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Lannett Company Inc (LCI.N)

LCI.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Lannett Company Inc Approved Restructuring Plan With Respect To Wholly-Owned Subsidiary Cody Laboratories
Monday, 17 Jun 2019 

June 17 (Reuters) - Lannett Company Inc ::LANNETT COMPANY INC - ON JUNE 11 APPROVED RESTRUCTURING PLAN WITH RESPECT TO WHOLLY-OWNED SUBSIDIARY CODY LABORATORIES.LANNETT COMPANY INC - INTENDS TO SELL EQUIPMENT AND REAL ESTATE UTILIZED BY CODY API BUSINESS AND TO HAVE CODY LABS CEASE ALL OPERATIONS.LANNETT COMPANY INC - IN CONNECTION WITH CODY API RESTRUCTURING PLAN, THERE WILL BE A REDUCTION OF ALL REMAINING 70 POSITIONS AT CODY LABS.LANNETT COMPANY INC - EXPECTS ACTIONS CONTEMPLATED UNDER CODY API RESTRUCTURING PLAN WILL BE SUBSTANTIALLY COMPLETED BY SEPTEMBER 30, 2019.LANNETT COMPANY INC - CURRENTLY ESTIMATES IT WILL INCUR ABOUT $5.0 MILLION OF TOTAL COSTS TO IMPLEMENT CODY API RESTRUCTURING PLAN.LANNETT - IMPAIRMENT FROM RESTRUCTURING IS IN ADDITION TO $29.9 MILLION IMPAIRMENT CHARGE INCURRED IN Q1 FISCAL 2019 WHEN PLAN TO SELL CODY API BUSINESS WAS FIRST APPROVED.LANNETT COMPANY - IMPAIRMENT TO RESULT IN A NONCASH CHARGE TO EARNINGS IN Q4 FISCAL 2019 & HAS NO IMPACT ON CO'S FINANCIAL COVENANT LEVERAGE RATIO.  Full Article

Lannett Company Q2 Adjusted Earnings Per Share $0.86
Wednesday, 6 Feb 2019 

Lannett Company Inc ::LANNETT ANNOUNCES RECORD NET SALES IN THE FISCAL 2019 SECOND-QUARTER FINANCIAL RESULTS; RAISES GUIDANCE FOR FISCAL 2019.Q2 ADJUSTED EARNINGS PER SHARE $0.86.Q2 EARNINGS PER SHARE $0.32.Q2 SALES $193.7 MILLION VERSUS REFINITIV IBES ESTIMATE OF $162.4 MILLION.Q2 EARNINGS PER SHARE ESTIMATE $0.67 -- REFINITIV IBES DATA.$33 MILLION NET COST REDUCTION PLAN WELL UNDERWAY.RAISED FINANCIAL GUIDANCE FOR FISCAL 2019.$33 MILLION NET COST REDUCTION PLAN WELL UNDERWAY.BY END OF FISCAL 2020 COMPANY IS ON TRACK TO REPLACE A SUBSTANTIAL MAJORITY OF NORMALIZED GROSS PROFIT FROM LEVOTHYROXINE.SEES 2019 NET SALES $615 MILLION TO $635 MILLION.  Full Article

Lannett Announces Amendment To Credit Agreement
Tuesday, 11 Dec 2018 

Dec 11 (Reuters) - Lannett Company Inc ::LANNETT ANNOUNCES AMENDMENT TO CREDIT AGREEMENT.LANNETT COMPANY INC - COMPANY EXPECTS TO BE WELL WITHIN ITS FINANCIAL COVENANTS THROUGH MATURITY DATE OF TERM A LOANS.LANNETT COMPANY INC - IN EXCHANGE, COMPANY AGREED TO INCLUDE A MINIMUM LIQUIDITY COVENANT OF $75 MILLION.LANNETT - AMENDMENT RAISES REQUIRED SECURED NET LEVERAGE RATIO APPLICABLE TO FINANCIAL LEVERAGE RATIO COVENANT FROM 3.25 TO 4.25 TIMES AS OF DEC 31.LANNETT COMPANY INC - CURRENTLY, REQUIRED SECURED NET LEVERAGE RATIO STANDS AT 3.75 TIMES..LANNETT COMPANY INC - IN EXCHANGE, COMPANY AGREED TO A 25 BASIS POINT INCREASE TO INTEREST RATE MARGIN PAID ON TERM A LOANS.LANNETT COMPANY INC - ENTERED INTO AN AMENDMENT OF ITS CREDIT AGREEMENT EFFECTING TERM A LOANS.  Full Article

