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Form 10-Q LANNETT CO INC For: Dec 31

February 4, 2022 4:07 PM EST

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED December 31, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File No. 001-31298

LANNETT COMPANY, INC.

(Exact Name of Registrant as Specified in its Charter)

State of Delaware

23-0787699

(State of Incorporation)

(I.R.S. Employer I.D. No.)

1150 Northbrook Drive, Suite 155

Trevose, PA 19053

(215) 333-9000

(Address of principal executive offices and telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

LCI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12B-12 of the Exchange Act). Yes  No 

Indicate the number of shares outstanding of each class of the registrant’s common stock, as of the latest practical date.

Class

Outstanding as of January 31, 2022

Common stock, par value $0.001 per share

42,950,149

Table of Contents

Page No.

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

Consolidated Balance Sheets as of December 31, 2021 and June 30, 2021

3

Consolidated Statements of Operations for the three and six months ended December 31, 2021 and 2020

4

Consolidated Statements of Comprehensive Income/Loss for the three and six months ended December 31, 2021 and 2020

5

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and six months ended December 31, 2021 and 2020

6

Consolidated Statements of Cash Flows for the six months ended December 31, 2021 and 2020

7

Notes to Consolidated Financial Statements

8

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

37

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

51

ITEM 4.

CONTROLS AND PROCEDURES

51

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

52

ITEM 1A.

RISK FACTORS

52

ITEM 6.

EXHIBITS

53

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LANNETT COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share and per share data)

    

December 31, 2021

    

June 30, 2021

ASSETS

Current assets:

Cash and cash equivalents

$

98,635

$

93,286

Accounts receivable, net

 

66,275

 

98,834

Inventories

 

105,779

 

109,545

Income taxes receivable

35,847

35,050

Assets held for sale

 

12,733

 

2,678

Other current assets

 

15,345

 

14,170

Total current assets

 

334,614

 

353,563

Property, plant and equipment, net

 

143,104

 

166,674

Intangible assets, net

 

90,972

 

137,835

Operating lease right-of-use assets

10,227

10,559

Other assets

 

16,020

 

15,106

TOTAL ASSETS

$

594,937

$

683,737

LIABILITIES

Current liabilities:

Accounts payable

$

25,988

$

29,585

Accrued expenses

 

11,206

 

13,077

Accrued payroll and payroll-related expenses

 

9,606

 

10,680

Rebates payable

 

25,205

 

19,025

Royalties payable

10,687

13,779

Restructuring liability

620

8

Current operating lease liabilities

2,054

2,045

Other current liabilities

3,885

2,270

Total current liabilities

 

89,251

 

90,469

Long-term debt, net

 

603,484

 

590,683

Long-term operating lease liabilities

10,554

11,047

Other liabilities

17,808

19,009

TOTAL LIABILITIES

 

721,097

 

711,208

Commitments and contingencies (Notes 11 and 12)

STOCKHOLDERS’ DEFICIT

Common stock ($0.001 par value, 100,000,000 shares authorized; 42,053,623 and 40,913,148 shares issued; 40,500,320 and 39,576,606 shares outstanding at December 31, 2021 and June 30, 2021, respectively)

 

42

 

41

Additional paid-in capital

 

360,765

 

355,239

Accumulated deficit

 

(468,193)

 

(364,766)

Accumulated other comprehensive loss

 

(519)

 

(548)

Treasury stock (1,553,303 and 1,336,542 shares at December 31, 2021 and June 30, 2021, respectively)

 

(18,255)

 

(17,437)

Total stockholders’ deficit

 

(126,160)

 

(27,471)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

$

594,937

$

683,737

The accompanying notes are an integral part of the Consolidated Financial Statements.

