Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | ANI PHARMACEUTICALS INC | ||
Entity Central Index Key | 1,023,024 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | ANIP | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 526.8 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,449,364 | ||
Class C Special Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 10,864 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 154,684 | $ 169,037 |
Accounts receivable, net of $13,586 and $8,708 of adjustments for chargebacks and other allowances at December 31, 2015 and 2014, respectively | 21,932 | 17,297 |
Inventories, net | 13,387 | 7,518 |
Prepaid income taxes | 1,127 | 0 |
Prepaid expenses and other current assets | 1,453 | 1,139 |
Total Current Assets | 192,583 | 194,991 |
Property and equipment, net | 7,131 | 5,223 |
Deferred tax asset, net of valuation allowance | 17,316 | 15,439 |
Intangible assets, net | 66,397 | 42,067 |
Goodwill | 1,838 | 1,838 |
Total Assets | 285,265 | 259,558 |
Current Liabilities | ||
Accounts payable | 2,066 | 2,654 |
Accrued expenses and other | 617 | 567 |
Accrued royalties | 606 | 702 |
Accrued compensation and related expenses | 1,188 | 1,348 |
Current income taxes payable | 0 | 4,253 |
Accrued Medicaid rebates | 4,631 | 2,264 |
Returned goods reserve | 2,648 | 1,445 |
Total Current Liabilities | 11,756 | 13,233 |
Long-term Liabilities | ||
Convertible notes, net of discount and deferred financing costs | 113,427 | 106,540 |
Total Liabilities | $ 125,183 | $ 119,773 |
Commitments and Contingencies (Note 12) | ||
Stockholders' Equity | ||
Common Stock, $0.0001 par value, 33,333,334 shares authorized; 11,498,228 shares issued and oustanding at December 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 December 31, 2015 and 2014, respectively | 0 | 0 |
Preferred Stock, $0.0001 par value, 1,666,667 shares authorized; 0 shares issued and outstanding at December 31, 2015 and 2014, respectively | 0 | 0 |
Additional paid-in capital | 164,431 | 159,509 |
Accumulated deficit | (4,350) | (19,725) |
Total Stockholders' Equity | 160,082 | 139,785 |
Total Liabilities and Stockholders' Equity | $ 285,265 | $ 259,558 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Adjustments for chargebacks and other allowances | $ 13,586 | $ 8,708 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
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) | $ 0.0001 | $ 0.0001 |
Common Stock, Authorized Shares | 33,333,334 | 33,333,334 |
Common Stock, Issued Shares | 11,498,228 | 11,387,860 |
Common Stock, Outstanding Shares | 11,498,228 | 11,387,860 |
Class C special stock | ||
Common Stock, Par Value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Authorized Shares | 781,281 | 781,281 |
Common Stock, Issued Shares | 10,864 | 10,864 |
Common Stock, Outstanding Shares | 10,864 | 10,864 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Revenues | $ 76,322 | $ 55,970 | $ 30,082 |
Operating Expenses | |||
Cost of sales (excluding depreciation and amortization) | 12,692 | 11,473 | 9,974 |
Research and development | 2,874 | 2,678 | 1,712 |
Selling, general and administrative | 21,156 | 17,935 | 16,388 |
Depreciation and amortization | 6,900 | 3,878 | 1,110 |
Total Operating Expenses | 43,622 | 35,964 | 29,184 |
Operating Income from Continuing Operations | 32,700 | 20,006 | 898 |
Other Expense, net | |||
Interest expense, net | (11,008) | (787) | (467) |
Other income/(expense), net | 41 | 160 | (305) |
Income from Continuing Operations Before (Provision)/Benefit for Income Taxes | 21,733 | 19,379 | 126 |
(Provision)/Benefit for income taxes | (6,358) | 9,368 | (20) |
Net Income from Continuing Operations | 15,375 | 28,747 | 106 |
Discontinued Operation | |||
Gain on discontinued operation, net of $38 provision for income taxes in the year ended December 31, 2013 | 0 | 0 | 195 |
Net Income | 15,375 | 28,747 | 301 |
Computation of Income/(Loss) from Continuing Operations | |||
Net Income from Continuing Operations | 15,375 | 28,747 | 106 |
Preferred stock dividends | 0 | 0 | (4,975) |
Income/(Loss) from Continuing Operations Attributable to Common Stockholders and Participating Securities | $ 15,375 | $ 28,747 | $ (4,869) |
Basic Income/(Loss) Per Share: | |||
Continuing operations (in dollars per share) | $ 1.34 | $ 2.61 | $ (0.96) |
Discontinued operation (in dollars per share) | 0 | 0 | 0.04 |
Basic Income/(Loss) Per Share | $ 1.34 | $ 2.61 | $ (0.92) |
Basic Weighted-Average Shares Outstanding | 11,370 | 10,941 | 5,071 |
Diluted Income/(Loss) Per Share: | |||
Continuing operations (in dollars per share) | $ 1.32 | $ 2.59 | $ (0.96) |
Discontinued operation (in dollars per share) | 0 | 0 | 0.04 |
Diluted Income/(Loss) Per Share (in dollars per share) | $ 1.32 | $ 2.59 | $ (0.92) |
Diluted Weighted-Average Shares Outstanding (in shares) | 11,557 | 11,053 | 5,071 |
Consolidated Statements of Ear5
Consolidated Statements of Earnings [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gain on discontinued operation, net of provision for income taxes | $ 0 | $ 0 | $ 38 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Class C Special Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2012 | $ (42,715) | $ 0 | $ 0 | $ 1,083 | $ 0 | $ (43,798) |
Balance (in shares) at Dec. 31, 2012 | 4,070 | 0 | ||||
Preferred Stock Dividends | (4,975) | $ 0 | 0 | 0 | $ 0 | (4,975) |
Non-cash Compensation Relating to Business Combination | 4,418 | 0 | 0 | 4,418 | 0 | 0 |
Cancellation of Convertible Preferred Stock | 53,726 | 0 | 0 | 53,726 | 0 | 0 |
Shares Issued in Merger | 29,795 | $ 1 | 0 | 29,794 | $ 0 | 0 |
Shares Issued in Merger (in shares) | 5,469 | 0 | ||||
Stock-based Compensation Expense | 36 | $ 0 | 0 | 36 | $ 0 | 0 |
Purchase of Common Stock for Treasury | (433) | $ 0 | 0 | 0 | $ (433) | 0 |
Purchase of Common Stock for Treasury (in shares) | 0 | 59 | ||||
Issuance of Common Stock upon Warrant Exercise | 809 | $ 0 | 0 | 809 | $ 0 | 0 |
Issuance of Common Stock upon Warrant Exercise (in shares) | 90 | 0 | ||||
Issuance of Restricted Stock Awards | 0 | $ 0 | 0 | (365) | $ 365 | 0 |
Issuance of Restricted Stock Awards (in Shares) | 0 | (50) | ||||
Excess Tax Benefit from Stock-based Compensation Awards | 0 | |||||
Net Income | 301 | $ 0 | 0 | 0 | $ 0 | 301 |
Balance at Dec. 31, 2013 | 40,962 | $ 1 | 0 | 89,501 | $ (68) | (48,472) |
Balance (in shares) at Dec. 31, 2013 | 9,629 | 9 | ||||
Stock-based Compensation Expense | 3,423 | $ 0 | 0 | 3,423 | $ 0 | 0 |
Issuance of Common Stock upon Warrant Exercise | 750 | $ 0 | 0 | 750 | $ 0 | 0 |
Issuance of Common Stock upon Warrant Exercise (in shares) | 83 | 0 | ||||
Issuance of Common Stock in Equity Offering | 46,680 | $ 0 | 0 | 46,680 | $ 0 | 0 |
Issuance of Common Stock in Equity Offering (in shares) | 1,613 | 0 | ||||
Allocation of proceeds from sale of Convertible Notes to Embedded Conversion Option | 20,195 | $ 0 | 0 | 20,195 | $ 0 | 0 |
Cost of Bond-hedge, Net of Proceeds from Sale of Warrant | (2,575) | 0 | 0 | (2,575) | 0 | 0 |
Issuance of Common Shares upon Stock Option Exercise | 819 | $ 0 | 0 | 819 | $ 0 | 0 |
Issuance of Common Shares upon Stock Option Exercise (in Shares) | 43 | 0 | ||||
Issuance of Restricted Stock Awards | 0 | $ 0 | 0 | (68) | $ 68 | 0 |
Issuance of Restricted Stock Awards (in Shares) | 20 | (9) | ||||
Excess Tax Benefit from Stock-based Compensation Awards | 784 | $ 0 | 0 | 784 | $ 0 | 0 |
Net Income | 28,747 | 0 | 0 | 0 | 0 | 28,747 |
Balance at Dec. 31, 2014 | 139,785 | $ 1 | 0 | 159,509 | $ 0 | (19,725) |
Balance (in shares) at Dec. 31, 2014 | 11,388 | 0 | ||||
Stock-based Compensation Expense | 3,856 | $ 0 | 0 | 3,856 | $ 0 | 0 |
Purchase of Common Stock for Treasury | (113) | $ 0 | 0 | 0 | $ (113) | 0 |
Purchase of Common Stock for Treasury (in shares) | 0 | 7 | ||||
Issuance of Common Shares upon Stock Option Exercise | 819 | $ 0 | 0 | 706 | $ 113 | 0 |
Issuance of Common Shares upon Stock Option Exercise (in Shares) | 84 | (5) | ||||
Issuance of Restricted Stock Awards | 0 | $ 0 | 0 | 0 | $ 0 | 0 |
Issuance of Restricted Stock Awards (in Shares) | 26 | (2) | ||||
Excess Tax Benefit from Stock-based Compensation Awards | 360 | $ 0 | 0 | 360 | $ 0 | 0 |
Net Income | 15,375 | 0 | 0 | 0 | 0 | 15,375 |
Balance at Dec. 31, 2015 | $ 160,082 | $ 1 | $ 0 | $ 164,431 | $ 0 | $ (4,350) |
Balance (in shares) at Dec. 31, 2015 | 11,498 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities | |||
Net income | $ 15,375 | $ 28,747 | $ 301 |
Adjustments to reconcile net loss to net cash and cash equivalents provided by/(used in) operating activities: | |||
Stock-based compensation | 3,856 | 3,423 | 36 |
Deferred taxes | (1,877) | (14,459) | 0 |
Depreciation and amortization | 6,900 | 3,878 | 1,110 |
Loss on disposal of property and equipment | 40 | 0 | 0 |
Non-cash interest relating to convertible notes and loan cost amortization | 6,831 | 559 | 217 |
Non-cash compensation relating to business combination | 0 | 0 | 4,418 |
Changes in operating assets and liabilities, net of those acquired in business combination: | |||
Accounts receivable, net | (4,635) | (4,784) | (7,081) |
Inventories, net | (5,869) | (3,468) | (708) |
Prepaid expenses and other current assets | (314) | (558) | (188) |
Accounts payable | (1,027) | 225 | (565) |
Accrued compensation and related expenses | (160) | 575 | (2,854) |
Current income taxes, net | (5,380) | 4,233 | 20 |
Accrued Medicaid rebates | 2,367 | 2,011 | 72 |
Accrued expenses, returned goods reserve and other | 1,157 | 1,651 | (67) |
Net Cash and Cash Equivalents Provided by/(Used in) Continuing Operations | 17,264 | 22,033 | (5,289) |
Net Cash Used in Discontinued Operation | 0 | 0 | (195) |
Net Cash and Cash Equivalents Provided by/(Used in) Operating Activities | 17,264 | 22,033 | (5,484) |
Cash Flows From Investing Activities | |||
Cash acquired in business combination | 0 | 0 | 18,198 |
Acquisition of product rights and other related assets | (30,500) | (34,634) | 0 |
Release of restricted cash | 0 | 0 | 2,260 |
Acquisition of property and equipment | (2,183) | (1,120) | (191) |
Net Cash and Cash Equivalents (Used in)/Provided by Investing Activities | (32,683) | (35,754) | 20,267 |
Cash Flows From Financing Activities | |||
Net proceeds from equity offering | 0 | 46,680 | 0 |
Net proceeds from convertible debt offering | 0 | 138,243 | 0 |
Purchase of call option overlay, net | 0 | (15,623) | 0 |
Repayment of line of credit, net | 0 | 0 | (4,065) |
Proceeds from stock option exercises | 819 | 819 | 0 |
Proceeds from warrant exercise | 0 | 750 | 809 |
Excess tax benefit from share-based compensation awards | 360 | 784 | 0 |
Treasury stock purchases | (113) | 0 | (433) |
Net Cash and Cash Equivalents Provided by/(Used in) Financing Activities | 1,066 | 171,653 | (3,689) |
Change in Cash and Cash Equivalents | (14,353) | 157,932 | 11,094 |
Cash and cash equivalents, beginning of period | 169,037 | 11,105 | 11 |
Cash and cash equivalents, end of period | 154,684 | 169,037 | 11,105 |
Supplemental disclosure for cash flow information: | |||
Cash paid for interest | 4,205 | 0 | 250 |
Cash paid for income taxes, net | 13,255 | 147 | 0 |
Supplemental non-cash investing and financing activities: | |||
Property and equipment purchased and included in accounts payable | 439 | 0 | 0 |
Issuance of common stock in connection with business combination | 0 | 0 | 40,034 |
Cancellation of Series D, Series C, Series B, and Series A preferred stock | 0 | 0 | 53,726 |
Acquired non-cash net assets | 0 | 0 | 11,597 |
Preferred stock dividends accrued | $ 0 | $ 0 | $ 4,975 |
DESCRIPTION OF BUSINESS AND SUM
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ANI Pharmaceuticals, Inc. and its consolidated subsidiaries (together, “ANI,” the “Company,” “we,” “us,” or “our”) is a specialty pharmaceutical company, developing and marketing generic and branded prescription products. ANI was organized as a Delaware corporation in April 2001. At our two facilities located in Baudette, Minnesota, which have a combined manufacturing, packaging and laboratory capacity totaling 173,000 square feet, we manufacture oral solid dose products, as well as liquids and topicals, including those that must be manufactured in a fully contained environment due to their potency. We also perform contract manufacturing for other pharmaceutical companies. On June 19, 2013, BioSante Pharmaceuticals, Inc. (“BioSante”) acquired ANIP Acquisition Company (“ANIP”) in an all-stock, tax-free reorganization (the “Merger”) (Note 2), in which ANIP became a wholly-owned subsidiary of BioSante. BioSante was renamed ANI Pharmaceuticals, Inc. The Merger was accounted for as a reverse acquisition pursuant to which ANIP was considered the acquiring entity for accounting purposes. As such, ANIP's historical results of operations replace BioSante's historical results of operations for all periods prior to the Merger. The results of operations of both companies are included in our consolidated financial statements for all periods after completion of the Merger. Our operations are subject to certain risks and uncertainties including, among others, current and potential competitors with greater resources, dependence on significant customers, lack of operating history and uncertainty of future profitability and possible fluctuations in financial results. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations, and potential other funding sources, including cash on hand, to meet our obligations as they become due. We believe the going-concern basis is appropriate for the accompanying consolidated financial statements based on our current operating plan and business strategy for the next 12 months. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior period information has been reclassified to conform to the current period presentation. For the year ended (in thousands) Original Amount Current Deferred tax asset, net of valuation allowance, current $ 7,643 $ (7,643) $ - Prepaid expenses and other current assets $ 1,983 $ (844) $ 1,139 Current Assets $ 203,478 $ (8,487) $ 194,991 Deferred financing costs, net $ 3,307 $ (3,307) $ - Deferred tax asset, net of valuation allowance $ 7,796 $ 7,643 $ 15,439 Total Assets $ 263,709 $ (4,151) $ 259,558 Convertible notes, net of discount and deferred financing costs $ 110,691 $ (4,151) $ 106,540 Liabilities $ 123,924 $ (4,151) $ 119,773 The consolidated financial statements include the accounts of ANI Pharmaceuticals, Inc. and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. 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 consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, Medicaid rebates, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, deferred taxes and valuation allowance, and the depreciable lives of long-lived assets. Actual results could differ from those estimates. We have no components of other comprehensive income and accordingly, no statement of comprehensive income is included in the accompanying consolidated financial statements. Credit Concentration Our customers are primarily wholesale distributors, chain drug stores, group purchasing organizations, and other pharmaceutical companies. During the year ended December 31, 2015, three customers represented approximately 26 20 18 73 30 25 14 27 18 10 We source the raw materials for its 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 supply reliably the API required for ongoing product manufacturing. During the year ended December 31, 2015, we purchased approximately 33 42 37 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, 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, rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments reduce gross revenues to net revenues in the accompanying consolidated statements of earnings, and are presented as current liabilities or reductions in accounts receivable in the accompanying consolidated balance sheets (see “Accruals for Chargebacks, Rebates, Returns, and Other Allowances”). 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. We consider all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. All interest bearing and non-interest bearing accounts are guaranteed by the FDIC up to $ 250 In conjunction with the Merger, we acquired restricted cash, none of which remained at December 31, 2015 and 2014. We extend credit to customers on an unsecured basis. We use the allowance method to provide for doubtful accounts based on our evaluation of the collectability of accounts receivable, whereby we provide an allowance for doubtful accounts equal to the estimated uncollectible amounts. Our estimate is based on historical collection experience and a review of the current status of trade accounts receivable. We determine trade receivables to be delinquent when greater than 30 days past due. Receivables are written off when it is determined that amounts are uncollectible. We determined that no allowance for doubtful accounts was necessary as of December 31, 2015 and 2014. 