Lannett Commences Marketing Generic Concerta®
PHILADELPHIA, May 29, 2019 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has commenced marketing Methylphenidate Hydrochloride Extended Release (ER) tablets USP (CII) in 18 mg, 27 mg, 36 mg and 54 mg strengths, an AB-rated generic equivalent to the brand Concerta®. Total U.S. sales of Methylphenidate Hydrochloride ER tablets were approximately $1.4 billion for the 12 months ended February 2019, according to IQVIA, although actual generic market values are expected to be lower.
"Our launch of AB-rated Methylphenidate is ahead of schedule," said Tim Crew, chief executive officer of Lannett. "Of the more than 20 new products we have launched over the last 18 months, we expect the AB-rated Methylphenidate product to be one of our top contributors. Since January 1st of this year, we have now launched six products and expect to launch several more products over the coming months."
As previously announced, Lannett's strategic alliance partner, Andor Pharmaceuticals, LLC, recently received approval from the U.S. Food and Drug Administration (FDA) of its Abbreviated New Drug Application (ANDA) of Methylphenidate Hydrochloride ER tablets USP (CII) in 18 mg, 27 mg, 36 mg and 54 mg strengths, the therapeutic equivalent to the reference listed drug (RLD), Concerta® Extended-Release Tablets, 18 mg, 27 mg, 36 mg and 54 mg, of Janssen Pharmaceuticals, Inc. Lannett entered into a licensing agreement with Andor for Methylphenidate Hydrochloride ER tablets, under which Lannett provides sales, marketing and distribution support of Andor's Methylphenidate ER product and receives a percentage of the net profits.
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com.
This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statement, including, but not limited to, successfully commercializing Methylphenidate ER and other products in the company's portfolio, whether expressed or implied, is subject to market and other conditions, and subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the risk factors discussed in the Company's Form 10-K and other documents filed with the SEC from time to time, including the prospectus supplement related to the proposed offering to be filed with the SEC. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.
Robert Jaffe Co., LLC
SOURCE Lannett Company, Inc.