LONDON, UK / ACCESSWIRE / September 29, 2017 / Pro-Trader Daily looks at the latest corporate events and news making the headlines for Lannett Co., Inc. (NYSE: LCI), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=LCI. The Company announced on September 27, 2017, that the US Food and Drug Administration (FDA) approved its Abbreviated New Drug Application (ANDA) for Oxycodone and Acetaminophen Tablets, USP, 5 mg/325 mg and 10 mg/325 mg. Oxycodone and Acetaminophen Tablets are the therapeutic equivalent for the Vintage Pharmaceuticals' reference listed drug, Percocet® Tablets, 5 mg/325 mg and 10 mg/325 mg. Lannett, which was founded in 1942, develops, manufactures, packages, and markets as well as distributes generic pharmaceutical products for a wide range of medical indications. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Annuals Sale of Over Half a Billion for Oxycodone and Acetaminophen
According to IMS, the total sales of Oxycodone and Acetaminophen tablets (USP, 5-mg/325 mg and 10-mg/325 mg) in the US for the 12-month ending July 2017 reached nearly $571 million, at Average Wholesale Price (AWP).
Lannett also Obtains Approval for Dexmethylphenidate Hydrochloride Tablets, 2.5 mg, 5 mg, and 10 mg
On September 26, 2017, Lannett professed that it obtained approval from the FDA for its Abbreviated New Drug Application (ANDA) for Dexmethylphenidate Hydrochloride Tablets - 2.5 mg, 5 mg, and 10 mg. The Dexmethylphenidate Hydrochloride Tablets is used for the treatment of attention deficit and hyperactivity disorder (ADHD). It is the therapeutic equivalent to the reference listed drug, Novartis Pharmaceuticals Corporation's Focalin® Tablets - 2.5 mg, 5 mg, and 10 mg. It is important to note that the approval for the drug came in less than 24 months after filing of the related ANDA.
As per IMS, the total sales for Dexmethylphenidate Hydrochloride Tablets (2.5 mg, 5 mg, and 10 mg) in the US for the 12 months ending July 2017, reached nearly $34 million, at AWP.
A Big Accomplishment for Lannett
Arthur Bedrosian, Chief Executive Officer at Lannett, stated that the Company is on a roll. The Oxycodone and Acetaminophen tablets enhance Lannett's pain management franchise. The FDA approval for these drugs marks the ninth drug approval for Lannett in 2017, which is indeed a big accomplishment. He anticipates that this year, the Company would exceed the mark of 11 product approvals, which it achieved in 2016. On this important milestone, Arthur Bedrosian acknowledged his entire team for their diligence as well as ongoing efforts.
He also mentioned that Lannett intends to start marketing Oxycodone and Acetaminophen tablets along with other approved products in the forthcoming months. Factors such as planned product launches along with Lannett's continuing integration and cost reduction efforts indicate that the Company has a bright future.
Last Close Stock Review
On Thursday, September 28, 2017, the stock closed the trading session at $18.55, declining 3.64% from its previous closing price of $19.25. A total volume of 1.04 million shares have exchanged hands, which was higher than the 3-month average volume of 589.79 thousand shares. Lannett's stock price rallied 5.70% in the last one month. The stock currently has a market cap of $689.86 million.
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