Lannett (LCINQ) 10-Q 8 Nov 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2013	Oct. 31, 2013
Document and Entity Information	'	'
Entity Registrant Name	'LANNETT CO INC	'
Entity Central Index Key	'0000057725	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--06-30	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	34,772,490
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$35,727	$42,689
Investment securities	10,072	8,461
Accounts receivable, net	29,749	26,413
Inventories, net	34,524	32,531
Income taxes receivable	3,167	'
Deferred tax assets	6,346	4,874
Other current assets	2,823	1,161
Total current assets	122,408	116,129
Property, plant and equipment, net	40,954	40,141
Intangible assets, net	1,881	2,547
Deferred tax assets	9,561	8,005
Other assets	315	930
TOTAL ASSETS	175,119	167,752
Current liabilities:	'	'
Accounts payable	16,636	22,668
Accrued expenses	3,936	2,697
Accrued payroll and payroll related	3,054	6,910
Income taxes payable	'	154
Current portion of long-term debt	673	670
Total current liabilities	24,299	33,099
Long-term debt, less current portion	5,714	5,844
TOTAL LIABILITIES	30,013	38,943
Commitment and Contingencies (Note 13 and 14)	'	'
STOCKHOLDERS' EQUITY	'	'
Common stock ($0.001 par value, 50,000,000 shares authorized; 30,958,403 and 29,284,592 shares issued; 30,522,490 and 28,848,679 shares outstanding at September 30, 2013 and June 30, 2013, respectively)	31	29
Additional paid-in capital	126,358	104,075
Retained earnings	20,558	26,553
Accumulated other comprehensive loss	-48	-47
Treasury stock (435,913 shares at September 30, 2013 and June 30, 2013)	-2,034	-2,034
Total Lannett Company, Inc. stockholders' equity	144,865	128,576
Noncontrolling Interest	241	233
Total stockholders' equity	145,106	128,809
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$175,119	$167,752

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Jun. 30, 2013
CONSOLIDATED BALANCE SHEETS	'	'
Common stock, authorized shares	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, issued shares	30,958,403	29,284,592
Common stock, outstanding shares	30,522,490	28,848,679
Treasury stock, shares	435,913	435,913

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
CONSOLIDATED STATEMENTS OF OPERATIONS	'	'
Net sales	$45,829	$35,294
Cost of sales	24,423	21,668
JSP contract renewal cost	20,100	'
Gross profit	1,306	13,626
Operating expenses:	'	'
Research and development	4,745	3,764
Selling, general, and administrative	7,179	6,171
Total operating expenses	11,924	9,935
Operating income (loss)	-10,618	3,691
Other income (expense):	'	'
Foreign currency gain	'	3
Gain (loss) on sale of assets	-62	70
Gain on investment securities	463	234
Litigation settlement	'	1,250
Interest and dividend income	46	35
Interest expense	-58	-63
Total other income	389	1,529
Net income (loss) before income tax	-10,229	5,220
Income tax expense (benefit)	-4,242	2,277
Net income (loss)	-5,987	2,943
Less: Net income attributable to noncontrolling interest	8	17
Net income (loss) attributable to Lannett Company, Inc.	($5,995)	$2,926
Earnings (loss) per common share attributable to Lannett Company, Inc.:	'	'
Basic (in dollars per share)	($0.20)	$0.10
Diluted (in dollars per share)	($0.20)	$0.10
Weighted average common shares outstanding:	'	'
Basic (in shares)	29,586,237	28,278,514
Diluted (in shares)	29,586,237	28,469,224

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	'	'
Net income (loss)	($5,987)	$2,943
Other comprehensive income (loss), before tax:	'	'
Foreign currency translation gain (loss)	-1	41
Total other comprehensive income (loss), before tax	-1	41
Total other comprehensive income (loss), net of tax	-1	41
Comprehensive income (loss)	-5,988	2,984
Less: Total comprehensive income attributable to noncontrolling interest	8	17
Comprehensive income (loss) attributable to Lannett Company, Inc.	($5,996)	$2,967

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Stockholders' Equity Attributable to Lannett Co., Inc.	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
In Thousands, unless otherwise specified
Balance at Jun. 30, 2013	$128,809	$128,576	$29	$104,075	$26,553	($47)	($2,034)	$233
Balance (in shares) at Jun. 30, 2013	'	'	29,285	'	'	'	'	'
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'
Shares issued in connection with share-based compensation plans	881	881	1	880	'	'	'	'
Shares issued in connection with share-based compensation plans (in shares)	'	'	173	'	'	'	'	'
Share-based compensation	897	897	'	897	'	'	'	'
Shares issued in connection with the JSP contract renewal	20,100	20,100	1	20,099	'	'	'	'
Shares issued in connection with the JSP contract renewal (in shares)	'	'	1,500	'	'	'	'	'
Excess tax benefits on stock options exercised	407	407	'	407	'	'	'	'
Other comprehensive loss, net of income tax	-1	-1	'	'	'	-1	'	'
Net income (loss)	-5,987	-5,995	'	'	-5,995	'	'	8
Balance at Sep. 30, 2013	$145,106	$144,865	$31	$126,358	$20,558	($48)	($2,034)	$241
Balance (in shares) at Sep. 30, 2013	'	'	30,958	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
OPERATING ACTIVITIES:	'	'
Net income (loss)	($5,987)	$2,943
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	1,573	1,549
Deferred income tax expense (benefit)	-3,028	135
Share-based compensation	897	656
Tax benefits on stock options exercised	-407	'
Loss (gain) on sale of assets	62	-70
Gain on investment securities	-463	-234
Gain on litigation settlement	'	-800
JSP contract renewal cost	20,100	'
Other noncash expenses	4	3
Changes in assets and liabilities which provided (used) cash:	'	'
Trade accounts receivable	-3,336	1,017
Inventories	-1,993	-542
Income taxes receivable / Income taxes payable	-2,914	3,799
Prepaid expenses and other assets	-854	-260
Accounts payable	-6,032	-5,349
Accrued expenses	1,239	793
Accrued payroll and payroll related	-3,856	-860
Net cash provided by (used in) operating activities	-4,995	2,780
INVESTING ACTIVITIES:	'	'
Purchases of property, plant and equipment	-2,018	-821
Proceeds from sale of property, plant and equipment	40	70
Proceeds from sale of investment securities	4,584	4,808
Purchase of investment securities	-5,733	-2,916
Net cash provided by (used in) investing activities	-3,127	1,141
FINANCING ACTIVITIES:	'	'
Repayments of debt	-127	-125
Proceeds from issuance of stock	881	296
Tax benefits on stock options exercised	407	'
Purchase of treasury stock	'	-334
Net cash provided by (used in) financing activities	1,161	-163
Effect on cash and cash equivalents of changes in foreign exchange rates	-1	41
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-6,962	3,799
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	42,689	22,562
CASH AND CASH EQUIVALENTS, END OF PERIOD	35,727	26,361
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'
Interest paid	57	76
Income taxes paid (refunded)	$1,700	($1,657)

Interim_Financial_Information

Interim Financial Information	3 Months Ended
	Sep. 30, 2013
Interim Financial Information	'
Interim Financial Information	'
	Note 1.  Interim Financial Information
	The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles for presentation of interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, the unaudited financial statements do not include all the information and footnotes necessary for a comprehensive presentation of the financial position, results of operations, and cash flows for the periods presented.  In the opinion of management, the unaudited financial statements include all the normal recurring adjustments that are necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented.  Operating results for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2014.  You should read these unaudited financial statements in combination with the other Notes in this section; “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing in Item 2; and the Financial Statements, including the Notes to the Financial Statements, included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013.

