ANI Pharmaceuticals (ANIP) 10-Q 7 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,817,897
Class C Special Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,864

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 54,994	$ 31,144
Accounts receivable, net of $58,439 and $34,686 of adjustments for chargebacks and other allowances at June 30, 2018 and December 31, 2017, respectively	56,115	58,788
Inventories, net	37,756	37,727
Prepaid income taxes, net	1,734	1,162
Prepaid expenses and other current assets	1,768	2,784
Total Current Assets	152,367	131,605
Property and equipment, net	22,842	20,403
Restricted cash	5,007	5,006
Deferred tax assets, net of deferred tax liabilities and valuation allowance	23,590	22,667
Intangible assets, net	217,484	229,790
Goodwill	1,838	1,838
Other long-term assets	1,049	829
Total Assets	424,177	412,138
Current Liabilities
Accounts payable	7,949	3,630
Accrued expenses and other	1,863	1,571
Accrued royalties	8,219	12,164
Accrued compensation and related expenses	1,410	2,306
Accrued government rebates	5,256	7,930
Returned goods reserve	9,764	8,274
Current component of long-term borrowing, net of deferred financing costs	5,217	3,353
Total Current Liabilities	39,678	39,228
Long-term Liabilities
Long-term borrowing, net of deferred financing costs and current borrowing component	67,262	69,946
Convertible notes, net of discount and deferred financing costs	132,127	128,208
Total Liabilities	239,067	237,382
Commitments and Contingencies (Note 11)
Stockholders' Equity
Common Stock, $0.0001 par value, 33,333,334 shares authorized; 11,828,555 shares issued and 11,817,376 shares outstanding at June 30, 2018; 11,655,768 shares issued and 11,650,565 outstanding at December 31, 2017	1	1
Class C Special Stock, $0.0001 par value, 781,281 shares authorized; 10,864 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	0	0
Preferred Stock, $0.0001 par value, 1,666,667 shares authorized; 0 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	0	0
Treasury stock, 11,179 shares of common stock, at cost, at June 30, 2018 and 5,203 shares of common stock, at cost, at December 31, 2017	(659)	(259)
Additional paid-in capital	184,531	179,020
Retained earnings/(accumulated deficit)	1,021	(4,006)
Accumulated other comprehensive income, net of tax	216	0
Total Stockholders' Equity	185,110	174,756
Total Liabilities and Stockholders' Equity	$ 424,177	$ 412,138

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Adjustments for chargebacks and other allowances	$ 58,439	$ 34,686
Preferred Stock, Par or Stated Value Per Share (in dollars 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
Treasury Stock, Common, Shares	11,179	5,203
Common Stock [Member]
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	11,828,555	11,655,768
Common Stock, Outstanding Shares	11,817,376	11,650,565
Class C Special Stock [Member]
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Revenues	$ 47,268	$ 44,764	$ 93,751	$ 81,392
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	16,593	21,122	37,286	37,508
Research and development	5,137	2,167	7,239	3,785
Selling, general, and administrative	9,962	7,380	18,918	14,673
Depreciation and amortization	8,313	7,101	16,508	13,807
Total Operating Expenses	40,005	37,770	79,951	69,773
Operating Income	7,263	6,994	13,800	11,619
Other Expense, net
Interest expense, net	(3,730)	(3,025)	(7,364)	(5,957)
Other expense, net	(30)	(19)	(91)	(37)
Income Before Provision for Income Taxes	3,503	3,950	6,345	5,625
Provision for income taxes	(726)	(1,269)	(1,318)	(1,792)
Net Income	$ 2,777	$ 2,681	$ 5,027	$ 3,833
Basic and Diluted Earnings Per Share:
Basic Earnings Per Share	$ 0.24	$ 0.23	$ 0.43	$ 0.33
Diluted Earnings Per Share	$ 0.23	$ 0.23	$ 0.42	$ 0.33
Basic Weighted-Average Shares Outstanding	11,679	11,546	11,634	11,536
Diluted Weighted-Average Shares Outstanding	11,789	11,667	11,748	11,659

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 2,777	$ 2,681	$ 5,027	$ 3,833
Other comprehensive income, net of tax:
Change in fair value of interest rate swap, net of tax	216	0	216	0
Total other comprehensive income, net of tax	216	0	216	0
Total comprehensive income, net of tax	$ 2,993	$ 2,681	$ 5,243	$ 3,833

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Cash Flows From Operating Activities
Net income	$ 2,777	$ 2,681	$ 5,027	$ 3,833
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Stock-based compensation			3,159	3,193
Deferred taxes			(987)	(1,706)
Depreciation and amortization	8,313	7,101	16,508	13,807
Acquired in-process research and development ("IPR&D")			1,335	0
Non-cash interest relating to convertible notes and loan cost amortization			4,237	3,790
Changes in operating assets and liabilities:
Accounts receivable, net			2,673	(9,618)
Inventories, net			171	776
Prepaid expenses and other current assets			1,106	836
Accounts payable			4,571	(345)
Accrued royalties			(3,945)	(701)
Accrued compensation and related expenses			(896)	(404)
Current income taxes, net			(572)	(6,389)
Accrued government rebates			(2,674)	(2,357)
Returned goods reserve			1,490	1,802
Accrued expenses and other			320	13
Net Cash and Cash Equivalents Provided by Operating Activities			31,523	6,530
Cash Flows From Investing Activities
Acquisition of product rights, IPR&D, and other related assets			(5,169)	(50,956)
Acquisition of property and equipment, net			(3,364)	(4,442)
Net Cash and Cash Equivalents Used in Investing Activities			(8,533)	(55,398)
Cash Flows From Financing Activities
Payment of debt issuance costs			(153)	0
Payments on term loan agreement			(938)	0
Net borrowings under line of credit agreement			0	30,000
Proceeds from stock option exercises			2,611	131
Treasury stock purchases for restricted stock vestings			(659)	(259)
Net Cash and Cash Equivalents Provided by Financing Activities			861	29,872
Change in Cash, Cash Equivalents, and Restricted Cash			23,851	(18,996)
Cash, cash equivalents, and restricted cash, beginning of period			36,150	32,367	$ 32,367
Cash, cash equivalents, and restricted cash, end of period	60,001	13,371	60,001	13,371	36,150
Reconciliation of cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents			31,144	27,365	27,365
Restricted cash			5,006	5,002	5,002
Cash, cash equivalents, and restricted cash, beginning of period			36,150	32,367	32,367
Reconciliation of cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	54,994	8,369	54,994	8,369	31,144
Restricted cash	5,007	5,002	5,007	5,002	5,006
Cash, cash equivalents, and restricted cash, end of period	$ 60,001	$ 13,371	60,001	13,371	$ 36,150
Supplemental disclosure for cash flow information:
Cash paid for interest, net of amounts capitalized			3,179	2,097
Cash paid for income taxes			2,895	9,882
Supplemental non-cash investing and financing activities:
Property and equipment purchased and included in accounts payable			$ 233	$ 109

BUSINESS, PRESENTATION, AND REC

BUSINESS, PRESENTATION, AND RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
BUSINESS, PRESENTATION, AND RECENT ACCOUNTING PRONOUNCEMENTS	1. BUSINESS, PRESENTATION, AND RECENT ACCOUNTING PRONOUNCEMENTS Overview ANI Pharmaceuticals, Inc. and its consolidated subsidiary, ANIP Acquisition Company (together, “ANI,” the “Company,” “we,” “us,” or “our”) is an integrated specialty pharmaceutical company focused on delivering value to our customers by developing, manufacturing, and marketing high quality branded and generic prescription pharmaceuticals. We focus on niche and high barrier to entry opportunities including controlled substances, anti-cancer (oncolytics), hormones and steroids, and complex formulations. Our two pharmaceutical manufacturing facilities located in Baudette, Minnesota are capable of producing oral solid dose products, as well as liquids and topicals, controlled substances, and potent products that must be manufactured in a fully-contained environment. Our strategy is to use our assets to develop, acquire, manufacture, and market branded and generic specialty prescription pharmaceuticals. By executing this strategy, we believe we will be able to continue to grow our business, expand and diversify our product portfolio, and create long-term value for our investors. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In our opinion, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations, comprehensive income/(loss), and cash flows. The consolidated balance sheet at December 31, 2017, has been derived from audited financial statements of that date. The unaudited interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited financial statements and notes previously distributed in our Annual Report on Form 10-K for the year ended December 31, 2017. Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of ANI Pharmaceuticals, Inc. and its subsidiary. All inter-company accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited interim condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, administrative fees and rebates, government 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, deferred tax valuation allowance, purchase price allocations, and the depreciable lives of long-lived assets. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates. Management periodically evaluates estimates used in the preparation of the financial statements for reasonableness. Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In June 2018, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the accounting for nonemployee stock-based compensation awards. The guidance aligns the measurement and classification for employee stock-based compensation awards to nonemployee stock-based compensation awards. Under the guidance, nonemployee awards will be measured at their grant date fair value. Upon transition, the existing nonemployee awards will be measured at fair value as of the adoption date. The guidance is effective for reporting periods beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact, if any, that the adoption of this guidance will have on our consolidated financial statements. In June 2016, the FASB issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity's current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of certain amendments of this guidance must be applied on a modified retrospective basis and the adoption of the remaining amendments must be applied on a prospective basis. We currently expect that the adoption of this guidance will likely change the way we assess the collectability of our receivables and recoverability of other financial instruments. We have not yet begun to evaluate the specific impacts of this guidance nor have we determined the manner in which we will adopt this guidance. In February 2016, the FASB issued guidance for accounting for leases. The guidance requires lessees to recognize assets and liabilities related to long-term leases on the balance sheet and expands disclosure requirements regarding leasing arrangements. The guidance is effective for reporting periods beginning after December 15, 2018 and early adoption is permitted. The guidance must be adopted on a modified retrospective basis and provides for certain practical expedients. We will adopt this guidance as of January 1, 2019. We are currently reviewing our leases and other contracts to determine the impact the adoption of this guidance will have on our consolidated financial statements. We currently expect that the adoption of this guidance will likely change the way we account for our operating leases and will likely result in recording the future benefits of those leases and the related minimum lease payments on our consolidated balance sheets. We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on our condensed consolidated statements of operations, balance sheets, or cash flows. Recently Adopted Accounting Pronouncements In August 2017, the FASB issued guidance improving accounting for hedging activities. The guidance is intended to simplify hedge accounting by better aligning how an entity’s risk management activities and hedging relationships are presented in its financial statements. The guidance also simplifies the application of hedge accounting guidance in certain situations. The guidance is effective for the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption was permitted, including adoption in an interim period. The guidance with respect to the cash flow and net investment hedge relationships existing on the date of adoption must be applied on a modified retrospective basis and the new disclosure requirements must be applied on a prospective basis. We adopted this guidance as of January 1, 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements. However, the adoption of this guidance did impact how we accounted for the interest rate swap we entered into in April 2018. See Note 4 for further details regarding the interest rate swap. In May 2017, the FASB issued guidance clarifying when modification accounting should be used for changes to the terms or conditions of a share-based payment award. The guidance does not change the accounting for modifications, but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. The guidance is effective for the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption was permitted, including adoption in an interim period. We adopted this guidance as of January 1, 2018 on a prospective basis. The adoption of this guidance did not have a material impact on our consolidated financial statements. 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. In March 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations for reporting revenue gross rather than net, with the same deferred effective date. In April 2016, the FASB issued guidance to clarify the implementation guidance on identifying performance obligations and the accounting for licenses of intellectual property, with the same deferred effective date. In May 2016, the FASB issued guidance rescinding SEC paragraphs related to revenue recognition, pursuant to two SEC Staff Announcements at the March 3, 2016 Emerging Issues Task Force meeting. In May 2016, the FASB also issued guidance to clarify the implementation guidance on assessing collectability, presentation of sales tax, noncash consideration, and contracts and contract modifications at transition, with the same effective date. In September 2017, the FASB issued guidance amending and rescinding prior SEC staff announcements and observer comments related to revenue recognition, pursuant to the SEC Staff Announcement at the July 20, 2017 Emerging Issues Task Force meeting. We performed a comprehensive review of our existing revenue arrangements as of January 1, 2018 following the five-step model. Our analysis indicated that there were no significant changes to how the amount and timing of revenue is recognized under the new guidance as compared to existing guidance. Additionally, our analysis indicated that there were no significant changes to how costs to obtain and fulfill our customer contracts are recognized under the new guidance as compared to existing guidance. We adopted this guidance as of January 1, 2018 using the modified retrospective method and the impact of adoption on our consolidated balance sheet, statement of operations, and statement of cash flows was not material. The adoption of the new guidance impacted the way we analyze, document, and disclose revenue recognition under customer contracts beginning on January 1, 2018 and resulted in additional disclosures in our financial statements.

