INVESTOR PRESENTATION

TIM CREW, CEOJOHN KOZLOWSKI, CFO

March 2020

© 2020 Lannett Company, Inc. All Rights Reserved. For Discussion Purposes Only

1

This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could,“ “would,” "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," “pursues,” "potential" or "con tinue" or the negative of these terms, any variations thereof or other similar expressions.

Forward-looking statements are based on current perspectives of the Company’s business and current expectations of future events . We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements speak only as of the date of this presentation and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

Factors that could cause or contribute to differences in our future results include, but are not limited to: the potential impact of the current and ongoing coronavirus (COVID-19) pandemic, impact of the nonrenewal of the exclusive distribution agreement with Jerome Stevens Pharmaceuticals on the Company’s future business and prospects, the Company’s beliefs about future revenue and expense levels, growth rates, prospects related to our strategic initiatives and business strategies, express or implied assumptions about government regulatory action or inaction, anticipated product approvals and launches (including successfully commercializing recently introduced products and launching an additional 10 products in the second half of fiscal 2020), business initiatives and product development activities, assessments related to clinical trial results, product performance and competitive environment, anticipated financial performance and integration of acquisitions. A further list and description of these risks, uncertainties and other factors can be found under Part I, Item 1A, Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 and the Company’s subsequent filings with the Securities and Exchange Commission, and in the offering memorandum for the offering to which this presentation relates. The Company qualifies all of its forward-looking statements by these cautionary statements. Market data information used in this presentation are based on management’s knowledge of the industry and the good faith estimates of management. Management has relied, to the extent available, upon their review of industry surveys and publications and other publicly available information prepared by a number of third party sources. The market data information included in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. Although the Company believes that these sources are reliable as of their respective dates, it has not verified the accuracy or completeness of this information from independent sources. In addition, this information involves important risks, uncertainties and assumptions, including those discussed above, which could cause results to differ materially.

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of non-GAAP measures to GAAPmeasures is contained in the Appendix to this presentation.

This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or jurisdiction which such offer, solicitation or sale would be unlawful, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Statements

COMPANY OVERVIEW

$515mmRevenue ex-Levo

Pure play US-centric generic pharmaceutical company with a highly reliable, US manufacturing base

Diversified existing portfolio of 116 marketed products

Established track record of “bread and butter” product launches with pipeline of announced, higher value and more durable product opportunities

Committed to the ~$55bn US generics market where Lannett has a unique niche

− Large competitors suffer global fragmentation

• Rationalizing core generics portfolio

• Investing in more complex generics or specialty brands

• Distracted with legal and other issues

− Smaller competitors cannot replicate Lannett’s reliable supply chain, scale and commercialization capabilities

3

At a glance

116Marketed products

10Approved ANDAs planned for launch

5Late-stage BD negotiations

Bu

sin

es

s

$540mmRevenue(2)

Fin

an

cia

l

(1) Includes pending signed partner deals. (3) Amounts are approximations and as of March 3, 2020.(2) Based on the midpoint of guidance issued February 5, 2020.

$132mmDebt repayment

$153mmEBITDA(2)

Business and financial highlights(3)

Unique pure-play, US-based company with the scale and pipeline to deliver consistent and growing revenue and EBITDA

17Filed ANDAs pending

approval(1)

26BD deals signed since

Jan 2018

34Products launched since

Jan 2018 (19 owned / 15 BD)

LTM(ended 12/31/19)

FY 2020E Guidance(ended 6/30/20)

4

History and transformationRecent accomplishments

Successfully executed cost savings initiatives

Cost savings and reinvestment

$136 $112

$103 $33

$94

($66)

$239

$206

FY 2018A Savings Resource reallocation FY 2020E

Operating expenses COGS

Cody Labs restructuring, spending and headcount reduction, and facility closure

Philadelphia manufacturing and distribution facility closed and production transferred to Seymour

Reduced companywide headcount by 20+%

(3)

(1) $301mm of debt pay down excluding $77mm from the September 2019 Convertibles notes offering. (2) Excludes TLA pay down from September 2019 Convertibles notes offering. (3) Excludes credit related to pre-launch inventory of approximately $4 million.(4) This is just indicative to reflect target for cost savings and is not a projection. Actual cost casings could vary and operating expenses will differ from this.