The_Business_And_Nature_of_Ope

The Business And Nature of Operations	3 Months Ended
	Sep. 30, 2013
The Business And Nature of Operations	'
The Business And Nature of Operations	'
	Note 2.  The Business And Nature of Operations
	Lannett Company, Inc. (a Delaware corporation) and subsidiaries (the “Company” or “Lannett”) develop, manufacture, package, market, and distribute solid oral (tablets and capsules), extended release, topical, and oral solution finished dosage forms of drugs, that address a wide range of therapeutic areas.  The Company also manufactures active pharmaceutical ingredients through its Cody Laboratories, Inc. (“Cody Labs”) subsidiary, providing a vertical integration benefit.
	The Company operates pharmaceutical manufacturing plants in Philadelphia, PA and Cody, WY.  Customers of the Company’s pharmaceutical products include generic pharmaceutical distributors, drug wholesalers, chain drug stores, private label distributors, mail-order pharmacies, other pharmaceutical manufacturers, managed care organizations, hospital buying groups, governmental entities and health maintenance organizations.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	Note 3.  Summary of Significant Accounting Policies
	Principles of consolidation
	The Consolidated Financial Statements include the accounts of Lannett Company, Inc., and its wholly owned subsidiaries, as well as Cody LCI Realty, LLC (“Realty”), a variable interest entity (“VIE”) in which the Company has a 50% ownership interest.  See Note 12 “Consolidation of Variable Interest Entity” for more information.  Noncontrolling interest in Realty is recorded net of tax as net income attributable to the noncontrolling interest.  Additionally, all intercompany accounts and transactions have been eliminated.
	Reclassifications
	Certain prior year amounts have been reclassified to conform to the current year financial statement presentation, as follows:
	In particular, the Company now presents substantially all of the revenue-related reserves for each net sales adjustment, previously presented as “Rebates, chargebacks and returns payable” in the current liabilities section of the Consolidated Balance Sheets, as a reduction of “Accounts Receivable” in the current assets section of the Consolidated Balance Sheets.  See Note 4 “Accounts Receivable” for additional information.
	The Company also reclassified certain reserve balances related to rebate programs for Medicare Part D, Medicaid and certain sales allowances and other adjustments to indirect customers.  These amounts were previously presented in “Rebates, chargebacks and returns payable” in the current liabilities section of the Consolidated Balance Sheets.  They are now presented as “Accrued Expenses” in the current liabilities section of the Consolidated Balance Sheets.  See Note 3 “Summary of Significant Accounting Policies: Net Sales Adjustments” policy disclosure for additional information.
	Use of estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Significant estimates and assumptions are required in the determination of revenue recognition and sales discounts for estimated chargebacks, rebates, returns and other adjustments including a provision for the Company’s liability under the Medicare Part D program.  Additionally, significant estimates and assumptions are required when determining the fair value of long-lived and indefinite-lived assets, income taxes, contingencies, and share-based compensation.  Because of the inherent subjectivity and complexity involved in these estimates and assumptions, actual results could differ from those estimates.
	Foreign currency translation
	The Consolidated Financial Statements are presented in U.S. Dollars, the reporting currency of the Company.  The financial statements of the Company’s foreign subsidiary are maintained in local currency and translated into U.S. dollars at the end of each reporting period.  Assets and liabilities are translated at period-end exchange rates, while revenues and expenses are translated at average exchange rates during the period.  The adjustments resulting from the use of differing exchange rates are recorded as part of stockholders’ equity in accumulated comprehensive income (loss).  Gains and losses, which are not significant, resulting from transactions denominated in foreign currencies are recognized in the Consolidated Statements of Operations under Other income (expense).
	Cash and cash equivalents
	The Company considers all highly liquid investments with original maturity less than or equal to three months at the date of purchase to be cash and cash equivalents.  Cash and cash equivalents are stated at cost, which approximates fair value, and consist of bank deposits and certificates of deposit that are readily convertible into cash.  The Company maintains its cash deposits and cash equivalents at well-known, stable financial institutions.  Such amounts frequently exceed insured limits.
	Investment securities
	The Company’s investment securities consist solely of publicly traded equity securities which are classified as trading investments.  Investment securities are recorded at fair value based on quoted market prices from broker or dealer quotations or transparent pricing sources at each reporting date.  Gains and losses are included in the Consolidated Statements of Operations under Other income (expense).
	Allowance for doubtful accounts
	The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses.  The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole.  The Company writes off accounts receivable when they are determined to be uncollectible.
	Inventories
	Inventories are stated at the lower of cost or market determined by the first-in, first-out method.  Inventories are regularly reviewed and provisions for excess and obsolete inventory are recorded based primarily on current inventory levels and estimated sales forecasts.  During the three months ended September 30, 2013 and 2012, the Company recorded provisions for excess and obsolete inventory of $692 thousand and $92 thousand, respectively.
	Property, Plant and Equipment
	Property, plant and equipment are stated at cost less accumulated depreciation.  Depreciation is computed on a straight-line basis over the assets’ estimated useful lives.  Depreciation expense for each of the three months ended September 30, 2013 and 2012 was $1.1 million.
	Intangible Assets
	Intangible assets are stated at cost less accumulated amortization.  Amortization is computed on a straight-line basis over the assets’ estimated useful lives, generally for periods ranging from 10 to 15 years.  The Company continually evaluates the reasonableness of the useful lives of these assets.  Indefinite-lived and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  Costs to renew or extend the term of a recognized intangible asset are expensed as incurred.  The Company has one indefinite-lived intangible asset related to a product Abbreviated New Drug Application (“ANDA”), valued at $149 thousand.  Amortization on this indefinite-lived intangible will begin at such time as the Company begins shipping the product and determines a finite useful life.
	Segment Information — The Company operates one reportable segment, generic pharmaceuticals.  As such, the Company aggregates its financial information for all products.  The following table identifies the Company’s net sales by medical indication for the three months ended September 30, 2013 and 2012:
	(In thousands)	Three Months Ended
		September 30,
	Medical Indication	2013			2012
	Antibiotic	$	3,375		$	1,689
	Cardiovascular	4,524			7,100
	Gallstone	1,366			1,578
	Glaucoma	1,455			1,373
	Gout	2,053			165
	Migraine	2,715			1,249
	Obesity	1,131			1,310
	Pain Management	5,218			5,532
	Thyroid Deficiency	20,027			13,637
	Other	3,965			1,661
	Total	$	45,829		$	35,294
	Customer, Supplier and Product Concentration
	The following table presents the percentage of total net sales, for the three months ended September 30, 2013 and 2012, for certain of the Company’s products, defined as generic products containing the same active ingredient or combination of ingredients, which accounted for at least 10% of net sales in either of those periods:
		2013		2012
	Product 1	44	%	39	%
	Product 2	6	%	10	%
	Product 3	4	%	10	%
	The following table presents the percentage of total net sales, for the three months ended September 30, 2013 and 2012, for certain of the Company’s customers which accounted for at least 10% of net sales in either of those periods:
		2013		2012
	Customer A	16	%	17	%
	Customer B	14	%	11	%
	Customer C	11	%	10	%
	Customer D	8	%	10	%
	At September 30, 2013 and June 30, 2013, four customers accounted for 76% and 78% of the Company’s net accounts receivable balance, respectively.  Credit terms are offered to customers based on evaluations of the customers’ financial condition, and collateral is generally not required.
	The Company’s primary finished goods inventory supplier is Jerome Stevens Pharmaceuticals, Inc. (“JSP”), in Bohemia, New York.  Purchases of finished goods inventory from JSP accounted for approximately 67% and 59% of the Company’s inventory purchases during the three months ended September 30, 2013 and 2012, respectively.  See Note 21 “Material Contracts with Suppliers” for more information.
	Revenue Recognition
	The Company recognizes revenue when title and risk of loss have transferred to the customer and provisions for rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments are reasonably determinable.  The Company also considers all other relevant criteria specified in Securities and Exchange Commission Staff Accounting Bulletin No. 104, Topic No. 13, “Revenue Recognition”, in determining when to recognize revenue.
	Net Sales Adjustments
	When revenue is recognized a simultaneous adjustment to revenue is made for chargebacks, rebates, returns, promotional adjustments, price adjustments known as shelf-stock adjustments, and other potential adjustments.  These provisions are primarily estimated based on historical experience, future expectations, contractual arrangements with wholesalers and indirect customers, and other factors known to management at the time of accrual.  Accruals for provisions are presented in the Consolidated Financial Statements as a reduction to gross sales with the corresponding reserve presented as a reduction to accounts receivable or in accrued expenses.  The reserves, presented as a reduction of accounts receivable, totaled $20.6 million and $17.5 million at September 30, 2013 and June 30, 2013, respectively.  Accrued expenses at September 30, 2013 and June 30, 2013 included $1.6 million and $1.0 million, respectively, for certain rebate programs, primarily related to Medicare Part D and Medicaid, and certain sales allowances and other adjustments paid to indirect customers.
	Cost of Sales
	Cost of sales includes all costs related to bringing products to their final selling destination, which includes direct and indirect costs, such as direct material, labor, and overhead expenses.  Additionally, cost of sales includes product royalties, depreciation, amortization of intangible assets, freight charges and other shipping and handling expenses.
	Research and Development
	Research and development costs are expensed as incurred, including all production costs until a drug candidate is approved by the FDA.  Research and Development expenses include costs associated with internal projects as well as costs associated with third-party research and development contracts.
	Valuation of Long-Lived Assets
	The Company’s long-lived assets primarily consist of property, plant and equipment as well as definite-lived intangible assets.  Long-lived assets are reviewed for impairment whenever events or changes in circumstances (“triggering events”) indicate that the carrying amount of the asset may not be recoverable.  If a triggering event is determined to have occurred the first step in the impairment test is to compare the asset’s carrying value to the future undiscounted cash flows expected to be generated by the asset.  If the carrying value exceeds the undiscounted cash flow of the asset then impairment exists.  An impairment loss is measured as the excess of the asset’s carrying value over its fair value, which in most cases is calculated using a discounted cash flow model.  Discounted cash flow models are highly reliant on various assumptions which are considered Level 3 inputs, including estimates of future cash flows (including long-term growth rates), discount rates, and the probability of achieving the estimated cash flows.
	Contingencies
Loss contingencies, including litigation related contingencies, are included in the Consolidated Statements of Operations when the Company concludes that a loss is both probable and reasonably estimable.  Legal fees related to litigation related matters are expensed as incurred and included in the Consolidated Statements of Operations under the Selling, general and administrative line item.
Advertising Costs
The Company expenses advertising costs when incurred.  Advertising expense for the three months ended September 30, 2013 and 2012 was $1 thousand and $2 thousand, respectively.
Share-based Compensation
Share-based compensation costs are recognized over the vesting period, using a straight-line method, based on the fair value of the instrument on the date of grant less an estimate for forfeitures.  The Company uses the Black-Scholes valuation model to determine the fair value of stock options and the stock price on the grant date to value restricted stock.  The Black-Scholes valuation model includes various assumptions, including the expected volatility, the expected life of the award, dividend yield, and the risk-free interest rate.  These assumptions involve inherent uncertainties based on market conditions which are generally outside the Company’s control.  Changes in these assumptions could have a material impact on share-based compensation costs recognized in the financial statements.
Income Taxes
The Company uses the asset and liability method to account for income taxes as prescribed by Accounting Standards Codification (“ASC”) 740, Income Taxes.  Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse.  Deferred tax is the result of changes in deferred tax assets and liabilities.  Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates in the period during which they are signed into law.
The Company may recognize the tax benefit from an uncertain tax position claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.  The authoritative standards issued by the Financial Accounting Standards Board (“FASB”) also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.  The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets.  Under ASC 740, Income Taxes, a valuation allowance is required when it is more likely than not that all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income.  Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company’s effective tax rate on future earnings.
Earnings Per Common Share
Basic earnings per common share is computed by dividing net income attributable to Lannett Company, Inc. common stockholders by the weighted average number of shares outstanding during the period.  Diluted earnings per common share is computed by dividing net income attributable to Lannett Company, Inc. common stockholders by the weighted average number of shares outstanding during the period including additional shares that would have been outstanding related to potentially dilutive securities; Anti-dilutive securities are excluded from the calculation.  These potentially dilutive securities primarily consist of stock options and unvested restricted stock.
Comprehensive Income (Loss)
Comprehensive income (loss) includes all changes in equity during a period except those that resulted from investments by or distributions to a company’s stockholders.  Other comprehensive income or loss refers to revenues, expenses, gains and losses that are included in comprehensive income (loss), but excluded from net income (loss) as these amounts are recorded directly as an adjustment to stockholders’ equity.
Recent Accounting Pronouncements
In February 2013, the FASB issued authoritative guidance which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component.  In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period.  For other amounts not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts.  This authoritative guidance is effective for reporting periods beginning after December 15, 2012.  The adoption of this guidance by the Company did not have a significant impact on the Company’s consolidated financial statements.

Accounts_Receivable

Accounts Receivable	3 Months Ended
	Sep. 30, 2013
Accounts Receivable	'
Accounts Receivable	'
	Note 4.  Accounts Receivable
	Accounts receivable consisted of the following components at September 30, 2013 and June 30, 2013:
	(In thousands)	September 30,			June 30,
		2013			2013
	Gross accounts receivable	$	50,355		$	43,923
	Less: Chargebacks reserve	(8,780		)	(7,267		)
	Less: Rebates reserve	(3,502		)	(2,513		)
	Less: Returns reserve	(6,955		)	(6,689		)
	Less: Other deductions	(1,318		)	(1,000		)
	Less: Allowance for doubtful accounts	(51		)	(41		)
	Accounts receivable, net	$	29,749		$	26,413
	For the three months ended September 30, 2013 and 2012 the Company recorded a provision for chargebacks of $17.7 million and $19.0 million, respectively.  For the three months ended September 30, 2013 and 2012 the Company recorded a provision for rebates of $7.5 million and $5.8 million, respectively.  For the three months ended September 30, 2013 and 2012 the Company recorded a provision for returns of $1.2 million and $1.4 million, respectively.  For the three months ended September 30, 2013 and 2012 the Company recorded a provision for other deductions of $3.9 million and $2.4 million, respectively.

Inventories

Inventories	3 Months Ended
	Sep. 30, 2013
Inventories	'
Inventories	'
	Note 5.  Inventories
	Inventories, net of allowances, at September 30, 2013 and June 30, 2013 consisted of the following:
	(In thousands)	September 30,		June 30,
		2013		2013
	Raw Materials	$	16,285	$	14,224
	Work-in-process	2,545		3,122
	Finished Goods	13,778		13,133
	Packaging Supplies	1,916		2,052
	Total	$	34,524	$	32,531
	The reserve for excess and obsolete inventory was $2.1 million and $2.0 million at September 30, 2013 and June 30, 2013, respectively.

Property_Plant_and_Equipment

Property, Plant and Equipment	3 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment	'
Property, Plant and Equipment	'
	Note 6.  Property, Plant and Equipment
	Property, plant and equipment at September 30, 2013 and June 30, 2013 consisted of the following:
	(In thousands)	Useful Lives	September 30,			June 30,
			2013			2013
	Land	—	$	1,350		$	1,350
	Building and improvements	10 - 39 years	32,844			32,992
	Machinery and equipment	5 - 10 years	33,814			32,620
	Furniture and fixtures	5 - 7 years	1,292			1,290
	Construction in progress	—	3,744			2,892
	Property, plant and equipment, at cost		73,044			71,144
	Less accumulated depreciation		(32,090		)	(31,003		)
	Property, plant and equipment, net		$	40,954		$	40,141
	During each of the three months ended September 30, 2013 and 2012 the Company had no impairment charges.  Property, plant and equipment, net included amounts held in foreign countries in the amount of $1.2 million and $1.3 million at September 30, 2013 and June 30, 2013, respectively.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2013
Fair Value Measurements	'
Fair Value Measurements	'
	Note 7.  Fair Value Measurements
	The Company’s financial instruments recorded in the Consolidated Balance Sheets include cash and cash equivalents, accounts receivable, investment securities, accounts payable, accrued expenses, and debt obligations.  Included in cash and cash equivalents are certificates of deposit with maturities less than or equal to three months at the date of purchase and money market funds.  The carrying value of certain financial instruments, primarily cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate their estimated fair values based upon the short-term nature of their maturity dates.  The carrying amount of the Company’s debt obligations approximates fair value based on current rates available to the Company on similar debt obligations.
	The Company follows the authoritative guidance of ASC Topic 820, which clarifies the definition of fair value, establishes a framework for measuring fair value, and expands disclosure requirements.  Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  The authoritative guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.  Observable inputs reflect those inputs which market participants would use in pricing an asset or liability and are derived from independent market data.  Unobservable inputs reflect management’s own assumptions related to market data and the market data which market participants would use in pricing an asset or liability.  Unobservable inputs are developed based on the best information available to management at the measurement date.  The hierarchy includes three levels which are described below:
	Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
	Level 2 — Directly or indirectly observable inputs, other than quoted prices, such as quoted prices for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations whose inputs are observable or whose significant value drivers are observable.
	Level 3 — Unobservable inputs that are supported by little or no market activity and that are material to the fair value of the asset or liability.  Financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation are examples of Level 3 assets and liabilities.
	If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
	The Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and June 30, 2013, were as follows:
		September 30, 2013
	(In thousands)	Level 1		Level 2		Level 3		Total
	Assets
	Investment securities	$	10,072	$	—	$	—	$	10,072
	Total	$	10,072	$	—	$	—	$	10,072
		June 30, 2013
	(In thousands)	Level 1		Level 2		Level 3		Total
	Assets
	Investment securities	$	8,461	$	—	$	—	$	8,461
	Total	$	8,461	$	—	$	—	$	8,461

Investment_Securities

Investment Securities	3 Months Ended
	Sep. 30, 2013
Investment Securities	'
Investment Securities	'
	Note 8.  Investment Securities
	The Company uses the specific identification method to determine the cost of securities sold, which consisted entirely of securities classified as trading.  The Company had a net gain on investment securities of $463 thousand during the three months ended September 30, 2013, which included an unrealized gain related to securities still held at September 30, 2013 of $367 thousand.  The Company had a net gain on investment securities of $234 thousand during the three months ended September 30, 2012, which included an unrealized gain related to securities still held at September 30, 2012 of $63 thousand.