3

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(In thousands, except share and per share data)

Three Months Ended

Six Months Ended

December 31, 

December 31, 

    

2021

    

2020

    

2021

    

2020

Net sales

$

86,508

$

133,920

$

188,033

$

260,399

Cost of sales

 

76,990

 

124,488

 

157,998

 

216,675

Amortization of intangibles

3,808

8,657

7,804

17,246

Gross profit

 

5,710

 

775

 

22,231

 

26,478

Operating expenses:

Research and development expenses

 

4,747

 

5,644

 

10,511

 

12,183

Selling, general and administrative expenses

 

18,791

 

13,730

 

37,696

 

28,866

Restructuring expenses

891

891

4,043

Asset impairment charges

49,361

198,000

49,361

198,000

Total operating expenses

 

73,790

 

217,374

 

98,459

 

243,092

Operating loss

 

(68,080)

 

(216,599)

 

(76,228)

 

(216,614)

Other income (expense):

Investment income

46

43

80

88

Interest expense

 

(14,430)

 

(13,496)

 

(28,654)

 

(27,982)

Other

11

28

(51)

5

Total other expense

 

(14,373)

 

(13,425)

 

(28,625)

 

(27,889)

Loss before income tax

 

(82,453)

 

(230,024)

 

(104,853)

 

(244,503)

Income tax benefit

 

(1,368)

 

(58,076)

 

(1,426)

 

(66,056)

Net loss

$

(81,085)

$

(171,948)

$

(103,427)

$

(178,447)

Loss per common share (1):

Basic

$

(2.01)

$

(4.36)

$

(2.58)

$

(4.55)

Diluted

$

(2.01)

$

(4.36)

$

(2.58)

$

(4.55)

Weighted average common shares outstanding (1):

Basic

 

40,358,127

 

39,443,441

 

40,142,974

 

39,257,211

Diluted

 

40,358,127

 

39,443,441

 

40,142,974

 

39,257,211

(1)See Note 15 “Loss Per Common Share” for details on calculation.

The accompanying notes are an integral part of the Consolidated Financial Statements.

4

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(In thousands)

Three Months Ended

Six Months Ended

December 31, 

December 31, 

    

2021

    

2020

2021

    

2020

Net loss

$

(81,085)

$

(171,948)

$

(103,427)

$

(178,447)

Other comprehensive income (loss):

Foreign currency translation gain (loss)

 

5

 

(47)

 

29

 

32

Total other comprehensive income (loss)

 

5

 

(47)

 

29

 

32

Comprehensive loss

$

(81,080)

$

(171,995)

$

(103,398)

$

(178,415)

The accompanying notes are an integral part of the Consolidated Financial Statements.

5

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(UNAUDITED)

(In thousands)

    

Three Months Ended December 31, 2021

Accumulated

Common Stock

Additional

Other

Total

Shares

Paid-In

Accumulated

Comprehensive

Treasury

Stockholders’

    

Issued

    

Amount

    

Capital

    

Deficit

    

Loss

    

Stock

    

Deficit

Balance, September 30, 2021

 

41,787

$

42

$

358,361

$

(387,108)

$

(524)

$

(18,124)

$

(47,353)

Shares issued in connection with share-based compensation plans

 

266

 

 

95

 

 

 

 

95

Share-based compensation

 

 

 

2,309

 

 

 

 

2,309

Purchase of treasury stock

 

 

 

 

 

 

(131)

 

(131)

Other comprehensive income

 

 

 

 

 

5

 

 

5

Net loss

 

 

 

 

(81,085)

 

 

 

(81,085)

Balance, December 31, 2021

 

42,053

$

42

$

360,765

$

(468,193)

$

(519)

$

(18,255)

$

(126,160)

    

Three Months Ended December 31, 2020

Accumulated

Common Stock

Additional

Other

Total

Shares

Paid-In

Accumulated

Comprehensive

Treasury

Stockholders’

    

Issued

    

Amount

    

Capital

    

Deficit

    

Loss

    

Stock

    

Equity

Balance, September 30, 2020

 

40,687

$

41

$

324,788

$

(7,790)

$

(548)

$

(17,176)

$

299,315

Shares issued in connection with share-based compensation plans

 

145

 

 

160

 

 

 

 

160

Share-based compensation

 

 

 

1,991

 

 

 

 

1,991

Purchase of treasury stock

 

 

 

 

 

 

(213)

 

(213)

Other comprehensive loss

 

 

 

 

 

(47)

 

 

(47)

Net loss

 

 

 

 

(171,948)

 

 

 

(171,948)

Balance, December 31, 2020

 

