Lannett Plans Seven Launches In Fiscal Year 2021
As Its Respiratory And Biosimilar Candidates ‘Remain On Track’
Lannett will launch a further seven products in fiscal 2021, after launching four products recently in the first quarter of FY21. The company also plans to pay off its Term Loan ‘A’ in full, by the end of November 2020.
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After receiving feedback from the FDA, Lannett has announced that it is on track to submit an investigational new drug application for its insulin glargine candidate to the agency later in 2021. Following this, the company plans to file a biologics license application in 2022 and launch the product in 2023.
With ambitions of $1bn of sales by 2025, Lannett is looking to bolster its top-line further by expanding its co-development pact with China’s HEC Group for insulin biosimilar products. Management discussed the goal as Lannett presented financial results, which included a significant pre-tax loss.
After seeing a spike in demand due to the coronavirus pandemic in Q1, with a corresponding dip in Q2, the generics industry has largely seen single-digit drops in net revenues in the third quarter of 2020. Meanwhile, the Indian pharma market has seen recovery after facing a challenging coronavirus-induced slump in the first two quarters of 2020.