Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'IMPAX LABORATORIES INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 69,748,015 | ' |
Entity Public Float | ' | ' | $1,298,036,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001003642 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $184,612,000 | $142,162,000 |
Short-term investments | 228,521,000 | 156,756,000 |
Accounts receivable, net | 112,993,000 | 92,249,000 |
Inventory, net | 70,107,000 | 89,764,000 |
Deferred income taxes | 50,788,000 | 42,529,000 |
Prepaid expenses and other current assets | 12,721,000 | 22,083,000 |
Total current assets | 659,742,000 | 545,543,000 |
Property, plant and equipment, net | 188,191,000 | 180,758,000 |
Other assets | 57,820,000 | 42,751,000 |
Deferred income taxes | 33,926,000 | 19,394,000 |
Intangible assets, net | 29,670,000 | 47,950,000 |
Goodwill | 27,574,000 | 27,574,000 |
Total assets | 996,923,000 | 863,970,000 |
Current liabilities: | ' | ' |
Accounts payable | 26,824,000 | 41,340,000 |
Accrued expenses | 111,523,000 | 92,742,000 |
Accrued profit sharing and royalty expenses | 11,560,000 | 4,936,000 |
Deferred revenue | 3,983,000 | 6,277,000 |
Total current liabilities | 153,890,000 | 145,295,000 |
Deferred revenue | 4,267,000 | 6,362,000 |
Other liabilities | 28,563,000 | 21,210,000 |
Total liabilities | 186,720,000 | 172,867,000 |
Commitments and contingencies (Notes 18 and 19) | ' | ' |
Preferred Stock, $0.01 par value, 2,000,000 shares authorized, no shares outstanding at December 31, 2013 and 2012 | ' | ' |
Common stock, $0.01 par value, 90,000,000 shares authorized and 69,927,609 and 68,516,251 shares issued at December 31, 2013 and 2012, respectively | 699,000 | 685,000 |
Additional paid-in capital | 336,648,000 | 314,717,000 |
Treasury stock - 243,729 shares | -2,157,000 | -2,157,000 |
Accumulated other comprehensive income | 1,140,000 | 5,244,000 |
Retained earnings | 473,873,000 | 372,614,000 |
Total stockholders’ equity | 810,203,000 | 691,103,000 |
Total liabilities and stockholders’ equity | $996,923,000 | $863,970,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 69,927,609 | 68,516,251 |
Treasury stock, shares | 243,729 | 243,729 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues: | ' | ' | ' |
Revenues | $511,502,000 | $581,692,000 | $512,919,000 |
Cost of revenues | 312,202,000 | 299,138,000 | 254,624,000 |
Gross profit | 199,300,000 | 282,554,000 | 258,295,000 |
Operating expenses: | ' | ' | ' |
Research and development | 68,854,000 | 81,320,000 | 82,701,000 |
Patent litigation | 16,545,000 | 9,772,000 | 7,506,000 |
Selling, general and administrative | 120,288,000 | 108,470,000 | 68,477,000 |
Total operating expenses | 205,687,000 | 199,562,000 | 158,684,000 |
(Loss) income from operations | -6,387,000 | 82,992,000 | 99,611,000 |
Other income (expense), net | 152,447,000 | -138,000 | -2,492,000 |
Interest income | 1,299,000 | 1,089,000 | 1,149,000 |
Interest expense | -419,000 | -632,000 | -157,000 |
Income before income taxes | 146,940,000 | 83,311,000 | 98,111,000 |
Provision for income taxes | 45,681,000 | 27,438,000 | 32,616,000 |
Net income | 101,259,000 | 55,873,000 | 65,495,000 |
Net Income per share: | ' | ' | ' |
Basic (in Dollars per share) | $1.51 | $0.85 | $1.02 |
Diluted (in Dollars per share) | $1.47 | $0.82 | $0.97 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic (in Shares) | 66,921,181 | 65,660,271 | 64,126,855 |
Diluted (in Shares) | 68,655,038 | 68,404,551 | 67,319,989 |
Global Division [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Revenues | 398,340,000 | 448,682,000 | 491,710,000 |
Cost of revenues | 253,836,000 | 229,355,000 | 242,713,000 |
Operating expenses: | ' | ' | ' |
Research and development | 41,384,000 | 48,604,000 | 46,169,000 |
Patent litigation | 16,545,000 | 9,772,000 | 7,506,000 |
Selling, general and administrative | 17,684,000 | 15,377,000 | 11,313,000 |
Income before income taxes | 68,891,000 | 145,574,000 | 184,009,000 |
Impax Division [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Revenues | 113,162,000 | 133,010,000 | 21,209,000 |
Cost of revenues | 58,366,000 | 69,783,000 | 11,911,000 |
Operating expenses: | ' | ' | ' |
Research and development | 27,470,000 | 32,716,000 | 36,532,000 |
Selling, general and administrative | 44,915,000 | 37,896,000 | 7,435,000 |
Income before income taxes | ($17,589,000) | ($7,385,000) | ($34,669,000) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income | $101,259,000 | $55,873,000 | $65,495,000 |
Currency translation adjustments | -4,104,000 | 3,520,000 | -1,087,000 |
Comprehensive income | $97,155,000 | $59,393,000 | $64,408,000 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Balance at December 31 at Dec. 31, 2010 | $647,000 | $255,440,000 | ($2,157,000) | $2,811,000 | $251,246,000 | $507,987,000 |
Balance at December 31 (in Shares) at Dec. 31, 2010 | 64,477,000 | ' | ' | ' | ' | ' |
Exercise of stock options, issuance of restricted stock and sale of common stock under ESPP | 20,000 | 11,306,000 | ' | ' | ' | 11,326,000 |
Exercise of stock options, issuance of restricted stock and sale of common stock under ESPP (in Shares) | 2,027,000 | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 12,685,000 | ' | ' | ' | 12,685,000 |
Tax benefit related to exercise of stock options and restricted stock | ' | 6,535,000 | ' | ' | ' | 6,535,000 |
Currency translation adjustments | ' | ' | ' | -1,087,000 | ' | -1,087,000 |
Net income | ' | ' | ' | ' | 65,495,000 | 65,495,000 |
Balance at December 31 at Dec. 31, 2011 | 667,000 | 285,966,000 | -2,157,000 | 1,724,000 | 316,741,000 | 602,941,000 |
Balance at December 31 (in Shares) at Dec. 31, 2011 | 66,504,000 | ' | ' | ' | ' | ' |
Exercise of stock options, issuance of restricted stock and sale of common stock under ESPP | 18,000 | 7,746,000 | ' | ' | ' | 7,764,000 |
Exercise of stock options, issuance of restricted stock and sale of common stock under ESPP (in Shares) | 1,768,000 | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 16,303,000 | ' | ' | ' | 16,303,000 |
Tax benefit related to exercise of stock options and restricted stock | ' | 4,702,000 | ' | ' | ' | 4,702,000 |
Currency translation adjustments | ' | ' | ' | 3,520,000 | ' | 3,520,000 |
Net income | ' | ' | ' | ' | 55,873,000 | 55,873,000 |
Balance at December 31 at Dec. 31, 2012 | 685,000 | 314,717,000 | -2,157,000 | 5,244,000 | 372,614,000 | 691,103,000 |
Balance at December 31 (in Shares) at Dec. 31, 2012 | 68,272,000 | ' | ' | ' | ' | ' |
Exercise of stock options, issuance of restricted stock and sale of common stock under ESPP | 14,000 | 3,538,000 | ' | ' | ' | 3,552,000 |
Exercise of stock options, issuance of restricted stock and sale of common stock under ESPP (in Shares) | 1,412,000 | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 17,644,000 | ' | ' | ' | 17,644,000 |
Tax benefit related to exercise of stock options and restricted stock | ' | 749,000 | ' | ' | ' | 749,000 |
Currency translation adjustments | ' | ' | ' | -4,104,000 | ' | -4,104,000 |
Net income | ' | ' | ' | ' | 101,259,000 | 101,259,000 |
Balance at December 31 at Dec. 31, 2013 | $699,000 | $336,648,000 | ($2,157,000) | $1,140,000 | $473,873,000 | $810,203,000 |
Balance at December 31 (in Shares) at Dec. 31, 2013 | 69,684,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $101,259 | $55,873 | $65,495 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 36,006 | 77,934 | 15,710 |
In-process research and development charge | ' | 1,550 | ' |
Intangible asset impairment | 13,906 | ' | ' |
Provision for inventory reserves | 12,476 | -372 | -6,155 |
Accretion of interest income on short-term investments | -659 | -639 | -870 |
Deferred income taxes - net and uncertain tax positions | -21,132 | -23,561 | 7,097 |
Tax benefit related to the exercise of employee stock options | -749 | -4,702 | -6,535 |
Deferred revenue | ' | 2,278 | 2,568 |
Deferred product manufacturing costs | ' | -2,823 | -1,721 |
Recognition of deferred revenue | -4,390 | -29,099 | -25,579 |
Amortization of deferred product manufacturing costs | ' | 11,669 | 3,111 |
Accrued profit sharing and royalty expense | 61,118 | 72,106 | 107,760 |
Payments of profit sharing and royalty expense | -54,494 | -107,935 | -81,145 |
Share-based compensation expense | 17,644 | 16,303 | 12,685 |
Bad debt expense | ' | ' | 163 |
Changes in certain assets and liabilities: | ' | ' | ' |
Accounts receivable | -20,744 | 61,524 | -71,882 |
Inventory | 7,095 | -33,692 | -5,487 |
Prepaid expenses and other assets | -7,646 | -22,301 | -16,024 |
Accounts payable and accrued expenses | 4,698 | 28,462 | 4,682 |
Other liabilities | 5,552 | 3,254 | 2,254 |
Net cash provided by operating activities | 149,940 | 105,829 | 6,127 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of short-term investments | -357,092 | -210,688 | -359,646 |
Maturities of short-term investments | 285,986 | 296,566 | 375,126 |
Purchases of property, plant and equipment | -32,785 | -66,900 | -30,524 |
Payments for product licensing rights, net | -12,000 | -104,760 | ' |
Net cash used in investing activities | -115,891 | -85,782 | -15,044 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options and ESPP | 8,213 | 12,614 | 14,774 |
Tax benefit related to the exercise of employee stock options and restricted stock | 749 | 4,702 | 6,535 |
Net cash provided by financing activities | 8,962 | 17,316 | 21,309 |
Effect of exchange rate changes on cash and cash equivalents | -561 | 380 | 231 |
Net increase in cash and cash equivalents | 42,450 | 37,743 | 12,623 |
Cash and cash equivalents, beginning of year | 142,162 | 104,419 | 91,796 |
Cash and cash equivalents, end of year | 184,612 | 142,162 | 104,419 |
Cash paid for interest | 89 | 546 | 166 |
Cash paid for income taxes, net | $34,272 | $55,356 | $24,421 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
Unpaid vendor invoices of approximately $6,210,000, $10,017,000 and $795,000 which were accrued as of December 31, 2013, 2012 and 2011, respectively, are excluded from the purchase of property, plant, and equipment and the change in accounts payable and accrued expenses. |
Note_1_The_Company
Note 1 - The Company | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. THE COMPANY | |
Impax Laboratories, Inc. (“Impax” or “Company”) is a technology-based, specialty pharmaceutical company. The Company has two reportable segments, referred to as the Global Pharmaceuticals Division (“Global Division”) and the Impax Pharmaceuticals Division (“Impax Division”). | |
The Global Division develops, manufactures, sells, and distributes generic pharmaceutical products primarily through four sales channels: the “Global products” sales channel, for generic pharmaceutical prescription products the Company sells directly to wholesalers, large retail drug chains, and others; the “Private Label” sales channel, for generic pharmaceutical over-the-counter (“OTC”) and prescription products the Company sells to unrelated third-party customers who in-turn sell the product under their own label; the “Rx Partner” sales channel, for generic prescription products sold through unrelated third-party pharmaceutical entities under their own label pursuant to alliance and collaboration agreements; and the “OTC Partner” sales channel, for generic pharmaceutical OTC products sold through unrelated third-party pharmaceutical entities under their own label pursuant to alliance, collaboration and supply agreements. Revenues from the “Global Products” sales channel and the “Private Label” sales channel are reported under the caption “Global Product sales, net” in “Note 20 - Supplementary Financial Information.” The Company also generates revenue from research and development services provided under a joint development agreement with an unrelated third party pharmaceutical company, and reports such revenue under the caption “Other Revenues” in “Note 20 - Supplementary Financial Information.” The Company provides these services through the research and development group in the Global Division. | |
The Impax Division is engaged in the development of proprietary brand pharmaceutical products through improvements to already-approved pharmaceutical products to address central nervous system (“CNS”) disorders. The Impax Division currently has one internally developed late stage branded pharmaceutical product candidate, RYTARYTM (IPX066), an extended release capsule formulation of carbidopa-levodopa for the symptomatic treatment of Parkinson’s disease, for which the New Drug Application (“NDA”) was accepted for filing by the U.S. Food and Drug Administration (“FDA”) in February 2012 and which the Company received a Complete Response Letter from the FDA in January 2013. The Company is currently working with the FDA on the appropriate next steps for the RYTARYTM NDA. In addition to RYTARYTM, the Impax Division has a number of other product candidates that are in varying stages of development. The Impax Division is also engaged in product sales and promotion through a direct sales force focused on promoting to physicians, primarily in the CNS community, pharmaceutical products developed by an unrelated third-party pharmaceutical company. Additionally, the Company generates revenue in the Impax Division from research and development services provided under a development and license agreement with another unrelated third-party pharmaceutical company. | |
In California, the Company utilizes a combination of owned and leased facilities mainly located in Hayward. The Company’s primary properties in California consist of a leased office building used as the Company’s corporate headquarters, in addition to five properties it owns, including a research and development center facility and a manufacturing facility. Additionally, the Company leases three facilities in Hayward, utilized for additional research and development, administrative services, equipment storage and quality assurance support. In Pennsylvania, the Company owns a packaging, warehousing, and distribution center located in Philadelphia and leases a facility in New Britain used for sales and marketing, finance, and administrative personnel, as well as providing additional warehouse space. Outside the United States, in Taiwan, R.O.C., the Company owns a manufacturing facility. | |
Workforce reduction | |
On June 4, 2013, the Company committed to a reduction in the Company’s workforce, eliminating approximately 110 positions, with the majority of these positions at the Company’s Hayward, California manufacturing facility. The reduction in workforce is part of the Company’s efforts to streamline its operations in response to the need to reduce expenses and adapt to changing market conditions. The Company recorded an accrual for severance and related termination costs of $3.0 million in the three month period ended June 30, 2013 as a result of this workforce reduction. As of December 31, 2013, all accrued severance and related termination costs had been paid and the Company currently does not expect to pay any additional amounts. | |
CEO transition | |
On June 25, 2013, the Company announced that Dr. Larry Hsu plans to retire as President and Chief Executive Officer of Impax. Dr. Hsu is expected to remain with the Company in his current position until a replacement has been appointed. Dr. Hsu is also expected to remain as a member of the Board of Directors after his retirement from the Company. In connection with his retirement, Dr. Hsu entered into a Separation Agreement with the Company dated June 24, 2013 (the “Separation Agreement”). Pursuant to the Separation Agreement, the Company will provide Dr. Hsu with certain termination benefits and payments. The Company recorded a $5.0 million accrual for costs associated with Dr. Hsu’s retirement in the three month period ended June 30, 2013, comprised of $2.7 million of separation pay and benefits and $2.3 million of accelerated expense related to Dr. Hsu’s outstanding stock options and restricted stock. Refer to “Note 14 – Share-based Compensation” for more information on the acceleration of Dr. Hsu’s equity awards. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the U.S. Securities & Exchange Commission (“SEC”) requires the use of estimates and assumptions, based on complex judgments considered reasonable, and affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant judgments are employed in estimates used in determining values of tangible and intangible assets, legal contingencies, tax assets and tax liabilities, fair value of share-based compensation related to equity incentive awards issued to employees and directors, and estimates used in applying the Company’s revenue recognition policy including those related to accrued chargebacks, rebates, product returns, Medicare, Medicaid, and other government rebate programs, shelf-stock adjustments, and the timing and amount of deferred and recognized revenue and deferred and amortized product manufacturing costs related to alliance and collaboration agreements. Actual results may differ from estimated results. Certain prior year amounts have been reclassified to conform to the presentation for the year ended December 31, 2013. The Company’s results for the year ended December 31, 2013 were positively impacted by a credit of approximately $600,000 (net-of-tax), or $0.01 per diluted share, related to certain partially offsetting prior period adjustments. The adjustments related to a non-GAAP depreciation policy and a best price adjustment for government rebates. The Company has determined that the impact of these adjustments is not material to the Company’s corresponding annual or quarterly financial statements. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements of the Company include the accounts of the operating parent company, Impax Laboratories, Inc., its wholly owned subsidiaries, including Impax Laboratories (Taiwan) Inc., and an equity investment in Prohealth Biotech, Inc. (“Prohealth”), in which the Company held a 57.54% majority ownership interest at December 31, 2013. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all short-term investments with maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are stated at cost, which, for cash equivalents, approximates fair value due to their short-term maturity. The Company is potentially subject to financial instrument concentration of credit risk through its cash and cash equivalents. The Company maintains cash and cash equivalents with several major financial institutions. Such amounts frequently exceed Federal Deposit Insurance Corporation (“FDIC”) limits. | |||||||||||||
Short-Term Investments | |||||||||||||
Short-term investments represent investments in fixed rate financial instruments with maturities of greater than three months but less than 12 months at the time of purchase. The Company’s short-term investments are held in U.S. Treasury securities, corporate bonds, and high grade commercial paper, which are not insured by the FDIC. They are stated at amortized cost, which approximates fair value due to their short-term maturity, generally based upon observable market values of similar securities. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company’s deferred compensation liability is carried at the value of the amount owed to participants, and is derived from observable market data by reference to hypothetical investments. The carrying values of other financial assets and liabilities such as accounts receivable, accounts payable and accrued expenses approximate their fair values due to their short-term nature. | |||||||||||||
Contingencies | |||||||||||||
In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, covering a wide range of matters, including, among others, patent litigation, stockholder lawsuits, and product and clinical trial liability. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (“ASC”) Topic 450, "Contingencies", the Company records accruals for such loss contingencies when it is probable a liability will been incurred and the amount of loss can be reasonably estimated. The Company, in accordance with FASB ASC Topic 450, does not recognize gain contingencies until realized. The Company records an accrual for legal costs in the period incurred. A discussion of contingencies is included in the “Commitments and Contingencies,” and “Legal and Regulatory Matters” footnotes below. | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from amounts deemed to be uncollectible from its customers; these allowances are for specific amounts on certain accounts based on facts and circumstances determined on a case-by-case basis. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk are cash, cash equivalents, short-term investments, and accounts receivable. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by placing its investments with high quality money market funds, corporate debt, and short-term commercial paper and in securities backed by the U.S. Government. The Company limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary. The Company does not require collateral to secure amounts owed to it by its customers. | |||||||||||||
The following tables present the percentage of total accounts receivable and gross revenues represented by the Company’s five largest customers as of and for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Percent of Total Accounts Receivable | 2013 | 2012 | 2011 | ||||||||||
Customer #1 | 35.10% | 31.90% | 30.40% | ||||||||||
Customer #2 | 28.80% | 23.30% | 12.90% | ||||||||||
Customer #3 | 18.50% | 18.40% | 25.70% | ||||||||||
Customer #4 | --% | --% | 8.60% | ||||||||||
Customer #5 | --% | 3.70% | 2.50% | ||||||||||
Customer #6 | --% | 3.10% | --% | ||||||||||
Customer #7 | 2.90% | --% | --% | ||||||||||
Customer #8 | 1.00% | --% | --% | ||||||||||
Total Five largest customers | 86.30% | 80.40% | 80.10% | ||||||||||
Percent of Gross Revenues | 2013 | 2012 | 2011 | ||||||||||
Customer #1 | 25.10% | 25.20% | 19.60% | ||||||||||
Customer #2 | 30.60% | 21.80% | 15.90% | ||||||||||
Customer #3 | 20.30% | 15.10% | 19.40% | ||||||||||
Customer #4 | --% | 9.20% | 12.40% | ||||||||||
Customer #5 | 2.50% | --% | --% | ||||||||||
Customer #6 | 2.40% | 2.90% | 2.40% | ||||||||||
Total Five largest customers | 80.90% | 74.20% | 69.70% | ||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company’s top ten generic products accounted for 68%, 70% and 76%, respectively, of Global Product sales, net. In our Impax Division, revenue from sales of branded Zomig® products pursuant to our Distribution, License, Development and Supply Agreement with AstraZeneca accounted for 100% of our Impax Product sales, net. Refer to “Note 20 - Supplemental Financial Information” for more information. | |||||||||||||
Inventory | |||||||||||||
Inventory is stated at the lower of cost or market. Cost is determined using a standard cost method, and the cost flow assumption is first in, first out (“FIFO”) flow of goods. Standard costs are revised annually, and significant variances between actual costs and standard costs are apportioned to inventory and cost of goods sold based upon inventory turnover. Costs include materials, labor, quality control, and production overhead. Inventory is adjusted for short-dated, unmarketable inventory equal to the difference between the cost of inventory and the estimated value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Consistent with industry practice, the Company may build pre-launch inventories of certain products which are pending required approval from the FDA and/or resolution of patent infringement litigation, when, in the Company’s assessment, such action is appropriate to prepare for the anticipated commercial launch and FDA approval is expected in the near term and/or the related litigation will be resolved in the Company’s favor. The Company accounts for all costs of idle facilities, excess freight and handling costs, and wasted materials (spoilage) as a current period charge in accordance with GAAP. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred and costs of improvements and renewals are capitalized. Costs incurred in connection with the construction or major renovation of facilities, including interest directly related to such projects, are capitalized as construction in progress. Depreciation is recognized using the straight-line method based on the estimated useful lives of the related assets, which are generally 40 years for buildings, 10 to 15 years for building improvements, eight to 10 years for equipment, and four to 10 years for office furniture and equipment. Land and construction-in-progress are not depreciated. | |||||||||||||
Goodwill | |||||||||||||
In accordance with FASB ASC Topic 350, "Goodwill and Other Intangibles", rather than recording periodic amortization, goodwill is subject to an annual assessment for impairment by applying a fair value based test. Under FASB ASC Topic 350, if the fair value of the reporting unit exceeds the reporting unit’s carrying value, including goodwill, then goodwill is considered not impaired, making further analysis not required. The Company considers the Global Division and the Impax Division operating segments to each be a reporting unit. The Company attributes the entire carrying amount of goodwill to the Global Division. | |||||||||||||
The Company concluded the carrying value of goodwill was not impaired as of December 31, 2013 and 2012 as the fair value of the Global Division exceeded its carrying value at each date. The Company performs its annual goodwill impairment test in the fourth quarter of each year. The Company estimated the fair value of the Global Division using a discounted cash flow model for both the reporting unit and the enterprise. In addition, on a quarterly basis, the Company performs a review of its business operations to determine whether events or changes in circumstances have occurred which could have a material adverse effect on the estimated fair value of the reporting unit, and thus indicate a potential impairment of the goodwill carrying value. If such events or changes in circumstances were deemed to have occurred, the Company would perform an interim impairment analysis, which may include the preparation of a discounted cash flow model, or consultation with one or more valuation specialists, to determine the impact, if any, on the Company’s assessment of the reporting unit’s fair value. The Company has not to date deemed there to have been any significant adverse changes in the legal, regulatory, or general economic environment in which the Company conducts its business operations. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company recognizes revenue when the earnings process is complete, which under SEC Staff Accounting Bulletin No. 104, Topic No. 13, “Revenue Recognition” (“SAB 104”), is when revenue is realized or realizable and earned, there is persuasive evidence a revenue arrangement exists, delivery of goods or services has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. | |||||||||||||
The Company accounts for material revenue arrangements which contain multiple deliverables in accordance with FASB ASC Topic 605-25, revenue recognition for arrangements with multiple elements, which addresses the determination of whether an arrangement involving multiple deliverables contains more than one unit of accounting. A delivered item within an arrangement is considered a separate unit of accounting only if both of the following criteria are met: | |||||||||||||
● | the delivered item has value to the customer on a stand-alone basis; and | ||||||||||||
● | if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the vendor. | ||||||||||||
Under FASB ASC Topic 605-25, if both of the criteria above are not met, then separate accounting for the individual deliverables is not appropriate. Revenue recognition for arrangements with multiple deliverables constituting a single unit of accounting is recognized generally over the greater of the term of the arrangement or the expected period of performance, either on a straight-line basis or on a modified proportional performance method. | |||||||||||||
The Company accounts for milestones related to research and development activities in accordance with FASB ASC Topic 605-28, milestone method of revenue recognition. FASB ASC Topic 605-28 allows for the recognition of consideration, which is contingent on the achievement of a substantive milestone, in its entirety in the period the milestone is achieved. A milestone is considered to be substantive if all of the following criteria are met: the milestone is commensurate with either: (1) the performance required to achieve the milestone, or (2) the enhancement of the value of the delivered items resulting from the performance required to achieve the milestone; the milestone relates solely to past performance; and, the milestone payment is reasonable relative to all of the deliverables and payment terms within the agreement. | |||||||||||||
Global Product sales, net, and Impax Product sales, net: | |||||||||||||
The Global Product sales, net and Impax Product sales, net include revenue recognized related to shipments of generic and branded pharmaceutical products to the Company’s customers, primarily drug wholesalers and retail chains. Gross sales revenue is recognized at the time title and risk of loss passes to the customer, which is generally when product is received by the customer. Global and Impax Product revenue, net may include deductions from the gross sales price related to estimates for chargebacks, rebates, distribution service fees, returns, shelf-stock, and other pricing adjustments. The Company records an estimate for these deductions in the same period when revenue is recognized. A summary of each of these deductions is as follows: | |||||||||||||
Chargebacks | |||||||||||||
The Company has agreements establishing contract prices for certain products with certain indirect customers, such as managed care organizations, hospitals and government agencies who purchase products from drug wholesalers. The contract prices are lower than the prices the customer would otherwise pay to the wholesaler, and the price difference is referred to as a chargeback, which generally takes the form of a credit memo issued by the Company to reduce the invoiced gross selling price charged to the wholesaler. An estimated accrued provision for chargeback deductions is recognized at the time of product shipment. The primary factors considered when estimating the provision for chargebacks are the average historical chargeback credits given, the mix of products shipped, and the amount of inventory on hand at the major drug wholesalers with whom the Company does business. The Company also monitors actual chargebacks granted and compares them to the estimated provision for chargebacks to assess the reasonableness of the chargeback reserve at each quarterly balance sheet date. | |||||||||||||
Rebates | |||||||||||||
The Company maintains various rebate programs with its customers in an effort to maintain a competitive position in the marketplace and to promote sales and customer loyalty. The rebates generally take the form of a credit memo to reduce the invoiced gross selling price charged to a customer for products shipped. An estimated accrued provision for rebate deductions is recognized at the time of product shipment. The primary factors the Company considers when estimating the provision for rebates are the average historical experience of aggregate credits issued, the mix of products shipped and the historical relationship of rebates as a percentage of total gross product sales, the contract terms and conditions of the various rebate programs in effect at the time of shipment, and the amount of inventory on hand at the major drug wholesalers with whom the Company does business. The Company also monitors actual rebates granted and compares them to the estimated provision for rebates to assess the reasonableness of the rebate reserve at each quarterly balance sheet date. | |||||||||||||
Distribution Service Fees | |||||||||||||
The Company pays distribution service fees to several of its wholesaler customers related to sales of its Impax Products. The wholesalers are generally obligated to provide the Company with periodic outbound sales information as well as inventory levels of the Company’s Impax Products held in their warehouses. Additionally, the wholesalers have agreed to manage the variability of their purchases and inventory levels within specified days on hand limits. An accrued provision for distribution service fees is recognized at the time products are shipped to wholesalers. | |||||||||||||
Returns | |||||||||||||
The Company allows its customers to return product if approved by authorized personnel in writing or by telephone with the lot number and expiration date accompanying any request and if such products are returned within six months prior to or until twelve months following, the products’ expiration date. The Company estimates and recognizes an accrued provision for product returns as a percentage of gross sales based upon historical experience. The product return reserve is estimated using a historical lag period, which is the time between when the product is sold and when it is ultimately returned, and estimated return rates which may be adjusted based on various assumptions including changes to internal policies and procedures, changes in business practices, and commercial terms with customers, competitive position of each product, amount of inventory in the wholesaler supply chain, the introduction of new products, and changes in market sales information. The Company also considers other factors, including significant market changes which may impact future expected returns, and actual product returns. The Company monitors actual returns on a quarterly basis and may record specific provisions for returns it believes are not covered by historical percentages. | |||||||||||||
Shelf-Stock Adjustments | |||||||||||||
Based upon competitive market conditions, the Company may reduce the selling price of certain Global Division products. The Company may issue a credit against the sales amount to a customer based upon their remaining inventory of the product in question, provided the customer agrees to continue to make future purchases of product from the Company. This type of customer credit is referred to as a shelf-stock adjustment, which is the difference between the sales price and the revised lower sales price, multiplied by an estimate of the number of product units on hand at a given date. Decreases in selling prices are discretionary decisions made by the Company in response to market conditions, including estimated launch dates of competing products and declines in market price. The Company records an estimate for shelf-stock adjustments in the period it agrees to grant such a credit memo to a customer. | |||||||||||||
Medicaid and Other Government Pricing Programs | |||||||||||||