Intangible_Assets

Intangible Assets	3 Months Ended
	Sep. 30, 2013
Intangible Assets	'
Intangible Assets	'
	Note 9.  Intangible Assets
	Intangible assets, net as of September 30, 2013 and June 30, 2013, consisted of the following:
		Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
	(In thousands)	September 30,		June 30,		September 30,			June 30,			September 30,		June 30,
		2013		2013		2013			2013			2013		2013
	JSP Marketing and Dist. Rights	$	16,062	$	16,062	$	(15,170	)	$	(14,723	)	$	892	$	1,339
	Cody Labs Import License	582		582		(202		)	(193		)	380		389
	Morphine Sulfate Oral Solution NDA	202		398		(57		)	(51		)	145		347
	Other ANDA Product Rights (A)	600		600		(136		)	(128		)	464		472
		$	17,446	$	17,642	$	(15,565	)	$	(15,095	)	$	1,881	$	2,547
	(A)  Amounts include the product line covered by the ANDA purchased in August 2009 for $149 thousand.  This ANDA is not being amortized at this time and will not be amortized until such time as the Company begins shipping the product.
	For the three months ended September 30, 2013 and 2012, the Company incurred amortization expense of approximately $470 thousand and $471 thousand, respectively.  There were no impairments related to intangible assets during each of the three months ended September 30, 2013 and 2012.  On September 30, 2013, the Company received a letter from the FDA indicating that a portion of the nonrefundable Morphine Sulfate Oral Solution NDA fee, originally estimated at $398 thousand, would be refunded to the Company.  As a result of this letter the Company adjusted the carrying value of the Morphine Sulfate Oral Solution NDA intangible asset.  Future amortization will be adjusted prospectively.  Further adjustments to the Morphine Sulfate Oral Solution NDA intangible asset may be necessary in the future should the Company receive additional refunds.
	Future annual amortization expense consisted of the following as of September 30, 2013:
	(In thousands)	Annual Amortization Expense
	Fiscal Year Ending June 30,
	2014	$	954
	2015	82
	2016	82
	2017	82
	2018	82
	Thereafter	450
		$	1,732
	The amounts above do not include the product line covered by the ANDA purchased in August 2009 for $149 thousand, as amortization will begin when the Company begins shipping the product.

Bank_Line_of_Credit

Bank Line of Credit	3 Months Ended
	Sep. 30, 2013
Bank Line of Credit	'
Bank Line of Credit	'
	Note 10.  Bank Line of Credit
	As of June 30, 2013, the Company had a $3.0 million line of credit from Wells Fargo Bank, N.A. (“Wells Fargo”) which had $3.0 million of availability and an interest rate of 2.19%.  As of June 30, 2013, the Company was in compliance with the financial covenants under the agreement.  The line of credit expired on July 31, 2013.

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Sep. 30, 2013
Long-Term Debt	'
Long-Term Debt	'
	Note 11.  Long-Term Debt
	Long-term debt consisted of the following:
		September 30,		June 30,
	(In thousands)	2013		2013
	Pennsylvania Industrial Development Authority loan	$	675	$	696
	Tax-exempt bond loan (PAID)	150		150
	Wells Fargo N.A. Townsend Road mortgage	2,564		2,614
	Pennsylvania Industrial Development Authority Townsend Road mortgage	1,767		1,794
	First National Bank of Cody mortgage	1,231		1,260
	Total debt	6,387		6,514
	Less current portion	673		670
	Long term debt	$	5,714	$	5,844
	Current Portion of Long Term Debt:
		September 30,		June 30,
	(In thousands)	2013		2013
	Pennsylvania Industrial Development Authority loan	$	84	$	84
	Tax-exempt bond loan (PAID)	150		150
	Wells Fargo N.A. Townsend Road mortgage	204		204
	Pennsylvania Industrial Development Authority Townsend Road mortgage	110		109
	First National Bank of Cody mortgage	125		123
	Total current portion of long term debt	$	673	$	670
	The Company financed $1.3 million through the Pennsylvania Industrial Development Authority (“PIDA”).  The Company is required to make equal payments each month for 180 months starting February 1, 2006 with interest of 2.75% per annum.
	In April 1999, the Company entered into a loan agreement with a governmental authority, the Philadelphia Authority for Industrial Development (the “Authority” or “PAID”), to finance future construction and growth projects of the Company.  The Authority issued $3.7 million in tax-exempt variable rate demand and fixed rate revenue bonds to provide the funds to finance such growth projects pursuant to a trust indenture (“the Trust Indenture”).  A portion of the Company’s proceeds from the bonds was used to pay for bond issuance costs of $170 thousand.  The Trust Indenture requires that the Company repay the Authority loan through installment payments beginning in May 2003 and continuing through May 2014, the year the bonds mature.  The bonds bear interest at the floating variable rate determined by the organization responsible for selling the bonds.  The interest rate fluctuates on a weekly basis.  The effective interest rate at September 30, 2013 and June 30, 2013 was 0.27% and 0.26%, respectively.
	The Company negotiated a set of mortgages on its Townsend Road facility with both Wells Fargo and the PIDA.  The Wells Fargo portion of the loan is for $3.1 million, bears a floating interest rate of the one month LIBOR rate plus 2.95%, amortizes over a 15 year term and has an 8 year maturity date.  The effective interest rate at September 30, 2013 and June 30, 2013 was 3.13% and 3.14%, respectively.  The PIDA portion of the loan is for $2.0 million, bears an interest rate of 3.75% and matures in 15 years.  Both loans closed and were funded in May 2011.  As of September 30, 2013 and June 30, 2013, the Company was in compliance with the financial covenants under the agreements.
	The Company has executed Security Agreements with Wells Fargo, PIDA and Philadelphia Industrial Development Corporation (“PIDC”) in which the Company has agreed to pledge its working capital, some equipment and its Townsend Road property to collateralize the amounts due.
	The Company is the primary beneficiary to a VIE called Realty.  See Note 12 “Consolidation of Variable Interest Entity” for additional description.  The VIE owns land and a building which is leased to Cody Labs.  A mortgage loan with First National Bank of Cody has been consolidated in the Company’s financial statements, along with the related land and building.  The mortgage requires monthly principal and interest payments of $15 thousand.  Effective February 2011, the interest rate was modified from a fixed rate of 7.5% to a floating rate based on the New York Prime Rate with a floor of 4.5% and a ceiling of 9.0%, with payments to be made through April 2022.  As of September 30, 2013 and June 30, 2013, the effective rate was 4.5%.  The mortgage is collateralized by the land and building.
	Long-term debt amounts due for the twelve month periods ending September 30 were as follows:
		Amounts Payable
	(In thousands)	to Institutions
	2014	$	673
	2015	536
	2016	548
	2017	562
	2018	575
	Thereafter	3,493
	Total	$	6,387

Consolidation_of_Variable_Inte

Consolidation of Variable Interest Entity	3 Months Ended
	Sep. 30, 2013
Consolidation of Variable Interest Entity	'
Consolidation of Variable Interest Entity	'
	Note 12.  Consolidation of Variable Interest Entity
	The Company consolidates any VIE for which it is the primary beneficiary.  The liabilities recognized as a result of consolidating a VIE do not represent additional claims on the Company’s general assets, rather they represent claims against the specific assets of the consolidated VIE.  Conversely, assets recognized as a result of consolidating a VIE do not represent additional assets that could be used to satisfy claims against our general assets.  Reflected in each of the September 30, 2013 and June 30, 2013 Consolidated Balance Sheets are consolidated VIE assets of approximately $1.7 million, which are comprised mainly of land and a building.  VIE liabilities consist primarily of a mortgage on that property in the amount of $1.2 million and $1.3 million at September 30, 2013 and June 30, 2013, respectively.  Cody Labs leases the building and property from Realty for $20 thousand per month.  All intercompany rent expense is eliminated in the Consolidated Financial Statements.
	Realty is the only VIE that is consolidated.  Realty had been consolidated by Cody Labs prior to its acquisition by the Company.  Realty is a 50/50 joint venture with a former officer of Cody Labs.  Its purpose was to acquire the facility used by Cody Labs.  Until the acquisition of Cody in April 2007, the Company had not consolidated the VIE because Cody Labs had been the primary beneficiary of the VIE.  Risk associated with our interest in this VIE is limited to a decline in the value of the land and building as compared to the balance of the mortgage note on that property, up to the Company’s 50% ownership share.

Contingencies

Contingencies	3 Months Ended
	Sep. 30, 2013
Contingencies	'
Contingencies	'
	Note 13.  Contingencies
	On April 16, 2013, Richard Asherman, the former President of Cody and a member in Realty, filed a complaint in Wyoming state court against the Company and Cody.  At the same time, he also filed an application for a temporary restraining order to enjoin certain operations at Cody, claiming, among other things, that Cody is in violation of certain zoning laws and that Cody is required to increase the level of its property insurance and to secure performance bonds for work being performed at Cody.  Mr. Asherman claims Cody is in breach of his employment agreement and is required to pay him severance under his employment agreement, including 18 months of base salary, vesting of unvested stock options and continuation of benefits.  The Company estimates that the aggregate value of the claimed severance benefits is approximately $350 thousand to $400 thousand.  Mr. Asherman also asserts that the Company is in breach of the Realty Operating Agreement and, among other requested remedies, he seeks to have Lannett (i) pay him 50% of the value of 1.66 acres of land that Realty agreed to donate to the city of Cody, Wyoming, which land was previously valued at approximately $380 thousand, and (ii) acquire Mr. Asherman’s interest in Realty for an unspecified price.  Alternatively, Mr. Asherman seeks to dissolve Realty.
	The Company and Cody opposed the application for a temporary restraining order and, following a hearing on April 18, 2013, the Court denied the relief to Mr. Asherman.  The Company strongly disputes the claims in the complaint, including that the Company is required to acquire Mr. Asherman’s interest in Realty.  Specifically, the Company asserts that it is and has always been in compliance with local zoning laws, which permits the operation of a pharmaceutical facility, that Mr. Asherman, in fact, previously represented this to Lannett.  It also asserts that the City of Cody has never taken the position or advised Cody that the Cody facility was operating in violation of the local zoning laws.  The Company also asserts that Cody has in place a sufficient level of property insurance coverage.  Cody also strongly disputes the claims in the complaint, including that it is required to pay Mr. Asherman severance, as Cody terminated Mr. Asherman for cause, following the issuance of a letter of reprimand.  If Mr. Asherman were successful on his claim for breach of his employment agreement, he would be entitled to his contractual severance — 18 months’ salary plus the vesting of certain stock options and continuation of benefits.  The amount the Company would be required to pay to Mr. Asherman if he were successful in compelling the buyout of his interest in Realty is dependent upon the value of the real property owned by Realty.  If a buyout were required, Realty would become wholly owned by the Company.  At this time the Company is unable to reasonably estimate a range or aggregate dollar amount of Mr. Asherman’s claims or of any potential loss to the Company.  The Company does not believe that the ultimate resolution of the matter will have a significant impact on the Company’s financial position or results of operations.

