Lannett Company Inc. (LCI) stock surged 14.76% in the after-hours trading on Wednesday, June 16, 2021, and close the day at $5.52 per share. Earlier in the morning session, LCI shares gained0.63% to close Wednesday’s morning session at $4.81 per share. LCI shares have fallen 37.29% over the last 12 months, and they have moved down 8.21% in the past week. Over the past three months, the stock has lost 26.45%, while over the past six months, it has shed 27.12%.

Let’s discuss its recent news and developments

FDA accepted ANDA, Of the Generic Advair Diskus Filing

On June 1, 2021, the U.S. Food and Drug Administration (FDA) accepted the Abbreviated New Drug Application (ANDA) for Fluticasone Propionate and Salmeterol inhalation powder (100/50 mcg, 250/50 mcg, and 500/50 mcg), which was submitted by Lannett on behalf of its strategic alliance partner, Respirent Pharmaceuticals Co. Ltd. The FDA assigned a Generic Drug User Fee Act of 2017 (GDUFA II) goal date for this priority original ANDA of January 31, 2022.

Recent financial results announcement

On May 5, 2021, Lannett Company, Inc reported its financial results for its fiscal 2021 third quarter ended March 31, 2021.

Q3 2021 financial highlights

• Lannett Company reported net sales of 4 million for Q3 2021compared with $144.4 million for the third quarter of fiscal 2020.
• In Q3 2021, gross profit was $26.5 million compared to $41.7 million in Q3 2020.
• Total operating expenses were $23.6 million in Q3 2021 compared with $43.8 million inQ3 2020.
• Net loss was $7.1 million, or $0.18per share in Q3 2021, compared with $16.6 million, or $0.43 per share, for the third quarter of fiscal 2020.
• In Q3 2021, adjusted net income was $1.0 million, or $0.02per diluted share, compared with $11.7 million, or $0.27 per diluted share, for the fiscal 2020 third quarter.
• Adjusted EBITDA for the fiscal 2021 third quarter was $17.0 million.

Closing of senior secured Notes & $190 million second lien senior secured loan facility

On April 22, 2021, Lannett Company, Inc. closed the $350 million aggregate principal amount of 7.750% senior secured notes due 2026 in a private placement to qualified institutional buyers according to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and outside the United States to persons other than U.S. persons in reliance upon Regulation S under the Securities Act.

The Company also closed on a $190 million second lien senior secured loan facility due 2026 and amended its asset-based revolving credit facility increasing the size to $45 million from $30 million and extending the maturity to 2026 from 2022.

Conclusion

Well, as of this writing there is no recent news or development which could be linked with LCI positive performance on Wednesday. We hope that LCI stock will continue its rally on Thursday as well.