Lannett (LCINQ) 10-Q 6 Nov 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2014	Oct. 31, 2014
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-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--06-30	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	35,757,847
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$137,395	$105,587
Investment securities	14,929	40,693
Accounts receivable, net	75,835	61,325
Inventories, net	44,070	44,844
Deferred tax assets	12,220	11,265
Other current assets	3,342	1,833
Total current assets	287,791	265,547
Property, plant and equipment, net	69,736	61,704
Intangible assets, net	1,207	927
Deferred tax assets	14,949	14,234
Other assets	340	361
TOTAL ASSETS	374,023	342,773
Current liabilities:	'	'
Accounts payable	13,959	20,982
Accrued expenses	2,578	3,901
Accrued payroll and payroll-related expenses	3,863	12,860
Rebates payable	6,152	4,558
Income taxes payable	13,735	4,569
Current portion of long-term debt	131	129
Total current liabilities	40,418	46,999
Long-term debt, less current portion	975	1,009
TOTAL LIABILITIES	41,393	48,008
Commitment and Contingencies (Note 13)	'	'
STOCKHOLDERS' EQUITY	'	'
Common stock ($0.001 par value, 100,000,000 shares authorized; 36,171,478 and 36,088,272 shares issued; 35,654,486 and 35,571,280 shares outstanding at September 30, 2014 and June 30, 2014, respectively)	36	36
Additional paid-in capital	219,708	216,793
Retained earnings	118,586	83,654
Accumulated other comprehensive loss	-54	-54
Treasury stock (516,992 shares at September 30, 2014 and June 30 2014)	-5,959	-5,959
Total Lannett Company, Inc. stockholders' equity	332,317	294,470
Noncontrolling Interest	313	295
Total stockholders' equity	332,630	294,765
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$374,023	$342,773

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Jun. 30, 2014
CONSOLIDATED BALANCE SHEETS	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	36,171,478	36,088,272
Common stock, outstanding shares	35,654,486	35,571,280
Treasury stock, shares	516,992	516,992

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS	'	'
Net sales	$93,387	$45,829
Cost of sales	21,820	24,423
JSP contract renewal cost	'	20,100
Gross profit	71,567	1,306
Operating expenses:	'	'
Research and development	6,363	4,745
Selling, general, and administrative	10,553	7,179
Total operating expenses	16,916	11,924
Operating income (loss)	54,651	-10,618
Other income (expense):	'	'
Gain (loss) on sale of assets	20	-62
Gain on investment securities	15	463
Interest and dividend income	102	46
Interest expense	-38	-58
Total other income	99	389
Income (loss) before income tax	54,750	-10,229
Income tax expense (benefit)	19,800	-4,242
Net income (loss)	34,950	-5,987
Less: Net income attributable to noncontrolling interest	18	8
Net income (loss) attributable to Lannett Company, Inc.	$34,932	($5,995)
Earnings (loss) per common share attributable to Lannett Company, Inc.:	'	'
Basic (in dollars per share)	$0.98	($0.20)
Diluted (in dollars per share)	$0.94	($0.20)
Weighted average common shares outstanding:	'	'
Basic (in shares)	35,597,931	29,586,237
Diluted (in shares)	36,972,646	29,586,237

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'
Net Income (loss)	$34,950	($5,987)
Other comprehensive income (loss), before tax:	'	'
Foreign currency translation gain (loss)	'	-1
Total other comprehensive income (loss), before tax	'	-1
Total other comprehensive income (loss), net of tax	'	-1
Comprehensive income (loss)	34,950	-5,988
Less: Total comprehensive income attributable to noncontrolling interest	18	8
Comprehensive income (loss) attributable to Lannett Company, Inc.	$34,932	($5,996)