(4)

January 2018 FY2019June 2020

(FYE 2020)

Since Jan 2018, cumulative debt reduction of ~$224mm(1)

including $87mm(2) of voluntary payments

Issued $86mm Unsecured Convertible Notes in Sep. 2019

Established total leverage target of less than 3.0x

Focus on deleveraging

10 ANDAs filed and 26 new products launched since FY 2019

$55mm+ and $70mm+ of annualized revenue from product launches in FY 2019 and FY 2020, respectively

Accelerated business development and creative commercialization partnerships

Executed 26 BD deals since Jan 2018 covering 49 new products

New product launches

Refocus on maximizing short- and long-term value of in-line portfolio to minimize erosion

Bolstered commercial organization and operational discipline

Portfolio management

5

Historical product launches

History and transformation (cont’d)Acceleration of recent product launches

3

1 1

7

10

8 8

10

1H 2017

(Jul-Dec 2016)

2H 2017

(Jan-Jun 2017)

1H 2018

(Jul-Dec 2017)

2H 2018

(Jan-Jun 2018)

1H 2019

(Jul-Dec 2018)

2H 2019

(Jan-Jun 2019)

1H 2020

(Jul-Dec 2019)

2H 2020E

(Jan-Jun 2020)

FY 2019 launches expected to generate ~$57mm in FY 2020E

FY 2020 launches expected to generate ~$71mm in FY 2020E

Tim Crew joinsas CEO

Total product launch contribution in FY 2020E of ~$128mm

(Jul-Dec 2016) (Jan-Jun 2017) (Jul-Dec 2017) (Jan-Jun 2018) (Jul-Dec 2018) (Jan-Jun 2019) (Jul-Dec 2019) (Jan-Jun 2020)

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Key pipeline additions

(1) $95M is based on the Company’s estimate per the current market; only half of the brand market has been substituted to generics as of IQVIA data through February 2020.(2) IQVIA, moving annual total as of February 2020.(3) Based on the Company’s estimate per the current market and does not include anticipated market volume growth; assumes 25% price reduction compared to the current market price.(4) Assumes 20% market share for Advair, Levothyroxine and Insulin.

In Nov 2019, amended commercialization and distribution agreement with HEC

Announced first human clinical study of biosimilar Insulin Glargine achieved all primary endpoints in December 2019

Market opportunity: ~$7.6bn sales(2)

Target BLA submission in 2023

Insulin Glargine

Re-signed: FY 2020Exp. Launch: FY 2024

In Jul 2019, signed new commercialization agreement

− In August 2019, signed 3-year commercialization advisory agreement worth up to $9mm and potential access to oncology and injectable products

Levothyroxine

Signed: FY 2020Launch: Aug 2022 (at latest)

In Aug 2019, signed commercialization agreement and commenced shipping shortly thereafter

Total market opportunity: ~$295mm U.S. sales(2)

Posaconazole

Signed: FY 2020Launch: Completed

In Oct 2019, signed new commercialization agreement

Total market opportunity: ~$2.8bn U.S. sales(2)

Targeted filing in CY 2020

Advair Diskus

Signed: FY 2020Exp. Launch: CY 2021

Annual

revenue

opportunity(4)

(unless

otherwise noted)

~$39mm

(Through Q3 FY 2020)$95mm(1) $55mm $391mm(3)

INDUSTRY OVERVIEW

8

Generics industry expected to grow and pricing pressure has ameliorated

Source: IMS and IQVIA.(1) Unit defined as the number of standard dose units sold, determined by taking the # of counting units sold divided by the standard unit factor, which is the smallest common dose of a product

form as defined by IMS Health.(2) Generics include products categorized as branded generic, generic, and other defined by IMS.(3) 2015 data from May 2015 through December 2015.(4) IMS Nation Sales Perspective data and reflects prices outlets pay for products and does not include rebate discounts.

