ANI Pharmaceuticals (ANIP) 10-Q 5 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document Information [Line Items]
Entity Registrant Name	ANI PHARMACEUTICALS INC
Entity Central Index Key	1023024
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Trading Symbol	ANIP
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,414,517
Class C Special Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,864

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current Assets
Cash and cash equivalents	$165,563	$169,037
Accounts receivable, net of $8,096 and $8,708 of adjustments for chargebacks and other allowances at March 31, 2015 and December 31, 2014, respectively	17,371	17,297
Inventories, net	10,737	7,518
Deferred tax assets, net of valuation allowance	7,776	7,643
Prepaid expenses and other current assets	1,546	1,983
Total Current Assets	202,993	203,478
Property and equipment, net	5,281	5,223
Deferred financing costs, net	3,096	3,307
Deferred tax asset, net of valuation allowance	7,369	7,796
Intangible assets, net	45,408	42,067
Goodwill	1,838	1,838
Total Assets	265,985	263,709
Current Liabilities
Accounts payable	2,288	2,654
Accrued expenses and other	1,897	1,269
Accrued compensation and related expenses	513	1,348
Current income taxes payable	481	4,253
Accrued Medicaid rebates	2,077	2,264
Returned goods reserve	1,817	1,445
Total Current Liabilities	9,073	13,233
Long-term Liabilities
Convertible notes, net of discount	112,172	110,691
Total Liabilities	121,245	123,924
Commitments and Contingencies (Note 11)
Stockholders' Equity
Common Stock, $0.0001 par value, 33,333,334 shares authorized; 11,389,317 shares issued and 11,386,817 shares outstanding at March 31, 2015; 11,387,860 shares issued and outstanding at December 31, 2014	1	1
Class C Special Stock, $0.0001 par value, 781,281 shares authorized; 10,864 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	0	0
Preferred Stock, $0.0001 par value, 1,666,667 shares authorized; 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	0	0
Treasury stock, 2,500 shares of common stock, at cost, at March 31, 2015, 0 shares of common stock at December 31, 2014	0	0
Additional paid-in capital	160,095	159,509
Accumulated deficit	-15,356	-19,725
Total Stockholders' Equity	144,740	139,785
Total Liabilities and Stockholders' Equity	$265,985	$263,709

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets [Parenthetical] (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Adjustments for chargebacks and other allowances	$8,096	$8,708
Treasury Stock, Shares	2,500	0
Preferred Stock, Par or Stated Value Per Share	$0.00	$0.00
Preferred Stock, Shares Authorized	1,666,667	1,666,667
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock
Common Stock, Par Value (in dollars per share)	$0.00	$0.00
Common Stock, Authorized Shares	33,333,334	33,333,334
Common Stock, Issued Shares	11,389,317	11,387,860
Common Stock, Outstanding Shares	11,386,817	11,387,860
Class C special stock
Common Stock, Par Value (in dollars per share)	$0.00	$0.00
Common Stock, Authorized Shares	781,281	781,281
Common Stock, Issued Shares	10,864	10,864
Common Stock, Outstanding Shares	10,864	10,864

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net Revenues	$18,799	$10,899
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	2,751	2,622
Research and development	403	376
Selling, general and administrative	4,751	3,703
Depreciation and amortization	1,327	703
Total Operating Expenses	9,232	7,404
Operating Income	9,567	3,495
Other (Expense)/Income
Interest expense, net	-2,725	0
Other income	68	29
Income Before Provision for Income Taxes	6,910	3,524
Provision for income taxes	-2,541	-165
Net Income	$4,369	$3,359
Basic and Diluted Earnings Per Share:
Basic Earnings Per Share (in dollars per share)	$0.38	$0.33
Diluted Earnings Per Share (in dollars per share)	$0.38	$0.33
Basic Weighted-Average Shares Outstanding (in shares)	11,326	9,991
Diluted Weighted-Average Shares Outstanding (in shares)	11,562	10,001

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flows From Operating Activities
Net income	$4,369	$3,359
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities:
Stock-based compensation	568	47
Deferred taxes	294	0
Depreciation and amortization	1,327	703
Non-cash interest relating to convertible notes and loan cost amortization	1,683	0
Changes in operating assets and liabilities, net of those acquired in business combination:
Accounts receivable	-74	1,606
Inventories	-3,219	-1,572
Prepaid expenses	437	14
Accounts payable	-471	1,298
Accrued compensation and related expenses	-835	-307
Current income taxes payable	-3,772	35
Accrued Medicaid rebates	-187	17
Accrued expenses, returned goods reserve, and other	1,000	-21
Net Cash and Cash Equivalents Provided by Operating Activities	1,120	5,179
Cash Flows From Investing Activities
Acquisition of product rights and other related assets	-4,500	-12,517
Acquisition of property and equipment	-112	-118
Net Cash and Cash Equivalents Used in Investing Activities	-4,612	-12,635
Cash Flows From Financing Activities
Net proceeds from equity offering	0	46,694
Proceeds from stock option exercises	9	743
Proceeds from warrant exercise	0	180
Excess tax benefit from share-based compensation awards	9	107
Net Cash and Cash Equivalents Provided by Financing Activities	18	47,724
Change in Cash and Cash Equivalents	-3,474	40,268
Cash and cash equivalents, beginning of period	169,037	11,105
Cash and cash equivalents, end of period	165,563	51,373
Supplemental disclosure for cash flow information:
Cash paid for income taxes	6,029	60
Supplemental non-cash investing and financing activities:
Property and equipment purchased on credit	$105	$0

