Philadelphia based generic drug maker loses $32.8million

13 September 2005

Lanett Co., the Philadelphia based generic drug maker posted a $32.8 million loss in the fiscal year 2005 after recording a profit of $13.2 million the previous year, according to financial results released on 13th Sept., 2005. Its sales dropped 30 percent to $44.9 million as compared to $63.8 million of last year.

Arthur Bedrosian, president of Lannett (AMEX: LCI), blamed the product pricing pressures faced by the company as the reason behind its downfall.

The company is optimistic about its future. It has invested significant resources in building and developing a solid pipeline of products. Bedrosian believes that it will grow and help mitigate the effects of the highly competitive nature of the generic drug industry.

Bedrosian said the company has 11 product applications currently pending at the Food and Drug Administration and a new drug pipeline that includes 23 potential candidates and outsourced contracts for the development of 13 additional products.

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