Commitments

Commitments	3 Months Ended
	Sep. 30, 2013
Commitments	'
Commitments	'
	Note 14.  Commitments
	Leases
	The Company’s subsidiary, Cody Labs, leases a 73,000 square foot facility in Cody, Wyoming.  This location houses Cody Lab’s manufacturing and production facilities.  Cody Labs leases the facility from Realty, a Wyoming limited liability company which is 50% owned by the Company.  See Note 12 “Consolidation of Variable Interest Entity.”
	Rental and lease expense for the three months ended September 30, 2013 and 2012 was approximately $21 thousand and $24 thousand, respectively.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	3 Months Ended
	Sep. 30, 2013
Accumulated Other Comprehensive Loss	'
Accumulated Other Comprehensive Loss	'
	Note 15.  Accumulated Other Comprehensive Loss
	The Company’s Accumulated Other Comprehensive Loss was comprised of the following components as of September 30, 2013 and 2012:
	(In thousands)	September 30,			September 30,
		2013			2012
	Foreign Currency Translation
	Beginning Balance, July 1	$	(47	)	$	(63	)
	Net gain (loss) on foreign currency translation (net of tax of $0 and $0)	(1		)	41
	Reclassifications to net income (net of tax of $0 and $0)	—			—
	Other comprehensive income (loss), net of tax	(1		)	41
	Ending Balance, September 30	(48		)	(22		)
	Total Accumulated Other Comprehensive Loss	$	(48	)	$	(22	)

Earnings_Loss_Per_Common_Share

Earnings (Loss) Per Common Share	3 Months Ended
	Sep. 30, 2013
Earnings (Loss) Per Common Share	'
Earnings (Loss) Per Common Share	'
	Note 16.  Earnings (Loss) Per Common Share
	A dual presentation of basic and diluted earnings per common share is required on the face of the Company’s Consolidated Statement of Operations as well as a reconciliation of the computation of basic earnings per common share to diluted earnings per common share. Basic earnings per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share includes the effect of potential dilution from the exercise of outstanding stock options and unvested restricted stock. Potentially dilutive securities have been excluded in the weighted average number of common shares used for the calculation of earnings per share in periods of net loss because the effect of such securities would be anti-dilutive. A reconciliation of the Company’s basic and diluted earnings per common share was as follows:
		Three Months Ended
		September 30, 2013
	(In thousands, except share and per share data)	2013			2012
	Net Income (Loss) Attributable to Lannett Company, Inc.	$	(5,995	)	$	2,926
	Basic weighted average common shares outstanding	29,586,237			28,278,514
	Effect of potentially dilutive options and restricted stock awards	—			190,710
	Diluted weighted average common shares outstanding	29,586,237			28,469,224
	Earnings (loss) per common share attributable to Lannett Company, Inc.:
	Basic	$	(0.20	)	$	0.1
	Diluted	$	(0.20	)	$	0.1
	The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the three months ended September 30, 2013 and 2012 were 3.0 million and 2.0 million, respectively.

Sharebased_Compensation

Share-based Compensation	3 Months Ended
	Sep. 30, 2013
Share-based Compensation	'
Share-based Compensation	'
	Note 17.  Share-based Compensation
	At September 30, 2013, the Company had four share-based employee compensation plans (the “Old Plan,” the “2003 Plan,” the 2006 Long-term Incentive Plan, or “2006 LTIP” and the 2011 Long-Term Incentive Plan or “2011 LTIP”).
	At September 30, 2013, there were 3.0 million options outstanding.  Of those, 1.2 million were options issued under the 2006 LTIP, 561 thousand were issued under the 2003 Plan, and 1.2 million under the 2011 Plan.  There are no further shares authorized to be issued under the Old Plan.  Under the 2003 Plan, 1.1 million shares were authorized to be issued, with 257 thousand shares under options having already been exercised under that plan since its inception.  The 2003 Plan expired on February 13, 2013 and continues to exist only to administer outstanding options.  Under the 2006 LTIP, 2.5 million shares were authorized to be issued, with 588 thousand shares under options having already been exercised and 708 thousand shares of restricted stock having already vested under the plan since its inception.  At September 30, 2013, a balance of 21 thousand shares is available in the 2006 LTIP for future issuances.  Under the 2011 LTIP, 1.5 million shares were authorized to be issued.  As of September 30, 2013, 43 thousand shares of restricted stock have vested under the plan, leaving a balance of 247 thousand shares available in the 2011 LTIP for future issuances.
	The Company issues share-based compensation awards with a vesting period ranging up to 3 years and a maximum contractual term of 10 years.  The Company issues new shares of stock when stock options are exercised.  As of September 30, 2013, there was $6.4 million of total unrecognized compensation cost related to non-vested share-based compensation awards granted under the Plans.  That cost is expected to be recognized over a weighted average period of 2.7 years.
	The following table presents the allocation of share-based compensation costs recognized in the Consolidated Statements of Operations by financial statement line item:
		Three Months Ended
		September 30,
	(In thousands)	2013			2012
	Selling, general and administrative	$	809		$	546
	Research and development	38			37
	Cost of sales	50			73
	Total	$	897		$	656
	Tax benefit at statutory rate	$	102		$	23
	Stock Options
	The Company measures share-based compensation cost for options using the Black-Scholes option pricing model.  The following table presents the weighted average assumptions used to estimate fair values of the stock options granted during the three months ended September 30 and the estimated annual forfeiture rates used to recognize the associated compensation expense:
		Stock			Stock
		Options			Options
		FY 2014			FY 2013
	Risk-free interest rate	2.1		%	—		%
	Expected volatility	62.9		%	—		%
	Expected dividend yield	0		%	—		%
	Forfeiture rate	7.5		%	—		%
	Expected term (in years)	5.9 years			—
	Weighted average fair value	$	8.09		$	—
	Expected volatility is based on the historical volatility of the price of our common shares during the historical period equal to the expected term of the option.  The Company uses historical information to estimate the expected term, which represents the period of time that options granted are expected to be outstanding.  The risk-free rate for the period equal to the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.  The forfeiture rate assumption is the estimated annual rate at which unvested awards are expected to be forfeited during the vesting period.  This assumption is based on our historical forfeiture rate.  Periodically, management will assess whether it is necessary to adjust the estimated rate to reflect changes in actual forfeitures or changes in expectations.  Additionally, the expected dividend yield is equal to zero, as the Company has not historically and has no immediate plans to issue a dividend.
	A summary of stock option award activity under the Plans as of September 30, 2013 and changes during the three months then ended, is presented below:
									Weighted
				Weighted-					Average
				Average			Aggregate		Remaining
				Exercise			Intrinsic		Contractual
	(In thousands, except for weighted average price and life data)	Awards		Price			Value		Life (yrs.)
	Outstanding at July 1, 2013	2,319		$	5.71
	Granted	767		$	13.89
	Exercised	(127	)	$	6.38		$	1,449
	Forfeited, expired or repurchased	(4	)	$	7.57
	Outstanding at September 30, 2013	2,955		$	7.8		$	41,428	7.3
	Vested and expected to vest at September 30, 2013	2,791		$	7.65		$	39,565	7.1
	Exercisable at September 30, 2013	1,414		$	6.53		$	21,620	5
	Restricted Stock
	The Company measures restricted stock compensation costs based on the stock price at the grant date less an estimate for forfeitures.  The annual forfeiture rate used to calculate compensation expense was 7.5% for the three months ended September 30, 2013 and 2012.
	A summary of non-vested restricted stock awards as of September 30, 2013 and changes during the three months then ended, is presented below:
	(In thousands)	Awards		Weighted			Aggregate
				Average Grant -			Intrinsic Value
				date Fair Value
	Non-vested at July 1, 2013	—		—
	Granted	40		12.71
	Vested	(40	)	12.71			$	508
	Forfeited	—		—
	Non-vested at September 30, 2013	—		$	—
	Employee Stock Purchase Plan
	In February 2003, the Company’s stockholders approved an Employee Stock Purchase Plan (“ESPP”).  Employees eligible to participate in the ESPP may purchase shares of the Company’s stock at 85% of the lower of the fair market value of the common stock on the first day of the calendar quarter, or the last day of the calendar quarter.  Under the ESPP, employees can authorize the Company to withhold up to 10% of their compensation during any quarterly offering period, subject to certain limitations.  The ESPP was implemented on April 1, 2003 and is qualified under Section 423 of the Internal Revenue Code.  The Board of Directors authorized an aggregate total of 1.1 million shares of the Company’s common stock for issuance under the ESPP.  During the three months ended September 30, 2013 and 2012, 6 thousand shares and 32 thousand shares were issued under the ESPP, respectively.  As of September 30, 2013, 415 thousand total cumulative shares have been issued under the ESPP.

Employee_Benefit_Plan

Employee Benefit Plan	3 Months Ended
	Sep. 30, 2013
Employee Benefit Plan	'
Employee Benefit Plan	'
	Note 18.  Employee Benefit Plan
	The Company has a 401k defined contribution plan (the “Plan”) covering substantially all employees.  Pursuant to the Plan provisions, the Company is required to make matching contributions equal to 50% of each employee’s contribution, not to exceed 4% of the employee’s compensation for the Plan year.  Contributions to the Plan during the three months ended September 30, 2013 and 2012 were approximately $159 thousand and $164 thousand, respectively.

Income_Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2013
Income Taxes	'
Income Taxes	'
	Note 19.  Income Taxes
	The Company uses the liability method to account for income taxes.  Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse.  Deferred tax expense/(benefit) is the result of changes in deferred tax assets and liabilities.
	The federal, state and local income tax benefit for the three months ended September 30, 2013 was $4.2 million compared to income tax expense of $2.3 million for the three months ended September 30, 2012.  The effective tax rates were 41% and 44%, respectively.  The effective tax rate for the three months ended September 30, 2013 was lower compared to the three months ended September 30, 2012 due primarily to the effects of a Pennsylvania tax law change which lowered the Company’s apportionment factor and caused the Company to reduce its deferred tax assets by approximately $217 thousand in Fiscal 2013 and a decrease in incentive stock compensation expense relative to expected pre-tax income for Fiscal 2014 compared to Fiscal 2013.  The lower rate was partially offset by the effects of an increase in statutory tax rate due to higher levels of expected pre-tax income in Fiscal 2014.
	The Company may recognize the tax benefit from an uncertain tax position claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.
	As of September 30, 2013 and June 30, 2013, the Company reported total unrecognized tax benefits of $397 thousand and $360 thousand, respectively.  As a result of the positions taken during the period, the Company has not recorded any interest and penalties for the period ended September 30, 2013 in the statement of operations.  Additionally, no cumulative interest and penalties have been recorded in the Company’s statement of financial positions as of September 30, 2013 and June 30, 2013.  The Company will recognize interest accrued on unrecognized tax benefits in interest expense and any related penalties in operating expenses.  The Company does not believe that the total unrecognized tax benefits will significantly increase or decrease in the next twelve months.
	The Company files income tax returns in the United States federal jurisdiction, Pennsylvania, New Jersey and California.  The Company’s tax returns for Fiscal 2009 and prior generally are no longer subject to review as such years generally are closed.  The Company believes that an unfavorable resolution for open tax years would not be material to the financial position of the Company.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2013
Related Party Transactions	'
Related Party Transactions	'
	Note 20.  Related Party Transactions
	The Company had sales of $510 thousand and $322 thousand during the three months ended September 30, 2013 and 2012, respectively, to a generic distributor, Auburn Pharmaceutical Company (“Auburn”).  Jeffrey Farber, Chairman of the Board and the son of William Farber, Chairman Emeritus of the Board of Directors and principal stockholder of the Company, is the owner of Auburn.  Accounts receivable includes amounts due from Auburn of $42 thousand and $200 thousand at September 30, 2013 and June 30, 2013, respectively.  In the Company’s opinion, the terms of these transactions were not more favorable to Auburn than would have been to a non-related party.