BUSINESS_PRESENTATION_AND_RECE

BUSINESS, PRESENTATION, AND RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2015
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BUSINESS, PRESENTATION, AND RECENT ACCOUNTING PRONOUNCEMENTS		1	BUSINESS, PRESENTATION, AND RECENT ACCOUNTING PRONOUNCEMENTS
	Overview
	ANI Pharmaceuticals, Inc. and subsidiary, ANIP Acquisition Company (together, “ANI,” the “Company,” “we,” “us,” or “our”) is an integrated specialty pharmaceutical company developing, manufacturing, and marketing branded and generic prescription pharmaceuticals. Our targeted areas of product development currently include narcotics, oncolytics (anti-cancers), hormones and steroids, and complex formulations involving extended release and combination products. We have two pharmaceutical manufacturing facilities located in Baudette, Minnesota that are capable of producing oral solid dose products, as well as liquids and topicals, narcotics, and potent products that must be manufactured in a fully-contained environment. Our strategy is to use our assets to develop, acquire, manufacture, and market branded and generic specialty prescription pharmaceuticals. By executing this strategy, we believe we will be able to continue to grow the business, expand and diversify our product portfolio, and create long-term value for our investors.
	Basis of Presentation
	The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In our opinion, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations and cash flows. The condensed consolidated balance sheet at December 31, 2014, has been derived from audited financial statements of that date. The interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited financial statements and notes previously distributed in our annual report on Form 10-K for the year ended December 31, 2014. Certain prior period information has been reclassified to conform to the current period presentation.
	Principles of Consolidation
	The unaudited interim condensed consolidated financial statements include the accounts of ANI Pharmaceuticals, Inc. and its wholly owned subsidiary, ANIP Acquisition Company. All significant inter-company accounts and transactions are eliminated in consolidation.
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, rebates, returns and other allowances, allowance for inventory obsolescence, allowances for contingencies and litigation, fair value of long-lived assets, income tax provision, deferred taxes and valuation allowance, and the depreciable and amortizable lives of long-lived assets. Actual results could differ from those estimates.
	Recent Accounting Pronouncements
	In May 2014, the FASB issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. We are currently evaluating the impact, if any, that this new accounting pronouncement will have on our financial statements.
	In April 2015, the FASB issued guidance to simplify the balance sheet disclosure for debt issuance costs. Under the guidance, debt issuance costs related to a recognized debt liability will be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, in the same manner as debt discounts, rather than as an asset. The standard is effective for reporting periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact that this new accounting pronouncement will have on our financial statements.
	We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on our results of operations, financial position, or cash flows.

REVENUE_RECOGNITION_AND_RELATE

REVENUE RECOGNITION AND RELATED ALLOWANCES	3 Months Ended
	Mar. 31, 2015
Revenue Recognition [Abstract]
REVENUE RECOGNITION AND RELATED ALLOWANCES	2	REVENUE RECOGNITION AND RELATED ALLOWANCES
	Revenue Recognition
	Revenue is recognized for product sales and contract manufacturing product sales upon passing of risk and title to the customer, when estimates of the selling price and discounts, Medicaid rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments are reasonably determinable, collection is reasonably assured, and we have no further performance obligations. Contract manufacturing arrangements are typically less than two weeks in duration, and therefore the revenue is recognized upon completion of the aforementioned factors rather than using a proportional performance method of revenue recognition. The estimates for discounts, Medicaid rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments reduce gross revenues to net revenues in the accompanying unaudited interim condensed consolidated statements of operations, and are presented as current liabilities or reductions in accounts receivable in the accompanying unaudited interim condensed consolidated balance sheets (see “Accruals for Chargebacks, Rebates, Returns, and Other Allowances,” below). Historically, we have not entered into revenue arrangements with multiple elements.
	Occasionally, we engage in contract services, which include product development services, laboratory services, and royalties on net sales of certain contract manufactured products. For these services, revenue is recognized according to the terms of the agreement with the customer, which sometimes include substantive, measurable risk-based milestones, and when we have a contractual right to receive such payment, the contract price is fixed or determinable, the collection of the resulting receivable is reasonably assured, and we have no further performance obligations under the agreement.
	Accruals for Chargebacks, Rebates, Returns and Other Allowances
	Our generic and branded product revenues are typically subject to agreements with customers allowing chargebacks, Medicaid rebates, product returns, administrative fees, and other rebates and prompt payment discounts. We accrue for these items at the time of sale and continually monitor and re-evaluate the accruals as additional information becomes available. We adjust the accruals at the end of each reporting period, to reflect any such updates to the relevant facts and circumstances. Accruals are relieved upon receipt of payment from the customer or upon issuance of credit to the customer.
	The following table summarizes activity in the balance sheet for accruals and allowances for the three-month periods ended March 31, 2015 and 2014, respectively:
	(in thousands)		Accruals for Chargebacks, Rebates, Returns and Other Allowances
									Administrative		Prompt
					Medicaid				Fees and Other		Payment
			Chargebacks		Rebates		Returns		Rebates		Discounts
	Balance at December 31, 2013		$	4,076	$	253	$	736	$	735	$	332
	Accruals/Adjustments			7,090		158		258		970		347
	Credits Taken Against Reserve			-7,357		-141		-145		-853		-370
	Balance at March 31, 2014		$	3,809	$	270	$	849	$	852	$	309
	Balance at December 31, 2014		$	6,865	$	2,264	$	1,445	$	1,487	$	471
	Accruals/Adjustments			10,260		953		566		1,472		609
	Credits Taken Against Reserve			-10,526		-1,140		-194		-1,825		-602
	Balance at March 31, 2015		$	6,599	$	2,077	$	1,817	$	1,134	$	478
	Credit Concentration
	Our customers are primarily wholesale distributors, chain drug stores, group purchasing organizations, and pharmaceutical companies.
	During the three month period ended March 31, 2015, three customers represented 28%, 24%, and 19% of net revenues. As of March 31, 2015, net accounts receivable from these customers totaled $14.2 million. During the three month period ended March 31, 2014, three customers represented 23%, 18%, and 15% of net revenues.