US generic industry market valueUS generic volume continues to grow at 4%...

(Projected US generic drug revenues, $ in billions)

…and price erosion has ameliorated

(US generic volume, units(1) in millions)

2,423 2,565 2,727

1,028 1,104 1,297

3,451 3,668 4,024

2014 2016 2018

Generics Branded generics

(US Generic YoY monthly price erosion)(4)

5%

(1%)

(20%)

(15%)

(10%)

(5%)

–

5%

10%

2015 2016 2017 2018 2019

2015(3) 2017 2018 2019

4% 1% (9%) (2%)(8%)

2016Period average:

Gx as % of TRx(2): 88% 90% 90%

$68

$76 $77

$71 $69

$73

$79

$83 $86

14 15 16 17 18 19 20 21 22

Only pure play, US generics player

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Generic industry has become increasingly fragmented

Source: IMS data and latest company data.(1) 2019 IMS data.

.

Lannett uniquely positioned as pure-play, competitively scaled US-focused generics company

Teva17%

Mylan10%

Sandoz7%

Endo6%

Amneal4%Lannett

1%

Other54%

Teva10%

Mylan7%

Sandoz6%

Amneal4%

Endo4%

Lannett1%

Other67%

2016Top 5:

45% share

2019(1)

Top 5:

33% share

US generic industry market share of top players shrinking

Company Composition of Sales

100%US Generics

Highly Focused One Industry, One Market

• US Generics

• US Specialty

• International

• Branded

Multiple Risks and Increased

Complexity Profile

=

=

BUILDING FOR THE FUTURE

Diversified, mature portfolio with strong product market shares

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Mature portfolio creates resilience and attracts less competitionStrong market position for the majority of the portfolio

Diversification across therapeutic areasBalanced portfolio with reduced revenue concentration

LTM Q2 2020 Revenue (ex-Levo): $515mm

(% by revenue) (% by revenue)

Cardiovascular19%

Anti-Psychosis19%

CNS15%

Gastrointestinal13%

Migraine8%

Other26%

Rank 129%

Rank 233%

Rank 37%

> Rank 331%

(% by # of products)

Average number of years since launch across the portfolio: 13 years

> 10 years52%

5-10 years21%

1-5 years17%

< 1 year10%

~70% of products are ranked 1, 2 or 3 in their respective markets

LTM Q2 2020 Revenue (ex-Levo): $515mm

Lannett is a more diversified portfolio now with no major partnership agreements coming up for renewal

Levo39%

Product B6%

Product C6%

Product D5%

Product E4%

Other40%

LTM Q2 2019 Revenue: $694mm

Top 5 = 60%

Product 118%

Product 2*7%

Product 3*6%

Product 4*5%

Product 54%

Other60%

Top 5 = 40%

Two ways to win in Gx:“Be first or stay last”

Enables Lannett to manage portfolio to maximize value and

minimize erosion

* Partnered productNote: Except where noted, data as of Q2 FY2020.

$104 $111

$101 $105

$118

$134 $127

$136

Q3 18(Mar 2018)

Q4 18(Jun 2018)

Q1 19(Sept 2018)

Q2 19(Dec 2018)

Q3 19(Mar 2019)

Q4 19(Jun 2019)

Q1 20(Sept 2019)

Q2 20(Dec 2019)

Recent track record of growth and strong margins

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($ in millions)

Lannett continues to demonstrate strong revenue growth (excludes Levo for Q3 FY18-Q3 FY19)

# of new product

launches2 5 5 5 4 4 1 7

QoQ revenue

growth %(10%) 6% (9%) 4% 12% 14% (5%) 7%

YoY revenue

growth %(14%) 16% (6%) (9%) 13% 21% 26% 29%

Total company

gross margin(1) (%)44% 44% 44% 44% 45% 45% 41% 37%

(1) Denotes non-GAAP total gross margins as reported.