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 based on the estimates and methodologies described below. In the aggregate, these accruals exceed 50 Chargebacks Chargebacks, primarily from wholesalers, result from arrangements we have with indirect customers establishing prices for products which the indirect customer purchases through a wholesaler. Alternatively, we may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, we provide a chargeback credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler's invoice price, typically Wholesale Acquisition Cost ("WAC"). Chargeback credits are calculated as follows: Prior period chargebacks claimed by wholesalers are analyzed to determine the actual average selling price ("ASP") for each product. This calculation is performed by product by wholesaler. ASPs can be affected by several factors such as: · A change in customer mix · A change in negotiated terms with customers · A change in the volume of off-contract purchases · Changes in WAC As necessary, we adjust ASPs based on anticipated changes in the factors above. The difference between ASP and WAC is recorded as a reduction in both gross revenues in the consolidated statements of earnings and accounts receivable in the consolidated balance sheets, at the time we recognize revenue from the product sale. To evaluate the adequacy of our chargeback accruals, we obtain on-hand inventory counts from the wholesalers. This inventory is multiplied by the chargeback amount, the difference between ASP and WAC, to arrive at total expected future chargebacks, which is then compared to the chargeback accruals. We continually monitor chargeback activity and adjust ASPs when we believe that actual selling prices will differ from current ASPs. Medicaid Rebates We participate in certain qualifying federal and state Medicaid rebate programs whereby discounts and rebates are provided to participating programs after the final dispensing of the product by a pharmacy to a Medicaid plan participant. Medicaid rebates are typically billed up to 120 days after the product is shipped. Medicaid rebate amounts per product unit are established by law, based on the Average Manufacturer Price (“AMP”), which is reported on a monthly and quarterly basis, and, in the case of branded products, best price, which is reported on a quarterly basis. Our Medicaid reserves are based on expected claims from state Medicaid programs. Estimates for expected claims are driven by patient usage, sales mix, calculated AMP or best price, as well as inventory in the distribution channel that will be subject to a Medicaid rebate. As a result of the delay between selling the products and rebate billing, our Medicaid rebate reserve includes both an estimate of outstanding claims for end-customer sales that occurred but for which the related claim has not been billed as well as an estimate for future claims that will be made when inventory in the distribution channel is sold through to plan participants. To evaluate the adequacy of our Medicaid rebate reserve, we review the reserve on a quarterly basis against actual claims data to ensure the liability is fairly stated. We continually monitor our Medicaid rebate reserve and adjust our estimates if we believe that actual Medicaid rebates may differ from our established accruals. Accruals for Medicaid rebates are recorded as a reduction to gross revenues in the consolidated statements of earnings and as an increase to the Medicaid rebate reserve in the consolidated balance sheets. Returns We maintain a return policy that allows customers to return product within a specified period prior to and subsequent to the expiration date. Generally, product may be returned for a period beginning six months prior to its expiration date to up to one year after its expiration date. Our product returns are settled through the issuance of a credit to the customer. Our estimate for returns is based upon historical experience with actual returns. While such experience has allowed for reasonable estimation in the past, history may not always be an accurate indicator of future returns. We continually monitor our estimates for returns and make adjustments when we believe that actual product returns may differ from the established accruals. Accruals for returns are recorded as a reduction to gross revenues in the consolidated statements of earnings and as an increase to the return goods reserve in the consolidated balance sheets. Administrative Fees and Other Rebates Administrative fees or rebates are offered to wholesalers, group purchasing organizations and indirect customers. We accrue for fees and rebates, by product by wholesaler, at the time of sale based on contracted rates and ASPs. To evaluate the adequacy of our administrative fee accruals, we obtain on-hand inventory counts from the wholesalers. This inventory is multiplied by the ASPs to arrive at total expected future sales, which is then multiplied by contracted rates. The result is then compared to the administrative fee accruals. We continually monitor administrative fee activity and adjust our accruals when we believe that actual administrative fees will differ from the accruals. Accruals for administrative fees and other rebates are recorded as a reduction in both gross revenues in the consolidated statements of earnings and accounts receivable in the consolidated balance sheets. Prompt Payment Discounts We often grant sales discounts for prompt payment. The reserve for prompt payment discounts is based on invoices outstanding. We assume, based on past experience, that all available discounts will be taken. Accruals for prompt payment discounts are recorded as a reduction in both gross revenues in the consolidated statements of earnings and accounts receivable in the consolidated balance sheets. The following table summarizes activity in the consolidated balance sheets for accruals and allowances for the years ended December 31, 2015, 2014, and 2013: (in thousands) Accruals for Chargebacks, Returns and Other Allowances Administrative Prompt Medicaid Fees and Other Payment Chargebacks Rebates Returns Rebates Discounts Balance at December 31, 2012 $ 5,662 $ 180 $ 411 $ 231 $ 242 Accruals/Adjustments 28,009 333 1,595 2,355 1,129 Credits Taken Against Reserve (29,595) (260) (1,270) (1,851) (1,039) Balance at December 31, 2013 $ 4,076 $ 253 $ 736 $ 735 $ 332 Accruals/Adjustments 35,740 2,692 1,493 5,212 1,820 Credits Taken Against Reserve (32,951) (681) (784) (4,460) (1,681) Balance at December 31, 2014 $ 6,865 $ 2,264 $ 1,445 $ 1,487 $ 471 Accruals/Adjustments 51,933 6,719 2,808 6,136 2,744 Credits Taken Against Reserve (47,417) (4,352) (1,605) (5,970) (2,541) Balance at December 31, 2015 $ 11,381 $ 4,631 $ 2,648 $ 1,653 $ 674 Inventories consist of raw materials, packaging materials, work-in-progress, and finished goods. Inventories are stated at the lower of standard cost or net realizable value. We periodically review and adjust standard costs, which generally approximate weighted average cost. Property and equipment are recorded at cost. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is recorded on a straight-line basis over estimated useful lives as follows: Buildings and improvements 20 40 Machinery, furniture and equipment 3 10 Construction in progress includes the cost of construction and other direct costs attributable to the construction, along with capitalized interest, if any. Depreciation is not recorded on construction in progress until such time as the assets are placed in service. We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. No impairment loss related to property and equipment was recognized during the years ended December 31, 2015, 2014, and 2013. Assets held for disposal are reportable at the lower of the carrying amount or fair value, less costs to sell. No assets were held for disposal as of December 31, 2015 and 2014. Intangible assets were acquired as part of the Merger and several asset purchase transactions. These assets include ANDAs for a total of 54 previously marketed generic products we acquired in 2014 and 2015, product rights for our branded products Lithobid and Vancocin, the NDA for our male testosterone gel product, marketing and distribution rights related to an agreement with IDT Australia Limited, and The ANDAs, NDAs, and rights are amortized over their remaining estimated useful lives, ranging from seven to 11 Goodwill relates to the Merger and represents the excess of the total purchase consideration over the fair value of acquired assets and assumed liabilities, using the purchase method of accounting. Goodwill is not amortized, but is subject to periodic review for impairment. Goodwill is reviewed annually, as of October 31, and whenever events or changes in circumstances indicate that the carrying amount of the goodwill might not be recoverable. We perform our review of goodwill on our one reporting unit. Before employing detailed impairment testing methodologies, we first evaluate the likelihood of impairment by considering qualitative factors relevant to our reporting unit. When performing the qualitative assessment, we evaluate events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Events and circumstances evaluated include: macroeconomic conditions that could affect us, industry and market considerations for the generic pharmaceutical industry that could affect us, cost factors that could affect our performance, our financial performance (including share price), and consideration of any company-specific events that could negatively affect us, our business, or the fair value of our business. If we determine that it is more likely than not that goodwill is impaired, we will then apply detailed testing methodologies. Otherwise, we will conclude that no impairment has occurred. Detailed impairment testing involves comparing the fair value of our one reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of ANI. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of our one reporting unit as if it had been acquired in a business combination. Then, the implied fair value of our one reporting unit's goodwill is compared to the carrying value of that goodwill. If the carrying value of our one reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. No impairment loss related to goodwill was recognized in the years ended December 31, 2015, 2014, and 2013. At times, we have entered into arrangements with various commercial partners to further business opportunities. In collaborative arrangements such as these, when we are actively involved and exposed to the risks and rewards of the activities and are determined to be the principal participant in the collaboration, we classify third party costs incurred and revenues in the consolidated statements of earnings on a gross basis. Otherwise, third party revenues and costs generated by collaborative arrangements are presented on a net basis. Payments between us and the other participants are recorded and classified based on the nature of the payments. Research and development costs are expensed as incurred and primarily consist of expenses relating to product development. Research and development costs totaled $ 2.9 2.7 1.7 We have a stock-based compensation plan that includes stock options and restricted stock, which are awarded in exchange for employee and non-employee director services. We recognize the estimated fair value of stock-based awards and classify the expense where the underlying salaries are classified. We incurred $ 3.9 3.4 36 Valuation of stock awards requires us to make assumptions and to apply judgment to determine the fair value of the awards. These assumptions and judgments include estimating the future volatility of our stock price, dividend yields, future employee turnover rates, and future employee stock option exercise behaviors. Changes in these assumptions can affect the fair value estimate. 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. 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. 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 to the consolidated financial statements. We are subject to taxation in various jurisdictions in the U.S. and remain subject to examination by taxing jurisdictions for the years 1998 and all subsequent periods due to the availability of net operating loss 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 December 31, 2015, 2014, and 2013. We consider potential tax effects resulting from discontinued operations and record intra-period tax allocations, when those effects are deemed material. Basic earnings/(loss) per share is computed by dividing net income/(loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Our unvested restricted shares and certain of our outstanding warrants contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted earnings/(loss) per share excludes from the numerator net income (but not net loss) attributable to the unvested restricted shares and to the participating warrants, and excludes the impact of those shares from the denominator. For purposes of determining diluted earnings/(loss) per share, we have elected a policy to assume that the principal portion of our 3.0 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 the Notes, using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share. Basic Diluted (in thousands, except per share amounts) Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 Net income $ 15,375 $ 28,747 $ 106 $ 15,375 $ 28,747 $ 106 Preferred stock dividends - - (4,975) - - (4,975) Net income allocated to restricted stock (85) (159) - (84) (158) - Net income/(loss) from continuing operations allocated to common shares $ 15,290 $ 28,588 $ (4,869) $ 15,291 $ 28,589 $ (4,869) Gain on discontinued operations $ - $ - $ 195 $ - $ - $ 195 Net gain on discontinued operations allocated to warrants - - (1) - - (2) Gain on discontinued operations allocated to common shares $ - $ - $ 194 $ - $ - $ 193 Basic Weighted-Average Shares Outstanding 11,370 10,941 5,071 11,370 10,941 5,071 Dilutive effect of stock options 187 71 - Dilutive effect of warrants - 41 - Diluted Weighted-Average Shares Outstanding 11,557 11,053 5,071 Earnings Per share from Continuing Operations $ 1.34 $ 2.61 $ (0.96) $ 1.32 $ 2.59 $ (0.96) Earnings Per share from Discontinued Operation - - 0.04 - - 0.04 Earnings/(Loss) Per Share $ 1.34 $ 2.61 $ (0.92) $ 1.32 $ 2.59 $ (0.92) 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, out-of-the-money warrants exercisable for common stock, and certain participating securities, if the effect of including both the income allocated to the participating security and the impact of the potential common shares would be anti-dilutive. The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings (loss) per share and which include the shares underlying the Notes, were 4.5 4.7 2.7 In July 2013, our Board of Directors and stockholders approved a resolution to effect a one-for-six reverse stock split of our common stock and Class C Special stock with no corresponding change to the par values. The number of authorized shares of common stock, Class C Special stock and blank check preferred stock was reduced proportionally. Common stock and Class C Special stock for all periods presented have been adjusted retrospectively to reflect the one-for-six reverse stock split. Our consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, prepaid expenses, accounts receivable, accounts payable, accrued expenses, and other current liabilities) that are carried at cost and that approximate fair value. The fair value of our long-term indebtedness is estimated based on the quoted prices for the same or similar issues, or on the current rates we have been offered for debt of the same remaining maturities. 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 which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: · Level 1Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. · Level 2Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. · Level 3Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. See Note 7 for additional information regarding fair value. We currently operate in a single business segment. In November 2015, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the balance sheet classification of deferred taxes. The new guidance requires that all deferred taxes be presented as noncurrent, rather than separated into current and noncurrent amounts. The guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. In addition, the adoption of guidance can be applied either prospectively or retrospectively to all periods presented. We adopted this guidance for the year ended December 31, 2015 on a retrospective basis, and all periods are presented under this guidance. The adoption of this new guidance resulted in a reclassification of $ 7.6 In July 2015, the FASB issued guidance for inventory. Under the guidance, an entity should measure inventory within the scope of this guidance at the lower of cost and net realizable value, except when inventory is measured using LIFO or the retail inventory method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In addition, the FASB has amended some of the other inventory guidance to more clearly articulate the requirements for the measurement and disclosure of inventory. The guidance is effective for reporting periods beginning after December 15, 2016. The guidance should be applied prospectively, with earlier application permitted. We will adopt the guidance as of January 1, 2016, on a prospective basis. The adoption of this new guidance is not expected to have a material impact on our financial statements. In April 2015, the FASB issued guidance as to whether a cloud computing arrangement (e.g., software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for reporting periods beginning after December 15, 2015, and can be adopted on either a prospective or retrospective basis. We will adopt the guidance as of January 1, 2016, on a prospective basis. The adoption of this new guidance is not expected to have a material impact 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 are 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 guidance is effective for reporting periods beginning after December 15, 2015 and must be adopted on a retrospective basis. Early adoption is permitted. We adopted this guidance for the year ended December 31, 2015 on a retrospective basis, and all periods are presented under this guidance. The adoption of this new guidance resulted in a reclassification of $ 0.8 3.3 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. In August 2015, the FASB issued guidance approving a one-year deferral, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. We are currently evaluating the impact, if any, 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 |
