Lannett To Close And Sell NY Liquids Plant As Part Of Restructuring Plans
Cost Savings Of $20m Annually Targeted; Portfolio Also Rationalized
Lannett is once again taking the axe to its operations in order to tighten its focus and save on costs, including the planned divestment of its liquids generics manufacturing facility in Carmel, NY.
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US firm has received a notice of non-compliance from NYSE due to price of company’s shares. Lannett insists there is no immediate impact, but it is evaluating options, including “transactions that are subject to approval of Lannett’s stockholders.”
Not many firms report a negative EBITDA when adjusted for costs, but this Lannett's fate during its FY2022 Q2. Management addressed challenges for Lannett’s base business and the ways in which it intends to turn the tide in the coming years.
With five “large, durable assets” in its pipeline, Lannett is confident that post approval these products have the potential to transform the company. This includes the generic version of Boehringer Ingelheim’s Spiriva Handihaler (tiotropium bromide) recently added to Lannett’s respiratory generics portfolio.