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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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.
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.