Exhibit 99.1

 

 

 

 

 

 

Contact:

Robert Jaffe

 

 

 

Robert Jaffe Co., LLC

 

 

 

(424) 288-4098

 

LANNETT ANNOUNCES FISCAL 2020 FIRST-QUARTER FINANCIAL RESULTS

 

Financial and Business Highlights:

·                  Net Sales, Profitability Exceeded Expectations

·                  Launched First-to-Market Posaconazole

·                  Expanded Pipeline with Significant Future Opportunities:

·                  Levothyroxine (Approved)

·                  Generic ADVAIR DISKUS®

·                  Successfully Completed $86.25 Million Convertible Notes Offering

 

Philadelphia, PA November 6, 2019

— Lannett Company, Inc. (NYSE: LCI) today reported financial results for its fiscal 2020 first quarter ended September 30, 2019.

 

“Our topline and bottom-line for the fiscal 2020 first quarter exceeded our expectations, largely due to strong sales of certain key products and the launch of Posaconazole late in the period,” said Tim Crew, chief executive officer of Lannett.  “We continue to build our business and expand our opportunities for ongoing growth.  In the current quarter, we are now launching our third new product and plan to launch several more over the next several months.  In addition, we secured exclusive U.S. commercialization rights to an approved ANDA for Levothyroxine Sodium Tablets, as well as an advanced development program for generic ADVAIR DISKUS®, a drug used to treat symptoms associated with asthma and other respiratory diseases.  Both medications are potentially large market opportunities.

 

“Near the end of the first quarter, we completed an $86.25 million convertible notes offering, due 2026, and used the net proceeds to pay down half of our outstanding Term A Loans.  Our existing cash position exceeds the remaining balance of the Term A Loans, which mature in about one year.  As a result of the transaction, we lowered our interest expense, strengthened our balance sheet and improved our financial flexibility.”

 

For the fiscal 2020 first quarter, on a GAAP basis, net sales were $127.3 million compared with $155.1 million for the first quarter of fiscal 2019.  Gross profit was $42.7 million, or 33% of total net sales, compared with $59.1 million, or 38% of total net sales.  Net loss was $12.2 million, or $0.32 per share.  Net loss for the prior year first quarter, which included asset impairment charges of $369.5 million, was $287.5 million, or $7.65 per share.

 

For the fiscal 2020 first quarter reported on a Non-GAAP basis, net sales were $127.3 million compared with $155.1 million for the first quarter of fiscal 2019.  Adjusted gross profit was $52.6 million, or 41% of adjusted net sales, compared with $68.7 million, or 44% of adjusted net sales, for the prior-year first quarter.  Adjusted interest expense was $15.3 million compared with $16.9 million for the first quarter of fiscal 2019.  Adjusted net income was $8.8 million, or $0.22 per diluted share, compared with $16.9 million, or $0.44 per diluted share, for the fiscal 2019 first quarter.

 


 

Guidance for Fiscal 2020

As discussed above, the company expects interest and other expense for fiscal 2020 to be lower than previously estimated as a result of the convertible notes offering.  Based on its current outlook, the company revised certain items in its GAAP guidance and reiterated adjusted guidance for fiscal year 2020, except for interest and other.  The full guidance is as follows:

 

 

 

GAAP

 

Adjusted**

Net sales

 

$525 million to $545 million, unchanged

 

$525 million to $545 million, unchanged

Gross margin %

 

Approximately 33.5% to 35.5%, unchanged

 

Approximately 40% to 42%, unchanged

R&D expense

 

$34 million to $36 million, unchanged

 

$34 million to $36 million, unchanged

SG&A expense

 

$69 million to $72 million, up from $68 million to $71 million

 

$63 million to $66 million, unchanged

Restructuring expense

 

$2 million to $4 million, unchanged

 

$—

Asset impairment charges

 

$2 million

 

$—

Interest and other

 

$70 million to $72 million, down from $71 million to $73 million

 

$54 million to $56 million, down from $56 million to $58 million

Effective tax rate

 

Approximately 16% to 17%, down from approximately 26% to 29%

 

Approximately 22% to 23%, unchanged

Adjusted EBITDA*

 

N/A

 

$145 million to $160 million, unchanged

Capital expenditures

 

$20 million to $25 million, unchanged

 

$20 million to $25 million, unchanged

 


**A reconciliation of Adjusted amounts to most directly comparable GAAP amounts can be found in the attached financial tables.

