharmaceutical company now expects adjusted earnings to range between 93 and 95 cents per share on revenue of $127 million for the quarter.
Analysts have forecast for fiscal 2016 second quarter earnings of 98 cents per share on revenue if $141.6 million.
Lannett completed its acquisition of rival Kremers Urban Pharmaceuticals in November, and the quarterly results include the operations of Kremers Urban Pharmaceuticals since the acquisition, according to a statement.
The company also provided full-year 2016 guidance. Lannett expects sales to range between $585 million and $595 million for the year, short of analysts' estimates for $609.3 million.
Lannett will announce its full financial rseults for the quarter after the market close on February 3.
About 2.42 million shares of Lannett have been traded so far today, well above the company's average trading volume of roughly 741,766 shares.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
Lannett's strengths such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and good cash flow from operations outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: LCI
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.