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Lannett Company, operating under NYSE: LCI, will release its fiscal 2021 first quarter financial results on November 4, 2020, after market close. The company's management will hold a conference call at 4:30 p.m. ET to discuss performance and address questions. Interested parties can dial 800-447-0521 in the U.S. or 847-413-3238 internationally, using passcode 49992942. The call will also be available via live broadcast on the company's website, with playback accessible for three months.
Lannett Company reported its fiscal 2020 fourth quarter and full year results, showing a net loss of $9.7 million for Q4 and $33.4 million for the full year, compared to losses of $7.6 million and $272.1 million in the prior year. Although net sales rose to $137.9 million in Q4, gross profit dropped to $39.6 million, reflecting a 29% margin. The company plans to implement a cost reduction strategy aimed at saving $15 million annually and expects guidance for fiscal 2021 net sales between $520 million and $545 million with a gross margin of 23% to 25%.
Lannett Company, Inc. (NYSE: LCI) will report its fiscal 2020 fourth quarter and full year financial results on August 26, 2020, after market close. A conference call will follow at 4:30 p.m. ET for management to discuss performance and address questions. Interested parties can join by dialing 800-447-0521 from the U.S. or 847-413-3238 internationally. The call will be accessible via the internet at www.Lannett.com.
Lannett Company (NYSE: LCI) announced a proposed settlement regarding a derivative action case, aiming to resolve disputes without admitting liability. The settlement includes governance modifications and payment of $600,000 in fees to Plaintiffs' Counsel. The U.S. District Court for Delaware has preliminarily approved the agreement, with a final hearing scheduled for October 7, 2020. Stockholders can object to the settlement up to 14 days before the hearing, emphasizing their involvement in the process.
Lannett Company (NYSE: LCI) has secured an exclusive U.S. distribution agreement for a generic equivalent of Flovent Diskus from Respirent Pharmaceuticals. With U.S. sales of Flovent Diskus reaching $94 million in the past year, this agreement presents a significant market opportunity. Additionally, Lannett's distribution agreement for the generic ADVAIR DISKUS has been extended from 10 to 12 years, following the dismissal of a related trademark lawsuit. CEO Tim Crew emphasized the importance of expanding their inhalation product portfolio amid ongoing development for the Flovent product.
Lannett Company (NYSE: LCI) announced the launch of Cediprof's FDA-approved Levothyroxine Sodium Tablets USP, under a new exclusive supply and distribution agreement. The launch follows favorable legal rulings rejecting a temporary restraining order against Cediprof's distribution rights transfer to Lannett. These rulings remove potential obstacles, allowing Lannett to start distributing the product in the U.S. Levothyroxine Sodium is essential for treating thyroid-related conditions, presenting significant market opportunities.
Lannett Company (NYSE: LCI) announced it will soon launch Levorphanol Tablets 2 mg, following an exclusive U.S. distribution agreement with Novitium Pharma. This product is anticipated to provide $60.9 million in total U.S. sales over the last 12 months, although actual market values may be lower. Levorphanol is part of the Opioid Analgesic Risk Evaluation and Mitigation Strategies (REMS) program, aimed at mitigating risks related to opioid use. CEO Tim Crew emphasized the importance of this strategic relationship and the product's potential in a competitive market.
Lannett Company (NYSE: LCI) announced the launch of Mexiletine Hydrochloride Capsules in three dosages (150 mg, 200 mg, and 250 mg), a generic equivalent to Boehringer Ingelheim's Mexitil®. The company, in collaboration with Rivopharm SA, expects to be among only three suppliers for the next six months. Total U.S. sales for the product reached approximately $16 million for the 12 months ending May 2020. Lannett will provide sales and marketing support and earn a share of net profits, though specific financial terms were not disclosed.
Lannett and Cediprof have formed an interim exclusive supply agreement for Levothyroxine Sodium Tablets, set to begin distribution on August 3, 2020. This interim agreement will transition into a 10-year exclusive contract starting July 31, 2022. The Levothyroxine market in the U.S. generated approximately $2.3 billion in sales for the year ending May 2020. Lannett plans to launch all 12 dosage strengths and aims to ensure a continuous product supply. Notably, Cediprof's previous distribution partner may dispute the termination of their agreement.
Lannett Company (NYSE: LCI) announced a major restructuring and cost savings plan on July 13, 2020. The initiative involves consolidating R&D operations in Philadelphia and reducing the workforce by about 80 positions, representing 8.5% of total employees. This restructuring is expected to yield over $15 million in annual savings. The company anticipates growth through new product introductions while facing pricing pressure on key products like generic Fluphenazine due to increased competition. The affected employees will receive severance benefits.