Material_Contracts_with_Suppli

Material Contracts with Suppliers	3 Months Ended
	Sep. 30, 2013
Material Contracts with Suppliers	'
Material Contracts with Suppliers	'
	Note 21.  Material Contracts with Suppliers
	Jerome Stevens Pharmaceuticals agreement:
	The Company’s primary finished goods inventory supplier is JSP, in Bohemia, New York.  Purchases of finished goods inventory from JSP accounted for approximately 67% and 59% of the Company’s inventory purchases in the three months ended September 30, 2013 and 2012, respectively.
	On March 23, 2004, the Company entered into an agreement with JSP for the exclusive distribution rights in the United States to the current line of JSP products, in exchange for 4.0 million shares of the Company’s common stock.  The JSP products covered under the agreement included Butalbital, Aspirin, Caffeine with Codeine Phosphate Capsules, Digoxin Tablets and Levothyroxine Sodium Tablets, sold generically and under the brand name Unithroid®.  On August 19, 2013, the Company entered into an agreement with JSP to extend its initial contract to continue as the exclusive distributor in the United States of three JSP products: Butalbital, Aspirin, Caffeine with Codeine Phosphate Capsules USP, Digoxin Tablets USP, and Levothyroxine Sodium Tablets USP.  The amendment to the original agreement extends the initial contract, which was due to expire on March 22, 2014, for five years.  In connection with the amendment, the Company issued 1.5 million shares of the Company’s common stock to JSP and its designees.  In accordance with its policy related to renewal and extension costs for recognized intangible assets, the Company recorded a $20.1 million expense in cost of sales, which represents the fair value of the shares on August 19, 2013.  If the parties agree to a second five year extension from March 23, 2019 to March 23, 2024, the Company is required to issue to JSP or its designees an additional 1.5 million shares of the Company’s common stock.  Both Lannett and JSP have the right to terminate the contract if one of the parties does not cure a material breach of the contract within thirty (30) days of notice from the non-breaching party.
	During the term of the agreement and related amendment, the Company is required to use commercially reasonable efforts to purchase minimum dollar quantities of JSP products.  The Company has met the minimum purchase requirement for the first nine years of the contract, but there is no guarantee that the Company will be able to continue to do so in Fiscal 2014 and in the future.  If the Company does not meet the minimum purchase requirements, JSP’s sole remedy is to terminate the agreement.

Cody_Expansion_Project

Cody Expansion Project	3 Months Ended
	Sep. 30, 2013
Cody Expansion Project	'
Cody Expansion Project	'
	Note 22.  Cody Expansion Project
	On December 20, 2012, the Company, through its subsidiaries Realty and Cody, entered into an agreement (“the Agreement”) with the City of Cody, Wyoming (“City of Cody”) and Forward Cody Wyoming, Inc. (“Forward Cody”), an unrelated non-profit corporation, which involves the construction of a building of approximately 24,000 square feet (the “Project”).  As part of the Agreement, Cody was obligated to make an additional capital investment in its existing facilities in the amount of $5.2 million and create an additional 45 full time positions within three years starting June 30, 2011; Realty was required to contribute 1.66 acres of land to Forward Cody and enter into a 25 year lease agreement with Forward Cody for the Project.  Realty will make annual rent payments totaling $108 thousand beginning on the date a Certificate of Occupancy permit is issued by the City of Cody and the Project is legally available for occupancy.  Cody will sublease the property from Realty.  Upon the fifth anniversary of occupancy, Realty has the option to purchase the Project from Forward Cody.  The purchase option continues until Realty purchases the Project.  Nothing in the Agreement should be deemed to create any relationship between Forward Cody and Realty other than the relationship of landlord and tenant.

Subsequent_Events

Subsequent Events	3 Months Ended
	Sep. 30, 2013
Subsequent Events	'
Subsequent Events	'
	Note 23.  Subsequent Events
	The Company completed an offering of its common stock on October 4, 2013 for $18.00 per share.  The offering of 4.25 million shares yielded net proceeds of approximately $71.5 million after deducting underwriting, legal and accounting fees.
	In October 2013, the Company used cash on hand to pay, in full, three debt obligations including the Pennsylvania Industrial Development Authority loan, the Wells Fargo N.A. Townsend Road mortgage, and the Pennsylvania Industrial Development Authority Townsend Road mortgage.  The total payoff, including accrued interest, for all three debt obligations was approximately $5.0 million.  See Note 11. Long-Term Debt for more information on each individual debt obligation.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Principles of consolidation	'
	Principles of consolidation
	The Consolidated Financial Statements include the accounts of Lannett Company, Inc., and its wholly owned subsidiaries, as well as Cody LCI Realty, LLC (“Realty”), a variable interest entity (“VIE”) in which the Company has a 50% ownership interest.  See Note 12 “Consolidation of Variable Interest Entity” for more information.  Noncontrolling interest in Realty is recorded net of tax as net income attributable to the noncontrolling interest.  Additionally, all intercompany accounts and transactions have been eliminated.
Reclassifications	'
	Reclassifications
	Certain prior year amounts have been reclassified to conform to the current year financial statement presentation, as follows:
	In particular, the Company now presents substantially all of the revenue-related reserves for each net sales adjustment, previously presented as “Rebates, chargebacks and returns payable” in the current liabilities section of the Consolidated Balance Sheets, as a reduction of “Accounts Receivable” in the current assets section of the Consolidated Balance Sheets.  See Note 4 “Accounts Receivable” for additional information.
	The Company also reclassified certain reserve balances related to rebate programs for Medicare Part D, Medicaid and certain sales allowances and other adjustments to indirect customers.  These amounts were previously presented in “Rebates, chargebacks and returns payable” in the current liabilities section of the Consolidated Balance Sheets.  They are now presented as “Accrued Expenses” in the current liabilities section of the Consolidated Balance Sheets.  See Note 3 “Summary of Significant Accounting Policies: Net Sales Adjustments” policy disclosure for additional information.
Use of estimates	'
	Use of estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Significant estimates and assumptions are required in the determination of revenue recognition and sales discounts for estimated chargebacks, rebates, returns and other adjustments including a provision for the Company’s liability under the Medicare Part D program.  Additionally, significant estimates and assumptions are required when determining the fair value of long-lived and indefinite-lived assets, income taxes, contingencies, and share-based compensation.  Because of the inherent subjectivity and complexity involved in these estimates and assumptions, actual results could differ from those estimates.
Foreign currency translation	'
	Foreign currency translation
	The Consolidated Financial Statements are presented in U.S. Dollars, the reporting currency of the Company.  The financial statements of the Company’s foreign subsidiary are maintained in local currency and translated into U.S. dollars at the end of each reporting period.  Assets and liabilities are translated at period-end exchange rates, while revenues and expenses are translated at average exchange rates during the period.  The adjustments resulting from the use of differing exchange rates are recorded as part of stockholders’ equity in accumulated comprehensive income (loss).  Gains and losses, which are not significant, resulting from transactions denominated in foreign currencies are recognized in the Consolidated Statements of Operations under Other income (expense).
Cash and cash equivalents	'
	Cash and cash equivalents
	The Company considers all highly liquid investments with original maturity less than or equal to three months at the date of purchase to be cash and cash equivalents.  Cash and cash equivalents are stated at cost, which approximates fair value, and consist of bank deposits and certificates of deposit that are readily convertible into cash.  The Company maintains its cash deposits and cash equivalents at well-known, stable financial institutions.  Such amounts frequently exceed insured limits.
Investment securities	'
	Investment securities
	The Company’s investment securities consist solely of publicly traded equity securities which are classified as trading investments.  Investment securities are recorded at fair value based on quoted market prices from broker or dealer quotations or transparent pricing sources at each reporting date.  Gains and losses are included in the Consolidated Statements of Operations under Other income (expense).
Allowance for doubtful accounts	'
	Allowance for doubtful accounts
	The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses.  The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole.  The Company writes off accounts receivable when they are determined to be uncollectible.
Inventories	'
	Inventories
	Inventories are stated at the lower of cost or market determined by the first-in, first-out method.  Inventories are regularly reviewed and provisions for excess and obsolete inventory are recorded based primarily on current inventory levels and estimated sales forecasts.  During the three months ended September 30, 2013 and 2012, the Company recorded provisions for excess and obsolete inventory of $692 thousand and $92 thousand, respectively.
Property, Plant and Equipment	'
	Property, Plant and Equipment
	Property, plant and equipment are stated at cost less accumulated depreciation.  Depreciation is computed on a straight-line basis over the assets’ estimated useful lives.  Depreciation expense for each of the three months ended September 30, 2013 and 2012 was $1.1 million.
Intangible Assets	'
	Intangible Assets
	Intangible assets are stated at cost less accumulated amortization.  Amortization is computed on a straight-line basis over the assets’ estimated useful lives, generally for periods ranging from 10 to 15 years.  The Company continually evaluates the reasonableness of the useful lives of these assets.  Indefinite-lived and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  Costs to renew or extend the term of a recognized intangible asset are expensed as incurred.  The Company has one indefinite-lived intangible asset related to a product Abbreviated New Drug Application (“ANDA”), valued at $149 thousand.  Amortization on this indefinite-lived intangible will begin at such time as the Company begins shipping the product and determines a finite useful life.
Segment Information	'
	Segment Information — The Company operates one reportable segment, generic pharmaceuticals.  As such, the Company aggregates its financial information for all products.  The following table identifies the Company’s net sales by medical indication for the three months ended September 30, 2013 and 2012:
	(In thousands)	Three Months Ended
		September 30,
	Medical Indication	2013			2012
	Antibiotic	$	3,375		$	1,689
	Cardiovascular	4,524			7,100
	Gallstone	1,366			1,578
	Glaucoma	1,455			1,373
	Gout	2,053			165
	Migraine	2,715			1,249
	Obesity	1,131			1,310
	Pain Management	5,218			5,532
	Thyroid Deficiency	20,027			13,637
	Other	3,965			1,661
	Total	$	45,829		$	35,294
Customer, Supplier and Product Concentration	'
	Customer, Supplier and Product Concentration
	The following table presents the percentage of total net sales, for the three months ended September 30, 2013 and 2012, for certain of the Company’s products, defined as generic products containing the same active ingredient or combination of ingredients, which accounted for at least 10% of net sales in either of those periods:
		2013		2012
	Product 1	44	%	39	%
	Product 2	6	%	10	%
	Product 3	4	%	10	%
	The following table presents the percentage of total net sales, for the three months ended September 30, 2013 and 2012, for certain of the Company’s customers which accounted for at least 10% of net sales in either of those periods:
		2013		2012
	Customer A	16	%	17	%
	Customer B	14	%	11	%
	Customer C	11	%	10	%
	Customer D	8	%	10	%
	At September 30, 2013 and June 30, 2013, four customers accounted for 76% and 78% of the Company’s net accounts receivable balance, respectively.  Credit terms are offered to customers based on evaluations of the customers’ financial condition, and collateral is generally not required.
	The Company’s primary finished goods inventory supplier is Jerome Stevens Pharmaceuticals, Inc. (“JSP”), in Bohemia, New York.  Purchases of finished goods inventory from JSP accounted for approximately 67% and 59% of the Company’s inventory purchases during the three months ended September 30, 2013 and 2012, respectively.  See Note 21 “Material Contracts with Suppliers” for more information.
Revenue Recognition	'
	Revenue Recognition
	The Company recognizes revenue when title and risk of loss have transferred to the customer and provisions for rebates, promotional adjustments, price adjustments, returns, chargebacks, and other potential adjustments are reasonably determinable.  The Company also considers all other relevant criteria specified in Securities and Exchange Commission Staff Accounting Bulletin No. 104, Topic No. 13, “Revenue Recognition”, in determining when to recognize revenue.
Research and Development	'
	Research and Development
	Research and development costs are expensed as incurred, including all production costs until a drug candidate is approved by the FDA.  Research and Development expenses include costs associated with internal projects as well as costs associated with third-party research and development contracts.
Valuation of Long-Lived Assets	'
	Valuation of Long-Lived Assets
	The Company’s long-lived assets primarily consist of property, plant and equipment as well as definite-lived intangible assets.  Long-lived assets are reviewed for impairment whenever events or changes in circumstances (“triggering events”) indicate that the carrying amount of the asset may not be recoverable.  If a triggering event is determined to have occurred the first step in the impairment test is to compare the asset’s carrying value to the future undiscounted cash flows expected to be generated by the asset.  If the carrying value exceeds the undiscounted cash flow of the asset then impairment exists.  An impairment loss is measured as the excess of the asset’s carrying value over its fair value, which in most cases is calculated using a discounted cash flow model.  Discounted cash flow models are highly reliant on various assumptions which are considered Level 3 inputs, including estimates of future cash flows (including long-term growth rates), discount rates, and the probability of achieving the estimated cash flows.
Contingencies	'
	Contingencies
	Loss contingencies, including litigation related contingencies, are included in the Consolidated Statements of Operations when the Company concludes that a loss is both probable and reasonably estimable.  Legal fees related to litigation related matters are expensed as incurred and included in the Consolidated Statements of Operations under the Selling, general and administrative line item.
Advertising Costs	'
	Advertising Costs
	The Company expenses advertising costs when incurred.  Advertising expense for the three months ended September 30, 2013 and 2012 was $1 thousand and $2 thousand, respectively.
Share-based Compensation	'
	Share-based Compensation
	Share-based compensation costs are recognized over the vesting period, using a straight-line method, based on the fair value of the instrument on the date of grant less an estimate for forfeitures.  The Company uses the Black-Scholes valuation model to determine the fair value of stock options and the stock price on the grant date to value restricted stock.  The Black-Scholes valuation model includes various assumptions, including the expected volatility, the expected life of the award, dividend yield, and the risk-free interest rate.  These assumptions involve inherent uncertainties based on market conditions which are generally outside the Company’s control.  Changes in these assumptions could have a material impact on share-based compensation costs recognized in the financial statements.
Income Taxes	'
	Income Taxes
	The Company uses the asset and liability method to account for income taxes as prescribed by Accounting Standards Codification (“ASC”) 740, Income Taxes.  Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse.  Deferred tax is the result of changes in deferred tax assets and liabilities.  Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates in the period during which they are signed into law.
	The Company may recognize the tax benefit from an uncertain tax position claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.  The authoritative standards issued by the Financial Accounting Standards Board (“FASB”) also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.  The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets.  Under ASC 740, Income Taxes, a valuation allowance is required when it is more likely than not that all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income.  Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company’s effective tax rate on future earnings.
Earnings Per Common Share	'
	Earnings Per Common Share
	Basic earnings per common share is computed by dividing net income attributable to Lannett Company, Inc. common stockholders by the weighted average number of shares outstanding during the period.  Diluted earnings per common share is computed by dividing net income attributable to Lannett Company, Inc. common stockholders by the weighted average number of shares outstanding during the period including additional shares that would have been outstanding related to potentially dilutive securities; Anti-dilutive securities are excluded from the calculation.  These potentially dilutive securities primarily consist of stock options and unvested restricted stock.
Comprehensive Income (Loss)	'
	Comprehensive Income (Loss)
	Comprehensive income (loss) includes all changes in equity during a period except those that resulted from investments by or distributions to a company’s stockholders.  Other comprehensive income or loss refers to revenues, expenses, gains and losses that are included in comprehensive income (loss), but excluded from net income (loss) as these amounts are recorded directly as an adjustment to stockholders’ equity.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In February 2013, the FASB issued authoritative guidance which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component.  In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period.  For other amounts not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts.  This authoritative guidance is effective for reporting periods beginning after December 15, 2012.  The adoption of this guidance by the Company did not have a significant impact on the Company’s consolidated financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Schedule of the Company's net sales by medical indication	'
	(In thousands)	Three Months Ended
		September 30,
	Medical Indication	2013			2012
	Antibiotic	$	3,375		$	1,689
	Cardiovascular	4,524			7,100
	Gallstone	1,366			1,578
	Glaucoma	1,455			1,373
	Gout	2,053			165
	Migraine	2,715			1,249
	Obesity	1,131			1,310
	Pain Management	5,218			5,532
	Thyroid Deficiency	20,027			13,637
	Other	3,965			1,661
	Total	$	45,829		$	35,294
Summary of products which accounted for at least 10% of net sales	'
		2013		2012
	Product 1	44	%	39	%
	Product 2	6	%	10	%
	Product 3	4	%	10	%
Summary of customers which accounted for at least 10% of net sales	'
		2013		2012
	Customer A	16	%	17	%
	Customer B	14	%	11	%
	Customer C	11	%	10	%
	Customer D	8	%	10	%

