Teligent Announces $140m Operating Loss As Plant Woes Continue
Sales Drop By A Third After Challenging 12 Months
Struggling Teligent underlined the importance of lifting the FDA Warning Letter against its key manufacturing facility in Buena, New Jersey, as its impact slammed the company’s operations last year.
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New Jersey-based Teligent reported a low quarter as the company continues to focus on remediation measures to lift the FDA warning letter hanging over its Buena New Jersey manufacturing facilty. Teligent has also recently recalled a batch of its 4% lidocaine hydrochloride topical solution because the firm’s testing found it to be super potent.
The generics industry struggled with the prior-year comparison as it saw an expected decline in revenues in the first quarter of 2021, driven by the global impact of the COVID-19 crisis. As a result, the performance of most companies fell short of the numbers reported in Q1 2020. However, a few managed to contradict the trend by reporting growth, either based on the launch of COVID-related drugs or performance in specific geographies.
Teligent CEO Jason Grenfell-Gardner has stepped down with immediate effect, while Centrient CEO Karl Rotthier is preparing to leave the role in March. Both firms have announced details of their replacements. Meanwhile, Stada has appointed a new chief financial officer.