Strong gross margins without Levo contribution

(Mar 2018) (Jun 2018) (Sept 2018) (Dec 2018) (Mar 2019) (Jun 2019) (Sep 2019) (Dec 2019)

Strong track record of debt reduction

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$1,160$1,147

$1,134

$1,021

$982$969

$956

$914$897

$881$864

$823

$768$758

$655

$741

4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Consistent focus on deleveraging (gross debt)

Tim Crew joins as

CEO

Nonrenewal of Levo contract with JSP

Cash: $225 $242 $247 $132 $118 $93 $140 $114 $99 $150 $164 $205 $101$140 $119

Senior Convertible Notes

Sustainable growth through new product launches and focused in-line execution

14

Internal development

New product launchesA

In-line executionB

Business developmentI II

Reinvigorated internal R&D

− 10 ANDAs filed since FY19*

− 25 projects in the pipeline*

Focused on dosage forms where LCI has expertise

~$35-$40mm annual spend

Proven BD team with a strong track record

26 BD deals since Jan 2018*

− 49 new products

Lower risk and cost effective launch strategy

Partner selectively on attractive ROI opportunities

Portfolio optimizationOpportunistic

demandIII IV

Continually optimize share and value

Capitalize on structural supply opportunities

− Competitor 483s

− Competitor exits

Consistent augmentation of production and API suppliers

Life cycle management

Opportunistic sales can evolve into longer term, sustainable opportunities

Balanced growth underpinned by foundation of operational excellence

Organizational agility

Ability to react quickly to day-to-day opportunities / challenges

Flexibility to adapt quickly to dynamic long-term market trends

Providing products customers need the most

Consistently top-ranked in customer service levels

Multi-layered relationship with customers

US-based mgmt. team

Direct and quick access to key decision makers across functions

Business, regulatory and manufacturing are all domestic

US-based operations

Efficient and reliable without global complexity

Same time zone

No travel time

Single corporate office

No language barriers

Accessible C -suite

Resource reallocation

Exited opioids

Nimble resource allocation strategy

Increased output

Strong R&D, commercial and operational teams

Minimize leakage by optimizing rebates / net price calculations

Consistently manage and modify contracts

Maximize working capital / cash flow

Gross-to-net sales efficiencies

Superior customer alignment

Fluphenazine:

Provided supply when needed

Gained 100% market share

* As of 12/31/19.

Internal R&D pipeline

15

Product Dosage form

Target FDA

submission date

Sales

opportunity(2)

Product A ER Capsules

FY2020 ~$45mm+

Product B IR Tablets

Product C IR Capsules

Product D Powder for Oral Suspension

Product E IR Capsules

Product F Oral Solution

FY 2021 ~$70mm+

Product G IR Capsules

Product H Powder for Oral Suspension

Product I Powder for Oral Suspension

Product J IR Tablets

Product K Oral Suspension

Product L Powder for Oral Solution

Product M ER Capsules

FY 2022 ~$40mm+

Product N Powder for Oral Suspension

Product O Powder for DR Oral Suspension

Product P Granules for Oral Solution

Product Q IR Tablets

Product R IR Tablets

Product S ER Capsules

Product T IR Tablets FY 2023 ~$2mm

(selected molecules in development)

* As of 12/31/19.(1) Products with <$1mm sales opportunity not shown in the table.(2) Based on Lannett’s current internal estimates based on existing market conditions, which are subject to change.

