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 and a new drug pipeline that includes 23 potential
candidates and outsourced contracts for the development of 13 additional
products.
To read more, visit… http://philadelphia.bizjournals.com/philadelphia/stories/2005/09/12/daily14.html?jst=b_ln_hl
