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Lannett Announces Preliminary Fiscal 2014 First Quarter Net Sales of $45 Million, Adjusted Earnings Per Share between $0.20 and



  Lannett Announces Preliminary Fiscal 2014 First Quarter Net Sales of $45
  Million, Adjusted Earnings Per Share between $0.20 and $0.22

 Company to Report Full Financial Results, Host Conference Call on Thursday,
                                 November 7th

Business Wire

PHILADELPHIA -- October 31, 2013

Lannett Company, Inc. (NYSE MKT: LCI) today announced that it expects to
report fiscal 2014 first quarter net sales of approximately $45 million and
adjusted earnings per share between $0.20 and $0.22. On a GAAP basis, the
company expects to report a loss per share attributable to Lannett Company in
the range of $0.20 to $0.22, which includes a non-recurring, pre-tax charge of
$20.1 million related to the previously announced contract extension with
Jerome Stevens Pharmaceuticals, Inc. (JSP) to be the exclusive distributor in
the United States of three JSP products. For the prior year first quarter, net
sales were $35.3 million and diluted earnings per share attributable to
Lannett Company were $0.10, which included a favorable pre-tax litigation
settlement of $1.3 million, equal to $0.02 per diluted share. Excluding the
JSP contract renewal charge, the company said the improved performance was
driven by strong sales of existing and new products, price increases and
favorable product mix.

Lannett will report full financial results for its fiscal 2014 first quarter
Thursday, November 7, 2013 after the market closes and will host a conference
call that same afternoon at 4:30 p.m. Eastern (1:30 p.m. Pacific) to review
the company’s performance and answer questions.

The conference call will be available to interested parties by dialing
877-261-8992 from the U.S. or Canada, or 847-619-6548 from international
locations, passcode 35995945. The call will also be available through a live,
listen-only audio broadcast via the Internet at www.lannett.com. Listeners are
encouraged to visit the website at least 15 minutes prior to the start of the
scheduled presentation to register, download and install any necessary audio
software. A playback of the call will be archived and accessible on the same
website for at least three months.

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 statements,
including, but not limited to, the reporting of its preliminary financial
results, whether expressed or implied, are 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 difficulty in predicting the timing or outcome of FDA or other regulatory
approvals or actions, the ability to successfully commercialize products upon
approval, Lannett’s estimated or anticipated future financial results, future
inventory levels, future competition or pricing, future levels of operating
expenses, product development efforts or performance, and other risk factors
discussed in the company’s Form 10-K and other documents filed with the
Securities and Exchange Commission from time to time. 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 Co., LLC
Robert Jaffe, 424-288-4098
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