INDEBTEDNESS

INDEBTEDNESS	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
INDEBTEDNESS		3	INDEBTEDNESS
	Convertible Senior Notes
	In December 2014, we issued $143.8 million of our Convertible Senior Note due 2019 (the “Notes”) in a registered public offering. After deducting the underwriting discounts and commissions and other expenses (including the net cost of the bond hedge and warrant, discussed below), the net proceeds from the offering were approximately $122.6 million. The Notes pay 3.0% interest semi-annually in arrears on June 1 and December 1 of each year, starting on June 1, 2015 and are due December 1, 2019. The Notes are convertible into 2,068,793 shares of common stock, based on an initial conversion price of $69.48 per share.
	The Notes are convertible at the option of the holder (i) during any calendar quarter beginning after March 31, 2015, if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the five business days after any five consecutive trading day period in which the trading price per $1,000 principal amount of the Notes for each trading day of such period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; and (iii) on or after June 1, 2019 until the second scheduled trading day immediately preceding the maturity date.
	Upon conversion by the holders, we may elect to settle such conversion in shares of our common stock, cash, or a combination thereof. As a result of our cash conversion option, we separately accounted for the value of the embedded conversion option as a debt discount (with an offset to Additional Paid in Capital (“APIC”)) of $33.6 million. The value of the embedded conversion option was determined based on the estimated fair value of the debt without the conversion feature, which was determined using market comparables to estimate the fair value of similar non-convertible debt (see Note 12). The debt discount is being amortized as additional non-cash interest expense using the effective interest method over the term of the Notes.
	Offering costs of $5.5 million have been allocated to the debt and equity components in proportion to the allocation of proceeds to the components, as deferred financing costs and equity issuance costs, respectively. The deferred financing costs of $4.2 million are being amortized as additional non-cash interest expense using the straight-line method over the term of the debt, since this method was not significantly different from the effective interest method. The $1.3 million portion allocated to equity issuance costs was charged to APIC.
	A portion of the offering proceeds was used to simultaneously enter into “bond hedge” (or purchased call) and “warrant” (or written call) transactions with an affiliate of one of the offering underwriters (collectively, the “Call Option Overlay”). We entered into the Call Option Overlay to synthetically raise the initial conversion price of the Notes to $96.21 per share and reduce the potential common stock dilution that may arise from the conversion of the Notes. The exercise price of the bond hedge is $69.48 per share, with an underlying 2,068,792 common shares; the exercise price of the warrant is $96.21 per share of our common stock, also with an underlying 2,068,792 common shares. Because the bond hedge and warrant are both indexed to our common stock and otherwise would be classified as equity, we recorded both elements as equity, resulting in a net reduction to APIC of $15.6 million.
	The carrying value of the Notes is as follows as of March 31:
	(in thousands)		2015
	Principal amount		$	143,750
	Unamortized debt discount			-31,578
	Net carrying value		$	112,172
	The following table sets forth the components of total interest expense related to the Notes recognized in the accompanying consolidated statements of operations for the three months ended March 31:
	(in thousands)		2015
	Contractual coupon		$	1,078
	Amortization of debt discount			1,481
	Amortization of finance fees			211
	Capitalized interest			-9
			$	2,761
	The effective interest rate on the Notes is 7.7%, on an annualized basis.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	4	EARNINGS PER SHARE
	Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period.
	Our unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted earnings per share excludes from the numerator net income attributable to the unvested restricted shares, and excludes the impact of those shares from the denominator.
	For purposes of determining diluted earnings per share, we have elected a policy to assume that the principal portion of the Notes (see Note 3) is settled in cash. As such, the principal portion of the Notes has no effect on either the numerator or denominator when determining diluted earnings per share. Any conversion gain is assumed to be settled in shares and is incorporated in diluted earnings per share using the treasury method. The warrants issued in conjunction with the issuance of the Notes (see Note 3) are considered to be dilutive when they are in-the-money relative to our average stock price during the period; the bond hedge purchased in conjunction with the issuance of the Notes is always considered to be anti-dilutive.
	For periods of net income, and when the effects are not anti-dilutive, we calculate diluted earnings per share by dividing net income available to common shareholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options, unvested restricted stock awards, stock purchase warrants, and any conversion gain on our Notes (see Note 3), using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share.
	Earnings per share for the three months ended March 31, 2015 and 2014 are calculated for basic and diluted earnings per share as follows:
			Basic				Diluted
	(in thousands)		Three months ended				Three months ended
			March 31,				March 31,
			2015		2014		2015		2014
	Net income		$	4,369	$	3,359	$	4,369	$	3,359
	Net income allocated to warrants			-		-19		-		-19
	Net income allocated to restricted stock			-23		-15		-23		-15
	Net income from continuing operations allocated to common shares		$	4,346	$	3,325	$	4,346	$	3,325
	Basic Weighted-Average Shares Outstanding			11,326		9,991		11,326		9,991
	Dilutive effect of stock options							236		10
	Diluted Weighted-Average Shares Outstanding							11,562		10,001
	Earnings Per Share		$	0.38	$	0.33	$	0.38	$	0.33
	The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings per share, including the shares underlying the Notes, was 4.6 million and 0.7 million for the three months ended March 31, 2015 and 2014. Anti-dilutive shares consist of out-of-the-money Class C Special stock, out-of-the-money common stock options, common stock options that are anti-dilutive when calculating the impact of the potential dilutive common shares using the treasury stock method, and out-of-the-money warrants exercisable for common stock.
	As of March 31, 2015, we had 0.5 million options outstanding to purchase common stock, 60 thousand unvested restricted stock awards, and 2.5 million warrants to purchase common stock.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2015
INVENTORIES
INVENTORIES		5	INVENTORIES
	Inventories consist of the following as of:
	(in thousands)		March 31,		December 31,
			2015		2014
	Raw materials		$	7,974	$	5,056
	Packaging materials			783		794
	Work-in-progress			318		411
	Finished goods			1,984		1,368
				11,059		7,629
	Reserve for excess/obsolete inventories			-322		-111
	Inventories, net		$	10,737	$	7,518
	Vendor Concentration
	We source the raw materials for our products, including active pharmaceutical ingredients (“API”), from both domestic and international suppliers. Generally, only a single source of API is qualified for use in each product due to the costs and time required to validate a second source of supply. As a result, we are dependent upon our current vendors to reliably supply the API required for ongoing product manufacturing. During the three months ended March 31, 2015, we purchased approximately 62% of our inventory from four suppliers. As of March 31, 2015, amounts payable to these suppliers was $0.2 million. During the three months ended March 31, 2014, we purchased approximately 49% of our inventory from two suppliers.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT		6	PROPERTY, PLANT, AND EQUIPMENT
	Property, plant, and equipment consist of the following as of:
	(in thousands)		March 31,		December 31,
			2015		2014
	Land		$	87	$	87
	Buildings			3,682		3,682
	Machinery, furniture and equipment			5,071		4,822
	Construction in progress			403		426
				9,243		9,017
	Less: accumulated depreciation			-3,962		-3,794
	Property, Plant and Equipment, net		$	5,281	$	5,223
	Depreciation expense for the three month periods ended March 31, 2015 and 2014 totaled $0.2 million and $0.1 million, respectively. During the three month period ended March 31, 2015, there was $9 thousand of interest capitalized into construction in progress. In the three month period ended March 31, 2014, there was no interest capitalized into construction in progress.

