---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-127833"
form_type: "8-K"
ticker: null
cik: "0000057725"
company_name: "LANNETT CO INC"
filed_at: "2022-12-16T23:59:59+00:00"
generated_at: "2026-06-21T03:44:59.616191+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Lannett announces 11% workforce reduction, facility exits; expects $3M severance, $6-8M impairment

## Summary
- Authorized restructuring plan on Dec 15, 2022; reducing workforce by 64 positions (~11% of total employees).
- Exiting State Road and Torresdale facilities in Philadelphia by end of fiscal year 2023.
- Estimated $3.0M in severance costs; $0.4M expected in Q2 fiscal 2023.
- Non-cash impairment charge of $6-8M on Torresdale facility in Q2 fiscal 2023 in addition to restructuring costs.

## SEC filing metadata
- accession: 0001104659-22-127833
- form_type: 8-K
- cik: 0000057725
- company_name: LANNETT CO INC
- filed_at: 2022-12-16T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.05, 2.06
- EDGAR index: https://www.sec.gov/Archives/edgar/data/57725/000110465922127833/0001104659-22-127833-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/57725/000110465922127833/tm2232845d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-127833
- JSON: https://secwatch.observer/filing/0001104659-22-127833.json
- Plain text: https://secwatch.observer/filing/0001104659-22-127833.txt

## Key facts
- Restructurings & Charges
  LANNETT CO INC announced a impairment with charges of estimated range of $6 million to $8 million affecting Torresdale facility.
  - Type: impairment
  - Charge: estimated range of $6 million to $8 million
  - Affected area: Torresdale facility
  source text: the Company expects to record a non-cash impairment charge of its Torresdale facility in the estimated range of $6 million to $8 million in the second quarter of Fiscal 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465922127833/0001104659-22-127833-index.htm
- Restructurings & Charges
  LANNETT CO INC announced a restructuring with charges of approximately $3.0 million affecting State Road and Torresdale facilities in Philadelphia, Pennsylvania (by 64 positions, equal to approximately 11% of the Company's total number of employees).
  - Type: restructuring
  - Charge: approximately $3.0 million
  - Affected area: State Road and Torresdale facilities in Philadelphia, Pennsylvania
  - Headcount: by 64 positions, equal to approximately 11% of the Company's total number of employees
  source text: exiting our State Road and Torresdale facilities in Philadelphia, Pennsylvania by the end of our current fiscal year. The Company estimates that it will incur approximately $3.0 million in severance-related costs in connection with the 2022 Restructuring Plan, of which $0.4 million is expected to be incurred in the second quarter of Fiscal 2023. These expenses
  evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465922127833/0001104659-22-127833-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.