Lannett Announces Amendment To Credit Agreement
Tuesday, 11 Dec 2018 

Dec 11 (Reuters) - Lannett Company Inc ::AMENDMENT RAISES REQUIRED SECURED NET LEVERAGE RATIO APPLICABLE TO FINANCIAL LEVERAGE RATIO COVENANT FROM 3.25 TO 4.25 TIMES AS OF DEC 31, 2019.LANNETT ANNOUNCES AMENDMENT TO CREDIT AGREEMENT.COMPANY EXPECTS TO BE WELL WITHIN ITS FINANCIAL COVENANTS THROUGH MATURITY DATE OF TERM A LOANS.IN EXCHANGE, COMPANY AGREED TO INCLUDE A MINIMUM LIQUIDITY COVENANT OF $75 MILLION.CURRENTLY, REQUIRED SECURED NET LEVERAGE RATIO STANDS AT 3.75 TIMES..IN EXCHANGE, COMPANY AGREED TO A 25 BASIS POINT INCREASE TO INTEREST RATE MARGIN PAID ON TERM A LOANS.ENTERED INTO AN AMENDMENT OF ITS CREDIT AGREEMENT EFFECTING TERM A LOANS.  Full Article

Amneal Completes Transition Agreement With Amneal To Begin Selling Levothyroxine
Monday, 12 Nov 2018 

Nov 12 (Reuters) - Amneal Pharmaceuticals Inc ::AMNEAL COMPLETES TRANSITION AGREEMENT WITH LANNETT COMPANY TO BEGIN COMMERCIALIZATION OF LEVOTHYROXINE ON DECEMBER 1ST.AMNEAL PHARMACEUTICALS INC - AGREEMENT ACCELERATES AMNEAL'S TIME TO MARKET WITH HIGH VALUE GENERIC.AMNEAL PHARMACEUTICALS - AMNEAL DOES NOT EXPECT TRANSACTION TO HAVE A MATERIAL IMPACT ON ITS FULL YEAR 2018 RESULTS.  Full Article

Lannett Enters Into Agreement With Amneal Pharmaceuticals For Levothyroxine
Monday, 12 Nov 2018 

Nov 12 (Reuters) - Lannett Company Inc ::LANNETT ENTERS INTO AGREEMENT WITH AMNEAL PHARMACEUTICALS FOR LEVOTHYROXINE.LANNETT COMPANY INC - LANNETT LOCKS IN $50 MILLION OF GROSS PROFIT FOR 16-WEEK PERIOD.LANNETT COMPANY INC - LANNETT WILL RECEIVE AN UPFRONT PAYMENT OF $50 MILLION, OTHER TERMS OF TRANSACTION WERE NOT DISCLOSED.LANNETT COMPANY INC - AGREEMENT ALLOWS LANNETT TO CONTINUE TO RECOGNIZE REVENUE AND EBITDA FOR REMAINDER OF JSP CONTRACT TERM.LANNETT - AMNEAL TO BE CO'S SOLE CUSTOMER FOR LEVOTHYROXINE SODIUM BEGINNING DECEMBER 1, 2018 THROUGH MARCH 23, 2019.  Full Article

Lannett Company Approves Plan In Sept 2018 To Sell Active Pharmaceutical Ingredient Manufacturing, Distribution Business Of Cody Laboratories Unit
Friday, 26 Oct 2018 

Oct 26 (Reuters) - Lannett Company Inc ::LANNETT COMPANY - APPROVED PLAN IN SEPT 2018 TO SELL ACTIVE PHARMACEUTICAL INGREDIENT MANUFACTURING, DISTRIBUTION BUSINESS OF CODY LABORATORIES UNIT.EXCLUDED FROM SALE PLAN APPROVED IN SEPT WILL BE MANUFACTURING OF FINISHED DOSAGE FORM OF CO'S COCAINE HYDROCHLORIDE PRODUCT LINE.AS RESULT OF FAIR VALUE ANALYSIS OF CODY API BUSINESS, CO DETERMINED IMPAIRMENT OF ASSETS HELD FOR SALE OF $27 MILLION - $33 MILLION.IMPAIRMENT WILL RESULT IN A NONCASH CHARGE TO Q1 EARNINGS, HAS NO IMPACT ON CO'S FINANCIAL COVENANT LEVERAGE RATIO - SEC FILING.  Full Article