40,832

$

41

$

326,939

$

(179,738)

$

(595)

$

(17,389)

$

129,258

    

Six Months Ended December 31, 2021

Accumulated

Common Stock

Additional

Other

Total

Shares

Paid-In

Accumulated

Comprehensive

Treasury

Stockholders’

    

Issued

    

Amount

    

Capital

    

Deficit

    

Loss

    

Stock

    

Deficit

Balance, June 30, 2021

 

40,913

$

41

$

355,239

$

(364,766)

$

(548)

$

(17,437)

$

(27,471)

Shares issued in connection with share-based compensation plans

 

1,140

 

1

 

199

 

 

 

 

200

Share-based compensation

 

 

 

5,327

 

 

 

 

5,327

Purchase of treasury stock

 

 

 

 

 

 

(818)

 

(818)

Other comprehensive income

 

 

 

 

 

29

 

 

29

Net loss

 

 

 

 

(103,427)

 

 

 

(103,427)

Balance, December 31, 2021

 

42,053

$

42

$

360,765

$

(468,193)

$

(519)

$

(18,255)

$

(126,160)

    

Six Months Ended December 31, 2020

Accumulated

Common Stock

Additional

Other

Total

Shares

Paid-In

Retained

Comprehensive

Treasury

Stockholders’

    

Issued

    

Amount

    

Capital

    

Earnings

    

Loss

    

Stock

    

Equity

Balance, June 30, 2020

 

39,963

$

40

$

321,164

$

(1,291)

$

(627)

$

(16,390)

$

302,896

Shares issued in connection with share-based compensation plans

 

869

 

1

 

442

 

 

 

 

443

Share-based compensation

 

 

 

5,333

 

 

 

 

5,333

Purchase of treasury stock

 

 

 

 

 

 

(999)

 

(999)

Other comprehensive income

 

 

 

 

 

32

 

 

32

Net loss

 

 

 

 

(178,447)

 

 

 

(178,447)

Balance, December 31, 2020

 

40,832

$

41

$

326,939

$

(179,738)

$

(595)

$

(17,389)

$

129,258

The accompanying notes are an integral part of the Consolidated Financial Statements.

6

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

Six Months Ended

December 31, 

    

2021

    

2020

OPERATING ACTIVITIES:

Net loss

$

(103,427)

$

(178,447)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

 

18,871

 

28,717

Deferred income tax benefit

 

 

(14,519)

Share-based compensation

 

5,327

 

5,333

Asset impairment charges

49,361

198,000

Loss (gain) on sale/disposal of assets

 

51

 

(24)

Accrual of payment-in-kind interest on Second Lien Credit Facility

10,024

Amortization of debt discount and other debt issuance costs

2,959

6,239

Provision for inventory write-downs

4,054

23,214

Other noncash expenses

 

393

 

635

Changes in assets and liabilities which provided (used) cash:

Accounts receivable, net

 

32,559

 

(34,443)

Inventories

 

(288)

 

(2,551)

Income taxes receivable/payable

 

(833)

 

(50,065)

Other assets

 

(2,255)

 

(7,248)

Rebates payable

 

6,180

 

5,616

Royalties payable

(3,092)

(81)

Restructuring liability

612

134

Operating lease assets/liabilities

(561)

407

Accounts payable

 

(3,597)

 

10,135

Accrued expenses

 

(1,871)

 

(10,870)

Accrued payroll and payroll-related expenses

(1,074)

(7,358)

Other liabilities

450

2,586

Net cash provided by (used in) operating activities

 

13,843

 

(24,590)

INVESTING ACTIVITIES:

Purchases of property, plant and equipment

 

(6,758)

 

(5,129)

Proceeds from sale of property, plant and equipment

 

353

 

44

Purchases of intangible assets

(1,500)

(4,000)

Net cash used in investing activities

 

(7,905)

 

(9,085)

FINANCING ACTIVITIES:

Repayments of long-term debt

 

 

(68,516)

Proceeds from issuance of stock

 

200

 

443

Payment of debt issuance costs

(2,390)

Purchase of treasury stock

 

(818)

 

(999)

Net cash used in financing activities

 

(618)

 

(71,462)

Effect on cash and cash equivalents of changes in foreign exchange rates

 

29

 

32

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

5,349

 

(105,105)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

 

98,286

 

144,329

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

$

103,635

$

39,224

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid

$

15,131

$

21,844

Income taxes refunded

$

(592)

$

(1,473)

Purchases of property, plant and equipment included in accounts payable

$

999

$

994

The accompanying notes are an integral part of the Consolidated Financial Statements.