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Stockholders' Equity Attributable to Lannett Co., Inc.	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest	Total
In Thousands, unless otherwise specified
Balance at Jun. 30, 2014	$294,470	$36	$216,793	$83,654	($54)	($5,959)	$295	$294,765
Balance (in shares) at Jun. 30, 2014	'	36,088	'	'	'	'	'	'
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'
Shares issued in connection with share-based compensation plans	773	'	773	'	'	'	'	773
Shares issued in connection with share-based compensation plans (in shares)	'	83	'	'	'	'	'	'
Share-based compensation	1,647	'	1,647	'	'	'	'	1,647
Excess tax benefits on share-based compensation awards	495	'	495	'	'	'	'	495
Net income (loss)	34,932	'	'	34,932	'	'	18	34,950
Balance at Sep. 30, 2014	$332,317	$36	$219,708	$118,586	($54)	($5,959)	$313	$332,630
Balance (in shares) at Sep. 30, 2014	'	36,171	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES:	'	'
Net income (loss)	$34,950	($5,987)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	1,306	1,573
Deferred income tax benefit	-1,670	-3,028
Share-based compensation	1,647	897
Excess tax benefits on share-based compensation awards	-495	-407
Loss (gain) on sale of assets	-20	62
Gain on investment securities	-15	-463
JSP contract renewal cost	'	20,100
Other noncash expenses	21	4
Changes in assets and liabilities which provided (used) cash:	'	'
Trade accounts receivable	-14,510	-3,336
Inventories	774	-1,993
Income taxes payable/receivable	9,661	-2,914
Prepaid expenses and other assets	-1,509	-854
Rebates payable	1,594	596
Accounts payable	-7,023	-6,032
Accrued expenses	-1,323	643
Accrued payroll and payroll-related expenses	-8,997	-3,856
Net cash provided by (used in) operating activities	14,391	-4,995
INVESTING ACTIVITIES:	'	'
Purchases of property, plant and equipment	-9,374	-2,018
Proceeds from sale of property, plant and equipment	76	40
Purchases of intangible assets	-300	'
Proceeds from sale of investment securities	34,213	4,584
Purchase of investment securities	-8,434	-5,733
Net cash provided by (used in) investing activities	16,181	-3,127
FINANCING ACTIVITIES:	'	'
Repayments of debt	-32	-127
Proceeds from issuance of stock	773	881
Excess tax benefits on share-based compensation awards	495	407
Net cash provided by financing activities	1,236	1,161
Effect on cash and cash equivalents of changes in foreign exchange rates	'	-1
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	31,808	-6,962
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	105,587	42,689
CASH AND CASH EQUIVALENTS, END OF PERIOD	137,395	35,727
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'
Interest paid	25	57
Income taxes paid	$11,809	$1,700

Interim_Financial_Information

Interim Financial Information	3 Months Ended
	Sep. 30, 2014
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 (“U.S. GAAP”) for the 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, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2015.  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, 2014.

The_Business_And_Nature_of_Ope

The Business And Nature of Operations	3 Months Ended
	Sep. 30, 2014
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.  Additionally, the Company distributes products under various distribution agreements, most notably the Jerome Stevens Distribution Agreement.
	The Company operates pharmaceutical manufacturing plants in Philadelphia, Pennsylvania and Cody, Wyoming.  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, 2014
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.  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.
	Use of estimates
	The preparation of financial statements in conformity with U.S. 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 deductions 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 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 resulting from transactions denominated in foreign currencies are recognized in the Consolidated Statements of Operations under Other income (expense).  Amounts recorded due to foreign currency fluctuations are immaterial to the consolidated financial statements.
	Cash and cash equivalents
	The Company considers all highly liquid investments with original maturities 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 of publicly traded equity securities and certificates of deposit with original maturities greater than three months 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.
	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 the three months ended September 30, 2014 and 2013 was $1.3 million and $1.1 million, respectively.
	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.  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 several indefinite-lived intangible assets related to product Abbreviated New Drug Applications (“ANDAs”), valued at $449 thousand.  Amortization on these indefinite-lived intangibles will begin at such time as the Company begins shipping the products 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, 2014 and 2013:
	(In thousands)	Three Months Ended
		September 30,
	Medical Indication	2014			2013
	Antibiotic	$	3,003		$	3,375
	Cardiovascular	18,939			4,524
	Gallstone	11,761			1,366
	Glaucoma	4,691			1,455
	Gout	2,299			2,053
	Migraine	5,795			2,715
	Obesity	915			1,131
	Pain Management	6,655			5,218
	Thyroid Deficiency	33,346			20,027
	Other	5,983			3,965
	Total	$	93,387		$	45,829
	Customer, Supplier and Product Concentration
	The following table presents the percentage of total net sales, for the three months ended September 30, 2014 and 2013, for certain of the Company’s products, defined as products containing the same active ingredient or combination of ingredients, which accounted for at least 10% of net sales in any of those periods:
		2014		2013
	Product 1	36	%	44	%
	Product 2	19	%	6	%
	Product 3	13	%	3	%
	The following table presents the percentage of total net sales, for the three months ended September 30, 2014 and 2013, for certain of the Company’s customers which accounted for at least 10% of net sales in any of those periods:
		2014		2013
	Customer A	31	%	14	%
	Customer B	9	%	11	%
	Customer C	0	%	16	%
	As shown above, customer concentration was impacted by the strategic partnership between Amerisource Bergen and Walgreens, whereby Amerisource Bergen began product distribution on behalf of Walgreens in third quarter of Fiscal Year 2014.
	At September 30, 2014 and June 30, 2014, four customers accounted for 83% and 67% 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% of the Company’s inventory purchases during the three months ended September 30, 2014 and 2013.  See Note 20 “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 gross sales is made for chargebacks, rebates, returns, promotional 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 of accounts receivable or included as rebates payable, depending on the nature of the reserve.  The reserves, presented as a reduction of accounts receivable, totaled $57.4 million and $51.9 million at September 30, 2014 and June 30, 2014, respectively.  Rebates payable at September 30, 2014 and June 30, 2014 included $6.2 million and $4.6 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 and costs to renew or extend recognized 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.
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 expense (benefit) 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 attributable to Lannett Company, Inc. 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 attributable to Lannett Company, Inc. 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 the Company’s stockholders.  Other comprehensive income (loss) refers to revenues, expenses, gains and losses that are included in comprehensive income (loss), but excluded from net income as these amounts are recorded directly as an adjustment to stockholders’ equity.
Recent Accounting Pronouncements
In May 2014, the FASB issued authoritative guidance on revenue recognition.  The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The authoritative guidance is effective for annual reporting periods beginning after December 15, 2016.  Early application is not permitted.  The Company is currently in the process of assessing the impact this guidance will have on the consolidated financial statements.