Lannett has 17 late stage ANDA assets … and maintains a strong pipeline of R&D projects

25(1) internally developed R&D projects (12/31/19)• 10 ANDAs approved pending launch*

• 17 ANDAs filed at FDA*

BD partner of choice

16

BD partner of choice

Transparency

Track record in driving share & value

Functional heads including Lannett CEO at

negotiating table

Leverage existing strong customer relationships

Reliable supplier of choice

Identify market Identify main seller of drug

Quickly negotiate terms

Sign deal Drug production Bring to market

1 2 3 4 5 6

Lack of global fragmentation

Proven BD team adept at identifying and executing on high value commercialization opportunities

Track record of BD execution

17

Recent BD track record: 26 deals executed covering 49 new products since Jan 2018

Product Deal type Date signed

Metadate CD Acquisition Feb 18

Metolazone Acquisition Feb 18

Fluvastatin ER Commercialization Feb 18

Diclofenac ER Commercialization Mar 18

Dronabinol Commercialization Apr 18

Various (20+ Products) Acquisition May 18

Various Repackaging Mar 18

Methylphenidate XR Commercialization Jul 18

Clarithromycin XL Commercialization Aug 18

Verapamil ER Renegotiation Sep 18

Dexmethylphenidate ER Commercialization Oct 18

Vardenafil Commercialization Oct 18

Entacapone Commercialization Nov 18

Lactulose OS Repackaging Nov 18

Trientine Commercialization Dec 18

Levothyroxine Transition Nov 18

Metoprolol XL Renegotiation Nov 18

Prednisone Commercialization Mar 19

Amphetamine ER Commercialization Mar 19

Dantrolene Commercialization Apr 19

Amphetamine Commercialization Feb 19

Lorazepam OS Acquisition Apr 19

Product X Commercialization Jun 19

Product Dosage form Launch timing Signed

Levothyroxine IR TabletAug 2022(at latest)

Posaconazole DR Tablets Sept 2020 Launched

Advair Diskus Inhalation Powder CY 2021

Insulin Glargine Injectable Pen FY 2024

BD Product Y Ophthalmic FY 2021 In process

BD Product Z Capsule FY 2021 In process

190 BD opportunities reviewed in CY2019

2 lost

10 closed

Disciplined approach to BD & prolific win rate in CY 2019…

…with increasing value and sustainable pipeline

83% success rate

1

2

3

4

5

6

7

9

8

133declined

45 ongoing

12 pursued

(70% declined)

10

Generics Industry

Uniquely positioned to take advantage of industry-wide disruption

18

Supply disruptions

Discontinuation of core generics products

Reprioritizing strategy to focus on complex generics /

specialty / international products

Distracted by M&A / divestitures

Ongoing organizational restructuring

Management turnover

Lower margin distribution deals

Significant opioid litigation exposure

Strong inspection history driving reliable supply and ability to

capitalize on opportunistic sales

New product launches and pipeline replenishment

Sharpened focus on US and core oral solids and liquids

Focused on executing strategy and operational excellence

Completed restructuring program

Continuity and buildout of management team since Jan 2018

Has ownership of external projects and focuses on deals

that provide expanded services and higher than industry-

average margins

De minimis opioid litigation exposure

Doses

Manufacturing footprint provides highly reliable supply and capacity for growth

19

Cost / 1000 doses at Seymour facility

Employees ~630 ~90

Dosage form Oral solids Liquids

Annual output

3.3B units

− 2.5B units as of FY 2018

− 1.8B units as of FY 2017; increase of ~1.5B capacity while reducing costs

5.5M bottles / 1.2M liters

− 5.8M bottles / 1.2M liters as of FY 2018

− 5.1M bottles / 1.1M liters as of FY 2017

Capabilities /

technology

IR and ER (tablets and capsules), OROS technology (laser drill), pellets, packaging and distribution center

Oral solutions, oral suspensions, packaging

Differentiation

Centralized manufacturing / distribution / quality centers

Co-located manufacturing and distribution center

24x7 operations

No significant liquid supplier outside US/Canada

Local manufacturer provides competitive advantage for domestic customers

(YoY% change)

