The market for generic medications is expanding, due in most part to many of the patents on the brand versions of these drugs coming to an end. Wall Street seems more or less aware of this, and has attached a large premium to leaders in the generic manufacturers such as Teva (TEVA), which sells at a lofty 30x trailing earnings. Of course, everything is not bioequivalent here, as Teva makes a popular generic of amphetamine salts, also known as Adderall, a brand owned by Shire (SHPG) But look around, and you can still find some good deals out there. Lannett Company (LCI) is looking like a bargain these days at less than 10x earnings. They manufacture several popular generics like Synthroid for example, and the company has seen explosive growth in recent years. The price is currently suffering due to the news that Kremers Urban Pharmaceuticals, whom Lannett is in the process of acquiring, had lost a key customer.Their product lines accounted for $87 million of Kremers’ revenue and around $45 million of Lannett’s Pro Forma Combined Adjusted EBITDA for the last fiscal year. In spite of that, Lannett was doing a decent job of growing their bottom line without the help of the acquisition, and can be owned cheaply today. The stock closed down $2.38 at $36.98 today.