Lannett Issues Update On Contract Renewal With Jerome Stevens Pharma

(RTTNews) - Lannett Company, Inc. (LCI) said its distribution agreement with Jerome Stevens Pharmaceuticals, which expires on March 23, 2019, will not be renewed. The Steinlauf family has advised the company that they will not renew its agreement to distribute three JSP products: Butalbital, Aspirin, Caffeine with Codeine Phosphate Capsules USP, Digoxin Tablets USP and Levothyroxine Sodium Tablets USP, upon its expiration in March 2019. The family has assured Lannett Company of a continuous supply of the products through March of next year.

Lannett Company also announced preliminary fourth-quarter and full-year financial results. For the fourth-quarter, net sales are expected to be approximately $171 million, GAAP loss per share attributable to Lannett to be between $0.30 and $0.32 and adjusted earnings per diluted share attributable to Lannett to be between $0.62 and $0.64. For fiscal 2018, net sales are expected to be approximately $685 million, GAAP earnings per diluted share attributable to Lannett to be between $0.73 and $0.75 and adjusted earnings per diluted share attributable to Lannett to be between $3.08 and $3.10.