Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SGNT | ' |
Entity Registrant Name | 'SAGENT PHARMACEUTICALS, INC. | ' |
Entity Central Index Key | '0001369786 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 31,910,255 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $136,280 | $42,332 |
Short-term investments | 18,995 | 113,810 |
Accounts receivable, net of chargebacks and other deductions | 33,880 | 23,033 |
Inventories, net | 43,301 | 46,481 |
Due from related party | 2,716 | 3,644 |
Prepaid expenses and other current assets | 4,598 | 6,491 |
Total current assets | 239,770 | 235,791 |
Property, plant, and equipment, net | 56,859 | 57,684 |
Investment in joint ventures | 4,539 | 2,063 |
Goodwill | 6,038 | 6,038 |
Intangible assets, net | 9,050 | 8,326 |
Other assets | 309 | 306 |
Total assets | 316,565 | 310,208 |
Current liabilities: | ' | ' |
Accounts payable | 27,314 | 24,010 |
Due to related party | 7,528 | 3,129 |
Accrued profit sharing | 7,231 | 8,740 |
Accrued liabilities | 14,137 | 13,931 |
Current portion of deferred purchase consideration | 8,624 | 3,381 |
Current portion of long-term debt | ' | 10,333 |
Total current liabilities | 64,834 | 63,524 |
Long term liabilities: | ' | ' |
Long-term portion of deferred purchase consideration | ' | 8,329 |
Other long-term liabilities | 1,981 | 2,329 |
Total liabilities | 66,815 | 74,182 |
Stockholders' equity: | ' | ' |
Common stock-$0.01 par value, 100,000,000 authorized and 31,899,410 and 28,192,824 outstanding at September 30, 2014 and December 31, 2013, respectively | 319 | 318 |
Additional paid-in capital | 353,358 | 349,278 |
Accumulated other comprehensive income | 17 | 487 |
Accumulated deficit | -103,944 | -114,057 |
Total stockholders' equity | 249,750 | 236,026 |
Total liabilities and stockholders' equity | $316,565 | $310,208 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, outstanding shares | 31,899,410 | 28,192,824 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net revenue | $65,359 | $60,842 | $205,422 | $180,644 |
Cost of sales | 46,589 | 42,255 | 143,676 | 120,381 |
Gross profit | 18,770 | 18,587 | 61,746 | 60,263 |
Operating expenses: | ' | ' | ' | ' |
Product development | 3,677 | 6,888 | 17,734 | 15,629 |
Selling, general and administrative | 10,914 | 9,083 | 31,622 | 26,030 |
Acquisition-related costs | 872 | ' | 872 | ' |
Equity in net (income) loss of joint ventures | -737 | -485 | -2,476 | 118 |
Total operating expenses | 14,726 | 15,486 | 47,752 | 41,777 |
Termination fee | ' | ' | ' | 5,000 |
Gain on previously held equity interest | ' | ' | ' | 2,936 |
Income from operations | 4,044 | 3,101 | 13,994 | 26,422 |
Interest income and other income (expense) | -536 | 44 | -465 | 94 |
Interest expense | -195 | -319 | -641 | -482 |
Income before income taxes | 3,313 | 2,826 | 12,888 | 26,034 |
Provision for income taxes | 1,387 | ' | 2,774 | ' |
Net income | $1,926 | $2,826 | $10,114 | $26,034 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.06 | $0.10 | $0.32 | $0.92 |
Diluted | $0.06 | $0.10 | $0.31 | $0.90 |
Weighted-average of shares used to compute net income per common share: | ' | ' | ' | ' |
Basic | 31,895 | 28,745 | 31,861 | 28,349 |
Diluted | 32,960 | 29,568 | 32,748 | 29,051 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $1,926 | $2,826 | $10,114 | $26,034 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | -2 | 170 | -448 | 464 |
Reclassification of cumulative currency translation gain | ' | ' | ' | -2,782 |
Reclassification of unrealized losses on available for sale securities | 49 | ' | 49 | ' |
Unrealized gains (losses) on available for sale securities | -101 | 21 | -22 | -71 |
Total other comprehensive income (loss), net of tax | -54 | 191 | -421 | -2,389 |
Comprehensive income | $1,872 | $3,017 | $9,693 | $23,645 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $10,114 | $26,034 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 6,307 | 4,166 |
Stock-based compensation | 3,657 | 4,230 |
Equity in net (income) loss of joint ventures | -2,476 | 118 |
Dividends from unconsolidated joint venture | ' | 1,995 |
Gain on previously held equity interest | ' | -2,936 |
Other | -200 | ' |
Changes in operating assets and liabilities, net of effect of acquisition: | ' | ' |
Accounts receivable, net | -10,848 | 6,818 |
Inventories | 3,180 | 892 |
Prepaid expenses and other current assets | 1,887 | -4,435 |
Due from related party | -728 | -6,261 |
Accounts payable and other accrued liabilities | 8,574 | 1,128 |
Net cash provided by operating activities | 19,467 | 31,749 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -2,875 | -783 |
Acquisition of business, net of cash acquired | -3,500 | -7,296 |
Investments in unconsolidated joint ventures | ' | -19 |
Purchases of investments | -80,998 | -220,719 |
Sale of investments | 174,722 | 146,528 |
Purchase of product rights | -2,863 | -2,364 |
Net cash provided by (used in) investing activities | 84,486 | -84,653 |
Cash flows from financing activities | ' | ' |
Reduction in short-term notes payable | -10,324 | ' |
Proceeds from issuance of common stock, net of issuance costs | 425 | 71,158 |
Payment of deferred financing costs | -75 | -28 |
Net cash (used in) provided by financing activities | -9,974 | 71,130 |
Effect of exchange rate movements on cash | -31 | 24 |
Net increase in cash and cash equivalents | 93,948 | 18,250 |
Cash and cash equivalents, at beginning of period | 42,332 | 27,687 |
Cash and cash equivalents, at end of period | $136,280 | $45,937 |
Basis_of_presentation
Basis of presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of presentation | ' |
Note 1. Basis of presentation: | |
Our interim condensed consolidated financial statements are unaudited. We prepared the condensed consolidated financial statements following rules for interim reporting as prescribed by the U.S. Securities and Exchange Commission (“SEC”). As permitted under those rules, we have condensed or omitted a number of footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). It is management’s opinion that these financial statements include all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, operating results and cash flows. Operating results for any interim period are not necessarily indicative of future or annual results. | |
We are organized as a single reportable segment comprised of operations which develop, source and market generic injectable products for sale in the United States, deriving a significant portion of our revenues from a single class of pharmaceutical wholesale customers in the United States. | |
The condensed consolidated financial statements include Sagent as well as our wholly owned subsidiaries as of the dates and for the periods presented. All material intercompany balances and transactions have been eliminated in consolidation. We account for our 50% investment in Sagent Agila LLC (formerly Sagent Strides LLC) using the equity method of accounting, as our interest in the entity provides for joint financial and operational control. | |
In June 2013, we acquired the remaining 50% interest in Kanghong Sagent (Chengdu) Pharmaceutical Co., Ltd. (“KSCP”), which we subsequently renamed Sagent (China) Pharmaceuticals Co., Ltd. (“SCP”), from our former joint venture partner. Accordingly, commencing as of June 30, 2013, our condensed consolidated financial statements include SCP as a wholly-owned subsidiary. Prior to the acquisition, we accounted for our investment in KSCP using the equity method of accounting, as our interest in the entity provided for joint financial and operational control. | |
Certain amounts previously included in accounts payable have been reclassified to accrued liabilities to conform to the current period presentation. | |
You should read these statements in conjunction with our consolidated financial statements and related notes for the year ended December 31, 2013, included in our Annual Report on Form 10-K filed with the SEC on March 7, 2014. | |
New accounting standards | |
In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. We are required to adopt this new guidance on January 1, 2017, using one of two prescribed retroactive methods. Early adoption is not permitted. We are evaluating the impact of the amended revenue recognition guidance on our consolidated financial statements. |
Acquisition
Acquisition | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Acquisition | ' | ||||||||
Note 2. Acquisition: | |||||||||
Remaining equity interest of SCP | |||||||||
