Lannett will axe 250 under savings scheme
Lannett will slash its workforce by around a fifth, representing more than 250 employees, as part of an ongoing cost-reduction plan that is geared towards reducing company expenses by approximately US$66 million on an annualised basis by its financial year ending in June 2020.
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Around 80 more jobs are to go at Lannett, as the company reels from rival Amneal bagging US Food and Drug Administration approval for the company’s top seller.
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.
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.