Healthcare Industry News: Janssen Pharmaceuticals
News Release - April 30, 2019
Lannett To Launch Generic Concerta(R), AB-rated Methylphenidate Hydrochloride ER TabletsPHILADELPHIA, April 30, 2019 -- (Healthcare Sales & Marketing Network) -- Lannett Company, Inc. (NYSE: LCI) today announced that it expects to launch later this quarter 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.
"The market for AB-rated Methylphenidate is sizable," said Tim Crew, chief executive officer of Lannett. "We expect this product will generate modest sales in our fiscal 2019 fourth quarter and grow to be one of our more significant revenue contributors in fiscal 2020."
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.
In August 2018, Lannett announced that it entered into a licensing agreement with Andor for Methylphenidate Hydrochloride ER tablets. Under the agreement, Lannett will primarily provide sales, marketing and distribution support of Andor's Methylphenidate ER product, for which it will receive 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.
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