Lannett Adds NovoLog Biosimilar As It Writes Off $198m Of Value
Portfolio Rationalization Leads To 23 Product Discontinuations
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.
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Lannett and HEC’s insulin aspart biosimilar has performed well on an animal study in a boost to its strategic pipeline. Meanwhile, their insulin glargine faces delays.
A strained balance sheet and share price has led the New York Stock Exchange to write to Lannett about its future listing, adding to its woes as the FDA confirmed it was not currently in a position to approve its partnered generic Advair Diskus asset.
Despite turnover dropping by over a fifth in its financial third quarter, Lannett says it is optimistic that respiratory generics and insulins will offer the firm “durable” opportunities in future. The company has also just reorganized its finances to extend its debt maturity by four years, pushing it back past some of its key launches.