Lannett narrows loss in 2008, but sales down

US generic drug manufacturer Lannett improved its loss during fiscal 2008, as the 2007 figures included a $7.8 million write-down for the purchase of a bulk raw materials supplier.

Sales revenue was down 12% on fiscal 2007, to $72.4 million. R&D expenses decreased 31% to $5.2 million. The firm's net loss stood at $2.3 million, or $0.10 loss per share, versus $6.9 million, or $0.29 loss per share.

The company said that, during the year, it significantly expanded its product range by gaining Food and Drug Administration approval for six products. Also, the Drug Enforcement Administration granted the firm's wholly-owned subsidiary, Cody Laboratories, an import license, further diversifying Lannett's portfolio by allowing it to enter the pain management market which, it says, has few competitors and favorable demographics.