On June 4, 2013, we acquired Chengdu Kanghong Pharmaceuticals (Group) Co. Ltd (“CKT”) 50% equity interest in KSCP for $25,000, payable in installments through September 2015. We acquired net tangible assets consisting of cash of $2,704, inventory of $2,396, prepaid assets of $196, and property, plant and equipment of $56,654, net of assumed liabilities, primarily long term bank loans of $19,095 and accrued compensation and other liabilities of $8,954. We recorded goodwill of $6,038 due to the synergies achieved by having control over the products and manufacturing at the SCP facility. | |||||||||
In September 2014, we made a $3,500 installment payment related to this acquisition. The remaining $9,000 installment is required to be paid by September 2015. | |||||||||
Product rights acquisitions | |||||||||
On December 12, 2013, we acquired two product rights, Mesna and Acetylcysteine, owned by Sagent Agila pursuant to an agreement with Mylan Inc. The total fair value of consideration transferred was $3,400, consisting of $3,200 of cash and $200 of contingent consideration | |||||||||
The following unaudited pro forma financial information reflects the consolidated results of operations of Sagent as if these acquisitions had taken place on January 1, 2013. The pro forma information includes acquisition and integration expenses. The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date. | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Net revenue | $ | 60,842 | $ | 180,644 | |||||
Net income | 2,826 | 19,405 | |||||||
Diluted income per common share | 0.1 | 0.67 | |||||||
On October 1, 2014 we acquired all of the issued and outstanding shares of the capital stock of Omega Laboratories Limited and 7685947 Canada Inc. (collectively, “Omega”), a privately held Canadian pharmaceutical and specialty healthcare products company. The Omega acquisition is described in greater detail in Note 19. Subsequent Events. |
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Note 3. Investments: | |||||||||||||||||||||||||
Our investments at September 30, 2014 were comprised of the following: | |||||||||||||||||||||||||
Cost basis | Unrealized | Unrealized | Recorded | Cash and | Short term | ||||||||||||||||||||
gains | losses | basis | cash | investments | |||||||||||||||||||||
equivalents | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash | $ | 123,647 | $ | — | $ | — | $ | 123,647 | $ | 123,647 | $ | — | |||||||||||||
Money market funds | 12,633 | — | — | 12,633 | 12,633 | — | |||||||||||||||||||
Commercial paper | 5,530 | — | — | 5,530 | — | 5,530 | |||||||||||||||||||
Corporate bonds and notes | 13,496 | 1 | (32 | ) | 13,465 | — | 13,465 | ||||||||||||||||||
$ | 155,306 | $ | 1 | $ | (32 | ) | $ | 155,275 | $ | 136,280 | $ | 18,995 | |||||||||||||
Investments with continuous unrealized losses for less than twelve months and their related fair values at September 30, 2014 were as follows: | |||||||||||||||||||||||||
Fair value | Unrealized | ||||||||||||||||||||||||
losses | |||||||||||||||||||||||||
Corporate bonds and notes | $ | 11,355 | $ | (32 | ) | ||||||||||||||||||||
Commercial paper | 2,530 | — | |||||||||||||||||||||||
$ | 13,885 | $ | (32 | ) | |||||||||||||||||||||
Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Because we do not currently intend to sell these investments, and it is not more likely than not that we will be required to sell our investments before recovery of their amortized cost basis, which may be maturity, we do not consider these investments to be other-than-temporarily impaired at September 30, 2014. | |||||||||||||||||||||||||
The original cost and estimated current fair value of our fixed-income securities at September 30, 2014 are set forth below. | |||||||||||||||||||||||||
Cost basis | Estimated fair | ||||||||||||||||||||||||
value | |||||||||||||||||||||||||
Due in one year or less | $ | 9,670 | $ | 9,671 | |||||||||||||||||||||
Due between one and five years | 9,356 | 9,324 | |||||||||||||||||||||||
$ | 19,026 | $ | 18,995 | ||||||||||||||||||||||
Inventories
Inventories | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Inventories | ' | ||||||||||||||||||||||||
Note 4. Inventories: | |||||||||||||||||||||||||
Inventories at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Approved | Pending | Inventory | Approved | Pending | Inventory | ||||||||||||||||||||
regulatory | regulatory | ||||||||||||||||||||||||
approval | approval | ||||||||||||||||||||||||
Finished goods | $ | 40,136 | $ | — | $ | 40,136 | $ | 44,510 | $ | 1,437 | $ | 45,947 | |||||||||||||
Raw materials | 5,305 | 2,803 | 8,108 | 5,614 | 19 | 5,633 | |||||||||||||||||||
Inventory reserve | (4,943 | ) | — | (4,943 | ) | (3,662 | ) | (1,437 | ) | (5,099 | ) | ||||||||||||||
$ | 40,498 | $ | 2,803 | $ | 43,301 | $ | 46,462 | $ | 19 | $ | 46,481 | ||||||||||||||
Property_plant_and_equipment
Property, plant and equipment | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, plant and equipment | ' | ||||||||
Note 5. Property, plant and equipment | |||||||||
Property, plant and equipment at September 30, 2014 and December 31, 2013 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 2,215 | $ | 2,235 | |||||
Buildings and improvements | 19,519 | 19,696 | |||||||
Machinery, equipment, furniture and fixtures | 38,447 | 38,000 | |||||||
Construction in process | 2,558 | 460 | |||||||
62,739 | 60,391 | ||||||||
Less accumulated depreciation | (5,880 | ) | (2,707 | ) | |||||
$ | 56,859 | $ | 57,684 | ||||||
Depreciation expense was $701 and $2,698 for the three and nine months ended September 30, 2014, respectively. |
Goodwill_and_Intangible_assets
Goodwill and Intangible assets, net | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible assets, net | ' | ||||||||||||||||||||||||
Note 6. Goodwill and Intangible assets, net: | |||||||||||||||||||||||||
Goodwill at September 30, 2014 and December 31, 2013 was $6,038, which was recorded in connection with our acquisition of the remaining equity interest in KSCP in June 2013. There were no reductions of goodwill relating to impairments for the three and nine months ended September 30, 2014. | |||||||||||||||||||||||||
Intangible assets at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross carrying | Accumulated | Intangible | Gross carrying | Accumulated | Intangible | ||||||||||||||||||||
amount | amortization | assets, net | amount | amortization | assets, net | ||||||||||||||||||||
Product licensing rights | $ | 6,748 | $ | (2,750 | ) | $ | 3,998 | $ | 5,941 | $ | (2,087 | ) | $ | 3,854 | |||||||||||
Product development rights | 3,832 | — | 3,832 | 3,252 | — | 3,252 | |||||||||||||||||||
Total definite-lived intangible assets | $ | 10,580 | $ | (2,750 | ) | $ | 7,830 | $ | 9,193 | $ | (2,087 | ) | $ | 7,106 | |||||||||||
In-process research and development (IPR&D) | $ | 1,220 | $ | — | $ | 1,220 | $ | 1,220 | $ | — | $ | 1,220 | |||||||||||||
Total intangible assets | $ | 11,800 | $ | (2,750 | ) | $ | 9,050 | $ | 10,413 | $ | (2,087 | ) | $ | 8,326 | |||||||||||
Changes in intangible assets were due to the following: | |||||||||||||||||||||||||
Product | Product | IPR&D | |||||||||||||||||||||||
licensing | development | ||||||||||||||||||||||||
rights | rights | ||||||||||||||||||||||||
December 31, 2013 | $ | 3,854 | $ | 3,252 | $ | 1,220 | |||||||||||||||||||
Purchase of product rights | 810 | 2,053 | — | ||||||||||||||||||||||
Amortization of product rights | (666 | ) | (1,473 | ) | — | ||||||||||||||||||||
September 30, 2014 | $ | 3,998 | $ | 3,832 | $ | 1,220 | |||||||||||||||||||
The weighted-average period prior to the next extension or renewal for the 27 products comprising our product licensing rights intangible asset was 69 months at September 30, 2014. | |||||||||||||||||||||||||
We currently estimate amortization expense over each of the next five years as follows: | |||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
For the year ending: | |||||||||||||||||||||||||
September 30, 2015 | $ | 4,512 | |||||||||||||||||||||||
September 30, 2016 | $ | 693 | |||||||||||||||||||||||
September 30, 2017 | $ | 609 | |||||||||||||||||||||||
September 30, 2018 | $ | 600 | |||||||||||||||||||||||
September 30, 2019 | $ | 533 |
Investment
Investment (Sagent Agila LLC) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Sagent Agila LLC | ' | ||||||||||||||||
Investment | ' | ||||||||||||||||
Note 7. Investment in Sagent Agila: | |||||||||||||||||
Changes in our investment in Sagent Agila during the nine months ended September 30, 2014 were as follows: | |||||||||||||||||