BUSINESS COMBINATION
BUSINESS COMBINATION | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | On June 19, 2013, BioSante acquired ANIP in an all-stock, tax-free reorganization. Since the merger we have been operating under the leadership of the ANIP management team and ANIP's historical results of operations have replaced BioSante's historical results of operations for all periods prior to the Merger. BioSante issued to ANIP stockholders shares of BioSante common stock such that the ANIP stockholders owned 57 43 ® The Merger was accounted for as a reverse acquisition pursuant to which ANIP was considered the acquiring entity for accounting purposes. As such, ANIP's historical results of operations replace BioSante's historical results of operations for all periods prior to the Merger. BioSante, the accounting acquiree, was a publicly-traded pharmaceutical company focused on developing high value, medically-needed products. ANIP entered into the Merger to secure additional capital and gain access to capital market opportunities as a public company. The results of operations of both companies are included in our consolidated financial statements for all periods after completion of the Merger. Transaction Costs 7.1 Category (in thousands) Legal fees $ 1,227 Accounting fees 122 Consulting fees 119 Monitoring and advisory fees 390 Transaction bonuses 4,801 Other 429 Total transaction costs $ 7,088 Of the total expenses, $ 6.2 5.5 0.3 0.4 Purchase Consideration and Net Assets Acquired The fair value of BioSante’s common stock used in determining the purchase price was $ 1.22 29.8 (in thousands) Total purchase consideration $ 29,795 Assets acquired Cash and cash equivalents 18,198 Restricted cash 2,260 Testosterone Gel NDA (1) 10,900 Other tangible assets 79 Deferred tax assets, net - Goodwill 1,838 Total assets 33,275 Liabilities assumed Accrued severance 2,965 Other liabilities 515 Total liabilities 3,480 Total net assets acquired $ 29,795 As part of the Merger, we acquired a testosterone gel product that was licensed to Teva (the "Testosterone Gel NDA"). In May 2015, we acquired from Teva the approved New Drug Application ("NDA") for the previously-licensed product (Note 6). The Testosterone Gel NDA is being amortized on a straight-line basis over its estimated useful life of 11 9.6 3.9 5.7 0 Former BioSante operations generated no revenue and no expense in the year ended December 31, 2015 and 2014. Former BioSante operations generated $ 0.5 Pro Forma Condensed Combined Financial Information (unaudited) The following unaudited pro forma condensed combined financial information summarizes the results of operations for 2013 as if the Merger had been completed as of January 1, 2012. Pro forma information reflects adjustments relating to (i) elimination of the interest on ANIP’s senior and equity-linked securities, (ii) elimination of monitoring and advisory fees payable to two ANIP investors, (iii) elimination of transaction costs, and (iv) amortization of intangibles acquired. (in thousands) Year ended December 31, 2013 Net revenues $ 30,228 Net income/(loss) $ 89 |
INDEBTEDNESS
INDEBTEDNESS | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
INDEBTEDNESS | 3. INDEBTEDNESS Convertible Senior Notes In December 2014, we issued $ 143.8 122.6 3.0 2,068,792 69.48 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 30 130 1,000 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 APIC) of $ 33.6 Offering costs of $ 5.5 4.2 1.3 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 69.48 2,068,792 96.21 15.6 (in thousands) 2015 2014 Principal amount $ 143,750 $ 143,750 Unamortized debt discount (27,016) (33,059) Deferred financing costs (3,307) (4,151) Net Carrying value $ 113,427 $ 106,540 (in thousands) 2015 2014 Contractual coupon $ 4,312 $ 252 Amortization of debt discount 6,043 489 Amortization of finance fees 844 70 Capitalized interest (56) - $ 11,143 $ 811 The effective interest rate on the Notes as of December 31, 2015 and 2014 was 7.8 7.7 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES | |
INVENTORIES | 4. INVENTORIES (in thousands) 2015 2014 Raw materials $ 10,192 $ 5,056 Packaging materials 998 794 Work-in-progress 456 411 Finished goods 1,897 1,368 13,543 7,629 Reserve for excess/obsolete inventories (156) (111) Inventories, net $ 13,387 $ 7,518 |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, AND EQUIPMENT | 5. PROPERTY, PLANT, AND EQUIPMENT (in thousands) 2015 2014 Land $ 87 $ 87 Buildings 3,682 3,682 Machinery, furniture and equipment 5,623 4,822 Construction in progress 2,189 426 11,581 9,017 Less: accumulated depreciation (4,450) (3,794) Property, Plant, and Equipment, net $ 7,131 $ 5,223 Depreciation expense for the years ended December 31, 2015, 2014, and 2013 totaled $0.7 million, $0.6 million, and $0.5 million, respectively. During the year ended December 31, 2015, there was $ 56 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS Goodwill As a result of the Merger (Note 2), we recorded goodwill of $1.8 million in our one reporting unit. We assess the recoverability of the carrying value of goodwill on an annual basis as of October 31 of each year, and whenever events occur or circumstances changes that would, more likely than not, reduce the fair value of our reporting unit below its carrying value. For the goodwill impairment analyses performed at October 31, 2015, 2014, and 2013, we performed qualitative assessments to determine whether it was more likely than not that our goodwill asset was impaired in order to determine the necessity of performing a quantitative impairment test, under which management would calculate the asset’s fair value. When performing the qualitative assessments, we evaluated events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Events and circumstances evaluated include: macroeconomic conditions that could affect us, industry and market considerations for the generic pharmaceutical industry that could affect us, cost factors that could affect our performance, our financial performance (including share price), and consideration of any company-specific events that could negatively affect us, our business, or our fair value. Based on our assessments of the aforementioned factors, it was determined that it was more likely than not that the fair value of our one reporting unit is greater than its carrying amount as of October 31, 2015, 2014, and 2013, and therefore no quantitative testing for impairment was required. In addition to the qualitative impairment analysis performed at October 31, 2015, there were no events or changes in circumstances that could have reduced the fair value of our reporting unit below its carrying value from October 31, 2015 to December 31, 2015. No impairment loss was recognized during the years ended December 31, 2015, 2014, and 2013, and the balance of goodwill was $ 1.8 Definite-lived Intangible Assets Acquisition of Abbreviated New Drug Applications On December 26, 2013, we entered into an agreement to purchase (the “Teva Purchase Agreement”) Abbreviated New Drug Applications (“ANDAs”) to produce 31 previously marketed generic drug products from Teva Pharmaceuticals (“Teva”) for $ 12.5 8.5 4.0 In March 2015 we purchased an ANDA from Teva for Flecainide, for $ 4.5 10 In July 2015, we purchased ANDAs for 22 previously marketed generic drug products from Teva for $ 25.0 10 Acquisition of Product Rights In August 2014, we entered into an agreement to purchase (the “Vancocin Purchase Agreement”) the product rights to Vancocin from Shire ViroPharma Incorporated (“Shire”) for $ 11.0 10.5 10 In July 2014, we entered into an agreement to purchase (the “Lithobid Purchase Agreement”) the product rights to Lithobid from Noven Therapeutics, LLC (“Noven”) for $ 11.0 1.0 12.0 10 Testosterone Gel NDA As part of our 2013 merger with BioSante, we acquired a testosterone gel product that was licensed to Teva (the “Testosterone Gel NDA”). In May 2015, we acquired from Teva the approved NDA for the previously-licensed product. Pursuant to the terms of the purchase agreement, upon commercialization, we will pay Teva a royalty of up to $ 5.0 5 Marketing and Distribution Rights In August 2015, we entered into a distribution agreement with IDT Australia Limited (“IDT”) to market several products in the U.S. (the “IDT Agreement”). The products, all of which are approved ANDAs, require various FDA filings and approvals prior to commercialization. In general, IDT will be responsible for regulatory submissions to the FDA and the manufacturing of certain products. We made an upfront payment to IDT of $1.0 million and will make additional milestone payments upon FDA approval for commercialization of certain products. Upon approval, IDT will manufacture some of the products and we will manufacture the other products. We will market and distribute all the products under our label in the United States, remitting a percentage of profits from sales of the drugs to IDT. The $ 1.0 (in thousands) December 31, 2015 December 31, 2014 Weighted Average Gross Carrying Accumulated Gross Carrying Accumulated Amortization Acquired ANDA intangible assets $ 42,076 $ (4,287) $ 12,577 $ (1,312) 10 years Product rights 22,522 (3,277) 22,522 (1,133) 10 years Testosterone gel NDA 10,900 (2,477) 10,900 (1,487) 11 years Marketing and distribution rights 1,000 (60) - - 7 Years $ 76,498 $ (10,101) $ 45,999 $ (3,932) Definite-lived intangible assets are stated at cost, net of amortization using the straight line method over the expected useful lives of the intangible assets. Amortization expense was $ 6.2 3.3 0.6 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 in the years ended December 31, 2015, 2014, and 2013, and therefore no impairment loss was recognized during those periods. (in thousands) 2016 $ 7,578 2017 7,578 2018 7,578 2019 7,578 2020 7,578 2021 and thereafter 28,507 Total $ 66,397 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE DISCLOSURES | |
FAIR VALUE DISCLOSURES | 7. 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 which prioritizes and ranks the level of observability of inputs used in measuring fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis 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, and other current liabilities) approximate their carrying values because of their short-term nature. While our Notes are recorded on our consolidated balance sheets at their net carrying value of $ 113.4 144.5 Our CVRs (Note 2) are considered to be 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 management’s 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 Prior to the Merger, ANIP’s warrants to purchase common and preferred stock were classified as derivative liabilities and were measured at fair value using level 3 inputs. The fair value of stock purchase warrants was determined using a two-step process that included valuing ANIP's equity using both market and discounted cash flow methods, and then apportioning that value, using an equity allocation model, to each of ANIP's classes of stock. These models require the use of unobservable inputs such as fair value of ANIP's common and preferred stock, expected term, anticipated volatility, future interest and interest rates, expected cash flows and the number of outstanding common and preferred shares as of a future date. All such stock purchase warrants expired in connection with the Merger. (in thousands) Description Fair Value at Level 1 Level 2 Level 3 Liabilities CVRs $ - $ - $ - $ - Description Fair Value at Level 1 Level 2 Level 3 Liabilities CVRs $ - $ - $ - $ - Financial Liabilities Measured at Fair Value on a Non-Recurring Basis In December 2014, we issued $ 143.8 9 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 (Note 3). The exercise price of the bond hedge is $ 69.48 2,068,792 96.21 2,068,792 15.6 Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis We have no 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 years ended December 31, 2015, 2014, and 2013. Acquired Non-Financial Assets Measured at Fair Value In July 2015, we purchased from Teva the ANDAs for 22 previously marketed generic drug products for $ 25.0 10 10 4.5 10 10 In August 2014, we acquired from Shire the U.S. product rights associated with Vancocin, certain equipment, and inventory, for total consideration of $ 11.0 0.1 10 10.5 10 0.2 10 0.4 In July 2014, we acquired from Noven the product rights associated with Lithobid, as well as a small amount of raw material inventory, for total consideration of $ 12.0 45 10 12.0 10 86 In the first quarter of 2014, we purchased from Teva the ANDAs for 31 previously marketed generic drug products for $ 12.5 10 10 |
STOCKHOLDER'S EQUITY
STOCKHOLDER'S EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
SHAREHOLDER'S EQUITY | 8. STOCKHOLDERS’ EQUITY Authorized shares We are authorized to issue up to 33.3 0.0001 0.8 0.0001 1.7 0.0001 There were 11.5 11.4 There were 11 thousand shares of class C special stock issued and outstanding as of December 31, 2015 and 2014. Each share of class C special stock entitles its holder to one vote per share. Each share of class C special stock is exchangeable, at the option of the holder, for one share of our common stock, at an exchange price of $ 90.00 There were no shares of undesignated preferred stock outstanding as of December 31, 2015 and 2014. Equity Offering On March 10, 2014, we completed a follow-on public offering of 1.6 31.00 50.0 46.7 3.3 0.2 Stock Repurchase Program In October 2015, our Board of Directors authorized a program to repurchase up to $ 25.0 Warrants 2.1 Issue Date Number of Per Share Expiration Date December 4, 2014 1,799 $ 96.21 March 1, 2020 December 5, 2014 270 $ 96.21 March 1, 2020 All outstanding warrants are classified as equity. No warrants were issued or exercised during the year ended December 31, 2015. Warrants to purchase 405 In December 2014, we issued 2.1 20 9.00 63 9.00 198 We issued no warrants in the year ended December 31, 2013. In December 2013, warrants to purchase an aggregate of 90 9.00 13 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 9. STOCK-BASED COMPENSATION All equity-based service awards are granted under the ANI Pharmaceuticals, Inc. Amended and Restated 2008 Stock Incentive Plan (the “2008 Plan”). As of December 31, 2015, 0.5 We measure the cost of equity-based service awards based on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide service in exchange for the award or the requisite service period. We recognize stock-based compensation expense ratably over the vesting periods of the awards, adjusted for estimated forfeitures. (in thousands) Years ended December 31, 2015 2014 2013 Cost of sales $ 82 $ 104 $ - Research and development $ 109 $ 69 $ - Selling, general, and administrative $ 3,665 $ 3,250 $ 36 Income tax benefits relating to $ 2.0 4.4 Stock Options Outstanding stock options granted to employees generally vest over a period of four years and have 10 10 Years Ended December 31, 2015 2014 2013 Expected option life (years) 5.50 - 6.25 5.39 - 6.25 6.25 Risk-free interest rate 1.31% - 1.82% 1.55% - 2.03% 1.72% Expected stock price volatility 47.9% - 50.5% 50.6% - 55.1% 55.0% Dividend yield We use the simplified method to estimate the life of options. In 2014, 0.3 5.39 5.1 On April 16, 2015, the Board of Directors approved grants of options to purchase 47 9 3 On August 20, 2014, the Board of Directors approved a grant of options to purchase 25 59 16 On July 12, 2013 and August 1, 2013, our Board of Directors approved grants to employees of stock options to purchase 0.3 In 2013, the Board of Directors granted options to purchase 21 50 Weighted Weighted Average Weighted Average Remaining (in thousands, except per share Option Average Grant-date Term Aggregate and remaining term data) Shares Exercise Price Fair Value (years) Intrinsic Value Outstanding December 31, 2012 - $ - - $ - Net BioSante stock options assumed 99 59.59 Granted 21 6.36 $ 3.40 Exercised - - - Forfeited or expired - - Outstanding December 31, 2013 120 $ 50.35 2.4 $ 81 Granted 120 31.59 $ 16.84 Options previously granted, approved by shareholders 325 6.39 Exercised (43) 19.45 638 Forfeited (4) 6.36 Expired (60) 73.96 Outstanding December 31, 2014 458 $ 14.44 8.7 $ 19,472 Granted 138 62.07 $ 30.08 Exercised (89) 9.24 3,937 Forfeited (33) 11.81 Expired - - Outstanding December 31, 2015 474 $ 29.40 8.2 $ 10,136 Exercisable at December 31, 2015 101 $ 17.97 7.4 $ 3,069 Vested or expected to vest at December 31, 2015 464 $ 29.06 8.2 $ 10,046 As of December 31, 2015, there was $ 6.8 2.4 0.8 1.5 0.8 0.6 Restricted Stock Awards On April 16, 2015, the Board of Directors approved grants of 24 4 On April 1, 2014, the Board of Directors approved grants of 30 On November 1, 2013, Board of Directors approved grants of 50 Weighted Average Grant Weighted Average (in thousands, except per share Date Fair Remaining Term and remaining term data) Shares Value (years) Unvested at December 31, 2012 - $ - Granted 50 10.20 Vested - - Forfeited - - Unvested at December 31, 2013 50 $ 10.20 2.8 Granted 30 29.61 Vested (17) 10.20 Forfeited - - Unvested at December 31, 2014 63 $ 19.34 2.6 Granted 28 67.26 Vested (23) 15.82 Forfeited (5) 19.41 Unvested at December 31, 2015 63 $ 42.72 2.2 As of December 31, 2015, there was $ 2.1 2.2 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES | |
