Bedrosian added, “In addition to our record financial performance, we recently completed an important contract extension with Jerome Stevens Pharmaceuticals (JSP). Under the amended agreement, Lannett will continue to be the exclusive distributor of substantially all JSP products for an additional five years, through March 2019. This, combined with 15 product applications currently pending at the FDA and our increased investment in product development, will fuel our positive momentum going forward.”Guidance for Fiscal 2014 Based on Lannett’s current outlook, the company provided financial guidance for the fiscal 2014 full year as follows:
- Net sales in the range of $181 million to $186 million;
- Gross margin as a percentage of net sales of approximately 43% to 44%;
- R&D expense in the range of $24 million to $26 million;
- SG&A expense ranging from $28 million to $30 million;
- The full year effective tax rate in the range of 34% to 36%; and,
- Capital expenditures are expected to be in the range of $28 million to $32 million, which includes the purchase and partial fit-out of a new facility.