Investment in Sagent Agila at January 1, 2014 | $ | 2,063 | |||||||||||||||
Equity in net income of Sagent Agila | 2,476 | ||||||||||||||||
Investment in Sagent Agila at September 30, 2014 | $ | 4,539 | |||||||||||||||
Condensed statement of operations information of Sagent Agila is presented below. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Condensed statement of operations information | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues | $ | 1,516 | $ | 3,212 | $ | 6,249 | $ | 13,924 | |||||||||
Gross profit | 1,473 | 1,093 | 4,992 | 3,817 | |||||||||||||
Net income | 1,473 | 969 | 4,952 | 3,413 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt | ' |
Note 8. Debt: | |
SCP credit facilities | |
In connection with the acquisition of the remaining 50% equity interest in SCP in June 2013, we assumed two loan contracts with the Agricultural Bank of China Ltd. in the amount of RMB 37,000 ($6,069) and RMB 83,000 ($13,613) originally entered into in June 2011 and August 2010, respectively, (the “ABC Loans”) each with a five year term. Amounts outstanding under the ABC Loans bore an interest rate equal to the benchmark lending interest rate published by the People’s Bank of China, subject to adjustment every three months. As the interest rate resets on a quarterly basis, the fair value of our long-term debt approximated its carrying value. As of December 31, 2013 RMB 63,000 ($10,333) was outstanding under the ABC Loans. On January 2, 2014, we repaid in full the then-outstanding balance of the ABC Loans, totaling RMB 63,000 ($10,333). Upon prepayment of the ABC Loans, the loan contracts were terminated. No early termination fees were incurred as part of the prepayment of the ABC Loans. |
Accrued_liabilities
Accrued liabilities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accrued liabilities | ' | ||||||||
Note 9. Accrued liabilities: | |||||||||
Accrued liabilities at September 30, 2014 and December 31, 2013 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll and employee benefits | $ | 5,595 | $ | 6,224 | |||||
Sales and marketing | 5,015 | 5,305 | |||||||
Taxes payable | 1,564 | 895 | |||||||
Other accrued liabilities | 1,963 | 1,507 | |||||||
$ | 14,137 | $ | 13,931 | ||||||
Fair_value_measurements
Fair value measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair value measurements | ' | ||||||||||||||||
Note 10. Fair value measurements: | |||||||||||||||||
Assets measured at fair value on a recurring basis as of September 30, 2014 consisted of the following: | |||||||||||||||||
Total fair value | Quoted prices in | Significant other | Significant | ||||||||||||||
active markets | observable | unobservable | |||||||||||||||
for identical | inputs (Level 2) | inputs | |||||||||||||||
assets (Level 1) | (Level 3) | ||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 12,633 | $ | 12,633 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 13,465 | — | 13,465 | — | |||||||||||||
Commercial paper | 5,530 | — | 5,530 | — | |||||||||||||
Short-term investments | $ | 18,995 | $ | — | $ | 18,995 | $ | — | |||||||||
Total assets | $ | 31,628 | $ | 12,633 | $ | 18,995 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Contingent purchase consideration | $ | — | $ | — | $ | — | $ | — | |||||||||
Assets measured at fair value on a recurring basis as of December 31, 2013 consisted of the following: | |||||||||||||||||
Total fair value | Quoted prices in | Significant other | Significant | ||||||||||||||
active markets | observable | unobservable | |||||||||||||||
for identical | inputs (Level 2) | inputs | |||||||||||||||
assets (Level 1) | (Level 3) | ||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 11,592 | $ | 11,592 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 92,516 | — | 92,516 | — | |||||||||||||
Commercial paper | 21,294 | — | 21,294 | — | |||||||||||||
Short-term investments | $ | 113,810 | $ | — | $ | 113,810 | $ | — | |||||||||
Total assets | $ | 125,402 | $ | 11,592 | $ | 113,810 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Contingent purchase consideration | $ | 200 | $ | — | $ | — | $ | 200 | |||||||||
The fair value of our Level 2 investments is based on a combination of quoted market prices of similar securities and matrix pricing provided by third-party pricing services utilizing securities of similar quality and maturity. The fair value of our Level 3 contingent consideration is based upon a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the product approval date. | |||||||||||||||||
There were no transfers of assets between Level 1, Level 2 or Level 3 during the periods presented. | |||||||||||||||||
Changes in the fair value of our contingent purchase consideration measured using significant unobservable inputs (Level 3), during the nine months ending September 30, 2014 were as follows: | |||||||||||||||||
Balance at January 1, 2014 | $ | 200 | |||||||||||||||
Issuance of contingent purchase consideration | — | ||||||||||||||||
Change in fair value of contingent purchase consideration | (200 | ) | |||||||||||||||
Payment of contingent purchase consideration | — | ||||||||||||||||
Balance at September 30, 2014 | $ | — | |||||||||||||||
Accumulated_other_comprehensiv
Accumulated other comprehensive income | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accumulated other comprehensive income | ' | ||||||||
Note 11. Accumulated other comprehensive income: | |||||||||
Accumulated other comprehensive income at September 30, 2014 and December 31, 2013 is comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Currency translation adjustment, net of tax | $ | 48 | $ | 496 | |||||
Unrealized gains (losses) on available for sale securities, net of tax | (31 | ) | (9 | ) | |||||
Total accumulated other comprehensive income | $ | 17 | $ | 487 | |||||
During the three and nine months ended September 30, 2014, $49 of realized losses on available for sale securities, which have been included in interest income and other income (expense) in the condensed consolidated statements of operations, was reclassified from accumulated other comprehensive income based on the specific identification method. |
Earnings_per_share
Earnings per share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings per share | ' | ||||||||||||||||
Note 12. Earnings per share: | |||||||||||||||||
Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Because of their anti-dilutive effect, the following common share equivalents, comprised of restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the three and nine month periods ended September 30, 2014 and 2013, respectively: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Anti-dilutive shares (in thousands) | 435 | 923 | 1,124 | 1,212 | |||||||||||||
The table below presents the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic and dilutive numerator: | |||||||||||||||||
Net income, as reported | $ | 1,926 | $ | 2,826 | $ | 10,114 | $ | 26,034 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding - basic (in thousands) | 31,895 | 28,745 | 31,861 | 28,349 | |||||||||||||
Net effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock | 1,065 | 823 | 887 | 702 | |||||||||||||
Weighted-average common shares outstanding - diluted (in thousands) | 32,960 | 29,568 | 32,748 | 29,051 | |||||||||||||
Net income per common share (basic) | $ | 0.06 | $ | 0.1 | $ | 0.32 | $ | 0.92 | |||||||||
Net income per common share (diluted) | $ | 0.06 | $ | 0.1 | $ | 0.31 | $ | 0.9 | |||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Note 13. Stock-based compensation: | |||||||||||||||||
The table below presents the change in stock options, restricted stock units (RSUs) and restricted stock awards (RSAs) for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options (in thousands): | |||||||||||||||||
Stock options granted | 2 | 5 | 261 | 380 | |||||||||||||
Stock options exercised | 16 | 29 | 90 | 96 | |||||||||||||
Aggregate intrinsic value of stock options exercised (in thousands) | $ | 319 | $ | 489 | $ | 1,522 | $ | 1,225 | |||||||||
Restricted Stock Units (RSUs) (in thousands): | |||||||||||||||||
RSUs granted | — | — | 19 | 15 | |||||||||||||
Restricted Stock Awards (RSAs) (in thousands): | |||||||||||||||||
RSAs granted | — | — | 48 | 42 |
Net_Revenue_by_Product
Net Revenue by Product | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Net Revenue by Product | ' | ||||||||||||||||
Note 14. Net revenue by product: | |||||||||||||||||
Net revenue by product line is as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Therapeutic class: | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Anti-infective | $ | 21,370 | $ | 24,026 | $ | 74,896 | $ | 65,921 | |||||||||
