Lannett Hits A High After Loss Of Levothyroxine
Company Plans To Launch Several New Products By End Of June
Despite reporting a 16.4% drop in turnover in its financial third quarter, Lannett says it has recorded the highest quarterly sales since a key levothyroxine distribution deal fell apart last year. The company has launched 14 products in the financial year so far and plans to launch several more.
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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.
For its proposed biosimilar to Lantus, Lannett promised in early February this year “to send the FDA our briefing book within the next few weeks and meet with them later this fiscal year to review the development plan.” The date for the meeting has now been confirmed.
Lannett has begun marketing a US rival to Adderall XR through a partnership with Elite and SunGen. But the product will face competition from a range of other generics.