Accounts_Receivable_Tables

Accounts Receivable (Tables)	3 Months Ended
	Sep. 30, 2013
Accounts Receivable	'
Schedule of accounts receivable	'
	(In thousands)	September 30,			June 30,
		2013			2013
	Gross accounts receivable	$	50,355		$	43,923
	Less: Chargebacks reserve	(8,780		)	(7,267		)
	Less: Rebates reserve	(3,502		)	(2,513		)
	Less: Returns reserve	(6,955		)	(6,689		)
	Less: Other deductions	(1,318		)	(1,000		)
	Less: Allowance for doubtful accounts	(51		)	(41		)
	Accounts receivable, net	$	29,749		$	26,413

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Sep. 30, 2013
Inventories	'
Schedule of Inventories, net of allowances	'
	(In thousands)	September 30,		June 30,
		2013		2013
	Raw Materials	$	16,285	$	14,224
	Work-in-process	2,545		3,122
	Finished Goods	13,778		13,133
	Packaging Supplies	1,916		2,052
	Total	$	34,524	$	32,531

Property_Plant_and_Equipment_T

Property, Plant and Equipment (Tables)	3 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment	'
Schedule of property, plant and equipment	'
	(In thousands)	Useful Lives	September 30,			June 30,
			2013			2013
	Land	—	$	1,350		$	1,350
	Building and improvements	10 - 39 years	32,844			32,992
	Machinery and equipment	5 - 10 years	33,814			32,620
	Furniture and fixtures	5 - 7 years	1,292			1,290
	Construction in progress	—	3,744			2,892
	Property, plant and equipment, at cost		73,044			71,144
	Less accumulated depreciation		(32,090		)	(31,003		)
	Property, plant and equipment, net		$	40,954		$	40,141

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2013
Fair Value Measurements	'
Schedule of financial assets and liabilities measured at fair value on a recurring basis	'
		September 30, 2013
	(In thousands)	Level 1		Level 2		Level 3		Total
	Assets
	Investment securities	$	10,072	$	—	$	—	$	10,072
	Total	$	10,072	$	—	$	—	$	10,072
		June 30, 2013
	(In thousands)	Level 1		Level 2		Level 3		Total
	Assets
	Investment securities	$	8,461	$	—	$	—	$	8,461
	Total	$	8,461	$	—	$	—	$	8,461

Intangible_Assets_Tables

Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2013
Intangible Assets	'
Summary of Intangible assets, net	'
		Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
	(In thousands)	September 30,		June 30,		September 30,			June 30,			September 30,		June 30,
		2013		2013		2013			2013			2013		2013
	JSP Marketing and Dist. Rights	$	16,062	$	16,062	$	(15,170	)	$	(14,723	)	$	892	$	1,339
	Cody Labs Import License	582		582		(202		)	(193		)	380		389
	Morphine Sulfate Oral Solution NDA	202		398		(57		)	(51		)	145		347
	Other ANDA Product Rights (A)	600		600		(136		)	(128		)	464		472
		$	17,446	$	17,642	$	(15,565	)	$	(15,095	)	$	1,881	$	2,547
	(A)  Amounts include the product line covered by the ANDA purchased in August 2009 for $149 thousand.  This ANDA is not being amortized at this time and will not be amortized until such time as the Company begins shipping the product.
Summary of future annual amortization expense	'
	(In thousands)	Annual Amortization Expense
	Fiscal Year Ending June 30,
	2014	$	954
	2015	82
	2016	82
	2017	82
	2018	82
	Thereafter	450
		$	1,732

LongTerm_Debt_Tables

Long-Term Debt (Tables)	3 Months Ended
	Sep. 30, 2013
Long-Term Debt	'
Summary of long-term debt	'
		September 30,		June 30,
	(In thousands)	2013		2013
	Pennsylvania Industrial Development Authority loan	$	675	$	696
	Tax-exempt bond loan (PAID)	150		150
	Wells Fargo N.A. Townsend Road mortgage	2,564		2,614
	Pennsylvania Industrial Development Authority Townsend Road mortgage	1,767		1,794
	First National Bank of Cody mortgage	1,231		1,260
	Total debt	6,387		6,514
	Less current portion	673		670
	Long term debt	$	5,714	$	5,844
	Current Portion of Long Term Debt:
		September 30,		June 30,
	(In thousands)	2013		2013
	Pennsylvania Industrial Development Authority loan	$	84	$	84
	Tax-exempt bond loan (PAID)	150		150
	Wells Fargo N.A. Townsend Road mortgage	204		204
	Pennsylvania Industrial Development Authority Townsend Road mortgage	110		109
	First National Bank of Cody mortgage	125		123
	Total current portion of long term debt	$	673	$	670
Summary of long-term debt amounts due	'
		Amounts Payable
	(In thousands)	to Institutions
	2014	$	673
	2015	536
	2016	548
	2017	562
	2018	575
	Thereafter	3,493
	Total	$	6,387

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Sep. 30, 2013
Accumulated Other Comprehensive Loss	'
Schedule of Accumulated Other Comprehensive Income (Loss)	'
	(In thousands)	September 30,			September 30,
		2013			2012
	Foreign Currency Translation
	Beginning Balance, July 1	$	(47	)	$	(63	)
	Net gain (loss) on foreign currency translation (net of tax of $0 and $0)	(1		)	41
	Reclassifications to net income (net of tax of $0 and $0)	—			—
	Other comprehensive income (loss), net of tax	(1		)	41
	Ending Balance, September 30	(48		)	(22		)
	Total Accumulated Other Comprehensive Loss	$	(48	)	$	(22	)

Earnings_Loss_Per_Common_Share1

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Sep. 30, 2013
Earnings (Loss) Per Common Share	'
Summary of reconciliation of the Company's basic and diluted earnings per common share	'
		Three Months Ended
		September 30, 2013
	(In thousands, except share and per share data)	2013			2012
	Net Income (Loss) Attributable to Lannett Company, Inc.	$	(5,995	)	$	2,926
	Basic weighted average common shares outstanding	29,586,237			28,278,514
	Effect of potentially dilutive options and restricted stock awards	—			190,710
	Diluted weighted average common shares outstanding	29,586,237			28,469,224
	Earnings (loss) per common share attributable to Lannett Company, Inc.:
	Basic	$	(0.20	)	$	0.1
	Diluted	$	(0.20	)	$	0.1

Sharebased_Compensation_Tables

Share-based Compensation (Tables)	3 Months Ended
	Sep. 30, 2013
Share-based Compensation	'
Schedule of allocation of share-based compensation costs recognized in the Consolidated Statements of Operations by financial statement line item	'
		Three Months Ended
		September 30,
	(In thousands)	2013			2012
	Selling, general and administrative	$	809		$	546
	Research and development	38			37
	Cost of sales	50			73
	Total	$	897		$	656
	Tax benefit at statutory rate	$	102		$	23
Schedule of weighted average assumptions used to estimate fair values of the stock options granted and the estimated annual forfeiture rates used to recognize the associated compensation expense	'
		Stock			Stock
		Options			Options
		FY 2014			FY 2013
	Risk-free interest rate	2.1		%	—		%
	Expected volatility	62.9		%	—		%
	Expected dividend yield	0		%	—		%
	Forfeiture rate	7.5		%	—		%
	Expected term (in years)	5.9 years			—
	Weighted average fair value	$	8.09		$	—
Summary of stock option award activity	'
									Weighted
				Weighted-					Average
				Average			Aggregate		Remaining
				Exercise			Intrinsic		Contractual
	(In thousands, except for weighted average price and life data)	Awards		Price			Value		Life (yrs.)
	Outstanding at July 1, 2013	2,319		$	5.71
	Granted	767		$	13.89
	Exercised	(127	)	$	6.38		$	1,449
	Forfeited, expired or repurchased	(4	)	$	7.57
	Outstanding at September 30, 2013	2,955		$	7.8		$	41,428	7.3
	Vested and expected to vest at September 30, 2013	2,791		$	7.65		$	39,565	7.1
	Exercisable at September 30, 2013	1,414		$	6.53		$	21,620	5
Summary of nonvested restricted stock awards	'
	(In thousands)	Awards		Weighted			Aggregate
				Average Grant -			Intrinsic Value
				date Fair Value
	Non-vested at July 1, 2013	—		—
	Granted	40		12.71
	Vested	(40	)	12.71			$	508
	Forfeited	—		—
	Non-vested at September 30, 2013	—		$	—