REVENUE RECOGNITION AND RELATED

REVENUE RECOGNITION AND RELATED ALLOWANCES	6 Months Ended
	Jun. 30, 2018
Revenue Recognition [Abstract]
REVENUE RECOGNITION AND RELATED ALLOWANCES	2. REVENUE RECOGNITION AND RELATED ALLOWANCES Revenue Recognition As of January 1, 2018, we adopted guidance for revenue recognition for contracts, using the modified retrospective method. The implementation of the guidance had no material impact on the measurement or recognition of revenue from customer contracts of prior periods. For our revenue recognition policies prior to adopting the guidance for revenue recognition for contracts, please see Item 8. Consolidated Financial Statements, Note 1, Description of Business and Summary of Significant Accounting Policies Upon adoption of this new guidance, we recognize revenue using the following steps: · Identification of the contract, or contracts, with a customer; · Identification of the performance obligations in the contract; · Determination of the transaction price, including the identification and estimation of variable consideration; · Allocation of the transaction price to the performance obligations in the contract; and · Recognition of revenue when we satisfy a performance obligation. We derive our revenues primarily from sales of generic and branded pharmaceutical products. Revenue is recognized when our obligations under the terms of our contracts with customers are satisfied, which generally occurs when control of the products we sell is transferred to the customer. We estimate variable consideration after considering applicable information that is reasonably available. We generally do not have incremental costs to obtain contracts that would otherwise not have been incurred. We do not adjust revenue for the promised amount of consideration for the effects of a significant financing component because our customers generally pay us within 100 days. All revenue recognized in the accompanying unaudited interim condensed consolidated statements of operations is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to contract type as of: Three Months Ended Six Months Ended (in thousands) June 30, June 30, June 30, June 30, Sales of generic pharmaceutical products $ 30,202 $ 31,490 $ 53,429 $ 58,061 Sales of branded pharmaceutical products 10,530 11,671 27,125 19,711 Sales of contract manufactured products 1,679 1,529 2,624 3,322 Royalties from Licensing Agreements 4,769 - 10,151 - Other (1) 88 74 422 298 Total net revenues $ 47,268 $ 44,764 $ 93,751 $ 81,392 (1) In the three and six months ended June 30, 2018, we did not incur, and therefore did not defer, any material incremental costs to obtain contracts. We recognized $ 6.8 Revenue from Sales of Generic and Branded Pharmaceutical Products Product sales consists of sales of our generic and brand pharmaceutical products. Our sole performance obligation in our contracts is to provide pharmaceutical products to customers. Our products are sold at pre-determined standalone selling prices and our performance obligation is considered to be satisfied when control of the product is transferred to the customer. Control is transferred to the customer upon delivery of the product to the customer, as our pharmaceutical products are sold on an FOB destination basis and because inventory risk and risk of ownership passes to the customer upon delivery. Payment terms for these sales are generally less than 100 days. Sales of our pharmaceutical products are subject to variable consideration due to chargebacks, government rebates, returns, administrative and other rebates, and cash discounts. Estimates for these elements of variable consideration require significant judgment. 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 operations 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. Government Rebates Our government rebates reserve consists of estimated payments due to governmental agencies for purchases made by third parties under various governmental programs. The two largest government programs that impact our net revenue and our government rebates reserve are federal and state Medicaid rebate programs and Medicare. 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 have 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. Many of our products are also covered under Medicare. We, like all pharmaceutical companies, must provide a discount for any products sold under New Drug Applications (“NDAs”) to Medicare Part D participants. This applies to all products sold under NDAs, regardless of whether the products are marketed as branded or generic. Our estimates for these discounts are based on historical experience with Medicare rebates for our products. While such experience has allowed for reasonable estimations in the past, history may not always be an accurate indicator of future rebates. Medicare rebates are typically billed up to 120 days after the product is shipped. As a result of the delay between selling the products and rebate billing, our Medicare rebate reserve includes both an estimate of outstanding claims for end-customer sales that have 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 Medicare Part D participants. To evaluate the adequacy of our government rebate reserves, we review the reserves on a quarterly basis against actual claims data to ensure the liability is fairly stated. We continually monitor our government rebate reserve and adjust our estimates if we believe that actual government rebates may differ from our established accruals. Accruals for government rebates are recorded as a reduction to gross revenues in the consolidated statements of operations and as an increase to accrued government rebates 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 operations 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 operations 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 operations and accounts receivable in the consolidated balance sheets. The following table summarizes activity in the consolidated balance sheets for accruals and allowances for the six months ended June 30, 2018 and 2017, respectively: (in thousands) Accruals for Chargebacks, Rebates, Returns, and Other Allowances Administrative Prompt Government Fees and Other Payment Chargebacks Rebates Returns Rebates Discounts Balance at December 31, 2016 $ 26,785 $ 5,891 $ 5,756 $ 3,550 $ 1,554 Accruals/Adjustments 88,973 5,110 5,220 10,646 3,842 Credits Taken Against Reserve (83,757 ) (7,467 ) (3,418 ) (8,593 ) (3,448 ) Balance at June 30, 2017 $ 32,001 $ 3,534 $ 7,558 $ 5,603 $ 1,948 Balance at December 31, 2017 $ 28,230 $ 7,930 $ 8,274 $ 5,226 $ 1,834 Accruals/Adjustments 104,331 4,199 6,227 14,855 4,157 Credits Taken Against Reserve (82,145 ) (6,873 ) (4,737 ) (13,365 ) (3,859 ) Balance at June 30, 2018 $ 50,416 $ 5,256 $ 9,764 $ 6,716 $ 2,132 Contract Manufacturing Product Sales Revenue Contract manufacturing arrangements consists of agreements in which we manufacture a pharmaceutical product on behalf of third party. Our performance obligation is to manufacture and provide pharmaceutical products to customers, typically pharmaceutical companies. The contract manufactured products are sold at pre-determined standalone selling prices and our performance obligations are considered to be satisfied when control of the product is transferred to the customer. Control is transferred to the customer when the product leaves our dock to be shipped to the customer, as our pharmaceutical products are sold on an FOB shipping point basis and the inventory risk and risk of ownership passes to the customer at that time. Payment terms for these sales are generally less than two months. We estimate returns based on historical experience. Historically, we have not had material returns for contract manufactured products. As of June 30, 2018, the value of our unsatisfied performance obligations (or backlog) was $2.6 million, which consists of firm orders for contract manufactured products, for which our performance obligations remain unsatisfied and for which the related revenue has yet to be recognized. We anticipate satisfying these performance obligations within six months. Royalties from Licensing Agreements From time to time, we enter into transition agreements with the sellers of products we acquire, under which we license to the seller the right to sell the acquired products. Therefore, we recognize the revenue associated with sales of the underlying products as royalties. Because these royalties are sales-based, we recognize the revenue when the underlying sales occur, based on sales and gross profit information received from the sellers. Upon full transition of the products and upon launching the products under our own labels, we recognize revenue for the products as sales of generic or branded pharmaceutical products, as described above. In addition, we receive royalties from a license for patent rights initially owned by Cell Genesys, which merged with BioSante in 2009. The royalties are the results of sales and milestones related to the Yescarta® product. We recognize revenue for sales-based royalties when the underlying sales occur. We estimate variable consideration related to milestones, which requires significant judgment. Credit Concentration Our customers are primarily wholesale distributors, chain drug stores, group purchasing organizations, and pharmaceutical companies. During the three months ended June 30, 2018, three 32 23 21 same three 33 24 20

