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Lannett Q3 net sales down

Lannett has reported net sales of $25.89m for the third quarter ended 31 March 2011, compared to $31.27m for the same period in 2010.

The company has posted a net loss of $357,802 for the third quarter 2011, or $0.01 loss per diluted share, compared to net income of $2.1m, or $0.08 per diluted share, for the comparable period in 2010.

Lannett‘s operating loss was $805,842, compared to $2.67m for the comparable period in 2010.

For the nine months ended 31 March 2011, the company has posted net sales of $81.33m, as compared to $91.42m for the same period last year.

Net income was $1.61m, or $0.06 per diluted share, compared to $5.04m, or $0.20 per diluted share, for the year ago period.

Lannett has posted operating income of $2.29m for the nine moths ended 31 March 2011, as compared to $8.71m for the same period prior year.

Lannett president and CEO Arthur Bedrosian said their financial performance in the fiscal 2011 third quarter was impacted by the temporary discontinuation of their Morphine Sulfate Oral Solution product, the limited quota for their Oxycodone HCI Oral Solution, as well as price declines on Levothyroxine and Digoxin and a lack of product approvals.

"We have 17 product candidates pending at the FDA and continue to believe that several drug applications, including our New Drug Application for Morphine Sulfate Oral Solution, will soon be approved," Bedrosian said.