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Inventories	'	'
Provisions for inventory	$692,000	$92,000
Property, Plant and Equipment	'	'
Depreciation expense	$1,100,000	$1,100,000
Cody LCI Realty LLC ("Realty")	'	'
Principles of consolidation	'	'
Ownership percentage in VIE	50.00%	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Other ANDA Product Rights	'
Intangible assets	'
Number of indefinite-lived intangible assets	1
Indefinite-lived intangible asset	149
Minimum	'
Intangible assets	'
Estimated useful lives	'10 years
Maximum	'
Intangible assets	'
Estimated useful lives	'15 years

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
	item
Segment information	'	'
Number of reportable segments	1	'
Medical Indication Information	'	'
Total	$45,829	$35,294
Antibiotic	'	'
Medical Indication Information	'	'
Total	3,375	1,689
Cardiovascular	'	'
Medical Indication Information	'	'
Total	4,524	7,100
Gallstone	'	'
Medical Indication Information	'	'
Total	1,366	1,578
Glaucoma	'	'
Medical Indication Information	'	'
Total	1,455	1,373
Gout	'	'
Medical Indication Information	'	'
Total	2,053	165
Migraine	'	'
Medical Indication Information	'	'
Total	2,715	1,249
Obesity	'	'
Medical Indication Information	'	'
Total	1,131	1,310
Pain Management	'	'
Medical Indication Information	'	'
Total	5,218	5,532
Thyroid Deficiency	'	'
Medical Indication Information	'	'
Total	20,027	13,637
Other	'	'
Medical Indication Information	'	'
Total	$3,965	$1,661

Summary_of_Significant_Account6

Summary of Significant Accounting Policies (Details 4) (USD $)

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

item

item

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net sales

Net accounts receivable

Net accounts receivable

Inventory purchases

Inventory purchases

Products

Products

Products

Products

Products

Products

Customers

Customers

Customers

Customers

Customers

Customers

Customers

Customers

Customers

Customers

Suppliers

Suppliers

Product 1

Product 1

Product 2

Product 2

Product 3

Product 3

Customer A

Customer A

Customer B

Customer B

Customer C

Customer C

Customer D

Customer D

Four customers

Four customers

JSP

JSP

Concentration risk

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Concentration risk (as a percent)

'

'

'

44.00%

39.00%

6.00%

10.00%

4.00%

10.00%

16.00%

17.00%

14.00%

11.00%

11.00%

10.00%

8.00%

10.00%

76.00%

78.00%

67.00%

59.00%

Concentration risk customers

4

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenue recognition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reserves, net of accounts receivable

$20,600,000

'

$17,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued expenses for certain rebate programs

1,600,000

'

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advertising Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advertising expense

$1,000

$2,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts_Receivable_Details

Accounts Receivable (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Accounts receivable	'	'	'
Gross accounts receivable	$50,355,000	'	$43,923,000
Less: reserve	-20,600,000	'	-17,500,000
Less: Allowance for doubtful accounts	-51,000	'	-41,000
Accounts receivable, net	29,749,000	'	26,413,000
Chargebacks	'	'	'
Accounts receivable	'	'	'
Less: reserve	-8,780,000	'	-7,267,000
Provision for rebates, chargebacks, returns and other deductions	17,700,000	19,000,000	'
Rebates	'	'	'
Accounts receivable	'	'	'
Less: reserve	-3,502,000	'	-2,513,000
Provision for rebates, chargebacks, returns and other deductions	7,500,000	5,800,000	'
Returns	'	'	'
Accounts receivable	'	'	'
Less: reserve	-6,955,000	'	-6,689,000
Provision for rebates, chargebacks, returns and other deductions	1,200,000	1,400,000	'
Other	'	'	'
Accounts receivable	'	'	'
Less: reserve	-1,318,000	'	-1,000,000
Provision for rebates, chargebacks, returns and other deductions	$3,900,000	$2,400,000	'

Inventories_Details

Inventories (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Inventories, net of reserves	'	'
Raw Materials	$16,285,000	$14,224,000
Work-in-process	2,545,000	3,122,000
Finished Goods	13,778,000	13,133,000
Packaging Supplies	1,916,000	2,052,000
Net inventory	34,524,000	32,531,000
Inventory reserves	$2,100,000	$2,000,000

Property_Plant_and_Equipment_D

Property, Plant and Equipment (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	$73,044,000	'	$71,144,000
Less accumulated depreciation	-32,090,000	'	-31,003,000
Property, plant and equipment, net	40,954,000	'	40,141,000
Impairment charges	0	0	'
Property, plant and equipment, net, held in foreign countries	1,200,000	'	1,300,000
Land	'	'	'
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	1,350,000	'	1,350,000
Building and improvements	'	'	'
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	32,844,000	'	32,992,000
Building and improvements | Minimum	'	'	'
Property, Plant and Equipment	'	'	'
Useful Lives	'10 years	'	'
Building and improvements | Maximum	'	'	'
Property, Plant and Equipment	'	'	'
Useful Lives	'39 years	'	'
Machinery and equipment	'	'	'
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	33,814,000	'	32,620,000
Machinery and equipment | Minimum	'	'	'
Property, Plant and Equipment	'	'	'
Useful Lives	'5 years	'	'
Machinery and equipment | Maximum	'	'	'
Property, Plant and Equipment	'	'	'
Useful Lives	'10 years	'	'
Furniture and fixtures	'	'	'
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	1,292,000	'	1,290,000
Furniture and fixtures | Minimum	'	'	'
Property, Plant and Equipment	'	'	'
Useful Lives	'5 years	'	'
Furniture and fixtures | Maximum	'	'	'
Property, Plant and Equipment	'	'	'
Useful Lives	'7 years	'	'
Construction in progress	'	'	'
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	$3,744,000	'	$2,892,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Recurring, USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Level 1	'	'
Fair Value Measurements	'	'
Assets	$10,072	$8,461
Level 1 | Investment securities	'	'
Fair Value Measurements	'	'
Assets	10,072	8,461
Total	'	'
Fair Value Measurements	'	'
Assets	10,072	8,461
Total | Investment securities	'	'
Fair Value Measurements	'	'
Assets	$10,072	$8,461

Investment_Securities_Details

Investment Securities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Gain (loss) on investments	'	'
Net gain on investment securities	$463	$234
Unrealized gain related to securities still held	$367	$63

Intangible_Assets_Details

Intangible Assets (Details) (USD $)	1 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2009	Sep. 30, 2013	Jun. 30, 2013
Intangible Assets	'	'	'
Gross Carrying Amount	'	$17,446	$17,642
Accumulated Amortization	'	-15,565	-15,095
Intangible Assets, Net	'	1,881	2,547
JSP Marketing and Dist. Rights	'	'	'
Intangible Assets	'	'	'
Gross Carrying Amount	'	16,062	16,062
Accumulated Amortization	'	-15,170	-14,723
Intangible Assets, Net	'	892	1,339
Cody Labs Import License	'	'	'
Intangible Assets	'	'	'
Gross Carrying Amount	'	582	582
Accumulated Amortization	'	-202	-193
Intangible Assets, Net	'	380	389
Morphine Sulfate Oral Solution NDA	'	'	'
Intangible Assets	'	'	'
Gross Carrying Amount	'	202	398
Accumulated Amortization	'	-57	-51
Intangible Assets, Net	'	145	347
Other ANDA Product Rights	'	'	'
Intangible Assets	'	'	'
Gross Carrying Amount	'	600	600
Accumulated Amortization	'	-136	-128
Intangible Assets, Net	'	464	472
Product line covered by the ANDA purchased	$149	'	'

Intangible_Assets_Details_2

Intangible Assets (Details 2) (USD $)	0 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
Intangible Assets	'	'	'
Amortization	'	$470	$471
Impairments	'	0	0
Nonrefundable fee to be refunded	398	'	'
Annual Amortization Expense	'	'	'
2014	954	954	'
2015	82	82	'
2016	82	82	'
2017	82	82	'
2018	82	82	'
Thereafter	450	450	'
Intangible assets, net	$1,732	$1,732	'

Bank_Line_of_Credit_Details

Bank Line of Credit (Details) (Line of credit, USD $)	Jun. 30, 2013
In Millions, unless otherwise specified
Line of credit	'
Bank Line of Credit	'
Line of credit from Wells Fargo, N. A.	$3
Availability under line of credit	$3
Interest (as a percent)	2.19%

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

Sep. 30, 2013

Jun. 30, 2013

Feb. 28, 2006

Sep. 30, 2013

Jun. 30, 2013

Feb. 01, 2006

Apr. 30, 1999

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Feb. 02, 2011

Jan. 31, 2011

Pennsylvania Industrial Development Authority loan

Pennsylvania Industrial Development Authority loan

Pennsylvania Industrial Development Authority loan

Pennsylvania Industrial Development Authority loan

Tax-exempt bond loan (PAID)

Tax-exempt bond loan (PAID)

Tax-exempt bond loan (PAID)

Wells Fargo N.A. Townsend Road mortgage

Wells Fargo N.A. Townsend Road mortgage

Pennsylvania Industrial Development Authority Townsend Road mortgage

Pennsylvania Industrial Development Authority Townsend Road mortgage

Cody LCI Realty LLC ("Realty")

Cody LCI Realty LLC ("Realty")

Cody LCI Realty LLC ("Realty")

Cody LCI Realty LLC ("Realty")

First National Bank of Cody mortgage

First National Bank of Cody mortgage

First National Bank of Cody mortgage

First National Bank of Cody mortgage

Long-Term Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total debt

$6,387,000

$6,514,000

'

$675,000

$696,000

'

'

$150,000

$150,000

$2,564,000

$2,614,000

$1,767,000

$1,794,000

$1,231,000

$1,260,000

'

'

Less current portion

673,000

670,000

'

84,000

84,000

'

'

150,000

150,000

204,000

204,000

110,000

109,000

125,000

123,000

'

'

Long term debt

5,714,000

5,844,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current Portion of Long Term Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current Portion of Long Term Debt

673,000

670,000

'

84,000

84,000

'

'

150,000

150,000

204,000

204,000

110,000

109,000

125,000

123,000

'

'

Debt Additional Information

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount financed

'

'

'

'

'

1,300,000

3,700,000

'

'

3,100,000

'

2,000,000

'

'

'

'

'

Effective interest rate (as a percent)

'

'

'

'

'

'

'

0.27%

0.26%

3.13%

3.14%

'

'

4.50%

4.50%

'

'

Interest rate per annum (as a percent)

'

'

'

'

'

2.75%

'

'

'

'

'

3.75%

'

'

'

'

'

Debt repayment period

'

'

'180 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Bond issuance costs

'

'

'

'

'

'

170,000

'

'

'

'

'

'

'

'

'

'

Basis of interest rate

'

'

'

'

'

'

'

'

'

'One Month LIBOR

'

'

'

'New York Prime Rate

'

'

'

Spread rate (as a percent)

'

'

'

'

'

'

'

'

'

2.95%

'

'

'

'

'

'

'

Amortization period

'

'

'

'

'

'

'

'

'

'15 years

'

'

'

'

'

'

'

Maturity period

'

'

'

'

'

'

'

'

'

'8 years

'

'15 years

'

'

'

'

'

Monthly principal and interest payments

'

'

'

'

'

'

'

'

'

'

'

'

'

15,000

'

'

'

Fixed rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.50%

Floating interest rate floor (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.50%

'

Floating interest rate ceiling (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.00%

'

Long-term debt maturities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014

673,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

536,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

548,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

562,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

575,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

3,493,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total debt

$6,387,000

$6,514,000

'

