Boston, MA 09/23/2014 (wallstreetpr) – Lannett Company, Inc (NYSE:LCI) was up by more than 5% yesterday as the company announced the commencement of marketing of its recently approved drug, Oxycodone Hydrochloride Oral Solution USP. The company has shipped the drug and expects a robust sales of it in the year. If a report from IMS is to be referred then the annualized sales of the drug could fetch the company nearly $43 million.
Reiterates Guidance For FY2015
The Lannett Company, Inc (NYSE:LCI)’s president and CEO Arthur P. Bedrosian said that they primarily had accounted the sales of Oxycodone Hydrochloride Oral solution during the second half of the fiscal year, however, the marketing activity has kick started before the schedule, which is a positive event for the company. At the same time, Bedrosian highlighted that the company’s Digoxin sales continue to reflect a strong trend in the first quarter, and therefore, it has prompted the company to reaffirm the financial guidance for the financial year 2015.
It would be noteworthy to mention that the company had recently been in receipt of ainquiry from the Attorney General of the State of Connecticut Office with regard to the pricing practices of its drug digoxin. In response of which, the company had immediately engaged the services of outside counsel as well as experts to set up an internal review in this direction. Further the Lannett Company, Inc (NYSE:LCI) stated that the experts concluded the review and found out that the company had followed the compliance and due diligence with respect to fixing of price of digoxin. The review process took into account more than 700,000 documents and confirmed that the company had abided by the requisite laws and rules. Bedrosian commented that the company promptly conducted the internal review process in order to demonstrate its shareholders and employees that the company has diligently followed all the rules.