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Exhibit 99.1
|
Contact: | Robert Jaffe |
Robert Jaffe Co., LLC | ||
(424) 288-4098 |
LANNETT REPORTS IMPROVED FISCAL 2023 SECOND QUARTER FINANCIAL RESULTS; RAISES FULL-YEAR GUIDANCE
Q2 Business and Financial Highlights:
· | Net Sales were $80.9 Million |
· | Gross Margin was 18%, Adjusted Gross Margin was 19% |
· | Net Sales, Gross Margin and Adjusted Gross Margin Up Versus Preceding Two Quarters |
· | $19 Million Income Tax Refund Received, Cash Balance of $56 Million at December 31st |
Pipeline Updates:
· | Pivotal Biosimilar Insulin Glargine Clinical Trial Top-line Results Anticipated in Current Quarter; BLA Filing Targeted for Middle of Calendar 2023 |
· | Positive Results from Study of Biosimilar Insulin Aspart vs US NovoLog®; Commencement of Pivotal Trial Anticipated by Fall of Current Year |
· | Executed Sub-License Agreement Related to Insulin Pen Delivery Device, Improving Ability to Freely Market Insulin Products Upon Approval |
· | Generic FLOVENT® DISKUS® ANDA Filing Anticipated by Mid Year |
Trevose, PA – February 1, 2023 – Lannett Company, Inc. (NYSE: LCI) today reported financial results for its fiscal 2023 second quarter ended December 31, 2022.
“For the quarter, net sales, gross margin and adjusted gross margin increased compared with the two preceding quarters,” said Tim Crew, chief executive officer of Lannett. “This improved performance was in part driven by higher product sales across our offering, notably, generic pAdderall due to an ongoing market shortage where our partner was able to maintain their supply; the sale of certain products under a private label agreement; and less competitive intensity than we anticipated. During the quarter, we received, as expected, approximately $19 million of income tax refunds.
“With regard to our pipeline, we are nearing the launch, subject to approval, of a few products that have the potential to be meaningful contributors to our financial results. For our biosimilar insulin glargine product, initial results from the pivotal trial are expected shortly; and with regard to our biosimilar insulin aspart product, positive results from the animal study indicated that our product was highly comparable to the reference biologic. Importantly, we previously entered into a supply agreement for a pen injector delivery device for use with our biosimilar insulin glargine and biosimilar insulin aspart products. Recently we acquired a sublicense to the various patents held by the reference product owner, related to the pen injector device, thereby removing potential related litigation risk associated with the insulin glargine product and improving our ability to freely market our biosimilar insulin products, once approved.
“Looking ahead, we have raised our full-year guidance for net sales and adjusted gross margin, which reflects, in part, our improved performance over the first half of our current fiscal year and our belief that our and our partners’ reliable and high quality supply of affordable medicines has contributed to some stabilization of our current business."
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Lannett Co Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Lannett Co Inc provided additional information to their SEC Filing as exhibits
Ticker: LCINQ
CIK: 57725
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-23-009852
Submitted to the SEC: Mon May 15 2023 4:16:03 PM EST
Accepted by the SEC: Mon May 15 2023
Period: Friday, March 31, 2023
Industry: Pharmaceutical Preparations