INCOME TAXES | 10. INCOME TAXES (in thousands) 2015 2014 2013 Current income tax provision/(benefit): Federal $ 7,264 $ 4,034 $ 20 State 611 273 - Total 7,875 4,307 20 Deferred income tax (benefit)/provision: Federal (1,468) 2,113 635 State (409) 154 (221) Total (1,877) 2,267 414 Change in valuation allowance - (16,726) (414) Excess tax benefit from stock-based compensation awards 360 784 - Tax provision/(benefit) from continuing operations 6,358 (9,368) 20 Tax provision from discontinued operation - - 38 Total provision/(benefit) for income taxes $ 6,358 $ (9,368) $ 58 As of December 31, 2015 2014 2013 US Federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of Federal benefit 2.1 % 1.0 % 1.0 % Non-deductible expenses 0.1 % - % 245.9 % Domestic production activities deduction (5.3) % - % - % Change in valuation allowance - % (86.5) % (300.4) % Change in tax rates and other (1.6) % (1.2) % 34.6 % Stock-based compensation windfall tax benefits 1.7 % 4.0 % - % Other (2.7) % (0.7) % - % Total income tax provision/(benefit) 29.3 % (48.4) % 16.1 % (in thousands) As of December 31, 2015 2014 Deferred tax assets: Accruals and advances $ 2,153 $ 2,149 Bond hedge 12,243 12,677 Accruals for chargebacks and returns 2,945 1,107 Inventory 1,271 618 Intangible Asset 504 - Net operating loss carryforward 7,938 11,798 Other 1,149 674 Total deferred tax assets $ 28,203 $ 29,023 Deferred tax liabilities: Depreciation $ (700) $ (587) Debt discount (10,029) (11,892) Intangible assets - (467) Other (16) (496) Total deferred tax liabilities $ (10,745) $ (13,442) Valuation allowance (142) (142) Total deferred tax asset, net $ 17,316 $ 15,439 As of December 31, 2015, we had Federal net operating loss carryforwards of approximately $ 21.7 approximately $ 11.3 million per year We are required to establish a valuation allowance for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the projected future taxable income and tax planning strategies in making this assessment. As of both December 31, 2015 and 2014, we have provided a valuation allowance against certain state net operating loss carryforwards of approximately $ 0.1 We are subject to income taxes in numerous jurisdictions in the U.S. Significant judgment is required in evaluating our tax positions and determining our provision for income taxes. We establish liabilities for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These liabilities are established when we believe that certain positions might be challenged despite our belief that our tax return positions are fully supportable. We adjust these liabilities in light of changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of changes to the liability that is considered appropriate. We identified no material uncertain tax positions as of December 31, 2015 and 2014. We are subject to income tax audits in all jurisdictions for which we file tax returns. Tax audits by their nature are often complex and can require several years to complete. Neither ANI Pharmaceuticals, Inc. nor any of its subsidiaries is currently under audit in any jurisdiction. All of our income tax returns remain subject to examination by tax authorities due to the availability of net operating loss carryforwards. |
COLLABORATIVE ARRANGEMENTS
COLLABORATIVE ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
COLLABORATIVE ARRANGEMENTS | 11. COLLABORATIVE ARRANGEMENTS RiconPharma LLC In July 2011, we entered into a collaborative arrangement with RiconPharma LLC (“RiconPharma”). Under the parties' master product development and collaboration agreement (the “RiconPharma Agreement”), we and RiconPharma have agreed to collaborate in a cost, asset and profit sharing arrangement for the development, manufacturing, regulatory approval and marketing of certain pharmaceutical products in the United States. In general, RiconPharma is responsible for developing the products and we are responsible for manufacturing, sales, marketing and distribution of the products. The parties are jointly responsible for directing any bioequivalence studies. We are responsible for obtaining and maintaining all necessary regulatory approvals, including the preparation of all ANDAs. Under the RiconPharma Agreement and unless otherwise specified in an amendment, the parties will own equally all the rights, title and interest in the products. To the extent permitted by applicable law, we will be identified on the product packaging as the manufacturer and distributor of the product. During the term of the agreement, both parties are prohibited from developing, manufacturing, selling or distributing any products that are identical or bioequivalent to products covered under the RiconPharma Agreement. We recognize the costs incurred with respect to this agreement as expense and classify the expenses based on the nature of the costs. In the year ended December 31, 2015, 2014, and 2013, we incurred $ 31 0.4 0.7 Sofgen Pharmaceuticals August 2013 Sofgen Agreement In August 2013, we entered into an agreement with Sofgen Pharmaceuticals (“Sofgen”) to develop an oral soft gel prescription product indicated for cardiovascular health (the “August 2013 Sofgen Agreement”). The product will be subject to an ANDA filing once developed. In general, Sofgen will be responsible for the development, manufacturing, and regulatory submission of the product, including preparation of the ANDA, and we will make payments based on the completion of certain milestones. Upon approval, Sofgen will manufacture the drug and we will market and distribute the product under our label in the United States, remitting a percentage of profits from sales of the drug to Sofgen. Under the August 2013 Sofgen Agreement, Sofgen will own all the rights, title and interest in the products. During the term, both parties are prohibited from developing, manufacturing, selling, or distributing any product that is identical or bioequivalent to the product covered under the agreement in the U.S. The agreement may be terminated or amended under certain specified circumstances. We recognize the costs incurred with respect to the August 2013 Sofgen Agreement as expense and classify the expenses based on the nature of the costs. In the years ended December 31, 2015, 2014, and 2013, we incurred $ 0.4 0.2 0.2 7 net revenues related to the agreement in the year ended December 31, 2015. April 2014 Sofgen Agreement In April 2014, we entered into a second collaboration agreement with Sofgen to develop an oral soft gel prescription product (the “April 2014 Sofgen Agreement”). The product will be subject to an ANDA filing once developed. In general, Sofgen will be responsible for the development, manufacturing, and regulatory submission of the product, including preparation of the ANDA, and we will make payments based on the completion of certain milestones. Upon approval, Sofgen will manufacture the drug and we will market and distribute the product under our label in the United States, remitting a percentage of profits from sales of the drug to Sofgen. Under the April 2014 Sofgen Agreement, Sofgen will own all the rights, title, and interest in the product. During the term, both parties are prohibited from developing, selling, or distributing any product in the United States that is identical or bioequivalent to the product covered under the agreement. The agreement can be terminated or amended under certain specified circumstances. The agreement’s initial term is ten years from the launch of the product, which term will automatically renew for two year terms until either party terminates the agreement. We recognize the costs incurred with respect to the April 2014 Sofgen Agreement as expense and classify the expenses based on the nature of the costs. In the years ended December 31, 2015 and 2014, we incurred $ 37 0.1 Dexcel Pharma Technologies Ltd In June 2014, we entered into a collaboration agreement with Dexcel Pharma Technologies Ltd (“Dexcel”) to commercialize and sell a generic drug product (the “June 2014 Dexcel Agreement”). The product is subject to FDA approval of an ANDA filing. In general, Dexcel will be responsible for the manufacturing and regulatory submission of the product, including obtaining approval of the ANDA, and we will make payments based on the completion of certain milestones. Upon approval, Dexcel will manufacture the drug and we will market and distribute the product under our label in the United States, remitting a percentage of profits from sales of the drug to Dexcel. Under the June 2014 Dexcel Agreement, Dexcel will own all the rights, title and interest in the product. During the term agreement, both parties are prohibited from developing, selling, or distributing any product in the United States that is identical or bioequivalent to the product covered under the agreement. The agreement can be terminated or amended under certain specified circumstances. The agreement’s initial term is five years from the launch of the product, which term can be renewed for two year terms if both parties agree, until either party terminates the agreement. We recognize the costs incurred with respect to the June 2014 Dexcel Agreement as expense and classify the expenses based on the nature of the costs. We have not yet incurred any material expense related to the agreement and no revenue has yet been recognized. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES Operating Leases We lease equipment under operating leases that expire in May 2017 and September 2018. We also lease office space under operating leases that expire in February 2016 and September 2018. We do not intend to renew the lease that expires in February 2016. (in thousands) Minimum Annual Rental Year Payments 2016 $ 55 2017 46 2018 31 2019 - 2020 - Thereafter - Total $ 132 In January 2016, we entered into a lease agreement beginning in March 2016 and ending in April 2021, averaging $ 3 Rent expense for the years ended December 31, 2015, 2014, and 2013 totaled $ 74 70 36 Vendor Purchase Minimums We have supply agreements with four vendors that include purchase minimums. Pursuant to these agreements, we will be required to purchase a total of $ 7.8 Monitoring and Advisory Fees Prior to the Merger, we were required to pay monitoring and advisory fees to two investors. A total of $ 0.5 Included in the $ 0.5 0.4 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 considered controlled substances. Unapproved Products Two of our products, Esterified Estrogen with Methyltestosterone (“EEMT”) and Opium Tincture, are marketed without approved New Drug Applications ("NDAs") or Abbreviated New Drug Applications ("ANDAs"). During the years ended December 31, 2015, 2014, and 2013, net revenues for these products totaled $ 44.3 29.8 14.6 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 the group of unapproved products for the years ended December 31, 2015, 2014, and 2013 were $ 1.6 1.2 2.0 We received 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 were $ 0.3 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. 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. 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 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. |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA | 13. QUARTERLY FINANCIAL DATA (unaudited) The following table presents unaudited quarterly consolidated operating results for each of our last eight fiscal quarters. 2015 Quarters (unaudited) (in thousands, except per share data) First Second Third Fourth Net revenues $ 18,799 $ 19,516 $ 19,972 $ 18,035 Total operating expenses 9,232 11,102 11,521 11,767 Operating income from continuing operations 9,567 8,414 8,451 6,268 Net income from continuing operations $ 4,369 $ 3,571 $ 4,559 $ 2,876 Basic and diluted income from continuing operations per share: Basic income per share from continuing operations $ 0.38 $ 0.31 $ 0.40 $ 0.25 Diluted incomeper share from continuing operations $ 0.38 $ 0.31 $ 0.39 $ 0.25 2014 Quarters (unaudited) (in thousands, except per share data) First Second Third Fourth (1) Net revenues $ 10,899 $ 6,647 $ 17,387 $ 21,037 Total operating expenses 7,404 9,107 9,188 10,265 Operating income/(loss) from continuing operations 3,495 (2,460) 8,199 10,772 Net income/(loss) from continuing operations $ 3,359 $ (2,363) $ 6,746 $ 21,005 Basic and diluted income/(loss) from continuing operations per share: Basic income/(loss) per share from continuing operations $ 0.33 $ (0.21) $ 0.59 $ 1.85 Diluted income/(loss) per share from continuing operations $ 0.33 $ (0.21) $ 0.59 $ 1.82 ____________________________________________________________ (1) 16.7 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 14. SUBSEQUENT EVENTS Purchase of Corticotropin and Corticotropin-Zinc NDAs In September 2015, we entered into an asset purchase agreement with Merck Sharp & Dohme B.V. to purchase the right, title, and interest in the NDAs for Corticotropin and Corticotropin-Zinc, as well as associated product rights and manufacturing licenses, for $ 75.0 0.3 75.3 10 Purchase of Distribution Rights and Early Stage Development Project In January 2016, we entered into an agreement to purchase the exclusive U.S. distribution rights for three products from H2-Pharma, LLC, as well as an early stage development project for a generic injectable drug product, for $ 10.0 Purchases under Stock Repurchase Program In January 2016, we purchased 65 2.5 |
DESCRIPTION OF BUSINESS AND S22
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Organization and Business | Organization and Business ANI Pharmaceuticals, Inc. and its consolidated subsidiaries (together, “ANI,” the “Company,” “we,” “us,” or “our”) is a specialty pharmaceutical company, developing and marketing generic and branded prescription products. ANI was organized as a Delaware corporation in April 2001. At our two facilities located in Baudette, Minnesota, which have a combined manufacturing, packaging and laboratory capacity totaling 173,000 square feet, we manufacture oral solid dose products, as well as liquids and topicals, including those that must be manufactured in a fully contained environment due to their potency. We also perform contract manufacturing for other pharmaceutical companies. On June 19, 2013, BioSante Pharmaceuticals, Inc. (“BioSante”) acquired ANIP Acquisition Company (“ANIP”) in an all-stock, tax-free reorganization (the “Merger”) (Note 2), in which ANIP became a wholly-owned subsidiary of BioSante. BioSante was renamed ANI Pharmaceuticals, Inc. The Merger was accounted for as a reverse acquisition pursuant to which ANIP was considered the acquiring entity for accounting purposes. As such, ANIP's historical results of operations replace BioSante's historical results of operations for all periods prior to the Merger. The results of operations of both companies are included in our consolidated financial statements for all periods after completion of the Merger. Our operations are subject to certain risks and uncertainties including, among others, current and potential competitors with greater resources, dependence on significant customers, lack of operating history and uncertainty of future profitability and possible fluctuations in financial results. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations, and potential other funding sources, including cash on hand, to meet our obligations as they become due. We believe the going-concern basis is appropriate for the accompanying consolidated financial statements based on our current operating plan and business strategy for the next 12 months. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior period information has been reclassified to conform to the current period presentation. For the year ended (in thousands) Original Amount Current Deferred tax asset, net of valuation allowance, current $ 7,643 $ (7,643) $ - Prepaid expenses and other current assets $ 1,983 $ (844) $ 1,139 Current Assets $ 203,478 $ (8,487) $ 194,991 Deferred financing costs, net $ 3,307 $ (3,307) $ - Deferred tax asset, net of valuation allowance $ 7,796 $ 7,643 $ 15,439 Total Assets $ 263,709 $ (4,151) $ 259,558 Convertible notes, net of discount and deferred financing costs $ 110,691 $ (4,151) $ 106,540 Liabilities $ 123,924 $ (4,151) $ 119,773 |
Principles of consolidation | Principles of Consolidation The consolidated financial statements include the accounts of ANI Pharmaceuticals, Inc. and its subsidiaries. All intercompany 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 consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, Medicaid rebates, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, deferred taxes and valuation allowance, and the depreciable lives of long-lived assets. Actual results could differ from those estimates. |