 

Conference Call Information and Forward-Looking Statements

Later today, the company will host a conference call at 4:30 p.m. ET to review its results of operations for its fiscal 2020 first quarter ended September 30, 2019.  The conference call will be available to interested parties by dialing 800-447-0521 from the U.S. or Canada, or 847-413-3238 from international locations, passcode 49151826.  The call will be broadcast via the Internet at www.lannett.com.  Listeners are encouraged to visit the website at least 10 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software.  A playback of the call will be archived and accessible on the same website for at least three months.

 

Discussion during the conference call may include forward-looking statements regarding such topics as, but not limited to, the company’s financial status and performance, regulatory and operational developments, and any comments the company may make about its future plans or prospects in response to questions from participants on the conference call.

 


 

Use of Non-GAAP Financial Measures

This news release contains references to Non-GAAP financial measures, including Adjusted EBITDA, which are financial measures that are not prepared in conformity with United States generally accepted accounting principles (U.S. GAAP).  Management uses these measures internally for evaluating its operating performance.  The Company’s management believes that the presentation of Non-GAAP financial measures provides useful supplementary information regarding operational performance, because it enhances an investor’s overall understanding of the financial results for the Company’s core business.  Additionally, it provides a basis for the comparison of the financial results for the Company’s core business between current, past and future periods.  The company also believes that including Adjusted EBITDA, as defined in the company’s existing Credit Agreement, is appropriate to provide additional information to investors to demonstrate the company’s ability to comply with financial debt covenants.  Non-GAAP financial measures should be considered only as a supplement to, and not as a substitute for or as a superior measure to, financial measures prepared in accordance with U.S. GAAP.

 

Detailed reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included with this release.

 

Non-GAAP financial measures exclude, among others, the effects of (1) amortization of purchased intangibles and other purchase accounting entries, (2) restructuring expenses, (3) non-cash interest expense, as well as (4) certain other items considered unusual or non-recurring in nature.

 


*Adjusted EBITDA excludes the same adjustments discussed above, as well as additional adjustments permitted under the company’s existing Credit Agreement.

 

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 — see financial schedule below for net sales by medical indication.  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 statements, including, but not limited to, successfully commercializing recently launched products and planned product launches, and achieving the financial metrics stated in the company’s guidance for fiscal 2020, whether expressed or implied, are 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 difficulty in predicting the timing or outcome of FDA or other regulatory approvals or actions, the ability to successfully commercialize products upon approval, including acquired products, and Lannett’s estimated or anticipated future financial results, future inventory levels, future competition or pricing, future levels of operating expenses, product development efforts or performance, and other risk factors discussed in the company’s Form 10-K and other documents filed with the Securities and Exchange Commission from time to time.  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.

 

# # #

 

FINANCIAL SCHEDULES FOLLOW

 


 

LANNETT COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 

 

 

September 30, 2019

 

June 30, 2019

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

101,008

 

$

140,249

 

Accounts receivable, net

 

173,109

 

164,752

 

Inventories

 

149,162

 

143,971

 

Prepaid income taxes

 

159

 

 

Assets held for sale

 

4,637

 

9,671

 

Other current assets

 

6,994

 

13,606

 

Total current assets

 

435,069

 

472,249

 

Property, plant and equipment, net

 

184,889

 

186,670

 

Intangible assets, net

 

427,253

 

411,229

 

Goodwill

 

 

 

Operating lease assets

 

6,410

 

 

Deferred tax assets

 

110,396

 

109,305

 

Other assets

 

7,914

 

7,960

 

TOTAL ASSETS

 

$

1,171,931

 