Accounts_Receivable

Accounts Receivable	3 Months Ended
	Sep. 30, 2014
Accounts Receivable	'
Accounts Receivable	'
	Note 4.  Accounts Receivable
	Accounts receivable consisted of the following components at September 30, 2014 and June 30, 2014:
	(In thousands)	September 30,			June 30,
		2014			2014
	Gross accounts receivable	$	133,342		$	113,420
	Less Chargebacks reserve	(32,778		)	(30,320		)
	Less Rebates reserve	(10,963		)	(10,532		)
	Less Returns reserve	(11,962		)	(9,341		)
	Less Other deductions	(1,709		)	(1,787		)
	Less Allowance for doubtful accounts	(95		)	(115		)
	Accounts receivable, net	$	75,835		$	61,325
	For the three months ended September 30, 2014, the Company recorded a provision for chargebacks, rebates (including rebates presented as rebates payable), returns, and other deductions of $77.9 million, $18.6 million, $4.1 million, and $9.0 million, respectively.  For the three months ended September 30, 2013, the Company recorded a provision for chargebacks, rebates (including rebates presented as rebates payable), returns, and other deductions of $17.7 million, $7.5 million, $1.2 million, and $3.9 million, respectively.

Inventories

Inventories	3 Months Ended
	Sep. 30, 2014
Inventories	'
Inventories	'
	Note 5.  Inventories
	Inventories, net of allowances, at September 30, 2014 and June 30, 2014 consisted of the following:
	(In thousands)	September 30,		June 30,
		2014		2014
	Raw Materials	$	19,039	$	19,767
	Work-in-process	5,852		5,440
	Finished Goods	17,192		17,592
	Packaging Supplies	1,987		2,045
	Total	$	44,070	$	44,844
	The reserve for excess and obsolete inventory was $3.5 million and $2.4 million at September 30, 2014 and June 30, 2014, respectively.

Property_Plant_and_Equipment

Property, Plant and Equipment	3 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment	'
Property, Plant and Equipment	'
	Note 6.  Property, Plant and Equipment
	Property, plant and equipment at September 30, 2014 and June 30, 2014 consisted of the following:
	(In thousands)	Useful Lives	September 30,			June 30,
			2014			2014
	Land	—	$	4,641		$	4,641
	Building and improvements	10 - 39 years	43,362			42,013
	Machinery and equipment	5 - 10 years	39,918			37,678
	Furniture and fixtures	5 - 7 years	1,451			1,416
	Construction in progress	—	16,761			11,454
	Property, plant and equipment, gross		106,133			97,202
	Less accumulated depreciation		(36,397		)	(35,498		)
	Property, plant and equipment, net		$	69,736		$	61,704
	During the three months ended September 30, 2014 and 2013 the Company had no impairment charges.  Property, plant and equipment, net included amounts held in foreign countries in the amount of $1.5 million and $1.1 million at September 30, 2014 and June 30, 2014, respectively.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2014
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 interest rates available to the Company on similar debt obligations.
	The Company follows the authoritative guidance of ASC Topic 820 “Fair Value Measurements and Disclosures.”  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.  The Company’s financial assets and liabilities measured at fair value are entirely within Level 1 of the hierarchy as defined 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 at September 30, 2014 and June 30, 2014, were as follows:
		September 30, 2014
	(In thousands)	Level 1		Level 2		Level 3		Total
	Assets
	Equity securities	$	14,929	$	—	$	—	$	14,929
	Total Investment Securities	$	14,929	$	—	$	—	$	14,929
		June 30, 2014
	(In thousands)	Level 1		Level 2		Level 3		Total
	Assets
	Equity securities	$	15,193	$	—	$	—	$	15,193
	Certificates of Deposit	25,500		—		—		25,500
	Total Investment Securities	$	40,693	$	—	$	—	$	40,693