GOODWILL_AND_INTANGIBLE_ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2015
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	7	GOODWILL AND INTANGIBLE ASSETS
	Goodwill
	As a result of our 2013 merger with BioSante Pharmaceuticals, Inc. (BioSante), we recorded goodwill of $1.8 million in our one reporting unit. We assess the recoverability of the carrying value of goodwill as of October 31 of each year, and whenever events occur or circumstances change that would, more likely than not, reduce the fair value of our reporting unit below its carrying value. There have been no events or changes in circumstances that would have reduced the fair value of our reporting unit below its carrying value from the most recent assessment on October 31, 2014, through March 31, 2015. No impairment losses were recognized during the three months ended March 31, 2015 or 2014.
	Acquisition of Abbreviated New Drug Application
	In March 2015 we purchased from Teva Pharmaceuticals (“Teva”) the Abbreviated New Drug Application (“ANDA”) for a generic product, Flecainide Acetate tablets, for $4.5 million in cash and a percentage of future gross profits from product sales. We accounted for this transaction as an asset purchase. The ANDA is being amortized in full over its useful life of 10 years.
	Definite-Lived Intangible Assets
	The components of our definite-lived intangible assets are as follows:
	(in thousands)		March 31, 2015				December 31, 2014				Weighted Average
			Gross Carrying		Accumulated		Gross Carrying		Accumulated		Amortization
			Amount		Amortization		Amount		Amortization		Period
	Acquired ANDA intangible assets		$	17,077	$	-1,662	$	12,577	$	-1,312	10 years
	Product rights			22,522		-1,694		22,522		-1,133	10 years
	Teva license intangible asset			10,900		-1,735		10,900		-1,487	11 years
			$	50,499	$	-5,091	$	45,999	$	-3,932
	Our acquired ANDA intangible assets consist of the exclusive rights, including all of the applicable technical data and other relevant information, to produce certain pharmaceutical products that we acquired from various companies, including the group of ANDAs acquired from Teva in the first quarter of 2014 and the additional ANDA acquired in 2015. The product rights assets consist of the exclusive rights, including all of the applicable technical data and other relevant information, to produce certain branded pharmaceutical products that we acquired from various companies, including the Lithobid and Vancocin products acquired in the third quarter of 2014. The Teva license was acquired as part of our 2013 merger with BioSante. Definite-lived intangible assets are stated at the lower of cost or fair value, net of amortization using the straight line method over the expected useful lives of the intangible assets. Amortization expense was $1.2 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively.
	We test for impairment of definite-lived intangible assets when events or circumstances indicate that the carrying value of the assets may not be recoverable. No such triggering events were identified during the three months ended March 31, 2015 and 2014 and therefore no impairment loss was recognized in the three months ended March 31, 2015 or 2014.
	Expected future amortization expense is as follows:
	(in thousands)
	2015 (remainder of the year)		$	3,701
	2016			4,935
	2017			4,935
	2018			4,935
	2019			4,935
	2020 and thereafter			21,967
	Total		$	45,408

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION		8	STOCK-BASED COMPENSATION
	All stock options and restricted stock are granted under the ANI Pharmaceuticals, Inc. Fourth Amended and Restated 2008 Stock Incentive Plan (the “2008 Plan”). As of March 31, 2015, 0.7 million shares of our common stock remained available for issuance under the 2008 Plan.
	Total expense related to stock options for the three months ended March 31, 2015 and 2014 was $0.5 million and $4 thousand, respectively. Total expense related to restricted stock grants for the three months ended March 31, 2015 and 2014 was $0.1 million and $42 thousand, respectively.
	Options to purchase one thousand shares of common stock were exercised, 28 thousand options were forfeited, and no options expired during the three months ended March 31, 2015. Options to purchase 30 thousand shares of common stock were exercised and no options were forfeited or expired during the three month period ended March 31, 2014. No restricted stock vested during the three months ended March 31, 2015 or 2014. During the three months ended March 31, 2015, three thousand shares of restricted stock were forfeited. No restricted stock was forfeited during the three months ended March 31, 2014.

