Lannett Launches Authorized Generic of Tirosint® (Levothyroxine Sodium Capsules)

Rhea-AI Summary

Lannett Company announced the launch of its authorized generic of Tirosint (Levothyroxine Sodium Capsules USP) on Nov. 3, 2020. The company has signed an exclusive U.S. distribution agreement with IBSA Institut Biochimique SA, providing sales, marketing, and distribution support, earning a profit share for its role. Currently, Lannett is the sole supplier for all 12 marketed dosage strengths. U.S. sales for Levothyroxine Sodium Capsules were about $111 million in the 12 months ending September 2020. Lannett aims to expand its portfolio with this launch.

Positive

• Launch of authorized generic of Tirosint can increase market share.
• Exclusive distribution agreement with IBSA provides profit-sharing opportunities.
• Currently the sole supplier for all 12 dosage strengths of Levothyroxine.

Negative

• Potential competition from another supplier in the future may impact market position.
• Generic market values may be lower than reported $111 million in sales.

PHILADELPHIA, Nov. 3, 2020 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has commenced the launch of the authorized generic of Tirosint^® (Levothyroxine Sodium Capsules USP).

Lannett entered into an exclusive U.S. distribution agreement with IBSA Institut Biochimique SA, a global pharmaceutical company headquartered in Switzerland. Under the agreement, Lannett will primarily provide sales, marketing and distribution support for the product, for which it will receive a share of the profits. Other financial terms were not disclosed.

"Currently, we believe we are the sole provider of all 12 currently marketed dosage strengths for generic Levothyroxine Capsules," said Tim Crew, chief executive officer of Lannett. "We expect another supplier to enter the market with a subset of dosage strengths, in due course. Thereafter, we would be one of only two suppliers of the generic alternative for an extended period of time, given our understanding of the intellectual property estate associated with Tirosint^®. Levothyroxine Capsules complements and expands our portfolio of medications for thyroid deficiency."

Total U.S. sales for the 12 months ended September 2020 of Levothyroxine Sodium Capsules USP were approximately $111 million, according to IQVIA, although actual generic market values are expected to be lower.

Levothyroxine Sodium Capsules USP is the authorized generic of Tirosint^® of IBSA Institut Biochimique SA.  

Tirosint^® is a registered trademark of IBSA Institut Biochimique SA

About IBSA Institut Biochimique SA
IBSA Institut Biochimique SA is a world leader in the treatment of thyroid disease and has a diversified product portfolio of prescription drugs.

About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com.  

This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statement, including, but not limited to, the company successfully commercializing Levothyroxine Sodium Capsules, and the potential material impact of COVID-19 on future financial results, whether expressed or implied, is subject to market and other conditions, and subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the risk factors discussed in the Company's Form 10-K and other documents filed with the SEC from time to time, including the prospectus supplement related to the proposed offering to be filed with the SEC. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.

Contact:	Robert Jaffe
	Robert Jaffe Co., LLC
	(424) 288-4098

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SOURCE Lannett Company, Inc.

FAQ

What is the recent announcement by Lannett Company regarding LCI?

Lannett Company announced the launch of its authorized generic of Tirosint on Nov. 3, 2020.

What is Tirosint and why is it significant for Lannett?

Tirosint is Levothyroxine Sodium Capsules, significant as it expands Lannett's medication portfolio for thyroid deficiency.

How much were the U.S. sales for Levothyroxine Sodium Capsules?

U.S. sales for Levothyroxine Sodium Capsules were approximately $111 million for the year ending September 2020.

Who is Lannett partnering with for the distribution of Tirosint?

Lannett has entered an exclusive distribution agreement with IBSA Institut Biochimique SA.

What market challenges does Lannett face with Tirosint?

Lannett may face future competition from another supplier entering the market for Levothyroxine.