As required by law, the Company provides a rebate on drugs dispensed under the Medicaid program, Medicare Part D, TRICARE, and other U.S. government pricing programs. The Company determines its estimated government rebate accrual primarily based on historical experience of claims submitted by the various states and other jurisdictions and any new information regarding changes in the various programs which may impact the Company’s estimate of government rebates. In determining the appropriate accrual amount, the Company considers historical payment rates and processing lag for outstanding claims and payments. The Company records estimates for government rebates as a deduction from gross sales, with a corresponding adjustment to accrued liabilities. | |||||||||||||
Cash Discounts | |||||||||||||
The Company offers cash discounts to its customers, generally 2% of the gross selling price, as an incentive for paying within invoice terms, which generally range from 30 to 90 days. An estimate of cash discounts is recorded in the same period when revenue is recognized. | |||||||||||||
Rx Partner and OTC Partner: | |||||||||||||
The Rx Partner and OTC Partner contracts include revenue recognized under alliance and collaboration agreements between the Company and unrelated third-party pharmaceutical companies. The Company has entered into these alliance agreements to develop marketing and/or distribution relationships with its partners to fully leverage its technology platform. | |||||||||||||
The Rx Partners and OTC Partners alliance agreements obligate the Company to deliver multiple goods and/or services over extended periods. Such deliverables include manufactured pharmaceutical products, exclusive and semi-exclusive marketing rights, distribution licenses, and research and development services. In exchange for these deliverables the Company receives payments from its agreement partners for product shipments and research and development services, and may also receive other payments including royalty, profit sharing, upfront, and periodic milestone payments. Revenue received from the alliance agreement partners for product shipments under these agreements is not subject to deductions for chargebacks, rebates, product returns, and other pricing adjustments. Royalty and profit sharing amounts the Company receives under these agreements are calculated by the respective agreement partner, with such royalty and profit share amounts generally based upon estimates of net product sales or gross profit which include estimates of deductions for chargebacks, rebates, product returns, and other adjustments the alliance agreement partners may negotiate with their respective customers. The Company records the agreement partner's adjustments to such estimated amounts in the period the agreement partner reports the amounts to the Company. | |||||||||||||
The Company applies the updated guidance of ASC 605-25 “Multiple Element Arrangements” to the Strategic Alliance Agreement with Teva Pharmaceuticals Curacao N.V., a subsidiary of Teva Pharmaceutical Industries Limited (“Teva Agreement”). The Company looks to the underlying delivery of goods and/or services which give rise to the payment of consideration under the Teva Agreement to determine the appropriate revenue recognition. The Company initially defers consideration received as a result of research and development-related activities performed under the Teva Agreement. The Company recognizes deferred revenue on a straight-line basis over the expected period of performance for such services. Consideration received as a result of the manufacture and delivery of products under the Teva Agreement is recognized at the time title and risk of loss passes to the customer which is generally when product is received by Teva. The Company recognizes profit share revenue in the period earned. | |||||||||||||
OTC Partner revenue is related to agreements with Pfizer, Inc., formerly Wyeth LLC (“Pfizer”) and L. Perrigo Company (“Perrigo”) with respect to the supply of over-the-counter pharmaceutical products. The OTC Partner sales channel is no longer a core area of the business, and the over-the-counter pharmaceutical products the Company sells through this sales channel are older products which are only sold to Pfizer and Perrigo, and which are currently sold at a loss, on a fully absorbed basis. The Company is currently only required to manufacture the over-the-counter pharmaceutical products under its agreements with Pfizer and Perrigo. In order to avoid deferring the losses incurred upon shipment of these products to Pfizer and Perrigo, the Company recognizes revenue, and the associated manufacturing costs, at the time title and risk of loss passes to Pfizer or Perrigo, as applicable, which is generally when the product is shipped. The Company recognizes profit share revenue in the period earned. | |||||||||||||
Research Partner: | |||||||||||||
The Research Partner contract includes revenue recognized under development agreements with unrelated third-party pharmaceutical companies. The development agreements generally obligate the Company to provide research and development services over multiple periods. In exchange for this service, the Company received upfront payments upon signing of each development agreement and is eligible to receive contingent milestone payments, based upon the achievement of contractually specified events. Additionally, the Company may also receive royalty payments from the sale, if any, of a successfully developed and commercialized product under one of these development agreements. The Company recognizes revenue received from the provision of research and development services, including the upfront payment and the milestone payments received before January 1, 2011 on a straight line basis over the expected period of performance of the research and development services. Revenue received from the achievement of contingent research and development milestones after January 1, 2011 will be recognized currently in the period such payment is earned. Royalty fee income, if any, will be recognized as current period revenue when earned. | |||||||||||||
Promotional Partner: | |||||||||||||
The Promotional Partner contract includes revenue recognized under a promotional services agreement with an unrelated third-party pharmaceutical company. The promotional services agreement obligated the Company to provide physician detailing sales calls services to promote certain of the unrelated third-party company’s branded drug products. The Company received service fee revenue in exchange for providing this service. The Company recognized revenue from providing physician detailing sales calls services as the services were provided. The Company’s obligation to provide physician detailing sales calls under the promotional services agreement ended on June 30, 2012. | |||||||||||||
Shipping and Handling Fees and Costs | |||||||||||||
Shipping and handling fees related to sales transactions are recorded as selling expense. Shipping costs were $1,890,000, $1,425,000 and $1,341,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Research and Development | |||||||||||||
Research and development activities are expensed as incurred and consist of self-funded research and development costs and costs associated with work performed by other participants under collaborative research and development agreements. | |||||||||||||
Derivatives | |||||||||||||
The Company does not engage in hedging transactions for trading or speculative purposes or to hedge exposure to currency or interest rate fluctuations. From time to time, the Company may engage in transactions that result in embedded derivatives (e.g. convertible debt securities). In accordance with FASB ASC Topic 815, derivatives and hedging, the Company records the embedded derivative at fair value on the balance sheet and records any related gains or losses in current earnings in the statement of operations. | |||||||||||||
Share-Based Compensation | |||||||||||||
The Company accounts for stock-based employee compensation arrangements in accordance with provisions of FASB ASC Topic 718, stock compensation. Under FASB ASC Topic 718, the Company recognizes the grant date fair value of stock-based employee compensation as expense on a straight-line basis over the vesting period of the grant. The Company uses the Black Scholes option pricing model to determine the grant date fair value of employee stock options; the fair value of restricted stock awards is equal to the closing price of the Company’s stock on the date such award was granted. | |||||||||||||
Income Taxes | |||||||||||||
The Company provides for income taxes using the asset and liability method as required by FASB ASC Topic 740, income taxes. This approach recognizes the amount of federal, state, local taxes, and foreign taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequences of events recognized in the consolidated financial statements and income tax returns. Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates in the period during which they are signed into law. Under FASB ASC Topic 740, a valuation allowance is required when it is more likely than not all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income. | |||||||||||||
FASB ASC Topic 740, Sub-topic 10, tax positions, defines the criterion an individual tax position must meet for any part of the benefit of the tax position to be recognized in financial statements prepared in conformity with generally accepted accounting principles. Under FASB ASC Topic 740, Sub-topic 10, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. Additionally, FASB ASC Topic 740, Sub-topic 10 provides guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. In accordance with the disclosure requirements of FASB ASC Topic 740, Sub-topic 10, the Company’s policy on income statement classification of interest and penalties related to income tax obligations is to include such items as part of total interest expense and other expense, respectively. | |||||||||||||
Earnings per Share | |||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares adjusted for the dilutive effect of common stock equivalents outstanding during the period. | |||||||||||||
Other Comprehensive Income | |||||||||||||
The Company follows the provisions of FASB ASC Topic 220, comprehensive income, which establishes standards for the reporting and display of comprehensive income and its components. Comprehensive income is defined to include all changes in equity during a period except those resulting from investments by owners and distributions to owners. The Company recorded foreign currency translation gains and losses, which are reported as comprehensive income. Foreign currency translation gains (losses) for the years ended December 31, 2013, 2012 and 2011 were $(4,104,000), $3,520,000 and $(1,087,000), respectively. | |||||||||||||
Deferred Financing Costs | |||||||||||||
The Company capitalizes direct costs incurred with obtaining debt financing, which are included in other assets on the consolidated balance sheet. Deferred financing costs, including costs incurred in obtaining debt financing, are amortized to interest expense over the term of the underlying debt on a straight-line basis, which approximates the effective interest method. The Company recognized amortization of $30,000, $30,000 and $28,000 in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Foreign Currency Translation | |||||||||||||
The Company translates the assets and liabilities of the Taiwan dollar functional currency of its majority-owned affiliate Prohealth Biotech, Inc. and its wholly-owned subsidiary Impax Laboratories (Taiwan), Inc. into the U.S. dollar reporting currency using exchange rates in effect at the end of each reporting period. The revenue and expense of these entities are translated using an average of the rates in effect during the reporting period. Gains and losses from these translations are recorded as currency translation adjustments included in the consolidated statements of comprehensive income and the consolidated statements of changes in stockholders’ equity. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
3. RECENT ACCOUNTING PRONOUNCEMENTS | |
In December 2011, the FASB issued its updated guidance on balance sheet offsetting. This new standard provides guidance to determine when offsetting in the balance sheet is appropriate. The guidance is designed to enhance disclosures by requiring improved information about financial instruments and derivative instruments. The goal is to provide users of the financial statements the ability to evaluate the effect or potential effect of netting arrangements on an entity's statement of financial position. This guidance will only impact the disclosures within an entity's financial statements and notes to the financial statements and does not result in a change to the accounting treatment of financial instruments and derivative instruments. The Company was required to adopt this guidance on January 1, 2013 and it did not have a material effect on its consolidated financial statements. | |
In March 2013, the FASB issued updated guidance on foreign currency matters. The update applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. The Company is required to adopt this guidance on January 1, 2014 and does not expect the adoption of this guidance to have a material effect on its consolidated financial statements. | |
In July 2013, the FASB issued updated guidance related to presentation of an unrecognized tax benefit. The guidance requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss, or tax credit carryforward, rather than as a liability under certain circumstances. The Company is required to adopt this guidance on January 1, 2014 and does not expect the adoption of this guidance to have a material effect on its consolidated financial statements. |
Note_4_Investments
Note 4 - Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||
Investment [Text Block] | ' | ||||||||||||||||
4. INVESTMENTS | |||||||||||||||||
Investments consist of commercial paper, corporate bonds, medium-term notes, government sponsored enterprise obligations and certificates of deposit. The Company’s policy is to invest in only high quality “AAA-rated” or investment-grade securities. Investments in debt securities are accounted for as “held-to-maturity’ and are recorded at amortized cost, which approximates fair value, generally based upon observable market values of similar securities. The Company has historically held all investments in debt securities until maturity, and has the ability and intent to continue to do so. All of the Company’s investments have remaining contractual maturities of less than 12 months and are classified as short-term. Upon maturity the Company uses a specific identification method. | |||||||||||||||||
A summary of short-term investments as of December 31, 2013 and December 31, 2012 follows: | |||||||||||||||||
(in $000’s) | Amortized | Gross | Gross | Fair | |||||||||||||
Unrecognized | Unrecognized | ||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | |||||||||||||
Commercial paper | $ | 91,480 | $ | 26 | $ | -- | $ | 91,506 | |||||||||
Corporate bonds | 137,041 | 13 | (21 | ) | 137,033 | ||||||||||||
Total short-term investments | $ | 228,521 | $ | 39 | $ | (21 | ) | $ | 228,539 | ||||||||
(in $000’s) | Amortized | Gross | GrossUnrecognized | Fair | |||||||||||||
Unrecognized | |||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | |||||||||||||
Commercial paper | $ | 70,140 | $ | 28 | $ | -- | $ | 70,168 | |||||||||
Government sponsored enterprise obligations | 9,994 | 4 | -- | 9,998 | |||||||||||||
Corporate bonds | 76,622 | 23 | (12 | ) | 76,633 | ||||||||||||
Total short-term investments | $ | 156,756 | $ | 55 | $ | (12 | ) | $ | 156,799 | ||||||||
Note_5_Accounts_Receivable
Note 5 - Accounts Receivable | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||
5. ACCOUNTS RECEIVABLE | |||||||||||||
The composition of accounts receivable, net is as follows: | |||||||||||||
(in $000’s) | December 31, | December 31, | |||||||||||
2013 | 2012 | ||||||||||||
Gross accounts receivable | $ | 246,319 | $ | 167,696 | |||||||||
Less: Rebate reserve | (88,449 | ) | (46,011 | ) | |||||||||
Less: Chargeback reserve | (37,066 | ) | (18,410 | ) | |||||||||
Less: Other deductions | (7,811 | ) | (11,026 | ) | |||||||||
Accounts receivable, net | $ | 112,993 | $ | 92,249 | |||||||||
A roll forward of the chargeback and rebate reserves activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
(in $000’s) | December 31, | December 31, | December 31, | ||||||||||
Rebate reserve | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 46,011 | $ | 29,164 | $ | 23,547 | |||||||
Provision recorded during the period | 193,288 | 111,099 | 79,697 | ||||||||||
Credits issued during the period | (150,850 | ) | (94,252 | ) | (74,080 | ) | |||||||
Ending balance | $ | 88,449 | $ | 46,011 | $ | 29,164 | |||||||
(in $000’s) | December 31, | December 31, | December 31, | ||||||||||
Chargeback reserve | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 18,410 | $ | 22,161 | $ | 14,918 | |||||||
Provision recorded during the period | 389,707 | 209,452 | 166,504 | ||||||||||
Credits issued during the period | (371,051 | ) | (213,203 | ) | (159,261 | ) | |||||||
Ending balance | $ | 37,066 | $ | 18,410 | $ | 22,161 | |||||||
Other deductions include allowance for uncollectible amounts and cash discounts. The Company maintains an allowance for doubtful accounts for estimated losses resulting from amounts deemed to be uncollectible from its customers, with such allowances for specific amounts on certain accounts. The Company recorded an allowance for uncollectible amounts of $539,000 and $553,000 at December 31, 2013 and 2012, respectively. |
Note_6_Inventory
Note 6 - Inventory | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
6. INVENTORY | |||||||||
Inventory, net of carrying value reserves at December 31, 2013 and 2012 consisted of the following: | |||||||||
(in $000’s) | December 31, | December 31, | |||||||
2013 | 2 | ||||||||
Raw materials | $ | 27,981 | $ | 31,884 | |||||
Work in process | 1,434 | 4,005 | |||||||
Finished goods | 47,416 | 60,956 | |||||||
Total inventory | 76,831 | 96,845 | |||||||
Less: Non-current inventory | 6,725 | 7,081 | |||||||
Total inventory-current | $ | 70,107 | $ | 89,764 | |||||
Inventory carrying value reserves were $17,702,000 and $5,231,000 at December 31, 2013 and 2012, respectively. During the three month period ended March 31, 2013, the Company decided to discontinue the manufacture and distribution of certain unprofitable products after the Company conducted a strategic review of its currently manufactured generic product portfolio. As a result of this decision, the Company recorded an inventory reserve of $6,700,000 related to the discontinued products. In addition, upon receipt of the Complete Response Letter for RYTARYTM in January 2013, the Company evaluated the impact of the expected delay of FDA approval on its ability to sell the associated inventory. The Company determined that a reserve of $5,000,000 was appropriate and recorded this amount in the three month period ended March 31, 2013. During the three month period ended March 31, 2013, the Company also recorded a $6,400,000 reserve for pre-launch inventory of a product manufactured for another third-party pharmaceutical company due to the anticipated delayed launch of such product as a result of the warning letter related to our Hayward, California manufacturing facility. The carrying value of unapproved inventory less reserves was $6,462,000 and $12,106,000 at December 31, 2013 and 2012, respectively. | |||||||||
The Company recognizes pre-launch inventories at the lower of its cost or the expected net selling price. Cost is determined using a standard cost method, which approximates actual cost, and assumes a FIFO flow of goods. Costs of unapproved products are the same as approved products and include materials, labor, quality control, and production overhead. When the Company concludes FDA approval is expected within approximately six months, the Company will generally begin to schedule manufacturing process validation studies as required by the FDA to demonstrate the production process can be scaled up to manufacture commercial batches. Consistent with industry practice, the Company may build quantities of pre-launch inventories of certain products pending required final FDA approval and/or resolution of patent infringement litigation, when, in the Company’s assessment, such action is appropriate to prepare for the anticipated commercial launch, FDA approval is expected in the near term, and/or the related litigation will be resolved in the Company’s favor. The capitalization of unapproved pre-launch inventory involves risks, including, among other items, FDA approval of product may not occur; approvals may require additional or different testing and/or specifications than used for unapproved inventory; and, in cases where the unapproved inventory is for a product subject to litigation, the litigation may not be resolved or settled in favor of the Company. If any of these risks were to materialize and the launch of the unapproved product delayed or prevented, then the net carrying value of unapproved inventory may be partially or fully reserved. Generally, the selling price of a generic pharmaceutical product is at discount from the corresponding brand product selling price. Typically, a generic drug is easily substituted for the corresponding brand product, and once a generic product is approved, the pre-launch inventory is typically sold within the next three months. If the market prices become lower than the product inventory carrying costs, then the pre-launch inventory value is reduced to such lower market value. If the inventory produced exceeds the estimated market acceptance of the generic product and becomes short-dated, a carrying value reserve will be recorded. In all cases, the carrying value of the Company's pre-launch product inventory is lower than the respective estimated net selling prices. | |||||||||
To the extent inventory is not scheduled to be utilized in the manufacturing process and/or sold within twelve months of the balance sheet date, it is included as a component of other non-current assets. Amounts classified as non-current inventory consist of raw materials, net of valuation reserves. Raw materials generally have a shelf life of approximately three to five years, while finished goods generally have a shelf life of approximately two years. |
Note_7_Property_Plant_and_Equi
Note 7 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
7. PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment, net consisted of the following: | |||||||||
(in $000’s) | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Land | $ | 5,773 | $ | 5,773 | |||||
Buildings and improvements | 139,657 | 130,995 | |||||||
Equipment | 114,950 | 110,353 | |||||||
Office furniture and equipment | 11,523 | 10,558 | |||||||
Construction-in-progress | 15,910 | 9,843 | |||||||
Property, plant and equipment, gross | $ | 287,813 | $ | 267,522 | |||||
Less: Accumulated depreciation | (99,622 | ) | (86,764 | ) | |||||
Property, plant and equipment, net | $ | 188,191 | $ | 180,758 | |||||
Depreciation expense was $16,782,000, $15,982,000 and $14,911,000 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Note_8_Goodwill_and_Intangible
Note 8 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||
8. GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||
Goodwill was $27,574,000 at December 31, 2013 and 2012, and the Company attributes the entire carrying amount of goodwill to the Global Division. Goodwill is tested at least annually for impairment or whenever events or changes in circumstances have occurred which could have a material adverse effect on the estimated fair value of the reporting unit, and thus indicate a potential impairment of the goodwill carrying value.The Company concluded the carrying value of goodwill was not impaired as of December 31, 2013 and 2012. | |||||||||||||||||
(in $000’s) | Initial | Accumulated | Carrying | ||||||||||||||
31-Dec-13 | Cost | Amortization | Impairment | Value | |||||||||||||
Amortized intangible assets: | |||||||||||||||||
Zomig® product rights | $ | 41,783 | $ | (28,641 | ) | $ | --- | $ | 13,142 | ||||||||
Tolmar product rights | 31,450 | (3,266 | ) | (13,156 | ) | 15,028 | |||||||||||
Other product rights | 2,250 | --- | (750 | ) | 1,500 | ||||||||||||
Total intangible assets | $ | 75,483 | $ | (31,907 | ) | $ | (13,906 | ) | $ | 29,670 | |||||||
(in $000’s) | Initial | Accumulated | Carrying | ||||||||||||||
31-Dec-12 | Cost | Amortization | Impairment | Value | |||||||||||||
Amortized intangible assets: | |||||||||||||||||
Zomig® product rights | $ | 45,096 | $ | (17,987 | ) | $ | --- | $ | 27,109 | ||||||||
Tolmar product rights | 19,450 | (859 | ) | --- | 18,591 | ||||||||||||
Other product rights | 2,250 | --- | --- | 2,250 | |||||||||||||
Total intangible assets | $ | 66,796 | $ | (18,846 | ) | $ | --- | $ | 47,950 | ||||||||
The Zomig® product rights under the Distribution, License, Development and Supply Agreement (“AZ Agreement”) with AstraZeneca UK Limited (“AstraZeneca”) were amortized on a straight-line basis over a period of 14 months starting in April 2012 and ending upon the expiration of the underlying patent for the tablet and over a period of 11 months starting in July 2012 and ending upon the expiration of the underlying patent for the orally disintegrating tablet. The Zomig® product rights under the AZ Agreement are also being amortized over a period of 72 months starting in July 2012 for the nasal spray. The Company recorded a $3,300,000 adjustment to reduce the initial cost of the Zomig® product rights during the year ended December 31, 2013 as a result of certain gross to net adjustments which were recorded during the second quarter of 2013 as more information became available. In June 2012, the Company entered into a Development, Supply and Distribution Agreement (the “Tolmar Agreement”) with TOLMAR, Inc. (“Tolmar”). Under the terms of the Tolmar Agreement, Tolmar granted to the Company an exclusive license to commercialize up to 11 generic topical prescription drug products, including ten currently approved products and one product pending approval at the FDA, in the United States and its territories. Under the terms of the Tolmar Agreement, Tolmar is responsible for developing and manufacturing the products, and the Company is responsible for the marketing and sale of the products. During the three month period ended September 30, 2013, as a result of the most recent market share data obtained by the Company and the Company’s revised five year projections for the Tolmar product lines, the Company performed an intangible asset impairment test on the Tolmar products and recorded a $13,200,000 impairment charge to cost of revenues for the Global Division, which brought the intangible asset down to its estimated fair value. During the fourth quarter of 2013, the Company made a $12,000,000 payment to Tolmar upon Tolmar’s achievement of a regulatory milestone event in accordance with the terms of the Tolmar Agreement. This amount was capitalized as an intangible asset during the quarter ended December 31, 2013. The carrying value of the Tolmar product rights are being amortized over the remaining estimated useful lives of the underlying products over a period ranging from five to 12 years, starting upon commencement of commercialization activities by the Company during the year ended December 31, 2012. Information concerning the AZ Agreement and the Tolmar Agreement can be found in “Note 12 - Alliance and Collaboration Agreements.” Other product rights consist of Abbreviated New Drug Applications (“ANDAs”) which have been filed with the FDA. During the three month period ended September 30, 2013, as a result of a decision by management to withdraw one of these ANDAs and no longer seek FDA approval, the Company recorded an intangible asset impairment charge of $800,000 in research and development expense, representing the full carrying value of the ANDA. For the remaining ANDAs, the Company will either commence amortization upon FDA approval and commercialization over the estimated useful life of the product rights, or will expense the related costs immediately upon failure to obtain FDA approval. Amortization expense is included as a component of cost of revenues on the consolidated statement of operations and was $13,061,000 and $18,846,000 for the years ended December 31, 2013 and 2012, respectively. No amortization expense was incurred related to the Company’s intangible assets during the year ended December 31, 2011. | |||||||||||||||||
The following schedule shows the expected amortization of the Zomig® and Tolmar product rights for the next five years and thereafter: | |||||||||||||||||
(in $000’s) | Amortization | ||||||||||||||||
Expense | |||||||||||||||||
2014 | $ | 9,721 | |||||||||||||||
2015 | 5,295 | ||||||||||||||||
2016 | 4,104 | ||||||||||||||||
2017 | 3,912 | ||||||||||||||||
2018 | 2,273 | ||||||||||||||||
Thereafter | 2,865 | ||||||||||||||||
Total | $ | 28,170 | |||||||||||||||
Note_9_Accrued_Expenses
Note 9 - Accrued Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accrued Liabilities Disclosure [Abstract] | ' | ||||||||||||
Accrued Liabilities Disclosure [Text Block] | ' | ||||||||||||
9. ACCRUED EXPENSES | |||||||||||||
The following table sets forth the Company’s accrued expenses: | |||||||||||||
(in $000’s) | December 31, | December 31, | |||||||||||
2013 | 2012 | ||||||||||||
Payroll-related expenses | $ | 27,985 | $ | 22,553 | |||||||||
Product returns | 28,089 | 23,440 | |||||||||||
Government rebates | 23,351 | 33,794 | |||||||||||
Legal and professional fees | 3,162 | 3,993 | |||||||||||
Clinical trial costs | (277 | ) | 1,610 | ||||||||||
Income taxes payable | 21,186 | 1,541 | |||||||||||
Physician detailing sales force fees | 1,512 | 1,471 | |||||||||||
Other | 6,515 | 4,340 | |||||||||||
Total accrued expenses | $ | 111,523 | $ | 92,742 | |||||||||
Product Returns | |||||||||||||
The Company maintains a return policy to allow customers to return product within specified guidelines. The Company estimates a provision for product returns as a percentage of gross sales based upon historical experience for sales made through its Global Products and Impax Products sales channels. Sales of product under the Private Label, Rx Partner and OTC Partner alliance, collaboration and supply agreements are not subject to returns. A roll forward of the return reserve activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
(in $000's) | December 31, | December 31, | December 31, | ||||||||||
Returns Reserve | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 23,440 | $ | 24,101 | $ | 33,755 | |||||||
Provision related to sales recorded in the period | 11,015 | 3,003 | 688 | ||||||||||
Credits issued during the period | (6,366 | ) | (3,664 | ) | (10,342 | ) | |||||||
Ending balance | $ | 28,089 | $ | 23,440 | $ | 24,101 | |||||||
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||||||||||
10. INCOME TAXES | |||||||||||||||||||||||||
The Company is subject to federal, state and local income taxes in the United States, and income taxes in Taiwan, R.O.C. The provision for income taxes is comprised of the following: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
(in $000’s) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal taxes | $ | 67,407 | $ | 49,636 | $ | 23,500 | |||||||||||||||||||
State taxes | 2,569 | 1,721 | 1,034 | ||||||||||||||||||||||
Foreign taxes | 742 | 453 | 1,154 | ||||||||||||||||||||||
Total current tax expense | 70,718 | 51,810 | 25,688 | ||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal taxes | $ | (21,050 | ) | $ | (21,650 | ) | $ | 5,646 | |||||||||||||||||
State taxes | (1,965 | ) | (2,537 | ) | 592 | ||||||||||||||||||||
Foreign taxes | (2,022 | ) | (185 | ) | 690 | ||||||||||||||||||||
Total deferred tax (benefit) expense | (25,037 | ) | (24,372 | ) | 6,928 | ||||||||||||||||||||
Provision for income taxes | $ | 45,681 | $ | 27,438 | $ | 32,616 | |||||||||||||||||||
A reconciliation of the difference between the tax provision at the federal statutory rate and actual income taxes on income before income taxes, which includes federal, state, and other income taxes, is as follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
(in $000’s) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Income before income taxes | $ | 146,940 | $ | 83,311 | $ | 98,111 | |||||||||||||||||||
Tax provision at the federal statutory rate | 51,429 | 35 | % | 29,159 | 35 | % | 34,339 | 35 | % | ||||||||||||||||
Increase (decrease) in tax rate resulting from: | |||||||||||||||||||||||||
Tax rate differential and permanent items on foreign income | 383 | 0.3 | % | (1,259 | ) | (1.5 | )% | 185 | 0.2 | % | |||||||||||||||
State income taxes, net of federal benefit | 1,616 | 1.1 | % | 1,906 | 2.3 | % | 3,673 | 3.7 | % | ||||||||||||||||
State research and development credits | (1,787 | ) | (1.2 | )% | (1,560 | ) | (1.9 | )% | (1,560 | ) | (1.6 | )% | |||||||||||||
Federal research and development credits | (1,900 | ) | (1.3 | )% | --- | -- | % | (2,100 | ) | (2.2 | )% | ||||||||||||||
Share-based compensation | 92 | 0.1 | % | 326 | 0.4 | % | 92 | 0.1 | % | ||||||||||||||||
Executive compensation | 336 | 0.2 | % | 825 | 1 | % | 586 | 0.6 | % | ||||||||||||||||
Domestic manufacturing deduction | (1,666 | ) | (1.1 | )% | (2,010 | ) | (2.4 | )% | (2,187 | ) | (2.2 | )% | |||||||||||||
Other permanent book/tax differences | (967 | ) | (0.7 | )% | (185 | ) | (0.2 | )% | (119 | ) | (0.1 | )% | |||||||||||||
Provision for uncertain tax positions | 1,718 | 1.1 | % | 801 | 0.9 | % | 178 | 0.2 | % | ||||||||||||||||
Revision of prior years’ estimates | (1,150 | ) | (0.8 | )% | (392 | ) | (0.5 | )% | (309 | ) | (0.3 | )% | |||||||||||||
Prior year Federal research and development credits | (1,950 | ) | (1.3 | )% | --- | -- | % | --- | -- | % | |||||||||||||||
Other, net | (473 | ) | (0.3 | )% | (173 | ) | (0.2 | )% | (162 | ) | (0.2 | )% | |||||||||||||
Provision for income taxes | $ | 45,681 | 31.1 | % | $ | 27,438 | 32.9 | % | $ | 32,616 | 33.2 | % | |||||||||||||
On January 3, 2013, the research and development credit (the “R&D credit”) was reinstated retroactively as a part of The American Taxpayer Relief Act of 2012 for expenses paid or incurred from January 1, 2012 through December 31, 2012. Due to the fact that this legislation was not enacted prior to the Company’s 2012 year-end, no tax benefit related to potential R&D credits was reflected within the 2012 yearend tax provision. The 2012 R&D credit was reflected within the Company’s first quarter tax provision for the year ended December 31, 2013. | |||||||||||||||||||||||||