Critical care | 21,530 | 15,638 | 62,153 | 48,381 | |||||||||||||
Oncology | 22,459 | 21,178 | 68,373 | 66,342 | |||||||||||||
$ | 65,359 | $ | 60,842 | $ | 205,422 | $ | 180,644 | ||||||||||
Related_party_transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related party transactions | ' |
Note 15. Related party transactions: | |
As of September 30, 2014 and December 31, 2013, respectively, we had a receivable of $2,716 and $3,644 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. As of September 30, 2014 and December 31, 2013, respectively, we had a payable of $7,528 and $3,129 to Sagent Agila LLC, principally for the acquisition of inventory and amounts due under profit-sharing arrangements. There were no profit sharing receipts distributed to Sagent Agila LLC’s joint venture partners during the nine months ended September 30, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes | ' |
Note 16. Income Taxes: | |
2014 tax provision | |
Our provision for income taxes for the three and nine months ended September 30, 2014 was $1,387 and $2,774 respectively. Our provision for income taxes represents the alternative minimum tax (“AMT”) payable in the United States for 2014 and $933 in both the three and nine months ended September 30, 2014, respectively, of income taxes payable related to certain states where we believe, due to changes in current facts and circumstances, the probable outcome of our tax filing position, if audited, has changed. As we have recorded a full valuation allowance against our net domestic deferred tax assets, our AMT payable is recorded as tax expense. | |
Valuation Allowance | |
We recorded a full valuation allowance in 2007 due to our cumulative loss position at that time. At September 30, 2014, we had approximately a $25,000 valuation allowance established against our domestic deferred income tax assets, which represents a full valuation allowance against our net domestic deferred income tax assets. | |
We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets. We establish valuation allowances if it is not likely we will realize our deferred income tax assets. In making this determination, we consider all available positive and negative evidence and make certain assumptions. We consider, among other things, our deferred tax liabilities, the overall business environment, our historical financial results, our industry’s historically cyclical financial results and potential current and future tax planning strategies. | |
During the first quarter of 2014, we moved from a cumulative loss position over the previous three years to a cumulative income position for the first time since we established the full valuation allowance. While this is positive evidence, we have concluded as of September 30, 2014 that the valuation allowance was still needed on our net domestic deferred tax assets based upon the weight of the factors described above, especially considering our history that included six consecutive years of losses. We continue to evaluate our cumulative income position and income trend as well as our future projections of sustained profitability. We evaluate whether this profitability trend constitutes sufficient positive evidence to support a reversal of our valuation allowance (in full or in part). If this profitability trend continues for the remainder of 2014 and this level of profitability is projected in the future, we anticipate that we may reverse substantially all of our domestic valuation allowance as early as the end of 2014. |
Actavis_contract_termination
Actavis contract termination | 9 Months Ended |
Sep. 30, 2014 | |
Actavis contract termination | ' |
Note 17. Actavis contract termination: | |
In March 2013, we agreed with Actavis, LLC (“Actavis”), a contract manufacturer of the Company, to terminate our development, manufacturing and supply agreement, effective December 31, 2014. As consideration for the termination of the agreement, we received a greater percentage of the net profit from sales of products during the remaining term of the agreement and a one-time, non-refundable payment of $5,000, which is not subject to future performance. This payment is included in Termination fee in our condensed consolidated statement of operations for the nine months ended September 30, 2013. |
Commitments_and_contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and contingencies | ' |
Note 18. Commitments and contingencies: | |
Litigation | |
From time to time, we are subject to claims and litigation arising in the ordinary course of business. These claims may include assertions that our products infringe existing patents and claims that the use of our products has caused personal injuries. We intend to vigorously defend any such litigation that may arise under all defenses that would be available to us. | |
Zoledronic Acid (Generic versions of Zometa® and Reclast®). On February 20, 2013, Novartis Pharmaceuticals Corporation (“Novartis”) sued the Company and several other defendants in the United States District Court for the District of New Jersey (Novartis Pharmaceuticals Corporation v. Actavis, LLC, et. al., Case No. 13-cv-1028), alleging, among other things, that sales of the Company’s (i) zoledronic acid premix bag (4mg/100ml), made by ACS Dobfar Info S.A. (“Info”), also a defendant, a generic version of Novartis’ Zometa® ready to use bottle, would infringe U.S. Patent No. 7,932,241 (the “241 Patent”) and U.S. Patent No. 8,324,189 (the “189 Patent”) and (ii) zoledronic acid premix bag (5mg/100ml), also made by Info, a generic version of Novartis’ Reclast® ready to use bottle, would infringe U.S. Patent No. 8,052,987 and the 241 Patent, and (iii) zoledronic acid vial (4mg/5ml), made by Actavis LLC, also a defendant, a generic version of Novartis’ Zometa® vial, would infringe the 189 Patent. On March 1, 2013, the District Court denied Novartis’ request for a temporary restraining order and a preliminary injunction against the Company and the other defendants, including Actavis and Info. | |
As of March 6, 2013, the Company, began selling Actavis’ zoledronic acid vial product, a generic version of Zometa® and as of August 27, 2013 and October 1, 2013, the Company began selling zoledronic acid premix bags in 4mg/100ml and 5mg/100ml presentations, respectively. | |
The Company believes it has substantial meritorious defenses to the case, and the Company has sold and will continue to sell these products. While an estimate of the potential loss resulting from an adverse final determination that one of the patents in suit is valid and infringed cannot currently be made as specific monetary damages have not been asserted, an adverse final determination could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. | |
At this time, there are no other proceedings of which we are aware that are considered likely to have a material adverse effect on the consolidated financial position or results of operations. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events | ' |
Note 19: Subsequent Events | |
Omega Acquisition | |
On October 1, 2014, we and our newly formed, wholly-owned subsidiary, Sagent Acquisition Corp., a Canadian company (“Acquisition Corp”) entered into a Share Purchase Agreement (the “SPA”) with the several shareholders (the “Sellers”) of Omega, a privately held Canadian pharmaceutical and specialty healthcare products company. Pursuant to the SPA, Acquisition Corp acquired all of the issued and outstanding shares of the capital stock of Omega in exchange for approximately $85.3 million (C$95.0 million). The final purchase price is subject to post-closing adjustments for working capital, indebtedness and cash outlays related to Omega’s capital expansion project as provided in the SPA, which at closing were estimated to be C$2.0 million at closing, resulting in a net cash consideration paid at closing of $83.2 million (C$93.0 million). The cash consideration payable at closing was funded by us from available cash on hand. | |
The initial accounting for this acquisition, which is subject to fair market valuations which were impractical to complete, will be completed in the fourth quarter of fiscal 2014, and is expected to result in the recognition of intangible assets and goodwill. We expect that Omega will be reported as a separate reportable segment in our consolidated financial statements beginning with the fourth quarter of 2014. | |
Revolving credit facility | |