INDEBTEDNESS

INDEBTEDNESS	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
INDEBTEDNESS	3. INDEBTEDNESS Convertible Senior Notes In December 2014, we issued $143.8 million of our Convertible Senior Notes due 2019 (the “Notes”) in a registered public offering. The Notes pay 3.0% interest semi-annually in arrears starting on June 1, 2015 and are due December 1, 2019. The initial conversion price was $69.48 per share. Simultaneous with the issuance of the Notes, we entered into “bond hedge” (or purchased call) and “warrant” (or written call) transactions with an affiliate of one of the offering underwriters in order to synthetically raise the initial conversion price of the Notes to $96.21 per share and reduce the potential common stock dilution that may arise from the conversion of the Notes. The Notes are convertible at the option of the holder under certain circumstances and upon conversion we may elect to settle such conversion in shares of our common stock, cash, or a combination thereof. As a result of our cash conversion option, we separately accounted for the value of the embedded conversion option as a debt discount (with an offset to Additional Paid in Capital (“APIC”)) of $33.6 million. Deferred financing costs are recorded as a reduction of long-term debt in the consolidated balance sheets and are being amortized as additional non-cash interest expense on a straight-line basis over the term of the debt, since this method was not significantly different from the effective interest method. The carrying value of the Notes is as follows as of: (in thousands) June 30, December 31, Principal amount $ 143,750 $ 143,750 Unamortized debt discount (10,427 ) (13,924 ) Deferred financing costs (1,196 ) (1,618 ) Net carrying value $ 132,127 $ 128,208 We had accrued interest of $0.4 million related to the Notes recorded in accrued expenses, other in our consolidated balance sheets at both June 30, 2018 and December 31, 2017. Credit Agreement In December 2017, we entered into a five-year senior secured credit facility (the “Credit Agreement”) with Citizens Bank, N.A. as a lender and administrative agent. As contemplated in the initial agreement, Citizens Bank, N.A. syndicated the facility to five additional lenders on February 5, 2018. The Credit Agreement is comprised of a $75.0 million five-year term loan (the “Term Loan”) and a $50.0 million senior secured revolving credit facility (the “Revolving Credit Facility”), with availability subject to a borrowing base consisting of eligible accounts receivable and inventory and the satisfaction of conditions precedent specified in the agreement. We may repay borrowings under the Term Loan and Revolving Credit Facility without any premium or penalty, but must pay all borrowings thereunder by August 30, 2019 if we do not meet certain conditions relating to the repayment or refinance of our outstanding 3.0% Senior Convertible Notes due 2019, and in no event later than December 29, 2022. The Term Loan includes a repayment schedule, pursuant to which $5.6 million of the loan will be paid in quarterly installments during the 12 months ended June 30, 2019. As a result, $5.6 million of the loan is recorded in current component of long-term borrowing, net of deferred financing in the accompanying unaudited interim condensed consolidated balance sheets. We deferred $2.9 million of total debt issuance costs related to the Credit Agreement, of which $1.8 million was allocated to the Term Loan and $1.1 million was allocated to the undrawn Revolving Credit Facility. In April 2018, we entered into an interest rate swap with Citizens Bank, N.A. to hedge the variable rate on our Term Loan balance with a fixed rate (Note 4). The carrying value of the current and long-term components of the Term Loan as of June 30, 2018 and December 31, 2017 are: Current (in thousands) June 30, December 31, Current borrowing on secured term loan $ 5,625 $ 3,750 Unamortized deferred financing costs (408 ) (397 ) Current component of long-term borrowing, net of unamortized deferred financing costs $ 5,217 $ 3,353 Long-Term (in thousands) June 30, December 31, Long-term borrowing on secured term loan $ 68,438 $ 71,250 Unamortized deferred financing costs (1,176 ) (1,304 ) Long-term borrowing, net of unamortized deferred financing costs and current borrowing component $ 67,262 $ 69,946 The Term Loan was accounted for as a modification of our existing Line of Credit and consequently, the remaining balance of the deferred issuance costs related to the Line of Credit are included with the Term Loan issuance costs and amortized as interest expense over the life of the Term Loan using the effective interest method. The issuance costs allocated to the Revolving Credit Facility will be deferred and amortized as interest expense on a straight-line basis over the term of the Revolving Credit Facility. As of June 30, 2018, we had a $74.1 million balance on the Term Loan. As of June 30, 2018, we had not drawn on the Revolving Credit Facility. As of June 30, 2018, $0.8 million of unamortized deferred debt issuance costs is included in other long-term assets in the accompanying unaudited interim condensed consolidated balance sheets and $0.2 million is included in prepaid expenses and other current assets in the unaudited interim condensed consolidated balance sheets. The following table sets forth the components of total interest expense related to the Notes and Term Loan recognized in the accompanying unaudited interim condensed consolidated statements of operations for the three and six months ended June 30, 2018 and 2017: Three Months Ended Six Months Ended (in thousands) June 30, June 30, June 30, June 30, Contractual coupon $ 1,752 $ 1,078 $ 3,476 $ 2,156 Amortization of debt discount 1,760 1,668 3,497 3,315 Amortization of finance fees 371 211 741 422 Capitalized interest (105 ) (134 ) (297 ) (224 ) $ 3,778 $ 2,823 $ 7,417 $ 5,669 As of June 30, 2018, the combined effective interest rate on the Notes and Term Loan was 6.8%, on an annualized basis.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENT AND HEDGING ACTIVITY	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DISCLOSURE	4. DERIVATIVE FINANCIAL INSTRUMENT AND HEDGING ACTIVITY We use derivative financial instruments to hedge our exposure to interest rate risks. All derivative financial instruments are recognized as either assets or liabilities at fair value on the consolidated balance sheet and are classified as current or long-term based on the scheduled maturity of the instrument. When we enter into a hedge arrangement and intend to apply hedge accounting, we formally document the hedge relationship and designate the instrument for financial reporting purposes as a fair value hedge, a cash flow hedge, or a net investment hedge. When we determine that a derivative financial instrument qualifies as a cash flow hedge and is effective, the changes in fair value of the instrument are recorded in accumulated other comprehensive income/(loss), net of tax in our consolidated balance sheets and will be reclassified to earnings when the hedged item affects earnings. In April 2018, we entered into an interest rate swap arrangement, which is considered a derivative financial instrument, with Citizens Bank, N.A. to manage our exposure to changes in LIBOR-based interest rates underlying our Term Loan. The interest rate swap hedges the variable cash flows associated with the borrowings under our Term Loan (Note 3), effectively providing a fixed rate of interest throughout the life of the Term Loan. The interest rate swap arrangement with Citizens Bank, N.A became effective on April 29, 2018, with a maturity date of December 29, 2022. The notional amount of the swap agreement at inception was $74.1 million and will decrease in line with our Term Loan. As of June 30, 2018, the notional amount of the interest rate swap was $74.1 million. The interest rate swap has a weighted average fixed rate of 2.60% and has been designated as an effective cash flow hedge and therefore qualifies for hedge accounting. As of June 30, 2018, the fair value of the interest rate swap asset was valued at $0.3 million and was recorded in other long-term assets in the accompanying unaudited condensed consolidated balance sheets. During the three months ended June 30, 2018, changes in the fair value of the interest rate swap of $0.3 million was recorded in accumulated other comprehensive income, net of tax in the accompanying unaudited condensed consolidated balance sheets. Differences between the hedged LIBOR rate and the fixed rate recorded as interest expense in the same period that the related interest is recorded for the Term Loan based on the LIBOR rate. In both the three and six-month periods ended June 30, 2018, $0.1 million of interest expense was recognized in relation to the interest rate swap.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	5. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. 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, shares to be purchased under our Employee Stock Purchase Plan (“ESPP”), unvested restricted stock awards, stock purchase warrants, and any conversion gain on our Notes (Note 3), using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share. Our unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic and diluted earnings per share excludes from the numerator net income attributable to the unvested restricted shares, and excludes the impact of those shares from the denominator. For purposes of determining diluted earnings per share, we have elected a policy to assume that the principal portion of the Notes (Note 3) is settled in cash. As such, the principal portion of the Notes has no effect on either the numerator or denominator when determining diluted earnings per share. Any conversion gain is assumed to be settled in shares and is incorporated in diluted earnings per share using the treasury method. The warrants issued in conjunction with the issuance of the Notes (Note 3) are considered to be dilutive when they are in-the-money relative to our average stock price during the period; the bond hedge purchased in conjunction with the issuance of the Notes is always considered to be anti-dilutive. Earnings per share for the three and six months ended June 30, 2018 and 2017 are calculated for basic and diluted earnings per share as follows: Basic Diluted Basic Diluted (in thousands, except per share amounts) Three Months Ended Three Months Ended Six Months Ended Six Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 Net income $ 2,777 $ 2,681 $ 2,777 $ 2,681 $ 5,027 $ 3,833 $ 5,027 $ 3,833 Net income allocated to restricted stock (28 ) (20 ) (28 ) (20 ) (50 ) (28 ) (50 ) (28 ) Net income allocated to common shares $ 2,749 $ 2,661 $ 2,749 $ 2,661 $ 4,977 $ 3,805 $ 4,977 $ 3,805 Basic Weighted-Average Shares Outstanding 11,679 11,546 11,679 11,546 11,634 11,536 11,634 11,536 Dilutive effect of stock options and ESPP 110 121 114 123 Diluted Weighted-Average Shares Outstanding 11,789 11,667 11,748 11,659 Earnings Per Share $ 0.24 $ 0.23 $ 0.23 $ 0.23 $ 0.43 $ 0.33 $ 0.42 $ 0.33 The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings per share, including the shares underlying the Notes, was 4.7 million and 4.8 million for the three months ended June 30, 2018 and 2017 and was 4.6 million and 4.7 million for the six months ended June 30, 2018 and 2017, respectively. 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, underlying shares related to out-of-the-money bonds issued as convertible debt, and out-of-the-money warrants exercisable for common stock.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
INVENTORIES	6. INVENTORIES Inventories consist of the following as of: (in thousands) June 30, December 31, Raw materials $ 25,766 $ 22,139 Packaging materials 1,859 1,527 Work-in-progress 639 510 Finished goods 10,280 13,901 (1) 38,544 38,077 Reserve for excess/obsolete inventories (788 ) (350 ) Inventories, net $ 37,756 $ 37,727 (1) Vendor Concentration We source the raw materials for our products, including active pharmaceutical ingredients (“API”), from both domestic and international suppliers. Generally, only a single source of API is qualified for use in each product due to the cost and time required to validate a second source of supply. As a result, we are dependent upon our current vendors to reliably supply the API required for ongoing product manufacturing. During the three months ended June 30, 2018, we purchased approximately 40 three 15

PROPERTY, PLANT, AND EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT	7. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment consist of the following as of: (in thousands) June 30, December 31, Land $ 160 $ 160 Buildings 3,835 3,835 Machinery, furniture, and equipment 16,008 12,334 Construction in progress 9,878 10,663 29,881 26,992 Less: accumulated depreciation (7,039 ) (6,589 ) Property, Plant, and Equipment, net $ 22,842 $ 20,403 Depreciation expense was $0.4 million and $0.3 million for the three months ended June 30, 2018 and 2017, respectively. Depreciation expense was $0.7 million and $0.6 million for the six months ended June 30, 2018 and 2017, respectively. During the three months ended June 30, 2018 and 2017, there was $0.2 million and $0.1 million of interest capitalized into construction in progress, respectively. During the six months ended June 30, 2018 and 2017, there was $0.4 million and $0.2 million of interest capitalized into construction in progress, respectively. Construction in progress consists of multiple projects, primarily related to new equipment to expand our manufacturing capability as our product lines continue to grow.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	8. GOODWILL AND INTANGIBLE ASSETS Goodwill As a result of our 2013 merger with BioSante Pharmaceuticals, Inc. (“BioSante”), we recorded goodwill of $1.8 million in our one reporting unit. We assess the recoverability of the carrying value of goodwill as of October 31 st Definite-lived Intangible Assets Acquisition of Abbreviated New Drug Applications In April 2018, we entered into an agreement with Impax Laboratories, Inc. (now Amneal Pharmaceuticals, Inc., or “Amneal”) to purchase the approved ANDAs for three previously-commercialized generic drug products, the approved ANDAs for two generic drug products that have not yet been commercialized, the development package for one generic drug product, a license, supply, and distribution agreement for a generic drug product with an ANDA that is pending approval, and certain manufacturing equipment required to manufacture one of the products, for $2.3 million in cash up front. The transaction closed in May 2018 and we made the $2.3 million payment using cash on hand. We also capitalized $0.1 million of costs directly related to the transaction. We accounted for this transaction as an asset purchase. The $1.0 million acquired ANDA intangible assets are being amortized in full over their estimated useful lives of 10 years. Please see Note 12 for further details regarding the transaction. In April 2018, we entered into an agreement with IDT Australia, Limited to purchase the ANDAs for 23 previously-marketed generic drug products and API for four of the acquired products for $2.7 million in cash and a single-digit royalty on net profits from sales of one of the products. The transaction closed in April 2018 and we made the $2.7 million payment using cash on hand. We also capitalized $18 thousand of costs directly related to the transaction. We accounted for this transaction as an asset purchase. The $2.5 million acquired ANDA intangible assets are being amortized in full over their estimated useful lives of 10 years. Please see Note 12 for further details regarding the transaction. Acquisition of New Drug Applications and Product Rights In December 2017, we entered into an agreement with AstraZeneca AB and AstraZeneca UK Limited to purchase the right, title, and interest in the NDAs and the U.S. rights to market Atacand, Atacand HCT, Arimidex, and Casodex, for $46.5 million in cash. We also entered into a license agreement for use of these trademarks in the U.S. We made the $46.5 million cash payment with funds from our Term Loan (Note 3). We also capitalized $0.2 million of costs directly related to the asset purchase. We accounted for this transaction as an asset purchase. The $46.7 million product rights assets are being amortized in full over their estimated useful lives of 10 years. Please see Note 12 for further details regarding the transaction. In February 2017, we entered into an agreement with Cranford Pharmaceuticals, LLC to purchase a distribution license, trademark, and certain finished goods inventory for Inderal XL for $20.2 million in cash. We made the $20.2 million cash payment using cash on hand. We accounted for this transaction as an asset purchase. We also capitalized $40 thousand of costs directly related to the transaction. The $15.1 million product rights intangible asset acquired in the asset purchase is being amortized in full over its estimated useful life of 10 years. Please see Note 12 for further details regarding the transaction. In February 2017, we entered into an agreement with Holmdel Pharmaceuticals, LP to purchase the NDA, trademark, and certain finished goods inventory for InnoPran XL, including a license to an Orange Book listed patent, for $30.6 million in cash. We made the $30.6 million cash payment using $30.0 million of funds from our former Line of Credit and $0.6 million of cash on hand. We accounted for this transaction as an asset purchase. We also capitalized $0.1 million of costs directly related to the transaction. The $19.0 million product rights intangible asset acquired in the asset purchase is being amortized in full over its estimated useful life of 10 years. Please see Note 12 for further details regarding the transaction. The components of net definite-lived intangible assets are as follows: (in thousands) June 30, 2018 December 31, 2017 Weighted Average Gross Carrying Accumulated Gross Carrying Accumulated Amortization Acquired ANDA intangible assets $ 46,194 $ (14,787 ) $ 42,076 $ (12,592 ) 10.0 years NDAs and product rights 230,974 (49,656 ) 230,974 (37,091 ) 10.0 years Marketing and distribution rights 10,423 (6,087 ) 11,042 (5,087 ) 4.6 years Non-compete agreement 624 (201 ) 624 (156 ) 7.0 years $ 288,215 $ (70,731 ) $ 284,716 $ (54,926 ) Definite-lived intangible assets are stated at cost, net of amortization, generally using the straight-line method over the expected useful lives of the intangible assets. In the case of the Inderal XL and InnoPran XL asset purchases, because we anticipate that the acquired assets will provide a greater economic benefit in the earlier years, we are amortizing 80% of the value of the intangible assets over the first five years of useful lives of the assets and amortizing the remaining 20% of the value of the intangible assets over the second five years of useful lives of the assets. Amortization expense was $7.9 million and $6.8 million for the three months ended June 30, 2018 and 2017, respectively. Amortization expense was $15.8 million and $13.2 million for the six months ended June 30, 2018 and 2017, respectively. We test for impairment of definite-lived intangible assets when events or circumstances indicate that the carrying value of the assets may not be recoverable. No such triggering events were identified during the three and six months ended June 30, 2018 and 2017 and therefore no impairment loss was recognized in the three and six months ended June 30, 2018 or 2017. Expected future amortization expense is as follows: (in thousands) 2018 (remainder of the year) $ 15,880 2019 31,761 2020 31,279 2021 29,833 2022 26,428 2023 and thereafter 82,303 Total $ 217,484