Deferred income taxes result from temporary differences between the financial statement carrying values and the tax bases of the Company’s assets and liabilities. Deferred tax assets principally result from deferred revenue related to certain of the Company’s alliance and collaboration agreements (see “Note 12 – Alliance and Collaboration Agreements” below for a discussion of the Company's alliance and collaboration agreements), certain accruals and reserves currently not deductible for tax purposes, acquired product rights and intangibles, capitalized legal and share based compensation expense. Deferred tax liabilities principally result from the use of accelerated depreciation methods for income tax purposes. The components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in $000’s) | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Deferred revenues | $ | 2,961 | $ | 4,545 | |||||||||||||||||||||
Accrued expenses | 44,404 | 38,839 | |||||||||||||||||||||||
Inventory reserves | 6,681 | 2,630 | |||||||||||||||||||||||
Net operating loss carryforwards | 61 | 149 | |||||||||||||||||||||||
Depreciation and amortization | 275 | 428 | |||||||||||||||||||||||
Acquired product rights and intangibles | 15,147 | 7,284 | |||||||||||||||||||||||
Capitalized legal fees | 11,245 | 6,981 | |||||||||||||||||||||||
R&D credit carryforwards | 3,238 | 2,062 | |||||||||||||||||||||||
Share based compensation expense | 4,786 | 3,446 | |||||||||||||||||||||||
Other | 745 | 850 | |||||||||||||||||||||||
Deferred tax assets | $ | 89,543 | $ | 67,214 | |||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Tax depreciation and amortization in excess of book amounts | $ | 2,592 | $ | 3,544 | |||||||||||||||||||||
Deferred manufacturing costs | 65 | 80 | |||||||||||||||||||||||
Other | 2,172 | 1,810 | |||||||||||||||||||||||
Deferred tax liabilities | $ | 4,829 | $ | 5,434 | |||||||||||||||||||||
Deferred tax assets, net | $ | 84,714 | $ | 61,780 | |||||||||||||||||||||
The breakdown between current and long-term deferred tax assets and tax liabilities is as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in $000’s) | 2013 | 2012 | |||||||||||||||||||||||
Current deferred tax assets | $ | 52,959 | $ | 44,196 | |||||||||||||||||||||
Current deferred tax liabilities | (2,171 | ) | (1,810 | ) | |||||||||||||||||||||
Current deferred tax assets, net | 50,788 | 42,386 | |||||||||||||||||||||||
Non-current deferred tax assets | 36,583 | 23,018 | |||||||||||||||||||||||
Non-current deferred tax liabilities | (2,657 | ) | (3,624 | ) | |||||||||||||||||||||
Non-current deferred tax assets, net | 33,926 | 19,394 | |||||||||||||||||||||||
Deferred tax assets, net | $ | 84,714 | $ | 61,780 | |||||||||||||||||||||
Certain current deferred tax liabilities are included in Accrued Expenses on the consolidated balance sheet as of December 31, 2012. | |||||||||||||||||||||||||
As of December 31, 2013, the Company had gross foreign net operating loss (NOL) carryforwards of $244,000, with a nine-year carryforward period, expiring in 2022. | |||||||||||||||||||||||||
A rollforward of unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||
(in $000’s) | For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Unrecognized tax benefits beginning of year | $ | 2,920 | $ | 1,791 | $ | 1,579 | |||||||||||||||||||
Gross change for current year positions | 797 | 249 | 188 | ||||||||||||||||||||||
Gross change for prior period positions | 1,575 | 1,231 | 24 | ||||||||||||||||||||||
Decrease due to settlements and payments | -- | (351 | ) | -- | |||||||||||||||||||||
Decrease due to statute expirations | -- | -- | -- | ||||||||||||||||||||||
Unrecognized tax benefits end of year | $ | 5,292 | $ | 2,920 | $ | 1,791 | |||||||||||||||||||
The amount of unrecognized tax benefits at December 31, 2013, 2012 and 2011 was $5.3 million, $2.9 million and $1.8 million respectively, of which $4.1 million, $2.3 million and $1.5 million would impact the Company’s effective tax rate, respectively, if recognized. The Company currently does not believe that the total amount of unrecognized tax benefits will increase or decrease significantly over the next twelve months. Interest expense related to income taxes is included in “Interest expense” on the consolidated statement of operations. Net interest expense related to unrecognized tax benefits for the year ended December 31, 2013 was $299,000, compared to $3,000 in 2012, principally due to the settlement of the 2008-2009 Internal Revenue Service (‘‘IRS’’) audit, compared to an expense of $85,000 in 2011. Accrued interest expense as of December 31, 2013 and 2012 was $602,000 and $303,000, respectively. Income tax penalties are included in “Other income (expense)” on the consolidated statement of operations. Accrued tax penalties are not significant. | |||||||||||||||||||||||||
The Company is currently not under audit for its federal income tax, but is currently under audit by the State of California Franchise Tax Board for the tax years ended December 31, 2009, 2008, 2007. During 2013, the Company began and settled a 2010 audit by the Pennsylvania Department of Revenue. | |||||||||||||||||||||||||
No provision has been made for U.S. federal deferred income taxes on accumulated earnings on foreign subsidiaries since it is the current intention of management to indefinitely reinvest the undistributed earnings in the foreign subsidiary. |
Note_11_Revolving_Line_of_Cred
Note 11 - Revolving Line of Credit | 12 Months Ended | ||
Dec. 31, 2013 | |||
Line Of Credit Facilities [Abstract] | ' | ||
Line Of Credit Facilities [Text Block] | ' | ||
11. REVOLVING LINE OF CREDIT | |||
The Company has a Credit Agreement, as amended (the “Credit Agreement”) with Wells Fargo Bank, N.A., as a lender and as administrative agent (the “Administrative Agent”). The Credit Agreement provides the Company with a revolving line of credit in the aggregate principal amount of up to $50,000,000 (the “Revolving Credit Facility”). Under the Revolving Credit Facility, up to $10,000,000 is available for letters of credit, the outstanding face amounts of which reduce availability under the Revolving Credit Facility on a dollar for dollar basis. Proceeds under the Credit Agreement may be used for working capital, general corporate and other lawful purposes. The Company has not yet borrowed any amounts under the Revolving Credit Facility. | |||
The Company’s borrowings under the Credit Agreement are secured by substantially all of the personal property assets of the Company pursuant to a Security Agreement (the “Security Agreement”) entered into by the Company and the Administrative Agent. As further security, the Company also pledged to the Administrative Agent, 65% of the Company’s equity interest in its wholly owned subsidiary Impax Laboratories (Taiwan), Inc., all of the Company’s equity interests in its wholly owned domestic subsidiaries and must similarly pledge all or a portion of its equity interest in future subsidiaries. Under the Credit Agreement, among other things: | |||
● | The outstanding principal amount of all revolving credit loans, together with accrued and unpaid interest thereon, will be due and payable on the maturity date, which will occur four years following the February 11, 2011 closing date. | ||
● | Borrowings under the Revolving Credit Facility will bear interest, at the Company’s option, at either an Alternate Base Rate (as defined in the Credit Agreement) plus the applicable margin in effect from time to time ranging from 0.5% to 1.5%, or a LIBOR Rate (as defined in the Credit Agreement) plus the applicable margin in effect from time to time ranging from 1.5% to 2.5%. The Company is also required to pay an unused commitment fee ranging from 0.25% to 0.45% per annum based on the daily average undrawn portion of the Revolving Credit Facility. The applicable margin described above and the unused commitment fee in effect at any given time will be determined based on the Company’s Total Net Leverage Ratio (as defined in the Credit Agreement), which is based upon the Company’s consolidated total debt, net of unrestricted cash in excess of $100 million, compared to Consolidated EBITDA (as defined in the Credit Agreement) for the immediately preceding four quarters. | ||
● | The Company may prepay any outstanding loan under the Revolving Credit Facility without premium or penalty. | ||
● | The Company is required under the Credit Agreement and the Security Agreement to comply with a number of affirmative, negative and financial covenants. Among other things, these covenants (i) require the Company to provide periodic reports, notices of material events and information regarding collateral, (ii) restrict the Company’s ability, subject to certain exceptions and baskets, to incur additional indebtedness, grant liens on assets, undergo fundamental changes, change the nature of its business, make investments, undertake acquisitions, sell assets, make restricted payments (including the ability to pay dividends and repurchase stock) or engage in affiliate transactions, and (iii) require the Company to maintain a Total Net Leverage Ratio (which is, generally, total funded debt, net of unrestricted cash in excess of $100 million, over EBITDA for the preceding four quarters) of less than 3.75 to 1.00, a Senior Secured Leverage Ratio (which is, generally, total senior secured debt over EBITDA for the preceding four quarters) of less than 2.50 to 1.00 and a Fixed Charge Coverage Ratio (which is, generally, EBITDA for the preceding four quarters over the sum of cash interest expense, cash tax payments, scheduled funded debt payments and capital expenditures during such four quarter period, subject to certain specified exceptions) of at least 2.00 to 1.00 (with each such ratio as more particularly defined as set forth in the Credit Agreement). As of December 31, 2013, the Company was in compliance with the various covenants contained in the Credit Agreement and the Security Agreement. The Company entered into an amendment to the Credit Agreement on February 20, 2014 which amended certain of the financial covenants under the Credit Agreement as follows: (A) addition to the calculation of Consolidated EBITDA of (x) non-recurring remediation and restructuring charges not to exceed $25.0 million and (y) non-cash charges related to the impairment of intangible assets, in each case as incurred by the Company and its subsidiaries during fiscal year 2014; (B) revision to the Fixed Charge Coverage Ratio covenant (as described above) such that the Company is not required to maintain a Fixed Charge Ratio after the year ended December 31, 2013; and (C) addition of two covenants requiring the Company to maintain Consolidated EBITDA of at least $50.0 million and Minimum Liquidity (which is, generally unrestricted cash and cash equivalents) of at least $100.0 million, in each case beginning with the quarter ended March 31, 2014. | ||
● | The Credit Agreement contains customary events of default (subject to customary grace periods, cure rights and materiality thresholds), including, among others, failure to pay principal, interest or fees, violation of covenants, material inaccuracy of representations and warranties, cross-default and cross-acceleration of material indebtedness and other obligations, certain bankruptcy and insolvency events, certain judgments, certain events related to the Employee Retirement Income Security Act of 1974, as amended, and a change of control. | ||
● | Following an event of default under the Credit Agreement, the Administrative Agent would be entitled to take various actions, including the acceleration of amounts due under the Credit Agreement and seek other remedies that may be taken by secured creditors. | ||
During the years ended December 31, 2013, 2012 and 2011, unused line fees incurred under the Credit Agreement and our former credit agreement, which we terminated in February 2011, were $139,000, $95,000 and $144,000, respectively. |
Note_12_Alliance_and_Collabora
Note 12 - Alliance and Collaboration Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Collaborative Arrangement Disclosure [Text Block] | '12. ALLIANCE AND COLLABORATION AGREEMENTS | ||||||||||||
The Company has entered into several alliance, collaboration, license and distribution agreements, and similar agreements with respect to certain of its products and services, with unrelated third-party pharmaceutical companies. The statement of operations includes revenue recognized under agreements the Company has entered into to develop marketing and/or distribution relationships with its partners to fully leverage its technology platform, revenue recognized under development agreements which generally obligate the Company to provide research and development services over multiple periods, and revenue recognized under a promotional services agreement which obligates the Company to provide physician detailing sales calls services to promote its promotional partner’s branded drug products over multiple periods. | |||||||||||||
The Company’s alliance and collaboration agreements often include milestones and provide for milestone payments upon achievement of these milestones. Generally, the milestone events contained in the Company’s alliance and collaboration agreements coincide with the progression of the Company’s products and technologies from pre-commercialization to commercialization. | |||||||||||||
The Company groups pre-commercialization milestones in its alliance and collaboration agreements into clinical and regulatory categories, each of which may include the following types of events: | |||||||||||||
Clinical Milestone Events: | |||||||||||||
● | Designation of a development candidate. Following the designation of a development candidate, generally, IND-enabling animal studies for a new development candidate take 12 to 18 months to complete. | ||||||||||||
● | Initiation of a Phase I clinical trial. Generally, Phase I clinical trials take one to two years to complete. | ||||||||||||
● | Initiation or completion of a Phase II clinical trial. Generally, Phase II clinical trials take one to three years to complete. | ||||||||||||
● | Initiation or completion of a Phase III clinical trial. Generally, Phase III clinical trials take two to four years to complete. | ||||||||||||
● | Completion of a bioequivalence study. Generally, bioequivalence studies take three months to one year to complete. | ||||||||||||
Regulatory Milestone Events: | |||||||||||||
● | Filing or acceptance of regulatory applications for marketing approval such as a New Drug Application in the United States or Marketing Authorization Application in Europe. Generally, it takes six to 12 months to prepare and submit regulatory filings and approximately two months for a regulatory filing to be accepted for substantive review. | ||||||||||||
● | Marketing approval in a major market, such as the United States or Europe. Generally it takes one to three years after an application is submitted to obtain approval from the applicable regulatory agency. | ||||||||||||
● | Marketing approval in a major market, such as the United States or Europe for a new indication of an already-approved product. Generally it takes one to three years after an application for a new indication is submitted to obtain approval from the applicable regulatory agency. | ||||||||||||
Commercialization milestones in the Company’s alliance and collaboration agreements may include the following types of events: | |||||||||||||
● | First commercial sale in a particular market, such as in the United States or Europe. | ||||||||||||
● | Product sales in excess of a pre-specified threshold, such as annual sales exceeding $100 million. The amount of time to achieve this type of milestone depends on several factors including but not limited to the dollar amount of the threshold, the pricing of the product and the pace at which customers begin using the product. | ||||||||||||
License and Distribution Agreement with Shire | |||||||||||||
In January 2006, the Company entered into a License and Distribution Agreement with an affiliate of Shire Laboratories, Inc., which was subsequently amended (“Prior Shire Agreement”), under which the Company received a non-exclusive license to market and sell an authorized generic of Shire’s Adderall XR® product (“AG Product”) subject to certain conditions, but in any event by no later than January 1, 2010. The Company commenced sales of the AG Product in October 2009. On February 7, 2013, the Company entered into an Amended and Restated License and Distribution Agreement with Shire (the “Amended and Restated Shire Agreement”), which amended and restated the Prior Shire Agreement. The Amended and Restated Shire Agreement was entered into by the parties in connection with the settlement of the Company’s litigation with Shire relating to Shire’s supply of the AG Product to the Company under the Prior Shire Agreement. During 2013, the Company received a payment of $48,000,000 from Shire in connection with such litigation settlement, which was recorded in the first quarter of 2013 under the line item “Other Income” on the consolidated statement of operations. The Amended and Restated Shire Agreement provides for Shire to supply the AG Product and for the Company to market and sell the AG Product subject to the terms and conditions thereof until the earlier of (i) the first commercial sale of the Company’s generic equivalent product to Adderall XR® and (ii) September 30, 2014 (the “Supply Term”), subject to certain continuing obligations of the parties upon expiration or early termination of the Supply Term, including Shire’s obligation to deliver AG Products still owed to the Company as of the end of the Supply Term. The Company is required to pay a profit share to Shire on sales of the AG Product, of which the Company owed a profit share payable to Shire of $20,406,000, $70,948,000 and $107,145,000 on sales of the AG Product during the years ended December 31, 2013, 2012 and 2011, respectively, with a corresponding charge included in the cost of revenues line in the consolidated statement of operations. At the end of the Supply Term, the Company will be permitted to sell any AG Products in our inventory or owed to the Company by Shire under the Amended and Restated Shire Agreement until all such products are sold and the Company will continue to pay a profit share to Shire on such sales. | |||||||||||||
Development, Supply and Distribution Agreement with TOLMAR, Inc. | |||||||||||||
In June 2012, the Company entered into the Tolmar Agreement with Tolmar. Under the terms of the Tolmar Agreement, Tolmar granted to the Company an exclusive license to commercialize up to 11 generic topical prescription drug products, including ten currently approved products and one product pending approval at the FDA, in the United States and its territories. Under the terms of the Tolmar Agreement, Tolmar is responsible for developing and manufacturing the products, and the Company is responsible for marketing and sale of the products. The Company is required to pay a profit share to Tolmar on sales of each product commercialized pursuant to the terms of the Tolmar Agreement. The Company paid Tolmar a $21,000,000 upfront payment upon signing of the agreement and a $1,000,000 milestone payment in the year ended December 31, 2012. During the fourth quarter ended December 31, 2013, the Company made a $12,000,000 payment to Tolmar upon Tolmar’s achievement of a regulatory milestone event in accordance with the terms of the agreement. Under the Tolmar Agreement, the Company has the potential to pay up to an aggregate of $12,000,000 in additional contingent milestone payments if certain commercialization events occur. The upfront payment for the Tolmar product rights has been allocated to the underlying topical products based upon the relative fair value of each product and will be amortized over the remaining estimated useful life of each underlying product, ranging from five to 12 years, starting upon commencement of commercialization activities by the Company during the second half of 2012. The amortization of the Tolmar product rights has been included as a component of cost of revenues on the consolidated statement of operations. The Company initially allocated $1,550,000 of the upfront payment to two products which are still in development and has recorded such amount as in-process research and development expense in its results of operations for the year ended December 31, 2012. The Company similarly recorded the $1,000,000 milestone paid in the year ended December 31, 2012 as a research and development expense. | |||||||||||||
Contingent milestone payments will be initially recognized in the period the triggering event occurs. Milestone payments which are contingent upon commercialization events will be accounted for as an additional cost of acquiring the product license rights. Milestone payments which are contingent upon regulatory approval events will be capitalized and amortized over the remaining estimated useful life of the approved product. As discussed in “Note 8 – Goodwill and Intangible Assets,” the Company recorded a $13.2 million intangible asset impairment charge to cost of revenues in the three month period ended September 30, 2013 related to the Tolmar product rights acquired under the Tolmar Agreement. During the fourth quarter of 2013, the Company made a $12.0 million payment to Tolmar upon Tolmar’s achievement of a regulatory milestone event in accordance with the terms of the Tolmar Agreement. | |||||||||||||
The Company entered into a Loan and Security Agreement with Tolmar in March 2012 (the “Tolmar Loan Agreement”), under which the Company has agreed to lend to Tolmar one or more loans through December 31, 2014, in an aggregate amount not to exceed $15,000,000. As of December 31, 2013, Tolmar has borrowed $15,000,000 under the Tolmar Loan Agreement, which is included in “Other Assets” on the consolidated balance sheet. The outstanding principal amount of, including any accrued and unpaid interest on, the loans under the Tolmar Loan Agreement are payable by Tolmar beginning from March 31, 2017 through March 31, 2020 or the maturity date, in accordance with the terms therein. Tolmar may prepay all or any portion of the outstanding balance of the loans prior to the maturity date without penalty or premium. | |||||||||||||
Strategic Alliance Agreement with Teva | |||||||||||||
The Company entered into a Strategic Alliance Agreement with Teva Pharmaceuticals Curacao N.V., a subsidiary of Teva Pharmaceutical Industries Limited, in June 2001 (“Teva Agreement”). The Teva Agreement commits the Company to develop and manufacture, and Teva to distribute, a specified number controlled release generic pharmaceutical products (“generic products”), each for a 10-year period. The Company is required to develop the products, obtain FDA approval to market the products, and manufacture the products for Teva. The revenue the Company earns from the sale of product under the Teva Agreement consists of Teva’s reimbursement of the Company’s manufacturing costs plus a profit share on Teva’s sales of the product to its customers. The Company invoices Teva for the manufacturing costs or products it ships to Teva and payment is due within 30 days. Teva has the right to determine all terms and conditions of the product sales to its customers. Within 30 days of the end of each calendar quarter, Teva is required to provide the Company with a report of its net sales and profits during the quarter and to pay the Company its share of the profits resulting from those sales. Net sales are Teva’s gross sales less discounts, rebates, chargebacks, returns, and other adjustments, all of which are based upon fixed percentages, except chargebacks, which are estimated by Teva and subject to a true-up reconciliation. The Company identified the following deliverables under the Teva Agreement: (i) the manufacture and delivery of generic products; (ii) the provision of research and development activities (including regulatory services) related to each product; and (iii) market exclusivity associated with the products. | |||||||||||||
In July 2010, the Teva Agreement was amended to terminate the provisions of the Teva Agreement with respect to the Omeprazole (generic to Prilosec®) 10mg, 20mg and 40mg products. Additionally, in exchange for the return of product rights, the Company agreed to pay to Teva a profit share on future sales of the fexofenadine HCI/psuedoephedrine (generic to Allegra-D®) products, if any, but in no event will such profit share payments exceed an aggregate amount of $3,000,000. As the July 2010 amendment materially modified the Teva Agreement, the Company elected to apply the updated guidance of FASB ASC 605-25 Multiple Element Arrangements (“ASC 605-25”) to the amended Teva Agreement beginning in the three months ended September 30, 2010. The Company evaluated the deliverables of the amended Teva Agreement under the updated guidance of ASC 605-25 and determined there are two units of accounting, including: a combined unit consisting of research and development activities plus market exclusivity, and the manufacture and delivery of 10 products (i.e. contract manufacturing). The market exclusivity deliverable does not meet the criteria for separation as it does not have standalone value to Teva. As the products contemplated by the Teva Agreement were to be developed by the Company, the market exclusivity has no value to Teva without the research and development services needed to complete the products. The contract manufacturing deliverable has standalone value to Teva as it is able to resell the delivered items (i.e. finished product) to third-parties. | |||||||||||||
The consideration received by the Company from Teva under the Teva Agreement is contingent upon future performance, as such the Company was unable to allocate any of the consideration received to delivered items, and therefore the Company looked to the underlying services which give rise to the payment of consideration by Teva to determine the appropriate recognition of revenue as follows: | |||||||||||||
- | Research and development related activities (the Combined Unit) – Consideration received as a result of research and development related activities performed under the Teva Agreement is initially deferred and recognized on the straight-line method over the Company’s expected period of performance of the research and development related services, estimated to be from July 2001 to October 2014 (with FDA approval of the ANDA for the final product under the Teva Agreement). | ||||||||||||
- | Manufacture and delivery of the products – Consideration received as a result of the manufacture and delivery of the products under the Teva Agreement is recognized under the Company’s revenue recognition policy applicable to its Global products. | ||||||||||||
- | Profit share – The Company recognizes profit share, if any, as current period revenue when earned. | ||||||||||||
The Company applied the updated guidance of ASC 605-25 to the Teva Agreement on a prospective basis beginning in the quarter ended September 30, 2010. The following tables show the additions to and deductions from the deferred revenue under the Teva Agreement: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
(in $000’s) | |||||||||||||
Deferred revenue | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 2,396 | $ | 3,705 | $ | 4,410 | |||||||
Additions | --- | --- | 551 | ||||||||||
Less amounts recognized | (1,309 | ) | (1,309 | ) | (1,256 | ) | |||||||
Ending deferred revenue | $ | 1,087 | $ | 2,396 | $ | 3,705 | |||||||
The following schedule shows the expected recognition of deferred revenue, for transactions recorded through December 31, 2013, for the next five years and thereafter under the Teva Agreement: | |||||||||||||
(in $000s) | Deferred Revenue | ||||||||||||
Recognition | |||||||||||||
2014 | $ | 1,087 | |||||||||||
2015 | --- | ||||||||||||
2016 | --- | ||||||||||||
2017 | --- | ||||||||||||
2018 | --- | ||||||||||||
Thereafter | --- | ||||||||||||
Total | $ | 1,087 | |||||||||||
OTC Partner Alliance Agreement | |||||||||||||
In June 2002, the Company entered into a Development, License and Supply Agreement with Pfizer, Inc., formerly Wyeth LLC (“Pfizer”), for a term of approximately 15 years, relating to the Company’s Loratadine and Pseudoephedrine Sulfate 5 mg/120 mg 12-hour Extended Release Tablets and Loratadine and Pseudoephedrine Sulfate 10 mg/240 mg 24-hour Extended Release Tablets for the OTC market. The Company previously developed the products, and is currently only responsible for manufacturing the products, and Pfizer is responsible for marketing and sale. The agreement included payments to the Company upon achievement of development milestones, as well as royalties paid to the Company by Pfizer on its sales of the product. Pfizer launched this product in May 2003 as Alavert® D-12 Hour. In February 2005, the agreement was partially cancelled with respect to the 24-hour Extended Release Product due to lower than planned sales volume. In December 2011, Pfizer and the Company entered into an agreement with L. Perrigo Company (“Perrigo”) whereby the parties agreed that the Company would supply the Company’s generic Claritin-D® 5 mg/120 mg 12-hour extended release product tablets to Perrigo in the United States and its territories. The agreements with Pfizer and Perrigo are no longer a core area of the Company’s business, and the over-the-counter pharmaceutical products the Company sells to Pfizer and Perrigo under the agreements are older products which are only sold to Pfizer and Perrigo, and which are sold at a loss, on a fully absorbed basis. As noted above, the Company is currently only required to manufacture the products under its agreements with Pfizer and Perrigo. In order to avoid deferring the losses incurred upon shipment of these products to Pfizer and Perrigo, the Company recognizes revenue, and the associated manufacturing costs, at the time title and risk of loss passes to Pfizer or Perrigo, as applicable, which is generally when the product is shipped. The Company recognizes profit share revenue in the period earned. | |||||||||||||
Agreements with Valeant Pharmaceuticals International, Inc. | |||||||||||||
In November 2008, the Company and Valeant Pharmaceuticals International, Inc., formerly Medicis Pharmaceutical Corporation (“Valeant”), entered into a Joint Development Agreement and a License and Settlement Agreement (“Joint Development Agreement”). | |||||||||||||
Joint Development Agreement | |||||||||||||
The Joint Development Agreement provides for the Company and Valeant to collaborate in the development of a total of five dermatology products, including four of the Company’s generic products and one branded advanced form of Valeant’s SOLODYN® product. Under the provisions of the Joint Development Agreement the Company received a $40,000,000 upfront payment, paid by Valeant in December 2008. The Company has also received an aggregate of $15,000,000 in milestone payments composed of two $5,000,000 milestone payments, paid by Valeant in March 2009 and September 2009, a $2,000,000 milestone payment paid by Valeant in December 2009, and a $3,000,000 milestone payment paid by Valeant in March 2011. The Company has the potential to receive up to an additional $8,000,000 of contingent regulatory milestone payments each of which the Company believes to be substantive, as well as the potential to receive royalty payments from sales, if any, by Valeant of its advanced form SOLODYN® brand product. Finally, to the extent the Company commercializes any of its four generic dermatology products covered by the Joint Development Agreement, the Company will pay to Valeant a gross profit share on sales of such products. The Company began selling one of the four generic dermatology products during the year ended December 31, 2011. | |||||||||||||
The Joint Development Agreement results in three items of revenue for the Company, as follows: | |||||||||||||
1. Research & Development Services | |||||||||||||
Revenue received from the provision of research and development services including the $40,000,000 upfront payment and the $12,000,000 of milestone payments received prior to January 1, 2011, have been deferred and are being recognized on a straight-line basis over the expected period of performance of the research and development services. During the three month period ended March 31, 2013, the Company extended the revenue recognition period for the Joint Development Agreement from the previous recognition period ending in November 2013 to December 2014, due to changes in the estimated timing of completion of certain research and development activities. This change was made on a prospective basis, and resulted in a reduced periodic amount of revenue recognized in current and future periods. Revenue from the remaining $8,000,000 of contingent milestone payments, including the $3,000,000 received from Valeant in March 2011, will be recognized using the Milestone Method of accounting. Deferred revenue is recorded as a liability captioned “Deferred revenue.” Revenue recognized under the Joint Development Agreement is included in “Note 20 - Supplementary Financial Information”, in the line item captioned “Other Revenues”. The Company determined the straight-line method better aligns revenue recognition with performance as the level of research and development services delivered under the Joint Development Agreement are expected to be provided on a relatively constant basis over the period of performance. | |||||||||||||
2. Royalty Fees Earned — Valeant’s Sale of Advanced Form SOLODYN® (Brand) Product | |||||||||||||
Under the Joint Development Agreement, the Company granted Valeant a license for the advanced form of the SOLODYN® product, with the Company receiving royalty fee income under such license for a period ending eight years after the first commercial sale of the advanced form SOLODYN® product. Commercial sales of the new SOLODYN® product, if any, are expected to commence upon FDA approval of Valeant’s NDA. The royalty fee income, if any, from the new SOLODYN® product, will be recognized by the Company as current period revenue when earned. | |||||||||||||
3. Accounting for Sales of the Company’s Four Generic Dermatology Products | |||||||||||||
Upon FDA approval of the Company’s ANDA for each of the four generic products covered by the Joint Development Agreement, the Company will have the right (but not the obligation) to begin manufacture and sale of its four generic dermatology products. The Company sells its manufactured generic products to all Global Division customers in the ordinary course of business through its Global Product sales channel. The Company accounts for the sale, if any, of the generic products covered by the Joint Development Agreement as current period revenue according to the Company’s revenue recognition policy applicable to its Global products. To the extent the Company sells any of the four generic dermatology products covered by the Joint Development Agreement, the Company pays Valeant a gross profit share, with such profit share payments accounted for as a current period cost of goods sold. | |||||||||||||
The following table shows the additions to and deductions from deferred revenue under the Joint Development Agreement with Valeant: | |||||||||||||
(in $000’s) | For the Years Ended December 31, | ||||||||||||
Deferred revenue | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 3,650 | $ | 12,410 | $ | 25,948 | |||||||