7

LANNETT COMPANY, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Interim Financial Information

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for the presentation of interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited financial statements do not include all the information and footnotes necessary for a comprehensive presentation of the financial position, results of operations and cash flows for the periods presented. In the opinion of management, the unaudited financial statements include all the normal recurring adjustments that are necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. Operating results for the three and six months ended December 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022. These unaudited financial statements should be read in combination with the other Notes in this section; “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing in Item 2; and the Consolidated Financial Statements, including the Notes to the Consolidated Financial Statements, included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The Consolidated Balance Sheet as of June 30, 2021 was derived from audited financial statements.

Note 2. The Business and Nature of Operations

Lannett Company, Inc. (a Delaware corporation) and its subsidiaries (collectively, the “Company” or “Lannett”) primarily develop, manufacture, package, market and distribute solid oral and extended release (tablets and capsules), topical, nasal and oral solution finished dosage forms of drugs that address a wide range of therapeutic areas. Certain of these products are manufactured by others and distributed by the Company.

The Company operates pharmaceutical manufacturing plants in Carmel, New York and Seymour, Indiana. The Company’s customers include generic pharmaceutical distributors, drug wholesalers, chain drug stores, private label distributors, mail-order pharmacies, other pharmaceutical manufacturers, managed care organizations, hospital buying groups, governmental entities and health maintenance organizations.

COVID-19 Update

The COVID-19 pandemic continues to have an impact on the global economy and the way companies operate. In light of the economic impacts of COVID-19, the Company reviewed the assets on our Consolidated Balance Sheet as of December 31, 2021, including intangible and other long-lived assets. Based on our review, the Company determined that no impairments or other write-downs specifically related to COVID-19 were necessary during the first six months of Fiscal 2022 and during Fiscal 2021. Our assessment is based on information currently available and is highly reliant on various assumptions. Changes in market conditions could impact the Company’s future outlook and may lead to impairments in the future.

While COVID-19 has thus far not had a material impact on the Company’s operations, the total volume of drug prescriptions written in the country decreased at the start of the pandemic causing less demand for our products. Recently, prescription volumes have begun to increase back to pre-pandemic levels. However, we cannot reasonably predict the ultimate impact of COVID-19 on our future results of operations and cash flows due to the continued uncertainty around the duration and severity of the pandemic.

8

Note 3. Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP.

Principles of consolidation

The Consolidated Financial Statements include the accounts of Lannett Company, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year financial statement presentation.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition and sales deductions for estimated chargebacks, rebates, returns and other adjustments including a provision for the Company’s liability under the Medicare Part D program. Additionally, significant estimates and assumptions are required when determining the value of inventories and long-lived assets, including intangible assets, income taxes, and contingencies.

Because of the inherent subjectivity and complexity involved in these estimates and assumptions, actual results could differ from those estimates.

Foreign currency translation

The Consolidated Financial Statements are presented in U.S. dollars, the reporting currency of the Company. The financial statements of the Company’s foreign subsidiary are maintained in local currency and translated into U.S. dollars at the end of each reporting period. Assets and liabilities are translated at period-end exchange rates, while revenues and expenses are translated at average exchange rates during the period. The adjustments resulting from the use of differing exchange rates are recorded as part of stockholders’ equity (deficit) in accumulated other comprehensive income (loss). Gains and losses resulting from transactions denominated in foreign currencies are recognized in the Consolidated Statements of Operations under other income (loss). Amounts recorded due to foreign currency fluctuations are immaterial to the Consolidated Financial Statements.