On October 31, 2014, we entered into a credit agreement with JPMorgan Chase Bank, N.A., (the “Chase Agreement”). The Chase Agreement provides for an $80,000 asset based revolving credit loan facility, with availability subject to a borrowing base consisting of eligible cash, short-term investments, accounts receivable and inventory and the satisfaction of conditions precedent specified in the Chase Agreement. The Chase Agreement provides for an accordion feature, whereby we may increase the revolving commitment up to an additional $25,000, subject to certain customary terms and conditions, including pro-forma compliance with a fixed charge coverage ratio (as defined in the Chase Agreement) of 1.00 to 1. 00. The Chase Agreement matures on October 31, 2019, at which time all amounts outstanding will be due and payable. Borrowings under the Chase Agreement may be used for general corporate purposes, including funding working capital. Amounts drawn bear an interest rate equal to, at our option, either a Eurodollar rate plus 2.00% per annum or an alternative base rate plus 1.00% per annum. We also incur a commitment fee on undrawn amounts equal to 0.25% per annum. | |
The Chase Agreement is guaranteed by our parent company at the time of closing and is secured by a lien on substantially all of our parent company and our principal domestic subsidiary’s assets and any future domestic subsidiary’s guarantor’s assets. The same assets may also be used to secure, and we may guaranty, a loan by an affiliate of JPMorgan Chase Bank, N.A. to our Chinese subsidiary for the construction of a new manufacturing line. The Chase Agreement includes customary covenants and also imposes a financial covenant requiring compliance with a minimum fixed charge coverage ratio of 1.00 to 1.00 during certain covenant testing times triggered if availability under the Chase Agreement is below the greater of 10% of the revolving commitment and $8,000. | |
Concurrent with entering the Chase Agreement, we terminated our existing revolving credit facility through Silicon Valley Bank, and repaid certain associated fees. Included with the fees was $1,050 of early termination fees that had previously been deferred by Silicon Valley Bank as part of entering their revolving credit facility in February 2012. This amount will be included within interest expense in the condensed consolidated statement of operations in the fourth quarter of 2014. Concurrent with the repayment and termination of the agreement, all liens and security interests against our property that secured the obligations under our existing revolving credit facility were released and discharged. Loans under the Chase Agreement are secured by a lien on substantially all of our and our principal domestic operating subsidiary’s assets. |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Consolidated Pro Forma Operations Results in Acquisitions | ' | ||||||||
The pro forma information includes acquisition and integration expenses. The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date. | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Net revenue | $ | 60,842 | $ | 180,644 | |||||
Net income | 2,826 | 19,405 | |||||||
Diluted income per common share | 0.1 | 0.67 |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Our investments at September 30, 2014 were comprised of the following: | |||||||||||||||||||||||||
Cost basis | Unrealized | Unrealized | Recorded | Cash and | Short term | ||||||||||||||||||||
gains | losses | basis | cash | investments | |||||||||||||||||||||
equivalents | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash | $ | 123,647 | $ | — | $ | — | $ | 123,647 | $ | 123,647 | $ | — | |||||||||||||
Money market funds | 12,633 | — | — | 12,633 | 12,633 | — | |||||||||||||||||||
Commercial paper | 5,530 | — | — | 5,530 | — | 5,530 | |||||||||||||||||||
Corporate bonds and notes | 13,496 | 1 | (32 | ) | 13,465 | — | 13,465 | ||||||||||||||||||
$ | 155,306 | $ | 1 | $ | (32 | ) | $ | 155,275 | $ | 136,280 | $ | 18,995 | |||||||||||||
Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values | ' | ||||||||||||||||||||||||
Investments with continuous unrealized losses for less than twelve months and their related fair values at September 30, 2014 were as follows: | |||||||||||||||||||||||||
Fair value | Unrealized | ||||||||||||||||||||||||
losses | |||||||||||||||||||||||||
Corporate bonds and notes | $ | 11,355 | $ | (32 | ) | ||||||||||||||||||||
Commercial paper | 2,530 | — | |||||||||||||||||||||||
$ | 13,885 | $ | (32 | ) | |||||||||||||||||||||
Cost and Estimated Current Fair Value of Fixed-Income Securities | ' | ||||||||||||||||||||||||
The original cost and estimated current fair value of our fixed-income securities at September 30, 2014 are set forth below. | |||||||||||||||||||||||||
Cost basis | Estimated fair | ||||||||||||||||||||||||
value | |||||||||||||||||||||||||
Due in one year or less | $ | 9,670 | $ | 9,671 | |||||||||||||||||||||
Due between one and five years | 9,356 | 9,324 | |||||||||||||||||||||||
$ | 19,026 | $ | 18,995 | ||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Inventory Valuation | ' | ||||||||||||||||||||||||
Inventories at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Approved | Pending | Inventory | Approved | Pending | Inventory | ||||||||||||||||||||
regulatory | regulatory | ||||||||||||||||||||||||
approval | approval | ||||||||||||||||||||||||
Finished goods | $ | 40,136 | $ | — | $ | 40,136 | $ | 44,510 | $ | 1,437 | $ | 45,947 | |||||||||||||
Raw materials | 5,305 | 2,803 | 8,108 | 5,614 | 19 | 5,633 | |||||||||||||||||||
Inventory reserve | (4,943 | ) | — | (4,943 | ) | (3,662 | ) | (1,437 | ) | (5,099 | ) | ||||||||||||||
$ | 40,498 | $ | 2,803 | $ | 43,301 | $ | 46,462 | $ | 19 | $ | 46,481 | ||||||||||||||
Property_plant_and_equipment_T
Property, plant and equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment at September 30, 2014 and December 31, 2013 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 2,215 | $ | 2,235 | |||||
Buildings and improvements | 19,519 | 19,696 | |||||||
Machinery, equipment, furniture and fixtures | 38,447 | 38,000 | |||||||
Construction in process | 2,558 | 460 | |||||||
62,739 | 60,391 | ||||||||
Less accumulated depreciation | (5,880 | ) | (2,707 | ) | |||||
$ | 56,859 | $ | 57,684 | ||||||
Goodwill_and_Intangible_assets1
Goodwill and Intangible assets, net (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Schedule of Intangible Assets - Indefinite Lived | ' | ||||||||||||||||||||||||
Intangible assets at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross carrying | Accumulated | Intangible | Gross carrying | Accumulated | Intangible | ||||||||||||||||||||
amount | amortization | assets, net | amount | amortization | assets, net | ||||||||||||||||||||
Product licensing rights | $ | 6,748 | $ | (2,750 | ) | $ | 3,998 | $ | 5,941 | $ | (2,087 | ) | $ | 3,854 | |||||||||||
Product development rights | 3,832 | — | 3,832 | 3,252 | — | 3,252 | |||||||||||||||||||
Total definite-lived intangible assets | $ | 10,580 | $ | (2,750 | ) | $ | 7,830 | $ | 9,193 | $ | (2,087 | ) | $ | 7,106 | |||||||||||
In-process research and development (IPR&D) | $ | 1,220 | $ | — | $ | 1,220 | $ | 1,220 | $ | — | $ | 1,220 | |||||||||||||
Total intangible assets | $ | 11,800 | $ | (2,750 | ) | $ | 9,050 | $ | 10,413 | $ | (2,087 | ) | $ | 8,326 | |||||||||||
Schedule of Intangible Assets - Finite lived | ' | ||||||||||||||||||||||||
Intangible assets at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross carrying | Accumulated | Intangible | Gross carrying | Accumulated | Intangible | ||||||||||||||||||||
amount | amortization | assets, net | amount | amortization | assets, net | ||||||||||||||||||||
Product licensing rights | $ | 6,748 | $ | (2,750 | ) | $ | 3,998 | $ | 5,941 | $ | (2,087 | ) | $ | 3,854 | |||||||||||
Product development rights | 3,832 | — | 3,832 | 3,252 | — | 3,252 | |||||||||||||||||||
Total definite-lived intangible assets | $ | 10,580 | $ | (2,750 | ) | $ | 7,830 | $ | 9,193 | $ | (2,087 | ) | $ | 7,106 | |||||||||||
In-process research and development (IPR&D) | $ | 1,220 | $ | — | $ | 1,220 | $ | 1,220 | $ | — | $ | 1,220 | |||||||||||||
Total intangible assets | $ | 11,800 | $ | (2,750 | ) | $ | 9,050 | $ | 10,413 | $ | (2,087 | ) | $ | 8,326 | |||||||||||
Changes in Intangible Assets | ' | ||||||||||||||||||||||||
Changes in intangible assets were due to the following: | |||||||||||||||||||||||||
Product | Product | IPR&D | |||||||||||||||||||||||