Less amount recognized | (1,825 | ) | (8,760 | ) | (13,538 | ) | |||||||
Ending deferred revenue | $ | 1,825 | $ | 3,650 | $ | 12,410 | |||||||
The following schedule shows the expected recognition of deferred revenue, for transactions recorded through December 31, 2013, for the next five years and thereafter under the Joint Development Agreement with Valeant: | |||||||||||||
(in $000’s) | Deferred | ||||||||||||
Revenue | |||||||||||||
Recognition | |||||||||||||
2014 | $ | 1,825 | |||||||||||
2015 | --- | ||||||||||||
2016 | --- | ||||||||||||
2017 | --- | ||||||||||||
2018 | --- | ||||||||||||
Thereafter | --- | ||||||||||||
Total | $ | 1,825 | |||||||||||
Development and Co-Promotion Agreement with Endo Pharmaceuticals Inc. | |||||||||||||
In June 2010, the Company and Endo Pharmaceuticals, Inc. ("Endo") entered into a Development and Co-Promotion Agreement (“Endo Agreement”) under which the Company and Endo have agreed to collaborate in the development and commercialization of a next-generation advanced form of the Company’s lead branded product candidate ("Endo Agreement Product"). Under the provisions of the Endo Agreement, in June 2010, Endo paid to the Company a $10,000,000 upfront payment. The Company has the potential to receive up to an additional $30,000,000 of contingent milestone payments which includes $15,000,000 contingent upon the achievement of clinical events, $5,000,000 contingent upon the achievement of regulatory events, and $10,000,000 upon the achievement of commercialization events. The Company believes all milestones under the Endo Agreement are substantive. Upon commercialization of the Endo Agreement Product in the United States, Endo will have the right to co-promote such product to non-neurologists, which will require the Company to pay Endo a co-promotion service fee of up to 100% of the gross profits attributable to prescriptions for the Endo Agreement Product which are written by the non-neurologists. | |||||||||||||
The Company is recognizing the $10,000,000 upfront payment as revenue on a straight-line basis over a period of 91 months, which is the estimated expected period of performance of research and development activities under the Endo Agreement, commencing with the June 2010 effective date of the Endo Agreement and ending in December 2017, the estimated date of FDA approval of the Company's NDA. The FDA approval of the Endo Agreement Product NDA represents the end of the Company’s expected period of performance, as the Company will have no further contractual obligation to perform research and development activities under the Endo Agreement, and therefore the earnings process will be completed. Deferred revenue is recorded as a liability captioned “Deferred revenue” on the consolidated balance sheet and deferred revenue under the Endo Agreement was $5,338,000 as of December 31, 2013. Revenue recognized under the Endo Agreement is reported on the consolidated statement of operations, in the line item captioned Research Partner. The Company determined the straight-line method aligns revenue recognition with performance as the level of research and development activities performed under the Endo Agreement are expected to be performed on a ratable basis over the Company’s estimated expected period of performance. Upon FDA approval of the Company’s Endo Agreement Product NDA, the Company will have the right (but not the obligation) to begin manufacture and sale of such product. The Company will sell its manufactured branded product to customers in the ordinary course of business through its Impax Pharmaceuticals Division. The Company will account for any sale of the product covered by the Endo Agreement as current period revenue. The co-promotion service fee paid to Endo, as described above, if any, will be accounted for as a current period selling expense as incurred. | |||||||||||||
The Company and Endo also entered into a Settlement and License Agreement in June 2010 (the “Endo Settlement Agreement”) pursuant to which Endo agreed to make a payment to the Company should prescription sales of Opana® ER (as defined in the Endo Settlement Agreement) fall below a predetermined contractual threshold in the quarter immediately prior to the Company launching a generic version of Opana® ER. As a result of the Company’s launch of its generic version of Opana ER in January 2013 and Endo’s prescription sales of Opana ER during the fourth quarter of 2012, the Company recorded a $102,049,000 settlement gain during the three month period ended March 31, 2013, which is included in “Other Income” in the consolidated statement of operations. Payment of the $102,049,000 settlement was received from Endo in April 2013. | |||||||||||||
License, Development and Commercialization Agreement with Glaxo Group Limited | |||||||||||||
In December 2010, the Company entered into a License, Development and Commercialization Agreement with Glaxo Group Limited (“GSK”). Under the terms of the agreement with GSK, GSK received an exclusive license to develop and commercialize IPX066 (brand name RYTARYTM in the United States) throughout the world, except in the United States and Taiwan, and certain follow-on products at the option of GSK. Under the terms of the agreement, GSK paid an $11,500,000 upfront payment in December 2010, and the Company had the potential to receive up to $169,000,000 of contingent milestone payments. The upfront payment was recognized as revenue on a straight-line basis over the Company’s expected period of performance to provide research and development services which ended on December 31, 2012. In April 2013, the Company and GSK announced that they were terminating their collaboration for the development and commercialization of IPX066 outside the United States and Taiwan as a result of delays in the anticipated regulatory approval and launch dates in countries in which GSK had rights to commercialize the product and terminated the License, Development and Commercialization Agreement. At the end of July 2013, GSK’s rights to develop and commercialize IPX066 outside the United States and Taiwan were transferred back to the Company. | |||||||||||||
Distribution, License, Development and Supply Agreement with AstraZeneca UK Limited | |||||||||||||
In January 2012, the Company entered into the AZ Agreement with AstraZeneca. Under the terms of the AZ Agreement, AstraZeneca granted to the Company an exclusive license to commercialize the tablet, orally disintegrating tablet and nasal spray formulations of Zomig® (zolmitriptan) products for the treatment of migraine headaches in the United States and in certain U.S. territories, except during an initial transition period when AstraZeneca fulfilled all orders of Zomig® products on the Company’s behalf and AstraZeneca paid to the Company the gross profit on such Zomig® products. The Company is obligated to fulfill certain minimum requirements with respect to the promotion of currently approved Zomig® products as well as other dosage strengths of such products approved by the FDA in the future. The Company may, but has no obligation to, develop and commercialize additional products containing zolmitriptan and additional indications for Zomig®, subject to certain restrictions as set forth in the AZ Agreement. The Company will be responsible for conducting clinical studies and preparing regulatory filings related to the development of any such additional products and would bear all related costs. During the term of the AZ Agreement, AstraZeneca will continue to be the holder of the NDA for existing Zomig® products, as well as any future dosage strengths thereof approved by the FDA, and will be responsible for certain regulatory and quality-related activities for such Zomig® products. AstraZeneca will manufacture and supply Zomig® products to the Company and the Company will purchase its requirements of Zomig® products from AstraZeneca until a date determined in the AZ Agreement. Thereafter, AstraZeneca may terminate its supply obligations upon certain advance notice to the Company, in which case the Company would have the right to manufacture or have manufactured its own requirements for the applicable Zomig® product. | |||||||||||||
Under the terms of the AZ Agreement, AstraZeneca was required to make payments to the Company representing 100% of the gross profit on sales of AstraZeneca-labeled Zomig® products during the specified transition period. The Company received transition payments from AstraZeneca aggregating $43,564,000 during 2012, and accounted for these payments as a reduction of the $130,000,000 in quarterly payments made to AstraZeneca during 2012. The Company allocated $45,096,000 of the $86,436,000 net payments made to AstraZeneca to an intangible asset, and the remaining $41,340,000 to prepaid royalty expense related to sales of Impax-labeled Zomig® products during 2012, with such royalty expense included in cost of revenues on the consolidated statement of operations. Beginning in January 2013, the Company is obligated to pay AstraZeneca tiered royalties on net sales of branded Zomig® products, depending on brand exclusivity and subject to customary reductions and other terms and conditions set forth in the AZ Agreement. The Company is also obligated to pay AstraZeneca royalties after a certain specified date based on gross profit from sales of authorized generic versions of the Zomig® products subject to certain terms and conditions set forth in the AZ Agreement. In May 2013, the Company’s exclusivity period for branded Zomig® tablets and orally disintegrating tablets expired and the Company launched authorized generic versions of those products in the United States. | |||||||||||||
Co-Promotion Agreement with Pfizer | |||||||||||||
In March 2010, the Company and Pfizer, Inc. (“Pfizer”) entered into the First Amendment to the Co-Promotion Agreement (originally entered into with Wyeth LLC, now a wholly owned subsidiary of Pfizer) ("Pfizer Co-Promotion Agreement"). The Company’s obligation to provide physician detailing sales calls under the Pfizer Co-Promotion Agreement ended on June 30, 2012. Prior to such time, the Company had received a fixed fee, effective January 1, 2010, for providing such physician detailing sales calls within a contractually defined range of an aggregate number of physician detailing sales calls rendered, determined on a quarterly basis. The Company recognized the physician detailing sales force fee revenue as the related services were performed and the performance obligations were met. The Company recognized $7,070,000 and $14,140,000 in the years ended December 31, 2012 and 2011, respectively, with such amounts included in the line item “Other Revenues” in “Note 20 - Supplementary Financial Information.” |
Note_13_Employee_Benefit_Plans
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | '13. EMPLOYEE BENEFIT PLANS |
401(k) Defined Contribution Plan | |
The Company sponsors a 401(k) defined contribution plan covering all employees. Participants are permitted to contribute up to 25% of their eligible annual pre-tax compensation up to established federal limits on aggregate participant contributions. The Company matches 50% of the employee contributions up to a maximum of 3% of employee compensation. Discretionary profit-sharing contributions made by the Company, if any, are determined annually by the Board of Directors. Participants are 100% vested in discretionary profit-sharing and matching contributions made by the Company after three years of service, and are 25% and 50% vested after one and two years of service, respectively. There were $1,501,000, $1,428,000 and $1,254,000 in matching contributions and no discretionary profit-sharing contributions made under this plan for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Employee Stock Purchase Plan | |
In February 2001, the Board of Directors of the Company approved the 2001 Non-Qualified Employee Stock Purchase Plan (“ESPP”), with a 500,000 share reservation. The purpose of the ESPP is to enhance employee interest in the success and progress of the Company by encouraging employee ownership of common stock of the Company. The ESPP provides the opportunity to purchase the Company’s common stock at a 15% discount to the market price through payroll deductions or lump sum cash investments. Under the ESPP plan, for the years ended December 31, 2013, 2012 and 2011, the Company sold shares of its common stock to its employees in the amount of 39,748, 44,731 and 47,128, respectively, for net proceeds of $660,000, $829,000 and $887,000, respectively. | |
Deferred Compensation Plan | |
In February 2002, the Board of Directors of the Company approved the Executive Non-Qualified Deferred Compensation Plan (“ENQDCP”) effective August 15, 2002 covering executive level employees of the Company as designated by the Board of Directors. Participants can defer up to 75% of their base salary and quarterly sales bonus and up to 100% of their annual performance based bonus. The Company matches 50% of employee deferrals up to 10% of base salary and bonus compensation. The maximum total match by the company cannot exceed 5% of total base and bonus compensation. Participants are vested in the employer match contribution at 20% each year, with 100% vesting after five years of employment. Participants can earn a return on their deferred compensation based on hypothetical investments in investment funds. Changes in the market value of the participant deferrals and earnings thereon are reflected as an adjustment to the liability for deferred compensation with an offset to compensation expense. There were $764,000, $717,000 and $589,000 in matching contributions under the ENQDCP for the years ended December 31, 2013, 2012 and 2011, respectively. | |
The deferred compensation liability is a non-current liability recorded at the value of the amount owed to the ENQDCP participants, with changes in the value of such amounts recognized as a compensation expense in the consolidated statement of operations. The calculation of the deferred compensation obligation is derived from observable market data by reference to hypothetical investments selected by the participants and is included in the line item captioned “Other liabilities” on the consolidated balance sheet. The Company invests in corporate owned life insurance (“COLI”) policies, of which the cash surrender value is included in the line item captioned “Other assets” on the consolidated balance sheet. As of December 31, 2013 and 2012, the Company had a cash surrender value asset of $25,025,000 and $19,017,000, respectively, and a deferred compensation liability of $23,940,000 and $18,617,000, respectively, which approximated fair value. The asset representing the cash surrender value of the corporate owned life insurance and the deferred compensation liability are both Level 2 fair value measurements. |
Note_14_ShareBased_Compensatio
Note 14 - Share-Based Compensation | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | '14. SHARE-BASED COMPENSATION | |||||||||||||||
The Company recognizes the grant date fair value of each option and restricted share over its vesting period. Options and restricted shares granted under the Company’s Second Amended and Restated 2002 Equity Incentive Plan (“2002 Plan”) generally vest over a three or four year period and options have a term of ten years. | ||||||||||||||||
Impax Laboratories, Inc. 1999 Equity Incentive Plan | ||||||||||||||||
In October 2000, the Company’s stockholders approved an increase in the aggregate number of shares of common stock to be issued pursuant to the Company’s 1999 Equity Incentive Plan from 2,400,000 to 5,000,000 shares. Under the 1999 Equity Incentive Plan, 50,312, 115,785, and 379,872 stock options were outstanding at December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
Impax Laboratories, Inc. Amended and Restated 2002 Equity Incentive Plan | ||||||||||||||||
Under the Company’s 2002 Plan, the aggregate number of shares of common stock for issuance pursuant to stock option grants and restricted stock awards was increased by the Company’s Board of Directors from 11,800,000 to 14,950,000 shares during 2013 and was approved by the Company’s stockholders. Under the 2002 Plan, stock options outstanding were 3,720,593, 4,061,436 and 4,693,225 at December 31, 2013, 2012 and 2011, respectively, and unvested restricted stock awards outstanding were 2,123,835, 1,954,570 and 1,663,911 at December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
The stock option activity for all of the Company’s equity compensation plans noted above is summarized as follows: | ||||||||||||||||
Stock Options | Number of Shares | Weighted- | ||||||||||||||
Under Option | Average | |||||||||||||||
Exercise | ||||||||||||||||
Price | ||||||||||||||||
per share | ||||||||||||||||
Outstanding at December 31, 2010 | 6,514,676 | $ | 10.84 | |||||||||||||
Options granted | 424,000 | 24.78 | ||||||||||||||
Options exercised | (1,605,043 | ) | 11.02 | |||||||||||||
Options forfeited | (260,536 | ) | 9.73 | |||||||||||||
Outstanding at December 31, 2011 | 5,073,097 | 11.76 | ||||||||||||||
Options granted | 278,500 | 20.9 | ||||||||||||||
Options exercised | (1,060,746 | ) | 11.16 | |||||||||||||
Options forfeited | (113,630 | ) | 16.69 | |||||||||||||
Outstanding at December 31, 2012 | 4,177,221 | 12.72 | ||||||||||||||
Options granted | 506,000 | 18.06 | ||||||||||||||
Options exercised | (814,177 | ) | 9.28 | |||||||||||||
Options forfeited | (98,139 | ) | 19.51 | |||||||||||||
Outstanding at December 31, 2013 | 3,770,905 | 14.01 | ||||||||||||||
Options exercisable at December 31, 2013 | 2,853,560 | $ | 12.04 | |||||||||||||
As of December 31, 2013, stock options outstanding and exercisable had average remaining contractual lives of 5.97 years and 4.62 years, respectively. Also, as of December 31, 2013, stock options outstanding and exercisable each had aggregate intrinsic values of $43,089,000 and $37,728,000, respectively and restricted stock awards outstanding had an aggregate intrinsic value of $8,523,000. As of December 31, 2013, the Company estimated 3,338,356 stock options and 1,880,216 restricted shares granted to employees which were vested or expected to vest. | ||||||||||||||||
The Company grants restricted stock to certain eligible employees as a component of its long-term incentive compensation program. The restricted stock award grants are made in accordance with the Company’s 2002 Plan. A summary of the non-vested restricted stock awards is as follows: | ||||||||||||||||
Restricted Stock Awards | Non-Vested | Weighted- | ||||||||||||||
Restricted | Average | |||||||||||||||
Awards | Grant Date | |||||||||||||||
Fair Value | ||||||||||||||||
Non-vested at December 31, 2010 | 1,434,759 | $ | 12.93 | |||||||||||||
Granted | 868,549 | 20.73 | ||||||||||||||
Vested | (452,861 | ) | 11.81 | |||||||||||||
Forfeited | (186,536 | ) | 13.71 | |||||||||||||
Non-vested at December 31, 2011 | 1,663,911 | 17.2 | ||||||||||||||
Granted | 1,015,937 | 23.41 | ||||||||||||||
Vested | (585,392 | ) | 14.72 | |||||||||||||
Forfeited | (139,886 | ) | 19.08 | |||||||||||||
Non-vested at December 31, 2012 | 1,954,570 | 20.97 | ||||||||||||||
Granted | 1,032,924 | 19.92 | ||||||||||||||
Vested | (617,302 | ) | 18.8 | |||||||||||||
Forfeited | (246,357 | ) | 20.69 | |||||||||||||
Non-vested at December 31, 2013 | 2,123,835 | $ | 21.13 | |||||||||||||
Included in the 617,302 shares of restricted stock vested during the year ended December 31, 2013 are 233,275 shares with a weighted average fair value of $19.97 per share that were withheld for minimum withholding tax purposes upon vesting of such awards from stockholders who elected to net share settle such tax withholding obligation. | ||||||||||||||||
As of December 31, 2013, the Company had 3,511,851 shares available for issuance of either stock options or restricted stock awards, including 3,063,055 shares from the 2002 Plan, 296,921 shares from the 1999 Plan, and 151,875 shares from the ESPP Plan. | ||||||||||||||||
As of December 31, 2013, the Company had total unrecognized share-based compensation expense, net of estimated forfeitures, of $40,274,000 related to all of its share-based awards, which will be recognized over a weighted average period of 1.91 years. The intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $8,780,000, $12,380,000 and $19,192,000, respectively. The total fair value of restricted shares which vested during the years ended December 31, 2013, 2012 and 2011 was $11,604,000, $8,614,000 and $5,347,000, respectively. | ||||||||||||||||
The Company estimated the fair value of each stock option award on the grant date using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Volatility (range) | 41.70% | 48.5% | - | 49.30% | 50.7% | - | 52.70% | |||||||||
Volatility (weighted average) | 41.70% | 49.10% | 52.30% | |||||||||||||
Risk-free interest rate (range) | 1.1% | - | 1.90% | 0.9% | - | 1.00% | 1.5% | - | 2.30% | |||||||
Risk-free interest rate (weighted average) | 1.20% | 1.00% | 2.10% | |||||||||||||
Dividend yield | 0% | 0% | 0% | |||||||||||||
Expected life (years) | 6.19 | 6.19 | 6.2 | |||||||||||||
Weighted average grant date fair value | $7.54 | $9.93 | $12.85 | |||||||||||||
The Company estimated the fair value of each stock option award on the grant date using the Black-Scholes option pricing model, wherein expected volatility is based on historical volatility of the Company’s common stock. The expected term calculation is based on the “simplified” method described in SAB No. 107, Share-Based Payment and SAB No. 110, Share-Based Payment, as the result of the simplified method provides a reasonable estimate in comparison to actual experience. The risk-free interest rate is based on the U.S. Treasury yield at the date of grant for an instrument with a maturity that is commensurate with the expected term of the stock options. The dividend yield of zero is based on the fact that the Company has never paid cash dividends on its common stock, and has no present intention to pay cash dividends. Options granted under each of the above plans generally vest from three to four years and have a term of ten years. With limited exceptions, the Company’s shares of common stock traded on the “Pink Sheets” beginning in August 2005 through May 2008. Subsequent to the Company’s May 2008 deregistration, and before its stock was re-listed in March 2009, the Company granted stock options and restricted stock awards. As there were no quoted market prices during the period when the Company’s shares of common stock was not publicly traded, the Company engaged a valuation firm to assist with its determination of the fair value of the shares of common stock at the stock option and restricted stock award grant dates. In this regard, the methods used to arrive at the fair value of the underlying stock price included a regression analysis, along with market multiples and discounted net cash flow analyses. The resulting fair value on each respective grant date was used to establish the stock option exercise price and the fair value of the restricted stock. | ||||||||||||||||
The amount of share-based compensation expense recognized by the Company is as follows: | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
(in $000’s) | 2013 | 2012 | 2011 | |||||||||||||
Cost of revenues | $ | 2,035 | $ | 2,405 | $ | 1,917 | ||||||||||
Research and development | 4,885 | 4,658 | 4,119 | |||||||||||||
Selling, general and administrative | 10,724 | 9,240 | 6,649 | |||||||||||||
Total | $ | 17,644 | $ | 16,303 | $ | 12,685 | ||||||||||
As discussed in “Note 1 - The Company,” in June 2013, the Company announced that Dr. Larry Hsu plans to retire as President and Chief Executive Officer of Impax. Pursuant to his Separation Agreement, all option grants and restricted stock grants expected to vest in the 12 month period following his retirement date will vest as of the retirement date. As a result, the Company recorded accelerated expense of $2.3 million during the three month period ended June 30, 2013 associated with Dr. Hsu’s outstanding options and restricted stock. | ||||||||||||||||
The after tax impact of recognizing the share-based compensation expense related to FASB ASC Topic 718 on basic earnings per common share was $0.19, $0.18 and $0.15 for the years ended December 31, 2013, 2012 and 2011, respectively, and diluted earnings per common share was $0.19, $0.17 and $0.14 for the years ended December 31, 2013, 2012 and 2011, respectively. The Company recognized a deferred tax benefit of $4,829,000, $4,335,000 and $3,078,000 in 2013, 2012 and 2011, respectively; related to share-based compensation expense recorded for non-qualified employee stock options and restricted stock awards. | ||||||||||||||||
The Company’s policy is to issue new shares to satisfy stock option exercises and to grant restricted share awards. There were no modifications to any stock options during the years ended December 31, 2013, 2012 or 2011. |
Note_15_Stockholders_Equity
Note 15 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
15. STOCKHOLDERS’ EQUITY | |
Preferred Stock | |
Pursuant to its certificate of incorporation, the Company is authorized to issue 2,000,000 shares, $0.01 par value per share, “blank check” preferred stock, which enables the Board of Directors of the Company, from time to time, to create one or more new series of preferred stock. Each series of preferred stock issued can have the rights, preferences, privileges and restrictions designated by the Company’s Board of Directors. The issuance of any new series of preferred stock could affect, among other things, the dividend, voting, and liquidation rights of the Company’s common stock. During the years ended December 31, 2013, 2012 and 2011, the Company did not issue any preferred stock. | |
Common Stock | |
The Company’s Certificate of Incorporation, as amended, authorizes the Company to issue 90,000,000 shares of common stock with $0.01 par value. |
Note_16_Earnings_Per_Share
Note 16 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | '16. EARNINGS PER SHARE | ||||||||||||
Basic earnings per common share is computed by dividing net earnings by the weighted average common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income by the weighted average common shares outstanding adjusted for the dilutive effect of stock options, restricted stock awards, stock purchase warrants and convertible debt, excluding anti-dilutive shares. | |||||||||||||
A reconciliation of basic and diluted earnings per share is as follows: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
(in $000’s, except share and per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Numerator: | |||||||||||||
Net income | $ | 101,259 | $ | 55,873 | $ | 65,495 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding | 66,921,181 | 65,660,271 | 64,126,855 | ||||||||||
Effect of dilutive stock options and and restricted stock | 1,733,857 | 2,744,280 | 3,193,134 | ||||||||||
Diluted weighted average common shares outstanding | 68,655,038 | 68,404,551 | 67,319,989 | ||||||||||
Basic net income per share | $ | 1.51 | $ | 0.85 | $ | 1.02 | |||||||
Diluted net income per share | $ | 1.47 | $ | 0.82 | $ | 0.97 | |||||||
For the years ended December 31, 2013, 2012 and 2011, the Company excluded 1,741,110, 905,899 and 1,244,493, respectively, of stock options from the computation of diluted net income per common share as the effect of these options would have been anti-dilutive. |
Note_17_Segment_Information
Note 17 - Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
17. SEGMENT INFORMATION | |||||||||||||||||
The Company has two reportable segments, the Global Division and the Impax Division. The Global Division develops, manufactures, sells, and distributes generic pharmaceutical products, primarily through the following sales channels: the Global Products sales channel for sales of generic prescription products directly to wholesalers, large retail drug chains, and others; the Private Label Product sales channel for generic over-the-counter and prescription products sold to unrelated third-party customers who, in turn, sell the products under their own label; the Rx Partner sales channel for generic prescription products sold through unrelated third-party pharmaceutical entities under their own label pursuant to alliance agreements; and the OTC Partner sales channel for over-the-counter products sold through unrelated third-party pharmaceutical entities under their own labels pursuant to alliance and supply agreements. Revenues from the “Global Products” sales channel and the “Private Label” sales channel are reported under the caption “Global Product sales, net” in “Note 20 – Supplementary Financial Information.” The Company also generates revenue in its Global Division from research and development services provided under a joint development agreement with another unrelated third-party pharmaceutical company, and reports such revenue under the caption “Other Revenues” in “Note 20 – Supplementary Financial Information.” Revenues from the “OTC Partner” sales channel are also reported under the caption “Other Revenues” in “Note 20 – Supplementary Financial Information.” As of February 7, 2014, the Company marketed 117 generic pharmaceutical products representing dosage variations of 38 different pharmaceutical compounds through the Global Division, and eight other generic pharmaceutical products, representing dosage variations of three different pharmaceutical compounds, through the Company’s alliance and collaboration agreement partners. As of February 7, 2014, the Company’s marketed generic products include, but are not limited to authorized generic Adderall XR®, authorized generic Trilipix® delayed release capsules, fenofibrate (generic to Lofibra®) and oxymorphone hydrochloride extended release tablets (non-AB rated to OPANA® ER). On February 20, 2014, the Company announced that it currently plans to begin marketing and selling its allotment of a specified number of bottles of authorized generic RENVELA® tablets beginning in mid-April 2014. The Company continues to pursue the approval of its pending ANDA for generic RENVELA® with the FDA. | |||||||||||||||||
The Impax Division is engaged in the development of proprietary brand pharmaceutical products that the Company believes represent improvements to already-approved pharmaceutical products addressing CNS disorders. The Impax Division currently has one internally developed late stage branded pharmaceutical product candidate, RYTARYTM, an extended release capsule formulation of carbidopa-levodopa for the symptomatic treatment of Parkinson’s disease, for which the NDA was accepted for filing by the FDA in February 2012 and for which the Company received a Complete Response Letter from the FDA in January 2013. The Company is currently working with the FDA on the appropriate next steps for the RYTARYTM NDA. The Company has also initiated the preparation of required documents for a Market Authorization Application to the European Medicines Agency for RYTARYTM, currently targeted for filing during the second half of 2014. In addition to RYTARYTM, the Impax Division has a number of other product candidates that are in varying stages of development. The Impax Division is also engaged in the sale and distribution of branded Zomig® (zolmitriptan) products, indicated for the treatment of migraine headaches, under the terms of the AZ Agreement with AstraZeneca in the United States and in certain U.S. territories. Revenues from Impaxlabeled branded Zomig® products are reported under the caption “Impax Product sales, net” in “Note 20 – Supplementary Financial Information.” Finally, the Company generates revenue in the Impax Division from research and development services provided under a development and license agreement with another unrelated third-party pharmaceutical company, and reports such revenue under the caption “Other Revenues” in “Note 20 – Supplementary Financial Information.” | |||||||||||||||||
The Company’s chief operating decision maker evaluates the financial performance of the Company’s segments based upon segment income (loss) before income taxes. Items below income (loss) from operations are not reported by segment, except litigation settlements, since they are excluded from the measure of segment profitability reviewed by the Company’s chief operating decision maker. Additionally, general and administrative expenses, certain selling expenses, certain litigation settlements, and non-operating income and expenses are included in “Corporate and Other.” The Company does not report balance sheet information by segment since it is not reviewed by the Company’s chief operating decision maker. The accounting policies for the Company’s segments are the same as those described above in "Note 2 - Summary of Significant Accounting Policies – Revenue Recognition.” The Company has no inter-segment revenue. | |||||||||||||||||
The tables below present segment information reconciled to total Company financial results, with segment operating income or loss including gross profit less direct research and development expenses, and direct selling expenses as well as any litigation settlements, to the extent specifically identified by segment: | |||||||||||||||||
(in $000’s) | Global | Impax | Corporate | Total | |||||||||||||
Year Ended December 31, 2013 | Division | Division | and Other | Company | |||||||||||||
Revenues, net | $ | 398,340 | $ | 113,162 | $ | -- | $ | 511,502 | |||||||||
Cost of revenues | 253,836 | 58,366 | -- | 312,202 | |||||||||||||
Research and development | 41,384 | 27,470 | -- | 68,854 | |||||||||||||
Patent litigation | 16,545 | -- | -- | 16,545 | |||||||||||||
Selling, general and administrative | 17,684 | 44,915 | 57,689 | 120,288 | |||||||||||||
Income (loss) before income taxes | $ | 68,891 | $ | (17,589 | ) | $ | 95,638 | $ | 146,940 | ||||||||
Year Ended December 31, 2012 | Global | Impax | Corporate | Total | |||||||||||||
Division | Division | and Other | Company | ||||||||||||||
Revenues, net | $ | 448,682 | $ | 133,010 | $ | -- | $ | 581,692 | |||||||||
Cost of revenues | 229,355 | 69,783 | -- | 299,138 | |||||||||||||
Research and development | 48,604 | 32,716 | -- | 81,320 | |||||||||||||
Patent litigation | 9,772 | -- | -- | 9,772 | |||||||||||||
Selling, general and administrative | 15,377 | 37,896 | 55,197 | 108,470 | |||||||||||||
Income (loss) before income taxes | $ | 145,574 | $ | (7,385 | ) | $ | (54,878 | ) | $ | 83,311 | |||||||
Year Ended December 31, 2011 | Global | Impax | Corporate | Total | |||||||||||||
Division | Division | and Other | Company | ||||||||||||||
Revenues, net | $ | 491,710 | $ | 21,209 | $ | -- | $ | 512,919 | |||||||||
Cost of revenues | 242,713 | 11,911 | -- | 254,624 | |||||||||||||
Research and development | 46,169 | 36,532 | -- | 82,701 | |||||||||||||
Patent litigation | 7,506 | -- | -- | 7,506 | |||||||||||||
Selling, general and administrative | 11,313 | 7,435 | 49,729 | 68,477 | |||||||||||||
Income (loss) before income taxes | $ | 184,009 | $ | (34,669 | ) | $ | (51,229 | ) | $ | 98,111 | |||||||