Comprehensive Income | Comprehensive Income We have no components of other comprehensive income and accordingly, no statement of comprehensive income is included in the accompanying consolidated financial statements. |
Credit Concentration | Credit Concentration Our customers are primarily wholesale distributors, chain drug stores, group purchasing organizations, and other pharmaceutical companies. During the year ended December 31, 2015, three customers represented approximately 26 20 18 73 30 25 14 27 18 10 |
Vendor Concentration | Vendor Concentration We source the raw materials for its 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 supply reliably the API required for ongoing product manufacturing. During the year ended December 31, 2015, we purchased approximately 33 42 37 |
Revenue Recognition | 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, 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, rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments reduce gross revenues to net revenues in the accompanying consolidated statements of earnings, and are presented as current liabilities or reductions in accounts receivable in the accompanying consolidated balance sheets (see “Accruals for Chargebacks, Rebates, Returns, and Other Allowances”). 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. All interest bearing and non-interest bearing accounts are guaranteed by the FDIC up to $ 250 In conjunction with the Merger, we acquired restricted cash, none of which remained at December 31, 2015 and 2014. |
Accounts Receivable | Accounts Receivable We extend credit to customers on an unsecured basis. We use the allowance method to provide for doubtful accounts based on our evaluation of the collectability of accounts receivable, whereby we provide an allowance for doubtful accounts equal to the estimated uncollectible amounts. Our estimate is based on historical collection experience and a review of the current status of trade accounts receivable. We determine trade receivables to be delinquent when greater than 30 days past due. Receivables are written off when it is determined that amounts are uncollectible. We determined that no allowance for doubtful accounts was necessary as of December 31, 2015 and 2014. |
Accruals for Chargebacks, Rebates, Returns and Other Allowances | 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 based on the estimates and methodologies described below. In the aggregate, these accruals exceed 50 Chargebacks Chargebacks, primarily from wholesalers, result from arrangements we have with indirect customers establishing prices for products which the indirect customer purchases through a wholesaler. Alternatively, we may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, we provide a chargeback credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler's invoice price, typically Wholesale Acquisition Cost ("WAC"). Chargeback credits are calculated as follows: Prior period chargebacks claimed by wholesalers are analyzed to determine the actual average selling price ("ASP") for each product. This calculation is performed by product by wholesaler. ASPs can be affected by several factors such as: · A change in customer mix · A change in negotiated terms with customers · A change in the volume of off-contract purchases · Changes in WAC As necessary, we adjust ASPs based on anticipated changes in the factors above. The difference between ASP and WAC is recorded as a reduction in both gross revenues in the consolidated statements of earnings and accounts receivable in the consolidated balance sheets, at the time we recognize revenue from the product sale. To evaluate the adequacy of our chargeback accruals, we obtain on-hand inventory counts from the wholesalers. This inventory is multiplied by the chargeback amount, the difference between ASP and WAC, to arrive at total expected future chargebacks, which is then compared to the chargeback accruals. We continually monitor chargeback activity and adjust ASPs when we believe that actual selling prices will differ from current ASPs. Medicaid Rebates We participate in certain qualifying federal and state Medicaid rebate programs whereby discounts and rebates are provided to participating programs after the final dispensing of the product by a pharmacy to a Medicaid plan participant. Medicaid rebates are typically billed up to 120 days after the product is shipped. Medicaid rebate amounts per product unit are established by law, based on the Average Manufacturer Price (“AMP”), which is reported on a monthly and quarterly basis, and, in the case of branded products, best price, which is reported on a quarterly basis. Our Medicaid reserves are based on expected claims from state Medicaid programs. Estimates for expected claims are driven by patient usage, sales mix, calculated AMP or best price, as well as inventory in the distribution channel that will be subject to a Medicaid rebate. As a result of the delay between selling the products and rebate billing, our Medicaid rebate reserve includes both an estimate of outstanding claims for end-customer sales that occurred but for which the related claim has not been billed as well as an estimate for future claims that will be made when inventory in the distribution channel is sold through to plan participants. To evaluate the adequacy of our Medicaid rebate reserve, we review the reserve on a quarterly basis against actual claims data to ensure the liability is fairly stated. We continually monitor our Medicaid rebate reserve and adjust our estimates if we believe that actual Medicaid rebates may differ from our established accruals. Accruals for Medicaid rebates are recorded as a reduction to gross revenues in the consolidated statements of earnings and as an increase to the Medicaid rebate reserve in the consolidated balance sheets. Returns We maintain a return policy that allows customers to return product within a specified period prior to and subsequent to the expiration date. Generally, product may be returned for a period beginning six months prior to its expiration date to up to one year after its expiration date. Our product returns are settled through the issuance of a credit to the customer. Our estimate for returns is based upon historical experience with actual returns. While such experience has allowed for reasonable estimation in the past, history may not always be an accurate indicator of future returns. We continually monitor our estimates for returns and make adjustments when we believe that actual product returns may differ from the established accruals. Accruals for returns are recorded as a reduction to gross revenues in the consolidated statements of earnings and as an increase to the return goods reserve in the consolidated balance sheets. Administrative Fees and Other Rebates Administrative fees or rebates are offered to wholesalers, group purchasing organizations and indirect customers. We accrue for fees and rebates, by product by wholesaler, at the time of sale based on contracted rates and ASPs. To evaluate the adequacy of our administrative fee accruals, we obtain on-hand inventory counts from the wholesalers. This inventory is multiplied by the ASPs to arrive at total expected future sales, which is then multiplied by contracted rates. The result is then compared to the administrative fee accruals. We continually monitor administrative fee activity and adjust our accruals when we believe that actual administrative fees will differ from the accruals. Accruals for administrative fees and other rebates are recorded as a reduction in both gross revenues in the consolidated statements of earnings and accounts receivable in the consolidated balance sheets. Prompt Payment Discounts We often grant sales discounts for prompt payment. The reserve for prompt payment discounts is based on invoices outstanding. We assume, based on past experience, that all available discounts will be taken. Accruals for prompt payment discounts are recorded as a reduction in both gross revenues in the consolidated statements of earnings and accounts receivable in the consolidated balance sheets. (in thousands) Accruals for Chargebacks, Returns and Other Allowances Administrative Prompt Medicaid Fees and Other Payment Chargebacks Rebates Returns Rebates Discounts Balance at December 31, 2012 $ 5,662 $ 180 $ 411 $ 231 $ 242 Accruals/Adjustments 28,009 333 1,595 2,355 1,129 Credits Taken Against Reserve (29,595) (260) (1,270) (1,851) (1,039) Balance at December 31, 2013 $ 4,076 $ 253 $ 736 $ 735 $ 332 Accruals/Adjustments 35,740 2,692 1,493 5,212 1,820 Credits Taken Against Reserve (32,951) (681) (784) (4,460) (1,681) Balance at December 31, 2014 $ 6,865 $ 2,264 $ 1,445 $ 1,487 $ 471 Accruals/Adjustments 51,933 6,719 2,808 6,136 2,744 Credits Taken Against Reserve (47,417) (4,352) (1,605) (5,970) (2,541) Balance at December 31, 2015 $ 11,381 $ 4,631 $ 2,648 $ 1,653 $ 674 |
Inventories | Inventories consist of raw materials, packaging materials, work-in-progress, and finished goods. Inventories are stated at the lower of standard cost or net realizable value. We periodically review and adjust standard costs, which generally approximate weighted average cost. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is recorded on a straight-line basis over estimated useful lives as follows: Buildings and improvements 20 40 Machinery, furniture and equipment 3 10 Construction in progress includes the cost of construction and other direct costs attributable to the construction, along with capitalized interest, if any. Depreciation is not recorded on construction in progress until such time as the assets are placed in service. We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. No impairment loss related to property and equipment was recognized during the years ended December 31, 2015, 2014, and 2013. Assets held for disposal are reportable at the lower of the carrying amount or fair value, less costs to sell. No assets were held for disposal as of December 31, 2015 and 2014. |
Intangible Assets | Intangible Assets Intangible assets were acquired as part of the Merger and several asset purchase transactions. These assets include ANDAs for a total of 54 previously marketed generic products we acquired in 2014 and 2015, product rights for our branded products Lithobid and Vancocin, the NDA for our male testosterone gel product, marketing and distribution rights related to an agreement with IDT Australia Limited, and The ANDAs, NDAs, and rights are amortized over their remaining estimated useful lives, ranging from seven to 11 |
Goodwill | Goodwill Goodwill relates to the Merger and represents the excess of the total purchase consideration over the fair value of acquired assets and assumed liabilities, using the purchase method of accounting. Goodwill is not amortized, but is subject to periodic review for impairment. Goodwill is reviewed annually, as of October 31, and whenever events or changes in circumstances indicate that the carrying amount of the goodwill might not be recoverable. We perform our review of goodwill on our one reporting unit. Before employing detailed impairment testing methodologies, we first evaluate the likelihood of impairment by considering qualitative factors relevant to our reporting unit. When performing the qualitative assessment, we evaluate events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Events and circumstances evaluated include: macroeconomic conditions that could affect us, industry and market considerations for the generic pharmaceutical industry that could affect us, cost factors that could affect our performance, our financial performance (including share price), and consideration of any company-specific events that could negatively affect us, our business, or the fair value of our business. If we determine that it is more likely than not that goodwill is impaired, we will then apply detailed testing methodologies. Otherwise, we will conclude that no impairment has occurred. Detailed impairment testing involves comparing the fair value of our one reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of ANI. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of our one reporting unit as if it had been acquired in a business combination. Then, the implied fair value of our one reporting unit's goodwill is compared to the carrying value of that goodwill. If the carrying value of our one reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. No impairment loss related to goodwill was recognized in the years ended December 31, 2015, 2014, and 2013. |
Collaborative Arrangements | Collaborative Arrangements At times, we have entered into arrangements with various commercial partners to further business opportunities. In collaborative arrangements such as these, when we are actively involved and exposed to the risks and rewards of the activities and are determined to be the principal participant in the collaboration, we classify third party costs incurred and revenues in the consolidated statements of earnings on a gross basis. Otherwise, third party revenues and costs generated by collaborative arrangements are presented on a net basis. Payments between us and the other participants are recorded and classified based on the nature of the payments. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred and primarily consist of expenses relating to product development. Research and development costs totaled $ 2.9 2.7 1.7 |
Stock-Based Compensation | Stock-Based Compensation We have a stock-based compensation plan that includes stock options and restricted stock, which are awarded in exchange for employee and non-employee director services. We recognize the estimated fair value of stock-based awards and classify the expense where the underlying salaries are classified. We incurred $ 3.9 3.4 36 Valuation of stock awards requires us to make assumptions and to apply judgment to determine the fair value of the awards. These assumptions and judgments include estimating the future volatility of our stock price, dividend yields, future employee turnover rates, and future employee stock option exercise behaviors. Changes in these assumptions can affect the fair value estimate. |
Income Taxes | 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. 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. 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 to the consolidated financial statements. We are subject to taxation in various jurisdictions in the U.S. and remain subject to examination by taxing jurisdictions for the years 1998 and all subsequent periods due to the availability of net operating loss 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 December 31, 2015, 2014, and 2013. We consider potential tax effects resulting from discontinued operations and record intra-period tax allocations, when those effects are deemed material. |
Earnings/(Loss) per Share | Basic earnings/(loss) per share is computed by dividing net income/(loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Our unvested restricted shares and certain of our outstanding warrants contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted earnings/(loss) per share excludes from the numerator net income (but not net loss) attributable to the unvested restricted shares and to the participating warrants, and excludes the impact of those shares from the denominator. For purposes of determining diluted earnings/(loss) per share, we have elected a policy to assume that the principal portion of our 3.0 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 the Notes, using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share. Basic Diluted (in thousands, except per share amounts) Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 Net income $ 15,375 $ 28,747 $ 106 $ 15,375 $ 28,747 $ 106 Preferred stock dividends - - (4,975) - - (4,975) Net income allocated to restricted stock (85) (159) - (84) (158) - Net income/(loss) from continuing operations allocated to common shares $ 15,290 $ 28,588 $ (4,869) $ 15,291 $ 28,589 $ (4,869) Gain on discontinued operations $ - $ - $ 195 $ - $ - $ 195 Net gain on discontinued operations allocated to warrants - - (1) - - (2) Gain on discontinued operations allocated to common shares $ - $ - $ 194 $ - $ - $ 193 Basic Weighted-Average Shares Outstanding 11,370 10,941 5,071 11,370 10,941 5,071 Dilutive effect of stock options 187 71 - Dilutive effect of warrants - 41 - Diluted Weighted-Average Shares Outstanding 11,557 11,053 5,071 Earnings Per share from Continuing Operations $ 1.34 $ 2.61 $ (0.96) $ 1.32 $ 2.59 $ (0.96) Earnings Per share from Discontinued Operation - - 0.04 - - 0.04 Earnings/(Loss) Per Share $ 1.34 $ 2.61 $ (0.92) $ 1.32 $ 2.59 $ (0.92) 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, out-of-the-money warrants exercisable for common stock, and certain participating securities, if the effect of including both the income allocated to the participating security and the impact of the potential common shares would be anti-dilutive. The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings (loss) per share and which include the shares underlying the Notes, were 4.5 4.7 2.7 |