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	9. STOCK-BASED COMPENSATION In July 2016, we commenced administration of the ANI Pharmaceuticals, Inc. 2016 Employee Stock Purchase Plan. As of June 30, 2018, we have 0.2 million shares of common stock available under the ESPP. Under the ESPP, participants can purchase shares of our stock at a 15% discount. In the three and six months ended June 30, 2018, we recognized $2 thousand and $4 thousand of stock-based compensation expense related to the ESPP in cost of sales, $2 thousand, and $3 thousand of stock-based compensation expense related to the ESPP in research and development, and $14 thousand and $28 thousand of stock-based compensation expense related to the ESPP in sales, general, and administrative expense in our accompanying unaudited interim condensed consolidated statements of operations, respectively. In the three and six months ended June 30, 2017, we recognized $2 thousand and $4 thousand of stock-based compensation expense related to the ESPP in cost of sales and $26 thousand and $39 thousand of stock-based compensation expense related to the ESPP in sales, general, and administrative expense in our accompanying unaudited interim condensed consolidated statements of operations, respectively. All equity-based service awards are granted under the ANI Pharmaceuticals, Inc. Amended and Restated 2008 Stock Incentive Plan (the “2008 Plan”). As of June 30, 2018, 0.6 million shares of our common stock remained available for issuance under the 2008 Plan. The following table summarizes stock-based compensation expense incurred under the 2008 Plan and included in our accompanying unaudited interim condensed consolidated statements of operations: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cost of sales $ 24 $ 26 $ 42 $ 49 Research and development 220 168 380 307 Selling, general, and adminstrative 1,520 1,585 2,702 2,794 $ 1,764 $ 1,779 $ 3,124 $ 3,150 A summary of stock option and restricted stock activity under the 2008 Plan during the six months ended June 30, 2018 and 2017 is presented below: (in thousands) Options RSAs Outstanding December 31, 2016 578 63 Granted 185 50 Options Exercised/RSAs Vested (2 ) (27 ) (1) Forfeited (3 ) - Outstanding June 30, 2017 758 86 Outstanding December 31, 2017 767 86 Granted 151 65 Options Exercised/RSAs Vested (111 ) (33 ) (2) Forfeited (16 ) - Outstanding June 30, 2018 791 118 (1) (2)