Foreign Operations | |||||||||||||||||
The Company’s wholly-owned subsidiary, Impax Laboratories (Taiwan) Inc., has constructed a facility in Taiwan which is utilized for manufacturing, research and development, warehouse, and administrative functions, with approximately $137,137,000, and $126,684,000 of net carrying value of assets, composed principally of a building and equipment, included in the Company's consolidated balance sheet at December 31, 2013 and 2012, respectively. |
Note_18_Commitments_and_Contin
Note 18 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
18. COMMITMENTS AND CONTINGENCIES | |||||
Leases | |||||
The Company leases land, office, warehouse and laboratory facilities under non-cancelable operating leases expiring between March 2014 and December 2026. Rent expense for the years ended December 31, 2013, 2012 and 2011 was $1,932,000, $1,719,000 and $1,691,000, respectively. The Company recognizes rent expense on a straight-line basis over the lease period. The Company also leases certain equipment under various non-cancelable operating leases with various expiration dates between December 2014 and May 2016. Future minimum lease payments under the non-cancelable operating leases are as follows: | |||||
(in $000s) | Years Ended | ||||
December 31, | |||||
2014 | $ | 2,253 | |||
2015 | 1,365 | ||||
2016 | 741 | ||||
2017 | 342 | ||||
2018 | 310 | ||||
Thereafter | 2,362 | ||||
Total minimum lease payments | $ | 7,373 | |||
Purchase Order Commitments | |||||
As of December 31, 2013, the Company had approximately $48,820,000 of open purchase order commitments, primarily for raw materials. The terms of these purchase order commitments are generally less than one year in duration. | |||||
Taiwan Facility | |||||
The Company has entered into several contracts related to ongoing expansion activities at its Taiwan manufacturing facility. As of December 31, 2013, the Company had remaining obligations under these contracts of approximately $9,750,000. |
Note_19_Legal_and_Regulatory_M
Note 19 - Legal and Regulatory Matters | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
19. LEGAL AND REGULATORY MATTERS | |
Patent InfringementLitigation | |
There is substantial litigation in the pharmaceutical, biological, and biotechnology industries with respect to the manufacture, use, and sale of new products which are the subject of conflicting patent and intellectual property claims. One or more patents typically cover most of the brand name controlled release products for which the Company is developing generic versions. | |
Under federal law, when a drug developer files an ANDA for a generic drug seeking approval before expiration of a patent, which has been listed with the FDA as covering the brand name product, the developer must certify its product will not infringe the listed patent(s) and/or the listed patent is invalid or unenforceable (commonly referred to as a “Paragraph IV” certification). Notices of such certification must be provided to the patent holder, who may file a suit for patent infringement within 45 days of the patent holder’s receipt of such notice. If the patent holder files suit within the 45 day period, the FDA can review and approve the ANDA, but is prevented from granting final marketing approval of the product until a final judgment in the action has been rendered in favor of the generic drug developer, or 30 months from the date the notice was received, whichever is sooner. Lawsuits have been filed against the Company in connection with the Company’s Paragraph IV certifications seeking an order delaying the approval of the Company’s ANDA until expiration of the patent(s) at issue in the litigation. | |
Should a patent holder commence a lawsuit with respect to an alleged patent infringement by the Company, the uncertainties inherent in patent litigation make the outcome of such litigation difficult to predict. The delay in obtaining FDA approval to market the Company’s product candidates as a result of litigation, as well as the expense of such litigation, whether or not the Company is ultimately successful, could have a material adverse effect on the Company’s results of operations and financial position. In addition, there can be no assurance that any patent litigation will be resolved prior to the end of the 30-month period. As a result, even if the FDA were to approve a product upon expiration of the 30-month period, the Company may elect to not commence marketing the product if patent litigation is still pending. | |
The Company is generally responsible for all of the patent litigation fees and costs associated with current and future products not covered by its alliance and collaboration agreements. The Company has agreed to share legal expenses with respect to third-party and Company products under the terms of certain of the alliance and collaboration agreements. For instance, the Company is currently sharing litigation costs with respect to three products under the terms of separate agreements with two third parties. The Company records the costs of patent litigation as expense in the period when incurred for products it has developed, as well as for products which are the subject of an alliance or collaboration agreement with a third-party. | |
Although the outcome and costs of the asserted and unasserted claims is difficult to predict, the Company does not expect the ultimate liability, if any, for such matters to have a material adverse effect on its financial condition, results of operations, or cash flows. | |
The Research Foundation of State University of New York et al. v. Impax Laboratories, Inc.; Galderma Laboratories Inc., et al. v. Impax Laboratories, Inc. (Doxycycline Monohydrate) | |
In September 2009, The Research Foundation of State University of New York; New York University; Galderma Laboratories Inc.; and Galderma Laboratories, L.P. (collectively, “Galderma”) filed suit against the Company in the U.S. District Court for the District of Delaware (the “District Court”) alleging patent infringement for the filing of the Company’s ANDA relating to Doxycycline Monohydrate Delayed-Release Capsules, 40 mg, generic to Oracea®. In May 2011, Galderma Laboratories Inc., Galderma Laboratories, L.P. and Supernus Pharmaceuticals, Inc. filed a second lawsuit in Delaware alleging infringement of an additional patent related to Oracea®. The Company filed an answer and counterclaims in both matters. In October 2009 for the first lawsuit and in July 2011 for the second lawsuit, the parties agreed to be bound by the final judgment concerning infringement, validity and enforceability of the patents at issue in an earlier-filed case brought by Galderma and Supernus against another generic drug manufacturer. Proceedings in the lawsuits involving the Company were stayed pending resolution of the related matter. In July 2011, a four-day trial was held in the case involving the other generic manufacturer in the District Court on the issues of patent infringement and validity. In August 2011, the District Court issued its decision finding four of the five patents invalid and/or not infringed, and the fifth patent, which expires in December 2027, infringed and not invalid. After proceedings related to the remedy, on June 8, 2012, the District Court entered final judgment with respect to that litigation. On June 22, 2012, the District Court entered its final judgment with respect to the Company. All parties filed notices of appeal and/or cross-appeal in July 2012. The briefing at the United States Court of Appeals for the Federal Circuit (the “Federal Circuit”) was completed for all parties on January 28, 2013. The decision of the District Court will be binding on the Company unless reversed or modified on appeal or in subsequent litigation. On August 7, 2013, the Federal Circuit affirmed-in-part, reversed-in-part, and remanded the case to the District Court. The finding that the fifth patent was infringed and not invalid was affirmed, as was the finding that the asserted independent claims of the other four patents were invalid and/or not infringed. The Federal Circuit reversed the District Court’s finding that some of the dependent claims of the four patents were invalid and remanded for further proceedings. On January 6, 2014, the parties entered into a Stipulation of Dismissal, and on January 7, 2014, the court entered an Order granting the Stipulation of Dismissal. | |
Takeda Pharmaceutical Co., Ltd, et al. v. Impax Laboratories, Inc. (Dexlansoprazole) | |
In April 2011, Takeda Pharmaceutical Co., Ltd., Takeda Pharmaceuticals North America, Inc., Takeda Pharmaceuticals LLC, and Takeda Pharmaceuticals America, Inc. (collectively, “Takeda”) filed suit against the Company in the U.S. District Court for the Northern District of California (the “District Court”) alleging patent infringement based on the filing of the Company’s ANDA relating to Dexlansoprazole Delayed Release Capsules, 30 and 60 mg, generic to Dexilant®. The Company filed an answer and counterclaims. The trial court issued a claim construction ruling on April 11, 2012. In November 2012, the Company and Takeda filed cross motions for summary judgment regarding infringement and validity of the patents at issue. On April 8, 2013, the District Court ruled on the summary judgment motions as follows: (i) granted the Company’s motion for non-infringement of U.S. Patent No. 7,790,755, (ii) granted Takeda’s motion of infringement of U.S. Patent Nos. 6,664,276, 6,462,058 and 6,939,971 and (iii) denied the Company’s motion of invalidity for U.S. Patent No. 6,939,971. A bench trial was conducted beginning on June 5, 2013, and a decision was rendered on October 17, 2013, finding the asserted claims of U.S. Patent Nos. 6,462,058, 6,664,276, and 6,939,971 infringed and not invalid. The Company filed a notice of appeal of the District Court’s decision on the 6,462,058, 6,664,276, and 6,939,971 patents to the federal circuit, and Takeda filed a notice of appeal of the district court decision on the 7,790,755 patent to the federal circuit. | |
In May 2013, Takeda filed another complaint against the Company in the District Court, alleging infringement of U.S. Patent No. 8,173,158 based on the filing of the Company’s ANDA relating to Dexlansoprazole Delayed Release Capsules, 30 and 60 mg, generic to Dexilant®. Takeda filed an amended complaint in July 2013, alleging infringement of another patent, U.S. Patent No. 8,461,187. The Company filed an answer and counterclaims. Discovery is proceeding, and a hearing on claim construction is scheduled for June 12, 2014. Trial is scheduled for April 13, 2015. | |
Purdue Pharma L.P., The P.F. Laboratories, Inc., Purdue Pharmaceuticals L.P., Rhodes Technologies, Board of Regents of the University of Texas System, and Grunenthal GmbH v. Impax Laboratories, Inc. (Oxycodone) | |
In April 2011, Purdue Pharma L.P., The P.F. Laboratories, Inc., Purdue Pharmaceuticals L.P., Rhodes Technologies, Board of Regents of the University of Texas System, and Grunenthal GmbH filed suit against the Company in the U.S. District Court for the Southern District of New York alleging patent infringement based on the filing of the Company’s ANDA relating to Oxycodone Hydrochloride, Controlled Release tablets, 10, 15, 20, 30, 40, 60 and 80 mg, generic to Oxycontin® (related to NDA 022272). The Company filed an answer and counterclaims. A bench trial was held in September and October 2013, and a decision is pending. In February 2013, Purdue Pharma L.P. and Grunenthal GmbH filed a separate lawsuit against the Company involving the same product and ANDA, asserting infringement of two newly issued patents. Purdue Pharma L.P. filed a third lawsuit in May 2013 against the Company involving the same product and ANDA, asserting infringement of a third newly issued patent. The parties have settled and the case was dismissed in December 2013. | |
Avanir Pharmaceuticals, Inc. et al. v. Impax Laboratories, Inc. (Dextromethorphan/Quinidine) | |
In August 2011, Avanir Pharmaceuticals, Inc., Avanir Holding Co., and Center for Neurological Study filed suit against the Company in the U.S. District Court for the District of Delaware alleging patent infringement based on the filing of the Company’s ANDA relating to Dextromethorphan/Quinidine Capsules, 20 mg/10 mg, generic of Nuedexta®. The Company filed an answer and counterclaims. On October 8, 2012, Avanir Pharmaceuticals, Inc. filed suit against the Company in the U.S. District Court for the District of Delaware alleging patent infringement of a new patent, US Patent 8,227,484, issued July 24, 2012, also based on the filing of the Company’s ANDA relating to Dextromethorphan/Quinidine Capsules, 20 mg/10 mg, generic of Nuedexta. The Company filed an answer and counterclaims on October 10, 2012. A bench trial was conducted beginning on September 9, 2013, and a decision is pending. | |
GlaxoSmithKline LLC, et al. v. Impax Laboratories, Inc., et al. (Dutasteride/Tamsulosin) | |
In September 2011, GlaxoSmithKline LLC and SmithKline Beecham Corp. filed suit against the Company in the U.S. District Court for the District of Delaware alleging patent infringement based on the filing of the Company’s ANDA relating to Dutasteride/Tamsulosin Capsules, 0.5 mg/0.4 mg, generic of Jalyn®. The Company filed an answer and counterclaim. The trial court issued a claim construction ruling on November 15, 2012. A bench trial was conducted starting on January 28, 2013, and a decision was rendered on August 9, 2013, finding the asserted claims of the patent in suit infringed and not invalid. The Company has appealed the decision to the federal circuit and a decision on appeal is pending. On February 24, 2014, the decision was affirmed on appeal. | |
Acura Pharmaceuticals, Inc. v. Impax Laboratories, Inc. (Oxycodone HCl) | |
In October 2012, Acura Pharmaceuticals, Inc. filed suit against the Company in the U.S. District Court for the District of Delaware alleging patent infringement for the filing of the Company’s ANDA relating to Oxycodone Hydrochloride Tablets, 5 mg and 7.5 mg, generic to Oxecta®. In November 2012, the Company filed its answer and counterclaims. The parties have settled and the case was dismissed in November 2013. | |
Endo Pharmaceuticals Inc. and Grunenthal GmbH v. Impax Laboratories, Inc. and ThoRx Laboratories, Inc. (Oxymorphone hydrochloride); Endo Pharmaceuticals Inc. and Grunenthal GmbH v. Impax Laboratories, Inc. (Oxymorphone hydrochloride) | |
In November 2012, Endo Pharmaceuticals, Inc. and Grunenthal GmbH (collectively, “Endo”) filed suit against ThoRx Laboratories, Inc., a wholly owned subsidiary of the Company (“ThoRx”), and the Company in the U.S. District Court for the Southern District of New York alleging patent infringement based on the filing of ThoRx’s ANDA relating to Oxymorphone Hydrochloride, Extended Release tablets, 5, 7.5, 10, 15, 20, 30 and 40 mg, generic to Opana ER®. In January 2013, Endo filed a separate suit against the Company in the U.S. District Court for the Southern District of New York alleging patent infringement based on the filing of the Company’s ANDA relating to the same products. ThoRx and the Company filed an answer and counterclaims to the November 2012 suit and the Company filed an answer and counterclaims with respect to the January 2013 suit. Discovery is proceeding. No trial date has been set. | |
Pfizer Inc. and UCB Pharma GMBH v. Impax Laboratories, Inc. (Fesoterodine) | |
In June 2013, Pfizer Inc. and UCB Pharma GMBH filed suit against the Company in the U.S. District Court for the District of Delaware alleging patent infringement based on the filing of the Company’s ANDA relating to Fesoterodine Fumarate Extended-Release Tablets, 4 and 8 mg, generic to Toviaz®. The Company filed its answer and counterclaims. Discovery is proceeding, and trial is scheduled for July 13, 2015. | |
Meda Pharmaceuticals Inc. v. Perrigo Israel Pharmaceuticals Ltd., Perrigo Company, L. Perrigo Company and Impax Laboratories, Inc. (Azelastine HCl) | |
In May 2013, Meda Pharmaceuticals, Inc. (“Meda”) filed suit against the Company in the United States District Court for the District of New Jersey, alleging that the Company participated in, contributed to, aided, abetted, and/or induced infringement of Meda’s United States Patent No. 8,071,073 based on the submission by Perrigo Israel Pharmaceutical Ltd., Perrigo Company and L. Perrigo Company of an ANDA relating to Azelastine Hydrochloride Nasal Spray (0.15%, eq. 0.1876 mg base/spray), generic to Astepro®. The Company filed its answer, and discovery is ongoing. No trial date has been set. | |
Warner Chilcott Co., LLC and Warner Chilcott (US), LLC v. Impax Laboratories, Inc. (Risedronate) | |
In October 2013, Warner Chilcott Co., LLC and Warner Chilcott (US), LLC (together, “Warner Chilcott”) filed suit against the Company in the United States District Court for the District of New Jersey, alleging patent infringement based on the filing of the Company’s ANDA relating to Risedronate Sodium Delayed Release Tablets, 35 mg, generic to Atelvia®. The Company filed its answer, and discovery is proceeding. | |
Other Litigation Related to the Company’s Business | |
Civil Investigative Demand from the FTC | |
On May 2, 2012, the Company received a Civil Investigative Demand (“CID”) from the United States Federal Trade Commission (“FTC”) concerning its investigation into the drug SOLODYN® and its generic equivalents. According to the FTC, the investigation is to determine whether Medicis Pharmaceutical Corporation, now a wholly owned subsidiary of Valeant Pharmaceuticals International, Inc. (“Medicis”), the Company, and six other companies have engaged or are engaged in unfair methods of competition in or affecting commerce by (i) entering into agreements regarding SOLODYN® or its generic equivalents and/or (ii) engaging in other conduct regarding the sale or marketing of SOLODYN® or its generic equivalents. The Company is cooperating with the FTC in producing documents and information in response to the investigation. To the knowledge of the Company, no FTC proceedings have been initiated against the Company to date, however no assurance can be given as to the timing or outcome of this investigation. | |
Solodyn® Antitrust Class Actions | |
From July to October 2013, thirteen class action complaints were filed against manufacturers of the brand drug Solodyn® and its generic equivalents, including the Company. | |
On July 22, 2013, Plaintiff United Food and Commercial Workers Local 1776 & Participating Employers Health and Welfare Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the Eastern District of Pennsylvania on behalf of itself and others similarly situated. | |
On July 23, 2013, Plaintiff Rochester Drug Co-Operative, Inc., a direct purchaser, filed a class action complaint in the United States District Court for the Eastern District of Pennsylvania on behalf of itself and others similarly situated. | |
On August 1, 2013, Plaintiff International Union of Operating Engineers Local 132 Health and Welfare Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the Northern District of California on behalf of itself and others similarly situated. On August 29, 2013, this Plaintiff withdrew its complaint from the United States District Court for the Northern District of California, and on August 30, 2013, re-filed the same complaint in the United States Court for the Eastern District of Pennsylvania, on behalf of itself and others similarly situated. | |
On August 9, 2013, Plaintiff Local 274 Health & Welfare Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the Eastern District of Pennsylvania on behalf of itself and others similarly situated. | |
On August 12, 2013, Plaintiff Sheet Metal Workers Local No. 25 Health & Welfare Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the Eastern District of Pennsylvania on behalf of itself and others similarly situated. | |
On August 27, 2013, Plaintiff Fraternal Order of Police, Fort Lauderdale Lodge 31, Insurance Trust Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the Eastern District of Pennsylvania on behalf of itself and others similarly situated. | |
On August 29, 2013, Plaintiff Heather Morgan, an indirect purchaser, filed a class action complaint in the United States District Court for the Eastern District of Pennsylvania on behalf of itself and others similarly situated. | |
On August 30, 2013, Plaintiff Plumbers & Pipefitters Local 178 Health & Welfare Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the Eastern District of Pennsylvania on behalf of itself and others similarly situated. | |
On September 9, 2013, Plaintiff Ahold USA, Inc., a direct purchaser, filed a class action complaint in the United States District Court for the District of Massachusetts on behalf of itself and others similarly situated. | |
On September 24, 2013, Plaintiff City of Providence, Rhode Island, an indirect purchaser, filed a class action complaint in the United States District Court for the District of Arizona on behalf of itself and others similarly situated. | |
On October 2, 2013, Plaintiff International Union of Operating Engineers Stationary Engineers Local 39 Health & Welfare Trust Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the District of Massachusetts on behalf of itself and others similarly situated. | |
On October 7, 2013, Painters District Council No. 30 Health and Welfare Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the District of Massachusetts on behalf of itself and others similarly situated. | |
On October 25, 2013, Plaintiff Man-U Service Contract Trust Fund, an indirect purchaser, filed a class action complaint in the United States District Court for the Eastern District of Pennsylvania on behalf of itself and others similarly situated. | |
The eight indirect purchaser actions that have been filed in the United States District Court for the Eastern District of Pennsylvania have been consolidated for pretrial purposes as In re Solodyn End-Payor Antitrust Litigation. | |
In each case, the complaints allege that Medicis engaged in an overarching anticompetitive scheme by, among other things, filing frivolous patent litigation lawsuits, submitting frivolous Citizen Petitions, and entering into anticompetitive settlement agreements with several generic manufacturers, including the Company, to delay generic competition of Solodyn® and in violation of state and federal antitrust laws. Plaintiffs seek, among other things, unspecified monetary damages and equitable relief, including disgorgement and restitution. | |
On October 11, 2013, defendants in these actions (including the Company) moved the United States Judicial Panel on Multidistrict Litigation (“JPML”) to consolidate these actions in either the District of Arizona or the Eastern District of Pennsylvania for coordinated pretrial proceedings and a decision is pending. | |
Securities and Derivative Class Actions | |
On March 7, 2013 and April 8, 2013, two class action complaints were filed against the Company and certain current and former officers and directors of the Company in the United States District Court for the Northern District of California by Denis Mulligan, individually and on behalf of others similarly situated, and Haverhill Retirement System, individually and on behalf of others similarly situated, respectively (“Securities Class Actions”), alleging that the Company and those named officers and directors violated the federal securities law by making materially false and misleading statements and/or failed to disclose material adverse facts to the public in connection with manufacturing deficiencies at the Hayward, California manufacturing facility, including but not limited to the impact the deficiencies would have on the Company’s ability to gain approval from the FDA for the Company’s branded product candidate, RYTARYTM and its generic version of Concerta®. These two Securities Class Actions have subsequently been consolidated, assigned to the same judge, and lead plaintiff has been chosen. The plaintiff’s consolidated amended complaint was filed on September 13, 2013. The Company filed a motion to dismiss the consolidated amended complaint on November 14, 2013, and that motion is pending. | |
On March 19, 2013, Virender Singh, derivatively on behalf of the Company, filed a state court action against certain current and former officers and board of directors for breach of fiduciary duty and unjust enrichment in the Superior Court of the State of California County of Santa Clara, asserting similar allegations as those in the Securities Class Actions. That action has been stayed pending resolution of the Securities Class Actions. In addition, the Company is aware of two letters from stockholders demanding action by the Company’s board of directors, including to: (i) undertake an independent internal investigation into management’s alleged violations of Delaware and/or federal law; (ii) commence a civil action against members of management to recover damages sustained as a result of alleged breaches of fiduciary duties; and/or (iii) spearhead meaningful corporate reform to address alleged internal control inadequacies. Each letter further states that if such action is not commenced within a reasonable period of time, the stockholder will commence a stockholder’s derivative action on behalf of the Company. |
Note_20_Supplementary_Financia
Note 20 - Supplementary Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
20. SUPPLEMENTARY FINANCIAL INFORMATION (unaudited) | |||||||||||||||||
Selected financial information for the quarterly periods noted is as follows: | |||||||||||||||||
2013 Quarters Ended: | |||||||||||||||||
(in $000’s except shares and per share amounts) | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Revenue: | |||||||||||||||||
Global Product sales, gross | $ | 197,956 | $ | 217,721 | $ | 279,441 | $ | 288,315 | |||||||||
Less: | |||||||||||||||||
Chargebacks | 64,345 | 82,013 | 98,449 | 111,903 | |||||||||||||
Rebates | 30,572 | 35,649 | 54,530 | 68,363 | |||||||||||||
Product Returns | 94 | 1,989 | 2,857 | 1,989 | |||||||||||||
Other credits | 5,160 | 8,312 | 11,919 | 21,639 | |||||||||||||
Global Product sales, net | 97,785 | 89,758 | 111,686 | 84,423 | |||||||||||||
Rx Partner | 3,114 | 3,668 | 3,016 | 1,841 | |||||||||||||
Other Revenues | 737 | 539 | 1,046 | 727 | |||||||||||||
Global Division revenues, net | 101,636 | 93,965 | 115,748 | 86,991 | |||||||||||||
Impax Product sales, gross | 69,292 | 48,300 | 22,849 | 21,244 | |||||||||||||
Less: | |||||||||||||||||
Chargebacks | 7,790 | 10,095 | 8,422 | 6,690 | |||||||||||||
Rebates | 6,236 | (1,735 | ) | (812 | ) | 485 | |||||||||||
Product Returns | 1,490 | 2,197 | 175 | 224 | |||||||||||||
Other credits | 7,255 | 2,409 | (1,498 | ) | 361 | ||||||||||||
Impax Product sales, net | 46,521 | 35,334 | 16,562 | 13,484 | |||||||||||||
Other Revenues | 332 | 332 | 331 | 266 | |||||||||||||
Impax Division revenues, net | 46,853 | 35,666 | 16,893 | 13,750 | |||||||||||||
Total revenues | 148,489 | 129,631 | 132,641 | 100,741 | |||||||||||||
Gross profit | 57,871 | 58,887 | 48,342 | 34,200 | |||||||||||||
Net income (loss) | $ | 105,442 | $ | 5,619 | $ | (180 | ) | $ | (9,622 | ) | |||||||
Net income (loss) per share (basic) | $ | 1.59 | $ | 0.08 | $ | (0.00 | ) | $ | (0.14 | ) | |||||||
Net income (loss) per share (diluted) | $ | 1.55 | $ | 0.08 | $ | (0.00 | ) | $ | (0.14 | ) | |||||||
Weighted average: common shares outstanding: | |||||||||||||||||
Basic | 66,487,470 | 66,748,864 | 67,051,121 | 67,385,969 | |||||||||||||
Diluted | 68,178,355 | 68,287,948 | 67,051,121 | 67,385,969 | |||||||||||||
Quarterly computations of net income (loss) per share amounts are made independently for each quarterly reporting period, and the sum of the per share amounts for the quarterly reporting periods may not equal the per share amounts for the year-to-date reporting period. | |||||||||||||||||
Selected financial information for the quarterly periods noted is as follows: | |||||||||||||||||
2012 Quarters Ended: | |||||||||||||||||
(in $000’s except shares and per share amounts) | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Revenue: | |||||||||||||||||
Global Product sales, gross | $ | 185,671 | $ | 223,449 | $ | 178,628 | $ | 177,830 | |||||||||
Less: | |||||||||||||||||
Chargebacks | 39,155 | 50,670 | 47,366 | 59,460 | |||||||||||||
Rebates | 20,589 | 26,847 | 24,285 | 22,995 | |||||||||||||
Product Returns | (329 | ) | 948 | 304 | (1,730 | ) | |||||||||||
Other credits | 10,045 | 18,552 | 7,212 | 17,334 | |||||||||||||
Global Product sales, net | 116,211 | 126,432 | 99,461 | 79,771 | |||||||||||||
Other Revenues | 7,054 | 6,633 | 967 | 12,153 | |||||||||||||
Global Division revenues, net | 123,265 | 133,065 | 100,428 | 91,924 | |||||||||||||
Impax Product sales, gross | -- | 40,818 | 63,909 | 65,141 | |||||||||||||
Less: | |||||||||||||||||
Chargebacks | -- | 4,449 | 8,308 | 44 | |||||||||||||
Rebates | -- | 3,714 | 5,113 | 7,556 | |||||||||||||
Product Returns | -- | 878 | 1,374 | 1,558 | |||||||||||||
Other credits | -- | 3,683 | 5,785 | 9,285 | |||||||||||||
Impax Product sales, net | -- | 28,094 | 43,329 | 46,698 | |||||||||||||
Other Revenues | 5,303 | 5,301 | 1,830 | 2,455 | |||||||||||||
Impax Division revenues, net | 5,303 | 33,395 | 45,159 | 49,153 | |||||||||||||
Total revenues | 128,568 | 166,460 | 145,587 | 141,077 | |||||||||||||
Gross profit | 62,553 | 77,823 | 78,027 | 64,151 | |||||||||||||
Net income | $ | 12,365 | $ | 18,672 | $ | 20,037 | $ | 4,799 | |||||||||
Net income per share (basic) | $ | 0.19 | $ | 0.29 | $ | 0.3 | $ | 0.07 | |||||||||
Net income per share (diluted) | $ | 0.18 | $ | 0.27 | $ | 0.29 | $ | 0.07 | |||||||||
Weighted average: common shares outstanding: | |||||||||||||||||
Basic | 65,122,240 | 65,482,700 | 65,797,722 | 66,217,421 | |||||||||||||
Diluted | 67,907,263 | 67,954,573 | 68,366,849 | 68,419,888 | |||||||||||||
Quarterly computations of net income per share amounts are made independently for each quarterly reporting period, and the sum of the per share amounts for the quarterly reporting periods may not equal the per share amounts for the year-to-date reporting period. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
SCHEDULE II, VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
(in $000’s) | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Description | Balance at | Charge to | Charge to | Deductions | Balance at | ||||||||||||||||
Beginning of | Costs and | Other | End of | ||||||||||||||||||
Period | Expenses | Accounts | Period | ||||||||||||||||||
Reserve for bad debts | $ | 539 | 163 | --- | -90 | $ | 612 | ||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
(in $000’s) | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Description | Balance at | Charge to | Charge to | Deductions | Balance at | ||||||||||||||||
Beginning of | Costs and | Other | End of | ||||||||||||||||||
Period | Expenses | Accounts | Period | ||||||||||||||||||
Reserve for bad debts | $ | 612 | --- | --- | -59 | $ | 553 | ||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
(in $000’s) | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Description | Balance at | Charge to | Charge to | Deductions | Balance at | ||||||||||||||||
Beginning of | Costs and | Other | End of | ||||||||||||||||||
Period | Expenses | Accounts | Period | ||||||||||||||||||
Reserve for bad debts | $ | 553 | --- | --- | -14 | $ | 539 | ||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the U.S. Securities & Exchange Commission (“SEC”) requires the use of estimates and assumptions, based on complex judgments considered reasonable, and affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant judgments are employed in estimates used in determining values of tangible and intangible assets, legal contingencies, tax assets and tax liabilities, fair value of share-based compensation related to equity incentive awards issued to employees and directors, and estimates used in applying the Company’s revenue recognition policy including those related to accrued chargebacks, rebates, product returns, Medicare, Medicaid, and other government rebate programs, shelf-stock adjustments, and the timing and amount of deferred and recognized revenue and deferred and amortized product manufacturing costs related to alliance and collaboration agreements. Actual results may differ from estimated results. Certain prior year amounts have been reclassified to conform to the presentation for the year ended December 31, 2013. The Company’s results for the year ended December 31, 2013 were positively impacted by a credit of approximately $600,000 (net-of-tax), or $0.01 per diluted share, related to certain partially offsetting prior period adjustments. The adjustments related to a non-GAAP depreciation policy and a best price adjustment for government rebates. The Company has determined that the impact of these adjustments is not material to the Company’s corresponding annual or quarterly financial statements. | |||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements of the Company include the accounts of the operating parent company, Impax Laboratories, Inc., its wholly owned subsidiaries, including Impax Laboratories (Taiwan) Inc., and an equity investment in Prohealth Biotech, Inc. (“Prohealth”), in which the Company held a 57.54% majority ownership interest at December 31, 2013. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all short-term investments with maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are stated at cost, which, for cash equivalents, approximates fair value due to their short-term maturity. The Company is potentially subject to financial instrument concentration of credit risk through its cash and cash equivalents. The Company maintains cash and cash equivalents with several major financial institutions. Such amounts frequently exceed Federal Deposit Insurance Corporation (“FDIC”) limits. | |||||||||||||
Investment, Policy [Policy Text Block] | ' | ||||||||||||
Short-Term Investments | |||||||||||||
Short-term investments represent investments in fixed rate financial instruments with maturities of greater than three months but less than 12 months at the time of purchase. The Company’s short-term investments are held in U.S. Treasury securities, corporate bonds, and high grade commercial paper, which are not insured by the FDIC. They are stated at amortized cost, which approximates fair value due to their short-term maturity, generally based upon observable market values of similar securities. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company’s deferred compensation liability is carried at the value of the amount owed to participants, and is derived from observable market data by reference to hypothetical investments. The carrying values of other financial assets and liabilities such as accounts receivable, accounts payable and accrued expenses approximate their fair values due to their short-term nature. | |||||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | ||||||||||||
Contingencies | |||||||||||||