Lannett And Adare Enter Into Distribution Agreement For Dexmethylphenidate Hydrochloride Extended Release Capsules
Monday, 22 Oct 2018 

Oct 22 (Reuters) - Lannett Company Inc ::LANNETT AND ADARE ENTER INTO DISTRIBUTION AGREEMENT FOR DEXMETHYLPHENIDATE HYDROCHLORIDE EXTENDED RELEASE CAPSULES.LANNETT - WILL PRIMARILY PROVIDE SALES, MARKETING AND DISTRIBUTION SUPPORT FOR PRODUCT, FOR WHICH IT WILL RECEIVE A PERCENTAGE OF NET PROFITS.LANNETT COMPANY INC - LANNETT EXPECTS TO COMMENCE MARKETING WITHIN A FEW MONTHS..LANNETT COMPANY INC - OTHER FINANCIAL TERMS WERE NOT DISCLOSED..  Full Article

Lannett Says Nonrenewal Of Deal With JSP Represents A “Triggering Event” Under U.S. GAAP
Thursday, 23 Aug 2018 

Aug 23 (Reuters) - Lannett Company Inc ::LANNETT SAYS DETERMINED NONRENEWAL OF DEAL WITH JEROME STEVENS PHARMACEUTICALS REPRESENTS A “TRIGGERING EVENT” UNDER U.S. GAAP - SEC FILING.LANNETT COMPANY - BELIEVES THAT ITS IMPAIRMENT ASSESSMENT TO LIKELY RESULT IN MATERIAL IMPAIRMENT OF THE CO'S GOODWILL.LANNETT COMPANY INC - ANY IMPAIRMENT WOULD RESULT IN NONCASH CHARGE TO EARNINGS IN Q1 OF FISCAL 2019.LANNETT SAYS DUE TO "TRIGGERING EVENT", TO PERFORM ANALYSIS TO DETERMINE POTENTIAL FOR IMPAIRMENT OF GOODWILL, CERTAIN LONG-LIVED ASSETS IN Q1 2019.  Full Article

Lannett Co Sees FY 2018 Adjusted EPS $3.08 To $3.10
Monday, 20 Aug 2018 

Aug 20 (Reuters) - Lannett Company Inc ::LANNETT PROVIDES UPDATE ON CONTRACT RENEWAL WITH JEROME STEVENS PHARMACEUTICALS.SEES FY 2018 ADJUSTED EARNINGS PER SHARE $3.08 TO $3.10.SEES Q4 2018 ADJUSTED EARNINGS PER SHARE $0.62 TO $0.64.SEES FY 2018 GAAP EARNINGS PER SHARE $0.73 TO $0.75.SEES Q4 2018 GAAP LOSS PER SHARE $0.30 TO $0.32.SEES FY 2019 SALES $50 MILLION.SEES FY 2018 SALES ABOUT $685 MILLION.SEES Q4 2018 SALES ABOUT $171 MILLION.FOR FISCAL 2018 Q4, NET SALES ARE EXPECTED TO BE APPROXIMATELY $171 MILLION.LANNETT COMPANY - DISTRIBUTION AGREEMENT WITH JEROME STEVENS PHARMACEUTICALS, WHICH EXPIRES ON MARCH 23, 2019, WILL NOT BE RENEWED.FOR FISCAL 2018 Q4 GAAP LOSS PER SHARE ATTRIBUTABLE TO LANNETT TO BE BETWEEN $0.30 AND $0.32.SEESS FISCAL 2018 Q4 ADJUSTED EPS ATTRIBUTABLE TO LANNETT TO BE BETWEEN $0.62 AND $0.64.EXPECT TO EXPAND RESTRUCTURING INITIATIVES TO FURTHER REDUCE EXPENDITURES.Q4 EARNINGS PER SHARE VIEW $0.66, REVENUE VIEW $173.5 MILLION -- THOMSON REUTERS I/B/E/S.FY2018 EARNINGS PER SHARE VIEW $3.12, REVENUE VIEW $687.2 MILLION -- THOMSON REUTERS I/B/E/S.  Full Article