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The utilization of our NOL carryforwards will be limited in future years as prescribed by Section 382 of the U.S. Internal Revenue Code. As of both June 30, 2018 and December 31, 2017, we had provided a valuation allowance against certain state net operating loss (“NOL”) carryforwards of $0.3 million. 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 on the consolidated financial statements. 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 June 30, 2018 and December 31, 2017. We are subject to taxation in various jurisdictions and all of our income tax returns remain subject to examination by tax authorities due to the availability of NOL carryforwards. For interim periods, we recognize an income tax provision/(benefit) based on our estimated annual effective tax rate expected for the entire year. The interim annual estimated effective tax rate is based on the statutory tax rates then in effect, as adjusted for estimated changes in temporary and estimated permanent differences, and excludes certain discrete items whose tax effect, when material, is recognized in the interim period in which they occur. These changes in temporary differences, permanent differences, and discrete items result in variances to the effective tax rate from period to period. We also have elected to exclude the impacts from significant pre-tax non-recognized subsequent events from our interim estimated annual effective rate until the period in which they occur. Our estimated annual effective tax rate changes throughout the year as our on-going estimates of pre-tax income, changes in temporary differences, and permanent differences are revised, and as discrete items occur. The estimated consolidated effective tax rate for the three months ended June 30, 2018 was 20.7% of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2018 plus the effects of certain discrete items occurring in the second quarter. Our effective tax rate for the three months ended June 30, 2018 was impacted primarily by the Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017 and lowered the U.S. corporate tax rate from 35% to 21%, beginning in 2018. Our effective tax rate was also impacted by the discrete impact of current period awards of stock-based compensation, stock option exercises, and disqualifying dispositions of incentive stock options, all of which impact the consolidated effective rate in the period in which they occur. The effective tax rate for the three months ended June 30, 2017 was 32.1% of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2017 plus the effects of certain material discrete items that occurred in the second quarter. Our effective tax rate for the three months ended June 30, 2017 was impacted primarily by the Domestic Production Activities Deduction, as well as the impact of current period awards of stock-based compensation, stock option exercises, and disqualifying dispositions of incentive stock options, all of which impact the consolidated effective rate in the period in which they occur. The estimated consolidated effective tax rate for the six months ended June 30, 2018 was 20.8% of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2018 plus the effects of certain discrete items occurring in 2018. Our effective tax rate for the six months ended June 30, 2018 was impacted primarily by the Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017 and lowered the U.S. corporate tax rate from 35% to 21%, beginning in 2018. Our effective tax rate was also impacted by the discrete impact of current period awards of stock-based compensation, stock option exercises, and disqualifying dispositions of incentive stock options, all of which impact the consolidated effective rate in the period in which they occur. The effective tax rate for the six months ended June 30, 2017 was 31.9% of pre-tax income reported in the period, calculated based on the estimated annual effective rate anticipated for the year ending December 31, 2017 plus the effects of certain material discrete items that occurred in 2017. Our effective tax rate for the six months ended June 30, 2017 was impacted primarily by the Domestic Production Activities Deduction, as well as the impact of current period awards of stock-based compensation, stock option exercises, and disqualifying dispositions of incentive stock options, all of which impact the consolidated effective rate in the period in which they occur.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Government Regulation Our products and facilities are subject to regulation by a number of federal and state governmental agencies. The FDA, in particular, maintains oversight of the formulation, manufacture, distribution, packaging, and labeling of all of our products. The Drug Enforcement Administration (“DEA”) maintains oversight over our products that are controlled substances. Unapproved Products Two of our products, Esterified Estrogen with Methyltestosterone (“EEMT”) and Opium Tincture, are marketed without approved NDAs or Abbreviated New Drug Applications (“ANDAs”). During the three months ended June 30, 2018 and 2017, net revenues for these products totaled $ 6.5 12.1 The FDA's policy with respect to the continued marketing of unapproved products is stated in the FDA's September 2011 Compliance Policy Guide Sec. 440.100 titled “Marketed New Drugs without Approved NDAs or ANDAs.” Under this policy, the FDA has stated that it will follow a risk-based approach with regard to enforcement against such unapproved products. The FDA evaluates whether to initiate enforcement action on a case-by-case basis, but gives higher priority to enforcement action against products in certain categories, such as those marketed as unapproved drugs with potential safety risks or that lack evidence of effectiveness. We believe that, so long as we comply with applicable manufacturing standards, the FDA will not take action against us under the current enforcement policy. There can be no assurance, however, that the FDA will continue this policy or not take a contrary position with any individual product or group of products. If the FDA were to take a contrary position, we may be required to seek FDA approval for these products or withdraw such products from the market. If we decide to withdraw the products from the market, our net revenues for generic pharmaceutical products would decline materially, and if we decide to seek FDA approval, we would face increased expenses and might need to suspend sales of the products until such approval was obtained, and there are no assurances that we would receive such approval. In addition, one group of products that we manufacture on behalf of a contract customer is marketed by that customer without an approved NDA. If the FDA took enforcement action against such customer, the customer may be required to seek FDA approval for the group of products or withdraw them from the market. Our contract manufacturing revenues for these unapproved products for the three months ended June 30, 2018 and 2017 were $0.6 million and $0.4 million, respectively. Our contract manufacturing revenues for these unapproved products for the six months ended June 30, 2018 and 2017 were $1.0 million and $0.9 million, respectively. We receive royalties on the net sales of a group of contract-manufactured products, which are marketed by the contract customer without an approved NDA. If the FDA took enforcement action against such customer, the customer may be required to seek FDA approval for the group of products or withdraw them from the market. Our royalties on the net sales of these unapproved products for the three and six months ended June 30, 2018 and 2017 were less than 1% of total revenues. 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. Civil Action In November of 2017, we were served with a complaint filed by Arbor Pharmaceuticals, LLC, in the United States District Court, District of Minnesota. The complaint alleges false advertising and unfair competition in violation of Section 43(a) of the Lanham Act, Section 1125(a) of Title 15 of the United States Code, and Minnesota State law, and seeks injunctive relief and damages. In December of 2017, we filed a motion to dismiss, which is currently pending before the Court. We intend to defend this action vigorously. Other Commitments and Contingencies All manufacturers of the drug Reglan and its generic equivalent metoclopramide, including ANI, have faced 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 complaints. In August 2016, we settled the outstanding California short form complaints and in February 2018, we settled the remaining four complaints that were not captured in the 2016 settlement. 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 and paid all losses in settlement of the California cases. 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. We launched Erythromycin Ethylsuccinate (“EES”) on September 27, 2016 under a previously approved ANDA. In August 2016, we filed with the FDA to reintroduce this product under a Changes Being Effected in 30 Days submission (a “CBE-30 submission”). Under a CBE-30 submission, certain defined changes to an ANDA can be made if the FDA does not object in writing within 30 days. The FDA’s regulations, guidance documents, and historic actions support the filing of a CBE-30 for the types of changes that we proposed for our EES ANDA. We received no formal written letter from the FDA within 30 days of the CBE-30 submission date, and as such, launched the product in accordance with FDA regulations. On December 16, 2016, and nearly four months after our CBE-30 submission, the FDA sent us a formal written notice that a Prior Approval Supplement (“PAS”) was required for this ANDA. Under a PAS, proposed changes to an ANDA cannot be implemented without prior review and approval by the FDA. Because we did not receive this notice in the timeframe prescribed by the FDA’s regulations, we believe that our supplemental ANDA is valid, and as such continue to market the product. In addition, we filed a PAS which was accepted by the FDA and was originally assigned action date of June 2017. This date was later revised to October 2017 due to the election by the FDA to perform a Pre-Approval Inspection (“PAI”) of our Baudette manufacturing facilities. The FDA conducted its PAI between May 15, 2017 and May 18, 2017. On July 31, 2017, we received an Establishment Inspection Report from the FDA documenting that no objectionable conditions resulted from the inspection and that no FDA-483 or verbal observations were issued. On September 21, 2017, we received a Major CR Letter (Complete Response Letter). In February 2018, we submitted our response to the letter. In March 2018, we received notification from the FDA that our response to the letter had received priority review status. On or about September 20, 2017, the Company and certain of its employees were served with search warrants and/or grand jury subpoenas to produce documents and possibly testify relating to a federal investigation of the generic pharmaceutical industry. The Company has been cooperating and intends to continue cooperating with the investigation. However, no assurance can be given as to the timing or outcome of the investigation.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	12. FAIR VALUE DISCLOSURES Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework that prioritizes and ranks the level of observability of inputs used in measuring fair value. The inputs used in measuring the fair value of cash and cash equivalents are considered to be level 1 in accordance with the three-tier fair value hierarchy. The fair market values are based on period-end statements supplied by the various banks and brokers that held the majority of our funds. The fair value of short-term financial instruments (primarily accounts receivable, prepaid expenses, accounts payable, accrued expenses, borrowings under line of credit, and other current liabilities) approximate their carrying values because of their short-term nature. While our Notes are recorded on our accompanying unaudited interim condensed consolidated balance sheets at their net carrying value of $132.1 million as of June 30, 2018, the Notes are being traded on the bond market and their fair value is $161.0 million, based on their closing price on June 30, 2018, a Level 1 input. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Our contingent value rights (“CVRs”), which were granted coincident with our merger with BioSante and expire in June 2023, are considered contingent consideration and are classified as liabilities. As such, the CVRs were recorded as purchase consideration at their estimated fair value, using level 3 inputs, and are marked to market each reporting period until settlement. The fair value of CVRs is estimated using the present value of our projection of the expected payments pursuant to the terms of the CVR agreement, which is the primary unobservable input. If our projection or expected payments were to increase substantially, the value of the CVRs could increase as a result. The present value of the liability was calculated using a discount rate of 15%. We determined that the fair value of the CVRs was immaterial as of June 30, 2018 and December 31, 2017. We also determined that the changes in such fair value were immaterial in the three and six months ended June 30, 2018 and 2017. In April 2018, we entered into an interest interest rate on our Term Loan (Note 3). The notional amount of our interest rate swap is set to match the balance of our Term Loan. Both the notional amount of the interest rate swap and the balance of our Term Loan were $74.1 million as of June 30, 2018. The fair value of our interest rate swap is estimated based on the present value of projected future cash flows using the LIBOR forward rate curve. The model used to value the interest rate swap includes inputs of readily observable market data, a Level 2 input. As described in detail in Note 4, the fair value of the interest rate swap was a $0.3 million asset at June 30, 2018. The following table presents our financial assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2018 and December 31, 2017, by level within the fair value hierarchy: (in thousands) Description Fair Value at Level 1 Level 2 Level 3 Assets Interest rate swap $ 280 $ - $ 280 $ - Liabilities CVRs $ - $ - $ - $ - Description Fair Value at Level 1 Level 2 Level 3 Assets Interest rate swap $ - $ - $ - $ - Liabilities CVRs $ - $ - $ - $ - Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We do not have any financial assets and liabilities that are measured at fair value on a non-recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis We do not have any non-financial assets and liabilities that are measured at fair value on a recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We measure our long-lived assets, including property, plant, and equipment, intangible assets, and goodwill, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. No such fair value impairment was recognized in the three and six months ended June 30, 2018 and 2017. Acquired Non-Financial Assets Measured at Fair Value In April 2018, we entered into an agreement with Impax Laboratories, Inc. (now Amneal) to purchase the approved ANDAs for three previously-commercialized generic drug products, the approved ANDAs for two generic drug products that have not yet been commercialized, the development package for one generic drug product, a license, supply, and distribution agreement for a generic drug product with an ANDA that is pending approval, and certain manufacturing equipment required to manufacture one of the products, for $2.3 million in cash (Note 8). At the same time, we entered into a supply agreement with Amneal under which we may elect to purchase the finished goods for one of the products for up to 17 months beginning October 1, 2019, under certain conditions. If we do elect to purchase the finished goods from Amneal for this period, we may be required to pay a milestone payment of up to $10.0 million upon launch, depending on the number of competitors selling the product at the time of launch. This milestone payment was determined to be contingent consideration and will be recognized when the contingency is resolved. We made the $2.3 million cash payment using cash on hand and capitalized $0.1 million of costs directly related to the asset purchase. We accounted for this transaction as an asset purchase. The $1.0 million acquired ANDA intangible assets were recorded at their relative fair value, determined using Level 3 unobservable inputs. In order to determine the fair value of the acquired ANDA intangible assets, we used the present value of the estimated cash flows related to the approved ANDAs, using discount rates of 10 to 15%. The acquired ANDAs will be amortized in full over their 10-year useful lives, and will be tested for impairment when events or circumstances indicate that the carrying value of the assets may not be recoverable. The $58 thousand of manufacturing equipment used to manufacture one of the products was recorded at its relative fair value, based on the estimated net book value of the equipment purchased. The equipment will be amortized in full over its 5-year useful life, and will be tested for impairment when events or circumstances indicate that the carrying value of the asset may not be recoverable. No such triggering events were identified during the period from the date of acquisition to June 30, 2018 and therefore no impairment loss was recognized for the six months ended June 30, 2018. The $1.3 million of in-process research and development was recorded at its relative fair value, determined using Level 3 unobservable inputs. In order to determine the fair value of the in-process research and development, we used the present value of the estimated cash flows related to the products, using a discount rate of 75%, reflective of the higher risk associated with these products. As the transaction was accounted for as an asset purchase, the $1.3 million of in-process research and development was immediately recognized as research and development expense. In April 2018, we entered into an agreement with IDT Australia, Limited to purchase the ANDAs for 23 previously-marketed generic drug products and API for four of the acquired products for $2.7 million in cash and a single-digit royalty on net profits from sales of one of the products (Note 8). We made the $2.7 million cash payment using cash on hand and capitalized $18 thousand of costs directly related to the asset purchase. We accounted for this transaction as an asset purchase. The $2.5 million acquired ANDA intangible assets were recorded at their relative fair value, determined using Level 3 unobservable inputs. In order to determine the fair value of the product rights intangible assets, we used the present value of the estimated cash flows related to the product rights, using discount rates of 10% to 15%. The acquired ANDA intangible assets will be amortized in full over their 10-year useful lives, and will be tested for impairment when events or circumstances indicate that the carrying value of the asset may not be recoverable. No such triggering events were identified during the period from the date of acquisition to June 30, 2018 and therefore no impairment loss was recognized for the six months ended June 30, 2018. We also recorded $0.2 million of raw materials inventory, measured at fair value. The fair value of the raw materials inventory was determined based on the estimated replacement cost. In December 2017, we entered into an agreement with AstraZeneca AB and AstraZeneca UK Limited to purchase the right, title, and interest in the NDAs and the U.S. right to market Atacand, Atacand HCT, Arimidex, and Casodex, for $46.5 million in cash (Note 8). We also licensed these trademarks for use in the U.S. We made the $46.5 million cash payment with funds from our Term Loan (Note 3) and capitalized $0.2 million of costs directly related to the asset purchase. The agreement included a $3.0 million contingent payment due in early 2023 if the annual net sales of the Atacand and Atacand HCT products equals or exceeds certain threshold amounts in 2020, 2021, and 2022. Because we believe that the likelihood of meeting or exceeding the threshold amounts is not probable, we did not record a contingent liability in relation to the agreement. We accounted for this transaction as an asset purchase. The $46.7 million product rights intangible assets were recorded at their relative fair value, determined using Level 3 unobservable inputs. In order to determine the fair value of the product rights intangible assets, we used the present value of the estimated cash flows related to the product rights, using a discount rate of 10%. The product rights will be amortized in full over their 10-year useful lives, and will be tested for impairment when events or circumstances indicate that the carrying value of the asset may not be recoverable. No such triggering events were identified during the period from the date of acquisition to June 30, 2018 and therefore no impairment loss was recognized for the six months ended June 30, 2018. In February 2017, we entered into an agreement with Cranford Pharmaceuticals, LLC to purchase a distribution license, trademark, and certain finished goods inventory for Inderal XL for $20.2 million in cash (Note 8). We made the $20.2 million cash payment using cash on hand and capitalized $40 thousand of costs directly related to the asset purchase. We accounted for this transaction as an asset purchase. The $15.1 million product rights intangible asset was recorded at its relative fair value, determined using Level 3 unobservable inputs. In order to determine the fair value of the product rights intangible asset, we used the present value of the estimated cash flows related to the product rights, using a discount rate of 10%. The product rights will be amortized in full over its 10-year useful life, and will be tested for impairment when events or circumstances indicate that the carrying value of the asset may not be recoverable. No such triggering events were identified during the period from the date of acquisition to June 30, 2018 and therefore no impairment loss was recognized for the six months ended June 30, 2018. We also recorded $5.0 million of finished goods inventory. The fair value of the finished goods inventory was determined based on the estimated selling price to be generated from the finished goods, less costs to sell, including a reasonable margin. In February 2017, we entered into an agreement with Holmdel Pharmaceuticals, LP to purchase the NDA, trademark, and certain finished goods inventory for InnoPran XL, including a license to an Orange Book listed patent, for $30.6 million in cash (Note 8). We made the $30.6 million cash payment using $30.0 million of funds from our former Line of Credit and $0.6 million of cash on hand. We also capitalized $0.1 million of costs directly related to the asset purchase. We accounted for this transaction as an asset purchase. The $19.0 million product rights intangible asset was recorded at its relative fair value, determined using Level 3 unobservable inputs. In order to determine the fair value of the product rights intangible asset, we used the present value of the estimated cash flows related to the product rights, using a discount rate of 10%. The product rights will be amortized in full over its 10-year useful life, and will be tested for impairment when events or circumstances indicate that the carrying value of the asset may not be recoverable. No such triggering events were identified during the period from the date of acquisition to June 30, 2018 and therefore no impairment loss was recognized for the six months ended June 30, 2018. We also recorded $11.6 million of finished goods inventory. The fair value of the finished goods inventory was determined based on the estimated selling price to be generated from the finished goods, less costs to sell, including a reasonable margin.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENT In August 2018, we acquired WellSpring Pharma Services, Inc. (“WellSpring”), a Canadian company that performs contract development and manufacturing of pharmaceutical products for a total purchase price of $18.0 million, subject to certain customary adjustments. As a result of the transaction, we acquired WellSpring’s pharmaceutical manufacturing facility, laboratory, and offices, current book of commercial business, as well as an organized workforce. We paid the purchase price from cash on hand.

