Despite New Launches, Teligent Sees A Disappointing Q4
Company Cuts First-Quarter Projections Due To COVID-19
Amid poor quarterly results, Teligent continues to focus on resolving a warning letter from the FDA, passing a pre-approval inspection of its new injectables manufacturing facility in Buena, New Jersey and managing cash flow under its new CEO.
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Coronavirus-induced stockpiling and advanced prescribing of medicines has resulted in generics companies across the world registering unprecedented growth during the first quarter of 2020. However, many companies predict sales will level off again in the next quarter and beyond. And as demand fluctuates following the COVID-19 outbreak, companies have started taking precautionary measures to avoid supply-chain disruptions.
Teligent CEO Jason Grenfell-Gardner has stepped down with immediate effect, while Centrient CEO Karl Rotthier is preparing to leave the role in March. Both firms have announced details of their replacements. Meanwhile, Stada has appointed a new chief financial officer.
Rather than blame employees for ignoring 397 product complaints, Teligent should have fixed complaint handling system, US FDA warning letter says.