STOCKHOLDERS_EQUITY

STOCKHOLDER'S EQUITY	3 Months Ended
	Mar. 31, 2015
Stockholders Equity Note [Abstract]
SHAREHOLDERbS EQUITY		9	STOCKHOLDER’S EQUITY
	On March 10, 2014, we completed a follow-on public offering of 1.6 million shares of our common stock at a public offering price of $31.00 per share (the “March 2014 Offering”). We received gross proceeds of $50.0 million, or net proceeds of $46.7 million after deducting costs of $3.3 million, including the underwriters’ fees and commissions, as well as expenses directly related to the March 2014 Offering . The number of shares sold in the March 2014 Offering includes the exercise in full by the underwriters of their option to purchase an additional 0.2 million shares of common stock.
	No warrants to purchase shares of common stock expired unexercised during the three months ended March 31, 2015 or 2014, respectively. No warrants to purchase shares of common stock were exercised in the three months ended March 31, 2015. In January 2014, warrants to purchase an aggregate of 20 thousand shares of common stock were exercised at $9.00 per share.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2015
INCOME TAXES
INCOME TAXES		10	INCOME TAXES
	We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted.
	The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of both March 31, 2015 and December 31, 2014, we had provided a valuation allowance against certain state net operating loss carryforwards of approximately $0.1 million. For interim periods, we recognize an income tax provision/(benefit) based on our estimated annual effective tax rate expected for the entire year. We calculate income tax benefits related to stock-based compensation arrangements using the with and without method.
	We use a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties and financial statement reporting disclosures. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. We have not identified any uncertain income tax positions that could have a material impact on the financial statements. We are subject to taxation in various jurisdictions and all of our income tax returns remain subject to examination by tax authorities due to the availability of NOL carryforwards.
	We recognize interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. We did not have any such amounts accrued as of March 31, 2015 and December 31, 2014.
	The effective tax rate for the three months ended March 31, 2015 was 36.8% of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2015. The effective tax rate for the period was primarily affected by the impact of state taxes and permanent differences. We have elected to exclude the impacts from significant pre-tax non-recognized subsequent events from our estimated annual effective rate. Our estimated annual effective rate is primarily driven by our forecasted pre-tax income, estimated temporary and permanent differences, and the use of our existing NOLs. Changes in the estimated annual effective rate during the year are primarily driven by periodic changes to our forecasted pre-tax income. The utilization of our NOL carryforwards will be limited in future years as prescribed by Section 382 of the U.S. Internal Revenue Code. For the comparable three months ended March 31, 2014, the effective tax rate was 4.6% of net income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2014. The effective tax rate for the period was primarily impacted by the use of the NOL carryforwards and changes in our valuation allowance, most of which was released in the fourth quarter of 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES		11	COMMITMENTS AND CONTINGENCIES
	Operating Leases
	We lease equipment under operating leases that expire in May 2017. We also lease office space under operating leases that expire beginning in February 2016 through September 2018. Future minimum lease payments due under these leases total $0.2 million as of March 31, 2015.
	Rent expense for the three months ended March 31, 2015 and 2014 totaled $18 thousand and $17 thousand, respectively.
	Government Regulation
	Our products and facilities are subject to regulation by a number of federal and state governmental agencies. The Food and Drug Administration (“FDA”), in particular, maintains oversight of the formulation, manufacture, distribution, packaging and labeling of all of our products. The Drug Enforcement Administration (“DEA”) maintains oversight over our products that are controlled substances.
	Unapproved Products
	Two of our products, Esterified Estrogen with Methyltestosterone tablets (“EEMT”) and Opium Tincture, are marketed without approved New Drug Applications (“NDAs”) or ANDAs. During the three months ended March 31, 2015 and 2014, net revenues for these products totaled $10.3 million and $6.7 million, respectively.
	The FDA's policy with respect to the continued marketing of unapproved products is stated in the FDA's September 2011 Compliance Policy Guide Sec. 440.100 titled “Marketed New Drugs without Approved NDAs or ANDAs.” Under this policy, the FDA has stated that it will follow a risk-based approach with regard to enforcement against such unapproved products. The FDA evaluates whether to initiate enforcement action on a case-by-case basis, but gives higher priority to enforcement action against products in certain categories, such as those marketed as unapproved drugs with potential safety risks or that lack evidence of effectiveness. We believe that, so long as we comply with applicable manufacturing standards, the FDA will not take action against us under the current enforcement policy. There can be no assurance, however, that the FDA will continue this policy or not take a contrary position with any individual product or group of products. If the FDA were to take a contrary position, we may be required to seek FDA approval for these products or withdraw such products from the market. If we decide to withdraw the products from the market, our net revenues for generic pharmaceutical products would decline materially, and if we decide to seek FDA approval, we would face increased expenses and might need to suspend sales of the products until such approval was obtained, and there are no assurances that we would receive such approval.
	In addition, one group of products that we manufacture on behalf of a contract customer is marketed by that customer without an approved NDA. If the FDA took enforcement action against such customer, the customer may be required to seek FDA approval for the group of products or withdraw them from the market. Our contract manufacturing revenues for these unapproved products for the three months ended March 31, 2015 and 2014 were $0.3 million and $0.4 million, respectively.
	We receive royalties on the net sales of a group of contract-manufactured products, which are marketed by the contract customer without an approved NDA. If the FDA took enforcement action against such customer, the customer may be required to seek FDA approval for the group of products or withdraw them from the market. Our royalties on the net sales of these unapproved products for each of the three months ended March 31, 2015 and 2014 were $0.1 million.
	Louisiana Medicaid Lawsuit
	On September 11, 2013, the Attorney General of the State of Louisiana filed a lawsuit in Louisiana state court against numerous pharmaceutical companies, including us, under various state laws, alleging that each defendant caused the state’s Medicaid agency to provide reimbursement for drug products that allegedly were not approved by the FDA and therefore allegedly not reimbursable under the federal Medicaid program. The lawsuit relates to three cough and cold prescription products manufactured and sold by our former Gulfport, Mississippi operation, which was sold in September 2010. Through its lawsuit, the state seeks unspecified damages, statutory fines, penalties, attorneys’ fees and costs. On October 15, 2013, the defendants removed the lawsuit to the U.S. District Court. On November 14, 2013, the state filed a motion to remand the lawsuit to the Louisiana state court. On September 30, 2014, the U.S. District Court remanded the case from the federal to the state court.  While we cannot predict the outcome of the lawsuit at this time, we could be subject to material damages, penalties and fines. We intend to vigorously defend against all claims in the lawsuit.
	Other Commitments and Contingencies
	All manufacturers of the drug Reglan and its generic equivalent metoclopramide, including ANI, are facing allegations from plaintiffs in various states, including California, New Jersey and Pennsylvania, claiming bodily injuries as a result of ingestion of metoclopramide or its brand name, Reglan, prior to the FDA's February 2009 Black Box warning requirement. In August 2012, we were dismissed with prejudice from all New Jersey cases. We consider our exposure to this litigation to be limited due to several factors: (1) the only generic metoclopramide that we manufactured prior to the implementation of the FDA's warning requirement was an oral solution introduced after May 28, 2008; (2) our market share for the oral solution was a very small portion of the overall metoclopramide market; and (3) once we received a request for change of labeling from the FDA, we submitted our proposed changes within 30 days, and such changes were subsequently approved by the FDA.
	At the present time, we are unable to assess the likely outcome of the cases in the remaining states. Our insurance company has assumed the defense of this matter. However, our current product liability insurance policy contains absolute exclusions for claims related to Reglan and metoclopramide. We cannot provide assurances that the outcome of these matters will not have an adverse effect on our business, financial condition, and operating results. Furthermore, like all pharmaceutical manufacturers, we may be exposed to other product liability claims in the future, which could further limit our coverage under future insurance policies or cause those policies to become more expensive, which could harm our business, financial condition, and operating results.

FAIR_VALUE_DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2015
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES		12	FAIR VALUE DISCLOSURES
	Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework that prioritizes and ranks the level of observability of inputs used in measuring fair value.
	The inputs used in measuring the fair value of cash and cash equivalents are considered to be level 1 in accordance with the three-tier fair value hierarchy. The fair market values are based on period-end statements supplied by the various banks and brokers that held the majority of our funds. The fair value of short-term financial instruments (primarily accounts receivable, prepaid expenses, accounts payable, accrued expenses, borrowings under line of credit, and other current liabilities) approximate their carrying values because of their short-term nature. While our Notes are recorded on our balance sheets at their net carrying value of $112.2 million, as of March 31, 2015, the Notes are being traded on the bond market and their full fair value is $165.9 million based on their closing price on March 31, 2015, a Level 1 input.
	Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
	Our contingent value rights (“CVRs”), which were granted coincident with the merger with BioSatite, are considered contingent consideration and are classified as liabilities. As such, the CVRs were recorded as purchase consideration at their estimated fair value, using level 3 inputs, and are marked to market each reporting period until settlement. The fair value of CVRs is estimated using the present value of our projection of the expected payments pursuant to the terms of the CVR agreement, which is the primary unobservable input. If our projection or expected payments were to increase substantially, the value of the CVRs could increase as a result. The present value of the liability was calculated using a discount rate of 15%. We determined that the fair value of the CVRs, and the changes in such fair value, was immaterial as of March 31, 2015 and December 31, 2014, and for the three months ended March 31, 2015 and 2014.
	The following table presents our financial assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, by level within the fair value hierarchy:
	(in thousands)
	Description		Fair Value at		Level 1		Level 2		Level 3
			March 31, 2015
	Liabilities
	CVRs		$	-	$	-	$	-	$	-
	Description		Fair Value at		Level 1		Level 2		Level 3
			December 31, 2014
	Liabilities
	CVRs		$	-	$	-	$	-	$	-
	Financial Liabilities Measured at Fair Value on a Non-Recurring Basis
	In December 2014, we issued $143.8M of Notes (see Note 3). Because we have the option to cash settle the potential conversion of the Notes in cash, we separated the embedded conversion option feature from the debt feature and account for each component separately, based on the fair value of the debt component assuming no conversion option. The calculation of the fair value of the debt component required the use of Level 3 inputs, and was determined by calculating the fair value of similar non-convertible debt, using a theoretical interest rate of 9%. The theoretical interest rate was determined from market comparables to estimate what the interest rate would have been if there was no conversion option embedded in the Notes. The fair value of the embedded conversion option was calculated using the residual value method and is classified as equity.
	A portion of the offering proceeds was used to simultaneously enter into “bond hedge” (or purchased call) and “warrant” (or written call) transactions with an affiliate of one of the offering underwriters (see Note 3). The exercise price of the bond hedge is $69.48 per share, with an underlying 2,068,792 common shares; the exercise price of the warrant is $96.21 per share of our common stock, also with an underlying 2,068,792 common shares. We calculated the fair value of the bond hedge based on the price we paid to purchase the call. We calculated the fair value of the warrant based on the price at which the affiliate purchased the warrants from us. Because the bond hedge and warrant are both indexed to our common stock and otherwise would be classified as equity, we recorded both elements as equity, resulting in a net reduction to APIC of $15.6 million.
	Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
	We do not have any non-financial assets and liabilities that are measured at fair value on a recurring basis.
	Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
	We measure our long-lived assets, including property, plant and equipment, intangible assets and goodwill, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. No such fair value impairment was recognized in the three months ended March 31, 2015 and 2014.
	In March 2015, we purchased from Teva the ANDA for Flecainide Acetate tablets for $4.5 million in cash and a percentage of future gross profits from product sales. The value of the ANDA was based on the purchase price of $4.5 million.

