Lannett Aims For Financial Flexibility
Company Uses Cash On Hand To Pay Off Term A Loans In Full
To improve its financial flexibility by lowering its annual interest expenses and principal payments, Lannett has used a portion of its existing cash on hand to pay off its Term A Loan in full.
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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.
US-centric generics player Lannett has an ambitious sales and profitability goals for the next five years, driven by several rewarding pipeline opportunities and a leaner cost base. CEO Tim Crew told investors of Lannett’s plans as he presented year-end financial results
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.