Cash, cash equivalents and restricted cash

The Company considers all highly liquid investments with original maturities less than or equal to three months at the date of purchase to be cash and cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value, and consist of bank deposits and money market funds. The Company maintains its cash deposits and cash equivalents at well-known, stable financial institutions. Such amounts frequently exceed insured limits. In connection with the Second Lien Secured Loan Facility (“Second Lien Facility”), the Company is required to maintain at least $5 million in a deposit account at all times, subject to control by the Second Lien Collateral Agent. At December 31, 2021, the Company classified this balance as restricted cash, which is included in other assets.

9

Presented in the table below is a reconciliation of the cash, cash equivalents and restricted cash amounts presented on the Consolidated Balance Sheets to the sum of such amounts presented on the Consolidated Statements of Cash Flows for the periods ended December 31, 2021 and 2020.

    

December 31, 2021

December 31, 2020

Cash and cash equivalents

$

98,635

$

34,224

Restricted cash, included in other assets

5,000

5,000

Cash, cash equivalents and restricted cash as presented on the Consolidated Statements of Cash Flows

$

103,635

$

39,224

Allowance for doubtful accounts

The Company complies with ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires the Company to recognize an allowance that reflects a current estimate of credit losses expected to be incurred over the life of the financial asset, including trade receivables. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligations to the Company and the expected condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they are determined to be uncollectible.

Inventories

Inventories are stated at the lower of cost or net realizable value by the first-in, first-out method. Inventories are regularly reviewed and write-downs for excess and obsolete inventory are recorded based primarily on current inventory levels, expiration date and estimated sales forecasts.

Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the assets’ estimated useful lives. Repairs and maintenance costs that do not extend the useful life of the asset are expensed as incurred.

Intangible Assets

Definite-lived intangible assets are stated at cost less accumulated amortization. Amortization of definite-lived intangible assets is computed on a straight-line basis over the assets’ estimated useful lives, which commences upon shipment of the product. The Company continually evaluates the reasonableness of the useful lives of these assets. Indefinite-lived intangible assets are not amortized, but instead are tested at least annually for impairment. Costs to renew or extend the term of a recognized intangible asset are expensed as incurred.

Valuation of Long-Lived Assets, including Intangible Assets

The Company’s long-lived assets primarily consist of property, plant and equipment and definite and indefinite-lived intangible assets. Property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances (“triggering events”) indicate that the carrying amount of the asset may not be recoverable. If a triggering event is determined to have occurred, the asset’s carrying value is compared to the future undiscounted cash flows expected to be generated by the asset. If the carrying value exceeds the undiscounted cash flows of the asset, then impairment exists. Indefinite-lived intangible assets are tested for impairment at least annually during the fourth quarter of each fiscal year or more frequently if events or triggering events indicate that the asset might be impaired.

10

An impairment loss is measured as the excess of the asset’s carrying value over its fair value, which in most cases is calculated using a discounted cash flow model. Discounted cash flow models are highly reliant on various assumptions which are considered Level 3 inputs, including estimates of future cash flows (including long-term growth rates), discount rates and the probability of achieving the estimated cash flows.

Segment Information

The Company operates in one reportable segment, generic pharmaceuticals. As such, the Company aggregates its financial information for all products. The table below identifies the Company’s net sales by medical indication for the three and six months ended December 31, 2021 and 2020.

Three Months Ended

Six Months Ended

(In thousands)

December 31, 

December 31, 

Medical Indication

    

2021

    

2020

    

2021

    

2020

Analgesic

$

3,919

$

3,572

$

9,233

$

6,692

Anti-Psychosis

2,095

13,317

5,810

26,345

Cardiovascular

 

9,753

 

16,336

 

23,853

 

36,050

Central Nervous System

22,340

24,614

45,125

47,139

Endocrinology

8,297

9,496

16,142

12,729

Gastrointestinal

14,023

18,575

29,263

35,675

Infectious Disease

6,520

23,044

19,035

44,976

Migraine

 

4,446

 

6,083

 

9,131

 

15,773

Respiratory/Allergy/Cough/Cold

1,868

2,267

4,982

3,693

Urinary

1,164

1,361

2,340

2,819

Other

 

9,111

 

8,410

 

18,287

 

16,044

Contract manufacturing revenue

2,972

6,845

4,832

12,464

Total net sales