Stock Splits and Other Reclassifications | In July 2013, our Board of Directors and stockholders approved a resolution to effect a one-for-six reverse stock split of our common stock and Class C Special stock with no corresponding change to the par values. The number of authorized shares of common stock, Class C Special stock and blank check preferred stock was reduced proportionally. Common stock and Class C Special stock for all periods presented have been adjusted retrospectively to reflect the one-for-six reverse stock split. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, prepaid expenses, accounts receivable, accounts payable, accrued expenses, and other current liabilities) that are carried at cost and that approximate fair value. The fair value of our long-term indebtedness is estimated based on the quoted prices for the same or similar issues, or on the current rates we have been offered for debt of the same remaining maturities. 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 which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: · Level 1Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. · Level 2Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. · Level 3Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. See Note 7 for additional information regarding fair value. |
Segment Information | Segment Information We currently operate in a single business segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the balance sheet classification of deferred taxes. The new guidance requires that all deferred taxes be presented as noncurrent, rather than separated into current and noncurrent amounts. The guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. In addition, the adoption of guidance can be applied either prospectively or retrospectively to all periods presented. We adopted this guidance for the year ended December 31, 2015 on a retrospective basis, and all periods are presented under this guidance. The adoption of this new guidance resulted in a reclassification of $ 7.6 In July 2015, the FASB issued guidance for inventory. Under the guidance, an entity should measure inventory within the scope of this guidance at the lower of cost and net realizable value, except when inventory is measured using LIFO or the retail inventory method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In addition, the FASB has amended some of the other inventory guidance to more clearly articulate the requirements for the measurement and disclosure of inventory. The guidance is effective for reporting periods beginning after December 15, 2016. The guidance should be applied prospectively, with earlier application permitted. We will adopt the guidance as of January 1, 2016, on a prospective basis. The adoption of this new guidance is not expected to have a material impact on our financial statements. In April 2015, the FASB issued guidance as to whether a cloud computing arrangement (e.g., software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for reporting periods beginning after December 15, 2015, and can be adopted on either a prospective or retrospective basis. We will adopt the guidance as of January 1, 2016, on a prospective basis. The adoption of this new guidance is not expected to have a material impact 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 are 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 guidance is effective for reporting periods beginning after December 15, 2015 and must be adopted on a retrospective basis. Early adoption is permitted. We adopted this guidance for the year ended December 31, 2015 on a retrospective basis, and all periods are presented under this guidance. The adoption of this new guidance resulted in a reclassification of $ 0.8 3.3 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. In August 2015, the FASB issued guidance approving a one-year deferral, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. We are currently evaluating the impact, if any, 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 its consolidated results of operations, financial position, or cash flows. |
DESCRIPTION OF BUSINESS AND S23
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule Of New Accounting Pronouncements And Changes In Accounting Principles | For the year ended (in thousands) Original Amount Current Deferred tax asset, net of valuation allowance, current $ 7,643 $ (7,643) $ - Prepaid expenses and other current assets $ 1,983 $ (844) $ 1,139 Current Assets $ 203,478 $ (8,487) $ 194,991 Deferred financing costs, net $ 3,307 $ (3,307) $ - Deferred tax asset, net of valuation allowance $ 7,796 $ 7,643 $ 15,439 Total Assets $ 263,709 $ (4,151) $ 259,558 Convertible notes, net of discount and deferred financing costs $ 110,691 $ (4,151) $ 106,540 Liabilities $ 123,924 $ (4,151) $ 119,773 |
Schedule of Valuation and Qualifying Accounts Disclosure | (in thousands) Accruals for Chargebacks, Returns and Other Allowances Administrative Prompt Medicaid Fees and Other Payment Chargebacks Rebates Returns Rebates Discounts Balance at December 31, 2012 $ 5,662 $ 180 $ 411 $ 231 $ 242 Accruals/Adjustments 28,009 333 1,595 2,355 1,129 Credits Taken Against Reserve (29,595) (260) (1,270) (1,851) (1,039) Balance at December 31, 2013 $ 4,076 $ 253 $ 736 $ 735 $ 332 Accruals/Adjustments 35,740 2,692 1,493 5,212 1,820 Credits Taken Against Reserve (32,951) (681) (784) (4,460) (1,681) Balance at December 31, 2014 $ 6,865 $ 2,264 $ 1,445 $ 1,487 $ 471 Accruals/Adjustments 51,933 6,719 2,808 6,136 2,744 Credits Taken Against Reserve (47,417) (4,352) (1,605) (5,970) (2,541) Balance at December 31, 2015 $ 11,381 $ 4,631 $ 2,648 $ 1,653 $ 674 |
Schedule of Earnings Per Share, Basic and Diluted | The numerator for earnings per share for the years ended December 31, 2015, 2014, and 2013 are calculated for basic and diluted earnings per share as follows: Basic Diluted (in thousands, except per share amounts) Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 Net income $ 15,375 $ 28,747 $ 106 $ 15,375 $ 28,747 $ 106 Preferred stock dividends - - (4,975) - - (4,975) Net income allocated to restricted stock (85) (159) - (84) (158) - Net income/(loss) from continuing operations allocated to common shares $ 15,290 $ 28,588 $ (4,869) $ 15,291 $ 28,589 $ (4,869) Gain on discontinued operations $ - $ - $ 195 $ - $ - $ 195 Net gain on discontinued operations allocated to warrants - - (1) - - (2) Gain on discontinued operations allocated to common shares $ - $ - $ 194 $ - $ - $ 193 Basic Weighted-Average Shares Outstanding 11,370 10,941 5,071 11,370 10,941 5,071 Dilutive effect of stock options 187 71 - Dilutive effect of warrants - 41 - Diluted Weighted-Average Shares Outstanding 11,557 11,053 5,071 Earnings Per share from Continuing Operations $ 1.34 $ 2.61 $ (0.96) $ 1.32 $ 2.59 $ (0.96) Earnings Per share from Discontinued Operation - - 0.04 - - 0.04 Earnings/(Loss) Per Share $ 1.34 $ 2.61 $ (0.92) $ 1.32 $ 2.59 $ (0.92) |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Transaction Costs | 7.1 Category (in thousands) Legal fees $ 1,227 Accounting fees 122 Consulting fees 119 Monitoring and advisory fees 390 Transaction bonuses 4,801 Other 429 Total transaction costs $ 7,088 |
Business Combination Purchase Price Allocation | The following presents the final allocation of the purchase consideration to the assets acquired and liabilities assumed on June 19, 2013: (in thousands) Total purchase consideration $ 29,795 Assets acquired Cash and cash equivalents 18,198 Restricted cash 2,260 Testosterone Gel NDA (1) 10,900 Other tangible assets 79 Deferred tax assets, net - Goodwill 1,838 Total assets 33,275 Liabilities assumed Accrued severance 2,965 Other liabilities 515 Total liabilities 3,480 Total net assets acquired $ 29,795 As part of the Merger, we acquired a testosterone gel product that was licensed to Teva (the "Testosterone Gel NDA"). In May 2015, we acquired from Teva the approved New Drug Application ("NDA") for the previously-licensed product (Note 6). |
Business Acquisition, Pro Forma Information | (in thousands) Year ended December 31, 2013 Net revenues $ 30,228 Net income/(loss) $ 89 |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Debt | The carrying value of the Notes is as follows as of December 31: (in thousands) 2015 2014 Principal amount $ 143,750 $ 143,750 Unamortized debt discount (27,016) (33,059) Deferred financing costs (3,307) (4,151) Net Carrying value $ 113,427 $ 106,540 |
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 earnings for the year ended December 31: (in thousands) 2015 2014 Contractual coupon $ 4,312 $ 252 Amortization of debt discount 6,043 489 Amortization of finance fees 844 70 Capitalized interest (56) - $ 11,143 $ 811 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES | |
Schedule of Inventory, Current | Inventories consist of the following as of December 31: (in thousands) 2015 2014 Raw materials $ 10,192 $ 5,056 Packaging materials 998 794 Work-in-progress 456 411 Finished goods 1,897 1,368 13,543 7,629 Reserve for excess/obsolete inventories (156) (111) Inventories, net $ 13,387 $ 7,518 |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant, and Equipment consist of the following as of December 31: (in thousands) 2015 2014 Land $ 87 $ 87 Buildings 3,682 3,682 Machinery, furniture and equipment 5,623 4,822 Construction in progress 2,189 426 11,581 9,017 Less: accumulated depreciation (4,450) (3,794) Property, Plant, and Equipment, net $ 7,131 $ 5,223 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND INTANGIBLE ASSETS | |
Schedule of Intangible Assets and Goodwill | The components of net definite-lived intangible assets are as follows: (in thousands) December 31, 2015 December 31, 2014 Weighted Average Gross Carrying Accumulated Gross Carrying Accumulated Amortization Acquired ANDA intangible assets $ 42,076 $ (4,287) $ 12,577 $ (1,312) 10 years Product rights 22,522 (3,277) 22,522 (1,133) 10 years Testosterone gel NDA 10,900 (2,477) 10,900 (1,487) 11 years Marketing and distribution rights 1,000 (60) - - 7 Years $ 76,498 $ (10,101) $ 45,999 $ (3,932) |
Finite-lived Intangible Assets Amortization Expense | Expected future amortization expense (Note 14) is as follows for the years ending December 31: (in thousands) 2016 $ 7,578 2017 7,578 2018 7,578 2019 7,578 2020 7,578 2021 and thereafter 28,507 Total $ 66,397 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 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 that were accounted for at fair value on a recurring basis as of December 31, 2015 and 2014, by level within the fair value hierarchy: (in thousands) Description Fair Value at Level 1 Level 2 Level 3 Liabilities CVRs $ - $ - $ - $ - Description Fair Value at Level 1 Level 2 Level 3 Liabilities CVRs $ - $ - $ - $ - |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Warrants to purchase an aggregate of 2.1 Issue Date Number of Per Share Expiration Date December 4, 2014 1,799 $ 96.21 March 1, 2020 December 5, 2014 270 $ 96.21 March 1, 2020 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
STOCK-BASED COMPENSATION | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes stock-based compensation expense included in our consolidated statements of earnings: (in thousands) Years ended December 31, 2015 2014 2013 Cost of sales $ 82 $ 104 $ - Research and development $ 109 $ 69 $ - Selling, general, and administrative $ 3,665 $ 3,250 $ 36 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | For 2015, 2014, and 2013, the fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model, using the following weighted average assumptions: Years Ended December 31, 2015 2014 2013 Expected option life (years) 5.50 - 6.25 5.39 - 6.25 6.25 Risk-free interest rate 1.31% - 1.82% 1.55% - 2.03% 1.72% Expected stock price volatility 47.9% - 50.5% 50.6% - 55.1% 55.0% Dividend yield |
Schedule of Share-based Compansation, Stock Option And Restricted Stock, Activity | A summary of stock option activity under the Plan during the years ended December 31, 2015, 2014, and 2013 is presented below: Weighted Weighted Average Weighted Average Remaining (in thousands, except per share Option Average Grant-date Term Aggregate and remaining term data) Shares Exercise Price Fair Value (years) Intrinsic Value Outstanding December 31, 2012 - $ - - $ - Net BioSante stock options assumed 99 59.59 Granted 21 6.36 $ 3.40 Exercised - - - Forfeited or expired - - Outstanding December 31, 2013 120 $ 50.35 2.4 $ 81 Granted 120 31.59 $ 16.84 Options previously granted, approved by shareholders 325 6.39 Exercised (43) 19.45 638 Forfeited (4) 6.36 Expired (60) 73.96 Outstanding December 31, 2014 458 $ 14.44 8.7 $ 19,472 Granted 138 62.07 $ 30.08 Exercised (89) 9.24 3,937 Forfeited (33) 11.81 Expired - - Outstanding December 31, 2015 474 $ 29.40 8.2 $ 10,136 Exercisable at December 31, 2015 101 $ 17.97 7.4 $ 3,069 Vested or expected to vest at December 31, 2015 464 $ 29.06 8.2 $ 10,046 |
Nonvested Restricted Stock Shares Activity | A summary of RSA activity under the Plan during the years ended December 31, 2015, 2014, and 2013 is presented below: Weighted Average Grant Weighted Average (in thousands, except per share Date Fair Remaining Term and remaining term data) Shares Value (years) Unvested at December 31, 2012 - $ - Granted 50 10.20 Vested - - Forfeited - - Unvested at December 31, 2013 50 $ 10.20 2.8 Granted 30 29.61 Vested (17) 10.20 Forfeited - - Unvested at December 31, 2014 63 $ 19.34 2.6 Granted 28 67.26 Vested (23) 15.82 Forfeited (5) 19.41 Unvested at December 31, 2015 63 $ 42.72 2.2 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES | |
Schedule of Components of Income Tax Expense (Benefit) | Our total provision/(benefit) from income taxes consists of the following for the years ended December 31, 2015, 2014, and 2013: (in thousands) 2015 2014 2013 Current income tax provision/(benefit): Federal $ 7,264 $ 4,034 $ 20 State 611 273 - Total 7,875 4,307 20 Deferred income tax (benefit)/provision: Federal (1,468) 2,113 635 State (409) 154 (221) Total (1,877) 2,267 414 Change in valuation allowance - (16,726) (414) Excess tax benefit from stock-based compensation awards 360 784 - Tax provision/(benefit) from continuing operations 6,358 (9,368) 20 Tax provision from discontinued operation - - 38 Total provision/(benefit) for income taxes $ 6,358 $ (9,368) $ 58 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between our expected income tax provision/(benefit) from applying federal statutory tax rates to the pre-tax income/(loss) from continuing operations and actual income tax provision/(benefit) from continuing operations relates primarily to the effect of the following: As of December 31, 2015 2014 2013 US Federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of Federal benefit 2.1 % 1.0 % 1.0 % Non-deductible expenses 0.1 % - % 245.9 % Domestic production activities deduction (5.3) % - % - % Change in valuation allowance - % (86.5) % (300.4) % Change in tax rates and other (1.6) % (1.2) % 34.6 % Stock-based compensation windfall tax benefits 1.7 % 4.0 % - % Other (2.7) % (0.7) % - % Total income tax provision/(benefit) 29.3 % (48.4) % 16.1 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of differences between the bases of assets and liabilities for financial reporting and income tax purposes. Our deferred income tax assets and liabilities consisted of the following: (in thousands) As of December 31, 2015 2014 Deferred tax assets: Accruals and advances $ 2,153 $ 2,149 Bond hedge 12,243 12,677 Accruals for chargebacks and returns 2,945 1,107 Inventory 1,271 618 Intangible Asset 504 - Net operating loss carryforward 7,938 11,798 Other 1,149 674 Total deferred tax assets $ 28,203 $ 29,023 Deferred tax liabilities: Depreciation $ (700) $ (587) Debt discount (10,029) (11,892) Intangible assets - (467) Other (16) (496) Total deferred tax liabilities $ (10,745) $ (13,442) Valuation allowance (142) (142) Total deferred tax asset, net $ 17,316 $ 15,439 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES | |
Operating Leases of Lessee Disclosure | (in thousands) Minimum Annual Rental Year Payments 2016 $ 55 2017 46 2018 31 2019 - 2020 - Thereafter - Total $ 132 |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The information below has been prepared on a basis consistent with our audited consolidated financial statements. 2015 Quarters (unaudited) (in thousands, except per share data) First Second Third Fourth Net revenues $ 18,799 $ 19,516 $ 19,972 $ 18,035 Total operating expenses 9,232 11,102 11,521 11,767 Operating income from continuing operations 9,567 8,414 8,451 6,268 Net income from continuing operations $ 4,369 $ 3,571 $ 4,559 $ 2,876 Basic and diluted income from continuing operations per share: Basic income per share from continuing operations $ 0.38 $ 0.31 $ 0.40 $ 0.25 Diluted incomeper share from continuing operations $ 0.38 $ 0.31 $ 0.39 $ 0.25 2014 Quarters (unaudited) (in thousands, except per share data) First Second Third Fourth (1) Net revenues $ 10,899 $ 6,647 $ 17,387 $ 21,037 Total operating expenses 7,404 9,107 9,188 10,265 Operating income/(loss) from continuing operations 3,495 (2,460) 8,199 10,772 Net income/(loss) from continuing operations $ 3,359 $ (2,363) $ 6,746 $ 21,005 Basic and diluted income/(loss) from continuing operations per share: Basic income/(loss) per share from continuing operations $ 0.33 $ (0.21) $ 0.59 $ 1.85 Diluted income/(loss) per share from continuing operations $ 0.33 $ (0.21) $ 0.59 $ 1.82 ____________________________________________________________ (1) 16.7 |
