PHILADELPHIA, April 30, 2019 /PRNewswire/ -- Lannett
Company, Inc. (NYSE: LCI) today announced that it expects to launch
later this quarter Methylphenidate Hydrochloride Extended Release
(ER) tablets USP (CII) in 18 mg, 27 mg, 36 mg and 54 mg strengths,
an AB-rated generic equivalent to the brand
Concerta®. Total U.S. sales of Methylphenidate
Hydrochloride ER tablets were approximately $1.4 billion for the 12 months ended February 2019, according to IQVIA, although
actual generic market values are expected to be lower.
"The market for AB-rated Methylphenidate is sizable," said
Tim Crew, chief executive officer of
Lannett. "We expect this product will generate modest sales in our
fiscal 2019 fourth quarter and grow to be one of our more
significant revenue contributors in fiscal 2020."
Lannett's strategic alliance partner, Andor Pharmaceuticals,
LLC, recently received approval from the U.S. Food and Drug
Administration (FDA) of its Abbreviated New Drug Application (ANDA)
of Methylphenidate Hydrochloride ER tablets USP (CII) in 18 mg, 27
mg, 36 mg and 54 mg strengths, the therapeutic equivalent to the
reference listed drug (RLD), Concerta® Extended-Release
Tablets, 18 mg, 27 mg, 36 mg and 54 mg, of Janssen Pharmaceuticals,
Inc.
In August 2018, Lannett announced
that it entered into a licensing agreement with Andor for
Methylphenidate Hydrochloride ER tablets. Under the
agreement, Lannett will primarily provide sales, marketing and
distribution support of Andor's Methylphenidate ER product, for
which it will receive a percentage of the net profits.
About Lannett Company, Inc.:
Lannett Company, founded
in 1942, develops, manufactures, packages, markets and distributes
generic pharmaceutical products for a wide range of medical
indications. For more information, visit the company's
website at www.lannett.com.
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Any such statement, including, but not limited
to, successfully commercializing Methylphenidate ER and other
products in the company's portfolio, whether expressed or implied,
is subject to market and other conditions, and subject to risks and
uncertainties which can cause actual results to differ materially
from those currently anticipated due to a number of factors which
include, but are not limited to, the risk factors discussed in the
Company's Form 10-K and other documents filed with the SEC from
time to time, including the prospectus supplement related to the
proposed offering to be filed with the SEC. These
forward-looking statements represent the Company's judgment as of
the date of this news release. The Company disclaims any
intent or obligation to update these forward-looking
statements.
Contact:
|
Robert
Jaffe
|
|
Robert Jaffe Co.,
LLC
|
|
(424)
288-4098
|
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SOURCE Lannett Company, Inc.