BUSINESS, PRESENTATION, AND R20

BUSINESS, PRESENTATION, AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In our opinion, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations, comprehensive income/(loss), and cash flows. The consolidated balance sheet at December 31, 2017, has been derived from audited financial statements of that date. The unaudited interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited financial statements and notes previously distributed in our Annual Report on Form 10-K for the year ended December 31, 2017.
Principles of consolidation	Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of ANI Pharmaceuticals, Inc. and its subsidiary. All inter-company accounts and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited interim condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, administrative fees and rebates, government 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, deferred tax valuation allowance, purchase price allocations, and the depreciable lives of long-lived assets. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates. Management periodically evaluates estimates used in the preparation of the financial statements for reasonableness.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In June 2018, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the accounting for nonemployee stock-based compensation awards. The guidance aligns the measurement and classification for employee stock-based compensation awards to nonemployee stock-based compensation awards. Under the guidance, nonemployee awards will be measured at their grant date fair value. Upon transition, the existing nonemployee awards will be measured at fair value as of the adoption date. The guidance is effective for reporting periods beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact, if any, that the adoption of this guidance will have on our consolidated financial statements. In June 2016, the FASB issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity's current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of certain amendments of this guidance must be applied on a modified retrospective basis and the adoption of the remaining amendments must be applied on a prospective basis. We currently expect that the adoption of this guidance will likely change the way we assess the collectability of our receivables and recoverability of other financial instruments. We have not yet begun to evaluate the specific impacts of this guidance nor have we determined the manner in which we will adopt this guidance. In February 2016, the FASB issued guidance for accounting for leases. The guidance requires lessees to recognize assets and liabilities related to long-term leases on the balance sheet and expands disclosure requirements regarding leasing arrangements. The guidance is effective for reporting periods beginning after December 15, 2018 and early adoption is permitted. The guidance must be adopted on a modified retrospective basis and provides for certain practical expedients. We will adopt this guidance as of January 1, 2019. We are currently reviewing our leases and other contracts to determine the impact the adoption of this guidance will have on our consolidated financial statements. We currently expect that the adoption of this guidance will likely change the way we account for our operating leases and will likely result in recording the future benefits of those leases and the related minimum lease payments on our consolidated balance sheets. We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on our condensed consolidated statements of operations, balance sheets, or cash flows. Recently Adopted Accounting Pronouncements In August 2017, the FASB issued guidance improving accounting for hedging activities. The guidance is intended to simplify hedge accounting by better aligning how an entity’s risk management activities and hedging relationships are presented in its financial statements. The guidance also simplifies the application of hedge accounting guidance in certain situations. The guidance is effective for the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption was permitted, including adoption in an interim period. The guidance with respect to the cash flow and net investment hedge relationships existing on the date of adoption must be applied on a modified retrospective basis and the new disclosure requirements must be applied on a prospective basis. We adopted this guidance as of January 1, 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements. However, the adoption of this guidance did impact how we accounted for the interest rate swap we entered into in April 2018. See Note 4 for further details regarding the interest rate swap. In May 2017, the FASB issued guidance clarifying when modification accounting should be used for changes to the terms or conditions of a share-based payment award. The guidance does not change the accounting for modifications, but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. The guidance is effective for the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption was permitted, including adoption in an interim period. We adopted this guidance as of January 1, 2018 on a prospective basis. The adoption of this guidance did not have a material impact on our consolidated financial statements. 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. In March 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations for reporting revenue gross rather than net, with the same deferred effective date. In April 2016, the FASB issued guidance to clarify the implementation guidance on identifying performance obligations and the accounting for licenses of intellectual property, with the same deferred effective date. In May 2016, the FASB issued guidance rescinding SEC paragraphs related to revenue recognition, pursuant to two SEC Staff Announcements at the March 3, 2016 Emerging Issues Task Force meeting. In May 2016, the FASB also issued guidance to clarify the implementation guidance on assessing collectability, presentation of sales tax, noncash consideration, and contracts and contract modifications at transition, with the same effective date. In September 2017, the FASB issued guidance amending and rescinding prior SEC staff announcements and observer comments related to revenue recognition, pursuant to the SEC Staff Announcement at the July 20, 2017 Emerging Issues Task Force meeting. We performed a comprehensive review of our existing revenue arrangements as of January 1, 2018 following the five-step model. Our analysis indicated that there were no significant changes to how the amount and timing of revenue is recognized under the new guidance as compared to existing guidance. Additionally, our analysis indicated that there were no significant changes to how costs to obtain and fulfill our customer contracts are recognized under the new guidance as compared to existing guidance. We adopted this guidance as of January 1, 2018 using the modified retrospective method and the impact of adoption on our consolidated balance sheet, statement of operations, and statement of cash flows was not material. The adoption of the new guidance impacted the way we analyze, document, and disclose revenue recognition under customer contracts beginning on January 1, 2018 and resulted in additional disclosures in our financial statements.

REVENUE RECOGNITION AND RELAT21

REVENUE RECOGNITION AND RELATED ALLOWANCES (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue Recognition [Abstract]
Disaggregation of Revenue	The following table depicts the disaggregation of revenue according to contract type as of: Three Months Ended Six Months Ended (in thousands) June 30, June 30, June 30, June 30, Sales of generic pharmaceutical products $ 30,202 $ 31,490 $ 53,429 $ 58,061 Sales of branded pharmaceutical products 10,530 11,671 27,125 19,711 Sales of contract manufactured products 1,679 1,529 2,624 3,322 Royalties from Licensing Agreements 4,769 - 10,151 - Other (1) 88 74 422 298 Total net revenues $ 47,268 $ 44,764 $ 93,751 $ 81,392 (1)
Schedule of Valuation and Qualifying Accounts Disclosure	The following table summarizes activity in the consolidated balance sheets for accruals and allowances for the six months ended June 30, 2018 and 2017, respectively: (in thousands) Accruals for Chargebacks, Rebates, Returns, and Other Allowances Administrative Prompt Government Fees and Other Payment Chargebacks Rebates Returns Rebates Discounts Balance at December 31, 2016 $ 26,785 $ 5,891 $ 5,756 $ 3,550 $ 1,554 Accruals/Adjustments 88,973 5,110 5,220 10,646 3,842 Credits Taken Against Reserve (83,757 ) (7,467 ) (3,418 ) (8,593 ) (3,448 ) Balance at June 30, 2017 $ 32,001 $ 3,534 $ 7,558 $ 5,603 $ 1,948 Balance at December 31, 2017 $ 28,230 $ 7,930 $ 8,274 $ 5,226 $ 1,834 Accruals/Adjustments 104,331 4,199 6,227 14,855 4,157 Credits Taken Against Reserve (82,145 ) (6,873 ) (4,737 ) (13,365 ) (3,859 ) Balance at June 30, 2018 $ 50,416 $ 5,256 $ 9,764 $ 6,716 $ 2,132

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Convertible Debt	The carrying value of the Notes is as follows as of: (in thousands) June 30, December 31, Principal amount $ 143,750 $ 143,750 Unamortized debt discount (10,427 ) (13,924 ) Deferred financing costs (1,196 ) (1,618 ) Net carrying value $ 132,127 $ 128,208
Schedule of Long-term Debt Instruments	The carrying value of the current and long-term components of the Term Loan as of June 30, 2018 and December 31, 2017 are: Current (in thousands) June 30, December 31, Current borrowing on secured term loan $ 5,625 $ 3,750 Unamortized deferred financing costs (408 ) (397 ) Current component of long-term borrowing, net of unamortized deferred financing costs $ 5,217 $ 3,353 Long-Term (in thousands) June 30, December 31, Long-term borrowing on secured term loan $ 68,438 $ 71,250 Unamortized deferred financing costs (1,176 ) (1,304 ) Long-term borrowing, net of unamortized deferred financing costs and current borrowing component $ 67,262 $ 69,946
Interest Income and Interest Expense Disclosure	The following table sets forth the components of total interest expense related to the Notes and Term Loan recognized in the accompanying unaudited interim condensed consolidated statements of operations for the three and six months ended June 30, 2018 and 2017: Three Months Ended Six Months Ended (in thousands) June 30, June 30, June 30, June 30, Contractual coupon $ 1,752 $ 1,078 $ 3,476 $ 2,156 Amortization of debt discount 1,760 1,668 3,497 3,315 Amortization of finance fees 371 211 741 422 Capitalized interest (105 ) (134 ) (297 ) (224 ) $ 3,778 $ 2,823 $ 7,417 $ 5,669

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Earnings per share for the three and six months ended June 30, 2018 and 2017 are calculated for basic and diluted earnings per share as follows: Basic Diluted Basic Diluted (in thousands, except per share amounts) Three Months Ended Three Months Ended Six Months Ended Six Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 Net income $ 2,777 $ 2,681 $ 2,777 $ 2,681 $ 5,027 $ 3,833 $ 5,027 $ 3,833 Net income allocated to restricted stock (28 ) (20 ) (28 ) (20 ) (50 ) (28 ) (50 ) (28 ) Net income allocated to common shares $ 2,749 $ 2,661 $ 2,749 $ 2,661 $ 4,977 $ 3,805 $ 4,977 $ 3,805 Basic Weighted-Average Shares Outstanding 11,679 11,546 11,679 11,546 11,634 11,536 11,634 11,536 Dilutive effect of stock options and ESPP 110 121 114 123 Diluted Weighted-Average Shares Outstanding 11,789 11,667 11,748 11,659 Earnings Per Share $ 0.24 $ 0.23 $ 0.23 $ 0.23 $ 0.43 $ 0.33 $ 0.42 $ 0.33

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consist of the following as of: (in thousands) June 30, December 31, Raw materials $ 25,766 $ 22,139 Packaging materials 1,859 1,527 Work-in-progress 639 510 Finished goods 10,280 13,901 (1) 38,544 38,077 Reserve for excess/obsolete inventories (788 ) (350 ) Inventories, net $ 37,756 $ 37,727 (1)

PROPERTY, PLANT, AND EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant, and equipment consist of the following as of: (in thousands) June 30, December 31, Land $ 160 $ 160 Buildings 3,835 3,835 Machinery, furniture, and equipment 16,008 12,334 Construction in progress 9,878 10,663 29,881 26,992 Less: accumulated depreciation (7,039 ) (6,589 ) Property, Plant, and Equipment, net $ 22,842 $ 20,403

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The components of net definite-lived intangible assets are as follows: (in thousands) June 30, 2018 December 31, 2017 Weighted Average Gross Carrying Accumulated Gross Carrying Accumulated Amortization Acquired ANDA intangible assets $ 46,194 $ (14,787 ) $ 42,076 $ (12,592 ) 10.0 years NDAs and product rights 230,974 (49,656 ) 230,974 (37,091 ) 10.0 years Marketing and distribution rights 10,423 (6,087 ) 11,042 (5,087 ) 4.6 years Non-compete agreement 624 (201 ) 624 (156 ) 7.0 years $ 288,215 $ (70,731 ) $ 284,716 $ (54,926 )
Finite-lived Intangible Assets Amortization Expense	Expected future amortization expense is as follows: (in thousands) 2018 (remainder of the year) $ 15,880 2019 31,761 2020 31,279 2021 29,833 2022 26,428 2023 and thereafter 82,303 Total $ 217,484

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The following table summarizes stock-based compensation expense incurred under the 2008 Plan and included in our accompanying unaudited interim condensed consolidated statements of operations: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cost of sales $ 24 $ 26 $ 42 $ 49 Research and development 220 168 380 307 Selling, general, and adminstrative 1,520 1,585 2,702 2,794 $ 1,764 $ 1,779 $ 3,124 $ 3,150
Schedule of Share-based Compansation, Stock Option And Restricted Stock, Activity	A summary of stock option and restricted stock activity under the 2008 Plan during the six months ended June 30, 2018 and 2017 is presented below: (in thousands) Options RSAs Outstanding December 31, 2016 578 63 Granted 185 50 Options Exercised/RSAs Vested (2 ) (27 ) (1) Forfeited (3 ) - Outstanding June 30, 2017 758 86 Outstanding December 31, 2017 767 86 Granted 151 65 Options Exercised/RSAs Vested (111 ) (33 ) (2) Forfeited (16 ) - Outstanding June 30, 2018 791 118 (1) (2)