In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, covering a wide range of matters, including, among others, patent litigation, stockholder lawsuits, and product and clinical trial liability. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (“ASC”) Topic 450, "Contingencies", the Company records accruals for such loss contingencies when it is probable a liability will been incurred and the amount of loss can be reasonably estimated. The Company, in accordance with FASB ASC Topic 450, does not recognize gain contingencies until realized. The Company records an accrual for legal costs in the period incurred. A discussion of contingencies is included in the “Commitments and Contingencies,” and “Legal and Regulatory Matters” footnotes below. | |||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from amounts deemed to be uncollectible from its customers; these allowances are for specific amounts on certain accounts based on facts and circumstances determined on a case-by-case basis. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk are cash, cash equivalents, short-term investments, and accounts receivable. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by placing its investments with high quality money market funds, corporate debt, and short-term commercial paper and in securities backed by the U.S. Government. The Company limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary. The Company does not require collateral to secure amounts owed to it by its customers. | |||||||||||||
The following tables present the percentage of total accounts receivable and gross revenues represented by the Company’s five largest customers as of and for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Percent of Total Accounts Receivable | 2013 | 2012 | 2011 | ||||||||||
Customer #1 | 35.10% | 31.90% | 30.40% | ||||||||||
Customer #2 | 28.80% | 23.30% | 12.90% | ||||||||||
Customer #3 | 18.50% | 18.40% | 25.70% | ||||||||||
Customer #4 | --% | --% | 8.60% | ||||||||||
Customer #5 | --% | 3.70% | 2.50% | ||||||||||
Customer #6 | --% | 3.10% | --% | ||||||||||
Customer #7 | 2.90% | --% | --% | ||||||||||
Customer #8 | 1.00% | --% | --% | ||||||||||
Total Five largest customers | 86.30% | 80.40% | 80.10% | ||||||||||
Percent of Gross Revenues | 2013 | 2012 | 2011 | ||||||||||
Customer #1 | 25.10% | 25.20% | 19.60% | ||||||||||
Customer #2 | 30.60% | 21.80% | 15.90% | ||||||||||
Customer #3 | 20.30% | 15.10% | 19.40% | ||||||||||
Customer #4 | --% | 9.20% | 12.40% | ||||||||||
Customer #5 | 2.50% | --% | --% | ||||||||||
Customer #6 | 2.40% | 2.90% | 2.40% | ||||||||||
Total Five largest customers | 80.90% | 74.20% | 69.70% | ||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company’s top ten generic products accounted for 68%, 70% and 76%, respectively, of Global Product sales, net. In our Impax Division, revenue from sales of branded Zomig® products pursuant to our Distribution, License, Development and Supply Agreement with AstraZeneca accounted for 100% of our Impax Product sales, net. Refer to “Note 20 - Supplemental Financial Information” for more information. | |||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
Inventory | |||||||||||||
Inventory is stated at the lower of cost or market. Cost is determined using a standard cost method, and the cost flow assumption is first in, first out (“FIFO”) flow of goods. Standard costs are revised annually, and significant variances between actual costs and standard costs are apportioned to inventory and cost of goods sold based upon inventory turnover. Costs include materials, labor, quality control, and production overhead. Inventory is adjusted for short-dated, unmarketable inventory equal to the difference between the cost of inventory and the estimated value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Consistent with industry practice, the Company may build pre-launch inventories of certain products which are pending required approval from the FDA and/or resolution of patent infringement litigation, when, in the Company’s assessment, such action is appropriate to prepare for the anticipated commercial launch and FDA approval is expected in the near term and/or the related litigation will be resolved in the Company’s favor. The Company accounts for all costs of idle facilities, excess freight and handling costs, and wasted materials (spoilage) as a current period charge in accordance with GAAP. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred and costs of improvements and renewals are capitalized. Costs incurred in connection with the construction or major renovation of facilities, including interest directly related to such projects, are capitalized as construction in progress. Depreciation is recognized using the straight-line method based on the estimated useful lives of the related assets, which are generally 40 years for buildings, 10 to 15 years for building improvements, eight to 10 years for equipment, and four to 10 years for office furniture and equipment. Land and construction-in-progress are not depreciated. | |||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||||||
Goodwill | |||||||||||||
In accordance with FASB ASC Topic 350, "Goodwill and Other Intangibles", rather than recording periodic amortization, goodwill is subject to an annual assessment for impairment by applying a fair value based test. Under FASB ASC Topic 350, if the fair value of the reporting unit exceeds the reporting unit’s carrying value, including goodwill, then goodwill is considered not impaired, making further analysis not required. The Company considers the Global Division and the Impax Division operating segments to each be a reporting unit. The Company attributes the entire carrying amount of goodwill to the Global Division. | |||||||||||||
The Company concluded the carrying value of goodwill was not impaired as of December 31, 2013 and 2012 as the fair value of the Global Division exceeded its carrying value at each date. The Company performs its annual goodwill impairment test in the fourth quarter of each year. The Company estimated the fair value of the Global Division using a discounted cash flow model for both the reporting unit and the enterprise. In addition, on a quarterly basis, the Company performs a review of its business operations to determine whether events or changes in circumstances have occurred which could have a material adverse effect on the estimated fair value of the reporting unit, and thus indicate a potential impairment of the goodwill carrying value. If such events or changes in circumstances were deemed to have occurred, the Company would perform an interim impairment analysis, which may include the preparation of a discounted cash flow model, or consultation with one or more valuation specialists, to determine the impact, if any, on the Company’s assessment of the reporting unit’s fair value. The Company has not to date deemed there to have been any significant adverse changes in the legal, regulatory, or general economic environment in which the Company conducts its business operations. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition | |||||||||||||
The Company recognizes revenue when the earnings process is complete, which under SEC Staff Accounting Bulletin No. 104, Topic No. 13, “Revenue Recognition” (“SAB 104”), is when revenue is realized or realizable and earned, there is persuasive evidence a revenue arrangement exists, delivery of goods or services has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. | |||||||||||||
The Company accounts for material revenue arrangements which contain multiple deliverables in accordance with FASB ASC Topic 605-25, revenue recognition for arrangements with multiple elements, which addresses the determination of whether an arrangement involving multiple deliverables contains more than one unit of accounting. A delivered item within an arrangement is considered a separate unit of accounting only if both of the following criteria are met: | |||||||||||||
● | the delivered item has value to the customer on a stand-alone basis; and | ||||||||||||
● | if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the vendor. | ||||||||||||
Under FASB ASC Topic 605-25, if both of the criteria above are not met, then separate accounting for the individual deliverables is not appropriate. Revenue recognition for arrangements with multiple deliverables constituting a single unit of accounting is recognized generally over the greater of the term of the arrangement or the expected period of performance, either on a straight-line basis or on a modified proportional performance method. | |||||||||||||
The Company accounts for milestones related to research and development activities in accordance with FASB ASC Topic 605-28, milestone method of revenue recognition. FASB ASC Topic 605-28 allows for the recognition of consideration, which is contingent on the achievement of a substantive milestone, in its entirety in the period the milestone is achieved. A milestone is considered to be substantive if all of the following criteria are met: the milestone is commensurate with either: (1) the performance required to achieve the milestone, or (2) the enhancement of the value of the delivered items resulting from the performance required to achieve the milestone; the milestone relates solely to past performance; and, the milestone payment is reasonable relative to all of the deliverables and payment terms within the agreement. | |||||||||||||
Global Product sales, net, and Impax Product sales, net: | |||||||||||||
The Global Product sales, net and Impax Product sales, net include revenue recognized related to shipments of generic and branded pharmaceutical products to the Company’s customers, primarily drug wholesalers and retail chains. Gross sales revenue is recognized at the time title and risk of loss passes to the customer, which is generally when product is received by the customer. Global and Impax Product revenue, net may include deductions from the gross sales price related to estimates for chargebacks, rebates, distribution service fees, returns, shelf-stock, and other pricing adjustments. The Company records an estimate for these deductions in the same period when revenue is recognized. A summary of each of these deductions is as follows: | |||||||||||||
Chargebacks | |||||||||||||
The Company has agreements establishing contract prices for certain products with certain indirect customers, such as managed care organizations, hospitals and government agencies who purchase products from drug wholesalers. The contract prices are lower than the prices the customer would otherwise pay to the wholesaler, and the price difference is referred to as a chargeback, which generally takes the form of a credit memo issued by the Company to reduce the invoiced gross selling price charged to the wholesaler. An estimated accrued provision for chargeback deductions is recognized at the time of product shipment. The primary factors considered when estimating the provision for chargebacks are the average historical chargeback credits given, the mix of products shipped, and the amount of inventory on hand at the major drug wholesalers with whom the Company does business. The Company also monitors actual chargebacks granted and compares them to the estimated provision for chargebacks to assess the reasonableness of the chargeback reserve at each quarterly balance sheet date. | |||||||||||||
Rebates | |||||||||||||
The Company maintains various rebate programs with its customers in an effort to maintain a competitive position in the marketplace and to promote sales and customer loyalty. The rebates generally take the form of a credit memo to reduce the invoiced gross selling price charged to a customer for products shipped. An estimated accrued provision for rebate deductions is recognized at the time of product shipment. The primary factors the Company considers when estimating the provision for rebates are the average historical experience of aggregate credits issued, the mix of products shipped and the historical relationship of rebates as a percentage of total gross product sales, the contract terms and conditions of the various rebate programs in effect at the time of shipment, and the amount of inventory on hand at the major drug wholesalers with whom the Company does business. The Company also monitors actual rebates granted and compares them to the estimated provision for rebates to assess the reasonableness of the rebate reserve at each quarterly balance sheet date. | |||||||||||||
Distribution Service Fees | |||||||||||||
The Company pays distribution service fees to several of its wholesaler customers related to sales of its Impax Products. The wholesalers are generally obligated to provide the Company with periodic outbound sales information as well as inventory levels of the Company’s Impax Products held in their warehouses. Additionally, the wholesalers have agreed to manage the variability of their purchases and inventory levels within specified days on hand limits. An accrued provision for distribution service fees is recognized at the time products are shipped to wholesalers. | |||||||||||||
Returns | |||||||||||||
The Company allows its customers to return product if approved by authorized personnel in writing or by telephone with the lot number and expiration date accompanying any request and if such products are returned within six months prior to or until twelve months following, the products’ expiration date. The Company estimates and recognizes an accrued provision for product returns as a percentage of gross sales based upon historical experience. The product return reserve is estimated using a historical lag period, which is the time between when the product is sold and when it is ultimately returned, and estimated return rates which may be adjusted based on various assumptions including changes to internal policies and procedures, changes in business practices, and commercial terms with customers, competitive position of each product, amount of inventory in the wholesaler supply chain, the introduction of new products, and changes in market sales information. The Company also considers other factors, including significant market changes which may impact future expected returns, and actual product returns. The Company monitors actual returns on a quarterly basis and may record specific provisions for returns it believes are not covered by historical percentages. | |||||||||||||
Shelf-Stock Adjustments | |||||||||||||
Based upon competitive market conditions, the Company may reduce the selling price of certain Global Division products. The Company may issue a credit against the sales amount to a customer based upon their remaining inventory of the product in question, provided the customer agrees to continue to make future purchases of product from the Company. This type of customer credit is referred to as a shelf-stock adjustment, which is the difference between the sales price and the revised lower sales price, multiplied by an estimate of the number of product units on hand at a given date. Decreases in selling prices are discretionary decisions made by the Company in response to market conditions, including estimated launch dates of competing products and declines in market price. The Company records an estimate for shelf-stock adjustments in the period it agrees to grant such a credit memo to a customer. | |||||||||||||
Medicaid and Other Government Pricing Programs | |||||||||||||
As required by law, the Company provides a rebate on drugs dispensed under the Medicaid program, Medicare Part D, TRICARE, and other U.S. government pricing programs. The Company determines its estimated government rebate accrual primarily based on historical experience of claims submitted by the various states and other jurisdictions and any new information regarding changes in the various programs which may impact the Company’s estimate of government rebates. In determining the appropriate accrual amount, the Company considers historical payment rates and processing lag for outstanding claims and payments. The Company records estimates for government rebates as a deduction from gross sales, with a corresponding adjustment to accrued liabilities. | |||||||||||||
Cash Discounts | |||||||||||||
The Company offers cash discounts to its customers, generally 2% of the gross selling price, as an incentive for paying within invoice terms, which generally range from 30 to 90 days. An estimate of cash discounts is recorded in the same period when revenue is recognized. | |||||||||||||
Rx Partner and OTC Partner: | |||||||||||||
The Rx Partner and OTC Partner contracts include revenue recognized under alliance and collaboration agreements between the Company and unrelated third-party pharmaceutical companies. The Company has entered into these alliance agreements to develop marketing and/or distribution relationships with its partners to fully leverage its technology platform. | |||||||||||||
The Rx Partners and OTC Partners alliance agreements obligate the Company to deliver multiple goods and/or services over extended periods. Such deliverables include manufactured pharmaceutical products, exclusive and semi-exclusive marketing rights, distribution licenses, and research and development services. In exchange for these deliverables the Company receives payments from its agreement partners for product shipments and research and development services, and may also receive other payments including royalty, profit sharing, upfront, and periodic milestone payments. Revenue received from the alliance agreement partners for product shipments under these agreements is not subject to deductions for chargebacks, rebates, product returns, and other pricing adjustments. Royalty and profit sharing amounts the Company receives under these agreements are calculated by the respective agreement partner, with such royalty and profit share amounts generally based upon estimates of net product sales or gross profit which include estimates of deductions for chargebacks, rebates, product returns, and other adjustments the alliance agreement partners may negotiate with their respective customers. The Company records the agreement partner's adjustments to such estimated amounts in the period the agreement partner reports the amounts to the Company. | |||||||||||||
The Company applies the updated guidance of ASC 605-25 “Multiple Element Arrangements” to the Strategic Alliance Agreement with Teva Pharmaceuticals Curacao N.V., a subsidiary of Teva Pharmaceutical Industries Limited (“Teva Agreement”). The Company looks to the underlying delivery of goods and/or services which give rise to the payment of consideration under the Teva Agreement to determine the appropriate revenue recognition. The Company initially defers consideration received as a result of research and development-related activities performed under the Teva Agreement. The Company recognizes deferred revenue on a straight-line basis over the expected period of performance for such services. Consideration received as a result of the manufacture and delivery of products under the Teva Agreement is recognized at the time title and risk of loss passes to the customer which is generally when product is received by Teva. The Company recognizes profit share revenue in the period earned. | |||||||||||||
OTC Partner revenue is related to agreements with Pfizer, Inc., formerly Wyeth LLC (“Pfizer”) and L. Perrigo Company (“Perrigo”) with respect to the supply of over-the-counter pharmaceutical products. The OTC Partner sales channel is no longer a core area of the business, and the over-the-counter pharmaceutical products the Company sells through this sales channel are older products which are only sold to Pfizer and Perrigo, and which are currently sold at a loss, on a fully absorbed basis. The Company is currently only required to manufacture the over-the-counter pharmaceutical products under its agreements with Pfizer and Perrigo. In order to avoid deferring the losses incurred upon shipment of these products to Pfizer and Perrigo, the Company recognizes revenue, and the associated manufacturing costs, at the time title and risk of loss passes to Pfizer or Perrigo, as applicable, which is generally when the product is shipped. The Company recognizes profit share revenue in the period earned. | |||||||||||||
Research Partner: | |||||||||||||
The Research Partner contract includes revenue recognized under development agreements with unrelated third-party pharmaceutical companies. The development agreements generally obligate the Company to provide research and development services over multiple periods. In exchange for this service, the Company received upfront payments upon signing of each development agreement and is eligible to receive contingent milestone payments, based upon the achievement of contractually specified events. Additionally, the Company may also receive royalty payments from the sale, if any, of a successfully developed and commercialized product under one of these development agreements. The Company recognizes revenue received from the provision of research and development services, including the upfront payment and the milestone payments received before January 1, 2011 on a straight line basis over the expected period of performance of the research and development services. Revenue received from the achievement of contingent research and development milestones after January 1, 2011 will be recognized currently in the period such payment is earned. Royalty fee income, if any, will be recognized as current period revenue when earned. | |||||||||||||
Promotional Partner: | |||||||||||||
The Promotional Partner contract includes revenue recognized under a promotional services agreement with an unrelated third-party pharmaceutical company. The promotional services agreement obligated the Company to provide physician detailing sales calls services to promote certain of the unrelated third-party company’s branded drug products. The Company received service fee revenue in exchange for providing this service. The Company recognized revenue from providing physician detailing sales calls services as the services were provided. The Company’s obligation to provide physician detailing sales calls under the promotional services agreement ended on June 30, 2012. | |||||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||||||
Shipping and Handling Fees and Costs | |||||||||||||
Shipping and handling fees related to sales transactions are recorded as selling expense. Shipping costs were $1,890,000, $1,425,000 and $1,341,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||||||||||
Research and Development | |||||||||||||
Research and development activities are expensed as incurred and consist of self-funded research and development costs and costs associated with work performed by other participants under collaborative research and development agreements | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
Derivatives | |||||||||||||
The Company does not engage in hedging transactions for trading or speculative purposes or to hedge exposure to currency or interest rate fluctuations. From time to time, the Company may engage in transactions that result in embedded derivatives (e.g. convertible debt securities). In accordance with FASB ASC Topic 815, derivatives and hedging, the Company records the embedded derivative at fair value on the balance sheet and records any related gains or losses in current earnings in the statement of operations. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
The Company accounts for stock-based employee compensation arrangements in accordance with provisions of FASB ASC Topic 718, stock compensation. Under FASB ASC Topic 718, the Company recognizes the grant date fair value of stock-based employee compensation as expense on a straight-line basis over the vesting period of the grant. The Company uses the Black Scholes option pricing model to determine the grant date fair value of employee stock options; the fair value of restricted stock awards is equal to the closing price of the Company’s stock on the date such award was granted. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company provides for income taxes using the asset and liability method as required by FASB ASC Topic 740, income taxes. This approach recognizes the amount of federal, state, local taxes, and foreign taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequences of events recognized in the consolidated financial statements and income tax returns. Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates in the period during which they are signed into law. Under FASB ASC Topic 740, a valuation allowance is required when it is more likely than not all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income. | |||||||||||||
FASB ASC Topic 740, Sub-topic 10, tax positions, defines the criterion an individual tax position must meet for any part of the benefit of the tax position to be recognized in financial statements prepared in conformity with generally accepted accounting principles. Under FASB ASC Topic 740, Sub-topic 10, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. Additionally, FASB ASC Topic 740, Sub-topic 10 provides guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. In accordance with the disclosure requirements of FASB ASC Topic 740, Sub-topic 10, the Company’s policy on income statement classification of interest and penalties related to income tax obligations is to include such items as part of total interest expense and other expense, respectively. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
Earnings per Share | |||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares adjusted for the dilutive effect of common stock equivalents outstanding during the period. | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||||
Other Comprehensive Income | |||||||||||||
The Company follows the provisions of FASB ASC Topic 220, comprehensive income, which establishes standards for the reporting and display of comprehensive income and its components. Comprehensive income is defined to include all changes in equity during a period except those resulting from investments by owners and distributions to owners. The Company recorded foreign currency translation gains and losses, which are reported as comprehensive income. Foreign currency translation gains (losses) for the years ended December 31, 2013, 2012 and 2011 were $(4,104,000), $3,520,000 and $(1,087,000), respectively. | |||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | ||||||||||||
Deferred Financing Costs | |||||||||||||
The Company capitalizes direct costs incurred with obtaining debt financing, which are included in other assets on the consolidated balance sheet. Deferred financing costs, including costs incurred in obtaining debt financing, are amortized to interest expense over the term of the underlying debt on a straight-line basis, which approximates the effective interest method. The Company recognized amortization of $30,000, $30,000 and $28,000 in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||
Foreign Currency Translation | |||||||||||||
The Company translates the assets and liabilities of the Taiwan dollar functional currency of its majority-owned affiliate Prohealth Biotech, Inc. and its wholly-owned subsidiary Impax Laboratories (Taiwan), Inc. into the U.S. dollar reporting currency using exchange rates in effect at the end of each reporting period. The revenue and expense of these entities are translated using an average of the rates in effect during the reporting period. Gains and losses from these translations are recorded as currency translation adjustments included in the consolidated statements of comprehensive income and the consolidated statements of changes in stockholders’ equity. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | ' | ||||||||||||
Percent of Total Accounts Receivable | 2013 | 2012 | 2011 | ||||||||||
Customer #1 | 35.10% | 31.90% | 30.40% | ||||||||||
Customer #2 | 28.80% | 23.30% | 12.90% | ||||||||||
Customer #3 | 18.50% | 18.40% | 25.70% | ||||||||||
Customer #4 | --% | --% | 8.60% | ||||||||||
Customer #5 | --% | 3.70% | 2.50% | ||||||||||
Customer #6 | --% | 3.10% | --% | ||||||||||
Customer #7 | 2.90% | --% | --% | ||||||||||
Customer #8 | 1.00% | --% | --% | ||||||||||
Total Five largest customers | 86.30% | 80.40% | 80.10% | ||||||||||
Percent of Gross Revenues | 2013 | 2012 | 2011 | ||||||||||
Customer #1 | 25.10% | 25.20% | 19.60% | ||||||||||
Customer #2 | 30.60% | 21.80% | 15.90% | ||||||||||
Customer #3 | 20.30% | 15.10% | 19.40% | ||||||||||
Customer #4 | --% | 9.20% | 12.40% | ||||||||||
Customer #5 | 2.50% | --% | --% | ||||||||||
Customer #6 | 2.40% | 2.90% | 2.40% | ||||||||||
Total Five largest customers | 80.90% | 74.20% | 69.70% |
Note_4_Investments_Tables
Note 4 - Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | ||||||||||||||||
(in $000’s) | Amortized | Gross | Gross | Fair | |||||||||||||
Unrecognized | Unrecognized | ||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | |||||||||||||
Commercial paper | $ | 91,480 | $ | 26 | $ | -- | $ | 91,506 | |||||||||
Corporate bonds | 137,041 | 13 | (21 | ) | 137,033 | ||||||||||||
Total short-term investments | $ | 228,521 | $ | 39 | $ | (21 | ) | $ | 228,539 | ||||||||
(in $000’s) | Amortized | Gross | GrossUnrecognized | Fair | |||||||||||||
Unrecognized | |||||||||||||||||
31-Dec-12 | Cost | Gains | Losses | Value | |||||||||||||
Commercial paper | $ | 70,140 | $ | 28 | $ | -- | $ | 70,168 | |||||||||
Government sponsored enterprise obligations | 9,994 | 4 | -- | 9,998 | |||||||||||||
Corporate bonds | 76,622 | 23 | (12 | ) | 76,633 | ||||||||||||
Total short-term investments | $ | 156,756 | $ | 55 | $ | (12 | ) | $ | 156,799 |
Note_5_Accounts_Receivable_Tab
Note 5 - Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||
(in $000’s) | December 31, | December 31, | |||||||||||
2013 | 2012 | ||||||||||||
Gross accounts receivable | $ | 246,319 | $ | 167,696 | |||||||||
Less: Rebate reserve | (88,449 | ) | (46,011 | ) | |||||||||
Less: Chargeback reserve | (37,066 | ) | (18,410 | ) | |||||||||
Less: Other deductions | (7,811 | ) | (11,026 | ) | |||||||||
Accounts receivable, net | $ | 112,993 | $ | 92,249 | |||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||
(in $000’s) | December 31, | December 31, | December 31, | ||||||||||
Rebate reserve | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 46,011 | $ | 29,164 | $ | 23,547 | |||||||
Provision recorded during the period | 193,288 | 111,099 | 79,697 | ||||||||||
Credits issued during the period | (150,850 | ) | (94,252 | ) | (74,080 | ) | |||||||
Ending balance | $ | 88,449 | $ | 46,011 | $ | 29,164 | |||||||
(in $000’s) | December 31, | December 31, | December 31, | ||||||||||
Chargeback reserve | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 18,410 | $ | 22,161 | $ | 14,918 | |||||||
Provision recorded during the period | 389,707 | 209,452 | 166,504 | ||||||||||
Credits issued during the period | (371,051 | ) | (213,203 | ) | (159,261 | ) | |||||||
Ending balance | $ | 37,066 | $ | 18,410 | $ | 22,161 |
Note_6_Inventory_Tables
Note 6 - Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
(in $000’s) | December 31, | December 31, | |||||||
2013 | 2 | ||||||||
Raw materials | $ | 27,981 | $ | 31,884 | |||||
Work in process | 1,434 | 4,005 | |||||||
Finished goods | 47,416 | 60,956 | |||||||
Total inventory | 76,831 | 96,845 | |||||||
Less: Non-current inventory | 6,725 | 7,081 | |||||||
Total inventory-current | $ | 70,107 | $ | 89,764 |
Note_7_Property_Plant_and_Equi1
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
(in $000’s) | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Land | $ | 5,773 | $ | 5,773 | |||||
Buildings and improvements | 139,657 | 130,995 | |||||||
Equipment | 114,950 | 110,353 | |||||||
Office furniture and equipment | 11,523 | 10,558 | |||||||
Construction-in-progress | 15,910 | 9,843 | |||||||
Property, plant and equipment, gross | $ | 287,813 | $ | 267,522 | |||||
Less: Accumulated depreciation | (99,622 | ) | (86,764 | ) | |||||
Property, plant and equipment, net | $ | 188,191 | $ | 180,758 |
Note_8_Goodwill_and_Intangible1
Note 8 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||
(in $000’s) | Initial | Accumulated | Carrying | ||||||||||||||
31-Dec-13 | Cost | Amortization | Impairment | Value | |||||||||||||
Amortized intangible assets: | |||||||||||||||||
Zomig® product rights | $ | 41,783 | $ | (28,641 | ) | $ | --- | $ | 13,142 | ||||||||
Tolmar product rights | 31,450 | (3,266 | ) | (13,156 | ) | 15,028 | |||||||||||
Other product rights | 2,250 | --- | (750 | ) | 1,500 | ||||||||||||
Total intangible assets | $ | 75,483 | $ | (31,907 | ) | $ | (13,906 | ) | $ | 29,670 | |||||||
(in $000’s) | Initial | Accumulated | Carrying | ||||||||||||||
31-Dec-12 | Cost | Amortization | Impairment | Value | |||||||||||||
Amortized intangible assets: | |||||||||||||||||
Zomig® product rights | $ | 45,096 | $ | (17,987 | ) | $ | --- | $ | 27,109 | ||||||||
Tolmar product rights | 19,450 | (859 | ) | --- | 18,591 | ||||||||||||
Other product rights | 2,250 | --- | --- | 2,250 | |||||||||||||
Total intangible assets | $ | 66,796 | $ | (18,846 | ) | $ | --- | $ | 47,950 | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||
(in $000’s) | Amortization | ||||||||||||||||
Expense | |||||||||||||||||
2014 | $ | 9,721 | |||||||||||||||
2015 | 5,295 | ||||||||||||||||
2016 | 4,104 | ||||||||||||||||
2017 | 3,912 | ||||||||||||||||
2018 | 2,273 | ||||||||||||||||
Thereafter | 2,865 | ||||||||||||||||
Total | $ | 28,170 |
Note_9_Accrued_Expenses_Tables
Note 9 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accrued Liabilities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||||||
(in $000’s) | December 31, | December 31, | |||||||||||
2013 | 2012 | ||||||||||||
Payroll-related expenses | $ | 27,985 | $ | 22,553 | |||||||||
Product returns | 28,089 | 23,440 | |||||||||||
Government rebates | 23,351 | 33,794 | |||||||||||
Legal and professional fees | 3,162 | 3,993 | |||||||||||
Clinical trial costs | (277 | ) | 1,610 | ||||||||||
Income taxes payable | 21,186 | 1,541 | |||||||||||
Physician detailing sales force fees | 1,512 | 1,471 | |||||||||||
Other | 6,515 | 4,340 | |||||||||||
Total accrued expenses | $ | 111,523 | $ | 92,742 | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||
(in $000's) | December 31, | December 31, | December 31, | ||||||||||
Returns Reserve | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 23,440 | $ | 24,101 | $ | 33,755 | |||||||
Provision related to sales recorded in the period | 11,015 | 3,003 | 688 | ||||||||||
Credits issued during the period | (6,366 | ) | (3,664 | ) | (10,342 | ) | |||||||
Ending balance | $ | 28,089 | $ | 23,440 | $ | 24,101 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
(in $000’s) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal taxes | $ | 67,407 | $ | 49,636 | $ | 23,500 | |||||||||||||||||||
State taxes | 2,569 | 1,721 | 1,034 | ||||||||||||||||||||||
Foreign taxes | 742 | 453 | 1,154 | ||||||||||||||||||||||