licensing | development | ||||||||||||||||||||||||
rights | rights | ||||||||||||||||||||||||
December 31, 2013 | $ | 3,854 | $ | 3,252 | $ | 1,220 | |||||||||||||||||||
Purchase of product rights | 810 | 2,053 | — | ||||||||||||||||||||||
Amortization of product rights | (666 | ) | (1,473 | ) | — | ||||||||||||||||||||
September 30, 2014 | $ | 3,998 | $ | 3,832 | $ | 1,220 | |||||||||||||||||||
Schedule of Estimate Amortization Expense over Each of the Next Five Years | ' | ||||||||||||||||||||||||
We currently estimate amortization expense over each of the next five years as follows: | |||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
For the year ending: | |||||||||||||||||||||||||
September 30, 2015 | $ | 4,512 | |||||||||||||||||||||||
September 30, 2016 | $ | 693 | |||||||||||||||||||||||
September 30, 2017 | $ | 609 | |||||||||||||||||||||||
September 30, 2018 | $ | 600 | |||||||||||||||||||||||
September 30, 2019 | $ | 533 |
Investment_Tables
Investment (Tables) (Sagent Agila LLC) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Sagent Agila LLC | ' | ||||||||||||||||
Changes in Investment | ' | ||||||||||||||||
Changes in our investment in Sagent Agila during the nine months ended September 30, 2014 were as follows: | |||||||||||||||||
Investment in Sagent Agila at January 1, 2014 | $ | 2,063 | |||||||||||||||
Equity in net income of Sagent Agila | 2,476 | ||||||||||||||||
Investment in Sagent Agila at September 30, 2014 | $ | 4,539 | |||||||||||||||
Condensed Statement of Operations Information | ' | ||||||||||||||||
Condensed statement of operations information of Sagent Agila is presented below. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Condensed statement of operations information | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues | $ | 1,516 | $ | 3,212 | $ | 6,249 | $ | 13,924 | |||||||||
Gross profit | 1,473 | 1,093 | 4,992 | 3,817 | |||||||||||||
Net income | 1,473 | 969 | 4,952 | 3,413 |
Accrued_liabilities_Tables
Accrued liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities at September 30, 2014 and December 31, 2013 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll and employee benefits | $ | 5,595 | $ | 6,224 | |||||
Sales and marketing | 5,015 | 5,305 | |||||||
Taxes payable | 1,564 | 895 | |||||||
Other accrued liabilities | 1,963 | 1,507 | |||||||
$ | 14,137 | $ | 13,931 | ||||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis as of September 30, 2014 consisted of the following: | |||||||||||||||||
Total fair value | Quoted prices in | Significant other | Significant | ||||||||||||||
active markets | observable | unobservable | |||||||||||||||
for identical | inputs (Level 2) | inputs | |||||||||||||||
assets (Level 1) | (Level 3) | ||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 12,633 | $ | 12,633 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 13,465 | — | 13,465 | — | |||||||||||||
Commercial paper | 5,530 | — | 5,530 | — | |||||||||||||
Short-term investments | $ | 18,995 | $ | — | $ | 18,995 | $ | — | |||||||||
Total assets | $ | 31,628 | $ | 12,633 | $ | 18,995 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Contingent purchase consideration | $ | — | $ | — | $ | — | $ | — | |||||||||
Assets measured at fair value on a recurring basis as of December 31, 2013 consisted of the following: | |||||||||||||||||
Total fair value | Quoted prices in | Significant other | Significant | ||||||||||||||
active markets | observable | unobservable | |||||||||||||||
for identical | inputs (Level 2) | inputs | |||||||||||||||
assets (Level 1) | (Level 3) | ||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 11,592 | $ | 11,592 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 92,516 | — | 92,516 | — | |||||||||||||
Commercial paper | 21,294 | — | 21,294 | — | |||||||||||||
Short-term investments | $ | 113,810 | $ | — | $ | 113,810 | $ | — | |||||||||
Total assets | $ | 125,402 | $ | 11,592 | $ | 113,810 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Contingent purchase consideration | $ | 200 | $ | — | $ | — | $ | 200 | |||||||||
Summary of Fair Value of Preferred Stock Warrants Measured Using Significant Unobservable Inputs | ' | ||||||||||||||||
Changes in the fair value of our contingent purchase consideration measured using significant unobservable inputs (Level 3), during the nine months ending September 30, 2014 were as follows: | |||||||||||||||||
Balance at January 1, 2014 | $ | 200 | |||||||||||||||
Issuance of contingent purchase consideration | — | ||||||||||||||||
Change in fair value of contingent purchase consideration | (200 | ) | |||||||||||||||
Payment of contingent purchase consideration | — | ||||||||||||||||
Balance at September 30, 2014 | $ | — | |||||||||||||||
Accumulated_other_comprehensiv1
Accumulated other comprehensive income (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accumulated Other Comprehensive Income | ' | ||||||||
Accumulated other comprehensive income at September 30, 2014 and December 31, 2013 is comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Currency translation adjustment, net of tax | $ | 48 | $ | 496 | |||||
Unrealized gains (losses) on available for sale securities, net of tax | (31 | ) | (9 | ) | |||||
Total accumulated other comprehensive income | $ | 17 | $ | 487 | |||||
Earnings_per_share_Tables
Earnings per share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Anti-Dilutive Share Excluded from Calculation of Diluted Earnings per Share | ' | ||||||||||||||||
Because of their anti-dilutive effect, the following common share equivalents, comprised of restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the three and nine month periods ended September 30, 2014 and 2013, respectively: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Anti-dilutive shares (in thousands) | 435 | 923 | 1,124 | 1,212 | |||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | ||||||||||||||||
The table below presents the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic and dilutive numerator: | |||||||||||||||||
Net income, as reported | $ | 1,926 | $ | 2,826 | $ | 10,114 | $ | 26,034 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding - basic (in thousands) | 31,895 | 28,745 | 31,861 | 28,349 | |||||||||||||
Net effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock | 1,065 | 823 | 887 | 702 | |||||||||||||
Weighted-average common shares outstanding - diluted (in thousands) | 32,960 | 29,568 | 32,748 | 29,051 | |||||||||||||
Net income per common share (basic) | $ | 0.06 | $ | 0.1 | $ | 0.32 | $ | 0.92 | |||||||||
Net income per common share (diluted) | $ | 0.06 | $ | 0.1 | $ | 0.31 | $ | 0.9 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule of Change in Stock Options, Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) | ' | ||||||||||||||||
The table below presents the change in stock options, restricted stock units (RSUs) and restricted stock awards (RSAs) for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options (in thousands): | |||||||||||||||||
Stock options granted | 2 | 5 | 261 | 380 | |||||||||||||
Stock options exercised | 16 | 29 | 90 | 96 | |||||||||||||
Aggregate intrinsic value of stock options exercised (in thousands) | $ | 319 | $ | 489 | $ | 1,522 | $ | 1,225 | |||||||||
Restricted Stock Units (RSUs) (in thousands): | |||||||||||||||||
RSUs granted | — | — | 19 | 15 | |||||||||||||
Restricted Stock Awards (RSAs) (in thousands): | |||||||||||||||||
RSAs granted | — | — | 48 | 42 |
Net_Revenue_by_Product_Tables
Net Revenue by Product (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule of Net Revenue by Therapeutic Class | ' | ||||||||||||||||
Net revenue by product line is as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Therapeutic class: | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Anti-infective | $ | 21,370 | $ | 24,026 | $ | 74,896 | $ | 65,921 | |||||||||
Critical care | 21,530 | 15,638 | 62,153 | 48,381 | |||||||||||||
Oncology | 22,459 | 21,178 | 68,373 | 66,342 | |||||||||||||
$ | 65,359 | $ | 60,842 | $ | 205,422 | $ | 180,644 | ||||||||||
Basis_of_presentation_Addition
Basis of presentation - Additional Information (Detail) | Sep. 30, 2014 | Jun. 30, 2013 |
Sagent Agila LLC | KSCP | |
Basis of Presentation [Line Items] | ' | ' |
Joint venture, ownership interest percentage | 50.00% | ' |
Percentage of remaining equity interest acquired | ' | 50.00% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 04, 2013 | Sep. 30, 2014 | Jun. 04, 2013 | Dec. 12, 2013 |
