Lannett adds generic weight loss, schizophrenia drugs - Philadelphia Business Journal

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Lannett Co. Inc.  said Friday it has started shipping three products — diethylpropion tablets, Phentermine HCI Capsules and Loxapine capsules — recently approved by the Food and Drug Administration.

"Sales of the three products augment and strengthen our growing product offering, and we expect will be solid contributors to both sales and profits in fiscal 2012," said Arthur P. Bedrosian, president and CEO of Lannett (NYSE Amex:LCI).

Diethylpropion and Phentermine are weight loss medicines. Loxapine is a schizophrenia treatment.

The Northeast Philadelphia generic drug company had sales of $106.8 million in fiscal 2011, compared with $125.2 million for the previous year. Its gross profit was $23.3 million in fiscal 2011, compared with $41.3 million in 2010. Bedrosian said the declines were because of price and/or volume declines on certain key products, as well as the temporary discontinuation of its morphine sulfate n product and a delay in approvals for its pending product applications by the FDA.

Beat: Health Care, Biotech/Pharmaceutical, Sports

15 Oct, 2011

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