Lannett posted a net loss of $403.561 for the first quarter 2010, or $0.02 loss per diluted share, compared to net loss of $2.86m, or $0.11 per diluted share, for the comparable period in 2009.
Lannett has reported an operating loss of $726,468, compared to $4.74m for the comparable period in 2009.
Lannett president and CEO said that as expected, sales and gross profit in the quarter were impacted by approximately $2.8m in lost revenues resulting from the FDA’s action to force all but one competitor to cease distributing Morphine Sulfate Oral Solution, as well as pricing pressure and reduced profitability on certain key products.
"We continue to expect to receive FDA approval in the near future of our 505(b)(2) New Drug Application for Morphine Sulfate Oral Solution, with an anticipated re-launch of the drug in early calendar 2011," Bedrosian said.
"Our performance continues to be impacted by the lack of ANDA approvals due to the FDA backlog, as well as the FDA’s enforcement action regarding Morphine Sulfate, which had the additional effect of forcing us to reduce our workforce at the company’s pain management division."