BUSINESS_PRESENTATION_AND_RECE1

BUSINESS, PRESENTATION, AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2015
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Overview	Overview
	ANI Pharmaceuticals, Inc. and subsidiary, ANIP Acquisition Company (together, “ANI,” the “Company,” “we,” “us,” or “our”) is an integrated specialty pharmaceutical company developing, manufacturing, and marketing branded and generic prescription pharmaceuticals. Our targeted areas of product development currently include narcotics, oncolytics (anti-cancers), hormones and steroids, and complex formulations involving extended release and combination products. We have two pharmaceutical manufacturing facilities located in Baudette, Minnesota that are capable of producing oral solid dose products, as well as liquids and topicals, narcotics, and potent products that must be manufactured in a fully-contained environment. Our strategy is to use our assets to develop, acquire, manufacture, and market branded and generic specialty prescription pharmaceuticals. By executing this strategy, we believe we will be able to continue to grow the business, expand and diversify our product portfolio, and create long-term value for our investors.
Basis of Presentation	Basis of Presentation
	The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In our opinion, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations and cash flows. The condensed consolidated balance sheet at December 31, 2014, has been derived from audited financial statements of that date. The interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited financial statements and notes previously distributed in our annual report on Form 10-K for the year ended December 31, 2014. Certain prior period information has been reclassified to conform to the current period presentation.
Principles of consolidation	Principles of Consolidation
	The unaudited interim condensed consolidated financial statements include the accounts of ANI Pharmaceuticals, Inc. and its wholly owned subsidiary, ANIP Acquisition Company. All significant inter-company accounts and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, rebates, returns and other allowances, allowance for inventory obsolescence, allowances for contingencies and litigation, fair value of long-lived assets, income tax provision, deferred taxes and valuation allowance, and the depreciable and amortizable lives of long-lived assets. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In May 2014, the FASB issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. We are currently evaluating the impact, if any, that this new accounting pronouncement will have on our financial statements.
	In April 2015, the FASB issued guidance to simplify the balance sheet disclosure for debt issuance costs. Under the guidance, debt issuance costs related to a recognized debt liability will be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, in the same manner as debt discounts, rather than as an asset. The standard is effective for reporting periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact that this new accounting pronouncement will have on our financial statements.
	We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on our results of operations, financial position, or cash flows.

REVENUE_RECOGNITION_AND_RELATE1

REVENUE RECOGNITION AND RELATED ALLOWANCES (Tables)	3 Months Ended
	Mar. 31, 2015
Revenue Recognition [Abstract]
Schedule of Valuation and Qualifying Accounts Disclosure	The following table summarizes activity in the balance sheet for accruals and allowances for the three-month periods ended March 31, 2015 and 2014, respectively:
	(in thousands)	Accruals for Chargebacks, Rebates, Returns and Other Allowances
								Administrative		Prompt
				Medicaid				Fees and Other		Payment
		Chargebacks		Rebates		Returns		Rebates		Discounts
	Balance at December 31, 2013	$	4,076	$	253	$	736	$	735	$	332
	Accruals/Adjustments		7,090		158		258		970		347
	Credits Taken Against Reserve		-7,357		-141		-145		-853		-370
	Balance at March 31, 2014	$	3,809	$	270	$	849	$	852	$	309
	Balance at December 31, 2014	$	6,865	$	2,264	$	1,445	$	1,487	$	471
	Accruals/Adjustments		10,260		953		566		1,472		609
	Credits Taken Against Reserve		-10,526		-1,140		-194		-1,825		-602
	Balance at March 31, 2015	$	6,599	$	2,077	$	1,817	$	1,134	$	478

INDEBTEDNESS_Tables

INDEBTEDNESS (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Convertible Debt	The carrying value of the Notes is as follows as of March 31:
	(in thousands)	2015
	Principal amount	$	143,750
	Unamortized debt discount		-31,578
	Net carrying value	$	112,172
Interest Income and Interest Expense Disclosure	The following table sets forth the components of total interest expense related to the Notes recognized in the accompanying consolidated statements of operations for the three months ended March 31:
	(in thousands)	2015
	Contractual coupon	$	1,078
	Amortization of debt discount		1,481
	Amortization of finance fees		211
	Capitalized interest		-9
		$	2,761

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Earnings per share for the three months ended March 31, 2015 and 2014 are calculated for basic and diluted earnings per share as follows:
		Basic				Diluted
	(in thousands)	Three months ended				Three months ended
		March 31,				March 31,
		2015		2014		2015		2014
	Net income	$	4,369	$	3,359	$	4,369	$	3,359
	Net income allocated to warrants		-		-19		-		-19
	Net income allocated to restricted stock		-23		-15		-23		-15
	Net income from continuing operations allocated to common shares	$	4,346	$	3,325	$	4,346	$	3,325
	Basic Weighted-Average Shares Outstanding		11,326		9,991		11,326		9,991
	Dilutive effect of stock options						236		10
	Diluted Weighted-Average Shares Outstanding						11,562		10,001
	Earnings Per Share	$	0.38	$	0.33	$	0.38	$	0.33

