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.

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.

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.