SCP | SCP | SCP | Mylan Inc | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of remaining equity interest acquired | ' | ' | ' | ' | ' | 50.00% | ' |
Business acquisition, purchase price | ' | ' | ' | $25,000 | ' | ' | $3,400 |
Cash | ' | ' | ' | ' | ' | 2,704 | ' |
Inventory | ' | ' | ' | ' | ' | 2,396 | ' |
Prepaid assets | ' | ' | ' | ' | ' | 196 | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | 56,654 | ' |
Long term bank loans | ' | ' | ' | ' | ' | 19,095 | ' |
Accrued compensation and other liabilities | ' | ' | ' | ' | ' | 8,954 | ' |
Goodwill | 6,038 | ' | 6,038 | ' | ' | 6,038 | ' |
Acquisition related installment payment made | 3,500 | 7,296 | ' | ' | 3,500 | ' | ' |
Acquisition related remaining installment due in next year | ' | ' | ' | ' | 9,000 | ' | ' |
Business acquisition, gross consideration paid | ' | ' | ' | ' | ' | ' | 3,200 |
Contingent consideration | ' | ' | ' | ' | ' | ' | $200 |
Consolidated_Pro_Forma_Operati
Consolidated Pro Forma Operations Results in Acquisitions (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Net revenue | $60,842 | $180,644 |
Net income | $2,826 | $19,405 |
Diluted income per common share | $0.10 | $0.67 |
Investments_Detail
Investments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | $155,306 | ' | ' | ' |
Unrealized gains | 1 | ' | ' | ' |
Unrealized losses | -32 | ' | ' | ' |
Recorded basis | 155,275 | ' | ' | ' |
Cash and cash equivalents | 136,280 | 42,332 | 45,937 | 27,687 |
Short term investments | 18,995 | 113,810 | ' | ' |
Cash | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | 123,647 | ' | ' | ' |
Recorded basis | 123,647 | ' | ' | ' |
Cash and cash equivalents | 123,647 | ' | ' | ' |
Money market funds | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | 12,633 | ' | ' | ' |
Recorded basis | 12,633 | ' | ' | ' |
Cash and cash equivalents | 12,633 | ' | ' | ' |
Commercial paper | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | 5,530 | ' | ' | ' |
Recorded basis | 5,530 | ' | ' | ' |
Short term investments | 5,530 | ' | ' | ' |
Corporate bonds and notes | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | 13,496 | ' | ' | ' |
Unrealized gains | 1 | ' | ' | ' |
Unrealized losses | -32 | ' | ' | ' |
Recorded basis | 13,465 | ' | ' | ' |
Short term investments | $13,465 | ' | ' | ' |
Investments_with_Continuous_Un
Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair value | $13,885 |
Unrealized losses | -32 |
Corporate bonds and notes | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair value | 11,355 |
Unrealized losses | -32 |
Commercial paper | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair value | $2,530 |
Cost_and_Estimated_Current_Fai
Cost and Estimated Current Fair Value of Fixed-Income Securities (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Due in one year or less, cost basis | $9,670 |
Due between one and five years, cost basis | 9,356 |
Total fixed income securities, cost basis | 19,026 |
Due in one year or less, Estimated fair value | 9,671 |
Due between one and five years, Estimated fair value | 9,324 |
Total fixed income securities, Estimated fair value | $18,995 |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished goods | $40,136 | $45,947 |
Raw materials | 8,108 | 5,633 |
Inventory reserve | -4,943 | -5,099 |
Inventory, Net, Total | 43,301 | 46,481 |
Approved | ' | ' |
Inventory [Line Items] | ' | ' |
Finished goods | 40,136 | 44,510 |
Raw materials | 5,305 | 5,614 |
Inventory reserve | -4,943 | -3,662 |
Inventory, Net, Total | 40,498 | 46,462 |
Pending Regulatory Approval | ' | ' |
Inventory [Line Items] | ' | ' |
Finished goods | ' | 1,437 |
Raw materials | 2,803 | 19 |
Inventory reserve | ' | -1,437 |
Inventory, Net, Total | $2,803 | $19 |
Property_Plant_and_Equipment_D
Property Plant and Equipment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | $62,739 | $60,391 |
Less accumulated depreciation | -5,880 | -2,707 |
Property Plant and equipment after depreciation | 56,859 | 57,684 |
Land and Land Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | 2,215 | 2,235 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | 19,519 | 19,696 |
Machinery, equipment, furniture, and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | 38,447 | 38,000 |
Construction in process | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | $2,558 | $460 |
Property_Plant_and_Equipment_A
Property Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation expense | $701 | $2,698 |
Goodwill_and_Intangible_assets2
Goodwill and Intangible assets, net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Right | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill acquired | ' | $6,038,000 | $6,038,000 |
Goodwill impairment | $0 | $0 | ' |
Number of products | ' | 27 | ' |
Product Licensing Rights | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted-average period prior to next extension or renewal of intangible asset | ' | '69 months | ' |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Definite-lived intangible assets, Gross carrying amount | $10,580 | $9,193 |
Definite-lived intangible assets, Accumulated amortization | -2,750 | -2,087 |
Definite-lived intangible assets, net | 7,830 | 7,106 |
Intangible assets, Gross carrying amount | 11,800 | 10,413 |
Intangible assets, Accumulated amortization | -2,750 | -2,087 |
Intangible assets, net | 9,050 | 8,326 |
Product Licensing Rights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Definite-lived intangible assets, Gross carrying amount | 6,748 | 5,941 |
Definite-lived intangible assets, Accumulated amortization | -2,750 | -2,087 |
Definite-lived intangible assets, net | 3,998 | 3,854 |
Intangible assets, Accumulated amortization | -666 | ' |
Product Development Rights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Definite-lived intangible assets, Gross carrying amount | 3,832 | 3,252 |
Definite-lived intangible assets, net | 3,832 | 3,252 |
Intangible assets, Accumulated amortization | -1,473 | ' |
IPR&D | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived IPR&D, Gross carrying amount | 1,220 | 1,220 |
Indefinite-lived IPR&D, Accumulated amortization | ' | ' |
Indefinite-lived IPR&D, Intangible assets, net | $1,220 | $1,220 |
Changes_in_Intangible_Assets_D
Changes in Intangible Assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Intangible Assets Disclosure [Line Items] | ' | ' |
Beginning Balance | $7,106 | ' |
Amortization of product rights | -2,750 | -2,087 |
Ending Balance | 7,830 | 7,106 |
IPR&D | ' | ' |
Intangible Assets Disclosure [Line Items] | ' | ' |
Beginning Balance | 1,220 | ' |
Purchase of product rights | ' | ' |
Amortization of product rights | ' | ' |
Ending Balance | 1,220 | ' |
Product Licensing Rights | ' | ' |
Intangible Assets Disclosure [Line Items] | ' | ' |
Beginning Balance | 3,854 | ' |
Purchase of product rights | 810 | ' |
Amortization of product rights | -666 | ' |
Ending Balance | 3,998 | ' |
Product Development Rights | ' | ' |
Intangible Assets Disclosure [Line Items] | ' | ' |
Beginning Balance | 3,252 | ' |
Purchase of product rights | 2,053 | ' |
Amortization of product rights | -1,473 | ' |
Ending Balance | $3,832 | ' |
Schedule_of_Estimate_Amortizat
Schedule of Estimate Amortization Expense over Each of the Next Five Years (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
For the year ending September 30, 2015 | $4,512 |
For the year ending September 30, 2016 | 693 |
For the year ending September 30, 2017 | 609 |
For the year ending September 30, 2018 | 600 |
For the year ending September 30, 2019 | $533 |
Changes_in_Investment_of_Sagen
Changes in Investment of Sagent Agila (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Investment at beginning of the period | ' | ' | $2,063 | ' |
Equity in net loss (income) of joint ventures | -737 | -485 | -2,476 | 118 |
Investment at end of the period | 4,539 | ' | 4,539 | ' |
Sagent Agila LLC | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Investment at beginning of the period | ' | ' | 2,063 | ' |
Equity in net loss (income) of joint ventures | ' | ' | 2,476 | ' |
Investment at end of the period | $4,539 | ' | $4,539 | ' |
Condensed_Statement_of_Operati
Condensed Statement of Operations Information (Detail) (Sagent Agila LLC, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Sagent Agila LLC | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net revenues | $1,516 | $3,212 | $6,249 | $13,924 |
Gross profit | 1,473 | 1,093 | 4,992 | 3,817 |
Net income | $1,473 | $969 | $4,952 | $3,413 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 0 Months Ended | 9 Months Ended | |||||||