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents our financial assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2018 and December 31, 2017, by level within the fair value hierarchy: (in thousands) Description Fair Value at Level 1 Level 2 Level 3 Assets Interest rate swap $ 280 $ - $ 280 $ - Liabilities CVRs $ - $ - $ - $ - Description Fair Value at Level 1 Level 2 Level 3 Assets Interest rate swap $ - $ - $ - $ - Liabilities CVRs $ - $ - $ - $ -

REVENUE RECOGNITION AND RELAT29

REVENUE RECOGNITION AND RELATED ALLOWANCES (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue Recognition		$ 47,268	$ 44,764	$ 93,751	$ 81,392
Sales of generic pharmaceutical products [Member]
Revenue Recognition		30,202	31,490	53,429	58,061
Sales of branded pharmaceutical products [Member]
Revenue Recognition		10,530	11,671	27,125	19,711
Sales of contract manufactured products [Member]
Revenue Recognition		1,679	1,529	2,624	3,322
Royalties from Licensing Agreements [Member]
Revenue Recognition		4,769	0	10,151	0
Other [Member]
Revenue Recognition	[1]	$ 88	$ 74	$ 422	$ 298
[1]	Primarily includes laboratory services and royalties on sales of contract manufactured products

REVENUE RECOGNITION AND RELAT30

REVENUE RECOGNITION AND RELATED ALLOWANCES (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ 34,686
Ending balance	58,439
Chargebacks [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	28,230	$ 26,785
Accruals/Adjustments	104,331	88,973
Credits Taken Against Reserve	(82,145)	(83,757)
Ending balance	50,416	32,001
Government Rebates [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	7,930	5,891
Accruals/Adjustments	4,199	5,110
Credits Taken Against Reserve	(6,873)	(7,467)
Ending balance	5,256	3,534
Returns [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	8,274	5,756
Accruals/Adjustments	6,227	5,220
Credits Taken Against Reserve	(4,737)	(3,418)
Ending balance	9,764	7,558
Administrative Fees And Other Rebates [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	5,226	3,550
Accruals/Adjustments	14,855	10,646
Credits Taken Against Reserve	(13,365)	(8,593)
Ending balance	6,716	5,603
Prompt Payment Discounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	1,834	1,554
Accruals/Adjustments	4,157	3,842
Credits Taken Against Reserve	(3,859)	(3,448)
Ending balance	$ 2,132	$ 1,948

REVENUE RECOGNITION AND RELAT31

REVENUE RECOGNITION AND RELATED ALLOWANCES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 47,268	$ 44,764	$ 93,751	$ 81,392
Sales of contract manufactured products [Member]
Revenue, Remaining Performance Obligation	$ 2,600		2,600
Performance Obligation From Prior Period [Member]
Revenues			$ 6,800
Customer One [Member] | Net Revenues [Member]
Concentration Risk, Percentage	32.00%	32.00%	33.00%	32.00%
Customer Two [Member] | Net Revenues [Member]
Concentration Risk, Percentage	23.00%	24.00%	24.00%	22.00%
Customer Three [Member] | Net Revenues [Member]
Concentration Risk, Percentage	21.00%	23.00%	20.00%	24.00%
Customer One Two And Three [Member] | Net Accounts Receivable [Member]
Concentration Risk, Percentage			75.00%

INDEBTEDNESS (Details)

INDEBTEDNESS (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Principal amount	$ 143,750	$ 143,750
Unamortized debt discount	(10,427)	(13,924)
Deferred financing costs	(1,196)	(1,618)
Net carrying value	$ 132,127	$ 128,208

INDEBTEDNESS (Details 1)

INDEBTEDNESS (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Borrowing on secured term loan	$ 143,750	$ 143,750
Current component of long-term borrowing, net of unamortized deferred financing costs	5,217	3,353
Long-term borrowing, net of unamortized deferred financing costs and current borrowing component	67,262	69,946
Long Term Debt Current [Member]
Borrowing on secured term loan	5,625	3,750
Unamortized deferred financing costs	(408)	(397)
Current component of long-term borrowing, net of unamortized deferred financing costs	5,217	3,353
Long Term Debt Noncurrent [Member]
Borrowing on secured term loan	68,438	71,250
Unamortized deferred financing costs	(1,176)	(1,304)
Long-term borrowing, net of unamortized deferred financing costs and current borrowing component	$ 67,262	$ 69,946

INDEBTEDNESS (Details 2)

INDEBTEDNESS (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Contractual coupon	$ 1,752	$ 1,078	$ 3,476	$ 2,156
Amortization of debt discount	1,760	1,668	3,497	3,315
Amortization of finance fees	371	211	741	422
Capitalized interest	(105)	(134)	(297)	(224)
Interest Expense, Debt	$ 3,778	$ 2,823	$ 7,417	$ 5,669

INDEBTEDNESS (Details Textual)

INDEBTEDNESS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2018	Dec. 31, 2014
Long-term Debt, Gross	$ 143,750	$ 143,750
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.00%
Debt Instrument, Unamortized Discount	$ 13,924	$ 10,427
Long-term Debt [Member]
Debt Instrument, Interest Rate, Effective Percentage		6.80%
Senior Secured Credit Facility [Member] | Citizens Bank, N.A. [Member]
Debt Instrument, Term	5 years
Debt Issuance Costs, Gross		$ 2,900
Prepaid Expenses and Other Current Assets [Member] | Revolving Credit Facility [Member]
Debt Issuance Costs, Current, Net		200
Other Longterm Assets [Member] | Revolving Credit Facility [Member]
Debt Issuance Costs, Gross		1,100
Other Noncurrent Assets [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000
Debt Issuance Costs, Noncurrent, Net		800
Convertible Senior Notes [Member]
Long-term Debt, Gross			$ 143,800
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.00%
Debt Instrument, Unamortized Discount			$ 33,600
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 96.21
Debt Instrument, Convertible, Conversion Price			$ 69.48
Convertible Senior Notes [Member] | Accrued Liabilities [Member]
Interest Payable, Current	400	400
Term Loan [Member] | Citizens Bank, N.A. [Member]
Debt Instrument Periodic Payment To Be Paid In Installments		5,600
Debt Instrument, Face Amount	$ 75,000	74,100
Debt Issuance Costs, Gross		1,800
Current Term Loan [Member] | Citizens Bank, N.A. [Member]
Debt Instrument, Face Amount		$ 5,600

DERIVATIVE FINANCIAL INSTRUME36

DERIVATIVE FINANCIAL INSTRUMENT AND HEDGING ACTIVITY (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 29, 2018	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Derivative Asset, Notional Amount		$ 74,100	$ 74,100
Other Assets, Noncurrent		1,049	1,049	$ 829
Interest Rate Swap [Member]
Derivative, Maturity Date	Dec. 29, 2022
Derivative Asset, Notional Amount	$ 74,100	$ 74,100	$ 74,100
Derivative, Swaption Interest Rate		2.60%	2.60%
Other Assets, Noncurrent		$ 300	$ 300
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)		300	300
Interest Expense		$ 100	$ 100

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income, Basic	$ 2,777	$ 2,681	$ 5,027	$ 3,833
Net income, Diluted	2,777	2,681	5,027	3,833
Net income allocated to common shares, Basic	2,749	2,661	4,977	3,805
Net income allocated to common shares, Diluted	$ 2,749	$ 2,661	$ 4,977	$ 3,805
Basic Weighted-Average Shares Outstanding, Basic	11,679	11,546	11,634	11,536
Dilutive effect of stock options and ESPP, Diluted	110	121	114	123
Diluted Weighted-Average Shares Outstanding, Diluted	11,789	11,667	11,748	11,659
Earnings Per Share, Basic	$ 0.24	$ 0.23	$ 0.43	$ 0.33
Earnings Per Share, Diluted	$ 0.23	$ 0.23	$ 0.42	$ 0.33
Restricted Stock [Member]
Net income allocated to restricted stock, Basic	$ (28)	$ (20)	$ (50)	$ (28)
Net income allocated to restricted stock, Diluted	$ (28)	$ (20)	$ (50)	$ (28)

EARNINGS PER SHARE (Details Tex

EARNINGS PER SHARE (Details Textual) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4.7	4.8	4.6	4.7

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventories
Raw materials	$ 25,766	$ 22,139
Packaging materials	1,859	1,527
Work-in-progress	639	510
Finished goods	10,280	13,901	[1]
Inventory, Gross, Total	38,544	38,077
Reserve for excess/obsolete inventories	(788)	(350)
Inventories, net	$ 37,756	$ 37,727
[1]	Includes finished goods acquired in asset purchases (Note 12).

INVENTORIES (Details Textual)

INVENTORIES (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
One Supplier Six Months Ended June 30 2017 [Member]
Concentration Risk, Percentage				18.00%
One Supplier Six Months Ended June 30 2018 [Member]
Concentration Risk, Percentage			15.00%
Two Suppliers Three Months Ended June 30 2017 [Member]
Concentration Risk, Percentage		27.00%
Three Suppliers Three Months Ended June 30 2018 [Member]
Concentration Risk, Percentage	40.00%

PROPERTY, PLANT, AND EQUIPMEN41

PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment, Gross, Total	$ 29,881	$ 26,992
Less: accumulated depreciation	(7,039)	(6,589)
Property, Plant, and Equipment, net	22,842	20,403
Land [Member]
Property, Plant and Equipment, Gross, Total	160	160
Buildings [Member]
Property, Plant and Equipment, Gross, Total	3,835	3,835
Machinery, furniture and equipment [Member]
Property, Plant and Equipment, Gross, Total	16,008	12,334
Construction in progress [Member]
Property, Plant and Equipment, Gross, Total	$ 9,878	$ 10,663

PROPERTY, PLANT, AND EQUIPMEN42

PROPERTY, PLANT, AND EQUIPMENT (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Depreciation, Total	$ 0.4	$ 0.3	$ 0.7	$ 0.6
Interest Costs Capitalized	$ 0.2	$ 0.1	$ 0.4	$ 0.2

GOODWILL AND INTANGIBLE ASSET43

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	May 31, 2018	Dec. 31, 2017
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	$ 288,215	$ 1,000	$ 284,716
Accumulated Amortization	(70,731)		(54,926)
Acquired ANDA intangible assets
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	46,194		42,076
Accumulated Amortization	$ (14,787)		(12,592)
Weighted Average Amortization Period	10 years
NDAs and product rights
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	$ 230,974		230,974
Accumulated Amortization	$ (49,656)		(37,091)
Weighted Average Amortization Period	10 years
Marketing and distribution rights
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	$ 10,423		11,042
Accumulated Amortization	$ (6,087)		(5,087)
Weighted Average Amortization Period	4 years 7 months 6 days
Non-compete agreement
GOODWILL AND INTANGIBLE ASSETS
Gross Carrying Amount	$ 624		624
Accumulated Amortization	$ (201)		$ (156)
Weighted Average Amortization Period	7 years

GOODWILL AND INTANGIBLE ASSET44

GOODWILL AND INTANGIBLE ASSETS (Details 1) $ in Thousands	Jun. 30, 2018USD ($)
GOODWILL AND INTANGIBLE ASSETS
2018 (remainder of the year)	$ 15,880
2,019	31,761
2,020	31,279
2,021	29,833
2,022	26,428
2023 and thereafter	82,303
Total	$ 217,484