$

1,187,413

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

26,927

 

$

13,493

 

Accrued expenses

 

6,233

 

5,805

 

Accrued payroll and payroll-related expenses

 

12,347

 

19,924

 

Rebates payable

 

43,358

 

46,175

 

Royalties payable

 

16,597

 

16,215

 

Restructuring liability

 

1,167

 

2,315

 

Other current liabilties

 

3,652

 

3,652

 

Income taxes payable

 

 

2,198

 

Short-term borrowings and current portion of long-term debt

 

66,845

 

66,845

 

Current operating lease liabilities

 

1,932

 

 

Total current liabilities

 

179,058

 

176,622

 

Long-term debt, net

 

654,432

 

662,203

 

Long-term operating lease liabilities

 

5,626

 

 

Other liabilities

 

14,711

 

14,547

 

TOTAL LIABILITIES

 

853,827

 

853,372

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

Common stock ($0.001 par value, 100,000,000 shares authorized; 39,629,271 and 38,969,518 shares issued; 38,526,558 and 38,010,714 shares outstanding at September 30, 2019 and June 30, 2019, respectively)

 

40

 

39

 

Additional paid-in capital

 

314,645

 

317,023

 

Retained earnings

 

19,918

 

32,075

 

Accumulated other comprehensive loss

 

(661

)

(615

)

Treasury stock (1,102,713 and 958,804 shares at September 30, 2019 and June 30, 2019, respectively)

 

(15,838

)

(14,481

)

Total stockholders’ equity

 

318,104

 

334,041

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,171,931

 

$

1,187,413

 

 


 

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 

 

 

(UNAUDITED)

 

 

 

Three months ended

 

 

 

September 30,

 

 

 

2019

 

2018

 

 

 

 

 

 

 

Net sales

 

$

127,342

 

$

155,054

 

Cost of sales

 

77,656

 

87,690

 

Amortization of intangibles

 

7,028

 

8,223

 

Gross profit

 

42,658

 

59,141

 

Operating expenses:

 

 

 

 

 

Research and development expenses

 

8,940

 

9,810

 

Selling, general, and administrative expenses

 

21,308

 

20,588

 

Restructuring expenses

 

1,388

 

1,022

 

Asset impairment charges

 

1,618

 

369,499

 

Total operating expenses

 

33,254

 

400,919

 

Operating income (loss)

 

9,404

 

(341,778

)

Other income (loss):

 

 

 

 

 

Loss on extinguishment of debt

 

(2,145

)

 

Investment income

 

729

 

379

 

Interest expense

 

(19,292

)

(21,433

)

Other

 

934

 

(296

)

Total other loss

 

(19,774

)

(21,350

)

Loss before income tax

 

(10,370

)

(363,128

)

Income tax expense (benefit)

 

1,787

 

(75,600

)

Net Loss

 

$

(12,157

)

$

(287,528

)

 

 

 

 

 

 

Loss per common share:

 

 

 

 

 

Basic

 

$

(0.32

)

$

(7.65

)

Diluted

 

$

(0.32

)

$

(7.65

)

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

38,309,267

 

37,586,327

 

Diluted

 

38,309,267

 

37,586,327

 

 


 

LANNETT COMPANY, INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)

(In thousands, except percentages, share and per share data)

 

Three months ended September 30, 2019

 

 

 

Net sales

 

Cost of
sales

 

Amortization
of intangibles

 

Gross
Profit

 

Gross
Margin %

 

R&D
expense

 

SG&A
expense

 

Restructuring
expenses

 

Asset
impairment
charges

 

Operating
income

 

Other
income
(loss)

 

Income (loss)
before income
tax

 

Income tax
expense

 

Net income
(loss)

 

Diluted
earnings
(loss) per
share (k)

 

GAAP Reported

 

$

127,342

 

$

77,656

 

$

7,028

 

$

42,658

 

33

%

$

8,940

 

$

21,308

 

$

1,388

 

1,618

 

$

9,404

 

$

(19,774

)

$

(10,370

)

$

1,787

 