Jan. 02, 2014 | Jan. 02, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 04, 2013 | Jun. 04, 2013 | Jun. 04, 2013 | Jun. 04, 2013 | |
USD ($) | CNY | USD ($) | CNY | Loan Contract One | Loan Contract One | Loan Contract Two | Loan Contract Two | ||
USD ($) | CNY | USD ($) | CNY | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan contracts assumed in a business combination | ' | ' | ' | ' | ' | $6,069,000 | 37,000,000 | $13,613,000 | 83,000,000 |
Period of loan contract | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Outstanding ABC loan amount | ' | ' | ' | 10,333,000 | 63,000,000 | ' | ' | ' | ' |
Repayment of ABC loan | 10,333,000 | 63,000,000 | ' | ' | ' | ' | ' | ' | ' |
Early termination fees | $0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Line Items] | ' | ' |
Payroll and employee benefits | $5,595 | $6,224 |
Sales and marketing | 5,015 | 5,305 |
Taxes payable | 1,564 | 895 |
Other accrued liabilities | 1,963 | 1,507 |
Accrued Liabilities, Total | $14,137 | $13,931 |
Summary_of_Assets_Measured_at_
Summary of Assets Measured at Fair Value on Recurring Basis (Detail) (Assets measured at fair value on a recurring basis, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $31,628 | $125,402 |
Contingent purchase consideration | ' | 200 |
Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 12,633 | 11,592 |
Corporate bonds and notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 13,465 | 92,516 |
Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 5,530 | 21,294 |
Short-term investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 18,995 | 113,810 |
Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 12,633 | 11,592 |
Quoted prices in active markets for identical assets (Level 1) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 12,633 | 11,592 |
Significant other observable inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 18,995 | 113,810 |
Significant other observable inputs (Level 2) | Corporate bonds and notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 13,465 | 92,516 |
Significant other observable inputs (Level 2) | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 5,530 | 21,294 |
Significant other observable inputs (Level 2) | Short-term investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 18,995 | 113,810 |
Significant unobservable inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent purchase consideration | ' | $200 |
Summary_of_Fair_Value_of_Prefe
Summary of Fair Value of Preferred Stock Warrants Measured Using Significant Unobservable Inputs (Detail) (Contingent Consideration Liability, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Contingent Consideration Liability | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Balance at beginning of period | $200 |
Issuance of contingent purchase consideration | ' |
Change in fair value of contingent purchase consideration | -200 |
Payment of contingent purchase consideration | ' |
Balance at end of period | $0 |
Recovered_Sheet1
Accumulated Other Comprehensive Income (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Currency translation adjustment, net of tax | $48 | $496 |
Unrealized gains (losses) on available for sale securities, net of tax | -31 | -9 |
Total accumulated other comprehensive income | $17 | $487 |
Recovered_Sheet2
Accumulated Other Comprehensive Income - Additional Information (Detail) (Reclassification out of Accumulated Other Comprehensive Income, USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Realized losses on available for sale securities | $49 | $49 |
AntiDilutive_Share_Excluded_fr
Anti-Dilutive Share Excluded from Calculation of Diluted Earnings per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares | 435 | 923 | 1,124 | 1,212 |
Schedule_of_Calculation_of_Num
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic and dilutive numerator | ' | ' | ' | ' |
Net income, as reported | $1,926 | $2,826 | $10,114 | $26,034 |
Denominator | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic (in thousands) | 31,895 | 28,745 | 31,861 | 28,349 |
Net effect of dilutive securities Stock options and restricted stock | 1,065 | 823 | 887 | 702 |
Weighted-average common shares outstanding - diluted (in thousands) | 32,960 | 29,568 | 32,748 | 29,051 |
Net income per common share (basic) | $0.06 | $0.10 | $0.32 | $0.92 |
Net income per common share (diluted) | $0.06 | $0.10 | $0.31 | $0.90 |
Schedule_of_Change_in_Stock_Op
Schedule of Change in Stock Options, Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted | 2 | 5 | 261 | 380 |
Stock options exercised | 16 | 29 | 90 | 96 |
Aggregate intrinsic value of stock options exercised | $319 | $489 | $1,522 | $1,225 |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock granted | ' | ' | 19 | 15 |
Restricted Stock Awards (RSAs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock granted | ' | ' | 48 | 42 |
Schedule_of_Net_Amount_of_Risk
Schedule of Net Amount of Risk by Product and Guarantee (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Product Information [Line Items] | ' | ' | ' | ' |
Net revenue by Product Line | $65,359 | $60,842 | $205,422 | $180,644 |
Anti-infective | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net revenue by Product Line | 21,370 | 24,026 | 74,896 | 65,921 |
Critical care | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net revenue by Product Line | 21,530 | 15,638 | 62,153 | 48,381 |
Oncology | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net revenue by Product Line | $22,459 | $21,178 | $68,373 | $66,342 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Sagent Agila LLC | Sagent Agila LLC | ||
Related Party Transaction [Line Items] | ' | ' | ' |
Receivables from related party | ' | $2,716,000 | $3,644,000 |
Payable for the acquisition of inventory | ' | 7,528,000 | 3,129,000 |
Distributed profit sharing receipts to joint venture partners | $1,995,000 | $0 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Income Tax Disclosure [Line Items] | ' | ' |
Provision for income taxes | $1,387 | $2,774 |
Valuation allowance | 25,000 | 25,000 |
Alternative Minimum Tax | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Provision for income taxes | $933 | $933 |
Actavis_Contract_Termination_A
Actavis Contract Termination - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Development, manufacturing and supply agreement, one time payment for termination | ' | $5,000 |
Actavis | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Development, manufacturing and supply agreement, effective termination date | 31-Dec-14 | ' |
Development, manufacturing and supply agreement, one time payment for termination | ' | $5,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event) | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | |
USD ($) | CAD | CAD | JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. | JPMorgan Chase Bank, N.A. | SVB Agreement | |
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | ||||
USD ($) | Maximum | Minimum | Eurodollar | Base Rate | USD ($) | |||||
USD ($) | USD ($) | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquiring of issued and outstanding shares of capital stock | $85,300,000 | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Post-closing adjustments | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price | 83,200,000 | 93,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under revolving credit loan facility | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' |
Additional amount available under revolving credit loan facility | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Revolving credit facility, covenants description | ' | ' | ' | 'The Chase Agreement includes customary covenants and also imposes a financial covenant requiring compliance with a minimum fixed charge coverage ratio of 1.00 to 1.00 during certain covenant testing times triggered if availability under the Chase Agreement is below the greater of 10% of the revolving commitment and $8,000. | ' | ' | ' | ' | ' | ' |
Threshold to trigger financial covenant, percentage | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Threshold to trigger financial covenant, amount | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' |
Agreement maturity date | ' | ' | ' | 31-Oct-19 | ' | ' | ' | ' | ' | ' |
Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | ' |
Commitment fee on undrawn amounts | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' |
Early termination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,050,000 |