DESCRIPTION OF BUSINESS AND S35
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax asset, net of valuation allowance, current | $ 0 | |
Prepaid expenses and other current assets | 1,139 | |
Current Assets | $ 192,583 | 194,991 |
Deferred financing costs, net | 0 | |
Deferred tax asset, net of valuation allowance | 17,316 | 15,439 |
Total Assets | 285,265 | 259,558 |
Convertible notes, net of discount and deferred financing costs | 113,427 | 106,540 |
Liabilities | $ 125,183 | 119,773 |
Original Prior Period Presentation [Member] | ||
Deferred tax asset, net of valuation allowance, current | 7,643 | |
Prepaid expenses and other current assets | 1,983 | |
Current Assets | 203,478 | |
Deferred financing costs, net | 3,307 | |
Deferred tax asset, net of valuation allowance | 7,796 | |
Total Assets | 263,709 | |
Convertible notes, net of discount and deferred financing costs | 110,691 | |
Liabilities | 123,924 | |
Amount Reclassified [Member] | ||
Deferred tax asset, net of valuation allowance, current | (7,643) | |
Prepaid expenses and other current assets | (844) | |
Current Assets | (8,487) | |
Deferred financing costs, net | (3,307) | |
Deferred tax asset, net of valuation allowance | 7,643 | |
Total Assets | (4,151) | |
Convertible notes, net of discount and deferred financing costs | (4,151) | |
Liabilities | $ (4,151) |
DESCRIPTION OF BUSINESS AND S36
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | $ 8,708 | ||
Ending balance | 13,586 | $ 8,708 | |
Chargebacks [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 6,865 | 4,076 | $ 5,662 |
Accruals/Adjustments | 51,933 | 35,740 | 28,009 |
Credits Taken Against Reserve | (47,417) | (32,951) | (29,595) |
Ending balance | 11,381 | 6,865 | 4,076 |
Medicaid Rebates [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 2,264 | 253 | 180 |
Accruals/Adjustments | 6,719 | 2,692 | 333 |
Credits Taken Against Reserve | (4,352) | (681) | (260) |
Ending balance | 4,631 | 2,264 | 253 |
Allowance for Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 1,445 | 736 | 411 |
Accruals/Adjustments | 2,808 | 1,493 | 1,595 |
Credits Taken Against Reserve | (1,605) | (784) | (1,270) |
Ending balance | 2,648 | 1,445 | 736 |
Administrative Fees And Other Rebates [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 1,487 | 735 | 231 |
Accruals/Adjustments | 6,136 | 5,212 | 2,355 |
Credits Taken Against Reserve | (5,970) | (4,460) | (1,851) |
Ending balance | 1,653 | 1,487 | 735 |
Prompt Payment Discounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 471 | 332 | 242 |
Accruals/Adjustments | 2,744 | 1,820 | 1,129 |
Credits Taken Against Reserve | (2,541) | (1,681) | (1,039) |
Ending balance | $ 674 | $ 471 | $ 332 |
DESCRIPTION OF BUSINESS AND S37
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income, Basic | $ 2,876 | $ 4,559 | $ 3,571 | $ 4,369 | $ 21,005 | $ 6,746 | $ (2,363) | $ 3,359 | $ 15,375 | $ 28,747 | $ 106 | |
Preferred stock dividends | 0 | 0 | 4,975 | |||||||||
Net income/(loss) from continuing operations allocated to common shares, Basic | 15,290 | 28,588 | (4,869) | |||||||||
Gain on discontinued operations, Basic | 0 | 0 | 195 | |||||||||
Gain on discontinued operations allocated to common shares, Basic | $ 0 | $ 0 | $ 194 | |||||||||
Basic Weighted-Average Shares Outstanding | 11,370 | 10,941 | 5,071 | |||||||||
Earnings Per share from Continuing Operations, Basic | $ 1.34 | $ 2.61 | $ (0.96) | |||||||||
Earnings Per share from Discontinued Operation, Basic | 0 | 0 | 0.04 | |||||||||
Earnings/(Loss) Per Share | $ 0.25 | $ 0.40 | $ 0.31 | $ 0.38 | $ 1.85 | $ 0.59 | $ (0.21) | $ 0.33 | $ 1.34 | $ 2.61 | $ (0.92) | |
Net income, Diluted | $ 2,876 | $ 4,559 | $ 3,571 | $ 4,369 | $ 21,005 | $ 6,746 | $ (2,363) | $ 3,359 | $ 15,375 | $ 28,747 | $ 106 | |
Preferred stock dividends, Diluted | 0 | 0 | 4,975 | |||||||||
Net income/(loss) from continuing operations allocated to common shares, Diluted | 15,291 | 28,589 | (4,869) | |||||||||
Gain on discontinued operations, Diluted | 0 | 0 | 195 | |||||||||
Gain on discontinued operations allocated to common shares, Diluted | $ 0 | $ 0 | $ 193 | |||||||||
Diluted Weighted-Average Shares Outstanding (in shares) | 11,557 | 11,053 | 5,071 | |||||||||
Earnings Per share from Continuing Operations, Diluted | $ 1.32 | $ 2.59 | $ (0.96) | |||||||||
Earnings Per share from Discontinued Operation, Diluted | 0 | 0 | 0.04 | |||||||||
Earnings/(Loss) Per Share, Diluted | $ 0.25 | $ 0.39 | $ 0.31 | $ 0.38 | $ 1.82 | $ 0.59 | $ (0.21) | $ 0.33 | $ 1.32 | $ 2.59 | $ (0.92) | |
Equity Option [Member] | ||||||||||||
Dilutive effect | 187 | 71 | 0 | |||||||||
Warrant [Member] | ||||||||||||
Net income allocated to restricted stock, Basic | $ 0 | $ 0 | $ (1) | |||||||||
Net gain on discontinued operations allocated, Diluted | $ 0 | $ 0 | $ (2) | |||||||||
Dilutive effect | 0 | 41 | 0 | |||||||||
Restricted Stock [Member] | ||||||||||||
Net income allocated to restricted stock, Basic | $ (85) | $ (159) | $ 0 | |||||||||
Net income allocated to restricted stock, Diluted | $ (84) | $ (158) | $ 0 | |||||||||
[1] | Net income from continuing operations, Basic income per share from continuing operations, and Diluted income per share from continuing operations for the fourth quarter of 2014 include the impact of an income tax benefit to reverse $16.7 million of the valuation allowance preiously recorded against our deferred tax assets. |
DESCRIPTION OF BUSINESS AND S38
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fdic Guaranteed Amount | $ 250 | ||
Chargebacks And Other Accruals As Percent Of Gross Revenue | 50.00% | ||
Research and Development Expense, Total | $ 2,874 | $ 2,678 | $ 1,712 |
Allocated Share-based Compensation Expense | $ 3,900 | $ 3,400 | $ 36 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.00% | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4.5 | 4.7 | 2.7 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent, Total | $ 17,316 | $ 15,439 | |
Prepaid Expense and Other Assets, Current | 1,139 | ||
Deferred Finance Costs, Noncurrent, Net | 0 | ||
Scenario, Adjustment [Member] | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent, Total | 7,643 | ||
Prepaid Expense and Other Assets, Current | (844) | ||
Deferred Finance Costs, Noncurrent, Net | $ (3,307) | ||
Minimum [Member] | Finite-Lived Intangible Assets [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||
Maximum [Member] | Finite-Lived Intangible Assets [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Customer One [Member] | |||
Concentration Risk, Percentage | 26.00% | 30.00% | 27.00% |
Customer Two [Member] | |||
Concentration Risk, Percentage | 20.00% | 25.00% | 18.00% |
Customer Three [Member] | |||
Concentration Risk, Percentage | 18.00% | 14.00% | 10.00% |
Customer One Two And Three [Member] | |||
Concentration Risk, Percentage | 73.00% | ||
Two Suppliers 2014 [Member] | |||
Concentration Risk, Percentage | 42.00% | ||
Three Suppliers 2013 [Member] | |||
Concentration Risk, Percentage | 37.00% | ||
Two Suppliers 2015 [Member] | |||
Concentration Risk, Percentage | 33.00% |
BUSINESS COMBINATION (Details)
BUSINESS COMBINATION (Details) $ in Thousands | Dec. 31, 2013USD ($) |
Transaction costs | $ 7,088 |
Legal Fees [Member] | |
Transaction costs | 1,227 |
Accounting Fees [Member] | |
Transaction costs | 122 |
Consulting Fees [Member] | |
Transaction costs | 119 |
Monitoring And Advisory Fees [Member] | |
Transaction costs | 390 |
Transaction Bonuses [Member] | |
Transaction costs | 4,801 |
Others [Member] | |
Transaction costs | $ 429 |
BUSINESS COMBINATION (Details 1
BUSINESS COMBINATION (Details 1) - USD ($) $ in Thousands | 1 Months Ended | |||
Jun. 19, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Total purchase consideration | $ 29,795 | |||
Assets acquired | ||||
Cash and cash equivalents | 18,198 | |||
Restricted cash | 2,260 | |||
Testosterone Gel NDA | [1] | 10,900 | ||
Other tangible assets | 79 | |||
Deferred tax assets, net | 0 | |||
Goodwill | 1,838 | $ 1,838 | $ 1,838 | |
Total assets | 33,275 | |||
Liabilities assumed | ||||
Accrued severance | 2,965 | |||
Other liabilities | 515 | |||
Total liabilities | 3,480 | |||
Total net assets acquired | $ 29,795 | |||
[1] | As part of the Merger, we acquired a testosterone gel product that was licensed to Teva (the "Testosterone Gel NDA"). In May 2015, we acquired from Teva the approved New Drug Application ("NDA") for the previously-licensed product (Note 6). |
BUSINESS COMBINATION (Details 2
BUSINESS COMBINATION (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Net revenues | $ 30,228 |
Net income/(loss) | $ 89 |
BUSINESS COMBINATION (Details T
BUSINESS COMBINATION (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 19, 2013 | |
Business Acquisition, Transaction Costs | $ 7,088 | ||||||||||||
Business Combination, Acquisition Related Costs | 6,200 | ||||||||||||
Business Combination Cost Of Acquired Entity Purchase Price | $ 29,800 | ||||||||||||
Share Price | $ 1.22 | ||||||||||||
Business Combination Deferred Tax Assets Established Gross | $ 9,600 | $ 9,600 | |||||||||||
Business Combination Deferred Tax Liabilities Established Gross | 3,900 | 3,900 | |||||||||||
Valuation allowance | 5,700 | 5,700 | |||||||||||
Business Combination Purchase Price Allocation Deferred Tax Assets Net | 0 | 0 | |||||||||||
Revenues, Total | $ 18,035 | $ 19,972 | $ 19,516 | $ 18,799 | $ 21,037 | $ 17,387 | $ 6,647 | $ 10,899 | $ 76,322 | $ 55,970 | 30,082 | ||
Testosterone Gel NDA [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | ||||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||
Business Combination, Acquisition Related Costs | 5,500 | ||||||||||||
Interest Expense [Member] | |||||||||||||
Business Combination, Acquisition Related Costs | 300 | ||||||||||||
Other Expense [Member] | |||||||||||||
Business Combination, Acquisition Related Costs | 400 | ||||||||||||
BioSante Pharmaceuticals Inc [Member] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 43.00% | ||||||||||||
Revenues, Total | $ 500 | ||||||||||||
ANIP Acquisition Company [Member] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 57.00% | ||||||||||||
[1] | Net income from continuing operations, Basic income per share from continuing operations, and Diluted income per share from continuing operations for the fourth quarter of 2014 include the impact of an income tax benefit to reverse $16.7 million of the valuation allowance preiously recorded against our deferred tax assets. |
INDEBTEDNESS (Details)
INDEBTEDNESS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Principal amount | $ 143,750 | $ 143,750 |
Unamortized debt discount | (27,016) | (33,059) |
Deferred financing costs, net | (3,307) | (4,151) |
Net Carrying value | $ 113,427 | $ 106,540 |
INDEBTEDNESS (Details 1)
INDEBTEDNESS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Contractual coupon | $ 4,312 | $ 252 |
Amortization of debt discount | 6,043 | 489 |
Amortization of finance fees | 844 | 70 |
Capitalized interest | (56) | 0 |
Interest Expense, Debt | $ 11,143 | $ 811 |
INDEBTEDNESS (Details Textual)
INDEBTEDNESS (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Long-term Debt, Gross | $ 143,750 | $ 143,750 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.00% | |
Debt Instrument, Unamortized Discount | $ 27,016 | 33,059 |
Amortization of Financing Costs | $ 844 | 70 |
Convertible Senior Notes [Member] | ||
Long-term Debt, Gross | 143,800 | |
Proceeds from Issuance of Debt | $ 122,600 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.00% | |
Underlying Shares Of Common Stock Convertible Debt | shares | 2,068,792 | |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 69.48 | |
Debt Instrument, Convertible, Threshold Trading Days | 20 | |
Debt Instrument Percent Of Conversion Price | 130.00% | |
Per Note Principal | $ / shares | $ 1,000 | |
Debt Instrument, Unamortized Discount | $ 33,600 | |
Deferred Offering Costs | $ 5,500 | |
Exercise Price Of Bond Hedge | $ / shares | $ 69.48 | |
Underlying Shares Of Common Stock Bond Hedge | shares | 2,068,792 | 2,068,792 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 96.21 | $ 96.21 |
Net Adjustments To Additional Paid In Capital Bond Hedge Acquired Warrant Issued Net | $ 15,600 | |
Debt Instrument, Interest Rate, Effective Percentage | 7.80% | 7.70% |
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | |
Amortization of Financing Costs | $ 4,200 | |
Payments of Stock Issuance Costs | $ 1,300 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories | ||
Raw materials | $ 10,192 | $ 5,056 |
Packaging materials | 998 | 794 |
Work-in-progress | 456 | 411 |
Finished goods | 1,897 | 1,368 |
Inventory, Gross, Total | 13,543 | 7,629 |
Reserve for excess/obsolete inventories | (156) | (111) |
Inventories, net | $ 13,387 | $ 7,518 |
PROPERTY, PLANT, AND EQUIPMEN47
PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment, Gross, Total | $ 11,581 | $ 9,017 |
Less: accumulated depreciation | (4,450) | (3,794) |
Property, Plant, and Equipment, net | 7,131 | 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 | 5,623 | 4,822 |
Construction in progress [Member] | ||
Property, Plant and Equipment, Gross, Total | $ 2,189 | $ 426 |
PROPERTY, PLANT, AND EQUIPMEN48
PROPERTY, PLANT, AND EQUIPMENT (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Depreciation, Total | $ 700 | $ 600 | $ 500 |
Interest Costs Capitalized | $ 56 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
GOODWILL AND INTANGIBLE ASSETS | |||||
Gross Carrying Amount | $ 76,498 | $ 45,999 | |||
Accumulated Amortization | (10,101) | (3,932) | |||
Acquired ANDA intangible assets | |||||
GOODWILL AND INTANGIBLE ASSETS | |||||
Gross Carrying Amount | $ 25,000 | $ 4,500 | $ 12,500 | 42,076 | 12,577 |
Accumulated Amortization | $ (4,287) | (1,312) | |||
Weighted Average Amortization Period | 10 years | 10 years | 10 years | 10 years | |
Product rights | |||||
GOODWILL AND INTANGIBLE ASSETS | |||||
Gross Carrying Amount | $ 22,522 | 22,522 | |||
Accumulated Amortization | $ (3,277) | (1,133) | |||
Weighted Average Amortization Period | 10 years | ||||
Testosterone gel NDA | |||||
GOODWILL AND INTANGIBLE ASSETS | |||||
Gross Carrying Amount | $ 10,900 | 10,900 | |||
Accumulated Amortization | $ (2,477) | (1,487) | |||
Weighted Average Amortization Period | 11 years | ||||
Marketing and distribution rights | |||||
GOODWILL AND INTANGIBLE ASSETS | |||||
Gross Carrying Amount | $ 1,000 | 0 | |||
Accumulated Amortization | $ (60) | $ 0 | |||
Weighted Average Amortization Period | 7 years |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
GOODWILL AND INTANGIBLE ASSETS | |
2,016 | $ 7,578 |
2,017 | 7,578 |
2,018 | 7,578 |
2,019 | 7,578 |
2,020 | 7,578 |
2021 and thereafter | 28,507 |
Total | $ 66,397 |
INTANGIBLE ASSETS (Details Text
INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Thousands | Mar. 06, 2014 | Jan. 02, 2014 | Jul. 31, 2015 | May. 31, 2015 | Mar. 31, 2015 | Aug. 31, 2014 | Jul. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 26, 2013 | Jun. 19, 2013 |
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
Amortization of Intangible Assets | $ 6,200 | $ 3,300 | $ 600 | ||||||||||
Intangible Asset Purchase Agreement, Amount | $ 12,500 | ||||||||||||
Payments to Acquire Intangible Assets | 30,500 | 34,634 | $ 0 | ||||||||||
Goodwill | 1,838 | 1,838 | $ 1,838 | ||||||||||
Finite-Lived Intangible Assets, Gross | $ 76,498 | 45,999 | |||||||||||
Intangible Asset Purchase Agreement Payment | $ 4,000 | $ 8,500 | |||||||||||
Lithobid Purchase Agreement [Member] | |||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
Payments to Acquire Intangible Assets | $ 11,000 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | |||||||||||
Finite-Lived Intangible Assets, Gross | $ 12,000 | ||||||||||||
Payment To Acquire Intangible Assets If Contingency Occurs | $ 1,000 | ||||||||||||
Vancocin Purchase Agreement [Member] | |||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
Payments to Acquire Intangible Assets | $ 11,000 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||||
Finite-Lived Intangible Assets, Gross | $ 10,500 | ||||||||||||
Acquired ANDA Intangible Assets [Member] | |||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
Payments to Acquire Intangible Assets | $ 25,000 | $ 4,500 | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | 10 years | 10 years | |||||||||
Finite-Lived Intangible Assets, Gross | $ 25,000 | $ 4,500 | $ 12,500 | $ 42,076 | 12,577 | ||||||||
Testosterone Gel NDA [Member] | |||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | ||||||||||||
Maximum Royalties Potentially Payable | $ 5,000 | ||||||||||||
Royalty Rate | 5.00% | ||||||||||||
Finite-Lived Intangible Assets, Gross | $ 10,900 | 10,900 | |||||||||||
Marketing and Distribution Rights [Member] | |||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||||||||||
Finite-Lived Intangible Assets, Gross | $ 1,000 | $ 0 |
FAIR VALUE DISCLOSURES (Details
FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
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 (Detai53
FAIR VALUE DISCLOSURES (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2015 | Mar. 31, 2015 | Aug. 31, 2014 | Jul. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information | ||||||||
Fair Value Inputs, Discount Rate | 15.00% | |||||||
Payments to Acquire Intangible Assets | $ 30,500 | $ 34,634 | $ 0 | |||||
Long-term Debt, Gross | 143,750 | 143,750 | ||||||
Long-term Debt, Total | 113,427 | 106,540 | ||||||