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2015
INVENTORIES
Schedule of Inventory, Current	Inventories consist of the following as of:
	(in thousands)	March 31,		December 31,
		2015		2014
	Raw materials	$	7,974	$	5,056
	Packaging materials		783		794
	Work-in-progress		318		411
	Finished goods		1,984		1,368
			11,059		7,629
	Reserve for excess/obsolete inventories		-322		-111
	Inventories, net	$	10,737	$	7,518

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT, AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant, and equipment consist of the following as of:
	(in thousands)	March 31,		December 31,
		2015		2014
	Land	$	87	$	87
	Buildings		3,682		3,682
	Machinery, furniture and equipment		5,071		4,822
	Construction in progress		403		426
			9,243		9,017
	Less: accumulated depreciation		-3,962		-3,794
	Property, Plant and Equipment, net	$	5,281	$	5,223

GOODWILL_AND_INTANGIBLE_ASSETS1

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2015
GOODWILL AND INTANGIBLE ASSETS
Schedule of Intangible Assets and Goodwill	The components of our definite-lived intangible assets are as follows:
	(in thousands)	March 31, 2015				December 31, 2014				Weighted Average
		Gross Carrying		Accumulated		Gross Carrying		Accumulated		Amortization
		Amount		Amortization		Amount		Amortization		Period
	Acquired ANDA intangible assets	$	17,077	$	-1,662	$	12,577	$	-1,312	10 years
	Product rights		22,522		-1,694		22,522		-1,133	10 years
	Teva license intangible asset		10,900		-1,735		10,900		-1,487	11 years
		$	50,499	$	-5,091	$	45,999	$	-3,932
Finite-lived Intangible Assets Amortization Expense	Expected future amortization expense is as follows:
	(in thousands)
	2015 (remainder of the year)	$	3,701
	2016		4,935
	2017		4,935
	2018		4,935
	2019		4,935
	2020 and thereafter		21,967
	Total	$	45,408

FAIR_VALUE_DISCLOSURES_Tables

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2015
FAIR VALUE DISCLOSURES
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents our financial assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, by level within the fair value hierarchy:
	(in thousands)
	Description	Fair Value at		Level 1		Level 2		Level 3
		March 31, 2015
	Liabilities
	CVRs	$	-	$	-	$	-	$	-
	Description	Fair Value at		Level 1		Level 2		Level 3
		December 31, 2014
	Liabilities
	CVRs	$	-	$	-	$	-	$	-

REVENUE_RECOGNITION_AND_RELATE2

REVENUE RECOGNITION AND RELATED ALLOWANCES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Valuation and Qualifying Accounts Disclosure
Beginning balance			$8,708
Ending balance	8,096		8,708
Chargebacks
Valuation and Qualifying Accounts Disclosure
Beginning balance	6,865	4,076
Accruals/Adjustments	10,260	7,090
Credits Taken Against Reserve	-10,526	-7,357
Ending balance	6,599	3,809
Medicaid Rebates
Valuation and Qualifying Accounts Disclosure
Beginning balance	2,264	253
Accruals/Adjustments	953	158
Credits Taken Against Reserve	-1,140	-141
Ending balance	2,077	270
Returns
Valuation and Qualifying Accounts Disclosure
Beginning balance	1,445	736
Accruals/Adjustments	566	258
Credits Taken Against Reserve	-194	-145
Ending balance	1,817	849
Administrative Fees and Other Rebates
Valuation and Qualifying Accounts Disclosure
Beginning balance	1,487	735
Accruals/Adjustments	1,472	970
Credits Taken Against Reserve	-1,825	-853
Ending balance	1,134	852
Prompt Payment Discounts
Valuation and Qualifying Accounts Disclosure
Beginning balance	471	332
Accruals/Adjustments	609	347
Credits Taken Against Reserve	-602	-370
Ending balance	$478	$309

REVENUE_RECOGNITION_AND_RELATE3

REVENUE RECOGNITION AND RELATED ALLOWANCES (Details Textual) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accounts Receivable, Net, Current, Total	17,371		$17,297
Customer One [Member] | Net Revenues [Member]
Concentration Risk, Percentage	28.00%	23.00%
Customer Two [Member] | Net Revenues [Member]
Concentration Risk, Percentage	24.00%	18.00%
Customer Three [Member] | Net Revenues [Member]
Concentration Risk, Percentage	19.00%	15.00%
Customer One Two And Three [Member] | Net Accounts Receivable [Member]
Accounts Receivable, Net, Current, Total	14,200

INDEBTEDNESS_Details

INDEBTEDNESS (Details) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Principal amount	$143,750
Unamortized debt discount	-31,578
Net Carrying value	$112,172

INDEBTEDNESS_Details_1

INDEBTEDNESS (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Contractual coupon	$1,078
Amortization of debt discount	1,481
Amortization of finance fees	211
Capitalized interest	-9
Interest Expense, Debt	$2,761

INDEBTEDNESS_Details_Textual

INDEBTEDNESS (Details Textual) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Long-term Debt, Gross	$143,750,000
Debt Instrument, Unamortized Discount	31,578,000
Amortization of Financing Costs	211,000
Convertible Senior Notes [Member]
Long-term Debt, Gross		143,800,000
Proceeds from Issuance of Debt		122,600,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		3.00%
Underlying Shares Of Common Stock Convertible Debt		2,068,793
Debt Instrument, Convertible, Conversion Price		$69.48
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument Percent Of Conversion Price		130.00%
Per Note Principal		$1,000
Debt Instrument, Unamortized Discount		33,600,000
Deferred Offering Costs		5,500,000
Exercise Price Of Bond Hedge		$69.48
Underlying Shares Of Common Stock Bond Hedge		2,068,792
Class of Warrant or Right, Exercise Price of Warrants or Rights		$96.21
Net Adjustments To Additional Paid In Capital Bond Hedge Acquired Warrant Issued Net		15,600,000
Debt Instrument, Interest Rate, Effective Percentage	7.70%
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30 days
Amortization of Financing Costs		4,200,000
Payments of Stock Issuance Costs		$1,300,000