Total current tax expense | 70,718 | 51,810 | 25,688 | ||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal taxes | $ | (21,050 | ) | $ | (21,650 | ) | $ | 5,646 | |||||||||||||||||
State taxes | (1,965 | ) | (2,537 | ) | 592 | ||||||||||||||||||||
Foreign taxes | (2,022 | ) | (185 | ) | 690 | ||||||||||||||||||||
Total deferred tax (benefit) expense | (25,037 | ) | (24,372 | ) | 6,928 | ||||||||||||||||||||
Provision for income taxes | $ | 45,681 | $ | 27,438 | $ | 32,616 | |||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
(in $000’s) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Income before income taxes | $ | 146,940 | $ | 83,311 | $ | 98,111 | |||||||||||||||||||
Tax provision at the federal statutory rate | 51,429 | 35 | % | 29,159 | 35 | % | 34,339 | 35 | % | ||||||||||||||||
Increase (decrease) in tax rate resulting from: | |||||||||||||||||||||||||
Tax rate differential and permanent items on foreign income | 383 | 0.3 | % | (1,259 | ) | (1.5 | )% | 185 | 0.2 | % | |||||||||||||||
State income taxes, net of federal benefit | 1,616 | 1.1 | % | 1,906 | 2.3 | % | 3,673 | 3.7 | % | ||||||||||||||||
State research and development credits | (1,787 | ) | (1.2 | )% | (1,560 | ) | (1.9 | )% | (1,560 | ) | (1.6 | )% | |||||||||||||
Federal research and development credits | (1,900 | ) | (1.3 | )% | --- | -- | % | (2,100 | ) | (2.2 | )% | ||||||||||||||
Share-based compensation | 92 | 0.1 | % | 326 | 0.4 | % | 92 | 0.1 | % | ||||||||||||||||
Executive compensation | 336 | 0.2 | % | 825 | 1 | % | 586 | 0.6 | % | ||||||||||||||||
Domestic manufacturing deduction | (1,666 | ) | (1.1 | )% | (2,010 | ) | (2.4 | )% | (2,187 | ) | (2.2 | )% | |||||||||||||
Other permanent book/tax differences | (967 | ) | (0.7 | )% | (185 | ) | (0.2 | )% | (119 | ) | (0.1 | )% | |||||||||||||
Provision for uncertain tax positions | 1,718 | 1.1 | % | 801 | 0.9 | % | 178 | 0.2 | % | ||||||||||||||||
Revision of prior years’ estimates | (1,150 | ) | (0.8 | )% | (392 | ) | (0.5 | )% | (309 | ) | (0.3 | )% | |||||||||||||
Prior year Federal research and development credits | (1,950 | ) | (1.3 | )% | --- | -- | % | --- | -- | % | |||||||||||||||
Other, net | (473 | ) | (0.3 | )% | (173 | ) | (0.2 | )% | (162 | ) | (0.2 | )% | |||||||||||||
Provision for income taxes | $ | 45,681 | 31.1 | % | $ | 27,438 | 32.9 | % | $ | 32,616 | 33.2 | % | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in $000’s) | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Deferred revenues | $ | 2,961 | $ | 4,545 | |||||||||||||||||||||
Accrued expenses | 44,404 | 38,839 | |||||||||||||||||||||||
Inventory reserves | 6,681 | 2,630 | |||||||||||||||||||||||
Net operating loss carryforwards | 61 | 149 | |||||||||||||||||||||||
Depreciation and amortization | 275 | 428 | |||||||||||||||||||||||
Acquired product rights and intangibles | 15,147 | 7,284 | |||||||||||||||||||||||
Capitalized legal fees | 11,245 | 6,981 | |||||||||||||||||||||||
R&D credit carryforwards | 3,238 | 2,062 | |||||||||||||||||||||||
Share based compensation expense | 4,786 | 3,446 | |||||||||||||||||||||||
Other | 745 | 850 | |||||||||||||||||||||||
Deferred tax assets | $ | 89,543 | $ | 67,214 | |||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Tax depreciation and amortization in excess of book amounts | $ | 2,592 | $ | 3,544 | |||||||||||||||||||||
Deferred manufacturing costs | 65 | 80 | |||||||||||||||||||||||
Other | 2,172 | 1,810 | |||||||||||||||||||||||
Deferred tax liabilities | $ | 4,829 | $ | 5,434 | |||||||||||||||||||||
Deferred tax assets, net | $ | 84,714 | $ | 61,780 | |||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in $000’s) | 2013 | 2012 | |||||||||||||||||||||||
Current deferred tax assets | $ | 52,959 | $ | 44,196 | |||||||||||||||||||||
Current deferred tax liabilities | (2,171 | ) | (1,810 | ) | |||||||||||||||||||||
Current deferred tax assets, net | 50,788 | 42,386 | |||||||||||||||||||||||
Non-current deferred tax assets | 36,583 | 23,018 | |||||||||||||||||||||||
Non-current deferred tax liabilities | (2,657 | ) | (3,624 | ) | |||||||||||||||||||||
Non-current deferred tax assets, net | 33,926 | 19,394 | |||||||||||||||||||||||
Deferred tax assets, net | $ | 84,714 | $ | 61,780 | |||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||||||||||||||
(in $000’s) | For the Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Unrecognized tax benefits beginning of year | $ | 2,920 | $ | 1,791 | $ | 1,579 | |||||||||||||||||||
Gross change for current year positions | 797 | 249 | 188 | ||||||||||||||||||||||
Gross change for prior period positions | 1,575 | 1,231 | 24 | ||||||||||||||||||||||
Decrease due to settlements and payments | -- | (351 | ) | -- | |||||||||||||||||||||
Decrease due to statute expirations | -- | -- | -- | ||||||||||||||||||||||
Unrecognized tax benefits end of year | $ | 5,292 | $ | 2,920 | $ | 1,791 |
Note_12_Alliance_and_Collabora1
Note 12 - Alliance and Collaboration Agreements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Teva Pharmaceutical Industries Limited [Member] | ' | ||||||||||||
Note 12 - Alliance and Collaboration Agreements (Tables) [Line Items] | ' | ||||||||||||
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table Text Block] | ' | ||||||||||||
For the Years Ended December 31, | |||||||||||||
(in $000’s) | |||||||||||||
Deferred revenue | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 2,396 | $ | 3,705 | $ | 4,410 | |||||||
Additions | --- | --- | 551 | ||||||||||
Less amounts recognized | (1,309 | ) | (1,309 | ) | (1,256 | ) | |||||||
Ending deferred revenue | $ | 1,087 | $ | 2,396 | $ | 3,705 | |||||||
Teva Pharmaceutical Industries Limited [Member] | Deferred Revenue Recognition [Member] | ' | ||||||||||||
Note 12 - Alliance and Collaboration Agreements (Tables) [Line Items] | ' | ||||||||||||
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table Text Block] | ' | ||||||||||||
(in $000s) | Deferred Revenue | ||||||||||||
Recognition | |||||||||||||
2014 | $ | 1,087 | |||||||||||
2015 | --- | ||||||||||||
2016 | --- | ||||||||||||
2017 | --- | ||||||||||||
2018 | --- | ||||||||||||
Thereafter | --- | ||||||||||||
Total | $ | 1,087 | |||||||||||
Valeant [Member] | ' | ||||||||||||
Note 12 - Alliance and Collaboration Agreements (Tables) [Line Items] | ' | ||||||||||||
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table Text Block] | ' | ||||||||||||
(in $000’s) | For the Years Ended December 31, | ||||||||||||
Deferred revenue | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 3,650 | $ | 12,410 | $ | 25,948 | |||||||
Less amount recognized | (1,825 | ) | (8,760 | ) | (13,538 | ) | |||||||
Ending deferred revenue | $ | 1,825 | $ | 3,650 | $ | 12,410 | |||||||
Valeant [Member] | Deferred Revenue Recognition [Member] | ' | ||||||||||||
Note 12 - Alliance and Collaboration Agreements (Tables) [Line Items] | ' | ||||||||||||
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table Text Block] | ' | ||||||||||||
(in $000’s) | Deferred | ||||||||||||
Revenue | |||||||||||||
Recognition | |||||||||||||
2014 | $ | 1,825 | |||||||||||
2015 | --- | ||||||||||||
2016 | --- | ||||||||||||
2017 | --- | ||||||||||||
2018 | --- | ||||||||||||
Thereafter | --- | ||||||||||||
Total | $ | 1,825 |
Note_14_ShareBased_Compensatio1
Note 14 - Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||
Stock Options | Number of Shares | Weighted- | ||||||||||||||
Under Option | Average | |||||||||||||||
Exercise | ||||||||||||||||
Price | ||||||||||||||||
per share | ||||||||||||||||
Outstanding at December 31, 2010 | 6,514,676 | $ | 10.84 | |||||||||||||
Options granted | 424,000 | 24.78 | ||||||||||||||
Options exercised | (1,605,043 | ) | 11.02 | |||||||||||||
Options forfeited | (260,536 | ) | 9.73 | |||||||||||||
Outstanding at December 31, 2011 | 5,073,097 | 11.76 | ||||||||||||||
Options granted | 278,500 | 20.9 | ||||||||||||||
Options exercised | (1,060,746 | ) | 11.16 | |||||||||||||
Options forfeited | (113,630 | ) | 16.69 | |||||||||||||
Outstanding at December 31, 2012 | 4,177,221 | 12.72 | ||||||||||||||
Options granted | 506,000 | 18.06 | ||||||||||||||
Options exercised | (814,177 | ) | 9.28 | |||||||||||||
Options forfeited | (98,139 | ) | 19.51 | |||||||||||||
Outstanding at December 31, 2013 | 3,770,905 | 14.01 | ||||||||||||||
Options exercisable at December 31, 2013 | 2,853,560 | $ | 12.04 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||
Restricted Stock Awards | Non-Vested | Weighted- | ||||||||||||||
Restricted | Average | |||||||||||||||
Awards | Grant Date | |||||||||||||||
Fair Value | ||||||||||||||||
Non-vested at December 31, 2010 | 1,434,759 | $ | 12.93 | |||||||||||||
Granted | 868,549 | 20.73 | ||||||||||||||
Vested | (452,861 | ) | 11.81 | |||||||||||||
Forfeited | (186,536 | ) | 13.71 | |||||||||||||
Non-vested at December 31, 2011 | 1,663,911 | 17.2 | ||||||||||||||
Granted | 1,015,937 | 23.41 | ||||||||||||||
Vested | (585,392 | ) | 14.72 | |||||||||||||
Forfeited | (139,886 | ) | 19.08 | |||||||||||||
Non-vested at December 31, 2012 | 1,954,570 | 20.97 | ||||||||||||||
Granted | 1,032,924 | 19.92 | ||||||||||||||
Vested | (617,302 | ) | 18.8 | |||||||||||||
Forfeited | (246,357 | ) | 20.69 | |||||||||||||
Non-vested at December 31, 2013 | 2,123,835 | $ | 21.13 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Volatility (range) | 41.70% | 48.5% | - | 49.30% | 50.7% | - | 52.70% | |||||||||
Volatility (weighted average) | 41.70% | 49.10% | 52.30% | |||||||||||||
Risk-free interest rate (range) | 1.1% | - | 1.90% | 0.9% | - | 1.00% | 1.5% | - | 2.30% | |||||||
Risk-free interest rate (weighted average) | 1.20% | 1.00% | 2.10% | |||||||||||||
Dividend yield | 0% | 0% | 0% | |||||||||||||
Expected life (years) | 6.19 | 6.19 | 6.2 | |||||||||||||
Weighted average grant date fair value | $7.54 | $9.93 | $12.85 | |||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
(in $000’s) | 2013 | 2012 | 2011 | |||||||||||||
Cost of revenues | $ | 2,035 | $ | 2,405 | $ | 1,917 | ||||||||||
Research and development | 4,885 | 4,658 | 4,119 | |||||||||||||
Selling, general and administrative | 10,724 | 9,240 | 6,649 | |||||||||||||
Total | $ | 17,644 | $ | 16,303 | $ | 12,685 |
Note_16_Earnings_Per_Share_Tab
Note 16 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
For the Years Ended December 31, | |||||||||||||
(in $000’s, except share and per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Numerator: | |||||||||||||
Net income | $ | 101,259 | $ | 55,873 | $ | 65,495 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding | 66,921,181 | 65,660,271 | 64,126,855 | ||||||||||
Effect of dilutive stock options and and restricted stock | 1,733,857 | 2,744,280 | 3,193,134 | ||||||||||
Diluted weighted average common shares outstanding | 68,655,038 | 68,404,551 | 67,319,989 | ||||||||||
Basic net income per share | $ | 1.51 | $ | 0.85 | $ | 1.02 | |||||||
Diluted net income per share | $ | 1.47 | $ | 0.82 | $ | 0.97 |
Note_17_Segment_Information_Ta
Note 17 - Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
(in $000’s) | Global | Impax | Corporate | Total | |||||||||||||
Year Ended December 31, 2013 | Division | Division | and Other | Company | |||||||||||||
Revenues, net | $ | 398,340 | $ | 113,162 | $ | -- | $ | 511,502 | |||||||||
Cost of revenues | 253,836 | 58,366 | -- | 312,202 | |||||||||||||
Research and development | 41,384 | 27,470 | -- | 68,854 | |||||||||||||
Patent litigation | 16,545 | -- | -- | 16,545 | |||||||||||||
Selling, general and administrative | 17,684 | 44,915 | 57,689 | 120,288 | |||||||||||||
Income (loss) before income taxes | $ | 68,891 | $ | (17,589 | ) | $ | 95,638 | $ | 146,940 | ||||||||
Year Ended December 31, 2012 | Global | Impax | Corporate | Total | |||||||||||||
Division | Division | and Other | Company | ||||||||||||||
Revenues, net | $ | 448,682 | $ | 133,010 | $ | -- | $ | 581,692 | |||||||||
Cost of revenues | 229,355 | 69,783 | -- | 299,138 | |||||||||||||
Research and development | 48,604 | 32,716 | -- | 81,320 | |||||||||||||
Patent litigation | 9,772 | -- | -- | 9,772 | |||||||||||||
Selling, general and administrative | 15,377 | 37,896 | 55,197 | 108,470 | |||||||||||||
Income (loss) before income taxes | $ | 145,574 | $ | (7,385 | ) | $ | (54,878 | ) | $ | 83,311 | |||||||
Year Ended December 31, 2011 | Global | Impax | Corporate | Total | |||||||||||||
Division | Division | and Other | Company | ||||||||||||||
Revenues, net | $ | 491,710 | $ | 21,209 | $ | -- | $ | 512,919 | |||||||||
Cost of revenues | 242,713 | 11,911 | -- | 254,624 | |||||||||||||
Research and development | 46,169 | 36,532 | -- | 82,701 | |||||||||||||
Patent litigation | 7,506 | -- | -- | 7,506 | |||||||||||||
Selling, general and administrative | 11,313 | 7,435 | 49,729 | 68,477 | |||||||||||||
Income (loss) before income taxes | $ | 184,009 | $ | (34,669 | ) | $ | (51,229 | ) | $ | 98,111 |
Note_18_Commitments_and_Contin1
Note 18 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
(in $000s) | Years Ended | ||||
December 31, | |||||
2014 | $ | 2,253 | |||
2015 | 1,365 | ||||
2016 | 741 | ||||
2017 | 342 | ||||
2018 | 310 | ||||
Thereafter | 2,362 | ||||
Total minimum lease payments | $ | 7,373 |
Note_20_Supplementary_Financia1
Note 20 - Supplementary Financial Information (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
Quarterly Periods In 2013 [Member] | Quarterly Periods In 2012 [Member] | |||||||||||||||||||||||||||||||||
Note 20 - Supplementary Financial Information (unaudited) (Tables) [Line Items] | ' | ' | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
2013 Quarters Ended: | 2012 Quarters Ended: | |||||||||||||||||||||||||||||||||
(in $000’s except shares and per share amounts) | 31-Mar | 30-Jun | 30-Sep | 31-Dec | (in $000’s except shares and per share amounts) | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||||||||||||||
Revenue: | Revenue: | |||||||||||||||||||||||||||||||||
Global Product sales, gross | $ | 197,956 | $ | 217,721 | $ | 279,441 | $ | 288,315 | Global Product sales, gross | $ | 185,671 | $ | 223,449 | $ | 178,628 | $ | 177,830 | |||||||||||||||||
Less: | Less: | |||||||||||||||||||||||||||||||||
Chargebacks | 64,345 | 82,013 | 98,449 | 111,903 | Chargebacks | 39,155 | 50,670 | 47,366 | 59,460 | |||||||||||||||||||||||||
Rebates | 30,572 | 35,649 | 54,530 | 68,363 | Rebates | 20,589 | 26,847 | 24,285 | 22,995 | |||||||||||||||||||||||||
Product Returns | 94 | 1,989 | 2,857 | 1,989 | Product Returns | (329 | ) | 948 | 304 | (1,730 | ) | |||||||||||||||||||||||
Other credits | 5,160 | 8,312 | 11,919 | 21,639 | Other credits | 10,045 | 18,552 | 7,212 | 17,334 | |||||||||||||||||||||||||
Global Product sales, net | 97,785 | 89,758 | 111,686 | 84,423 | Global Product sales, net | 116,211 | 126,432 | 99,461 | 79,771 | |||||||||||||||||||||||||
Rx Partner | 3,114 | 3,668 | 3,016 | 1,841 | Other Revenues | 7,054 | 6,633 | 967 | 12,153 | |||||||||||||||||||||||||
Other Revenues | 737 | 539 | 1,046 | 727 | Global Division revenues, net | 123,265 | 133,065 | 100,428 | 91,924 | |||||||||||||||||||||||||
Global Division revenues, net | 101,636 | 93,965 | 115,748 | 86,991 | ||||||||||||||||||||||||||||||
Impax Product sales, gross | -- | 40,818 | 63,909 | 65,141 | ||||||||||||||||||||||||||||||
Impax Product sales, gross | 69,292 | 48,300 | 22,849 | 21,244 | Less: | |||||||||||||||||||||||||||||
Less: | Chargebacks | -- | 4,449 | 8,308 | 44 | |||||||||||||||||||||||||||||
Chargebacks | 7,790 | 10,095 | 8,422 | 6,690 | Rebates | -- | 3,714 | 5,113 | 7,556 | |||||||||||||||||||||||||
Rebates | 6,236 | (1,735 | ) | (812 | ) | 485 | Product Returns | -- | 878 | 1,374 | 1,558 | |||||||||||||||||||||||
Product Returns | 1,490 | 2,197 | 175 | 224 | Other credits | -- | 3,683 | 5,785 | 9,285 | |||||||||||||||||||||||||
Other credits | 7,255 | 2,409 | (1,498 | ) | 361 | Impax Product sales, net | -- | 28,094 | 43,329 | 46,698 | ||||||||||||||||||||||||
Impax Product sales, net | 46,521 | 35,334 | 16,562 | 13,484 | ||||||||||||||||||||||||||||||
Other Revenues | 5,303 | 5,301 | 1,830 | 2,455 | ||||||||||||||||||||||||||||||
Other Revenues | 332 | 332 | 331 | 266 | Impax Division revenues, net | 5,303 | 33,395 | 45,159 | 49,153 | |||||||||||||||||||||||||
Impax Division revenues, net | 46,853 | 35,666 | 16,893 | 13,750 | ||||||||||||||||||||||||||||||
Total revenues | 128,568 | 166,460 | 145,587 | 141,077 | ||||||||||||||||||||||||||||||
Total revenues | 148,489 | 129,631 | 132,641 | 100,741 | ||||||||||||||||||||||||||||||
Gross profit | 62,553 | 77,823 | 78,027 | 64,151 | ||||||||||||||||||||||||||||||
Gross profit | 57,871 | 58,887 | 48,342 | 34,200 | ||||||||||||||||||||||||||||||
Net income | $ | 12,365 | $ | 18,672 | $ | 20,037 | $ | 4,799 | ||||||||||||||||||||||||||
Net income (loss) | $ | 105,442 | $ | 5,619 | $ | (180 | ) | $ | (9,622 | ) | ||||||||||||||||||||||||
Net income per share (basic) | $ | 0.19 | $ | 0.29 | $ | 0.3 | $ | 0.07 | ||||||||||||||||||||||||||
Net income (loss) per share (basic) | $ | 1.59 | $ | 0.08 | $ | (0.00 | ) | $ | (0.14 | ) | Net income per share (diluted) | $ | 0.18 | $ | 0.27 | $ | 0.29 | $ | 0.07 | |||||||||||||||
Net income (loss) per share (diluted) | $ | 1.55 | $ | 0.08 | $ | (0.00 | ) | $ | (0.14 | ) | ||||||||||||||||||||||||
Weighted average: common shares outstanding: | ||||||||||||||||||||||||||||||||||
Weighted average: common shares outstanding: | Basic | 65,122,240 | 65,482,700 | 65,797,722 | 66,217,421 | |||||||||||||||||||||||||||||
Basic | 66,487,470 | 66,748,864 | 67,051,121 | 67,385,969 | Diluted | 67,907,263 | 67,954,573 | 68,366,849 | 68,419,888 | |||||||||||||||||||||||||
Diluted | 68,178,355 | 68,287,948 | 67,051,121 | 67,385,969 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Accrued Vendor Invoices | $6,210,000 | $10,017,000 | $795,000 |
Note_1_The_Company_Details
Note 1 - The Company (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 04, 2013 | Jun. 30, 2013 | Dec. 31, 2013 |
Note 1 - The Company (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | ' | ' | 2 |
Number Of Channels | ' | ' | 4 |
Number of Internally Developed Late Stage Branded Pharmaceutical Product Candidate | ' | ' | 1 |
Number Of Properties | ' | ' | 5 |
Number Of Leased Properties | ' | ' | 3 |
Restructuring and Related Cost, Number of Positions Eliminated | 110 | ' | ' |
Restructuring and Related Cost, Incurred Cost (in Dollars) | ' | $3 | ' |
Separation Pay and Benefits [Member] | President and CEO [Member] | ' | ' | ' |
Note 1 - The Company (Details) [Line Items] | ' | ' | ' |
Employee-related Liabilities (in Dollars) | ' | 2.7 | ' |
Accelerated Expense, Outstanding Options and Restricted Stock [Member] | President and CEO [Member] | ' | ' | ' |
Note 1 - The Company (Details) [Line Items] | ' | ' | ' |
Employee-related Liabilities (in Dollars) | ' | 2.3 | ' |
President and CEO [Member] | ' | ' | ' |
Note 1 - The Company (Details) [Line Items] | ' | ' | ' |
Employee-related Liabilities (in Dollars) | ' | $5 | ' |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Quantifying Aggregate Misstatement In Current Year Financial Statements Amount (in Dollars) | $600,000 | ' | ' |
Quantifying Misstatement In Current Year Financial Statements Earnings Per Share Diluted (in Dollars per share) | $0.01 | ' | ' |
Number of Largest Customers | 5 | 5 | 5 |
Cash Discount Discount Rate | 2.00% | ' | ' |
Shipping, Handling and Transportation Costs (in Dollars) | 1,890,000 | 1,425,000 | 1,341,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax (in Dollars) | -4,104,000 | 3,520,000 | -1,087,000 |
Amortization of Financing Costs (in Dollars) | $30,000 | $30,000 | $28,000 |
Global Division [Member] | Top 10 Generic Products [Member] | Product Concentration Risk [Member] | Sales [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 68.00% | 70.00% | 76.00% |
Impax Division [Member] | Zomig Products [Member] | Product Concentration Risk [Member] | Sales [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 100.00% | ' | ' |
Top 10 Generic Products [Member] | Product Concentration Risk [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Number Of Products | 10 | ' | ' |
Prohealth [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 57.54% | ' | ' |
Building [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' | ' |
Equipment [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '8 years | ' | ' |
Equipment [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Office Furniture and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '4 years | ' | ' |
Office Furniture and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Period Prior To Expiration Date [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Product Return Period | '6 months | ' | ' |
Period Following Expiration Date [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Product Return Period | '12 months | ' | ' |
Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Cash Discount Invoice Terms | '30 days | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Cash Discount Invoice Terms | '90 days | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Percentage Of Total Accounts Receivable And Gross Revenues (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer 1 [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 35.10% | 31.90% | 30.40% |
Customer 1 [Member] | Gross Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 25.10% | 25.20% | 19.60% |
Customer 2 [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 28.80% | 23.30% | 12.90% |
Customer 2 [Member] | Gross Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 30.60% | 21.80% | 15.90% |
Customer 3 [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 18.50% | 18.40% | 25.70% |
Customer 3 [Member] | Gross Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 20.30% | 15.10% | 19.40% |
Customer 4 [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | ' | ' | 8.60% |
Customer 4 [Member] | Gross Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | ' | 9.20% | 12.40% |
Customer 5 [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | ' | 3.70% | 2.50% |
Customer 5 [Member] | Gross Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 2.50% | ' | ' |
Customer 6 [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | ' | 3.10% | ' |
Customer 6 [Member] | Gross Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 2.40% | 2.90% | 2.40% |
Customer 7 [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 2.90% | ' | ' |
Customer 8 [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 1.00% | ' | ' |
Total 5 Largest Customers [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 86.30% | 80.40% | 80.10% |
Total 5 Largest Customers [Member] | Gross Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration percentage | 80.90% | 74.20% | 69.70% |
Note_4_Investments_Details_A_S
Note 4 - Investments (Details) - A Summary Of Short-Term Investments (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $228,521 | $156,756 |
Gross Unrecognized Gains | 39 | 55 |
Gross Unrecognized Losses | -21 | -12 |
Fair Value | 228,539 | 156,799 |
Commercial Paper [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 91,480 | 70,140 |
Gross Unrecognized Gains | 26 | 28 |
Fair Value | 91,506 | 70,168 |
Corporate Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 137,041 | 76,622 |
Gross Unrecognized Gains | 13 | 23 |
Gross Unrecognized Losses | -21 | -12 |
Fair Value | 137,033 | 76,633 |
US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | ' | 9,994 |
Gross Unrecognized Gains | ' | 4 |
Fair Value | ' | $9,998 |
Note_5_Accounts_Receivable_Det
Note 5 - Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $539,000 | $553,000 |
Note_5_Accounts_Receivable_Det1
Note 5 - Accounts Receivable (Details) - The Composition Of Accounts Receivable, Net (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
The Composition Of Accounts Receivable, Net [Abstract] | ' | ' |
Gross accounts receivable | $246,319 | $167,696 |
Less: Rebate reserve | -88,449 | -46,011 |
Less: Chargeback reserve | -37,066 | -18,410 |
Less: Other deductions | -7,811 | -11,026 |
Accounts receivable, net | $112,993 | $92,249 |
Note_5_Accounts_Receivable_Det2
Note 5 - Accounts Receivable (Details) - A Roll Forward Of The Rebate And Chargeback Reserves Activity (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Ending balance | $37,066 | $18,410 | ' |
Ending balance | 88,449 | 46,011 | ' |
Rebate Reserve [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | 46,011 | 29,164 | 23,547 |
Provision recorded during the period | 193,288 | 111,099 | 79,697 |
Credits issued during the period | -150,850 | -94,252 | -74,080 |
Ending balance | 88,449 | 46,011 | 29,164 |
Chargeback Reserve [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision recorded during the period | 389,707 | 209,452 | 166,504 |
Credits issued during the period | -371,051 | -213,203 | -159,261 |
Ending balance | 37,066 | 18,410 | 22,161 |
Beginning balance | $18,410 | $22,161 | $14,918 |
Note_6_Inventory_Details
Note 6 - Inventory (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Finished and Unfinished Inventory Related to Discontinued Products [Member] | Impact of Expected Delay of FDA Approval [Member] | Additional Pre-launch Inventory of Product Manufactured for Third-Party [Member] | Unapproved Inventory [Member] | Unapproved Inventory [Member] | Raw Materials [Member] | Finished Goods [Member] | |||
Note 6 - Inventory (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory Valuation Reserves | $17,702,000 | $5,231,000 | $6,700,000 | $5,000,000 | $6,400,000 | ' | ' | ' | ' |
Unapproved Product Inventory Net | ' | ' | ' | ' | ' | $6,462,000 | $12,106,000 | ' | ' |
Inventory Turnover Period Minimum | ' | ' | ' | ' | ' | ' | ' | '3 years | ' |
Inventory Turnover Period Maximum | ' | ' | ' | ' | ' | ' | ' | '5 years | '2 years |
Note_6_Inventory_Details_Inven
Note 6 - Inventory (Details) - Inventory, Net Of Carrying Value Reserves (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory, Net Of Carrying Value Reserves [Abstract] | ' | ' |
Raw materials | $27,981 | $31,884 |
Work in process | 1,434 | 4,005 |
Finished goods | 47,416 | 60,956 |
Total inventory | 76,831 | 96,845 |
Less: Non-current inventory | 6,725 | 7,081 |
Total inventory-current | $70,107 | $89,764 |
Note_7_Property_Plant_and_Equi2
Note 7 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $16,782,000 | $15,982,000 | $14,911,000 |
Note_7_Property_Plant_and_Equi3
Note 7 - Property, Plant and Equipment (Details) - Property, Plant And Equipment, Net (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant And Equipment, Net [Abstract] | ' | ' |
Land | $5,773 | $5,773 |
Buildings and improvements | 139,657 | 130,995 |
Equipment | 114,950 | 110,353 |
Office furniture and equipment | 11,523 | 10,558 |
Construction-in-progress | 15,910 | 9,843 |
Property, plant and equipment, gross | 287,813 | 267,522 |
Less: Accumulated depreciation | -99,622 | -86,764 |
Property, plant and equipment, net | $188,191 | $180,758 |
Note_8_Goodwill_and_Intangible2
Note 8 - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Products Approved [Member] | Products Approved [Member] | Product Pending Approval [Member] | Product Pending Approval [Member] | Abbreviated New Drug Applications [Member] | Milestone Payment Arrangement [Member] | Cost of Sales [Member] | Zomig Product Rights Tablet [Member] | Zomig Product Rights Orally Disintegrating Tablet [Member] | Zomig Product Rights Nasal Spray [Member] | Zomig Product Rights [Member] | Tolmar Product Rights [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Minimum [Member] | Maximum [Member] | |||
Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Research and Development Expense [Member] | Tolmar Incorporated [Member] | Tolmar Product Rights [Member] | Tolmar Product Rights [Member] | |||||||||||
Note 8 - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $27,574,000 | $27,574,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '14 months | '11 months | '72 months | ' | ' | ' | ' | '5 years | '12 years |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,300,000 | ' | ' | ' | ' | ' |
Number Of Products | ' | ' | 10 | 10 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 11 | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) | 13,906,000 | ' | ' | ' | ' | ' | 800,000 | ' | 13,200,000 | ' | ' | ' | ' | 13,156,000 | ' | ' | ' | ' |
Collaborative Arrangement Contingent Payments Received And Potentially To Be Received | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | $13,061,000 | $18,846,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_Goodwill_and_Intangible3
Note 8 - Goodwill and Intangible Assets (Details) - Intangible Assets (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Amortized intangible assets: | ' | ' |
Initial cost | $75,483,000 | $66,796,000 |
Accumulated amortization | -31,907,000 | -18,846,000 |
Impairment | -13,906,000 | ' |
Carrying value | 29,670,000 | 47,950,000 |
Other Product Rights [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Initial cost | 2,250,000 | 2,250,000 |
Impairment | -750,000 | ' |
Carrying value | 1,500,000 | 2,250,000 |
Zomig Product Rights [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Initial cost | 41,783,000 | 45,096,000 |
Accumulated amortization | -28,641,000 | -17,987,000 |
Carrying value | 13,142,000 | 27,109,000 |
Tolmar Product Rights [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Initial cost | 31,450,000 | 19,450,000 |
Accumulated amortization | -3,266,000 | -859,000 |
Impairment | -13,156,000 | ' |
Carrying value | $15,028,000 | $18,591,000 |
Note_8_Goodwill_and_Intangible4
Note 8 - Goodwill and Intangible Assets (Details) - Expected Amortization Expense (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Expected Amortization Expense [Abstract] | ' |
2014 | $9,721 |
2015 | 5,295 |
2016 | 4,104 |
2017 | 3,912 |
2018 | 2,273 |
Thereafter | 2,865 |
Total | $28,170 |
Note_9_Accrued_Expenses_Detail
Note 9 - Accrued Expenses (Details) - The Companybs Accrued Expenses (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
The Companybs Accrued Expenses [Abstract] | ' | ' |
Payroll-related expenses | $27,985 | $22,553 |
Product returns | 28,089 | 23,440 |
Government rebates | 23,351 | 33,794 |
Legal and professional fees | 3,162 | 3,993 |
Clinical trial costs | -277 | 1,610 |
Income taxes payable | 21,186 | 1,541 |
Physician detailing sales force fees | 1,512 | 1,471 |
Other | 6,515 | 4,340 |
Total accrued expenses | $111,523 | $92,742 |
Note_9_Accrued_Expenses_Detail1
Note 9 - Accrued Expenses (Details) - A Roll Forward Of The Product Return Reserve (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 9 - Accrued Expenses (Details) - A Roll Forward Of The Product Return Reserve [Line Items] | ' | ' | ' |
Ending balance | $28,089 | $23,440 | ' |
Returns Reserve [Member] | ' | ' | ' |
Note 9 - Accrued Expenses (Details) - A Roll Forward Of The Product Return Reserve [Line Items] | ' | ' | ' |
Beginning balance | 23,440 | 24,101 | 33,755 |
Provision related to sales recorded in the period | 11,015 | 3,003 | 688 |
Credits issued during the period | -6,366 | -3,664 | -10,342 |
Ending balance | $28,089 | $23,440 | $24,101 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards Period | '9 years | ' | ' | ' |
Unrecognized Tax Benefits | $5,292,000 | $2,920,000 | $1,791,000 | $1,579,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,100,000 | 2,300,000 | 1,500,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 299,000 | 3,000 | 85,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 602,000 | 303,000 | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' | ' |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards | $244,000 | ' | ' | ' |
Note_10_Income_Taxes_Details_P
Note 10 - Income Taxes (Details) - Provision For Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal taxes | $67,407 | $49,636 | $23,500 |
State taxes | 2,569 | 1,721 | 1,034 |
Foreign taxes | 742 | 453 | 1,154 |
Total current tax expense | 70,718 | 51,810 | 25,688 |
Deferred: | ' | ' | ' |
Federal taxes | -21,050 | -21,650 | 5,646 |
State taxes | -1,965 | -2,537 | 592 |
Foreign taxes | -2,022 | -185 | 690 |
Total deferred tax (benefit) expense | -25,037 | -24,372 | 6,928 |
Provision for income taxes | $45,681 | $27,438 | $32,616 |
Note_10_Income_Taxes_Details_T
Note 10 - Income Taxes (Details) - Table Of Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 10 - Income Taxes (Details) - Table Of Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Income before income taxes | $146,940 | $83,311 | $98,111 |
Tax provision at the federal statutory rate | 51,429 | 29,159 | 34,339 |
Tax provision at the federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in tax rate resulting from: | ' | ' | ' |
Tax rate differential and permanent items on foreign income | 383 | -1,259 | 185 |
Tax rate differential and permanent items on foreign income | 0.30% | -1.50% | 0.20% |
State income taxes, net of federal benefit | 1,616 | 1,906 | 3,673 |
State income taxes, net of federal benefit | 1.10% | 2.30% | 3.70% |
Share-based compensation | 92 | 326 | 92 |
Share-based compensation | 0.10% | 0.40% | 0.10% |
Executive compensation | 336 | 825 | 586 |
Executive compensation | 0.20% | 1.00% | 0.60% |
Domestic manufacturing deduction | -1,666 | -2,010 | -2,187 |
Domestic manufacturing deduction | -1.10% | -2.40% | -2.20% |
Other permanent book/tax differences | -967 | -185 | -119 |
Other permanent book/tax differences | -0.70% | -0.20% | -0.10% |
Provision for uncertain tax positions | 1,718 | 801 | 178 |
Provision for uncertain tax positions | 1.10% | 0.90% | 0.20% |
Other, net | -473 | -173 | -162 |
Other, net | -0.30% | -0.20% | -0.20% |
Provision for income taxes | 45,681 | 27,438 | 32,616 |
Provision for income taxes | 31.10% | 32.90% | 33.20% |
State and Local Jurisdiction [Member] | ' | ' | ' |
Increase (decrease) in tax rate resulting from: | ' | ' | ' |
Research and development credits | -1,787 | -1,560 | -1,560 |
Research and development credits | -1.20% | -1.90% | -1.60% |
Domestic Tax Authority [Member] | ' | ' | ' |
Increase (decrease) in tax rate resulting from: | ' | ' | ' |
Research and development credits | -1,900 | ' | -2,100 |
Research and development credits | -1.30% | ' | -2.20% |
Prior Year's Estimates [Member] | ' | ' | ' |
Increase (decrease) in tax rate resulting from: | ' | ' | ' |
Revision of prior yearsb income taxes | -1,150 | -392 | -309 |
Revision of prior yearsb income taxes | -0.80% | -0.50% | -0.30% |
Prior Year Federal R&D Credits [Member] | ' | ' | ' |
Increase (decrease) in tax rate resulting from: | ' | ' | ' |
Revision of prior yearsb income taxes | ($1,950) | ' | ' |
Revision of prior yearsb income taxes | -1.30% | ' | ' |
Note_10_Income_Taxes_Details_C
Note 10 - Income Taxes (Details) - Components Of The Companybs Deferred Tax Assets And Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deferred revenues | $2,961 | $4,545 |
Accrued expenses | 44,404 | 38,839 |
Inventory reserves | 6,681 | 2,630 |
Net operating loss carryforwards | 61 | 149 |
Depreciation and amortization | 275 | 428 |
Acquired product rights and intangibles | 15,147 | 7,284 |
Capitalized legal fees | 11,245 | 6,981 |
R&D credit carryforwards | 3,238 | 2,062 |
Share based compensation expense | 4,786 | 3,446 |
Other | 745 | 850 |
Deferred tax assets | 89,543 | 67,214 |
Deferred tax liabilities: | ' | ' |
