$LCI (Lannett Company, Inc.)

$LCI {{ '2016-06-22T06:49:22+0000' | timeago}} • Announcement

Generic pharma company $LCI said it has completed the repurchase of the remaining $200MM of 12% Senior Notes due 2023, after amending existing credit agreement and raising an incremental $150MM Term Loan B. The proceeds of Term Loan B along with cash on hand were used to repurchase the remaining Senior Notes.

$LCI {{ '2017-09-05T12:56:38+0000' | timeago}} • Announcement

$LCI said it won the U.S. FDA's approval for its Abbreviated New Drug Application (ANDA) for Esomeprazole Magnesium Delayed-Release Capsules, USP in the strengths of 20mg and 40mg. This is used to treat gastroesophageal reflux disease.

$LCI {{ '2017-08-23T20:41:59+0000' | timeago}} • Announcement

While much of the industry is facing pricing pressures, $LCI expects its adjusted gross margins to continue to be above 50%, which exceeds the average of its peer companies. Planned product launches, combined with a number of initiatives $LCI has put in place, make the company confident in its near- and longer term growth.

$LCI {{ '2017-08-23T20:39:45+0000' | timeago}} • Announcement

$LCI expects FY18 net sales of $655-665MM, gross margin of 46-47% and adjusted gross margin of 51-52%. The company sees R&D expense of $46-48MM, SG&A expense of $75-77MM, interest expense of $88-89MM, effective tax rate of about 35% and capital expenditures of $65-75MM.

$LCI {{ '2017-08-23T20:39:32+0000' | timeago}} • Announcement

$LCI reported a rise in 4Q17 earnings driven by lower interest expense and narrower other loss as well as lower costs and expenses, despite a decline in net sales. Net income rose to $5.73MM or $0.15 per share from $3.59MM or $0.10 per share last year. Net sales dropped to $139.12MM from $168.89MM. Adjusted EPS decreased to $0.40 from $0.73.

$LCI {{ '2017-07-17T13:38:10+0000' | timeago}} • Announcement

Pharmaceutical company $LCI appointed Samuel H. Israel as  vice president, chief legal officer and general counsel. Prior to this, he served as the outside general counsel for 19 years, coordinating all aspects of the company's legal work.

$LCI {{ '2017-06-20T12:30:53+0000' | timeago}} • Announcement

$LCI appointed Patrick LePore to its BoD, effective July 1, 2017. The addition of LePore will increase the total number of directors to seven. Since 2007, LePore served as chairman, CEO and president of Par Pharmaceuticals, Inc., until the company's acquisition by private equity investor TPG in 2012.

$LCI {{ '2017-06-19T13:12:15+0000' | timeago}} • Announcement

$LCI received an approval from FDA for its Niacin extended-release tablets, which reduces LDL cholesterol and triglycerides and increases HDL cholesterol. The drug, which comes from $LCI's subsidiary Kremers Urban Pharmaceuticals, is expected to launch shortly, the company said.

$IPXL {{ '2017-03-31T10:43:08+0000' | timeago}} • Announcement

U.S. District Court of Delaware ruled in favor of $IPXL as they found that the U.S. patents 6,750,237 and 7,220,767 protecting the zolmitriptan nasal spray are not invalid and are infringed by the defendants Lannett Holdings, Inc. and $LCI.

$LCI {{ '2017-03-30T13:15:23+0000' | timeago}} • Announcement

$LCI made a $25MM payment against its existing revolving credit facility. This payment, combined with the $75MM payment made in January, is expected to save about $5.5MM in annualized cash interest expense, at current rates.

$LCI {{ '2017-02-07T17:40:48+0000' | timeago}} • Announcement

$LCI completed the extraction of the core software supporting the operations of Kremers Urban Pharmaceuticals, Inc. (KU) from UCB Pharma.

$LCI {{ '2017-01-23T14:58:26+0000' | timeago}} • Announcement

$LCI announced that the company voluntarily made a $75MM payment against its existing revolving credit facility. This payment will save $LCI approximately $4.1MM in annualized cash interest expense, at current rates.

$LCI {{ '2017-01-03T18:22:56+0000' | timeago}} • Announcement

$LCI received approval last week from the US Food and Drug Administration of its Abbreviated New Drug Application for Lopinavir and Ritonavir Oral Solution USP, 80 mg/20 mg per mL, the therapeutic equivalent to the reference listed drug, Kaletra Oral Solution of AbbVie Inc. Lopinavir and Ritonavir Oral Solution is indicated for HIV-1 infections.

$LCI {{ '2016-11-28T12:30:20+0000' | timeago}} • Announcement

$LCI received approval from the U.S. Food and Drug Administration of its Abbreviated New Drug Application (ANDA) for Metaxalone Tablets USP, 800 mg, the therapeutic equivalent to the reference listed drug, Skelaxin of King Pharmaceuticals Inc.

$LCI {{ '2016-09-22T14:51:25+0000' | timeago}} • Announcement

Maker of generic pharmaceutical products $LCI said that its Chief of Scientific Affairs Mahendra Dedhiya announced his resignation, effective Oct. 21, 2016. The company is in quest for a new head of research and development.

$LCI {{ '2016-09-20T13:57:59+0000' | timeago}} • Announcement

Pharmaceutical company $LCI received approval from the US FDA of its ANDA for Buprenorphine and Naloxone Sublingual Tablets, 2 mg/0.5 mg and 8 mg/2 mg, the therapeutic equivalent to the reference listed drug, Suboxone Sublingual Tablets, 2 mg/0.5 mg and 8 mg/2 mg.

$LCI {{ '2016-09-19T12:06:56+0000' | timeago}} • Announcement

$LCI announced successful FDA inspections of its manufacturing facility in Philadelphia and two facilities located in Armenia. The inspections concluded with two minor 483 observations at the company's facility in Philadelphia and zero observations at the laboratories in Armenia.

$LCI {{ '2016-08-24T06:42:24+0000' | timeago}} • Webcast

During 4Q16, $LCI received approvals for 2 products, Neomycin Sulfate Tablets and Diazepam Oral Solution, which it expects to launch shortly. Also, company received approval for fluoxetine extended release tablets which has already been launched. Company currently has 30 ANDAs, and has 10 filings with the FDA to its alliance partners.

$LCI {{ '2016-08-24T06:42:13+0000' | timeago}} • Webcast

For 4Q16, $LCI's adjusted gross profit was 54% of net sales versus 73% of net sales in 4Q15, down mainly due to the addition of KU's lower margin business. Adjusted operating income grew versus 4Q15. At June 30, 2016, cash, cash equivalents and investment securities were $238.9MM and total debt outstanding was $1.16Bil.

$LCI {{ '2016-08-24T06:41:52+0000' | timeago}} • Announcement

In 4Q16, $LCI refinanced all $250MM of its 12% senior notes, which is the high interest rate component of the capital structure. This will result in cash interest saving of about $170MM over the life of the notes.

$LCI {{ '2016-08-24T06:41:41+0000' | timeago}} • Webcast

For FY17, $LCI expects adjusted SG&A expense of $67-69MM and adjusted interest expense of $71-72MM. Regarding phasing of quarters, $LCI expects 1Q17 net sales and adjusted income before tax to be similar to 4Q16, but 1Q17 adjusted net income is expected to be lower than 4Q16 due to a tax benefit reported in 4Q16.

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