Seymour, IN Carmel, NY

FY 2017 FY 2018 FY 2019

1.8B 2.5B 3.3B

Superior track record and clean inspection history

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Agency Site/Topic Outcome

DEAPhiladelphia (2):

1. Manufacturers license

2. Analytical license

No citations or observations

DEA

Seymour (3):

1. Distributor

2. Importer

3. Exporter

No citations or observations

Closed 5/31/19

OSHA Seymour (1)

1. For cause inspection for employee that fell

One observation for improving ladder training (CAPA

implemented)

EPA Although not an inspection, we resolved/settled our Seymour EPA emissions violation for methylene chloride by changing our permit. The permit was

approved which should prevent reoccurrence.

FDA Philadelphia (1) No 483 issued

FY 2020 Inspection summary

Site FDA Inspection Outcome

Philadelphia Plant FDA GMP (9/16) 2 minor observations

Pennsylvania Corporate FDA Pharmacovigilance (6/17) No 483

Cody Wyoming FDA GMP and PAI (12/17) 1 moderate observation

Seymour Plant FDA GMP (2/18) 2 minor observations

Carmel Plant FDA GMP (3/18) 2 minor observations

Site DEA Inspection Outcome

All Sites Seven (7) DEA No regulatory action

2016-2018 FDA & DEA inspection summary

Agency Site/Topic Outcome

FDA New York (1)Received a 3 item 483 with 2 minor and 1 moderate

observation; site deemed VAI in the EIR

DEA SeymourNo citations or observations

Closed 8/2/19

DEA CarmelNo citations or observations

Closed 9/9/19

FY 2019 Inspection summary

Addition of first-class commercial and operations expertise complementing strong existing management team

Proven management team with deep generics experience

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ExperienceName and Title ExperienceName and Title

Tim CrewCEO

30 years of experience in the industry, 2 at Lannett

Past work experience includes Teva, Cipla, Dr. Reddy’s, Bristol-Myers Squibb, US Army

Kristin ArnoldVP R&D

29 years of experience in the industry, 3 at Lannett

Past work experience includes Norwich Pharmaceuticals, FMC, Alpharma, Monsanto

Maureen CavanaughSVP and CCOO

30 years of experience in the industry, 2 at Lannett

Past work experience includes Teva, PAR, Sandoz, Bristol Myers

Samuel IsraelGeneral Counsel

20 years of experience in the industry, 2 at Lannett

Past work experience includes Fox Rothschild, with representation of Lannett

Robert EhlingerVP and CIO

24 years of experience in the industry, 11 at Lannett

Past work experience includes MedQuist, Kennedy Health Systems

Grant BrockVP Operations

18 years of experience in the industry, 2 at Lannett

Past work experience includes Aprecia, Teva, PMC

Alicia EvolgaVP Marketing

10 years of experience in the industry, 2 at Lannett

Past work experience includes Cipla, Lupin, Apotex, Impax

John KozlowskiCFO

20 years of experience, 10 at Lannett

Past work experience includes Optium, Finisar

Kristie StephensVP of Regulatory Affairs

20 years of experience in the industry, 20 at Lannett

John AbtVP and CQOO

32 years of experience in the industry, 4 at Lannett

Past work experience includes Teva, Alpharma,RP Scherer

Michael BlockVP of Business Development

12 years of experience in the industry, 8 at Lannett

Past work experience includes Universal Marine Medical Supply

22

Investment Highlights

Strong historical cash flow generation and track record of debt reduction

Attractive generic market dynamics for Lannett; critical scale and US footprint drives competitive advantage

Balanced and sustainable growth through strategic new product launches and focused in-line execution

Recent track record of growth and strong margins

Diversified, mature portfolio with strong product market shares

1

2

3

4

5

6 Proven management team with deep experience