Tax depreciation and amortization in excess of book amounts | 2,592 | 3,544 |
Deferred manufacturing costs | 65 | 80 |
Other | 2,172 | 1,810 |
Deferred tax liabilities | 4,829 | 5,434 |
Deferred tax assets, net | 84,714 | 61,780 |
Current deferred tax assets | 52,959 | 44,196 |
Current deferred tax liabilities | -2,171 | -1,810 |
Current deferred tax assets, net | 50,788 | 42,386 |
Non-current deferred tax assets | 36,583 | 23,018 |
Non-current deferred tax liabilities | -2,657 | -3,624 |
Non-current deferred tax assets, net | $33,926 | $19,394 |
Note_10_Income_Taxes_Details_A
Note 10 - Income Taxes (Details) - A Rollforward Of Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
A Rollforward Of Unrecognized Tax Benefits [Abstract] | ' | ' | ' |
Unrecognized tax benefits beginning of year | $2,920 | $1,791 | $1,579 |
Gross change for current year positions | 797 | 249 | 188 |
Gross change for prior period positions | 1,575 | 1,231 | 24 |
Decrease due to settlements and payments | ' | -351 | ' |
Unrecognized tax benefits end of year | $5,292 | $2,920 | $1,791 |
Note_11_Revolving_Line_of_Cred1
Note 11 - Revolving Line of Credit (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Letter of Credit [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Alternate Base Rate [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Note 11 - Revolving Line of Credit (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $50,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Interest Pledged As Collateral | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 0.50% | 1.50% | ' | ' | 1.50% | ' | 2.50% | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | 0.45% |
Minimum Unrestricted Cash as Defined in Credit Agreement (in Dollars) | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Leverage Ratio | 3.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured Leverage Ratio | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA, Maximum Non-recurring Remediation and Restructuring Charges (in Dollars) | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Consolidated EBITDA (in Dollars) | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Liquidity (in Dollars) | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Fee (in Dollars) | ' | ' | $139,000 | ' | $144,000 | ' | ' | $95,000 | ' | ' |
Note_12_Alliance_and_Collabora2
Note 12 - Alliance and Collaboration Agreements (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 25 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2009 | Sep. 30, 2009 | Mar. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Jun. 30, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Products Approved [Member] | Products Approved [Member] | Product Pending Approval [Member] | Product Pending Approval [Member] | Products in Development [Member] | Generic Products [Member] | Branded Advanced Form of Solodyn Product [Member] | Generic Dermatology Products Sold [Member] | IND-enabling Animal Studies for New Development Candidate [Member] | IND-enabling Animal Studies for New Development Candidate [Member] | Phase 1 Trials [Member] | Phase 1 Trials [Member] | Phase 2 Trials [Member] | Phase 2 Trials [Member] | Phase 3 Trials [Member] | Phase 3 Trials [Member] | Bioequivalence Studies [Member] | Bioequivalence Studies [Member] | Preparation And Submission Of Regulatory Filings [Member] | Preparation And Submission Of Regulatory Filings [Member] | Acceptance Of Regulatory Filings For Substantive Review [Member] | Potential Marketing Approval One [Member] | Potential Marketing Approval One [Member] | Potential Marketing Approval Two [Member] | Potential Marketing Approval Two [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Milestone Payments [Member] | Up-front Payment Arrangement [Member] | Up-front Payment Arrangement [Member] | Up-front Payment Arrangement [Member] | Milestone Payment Arrangement [Member] | Milestone Payment Arrangement [Member] | Clinical Milestone Events [Member] | Regulatory Milestone Events [Member] | Commercialization Events [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Tolmar Product Rights [Member] | Specified Threshold [Member] | Shire Laboratories Incorporated [Member] | Shire Laboratories Incorporated [Member] | Shire Laboratories Incorporated [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Teva Pharmaceutical Industries Limited [Member] | Pfizer Incorporated [Member] | Pfizer Incorporated [Member] | Pfizer Incorporated [Member] | Valeant [Member] | Endo Pharmaceuticals Incorporation [Member] | Endo Pharmaceuticals Incorporation [Member] | OTC Partners Alliance Agreement [Member] | Astra Zeneca [Member] | Minimum [Member] | Maximum [Member] | |||||
Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Valeant [Member] | Valeant [Member] | Valeant [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Tolmar Incorporated [Member] | Tolmar Incorporated [Member] | Valeant [Member] | Valeant [Member] | Valeant [Member] | Valeant [Member] | Valeant [Member] | Valeant [Member] | Endo Pharmaceuticals Incorporation [Member] | Glaxo Group Limited [Member] | Valeant [Member] | Endo Pharmaceuticals Incorporation [Member] | Glaxo Group Limited [Member] | Tolmar Incorporated [Member] | Valeant [Member] | Endo Pharmaceuticals Incorporation [Member] | Endo Pharmaceuticals Incorporation [Member] | Endo Pharmaceuticals Incorporation [Member] | Tolmar Product Rights [Member] | Tolmar Product Rights [Member] | Tolmar Product Rights [Member] | ||||||||||||||||||||||||
Note 12 - Alliance and Collaboration Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Completion Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '18 months | '1 year | '2 years | '1 year | '3 years | '2 years | '4 years | '3 months | '1 year | '6 months | '12 months | '2 months | '1 year | '3 years | '1 year | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,049,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Other Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,406,000 | 70,948,000 | 107,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Products | ' | ' | ' | ' | 10 | 10 | 1 | 1 | 2 | 4 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 11 | ' | 10 | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' |
Collaborative Arrangement Up Front Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative Arrangement Required Payment Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,436,000 | ' | ' |
Collaborative Arrangement Maximum Contingent Payments Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | 30,000,000 | 169,000,000 | ' | ' | ' | ' | ' | 15,000,000 | 5,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '12 years |
Research and Development Expense | ' | 68,854,000 | 81,320,000 | 82,701,000 | ' | ' | ' | ' | 1,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) | ' | 13,906,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | 13,200,000 | 13,156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Loan Amount Pursuant to Loan and Security Agreement | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, Net | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Agreement Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable Collection Period | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profit Share Collection Period | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative Arrangement Maximum Profit Share Payments Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units of Accounting | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative Arrangement Contingent Payments Received And Potentially To Be Received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 2,000,000 | 5,000,000 | 5,000,000 | ' | 12,000,000 | ' | ' | 40,000,000 | ' | ' | 12,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period After The First Commercial Sale Of The Advanced Form Of SOLODYN Product The Company Is Receiving Royalty Fee Income | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue, Additions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative Arrangement Copromotion Service Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Deferred Revenue Estimated Period Of Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '91 months | ' | ' | ' | ' |
Deferred Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,338,000 | ' | ' | ' | ' |
Gain (Loss) Related to Litigation Settlement | 102,049,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative Arrangement Transition Payment Percentage Of Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Collaborative Arrangement Quarterly Payments Made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000,000 | ' | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,096,000 | ' | ' |
Prepaid Royalties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,340,000 | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,070,000 | $14,140,000 | ' | ' | ' | ' | ' | ' | ' |
Note_12_Alliance_and_Collabora3
Note 12 - Alliance and Collaboration Agreements (Details) - Additions To And Deductions From The Deferred Revenue Under The Teva Agreement (Teva Pharmaceutical Industries Limited [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Beginning balance | ' | ' | $4,410,000 |
Additions | ' | ' | 551,000 |
Ending deferred revenue | 1,087,000 | 2,396,000 | 3,705,000 |
Deferred Revenue Recognition [Member] | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Less amounts recognized | ($1,309,000) | ($1,309,000) | ($1,256,000) |
Note_12_Alliance_and_Collabora4
Note 12 - Alliance and Collaboration Agreements (Details) - Expected Recognition Of Deferred Revenue (Teva Pharmaceutical Industries Limited [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Teva Pharmaceutical Industries Limited [Member] | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
2014 | $1,087,000 | ' | ' | ' |
Total | $1,087,000 | $2,396,000 | $3,705,000 | $4,410,000 |
Note_12_Alliance_and_Collabora5
Note 12 - Alliance and Collaboration Agreements (Details) - Additions To And Deductions From Deferred Revenue Under The Joint Development Agreement With Valeant (Valeant [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Valeant [Member] | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Beginning balance | $3,650,000 | $12,410,000 | $25,948,000 |
Less amount recognized | -1,825,000 | -8,760,000 | -13,538,000 |
Ending deferred revenue | $1,825,000 | $3,650,000 | $12,410,000 |
Note_12_Alliance_and_Collabora6
Note 12 - Alliance and Collaboration Agreements (Details) - Expected Recognition Of Deferred Revenue (Valeant [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Valeant [Member] | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
2014 | $1,825,000 | ' | ' | ' |
Total | $1,825,000 | $3,650,000 | $12,410,000 | $25,948,000 |
Note_13_Employee_Benefit_Plans1
Note 13 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2001 | |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 25.00% | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' | ' |
Defined Contribution Plan Employers Discretionary Profit-Sharing And Matching Contributions Vesting Period | '3 years | ' | ' | ' |
Defined Contribution Plan, Cost Recognized (in Dollars) | $1,501,000 | $1,428,000 | $1,254,000 | ' |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | ' | 500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | ' | ' | ' |
Stock Issued During Period, Value, Employee Stock Purchase Plan (in Dollars) | 3,552,000 | 7,764,000 | 11,326,000 | ' |
Deferred Compensation Arrangement With Individual, Contributions By Plan Participants, Percentage Of Salary, Maximum | 75.00% | ' | ' | ' |
Deferred Compensation Arrangement With Individual, Contributions By Plan Participants, Percentage Of Bonus, Maximum | 100.00% | ' | ' | ' |
Deferred Compensation Arrangement With Individual, Employer Contribution, Percentage | 50.00% | ' | ' | ' |
Deferred Compensation Arrangement With Individual, Employer Contribution, Percentage Of Eligible Salary | 10.00% | ' | ' | ' |
Deferred Compensation Arrangement With Individual, Employer Match Contributions, Vesting Period | '5 years | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Employer Contribution (in Dollars) | 764,000 | 717,000 | 589,000 | ' |
Cash Surrender Value of Life Insurance (in Dollars) | 25,025,000 | 19,017,000 | ' | ' |
Deferred Compensation Liability, Classified, Noncurrent (in Dollars) | 23,940,000 | 18,617,000 | ' | ' |
Annually For First 5 Years Of Employment [Member] | ' | ' | ' | ' |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Deferred Compensation Arrangement With Individual, Percentage Vested | 20.00% | ' | ' | ' |
After 5 Years Of Employment [Member] | ' | ' | ' | ' |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Deferred Compensation Arrangement With Individual, Percentage Vested | 100.00% | ' | ' | ' |
The ESPP Plan [Member] | ' | ' | ' | ' |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 39,748 | 44,731 | 47,128 | ' |
Stock Issued During Period, Value, Employee Stock Purchase Plan (in Dollars) | $660,000 | $829,000 | $887,000 | ' |
After 3 Years Of Service [Member] | ' | ' | ' | ' |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ' | ' | ' |
After 1 Year Of Service [Member] | ' | ' | ' | ' |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 25.00% | ' | ' | ' |
After 2 Years Of Service [Member] | ' | ' | ' | ' |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 50.00% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Deferred Compensation Arrangement With Individual, Employer Contribution, Percentage Of Eligible Salary | 5.00% | ' | ' | ' |
Note_14_ShareBased_Compensatio2
Note 14 - Share-Based Compensation (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2000 | Sep. 30, 2000 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Stock Options and Restricted Stock Awards [Member] | Stock Options and Restricted Stock Awards [Member] | Stock Options and Restricted Stock Awards [Member] | Restricted Stock [Member] | Restricted Shares Withheld For Minimum Withholding Tax [Member] | The 1999 Equity Incentive Plan [Member] | The 1999 Equity Incentive Plan [Member] | The 1999 Equity Incentive Plan [Member] | The 1999 Equity Incentive Plan [Member] | The 1999 Equity Incentive Plan [Member] | Amended And Restated 2002 Equity Incentive Plan [Member] | Amended And Restated 2002 Equity Incentive Plan [Member] | Amended And Restated 2002 Equity Incentive Plan [Member] | The ESPP Plan [Member] | |||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 2,400,000 | 14,950,000 | 11,800,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | 3,770,905 | 4,177,221 | 5,073,097 | 6,514,676 | ' | ' | ' | ' | ' | 50,312 | 115,785 | 379,872 | ' | ' | 3,720,593 | 4,061,436 | 4,693,225 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | 2,123,835 | 1,954,570 | 1,663,911 | 1,434,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,123,835 | 1,954,570 | 1,663,911 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '5 years 354 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | '4 years 226 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars) | ' | ' | $43,089,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value (in Dollars) | ' | ' | 37,728,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,523,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | ' | 3,338,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
undefined | ' | ' | 1,880,216 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | 617,302 | 585,392 | 452,861 | ' | ' | ' | ' | ' | 233,275 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | $18.80 | $14.72 | $11.81 | ' | ' | ' | ' | ' | $19.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | 3,511,851 | ' | ' | ' | ' | ' | ' | ' | ' | 296,921 | ' | ' | ' | ' | 3,063,055 | ' | ' | 151,875 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | 40,274,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year 332 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | ' | ' | 8,780,000 | 12,380,000 | 19,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars) | ' | ' | 11,604,000 | 8,614,000 | 5,347,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period Following The Retirement Date For Grants Expected To Vest Which Will Vest As Of The Chief Executive Officer's Retirement Date | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost (in Dollars) | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After Tax Share-based Compensation Effect On Earnings Per Share Basic (in Dollars per share) | ' | ' | $0.19 | $0.18 | $0.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After Tax Share-based Compensation Effect On Earnings Per Share Diluted (in Dollars per share) | ' | ' | $0.19 | $0.17 | $0.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense (in Dollars) | ' | ' | $4,829,000 | $4,335,000 | $3,078,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_14_ShareBased_Compensatio3
Note 14 - Share-Based Compensation (Details) - Summary Of Stock Option Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Stock Option Activity [Abstract] | ' | ' | ' |
Options Outstanding | 4,177,221 | 5,073,097 | 6,514,676 |
Options Outstanding (in Dollars per share) | $12.72 | $11.76 | $10.84 |
Options exercisable at December 31, 2013 | 2,853,560 | ' | ' |
Options exercisable at December 31, 2013 (in Dollars per share) | $12.04 | ' | ' |
Options granted | 506,000 | 278,500 | 424,000 |
Options granted (in Dollars per share) | $18.06 | $20.90 | $24.78 |
Options exercised | -814,177 | -1,060,746 | -1,605,043 |
Options exercised (in Dollars per share) | $9.28 | $11.16 | $11.02 |
Options forfeited | -98,139 | -113,630 | -260,536 |
Options forfeited (in Dollars per share) | $19.51 | $16.69 | $9.73 |
Options Outstanding | 3,770,905 | 4,177,221 | 5,073,097 |
Options Outstanding (in Dollars per share) | $14.01 | $12.72 | $11.76 |
Note_14_ShareBased_Compensatio4
Note 14 - Share-Based Compensation (Details) - A Summary Of Non-Vested Restricted Stock Awards (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
A Summary Of Non-Vested Restricted Stock Awards [Abstract] | ' | ' | ' |
Non-vested | 1,954,570 | 1,663,911 | 1,434,759 |
Non-vested (in Dollars per share) | $20.97 | $17.20 | $12.93 |
Granted | 1,032,924 | 1,015,937 | 868,549 |
Granted (in Dollars per share) | $19.92 | $23.41 | $20.73 |
Vested | -617,302 | -585,392 | -452,861 |
Vested (in Dollars per share) | $18.80 | $14.72 | $11.81 |
Forfeited | -246,357 | -139,886 | -186,536 |
Forfeited (in Dollars per share) | $20.69 | $19.08 | $13.71 |
Non-vested | 2,123,835 | 1,954,570 | 1,663,911 |
Non-vested (in Dollars per share) | $21.13 | $20.97 | $17.20 |
Note_14_ShareBased_Compensatio5
Note 14 - Share-Based Compensation (Details) - Stock Option Valuation Assumptions (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 14 - Share-Based Compensation (Details) - Stock Option Valuation Assumptions [Line Items] | ' | ' | ' |
Volatility (range) | 41.70% | ' | ' |
Volatility (weighted average) | 41.70% | 49.10% | 52.30% |
Risk-free interest rate (weighted average) | 1.20% | 1.00% | 2.10% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life (years) | '6 years 69 days | '6 years 69 days | '6 years 73 days |
Weighted average grant date fair value (in Dollars per share) | $7.54 | $9.93 | $12.85 |
Minimum [Member] | ' | ' | ' |
Note 14 - Share-Based Compensation (Details) - Stock Option Valuation Assumptions [Line Items] | ' | ' | ' |
Volatility (range) | ' | 48.50% | 50.70% |
Risk-free interest rate (range) | 1.10% | 0.90% | 1.50% |
Maximum [Member] | ' | ' | ' |
Note 14 - Share-Based Compensation (Details) - Stock Option Valuation Assumptions [Line Items] | ' | ' | ' |
Volatility (range) | ' | 49.30% | 52.70% |
Risk-free interest rate (range) | 1.90% | 1.00% | 2.30% |
Note_14_ShareBased_Compensatio6
Note 14 - Share-Based Compensation (Details) - Share-Based Compensation Expense Recognized By The Company (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-Based Compensation | $17,644 | $16,303 | $12,685 |
Cost of Sales [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-Based Compensation | 2,035 | 2,405 | 1,917 |
Research and Development Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-Based Compensation | 4,885 | 4,658 | 4,119 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-Based Compensation | $10,724 | $9,240 | $6,649 |
Note_15_Stockholders_Equity_De
Note 15 - Stockholders' Equity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 |
Note_16_Earnings_Per_Share_Det
Note 16 - Earnings Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,741,110 | 905,899 | 1,244,493 |
Note_16_Earnings_Per_Share_Det1
Note 16 - Earnings Per Share (Details) - Reconciliation Of Basic And Diluted Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation Of Basic And Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (in Dollars) | ($9,622) | ($180) | $5,619 | $105,442 | $4,799 | $20,037 | $18,672 | $12,365 | $101,259 | $55,873 | $65,495 |
Weighted average common shares outstanding | 67,385,969 | 67,051,121 | 66,748,864 | 66,487,470 | 66,217,421 | 65,797,722 | 65,482,700 | 65,122,240 | 66,921,181 | 65,660,271 | 64,126,855 |
Effect of dilutive stock options and and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,733,857 | 2,744,280 | 3,193,134 |
Diluted weighted average common shares outstanding | 67,385,969 | 67,051,121 | 68,287,948 | 68,178,355 | 68,419,888 | 68,366,849 | 67,954,573 | 67,907,263 | 68,655,038 | 68,404,551 | 67,319,989 |
Basic net income per share (in Dollars per share) | ($0.14) | $0 | $0.08 | $1.59 | $0.07 | $0.30 | $0.29 | $0.19 | $1.51 | $0.85 | $1.02 |
Diluted net income per share (in Dollars per share) | ($0.14) | $0 | $0.08 | $1.55 | $0.07 | $0.29 | $0.27 | $0.18 | $1.47 | $0.82 | $0.97 |
Note_17_Segment_Information_De
Note 17 - Segment Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Feb. 07, 2014 | Feb. 07, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event [Member] | Subsequent Event [Member] | Taiwan Facility Construction [Member] | Taiwan Facility Construction [Member] | |||
Global Division [Member] | Generic Products [Member] | |||||
Generic Products [Member] | Alliance and Collaboration Agreement Partners [Member] | |||||
Note 17 - Segment Information (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' | ' | ' | ' |
Number Of Products | ' | ' | 117 | 8 | ' | ' |
Number Of Different Pharmaceutical Compounds | ' | ' | 38 | 3 | ' | ' |
Number of Internally Developed Late Stage Branded Pharmaceutical Product Candidate | 1 | ' | ' | ' | ' | ' |
Assets (in Dollars) | $996,923,000 | $863,970,000 | ' | ' | $137,137,000 | $126,684,000 |
Note_17_Segment_Information_De1
Note 17 - Segment Information (Details) - Segment Information Reconciled To Total Company Consolidated Financial Results (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues, net | $100,741,000 | $132,641,000 | $129,631,000 | $148,489,000 | $141,077,000 | $145,587,000 | $166,460,000 | $128,568,000 | $511,502,000 | $581,692,000 | $512,919,000 |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 312,202,000 | 299,138,000 | 254,624,000 |
Research and development | ' | ' | ' | ' | ' | ' | ' | ' | 68,854,000 | 81,320,000 | 82,701,000 |
Patent litigation | ' | ' | ' | ' | ' | ' | ' | ' | 16,545,000 | 9,772,000 | 7,506,000 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 120,288,000 | 108,470,000 | 68,477,000 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 146,940,000 | 83,311,000 | 98,111,000 |
Global Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues, net | 86,991,000 | 115,748,000 | 93,965,000 | 101,636,000 | 91,924,000 | 100,428,000 | 133,065,000 | 123,265,000 | 398,340,000 | 448,682,000 | 491,710,000 |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 253,836,000 | 229,355,000 | 242,713,000 |
Research and development | ' | ' | ' | ' | ' | ' | ' | ' | 41,384,000 | 48,604,000 | 46,169,000 |
Patent litigation | ' | ' | ' | ' | ' | ' | ' | ' | 16,545,000 | 9,772,000 | 7,506,000 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 17,684,000 | 15,377,000 | 11,313,000 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 68,891,000 | 145,574,000 | 184,009,000 |
Impax Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues, net | 13,750,000 | 16,893,000 | 35,666,000 | 46,853,000 | 49,153,000 | 45,159,000 | 33,395,000 | 5,303,000 | 113,162,000 | 133,010,000 | 21,209,000 |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 58,366,000 | 69,783,000 | 11,911,000 |
Research and development | ' | ' | ' | ' | ' | ' | ' | ' | 27,470,000 | 32,716,000 | 36,532,000 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 44,915,000 | 37,896,000 | 7,435,000 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -17,589,000 | -7,385,000 | -34,669,000 |
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 57,689,000 | 55,197,000 | 49,729,000 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $95,638,000 | ($54,878,000) | ($51,229,000) |
Note_18_Commitments_and_Contin2
Note 18 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 18 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $1,932,000 | $1,719,000 | $1,691,000 |
Purchase Commitment, Remaining Minimum Amount Committed | 48,820,000 | ' | ' |
Purchase Commitment Period | '1 year | ' | ' |
Taiwan Facility Construction [Member] | ' | ' | ' |
Note 18 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Contractual Obligation | $9,750,000 | ' | ' |
Note_18_Commitments_and_Contin3
Note 18 - Commitments and Contingencies (Details) - Future Minimum Lease Payments Under The Non-Cancelable Operating Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments Under The Non-Cancelable Operating Leases [Abstract] | ' |
2014 | $2,253 |
2015 | 1,365 |
2016 | 741 |
2017 | 342 |
2018 | 310 |
Thereafter | 2,362 |
Total minimum lease payments | $7,373 |
Note_19_Legal_and_Regulatory_M1
Note 19 - Legal and Regulatory Matters (Details) | 1 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | ||
Aug. 31, 2011 | Sep. 30, 2009 | Dec. 31, 2013 | Oct. 25, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Apr. 08, 2013 | |
Solodyn [Member] | Litigation Costs Sharing With Third Parties [Member] | Securities Class Actions [Member] | |||||
Note 19 - Legal and Regulatory Matters (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Patent Infringement Litigation Period Within Which Patent Holder May File Suit For Patent Infringement | ' | ' | '45 days | ' | ' | ' | ' |
Loss Contingency Patent Infringement Litigation Maximum Stay Period For Approval Of Abbreviated New Drug Application | ' | ' | '30 months | ' | ' | ' | ' |
Number Of Products | ' | ' | ' | ' | ' | 3 | ' |
Number Of Agreements | ' | ' | ' | ' | ' | 2 | ' |
Loss Contingency, Patents Found Not Infringed, Number | 4 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Patents Allegedly Infringed, Number | ' | 5 | ' | ' | ' | ' | ' |
Number of Class Action Complaints | ' | ' | ' | ' | 13 | ' | 2 |
Number of Indirect Purchaser Actions | ' | ' | ' | 8 | ' | ' | ' |
Note_20_Supplementary_Financia2
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $100,741 | $132,641 | $129,631 | $148,489 | $141,077 | $145,587 | $166,460 | $128,568 | $511,502 | $581,692 | $512,919 |
Gross profit | 34,200 | 48,342 | 58,887 | 57,871 | 64,151 | 78,027 | 77,823 | 62,553 | 199,300 | 282,554 | 258,295 |
Net income (loss) | -9,622 | -180 | 5,619 | 105,442 | 4,799 | 20,037 | 18,672 | 12,365 | 101,259 | 55,873 | 65,495 |
Net income (loss) per share (basic) (in Dollars per share) | ($0.14) | $0 | $0.08 | $1.59 | $0.07 | $0.30 | $0.29 | $0.19 | $1.51 | $0.85 | $1.02 |
Net income (loss) per share (diluted) (in Dollars per share) | ($0.14) | $0 | $0.08 | $1.55 | $0.07 | $0.29 | $0.27 | $0.18 | $1.47 | $0.82 | $0.97 |
Weighted average: common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in Shares) | 67,385,969 | 67,051,121 | 66,748,864 | 66,487,470 | 66,217,421 | 65,797,722 | 65,482,700 | 65,122,240 | 66,921,181 | 65,660,271 | 64,126,855 |
Diluted (in Shares) | 67,385,969 | 67,051,121 | 68,287,948 | 68,178,355 | 68,419,888 | 68,366,849 | 67,954,573 | 67,907,263 | 68,655,038 | 68,404,551 | 67,319,989 |
Global Division [Member] | Chargeback Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 111,903 | 98,449 | 82,013 | 64,345 | 59,460 | 47,366 | 50,670 | 39,155 | ' | ' | ' |
Global Division [Member] | Rebate Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 68,363 | 54,530 | 35,649 | 30,572 | 22,995 | 24,285 | 26,847 | 20,589 | ' | ' | ' |
Global Division [Member] | Other Credits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 21,639 | 11,919 | 8,312 | 5,160 | 17,334 | 7,212 | 18,552 | 10,045 | ' | ' | ' |
Global Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales revenue goods gross | 288,315 | 279,441 | 217,721 | 197,956 | 177,830 | 178,628 | 223,449 | 185,671 | ' | ' | ' |
Sales revenue goods net | 84,423 | 111,686 | 89,758 | 97,785 | 79,771 | 99,461 | 126,432 | 116,211 | ' | ' | ' |
Revenues | 86,991 | 115,748 | 93,965 | 101,636 | 91,924 | 100,428 | 133,065 | 123,265 | 398,340 | 448,682 | 491,710 |
Weighted average: common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Returns | 1,989 | 2,857 | 1,989 | 94 | -1,730 | 304 | 948 | -329 | ' | ' | ' |
Global Division [Member] | Rx Partner [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales revenue net | 1,841 | 3,016 | 3,668 | 3,114 | ' | ' | ' | ' | ' | ' | ' |
Global Division [Member] | Other Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales revenue net | 727 | 1,046 | 539 | 737 | 12,153 | 967 | 6,633 | 7,054 | ' | ' | ' |
Impax Division [Member] | Chargeback Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 6,690 | 8,422 | 10,095 | 7,790 | 44 | 8,308 | 4,449 | ' | ' | ' | ' |
Impax Division [Member] | Rebate Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 485 | -812 | -1,735 | 6,236 | 7,556 | 5,113 | 3,714 | ' | ' | ' | ' |
Impax Division [Member] | Other Credits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 361 | -1,498 | 2,409 | 7,255 | 9,285 | 5,785 | 3,683 | ' | ' | ' | ' |
Impax Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales revenue goods gross | 21,244 | 22,849 | 48,300 | 69,292 | 65,141 | 63,909 | 40,818 | ' | ' | ' | ' |
Sales revenue goods net | 13,484 | 16,562 | 35,334 | 46,521 | 46,698 | 43,329 | 28,094 | ' | ' | ' | ' |
Sales revenue net | 266 | 331 | 332 | 332 | ' | ' | ' | ' | ' | ' | ' |
Revenues | 13,750 | 16,893 | 35,666 | 46,853 | 49,153 | 45,159 | 33,395 | 5,303 | 113,162 | 133,010 | 21,209 |
Weighted average: common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Returns | 224 | 175 | 2,197 | 1,490 | 1,558 | 1,374 | 878 | ' | ' | ' | ' |
Impax Division [Member] | Other Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales revenue net | ' | ' | ' | ' | 2,455 | 1,830 | 5,301 | 5,303 | ' | ' | ' |
Chargeback Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | ' | ' | ' | ' | ' | ' | ' | ' | 389,707 | 209,452 | 166,504 |
Rebate Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | ' | ' | ' | ' | ' | ' | ' | ' | $193,288 | $111,099 | $79,697 |
Note_20_Supplementary_Financia3
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $100,741 | $132,641 | $129,631 | $148,489 | $141,077 | $145,587 | $166,460 | $128,568 | $511,502 | $581,692 | $512,919 |
Gross profit | 34,200 | 48,342 | 58,887 | 57,871 | 64,151 | 78,027 | 77,823 | 62,553 | 199,300 | 282,554 | 258,295 |
Net income | -9,622 | -180 | 5,619 | 105,442 | 4,799 | 20,037 | 18,672 | 12,365 | 101,259 | 55,873 | 65,495 |
Net income per share (basic) (in Dollars per share) | ($0.14) | $0 | $0.08 | $1.59 | $0.07 | $0.30 | $0.29 | $0.19 | $1.51 | $0.85 | $1.02 |
Net income per share (diluted) (in Dollars per share) | ($0.14) | $0 | $0.08 | $1.55 | $0.07 | $0.29 | $0.27 | $0.18 | $1.47 | $0.82 | $0.97 |
Weighted average: common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in Shares) | 67,385,969 | 67,051,121 | 66,748,864 | 66,487,470 | 66,217,421 | 65,797,722 | 65,482,700 | 65,122,240 | 66,921,181 | 65,660,271 | 64,126,855 |
Diluted (in Shares) | 67,385,969 | 67,051,121 | 68,287,948 | 68,178,355 | 68,419,888 | 68,366,849 | 67,954,573 | 67,907,263 | 68,655,038 | 68,404,551 | 67,319,989 |
Global Division [Member] | Chargeback Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 111,903 | 98,449 | 82,013 | 64,345 | 59,460 | 47,366 | 50,670 | 39,155 | ' | ' | ' |
Global Division [Member] | Rebate Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 68,363 | 54,530 | 35,649 | 30,572 | 22,995 | 24,285 | 26,847 | 20,589 | ' | ' | ' |
Global Division [Member] | Other Credits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 21,639 | 11,919 | 8,312 | 5,160 | 17,334 | 7,212 | 18,552 | 10,045 | ' | ' | ' |
Global Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales revenue goods gross | 288,315 | 279,441 | 217,721 | 197,956 | 177,830 | 178,628 | 223,449 | 185,671 | ' | ' | ' |
Sales revenue goods net | 84,423 | 111,686 | 89,758 | 97,785 | 79,771 | 99,461 | 126,432 | 116,211 | ' | ' | ' |
Revenues | 86,991 | 115,748 | 93,965 | 101,636 | 91,924 | 100,428 | 133,065 | 123,265 | 398,340 | 448,682 | 491,710 |
Weighted average: common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Returns | 1,989 | 2,857 | 1,989 | 94 | -1,730 | 304 | 948 | -329 | ' | ' | ' |
Global Division [Member] | Other Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Revenues | 727 | 1,046 | 539 | 737 | 12,153 | 967 | 6,633 | 7,054 | ' | ' | ' |
Impax Division [Member] | Chargeback Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 6,690 | 8,422 | 10,095 | 7,790 | 44 | 8,308 | 4,449 | ' | ' | ' | ' |
Impax Division [Member] | Rebate Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 485 | -812 | -1,735 | 6,236 | 7,556 | 5,113 | 3,714 | ' | ' | ' | ' |
Impax Division [Member] | Other Credits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | 361 | -1,498 | 2,409 | 7,255 | 9,285 | 5,785 | 3,683 | ' | ' | ' | ' |
Impax Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales revenue goods gross | 21,244 | 22,849 | 48,300 | 69,292 | 65,141 | 63,909 | 40,818 | ' | ' | ' | ' |
Sales revenue goods net | 13,484 | 16,562 | 35,334 | 46,521 | 46,698 | 43,329 | 28,094 | ' | ' | ' | ' |
Other Revenues | 266 | 331 | 332 | 332 | ' | ' | ' | ' | ' | ' | ' |
Revenues | 13,750 | 16,893 | 35,666 | 46,853 | 49,153 | 45,159 | 33,395 | 5,303 | 113,162 | 133,010 | 21,209 |
Weighted average: common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Returns | 224 | 175 | 2,197 | 1,490 | 1,558 | 1,374 | 878 | ' | ' | ' | ' |
Impax Division [Member] | Other Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Revenues | ' | ' | ' | ' | 2,455 | 1,830 | 5,301 | 5,303 | ' | ' | ' |
Chargeback Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | ' | ' | ' | ' | ' | ' | ' | ' | 389,707 | 209,452 | 166,504 |
Rebate Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 20 - Supplementary Financial Information (unaudited) (Details) - Selected Financial Information For The Quarterly Periods Noted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances goods | ' | ' | ' | ' | ' | ' | ' | ' | $193,288 | $111,099 | $79,697 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation And Qualifying Accounts (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $553 | $612 | $539 |
Charge to Costs and Expenses | ' | ' | 163 |
Deductions | -14 | -59 | -90 |
Balance at End of Period | $539 | $553 | $612 |