GOODWILL AND INTANGIBLE ASSET45

GOODWILL AND INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2018	Apr. 30, 2018	Dec. 31, 2017	Feb. 28, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
GOODWILL AND INTANGIBLE ASSETS
Amortization of Intangible Assets					$ 7,900	$ 6,800	$ 15,800	$ 13,200
Payments to Acquire Intangible Assets							5,169	$ 50,956
Goodwill			$ 1,838		1,838		1,838		$ 1,838
Finite-Lived Intangible Assets, Gross	$ 1,000		284,716		$ 288,215		$ 288,215		284,716
Acquired Finite-lived Intangible Asset, Amortization Description							we are amortizing 80% of the value of the intangible assets over the first five years of useful lives of the assets and amortizing the remaining 20% of the value of the intangible assets over the second five years of useful lives of the assets.
Inderal XL [Member]
GOODWILL AND INTANGIBLE ASSETS
Finite-Lived Intangible Asset, Useful Life				10 years
Finite-Lived Intangible Assets, Gross				$ 15,100
Acquisition Costs Capitalized				40
Asset Acquisition Purchase Price				$ 20,200
InnoPran XL [Member]
GOODWILL AND INTANGIBLE ASSETS
Finite-Lived Intangible Asset, Useful Life				10 years
Finite-Lived Intangible Assets, Gross				$ 19,000
Acquisition Costs Capitalized				100
Asset Acquisition Purchase Price				30,600
InnoPran XL [Member] | Line of Credit [Member]
GOODWILL AND INTANGIBLE ASSETS
Payments to Acquire Intangible Assets				30,000
InnoPran XL [Member] | Cash [Member]
GOODWILL AND INTANGIBLE ASSETS
Payments to Acquire Intangible Assets				$ 600
Abbreviated New Drug Applications [Member] | IDT Australia, Limited [Member]
GOODWILL AND INTANGIBLE ASSETS
Payments to Acquire Intangible Assets		$ 2,700
Finite-Lived Intangible Asset, Useful Life		10 years
Finite-Lived Intangible Assets, Gross		$ 2,500
Acquisition Costs Capitalized		$ 18
Abbreviated New Drug Applications [Member] | Impax Laboratories, Inc. [Member]
GOODWILL AND INTANGIBLE ASSETS
Payments to Acquire Intangible Assets	$ 2,300
Finite-Lived Intangible Asset, Useful Life	10 years
Finite-Lived Intangible Assets, Gross	$ 1,000
Acquisition Costs Capitalized	$ 100
AstraZeneca AB and AstraZeneca UK Limited [Member] | New Drug Applications [Member]
GOODWILL AND INTANGIBLE ASSETS
Payments to Acquire Intangible Assets			$ 46,500						$ 46,500
Finite-Lived Intangible Asset, Useful Life			10 years						10 years
Finite-Lived Intangible Assets, Gross			$ 46,700						$ 46,700
Acquisition Costs Capitalized			$ 200

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Allocated Share-based Compensation Expense	$ 1,764	$ 1,779	$ 3,124	$ 3,150
Cost of Sales [Member] | 2008 Plan [Member]
Allocated Share-based Compensation Expense	24	26	42	49
Research and Development Expense [Member] | 2008 Plan [Member]
Allocated Share-based Compensation Expense	220	168	380	307
Selling, General and Administrative Expenses [Member] | 2008 Plan [Member]
Allocated Share-based Compensation Expense	$ 1,520	$ 1,585	$ 2,702	$ 2,794

STOCK-BASED COMPENSATION (Det47

STOCK-BASED COMPENSATION (Details 1) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017
Options [Member]
Option Shares
Outstanding at the beginning of the period (in shares)	767		578
Granted (in shares)	151		185
Options Exercised/RSAs Vested (in shares)	(111)		(2)
Forfeited (in shares)	(16)		(3)
Outstanding at the end of the period (in shares)	791		758
RSAs [Member]
Option Shares
Outstanding at the beginning of the period (in shares)	86		63
Granted (in shares)	65		50
Options Exercised/RSAs Vested (in shares)	(33)	[1]	(27)	[2]
Forfeited (in shares)	0		0
Outstanding at the end of the period (in shares)	118		86
[1]	Includes 11 thousand shares purchased from employees to cover employee income taxes related to income earned upon vesting of restricted stock. The shares purchased are held in treasury and the $659 thousand total purchase price for the shares is included in Treasury stock in our accompanying unaudited interim condensed consolidated balance sheets.
[2]	Includes five thousand shares purchased from employees to cover employee income taxes related to income earned upon vesting of restricted stock. The shares purchased are held in treasury and the $259 thousand total purchase price for the shares is included in Treasury stock in our accompanying unaudited interim condensed consolidated balance sheets.

STOCK-BASED COMPENSATION (Det48

STOCK-BASED COMPENSATION (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 1,764	$ 1,779	$ 3,124	$ 3,150
Treasury Stock, Common, Value	$ 659	$ 259	$ 659	$ 259	$ 259
Treasury Stock, Common, Shares	11,179	5,203	11,179	5,203	5,203
2008 Plan [Member]
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	600,000		600,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	200,000		200,000
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date			15.00%
Employee Stock Purchase Plan [Member] | Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 2	$ 2	$ 4	$ 4
Employee Stock Purchase Plan [Member] | Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	2		3
Employee Stock Purchase Plan [Member] | Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 14	$ 26	$ 28	$ 39

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent	20.70%	32.10%	20.80%	31.90%
Deferred Tax Assets, Valuation Allowance	$ 0.3		$ 0.3		$ 0.3
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%		21.00%		35.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES
Revenue, Net	$ 47,268	$ 44,764	$ 93,751	$ 81,392
Percentage of Royalties on Net Sales of Unapproved Products	less than 1%	less than 1%	less than 1%	less than 1%
Unapproved Products [Member]
COMMITMENTS AND CONTINGENCIES
Revenue, Net	$ 6,500	$ 6,700	$ 12,100	$ 12,900
Unapproved Products [Member] | Contract Customer [Member]
COMMITMENTS AND CONTINGENCIES
Revenue, Net	$ 600	$ 400	$ 1,000	$ 900

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CVRs
Liabilities
Financial Liabilities Fair Value Disclosure	$ 0	$ 0
Fair Value, Inputs, Level 1 [Member] | CVRs
Liabilities
Financial Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | CVRs
Liabilities
Financial Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | CVRs
Liabilities
Financial Liabilities Fair Value Disclosure	0	0
Interest Rate Swap [Member]
Assets
Assets, Fair Value Disclosure	280	0
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Assets, Fair Value Disclosure	0	0
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Assets, Fair Value Disclosure	280	0
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Assets, Fair Value Disclosure	$ 0	$ 0

FAIR VALUE DISCLOSURES (Detai52

FAIR VALUE DISCLOSURES (Details Textual) - USD ($) $ in Thousands	1 Months Ended					6 Months Ended		12 Months Ended
	May 31, 2018	Apr. 30, 2018	Dec. 31, 2017		Feb. 28, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Fair Value Inputs, Assets, Quantitative Information
Payments to Acquire Intangible Assets						$ 5,169	$ 50,956
Long-term Debt, Total						132,100
Finite-Lived Intangible Assets, Gross	$ 1,000		$ 284,716			288,215		$ 284,716
Inventory, Finished Goods, Gross			13,901	[1]		10,280		13,901	[1]
InventoryRawMaterials			22,139			25,766		22,139
Derivative Asset, Notional Amount						$ 74,100
Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate						15.00%
Inderal XL [Member]
Fair Value Inputs, Assets, Quantitative Information
Finite-Lived Intangible Assets, Gross					$ 15,100
Finite-Lived Intangible Asset, Useful Life					10 years
Acquisition Costs Capitalized					$ 40
Inventory, Finished Goods, Gross					5,000
Asset Acquisition Purchase Price					$ 20,200
Inderal XL [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate					10.00%
InnoPran XL [Member]
Fair Value Inputs, Assets, Quantitative Information
Finite-Lived Intangible Assets, Gross					$ 19,000
Finite-Lived Intangible Asset, Useful Life					10 years
Acquisition Costs Capitalized					$ 100
Inventory, Finished Goods, Gross					11,600
Asset Acquisition Purchase Price					$ 30,600
InnoPran XL [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate					10.00%
InnoPran XL [Member] | Cash [Member]
Fair Value Inputs, Assets, Quantitative Information
Payments to Acquire Intangible Assets					$ 600
InnoPran XL [Member] | Line of Credit [Member]
Fair Value Inputs, Assets, Quantitative Information
Payments to Acquire Intangible Assets					$ 30,000
Fair Value, Inputs, Level 1 [Member]
Fair Value Inputs, Assets, Quantitative Information
Notes Payable, Fair Value Disclosure						$ 161,000
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Inputs, Assets, Quantitative Information
Interest Rate Derivative Assets, at Fair Value						300
Equipment [Member] | Impax Laboratories, Inc. [Member]
Fair Value Inputs, Assets, Quantitative Information
Finite-Lived Intangible Assets, Gross	$ 58
Finite-Lived Intangible Asset, Useful Life	5 years
Teva Pharmaceuticals [Member] | Milestone One [Member]
Fair Value Inputs, Assets, Quantitative Information
Contingent Liability Not Recognized	$ 25,000
Teva Pharmaceuticals [Member] | Milestone Two [Member]
Fair Value Inputs, Assets, Quantitative Information
Contingent Liability Not Recognized	15,000
Abbreviated New Drug Applications [Member] | Impax Laboratories, Inc. [Member]
Fair Value Inputs, Assets, Quantitative Information
Payments to Acquire Intangible Assets	2,300
Finite-Lived Intangible Assets, Gross	$ 1,000
Finite-Lived Intangible Asset, Useful Life	10 years
Acquisition Costs Capitalized	$ 100
Contingent Consideration In An Asset Purchase	$ 10,000
Abbreviated New Drug Applications [Member] | Impax Laboratories, Inc. [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate	15.00%
Abbreviated New Drug Applications [Member] | Impax Laboratories, Inc. [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate	10.00%
Abbreviated New Drug Applications [Member] | IDT Australia, Limited [Member]
Fair Value Inputs, Assets, Quantitative Information
Payments to Acquire Intangible Assets		$ 2,700
Finite-Lived Intangible Assets, Gross		$ 2,500
Finite-Lived Intangible Asset, Useful Life		10 years
Acquisition Costs Capitalized		$ 18
Abbreviated New Drug Applications [Member] | IDT Australia, Limited [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate		15.00%
Abbreviated New Drug Applications [Member] | IDT Australia, Limited [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate		10.00%
Acquired New Drug Applications [Member] | IDT Australia, Limited [Member]
Fair Value Inputs, Assets, Quantitative Information
Payments to Acquire Intangible Assets		$ 2,700
Finite-Lived Intangible Assets, Gross		$ 2,500
Finite-Lived Intangible Asset, Useful Life		10 years
Acquisition Costs Capitalized		$ 18
InventoryRawMaterials						$ 200
In Process Research and Development [Member] | Impax Laboratories, Inc. [Member]
Fair Value Inputs, Assets, Quantitative Information
Finite-Lived Intangible Assets, Gross	$ 1,300
In Process Research and Development [Member] | Impax Laboratories, Inc. [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate	75.00%
AstraZeneca AB and AstraZeneca UK Limited [Member] | New Drug Applications [Member]
Fair Value Inputs, Assets, Quantitative Information
Payments to Acquire Intangible Assets			46,500					46,500
Finite-Lived Intangible Assets, Gross			$ 46,700					$ 46,700
Finite-Lived Intangible Asset, Useful Life			10 years					10 years
Acquisition Costs Capitalized			$ 200
Accumulated Capitalized Interest Costs			200					$ 200
Contingent Consideration In An Asset Purchase			$ 3,000					$ 3,000
AstraZeneca AB and AstraZeneca UK Limited [Member] | New Drug Applications [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs, Assets, Quantitative Information
Fair Value Input Discount Rate								10.00%
[1]	Includes finished goods acquired in asset purchases (Note 12).

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) $ in Millions	1 Months Ended
	Aug. 07, 2018USD ($)
Subsequent Event [Member] | WellSpring Pharma Services Inc [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred	$ 18