call. Thanks, Robert, and good afternoon, everyone. the Thank for joining you
of We report couple to have items today. a news
issuing addition quarter results, discuss cost our financial were quarter in Overall, first reduction on also to the first restructuring In track. announced fiscal and plan. turn. I'll results both substantial XXXX matters we
and respectively above and sales line of line due expectations, key bottom to top largely Our our were several at products. solid
pressures gross was Our anticipated, however, margin, base than due on portfolio. competitive growing primarily to our lower
our balance to Turning sheet.
up Our million position XXXX, more than million September cash at XX, $XXX to from as $XX increased of June XXXX. approximately XX,
in assets, the operating believe flexibility are focus. our to of continue Meanwhile, products environment, the such oral and we towards for reinforces and market been Esomeprazole, our more two generally has as declines anticipated. particularly levels pipeline position, in strategic We Probenecid, certainly generics. the emphasize to needs especially to it our deteriorating pipeline. as in remains we a expanding Levothyroxine durable Tablets, across Maintaining some product include three business. durable our we importance our how Chlorpromazine our of we industry, portfolio to launch and quickly The affords a run than mentioned the competitive of cash as cash more environment our operational often our as support key pivot products, This adequate a respiratory such insulin the had specifically,
the current near-term. However, in we environment abate the do not expect to competitive
environment. taking are are accelerating current disappointed address the we actions While competitive to in the declines, we
a make XXXX focused preserving And portfolio First, our guidance. proactive steps organization. second, taking leaner our revised to we fiscal Lannett are have immediate more and down and core strategies, we while
be further and our Again, about optimizing reducing Key plan implemented to And completed to be strategies, with phases, announced we production efficiencies New and XX costs. while core facilities transferred our that plan improving liquid let's reduction So main one. operations, elements turn include: The Carmel products we that, plant will the to months. in includes Seymour, drug plant plan our and and will This of today. in closing cost retains restructuring our we earlier plan pursuing the relevant transferring two Carmel, facility consolidating our York. in from are once first, footprint sale. Indiana and manufacturing expect the from our
are several potential in already We active discussions parties. with
process optimizing network. volume Our strengthened will plant technologies but with products, its smaller decent be it further supports, the margin Seymour this portfolio our in overall by expand and liquid increasing thus
development generic Carmel see element future This reducing adequately second involves plan we eliminating returns restructuring that dedicated targeting and the headcount of includes site, the as in the liquid scaled medications, function. The R&D formerly to longer programs discontinuing and development sector. no
also products part of the will so-called market the on developed is mark and earlier, threshold API opportunity to requirements goal to internally potentially start and focus fewer wave and which as selection of product generics. raise come We of larger products first
can past plan OTC scaling low the XX% attractive, we continue We of believe time compete. current plan and some made we the low And at is generic the involves targeted development volume ADVAIR were scale we with where augment select to can will third Carmel, in we and that internal from products. continue margin two over to exercise a pipeline areas our today partnered or insulin. products rationalizing will lower is those the durable generic be support investments as on reduction out the particular like to to manufacturer But element restructuring expected back workforce have further successfully Ultimately, focused approximately and very result prescription margin levels. of what certain a primarily business assets This phasing low and margin in products.
Other we expect vacancies workforce, $XX as so or filled. X% existing replace the annually. of In not plant, to Another occurs. attrition million be mainly anticipate we approximately also savings will not the cost total
pipeline. So now our let's turn to
development products, solution, products additional before more. we the hard next our launched to durable pending the and including oral is be that work secure end of ANDAs of fiscal are transformational business at assets pipeline, While And to that a potentially approved currently there number three team FDA, focus sumatriptan of We pending year, approximately in on could launch. plus tend have value subflooring, our including sulfate XX pipeline the interesting at flutamide. partner are
review We to before pending FDA's working both request agency's many durable helpful ADVAIR and to comments pipeline, product dates. in respond the provided The mid-cycle starting of DISKUS intend on add more also address FDA more efforts. and the development, products partnered due large are And with disciplined have and provide expect update regard an from as the the to X, our to ANDA. our than internal product. we external X on of FDA the as XX With to generic possible comments I'll
the FDA goal We comments expect XX, date the FDA from receive XXXX. January to assigned on of additional
possible successful addressable. they a involved. believe inspection that studies As on a expect are we is launch we that site shared, to and I planning overseas the the and CRO conducted the clinical fiscal previously FDA the inspected also bioequivalence would undergo FDA product more disclosed, believe is are note The we application facilities has for and one observations the of year. by We than cycle. next review been approval contingent the already
assigned Given to inspections. inspection has appreciate COVID-XX, backlogs priority due to FDA these we the
inspection FDA pivotal on drug insulin regarding the glargine and the submitting visit in site asked our We around March near remain formally track manufacturing the biosimilar an forward the application XXXX. commencing next their to schedule product. and have investigational month future, IND the We for of to look new trial
XXXX. we this there product While fiscal in to are expect year always execution launch risks,
a expectations for our have characterized results and of our failure this structural of trial, functional are next Those a point, terms early In of not at on of we and year's highly based assays. our we is biosimilar. believe well-characterized And aware the U.S. reviewed FDA. similar product by assays been trial clinical the well
continued We XXXX, formulary are biosimilar insulin of on to preferred scripts affordable trends for product formularies. glargine, Express as Viatris' seeing insulin. one payers has their in XXXX decisions added interchangeable pursue a effort and also for positive Semglee demonstrating
formularies. product have XXXX In as ReliOn Illinois Texas preferred addition, Walmart's Florida, a their and state on included Medicaid insulin
payers biosimilar generic are are products aforementioned of dedicated because for expertise our the the pressures plant continue and technical largely to insulins plans. significant investments monitor and develop the needed that from will how in the under them. our oral we required to We durable interchangeable industry substantial go-to-market differentiated adopt All of manufacture product five development average the as pipeline and
we believe for negotiations are and Also, So evaluating product all durable we call, continues in of only on partners. opportunities both a expand pipeline we products. There When dollar to handful pursue to of continue these expect these One markets insulin more and on development and competitors efforts, built internal and products, market matters. last opportunities. we legal be device our as for drug multibillion the inhalation and additional an current for noted thus and value. brief with targeted future combined areas additional comment have exciting of to with in
have our We agreement with Genus product. Lifesciences a to reached Numbrino related settlement earlier
While To market line related the have the better-than-expected quarter. Genus reported to right the various challenges our by terms settlement it product of remarks, dismissed. confidential, today's the levied been we’ve top the for court are to and sum all up
fiscal a for our oral XXXX reflect base down revised have to portfolio. We environment increasingly guidance competitive generics the
remain levels cash our However, substantial.
and to focused Our is be begun leaner, organization. in place, become implementing more XX remain have savings months strategies in plans $XX approximately generate annual plan of million. cost to we restructuring and core a approximately completed expected The
Our FDA through process. pending review to generic make the ADVAIR its DISKUS ANDA way continues
March an and investors expect We contribute one and our have these commenced our pressures around trial future And comment. insulin anticipate results. sales. to to IND final of the the the other are durable forecasting next our over we month near-term in submit frustrations appreciate pivotal XXXX. We assets biosimilar can We now both may glargine significantly our application for
aware We and stock our valuations. of are keenly bond current
on expectations quite However, high. our optimism future remains
various next progressing, exciting believe in steadily capabilities, of pipeline With John? durable to them to and few the value call continue the near, opportunities turn are resources get options we across market will to all discipline the management that, term. the of With immediate that Our enhance to have consider Board our and mind, and I'll to investor we John. over looking over our years. carefully longer and