$

(12,157

)

$

(0.32

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangibles (a)

 

 

 

(7,028

)

7,028

 

 

 

 

 

 

 

7,028

 

 

7,028

 

 

7,028

 

 

 

Cody API business (b)

 

 

(1,722

)

 

1,722

 

 

 

(420

)

(214

)

 

 

2,356

 

 

2,356

 

 

2,356

 

 

 

Depreciation on capitalized software costs (c)

 

 

 

 

 

 

 

 

(1,058

)

 

 

1,058

 

 

1,058

 

 

1,058

 

 

 

Decommissioning of Philadelphia sites (d)

 

 

(989

)

 

989

 

 

 

 

 

 

 

989

 

 

989

 

 

989

 

 

 

Restructuring expenses (e)

 

 

 

 

 

 

 

 

 

(1,388

)

 

1,388

 

 

1,388

 

 

1,388

 

 

 

Asset impairment charges (f)

 

 

 

 

 

 

 

 

 

 

(1,618

)

1,618

 

 

1,618

 

 

1,618

 

 

 

Non-cash interest (g)

 

 

 

 

 

 

 

 

 

 

 

 

4,008

 

4,008

 

 

4,008

 

 

 

Loss on extinguishment of debt (h)

 

 

 

 

 

 

 

 

 

 

 

 

2,145

 

2,145

 

 

2,145

 

 

 

Other (i)

 

 

(208

)

 

208

 

 

 

 

(2,090

)

 

 

2,298

 

(966

)

1,332

 

 

1,332

 

 

 

Tax adjustments (j)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

999

 

(999

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjusted

 

$

127,342

 

$

74,737

 

$

 

$

52,605

 

41

%

$

8,520

 

$

17,946

 

$

 

$

 

$

26,139

 

$

(14,587

)

$

11,552

 

$

2,786

 

$

8,766

 

$

0.22

 

 


(a)           To exclude amortization of purchased intangible assets primarily related to the acquisitions of KUPI and Silarx Pharmaceuticals, Inc.

(b)          To exclude the operating results of the ceased Cody API business

(c)           To exclude depreciation on previously capitalized software integration costs associated with the KUPI acquisition

(d)          To exclude the costs related to the decommissioning and shutdown of the Philadelphia manufacturing and distribution sites

(e)           To exclude expenses associated with the Cody API Restructuring Plan

(f)            To exclude impairment charges primarily associated with an operating lease right-of-use asset

(g)           To exclude non-cash interest expense associated with debt issuance costs

(h)          To exclude the loss on extinguishment of debt primarily related to the partial repayment of outstanding Term Loan A balance

(i)             To primarily exclude accrued separation costs related to the Company’s former Chief Financial Officer as well as gains on sales of assets previously held for sale

(j)             To exclude the tax effect of the pre-tax adjustments included above at applicable tax rates

(k)          The weighted average share number for the three months ended September 30, 2019 is 38,309,267 for GAAP and 40,653,053 for the non-GAAP earnings (loss) per share calculations. As a result of the 4.5% Senior Convertible Note issued on September 27, 2019, the diluted earnings per share was calculated based on the “if-converted” method.

 


 

LANNETT COMPANY, INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)

(In thousands, except percentages, share and per share data)

 

Three months ended September 30, 2018

 

 

 

Net sales

 

Cost of
sales

 

Amortization
of intangibles

 

Gross
Profit

 

Gross
Margin %

 

R&D
expense

 

SG&A
expense

 

Restructuring
expenses

 

Asset impairment
charges

 

Operating
income (loss)

 

Other income
(loss)

 

Income (loss)
before income
tax

 

Income tax
expense
(benefit)

 

Net income
(loss)

 

Diluted
earnings
(loss) per
share (h)

 

GAAP Reported

 

$

155,054

 

$

87,690

 

$

8,223

 

$

59,141

 

38

%

$

9,810

 

$

20,588

 

$

1,022

 

369,499

 

$

(341,778

)

$

(21,350

)

$

(363,128

)

$

(75,600

)

