Lannett Sees Profit Dive But Retains ‘Positive’ Outlook
US firm Lannett, which recently lost a key distribution deal involving a highly profitable thyroid drug, raised its sales guidance for fiscal 2019 and was upbeat on its prospects after reporting third-quarter net profit that fell by 17% to $10.6m.
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Lannett enters into an agreement with Cediprof for an exclusive 10-year future supply and distribution agreement of levothyroxine starting 1 August 2022.
Lannett has announced the start of an initial clinical trial in South Africa for the insulin glargine biosimilar it is developing with HEC for the US market.
How do you solve a problem like levothyroxine? Lannett’s management has been wondering exactly that since its partner opted to sign with Amneal instead of renewing its deal with the Philadelphia-based player. A steady stream of launches combined with the company’s cost-cutting scheme should go some way to plugging the gap, Lannett says.