Finite-Lived Intangible Assets, Gross | 76,498 | 45,999 | ||||||
Property, Plant and Equipment, Net, Total | 7,131 | 5,223 | ||||||
Inventory, Net, Total | 13,387 | $ 7,518 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information | ||||||||
Theoretical Interest Rate For Debt Without Embedded Conversion Option | 9.00% | |||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information | ||||||||
Notes Payable, Fair Value Disclosure | $ 144,500 | |||||||
Convertible Senior Notes [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information | ||||||||
Long-term Debt, Gross | $ 143,800 | |||||||
Exercise Price Of Bond Hedge | $ 69.48 | |||||||
Underlying Shares Of Common Stock Bond Hedge | 2,068,792 | 2,068,792 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 96.21 | $ 96.21 | ||||||
Net Adjustments To Additional Paid In Capital Bond Hedge Acquired Warrant Issued Net | $ 15,600 | |||||||
Lithobid Purchase Agreement [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information | ||||||||
Fair Value Inputs, Discount Rate | 10.00% | |||||||
Payments to Acquire Intangible Assets | $ 11,000 | |||||||
Finite-Lived Intangible Assets, Gross | $ 12,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | ||||||
Acquisition Costs Capitalized | $ 45 | |||||||
Inventory, Net, Total | $ 86 | |||||||
Vancocin Purchase Agreement [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information | ||||||||
Fair Value Inputs, Discount Rate | 10.00% | |||||||
Payments to Acquire Intangible Assets | $ 11,000 | |||||||
Finite-Lived Intangible Assets, Gross | $ 10,500 | |||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||
Acquisition Costs Capitalized | $ 100 | |||||||
Property, Plant and Equipment, Net, Total | $ 200 | |||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||
Inventory, Net, Total | $ 400 | |||||||
Acquired ANDA Intangible Assets [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information | ||||||||
Fair Value Inputs, Discount Rate | 10.00% | 10.00% | 10.00% | |||||
Payments to Acquire Intangible Assets | $ 25,000 | $ 4,500 | ||||||
Finite-Lived Intangible Assets, Gross | $ 25,000 | $ 4,500 | $ 12,500 | $ 42,076 | $ 12,577 | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | 10 years | 10 years |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) shares in Thousands | Dec. 31, 2015$ / sharesshares |
Class of Warrant, Issued On December 4, 2014 - Expires March 1, 2020 [Member] | |
Number of Underlying Shares Of Common Stock | shares | 1,799 |
Per Share Exercise Price | $ / shares | $ 96.21 |
Class of Warrant, Issued On December 5, 2014 - Expires March 1, 2020 [Member] | |
Number of Underlying Shares Of Common Stock | shares | 270 |
Per Share Exercise Price | $ / shares | $ 96.21 |
STOCKHOLDER'S EQUITY (Details T
STOCKHOLDER'S EQUITY (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 10, 2014 | Jan. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2015 |
Proceeds from Issuance of Common Stock, Net | $ 0 | $ 46,680 | $ 0 | |||
Preferred Stock, Shares Authorized | 1,666,667 | 1,666,667 | ||||
Stock Repurchase Program, Authorized Amount | $ 25,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||
Warrant [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9 | $ 9 | $ 9 | |||
Stock Issued During Period Due To Warrant Exercise Number | 20,000 | 63,000 | 90,000 | |||
Stock Issued During Period Shares New Issues Due to Exercise of Option to Purchase Additional Shares | 2,100,000 | |||||
Class Of Warrant Or Right Number Of Securities Called By Warrants That Expired During Period Number | 405,000 | 198,000 | 13,000 | |||
Class of Warrant or Right, Outstanding | 2,100,000 | |||||
Common Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 1,600,000 | 1,613,000 | ||||
Shares Issued, Price Per Share | $ 31 | |||||
Proceeds from Issuance of Common Stock | $ 50,000 | |||||
Proceeds from Issuance of Common Stock, Net | 46,700 | |||||
Payments of Stock Issuance Costs | $ 3,300 | |||||
Stock Issued During Period Shares New Issues Due to Exercise of Option to Purchase Additional Shares | 200,000 | |||||
Common Stock, Shares Authorized | 33,300,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | |||||
Common Stock, Shares, Issued | 11,500,000 | 11,500,000 | ||||
Common Stock, Shares, Outstanding | 11,400,000 | 11,400,000 | ||||
Class C Special Stock [Member] | ||||||
Common Stock, Shares Authorized | 781,281 | 781,281 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||
Common Stock Conversion Price | $ 90 | |||||
Common Stock, Shares, Issued | 10,864 | 10,864 | ||||
Common Stock, Shares, Outstanding | 10,864 | 10,864 | ||||
Undesignated Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized | 1,700,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allocated Share-based Compensation Expense | $ 3,900 | $ 3,400 | $ 36 |
Cost of Sales [Member] | |||
Allocated Share-based Compensation Expense | 82 | 104 | 0 |
Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | 109 | 69 | 0 |
Selling, General and Administrative Expenses [Member] | |||
Allocated Share-based Compensation Expense | $ 3,665 | $ 3,250 | $ 36 |
STOCK-BASED COMPENSATION (Det57
STOCK-BASED COMPENSATION (Details 1) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expected option life (years) | 6 years 3 months | ||
Risk-free interest rate | 1.72% | ||
Expected stock price volatility | 55.00% | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Expected option life (years) | 5 years 6 months | 5 years 4 months 20 days | |
Risk-free interest rate | 1.31% | 1.55% | |
Expected stock price volatility | 47.90% | 50.60% | |
Maximum [Member] | |||
Expected option life (years) | 6 years 3 months | 6 years 3 months | |
Risk-free interest rate | 1.82% | 2.03% | |
Expected stock price volatility | 50.50% | 55.10% |
STOCK-BASED COMPENSATION (Det58
STOCK-BASED COMPENSATION (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Option Shares | ||||
Options previously granted, approved by shareholders | 300 | |||
Options [Member] | ||||
Option Shares | ||||
Outstanding at the beginning of the period (in shares) | 458 | 120 | 0 | |
Net BioSante stock options assumed | 99 | |||
Granted (in shares) | 138 | 120 | 21 | |
Options previously granted, approved by shareholders | 325 | |||
Exercised (in shares) | (89) | (43) | 0 | |
Forfeited (in shares) | (33) | (4) | ||
Forfeited or expired (in shares) | 0 | |||
Expired (in shares) | 0 | (60) | ||
Outstanding at the end of the period (in shares) | 474 | 458 | 120 | 0 |
Exercisable at the end of the period (in shares) | 101 | |||
Vested or expected to vest at the end of the period (in shares) | 464 | |||
Weighted Average Exercise Price | ||||
Outstanding at the beginning of the period (in dollars per share) | $ 14.44 | $ 50.35 | $ 0 | |
Net BioSante stock options assumed (in dollars per share) | 59.59 | |||
Granted (in dollars per share) | 62.07 | 31.59 | 6.36 | |
Options previously granted, approved by shareholders (in dollars per share) | 6.39 | |||
Exercised (in dollars per share) | 9.24 | 19.45 | 0 | |
Forfeited (in dollars per share) | 11.81 | 6.36 | ||
Forfeited or expired (in dollars per share) | 0 | |||
Expired (in dollars per share) | 0 | 73.96 | ||
Outstanding at the end of the period (in dollars per share) | 29.40 | 14.44 | 50.35 | $ 0 |
Exercisable at the end of the period (in dollars per share) | 17.97 | |||
Vested or expected to vest at the end of the period (in dollars per share) | 29.06 | |||
Weighted Average Grant-date Fair Value | ||||
Granted (in dollars per share) | $ 30.08 | $ 16.84 | $ 3.40 | |
Weighted Average Remaining Term (Years) | ||||
Outstanding at the end of the period weighted average remaining term | 8 years 2 months 12 days | 8 years 8 months 12 days | 2 years 4 months 24 days | 0 years |
Exercisable at the end of the period weighted average remaining term | 7 years 4 months 24 days | |||
Vested or expected to vest at the end of the period weighted average remaining term | 8 years 2 months 12 days | |||
Aggregate Intrinsic Value | ||||
Outstanding at the beginning of the period intrinsic value (in dollars) | $ 19,472 | $ 81 | $ 0 | |
Exercised at the end of the period intrinsic value (in dollars) | 3,937 | 638 | 0 | |
Outstanding at the end of the period intrinsic value (in dollars) | 10,136 | $ 19,472 | $ 81 | $ 0 |
Exercisable at the end of the period intrinsic value (in dollars) | 3,069 | |||
Vested or expected to vest at the end of the period intrinsic value (in dollars) | $ 10,046 |
STOCK-BASED COMPENSATION (Det59
STOCK-BASED COMPENSATION (Details 3) - Restricted Stock Awards [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unvested, Shares, Outstanding, Beginning of period | 63 | 50 | 0 |
Unvested Shares, Granted | 28 | 30 | 50 |
Unvested Shares, Vested | (23) | (17) | 0 |
Unvested Shares, Forfeited | (5) | 0 | 0 |
Unvested Shares, Outstanding, End of period | 63 | 63 | 50 |
Weighted Average Grant Date Fair Value, Outstanding, Beginning of period | $ 19.34 | $ 10.20 | $ 0 |
Weighted Average Grant Date Fair Value, Granted | 67.26 | 29.61 | 10.20 |
Weighted Average Grant Date Fair Value, Vested | 15.82 | 10.20 | 0 |
Weighted Average Grant Date Fair Value, Forfeited | 19.41 | 0 | 0 |
Weighted Average Grant Date Fair Value, Outstanding, End of period | $ 42.72 | $ 19.34 | $ 10.20 |
Weighted Average Remaining Term (in years) | 2 years 2 months 12 days | 2 years 7 months 6 days | 2 years 9 months 18 days |
STOCK-BASED COMPENSATION (Det60
STOCK-BASED COMPENSATION (Details Textual) - USD ($) shares in Thousands, $ in Millions | Oct. 12, 2015 | Jul. 12, 2013 | Apr. 16, 2015 | Aug. 20, 2014 | Apr. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 500 | |||||||||
Options Previously Granted Approved By Share holders | 300 | |||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 2 | $ 4.4 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months | |||||||||
Non Officer Employees [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate | 5.10% | 5.10% | 5.10% | |||||||
Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options Previously Granted Approved By Share holders | 300 | 300 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 47 | 25 | 59 | 21 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 6.8 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | |||||||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 0.8 | $ 0.8 | ||||||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 1.5 | $ 0.6 | ||||||||
Non-Employee Director Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3 | 9 | 16 | |||||||
Options Previously Granted Approved By Shareholders [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 4 months 20 days | |||||||||
2008 Plan [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 24 | 30 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2.1 | |||||||||
2008 Plan [Member] | Non-employee Director Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4 | 50 | 50 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current income tax provision/(benefit): | ||||
Federal | $ 7,264 | $ 4,034 | $ 20 | |
State | 611 | 273 | 0 | |
Total | 7,875 | 4,307 | 20 | |
Deferred income tax (benefit)/provision: | ||||
Federal | (1,468) | 2,113 | 635 | |
State | (409) | 154 | (221) | |
Total | (1,877) | 2,267 | 414 | |
Change in valuation allowance | $ (16,700) | 0 | (16,726) | (414) |
Excess tax benefit from stock-based compensation awards | 360 | 784 | 0 | |
Tax provision/(benefit) from continuing operations | 6,358 | (9,368) | 20 | |
Tax provision from discontinued operation | 0 | 0 | 38 | |
Total provision/(benefit) for income taxes | $ 6,358 | $ (9,368) | $ 58 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
US Federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of Federal benefit | 2.10% | 1.00% | 1.00% |
Non-deductible expenses | 0.10% | 0.00% | 245.90% |
Domestic production activities deduction | (5.30%) | 0.00% | 0.00% |
Change in valuation allowance | 0.00% | (86.50%) | (300.40%) |
Change in tax rates and other | (1.60%) | (1.20%) | 34.60% |
Stock-based compensation - windfall tax benefits | 1.70% | 4.00% | 0.00% |
Other | (2.70%) | (0.70%) | 0.00% |
Total income tax provision/(benefit) | 29.30% | (48.40%) | 16.10% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Accruals and advances | $ 2,153 | $ 2,149 |
Bond hedge | 12,243 | 12,677 |
Accruals for chargebacks and returns | 2,945 | 1,107 |
Inventory | 1,271 | 618 |
Intangible Asset | 504 | 0 |
Net operating loss carryforward | 7,938 | 11,798 |
Other | 1,149 | 674 |
Total deferred tax assets | 28,203 | 29,023 |
Deferred tax liabilities: | ||
Depreciation | (700) | (587) |
Debt discount | (10,029) | (11,892) |
Intangible assets | 0 | (467) |
Other | (16) | (496) |
Total deferred tax liabilities | (10,745) | (13,442) |
Valuation allowance | (142) | (142) |
Total deferred tax asset, net | $ 17,316 | $ 15,439 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Tax Assets, Valuation Allowance | $ 142 | $ 142 |
Operating Loss Carryforwards | $ 21,700 | |
Operating Loss Carryforwards, Limitations on Use | approximately $11.3 million per year |
COLLABORATIVE ARRANGEMENTS (Det
COLLABORATIVE ARRANGEMENTS (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Research and Development Expense, Total | $ 2,874 | $ 2,678 | $ 1,712 | |||||||||
Revenues | $ 18,035 | $ 19,972 | $ 19,516 | $ 18,799 | $ 21,037 | $ 17,387 | $ 6,647 | $ 10,899 | 76,322 | 55,970 | 30,082 | |
Riconpharma LLC [Member] | ||||||||||||
Research and Development Expense, Total | 31 | 400 | 700 | |||||||||
Sofgen Pharmaceuticals [Member] | August 2013 Sofgen Agreement [Member] | ||||||||||||
Research and Development Expense, Total | 400 | 200 | $ 200 | |||||||||
Revenues | 7 | |||||||||||
Sofgen Pharmaceuticals [Member] | April 2014 Sofgen Agreement [Member] | ||||||||||||
Research and Development Expense, Total | $ 37 | $ 100 | ||||||||||
[1] | Net income from continuing operations, Basic income per share from continuing operations, and Diluted income per share from continuing operations for the fourth quarter of 2014 include the impact of an income tax benefit to reverse $16.7 million of the valuation allowance preiously recorded against our deferred tax assets. |
COMMITMENTS AND CONTINGENCIES66
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 55 |
2,017 | 46 |
2,018 | 31 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 132 |
COMMITMENTS AND CONTINGENCIES67
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES | |||||
Operating Leases, Rent Expense | $ 74 | $ 70 | $ 36 | ||
Monitoring And Advisory Fee | 500 | 500 | |||
Monitoring And Advisory Fee In Conjunction With Business Combination | 400 | ||||
Subsequent Event [Member] | |||||
COMMITMENTS AND CONTINGENCIES | |||||
Operating Leases, Rent Expense | $ 3 | ||||
Subsequent Event [Member] | Four Vendors [Member] | |||||
COMMITMENTS AND CONTINGENCIES | |||||
Long-term Purchase Commitment, Amount | $ 7,800 | ||||
Unapproved Products [Member] | |||||
COMMITMENTS AND CONTINGENCIES | |||||
Revenue, Net | 44,300 | 29,800 | 14,600 | ||
Unapproved Products [Member] | Contract Customer [Member] | |||||
COMMITMENTS AND CONTINGENCIES | |||||
Revenue, Net | 1,600 | 1,200 | 2,000 | ||
Royalty Revenue, Total | $ 300 | $ 300 | $ 300 |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenues | $ 18,035 | $ 19,972 | $ 19,516 | $ 18,799 | $ 21,037 | $ 17,387 | $ 6,647 | $ 10,899 | $ 76,322 | $ 55,970 | $ 30,082 | |
Total operating expenses | 11,767 | 11,521 | 11,102 | 9,232 | 10,265 | 9,188 | 9,107 | 7,404 | 43,622 | 35,964 | 29,184 | |
Operating income/(loss) from continuing operations | 6,268 | 8,451 | 8,414 | 9,567 | 10,772 | 8,199 | (2,460) | 3,495 | 32,700 | 20,006 | 898 | |
Net Income from Continuing Operations | $ 2,876 | $ 4,559 | $ 3,571 | $ 4,369 | $ 21,005 | $ 6,746 | $ (2,363) | $ 3,359 | $ 15,375 | $ 28,747 | $ 106 | |
Basic and diluted income/(loss) from continuing operations per share: | ||||||||||||
Basic income/(loss) per share from continuing operations (in dollars per share) | $ 0.25 | $ 0.40 | $ 0.31 | $ 0.38 | $ 1.85 | $ 0.59 | $ (0.21) | $ 0.33 | $ 1.34 | $ 2.61 | $ (0.92) | |
Diluted income/(loss) per share from continuing operations (in dollars per share) | $ 0.25 | $ 0.39 | $ 0.31 | $ 0.38 | $ 1.82 | $ 0.59 | $ (0.21) | $ 0.33 | $ 1.32 | $ 2.59 | $ (0.92) | |
[1] | Net income from continuing operations, Basic income per share from continuing operations, and Diluted income per share from continuing operations for the fourth quarter of 2014 include the impact of an income tax benefit to reverse $16.7 million of the valuation allowance preiously recorded against our deferred tax assets. |
QUARTERLY FINANCIAL DATA (Det69
QUARTERLY FINANCIAL DATA (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 16,700 | $ 0 | $ 16,726 | $ 414 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Subsequent Event [Line Items] | ||||
Payments to Acquire Intangible Assets | $ 30,500 | $ 34,634 | $ 0 | |
Finite-Lived Intangible Assets, Gross | $ 76,498 | $ 45,999 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments to Acquire Intangible Assets | $ 10,000 | |||
Stock Repurchased During Period, Shares | 65 | |||
Stock Repurchased During Period, Value | $ 2,500 | |||
Corticotropin and Corticotropin-Zinc NDAs [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments to Acquire Intangible Assets | $ 75,000 | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | |||
Acquisition Costs Capitalized | $ 300 | |||
Finite-Lived Intangible Assets, Gross | $ 75,300 |