$675,000

$696,000

'

'

$150,000

$150,000

$2,564,000

$2,614,000

$1,767,000

$1,794,000

$1,231,000

$1,260,000

'

'

Consolidation_of_Variable_Inte1

Consolidation of Variable Interest Entity (Details) (Cody LCI Realty LLC ("Realty"), USD $)	3 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
Consolidation of Variable Interest Entity	'	'
Consolidated VIE assets	$1,700,000	$1,700,000
Consolidated VIE liabilities	1,200,000	1,300,000
Share of the venture (as a percent)	50.00%	'
A former officer of Cody Labs	'	'
Consolidation of Variable Interest Entity	'	'
Co-venturer's share of the joint venture (as a percent)	50.00%	'
Cody Labs, wholly-owned subsidiary	'	'
Consolidation of Variable Interest Entity	'	'
Lease rent of the building and property by Cody per month	$20,000	'

Contingencies_Details

Contingencies (Details) (Breach of agreements, USD $)	0 Months Ended
In Thousands, unless otherwise specified	Apr. 16, 2013
	acre
Breach of agreements	'
Contingencies	'
Severance compensation, period	'18 months
Estimated aggregate value of claimed severance benefits, minimum	$350
Estimated aggregate value of claimed severance benefits, maximum	400
Amount as a percentage of value of land that Mr. Asherman seeks to have in the matter	50.00%
Area of land	1.66
Value of land that Mr. Asherman seeks to have in the matter	$380

Commitments_Details

Commitments (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 20, 2012
			sqft
Leases	'	'	'
Area of facility	'	'	24,000
Rental and lease expense	$21	$24	'
Cody LCI Realty LLC ("Realty")	'	'	'
Leases	'	'	'
Ownership percentage	50.00%	'	'
Cody Laboratories, Inc. | Cody LCI Realty LLC ("Realty") | Facility in Cody, Wyoming	'	'	'
Leases	'	'	'
Area of facility	73,000	'	'

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Foreign Currency Translation	'	'	'
Beginning Balance	($47)	($63)	'
Net gain (loss) on foreign currency translation	-1	41	'
Gain (loss) on foreign currency translation, tax	0	0	'
Reclassifications to net income, tax	0	0	'
Other comprehensive income (loss), net of tax	-1	41	'
Ending Balance	-48	-22	'
Total Accumulated Other Comprehensive Loss	($48)	($22)	($47)

Earnings_Loss_Per_Common_Share2

Earnings (Loss) Per Common Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Earnings (Loss) Per Common Share	'	'
Net Income (Loss) Attributable to Lannett Company, Inc	($5,995)	$2,926
Basic weighted average common shares outstanding	29,586,237	28,278,514
Effect of potentially dilutive options and restricted stock awards (in shares)	'	190,710
Diluted weighted average common shares outstanding	29,586,237	28,469,224
Earnings (Loss) per common share attributable to the entity:	'	'
Basic (in dollars per share)	($0.20)	$0.10
Diluted (in dollars per share)	($0.20)	$0.10
Anti-dilutive shares excluded in the computation of diluted earnings per share	3,000,000	2,000,000

Sharebased_Compensation_Detail

Share-based Compensation (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Millions, except Share data, unless otherwise specified	item	Maximum	Restricted stock	2006 LTIP	2006 LTIP	2006 LTIP	2011 LTIP	2011 LTIP	2003 Plan	2003 Plan	Old Plan
						Restricted stock		Restricted stock
Stock-based Compensation	'	'	'	'	'	'	'	'	'	'	'
Number of share-based employee compensation plans	4	'	'	'	'	'	'	'	'	'	'
Options outstanding (in shares)	3,000,000	'	'	'	'	'	'	'	'	'	'
Options issued (in shares)	'	'	'	1,200,000	'	'	1,200,000	'	561,000	'	'
Shares authorized	'	'	'	2,500,000	2,500,000	'	1,500,000	'	1,100,000	1,100,000	'
Options exercised (in shares)	'	'	'	'	588,000	'	'	'	'	257,000	'
Shares already vested under a plan since its inception	'	'	40,000	'	'	708,000	'	43,000	'	'	'
Shares for future issuances	'	'	'	21,000	21,000	'	247,000	'	'	'	'
Other disclosures	'	'	'	'	'	'	'	'	'	'	'
Share-based compensation awards vesting period	'	'3 years	'	'	'	'	'	'	'	'	'
Share-based compensation awards maximum contractual term	'	'10 years	'	'	'	'	'	'	'	'	'
Total unrecognized compensation cost related to non-vested share-based compensation awards granted under the Plans	'	'	$6.40	'	'	'	'	'	'	'	'
Weighted average period during which the cost is expected to be recognized	'	'	'2 years 8 months 12 days	'	'	'	'	'	'	'	'
Number of further shares authorized to be issued	'	'	'	'	'	'	'	'	'	'	0

Sharebased_Compensation_Detail1

Share-based Compensation (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Share-based compensation costs recognized in the entity's Consolidated Statements of Operations	'	'
Share based compensation	$897	$656
Tax benefit at statutory rate	102	23
Selling, general and administrative	'	'
Share-based compensation costs recognized in the entity's Consolidated Statements of Operations	'	'
Share based compensation	809	546
Research and development	'	'
Share-based compensation costs recognized in the entity's Consolidated Statements of Operations	'	'
Share based compensation	38	37
Cost of sales	'	'
Share-based compensation costs recognized in the entity's Consolidated Statements of Operations	'	'
Share based compensation	$50	$73

Sharebased_Compensation_Detail2

Share-based Compensation (Details 3) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013
Stock option activity	'
Outstanding at the end of the period (in shares)	3,000
Stock options	'
Weighted average assumptions used to estimate fair values of the stock options granted and the estimated annual forfeiture rates used to recognize the associated compensation expense	'
Risk-free interest rate (as a percent)	2.10%
Expected volatility (as a percent)	62.90%
Expected dividend yield (as a percent)	0.00%
Forfeiture rate (as a percent)	7.50%
Expected term	'5 years 10 months 24 days
Weighted average fair value (in dollars per share)	$8.09
Stock option activity	'
Outstanding at the beginning of the period (in shares)	2,319
Granted (in shares)	767
Exercised (in shares)	-127
Forfeited, expired or repurchased (in shares)	-4
Outstanding at the end of the period (in shares)	2,955
Vested and expected to vest, Awards (in shares)	2,791
Exercisable at end of year (in shares)	1,414
Stock options, Weighted-Average Exercise Price	'
Outstanding at the beginning of the period (in dollars per share)	$5.71
Granted (in dollars per share)	$13.89
Exercised (in dollars per share)	$6.38
Forfeited, expired or repurchased (in dollars per share)	$7.57
Outstanding at the end of the period (in dollars per share)	$7.80
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per share)	$7.65
Exercisable at the end of the period (in dollars per share)	$6.53
Aggregate Intrinsic Value	'
Exercised (in dollars)	$1,449
Outstanding at the end of the period (in dollars)	41,428
Vested and expected to vest, Aggregate Intrinsic Value	39,565
Exercisable at the end of the period (in dollars)	$21,620
Weighted Average Remaining Contractual Life (yrs.)	'
Outstanding at the end of the period (in years)	'7 years 3 months 18 days
Vested and expected to vest, Weighted Average Remaining Contractual Life	'7 years 1 month 6 days
Exercisable at the end of the period (in years)	'5 years

Sharebased_Compensation_Detail3

Share-based Compensation (Details 4) (USD $)	3 Months Ended		126 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Restricted stock	'	'	'
Restricted Stock	'	'	'
Annual forfeiture rate used to calculate compensation expense (as a percent)	7.50%	7.50%	'
Awards	'	'	'
Granted (in shares)	40,000	'	'
Vested (in shares)	-40,000	'	'
Weighted Average Grant-date Fair Value	'	'	'
Granted (in dollars per share)	12.71	'	'
Vested (in dollars per share)	12.71	'	'
Aggregate Intrinsic Value	'	'	'
Vested	508	'	'
Employee Stock Purchase Plan	'	'	'
Employee Stock Purchase Plan	'	'	'
Purchase price lower of the fair market value of the common stock on the first day of the calendar quarter or the last day of the calendar quarter (as a percent)	85.00%	'	'
Percentage of the compensation authorized by the employee to be withheld	10.00%	'	10.00%
Company's common stock authorized for issuance under the ESPP (in shares)	1,100,000	'	1,100,000
Shares issued under the ESPP (in shares)	6,000	32,000	415,000

Employee_Benefit_Plan_Details

Employee Benefit Plan (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Employee Benefit Plan	'	'
Company matching contributions equal to each employee's contribution (as a percent)	50.00%	'
Maximum contribution by the company as a percentage of employee's compensation for the Plan year	4.00%	'
Contributions to the Plan	$159	$164

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Net operation loss (NOL) carry forwards	'	'	'
Income tax (benefit) expense	($4,242)	$2,277	'
Effective income tax rate (as a percent)	41.00%	44.00%	'
Decrease (increase) in deferred tax assets	'	217	'
Unrecognized tax benefits	397	'	360
Unrecognized tax benefits cumulative interest and penalties recorded	$0	'	$0

Related_Party_Transactions_Det

Related Party Transactions (Details) (Auburn, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Auburn	'	'	'
Related Party Transactions	'	'	'
Sales to a generic distributor	$510	$322	'
Amounts due from the related party	$42	'	$200

Material_Contracts_with_Suppli1

Material Contracts with Suppliers (Details) (USD $)	3 Months Ended	0 Months Ended	1 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Aug. 19, 2013	Mar. 31, 2004	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
		JSP	JSP	JSP	JSP	JSP
		item			Inventory purchases	Inventory purchases
					Suppliers	Suppliers
Material Contracts with Suppliers	'	'	'	'	'	'
Purchases of finished goods inventory from JSP as a percentage of the company's inventory purchases	'	'	'	'	67.00%	59.00%
Number of shares of common stock issued in exchange for exclusive distribution rights	'	1,500,000	4,000,000	'	'	'
Number of products under the exclusive distribution agreement	'	3	'	'	'	'
Extension term of the agreement	'	'5 years	'	'	'	'
Expense recorded in accordance with policy related to renewal and extension costs for recognized intangible assets	$20,100	$20,100	'	'	'	'
Second extension term of the agreement	'	'5 years	'	'	'	'
Number of shares of common stock issued in exchange for extension of exclusive distribution rights agreement	'	1,500,000	'	'	'	'
Period from notice within which if breach is not cured, non-breaching party has right to terminate contract	'	'	'	'30 days	'	'
Minimum purchase requirement met by the company	'	'	'	'9 years	'	'

Cody_Expansion_Project_Details

Cody Expansion Project (Details) (USD $)	Dec. 20, 2012	Dec. 20, 2012	Sep. 30, 2013	Jun. 30, 2011	Sep. 30, 2013
	sqft	Cody LCI Realty LLC ("Realty")	Cody LCI Realty LLC ("Realty")	Cody Laboratories, Inc.	Cody Laboratories, Inc.
		Forward Cody	City of Cody	item
		acre
Cody Expansion Project	'	'	'	'	'
Area of facility	24,000	'	'	'	'
Capital expenditure obligation	'	'	'	'	$5,200,000
Number of additional full-time positions required to be hired under the agreement	'	'	'	45	'
Maximum period to meet certain obligations under the agreement	'	'	'	'3 years	'
Area of land	'	1.66	'	'	'
Term of leases entered into for property contributed under expansion project	'	'25 years	'	'	'
Annual rent payments	'	'	($108,000)	'	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended		0 Months Ended	1 Months Ended
In Thousands, except Share data in Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Oct. 04, 2013	Oct. 31, 2013
			Subsequent event	Subsequent event
				Pennsylvania Industrial Development Authority loan, the Wells Fargo N.A. Townsend Road mortgage, and the Pennsylvania Industrial Development Authority Townsend Road mortgage
				item
Subsequent events	'	'	'	'
Share price (in dollars per share)	'	'	$18	'
Common stock offering, number of shares	'	'	4.25	'
Common stock offering, net proceeds	$881	$296	$71,500	'
Number of debt obligations repaid	'	'	'	3
Payoff, including accrued interest	$127	$125	'	$5,000