$

(287,528

)

$

(7.65

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of Fixed Assets step-up (a)

 

 

(1,335

)

 

1,335

 

 

 

 

 

 

 

1,335

 

 

1,335

 

 

1,335

 

 

 

Amortization of intangibles (b)

 

 

 

(8,223

)

8,223

 

 

 

 

 

 

 

8,223

 

 

8,223

 

 

8,223

 

 

 

Restructuring expenses (c)

 

 

 

 

 

 

 

 

 

(1,022

)

 

1,022

 

 

1,022

 

 

1,022

 

 

 

Asset impairment charges (d)

 

 

 

 

 

 

 

 

 

 

(369,499

)

369,499

 

 

 

369,499

 

 

369,499

 

 

 

Non-cash interest (e)

 

 

 

 

 

 

 

 

 

 

 

 

4,538

 

4,538

 

 

4,538

 

 

 

Other (f)

 

 

 

 

 

 

 

 

(1,340

)

 

 

1,340

 

 

1,340

 

 

1,340

 

 

 

Tax adjustments (g)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,504

 

(81,504

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjusted

 

$

155,054

 

$

86,355

 

$

 

$

68,699

 

44

%

$

9,810

 

$

19,248

 

$

 

$

 

$

39,641

 

$

(16,812

)

$

22,829

 

$

5,904

 

$

16,925

 

$

0.44

 

 


(a)           Relates to depreciation of a fair value step-up in property, plant and equipment related to the acquisition of Kremers Urban Pharmaceuticals, Inc. (“KUPI”)

(b)          Relates to amortization of purchased intangible assets primarily related to the acquisitions of KUPI and Silarx Pharmaceuticals, Inc.

(c)           To exclude expenses associated with the 2016 Restructuring Plan and, to a lesser extent, the Cody Restructuring Plan

(d)          To exclude asset impairment charges related to goodwill and other long-lived assets

(e)           To exclude non-cash interest expense associated with debt issuance costs

(f)            To primarily exclude depreciation on previously capitalized software integration costs associated with the KUPI acquisition

(g)           The tax effect of the pre-tax adjustments included at applicable tax rates

(h)          The weighted average share number for the three months ended September 30, 2018 is 37,586,327 for GAAP and 38,752,010 for the non-GAAP earnings (loss) per share calculations

 


 

 

LANNETT COMPANY, INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (UNAUDITED)

($ in thousands)

 

 

 

Three months ended

 

 

 

September 30, 2019

 

 

 

 

 

Net loss

 

$

(12,157

)

 

 

 

 

Interest expense

 

19,292

 

Depreciation and amortization

 

12,789

 

Income tax expense

 

1,787

 

EBITDA

 

21,711

 

 

 

 

 

Share-based compensation

 

4,459

 

Inventory write-down

 

3,510

 

Asset impairment charges

 

1,618

 

Investment income

 

(729

)

Loss on extinguishment of debt

 

2,145

 

Other non-operating income

 

(934

)

Restructuring expenses

 

1,388

 

Restructuring payments

 

(2,536

)

Cody API business (a)

 

2,356

 

Decommissioning of Philadelphia sites (b)

 

989

 

Other (c)

 

1,091

 

Adjusted EBITDA (Non-GAAP)

 

$

35,068

 

 


(a)   To exclude the operating results of the ceased Cody API business

(b)   To exclude the costs related to the decommissioning and shutdown of the Philadelphia manufacturing and distribution sites

(c)   To primarily exclude separation costs related to the Company’s former Chief Financial Officer

 


 

LANNETT COMPANY, INC.

RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED)

($ in millions)

 

 

 

Fiscal Year 2020 Guidance

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

GAAP

 

Adjustments

 

 

 

Adjusted

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$525 - $545

 

 

 

 

$525 - $545

 

Gross margin percentage

 

approx. 33.5% to 35.5%

 

(6.5%)

 

(a)

 

approx. 40% to 42%

 

R&D expense

 

$34 - $36

 

 

 

 

$34 - $36

 

SG&A expense

 

$69 - $72

 

($6)

 

(b)

 

$63 - $66

 

Restructuring expense

 

$2 - $4

 

($2 - $4)

 

(c)

 

 

Asset impairment charges

 

$2

 

($2)

 

(d)

 

 

Interest and other

 

$70 - $72

 

($16)

 

(e)

 

$54 - $56

 

Effective tax rate

 

approx. 16% to 17%

 

6%

 

(f)

 

approx. 22% to 23%

 

Adjusted EBITDA

 

N/A

 

N/A

 

 

 

$145 - $160

 

Capital expenditures

 

$20 - $25

 

 

 

 

$20 - $25

 

 


(a) The adjustment primarily reflects amortization of purchased intangible assets related to the acquisition of Kremers Urban Pharmaceuticals, Inc. (“KUPI”)

(b) The adjustment primarily excludes depreciation on previously capitalized software integration costs associated with the KUPI acquisition

(c) To exclude expenses associated with the Cody API Restructuring Plan

(d) This adjustment primarily excludes an impairment charge associated with an operating lease right-of-use asset

(e) The adjustment primarily reflects non-cash interest expense associated with debt issuance costs

(f) The adjustment reflects the impact of tax credits and deductions relative to expected annual pre-tax income

 


 

LANNETT COMPANY, INC.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (UNAUDITED)

($ in millions)

 

 

 

Fiscal Year 2020 Guidance

 

 

 

Low

 

High

 

 

 

 

 

 

 

Net income (loss)

 

$

(1.0

)

$

6.0

 

 

 

 

 

 

 

Interest expense

 

70.0

 

72.0

 

Depreciation and amortization

 

56.0

 

57.0

 

Income taxes

 

 

2.0

 

EBITDA

 

125.0

 

137.0

 

 

 

 

 

 

 

Share-based compensation

 

9.0

 

10.0

 

Inventory write-down

 

7.0

 

8.0

 

Separation costs

 

1.0

 

1.0

 

Cody API business

 

2.0

 

2.0

 

Inpairment

 

2.0

 

2.0

 

Restructuring expenses

 

2.0

 

4.0

 

Restructuring payments

 

(3.0

)

(4.0

)

Adjusted EBITDA (Non-GAAP)

 

$

145.0

 

$

160.0

 

 


 

LANNETT COMPANY, INC.

NET SALES BY MEDICAL INDICATION

 

 

 

Three months ended

 

($ in thousands)

 

September 30,

 

Medical Indication

 

2019

 

2018

 

Analgesic

 

$

1,884

 

$

1,829

 

Anti-Psychosis

 

28,034

 

10,889

 

Cardiovascular

 

21,606

 

21,770

 

Central Nervous System

 

19,257

 

14,286

 

Endocrinology

 

 

53,878

 

Gastrointestinal

 

16,962

 

17,594

 

Infectious Disease

 

11,895

 

4,480

 

Migraine

 

9,143

 

9,737

 

Respiratory/Allergy/Cough/Cold

 

2,707

 

3,584

 

Urinary

 

435

 

1,541

 

Other

 

9,861

 

10,805

 

Contract manufacturing revenue

 

5,558

 

4,661

 

Net Sales

 

$

127,342

 

$

155,054

 

 


 

PROGRESSION OF DEBT REPAYMENTS Since January 2018, cumulative repayment of ~$207 million, of which $167 million were voluntary payments Cash balance ~$101 million at September 30, 2019 Debt Balance Cumulative Payments *Excludes portion of Term A Loans repaid with net proceeds from 4.5% Convertible Senior Notes. $1,160.0 $1,035.4 $982.3 $897.3 $768.4 $671.8 $86.3 $124.6 $177.7 $262.7 $391.6 $401.9* 0 100 200 300 400 500 600 500 700 900 1,100 1,300 11/25/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 9/30/2019 Debt Repayments - Since Inception (November 25, 2015) ($ in millions) Term A / Term B Debt Balance Convertible Notes Cumulative Payments $758.1

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