LANNETT RECEIVES FDA APPROVAL TO MANUFACTURE NUMBRINO® AT SEYMOUR PLANT

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--Approval Allows Site to Rapidly Expand Liquid Drug Manufacturing--

PHILADELPHIA, Oct. 21, 2022 -- Lannett Company, Inc. (NYSE: LCI) today announced that it has received approval from the US Food and Drug Administration (FDA) to manufacture Numbrino®, the company's branded topical anesthetic product, at its main plant in Seymour, Indiana. The company previously manufactured Numbrino and other liquid drug products at its Carmel, New York plant, which it sold in March of this year as part of a restructuring and cost reduction plan.

"We completed the liquid drug build-out at our Seymour plant and received this FDA approval well ahead of schedule, demonstrating our team's capabilities, dedication and focus," said Tim Crew, chief executive officer of Lannett. "Moreover, the approval indicates that we can continue transferring our liquid drug products with confidence, and it opens the door for expansion of our contract development and manufacturing efforts we market to other companies into the solution and suspension categories. We also expect our overall manufacturing efficiencies will be enhanced as production ramps up of Numbrino and other liquid and suspension drug products at the Seymour plant."

Crew noted that at the time of the sale of the Carmel plant the company said the buyer would support production of certain Lannett products for a period of up to 18 months. Now, our team will only need such production support for less than 10 months - a remarkably expeditious time frame by prevailing industry standards. 

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, achieving enhanced efficiencies related liquid drug manufacturing and contract manufacturing at its Seymour plant, successfully manufacturing Numbrino, and completing the transfer and production of other liquid drug products at the Seymour plant, 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.

Contact:
Robert Jaffe
Robert Jaffe Co., LLC
(424) 288-4098

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SOURCE Lannett Company, Inc.