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Lannett Company (NYSE: LCI) reported its fiscal 2021 fourth quarter and full year results, revealing net sales of $479 million, slightly below expectations. Despite a challenging pricing environment, the company noted a strong gross margin of 26%. A significant net loss of $363.5 million for the full year was primarily due to asset impairment charges. Looking ahead, Lannett aims to commercialize new products and maintain financial flexibility following a successful debt refinancing. For fiscal 2022, the company forecasts net sales between $400 million and $440 million.
Lannett Company (NYSE: LCI) announced it will report its financial results for the fiscal 2021 fourth quarter and full year on August 25, 2021, after the market closes. A conference call is scheduled for 4:30 p.m. ET the same day to discuss the company's performance and answer questions. Interested parties can join the call by dialing 888-771-4371 (U.S.) or 847-585-4405 (international) with passcode 50215666. A playback of the call will be available on their website for at least three months.
Lannett Company has signed a 10-year exclusive commercialization agreement with Respirent Pharmaceuticals for a generic version of Spiriva Handihaler (Tiotropium Bromide). This product, expected to contribute significantly to Lannett's financial performance, is part of a broader strategy to expand its respiratory pipeline. Spiriva sales totaled $1.5 billion in the U.S. over the past year, although the generic market value may differ. Lannett and Respirent are also collaborating on generics for ADVAIR DISKUS and Flovent Diskus.
Lannett Company (NYSE: LCI) has launched Fluvastatin Sodium Extended-release Tablets, 80 mg, marking its entry into a modest market valued at $10 million for the year ending May 2021. The product serves as a generic alternative to Novartis' Lescol XL and is designed to aid in managing elevated cholesterol levels. Currently, only one competitor markets this generic in the U.S. CEO Tim Crew emphasized the company’s commitment to providing affordable medication options.
Lannett Company (NYSE: LCI) announced the FDA's acceptance of its ANDA for Fluticasone Propionate and Salmeterol inhalation powder, a generic equivalent to ADVAIR DISKUS. This submission, made on behalf of Respirent Pharmaceuticals, has a GDUFA II goal date of January 31, 2022. U.S. sales of ADVAIR DISKUS were approximately $3 billion for the 12 months ending April 2021. Lannett aims for a potential 2022 launch, leveraging a distribution agreement that extends for 12 years post-approval, with significant future market opportunities also in its pipeline for diabetes and respiratory products.
Lannett Company (NYSE: LCI) reported its fiscal 2021 Q3 results on May 5, 2021, revealing net sales of $112.4 million, down from $144.4 million in Q3 2020. The net loss improved to $7.1 million or $0.18 per share, compared to $16.6 million or $0.43 per share a year ago. The company refinanced its debt, extending maturity to 2026 and improving free cash flow by $50 million. Adjusted gross profit declined to 27% of net sales. Guidance for fiscal 2021 remains unchanged, except for an increase in SG&A expenses.
Lannett Company (NYSE: LCI) will announce its fiscal 2021 third-quarter financial results on May 5, 2021, after market close. Management will host a conference call at 4:30 p.m. ET on the same day to discuss performance. Interested parties can participate via phone or listen online. Lannett, founded in 1942, develops and distributes generic pharmaceutical products across various medical indications. Further details and playback of the call will be accessible on their website.
Lannett Company announced the completion of a $350 million issuance of 7.750% senior secured notes due 2026, alongside a $190 million second lien senior secured loan facility due 2026. The proceeds will be used to retire Term Loan B, improving free cash flow by an estimated $40 million in the first year. The company also extended the maturity of its debt and increased its asset-based revolving credit facility from $30 million to $45 million. These strategic financial moves aim to enhance capital structure and support future growth.
Lannett Company has announced the pricing of $350 million in 7.75% senior secured notes due 2026. The private placement will settle on April 22, 2021. Interest on the notes will be paid semi-annually, starting October 15, 2021. Proceeds from the offering will be used to repay existing Term B loans and cover related fees and expenses. The notes are secured by first priority liens on most assets, excluding those pledged to secure the company’s working capital loan. This offering is available under Rule 144A and is exempt from U.S. registration.
Lannett Company (NYSE: LCI) announced a proposed offering of $350 million in senior secured notes due 2026. The notes will be sold in a private placement to qualified institutional buyers under Rule 144A and outside the U.S. The interest on the notes, payable semiannually, will be secured by first priority liens on most company assets, excluding working capital assets. Proceeds will be used to repay existing term loan debt and cover related fees. The offering is subject to market conditions and completion is not guaranteed.