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net income, Basic	$4,369	$3,359
Net income, Diluted	4,369	3,359
Net income from continuing operations allocated to common shares, Basic	4,346	3,325
Net income from continuing operations allocated to common shares, Diluted	4,346	3,325
Basic Weighted-Average Shares Outstanding	11,326	9,991
Dilutive effect of stock options	236	10
Diluted Weighted-Average Shares Outstanding	11,562	10,001
Earnings Per Share, Basic	$0.38	$0.33
Earnings Per Share, Diluted	$0.38	$0.33
Warrant [Member]
Net income allocated, Basic	0	-19
Net income allocated, Diluted	0	-19
Restricted Stock [Member]
Net income allocated, Basic	-23	-15
Net income allocated, Diluted	($23)	($15)

EARNINGS_PER_SHARE_Details_Tex

EARNINGS PER SHARE (Details Textual)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,600,000	700,000
Class of Warrant or Right, Outstanding	2,500,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	60,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	500,000

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Inventories
Raw materials	$7,974	$5,056
Packaging materials	783	794
Work-in-progress	318	411
Finished goods	1,984	1,368
Inventory, Gross, Total	11,059	7,629
Reserve for excess/obsolete inventories	-322	-111
Inventories, net	$10,737	$7,518

INVENTORIES_Details_Textual

INVENTORIES (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2015
Two Suppliers (2014) [Member]
Concentration Risk, Percentage	49.00%
Four Suppliers (2015) [Member]
Concentration Risk, Percentage		62.00%
Accounts Payable, Trade, Current		$0.20

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT, AND EQUIPMENT (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Property, Plant and Equipment, Gross, Total	$9,243	$9,017
Less: accumulated depreciation	-3,962	-3,794
Property, Plant and Equipment, net	5,281	5,223
Land [Member]
Property, Plant and Equipment, Gross, Total	87	87
Buildings [Member]
Property, Plant and Equipment, Gross, Total	3,682	3,682
Machinery, furniture and equipment [Member]
Property, Plant and Equipment, Gross, Total	5,071	4,822
Construction in progress [Member]
Property, Plant and Equipment, Gross, Total	$403	$426

PROPERTY_PLANT_AND_EQUIPMENT_D1

PROPERTY, PLANT, AND EQUIPMENT (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Depreciation, Total	$200,000	$100,000
Interest Costs Capitalized	$9,000

GOODWILL_AND_INTANGIBLE_ASSETS2

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	$50,499	$45,999
Accumulated Amortization	-5,091	-3,932
Acquired ANDA intangible assets
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	17,077	12,577
Accumulated Amortization	-1,662	-1,312
Weighted Average Amortization Period	10 years
Product rights
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	22,522	22,522
Accumulated Amortization	-1,694	-1,133
Weighted Average Amortization Period	10 years
Teva license intangible asset
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	10,900	10,900
Accumulated Amortization	($1,735)	($1,487)
Weighted Average Amortization Period	11 years

GOODWILL_AND_INTANGIBLE_ASSETS3

GOODWILL AND INTANGIBLE ASSETS (Details 1) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
GOODWILL AND INTANGIBLE ASSETS
2015 (remainder of the year)	$3,701
2016	4,935
2017	4,935
2018	4,935
2019	4,935
2020 and thereafter	21,967
Total	$45,408

GOODWILL_AND_INTANGIBLE_ASSETS4

GOODWILL AND INTANGIBLE ASSETS (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
GOODWILL AND INTANGIBLE ASSETS
Amortization of Intangible Assets	$1.20	$0.60
Goodwill, Gross	1.8
Acquired ANDA Intangible Asset [Member]
GOODWILL AND INTANGIBLE ASSETS
Intangible Asset Purchase Agreement, Amount	$4.50
Finite-Lived Intangible Asset, Useful Life	10 years

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details Textual) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	700
Stock or Unit Option Plan Expense	$500	$4
Restricted Stock or Unit Expense	$100	$42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	1	30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	28	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	3	0

STOCKHOLDERS_EQUITY_Details_Te

STOCKHOLDER'S EQUITY (Details Textual) (USD $)	3 Months Ended		0 Months Ended	1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 10, 2014	Jan. 31, 2014
Proceeds from Issuance of Common Stock, Net	$0	$46,694,000
Common Stock [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$9
Stock Issued During Period Due To Warrant Exercise Number				20,000
Stock Issued During Period, Shares, New Issues			1,600,000
Shares Issued, Price Per Share			$31
Proceeds from Issuance of Common Stock			50,000,000
Proceeds from Issuance of Common Stock, Net			46,700,000
Payments of Stock Issuance Costs			$3,300,000
Stock Issued During Period Shares New Issues Due to Exercise of Option to Purchase Additional Shares			200,000

INCOME_TAXES_Details_Textual

INCOME TAXES (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Percent	36.80%	4.60%
Deferred Tax Assets, Valuation Allowance	$0.10		$0.10

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
COMMITMENTS AND CONTINGENCIES
Operating Leases, Future Minimum Payments Due, Total	$200,000
Operating Leases, Rent Expense	18,000	17,000
Unapproved Generic Products [Member]
COMMITMENTS AND CONTINGENCIES
Revenue, Net	10,300,000	6,700,000
Unapproved Generic Products [Member] | Contract Customer [Member]
COMMITMENTS AND CONTINGENCIES
Revenue, Net	300,000	400,000
Royalty Revenue, Total	$100,000	$100,000

FAIR_VALUE_DISCLOSURES_Details

FAIR VALUE DISCLOSURES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Liabilities
CVRs	$0	$0
Fair Value, Inputs, Level 1 [Member]
Liabilities
CVRs	0	0
Fair Value, Inputs, Level 2 [Member]
Liabilities
CVRs	0	0
Fair Value, Inputs, Level 3 [Member]
Liabilities
CVRs	$0	$0

FAIR_VALUE_DISCLOSURES_Details1

FAIR VALUE DISCLOSURES (Details Textual) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information
Fair Value Inputs, Discount Rate	15.00%
Payments to Acquire Intangible Assets	$4,500,000	$12,517,000
Long-term Debt, Gross	143,750,000
Notes Payable, Fair Value Disclosure	165,900,000
Convertible Debt, Noncurrent	112,172,000		110,691,000
Fair Value, Inputs, Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information
Theoretical Interest Rate For Debt Without Embedded Conversion Option			9.00%
Convertible Senior Notes [Member]
Fair Value Inputs, Assets, Quantitative Information
Long-term Debt, Gross			143,800,000
Exercise Price Of Bond Hedge			69.48
Underlying Shares Of Common Stock Bond Hedge			2,068,792
Class of Warrant or Right, Exercise Price of Warrants or Rights			96.21
Net Adjustments To Additional Paid In Capital Bond Hedge Acquired Warrant Issued Net			15,600,000