Investment_Securities

Investment Securities	3 Months Ended
	Sep. 30, 2014
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 $15 thousand during the three months ended September 30, 2014, which included an unrealized loss related to securities still held at September 30, 2014 of $81 thousand.
	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.

Intangible_Assets

Intangible Assets	3 Months Ended
	Sep. 30, 2014
Intangible Assets	'
Intangible Assets	'
	Note 9.  Intangible Assets
	Intangible assets, net as of September 30, 2014 and June 30, 2014, 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,
		2014		2014		2014			2014			2014		2014
	Cody Labs Import License	$	582	$	582	$	(241	)	$	(232	)	$	341	$	350
	Morphine Sulfate Oral Solution NDA	202		202		(68		)	(65		)	134		137
	Other ANDA Product Rights	900		600		(168		)	(160		)	732		440
		$	1,684	$	1,384	$	(477	)	$	(457	)	$	1,207	$	927
	For the three months ended September 30, 2014 and 2013, the Company incurred amortization expense of approximately $20 thousand and $470 thousand, respectively.  There were no impairments related to intangible assets during each of the three months ended September 30, 2014 and 2013.
	Future annual amortization expense consisted of the following as of September 30, 2014:
	(In thousands)	Annual Amortization Expense
	Fiscal Year Ending June 30,
	2015	$	61
	2016	82
	2017	82
	2018	82
	2019	79
	Thereafter	372
		$	758
	The amounts above do not include the product line covered by the ANDA purchased in August 2009 for $149 thousand and ANDAs purchased in September 2014 for $300 thousand.  Amortization on these assets will begin when the Company begins shipping the product.

Bank_Line_of_Credit

Bank Line of Credit	3 Months Ended
	Sep. 30, 2014
Bank Line of Credit	'
Bank Line of Credit	'
	Note 10.  Bank Line of Credit
	In December 2013, the Company entered into a credit agreement (the “Citibank Line of Credit”) with Citibank, N.A., as administrative agent, and another financial institution. The Citibank Line of Credit provides for a revolving loan commitment in the amount of up to $50.0 million.  Any loans under the Citibank Line of Credit will bear interest at either a “Eurodollar Rate” or a “Base Rate” plus a specified margin.  The Company is also required to pay a commitment fee on any undrawn commitments under the Citibank Line of Credit ranging from 0.2% - 0.3% per annum according to the average daily balance of borrowings under the agreement. The Citibank Line of Credit is collateralized by substantially all of the Company’s assets. In connection with securing the Citibank Line of Credit, the Company repaid substantially all of its outstanding debt. See Note 11 “Long-Term Debt” for more information. As of September 30, 2014 and June 30, 2014, the Company had $50.0 million available under the Citibank Line of Credit.
	The Citibank Line of Credit contains representations and warranties, affirmative, negative and financial covenants, and events of default, applicable to the Company and its subsidiaries which are customary for credit facilities of this type. As of September 30, 2014 and June 30, 2014, the Company was in compliance with all financial covenants.

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Sep. 30, 2014
Long-Term Debt	'
Long-Term Debt	'
	Note 11. Long-Term Debt
	Long-term debt consisted of the following:
		September 30,		June 30,
	(In thousands)	2014		2014
	First National Bank of Cody mortgage	$	1,106	$	1,138
	Less current portion	131		129
	Long-term debt	$	975	$	1,009
	Current Portion of Long-term Debt:
		September 30,		June 30,
	(In thousands)	2014		2014
	First National Bank of Cody mortgage	$	131	$	129
	The Company is the primary beneficiary to a VIE called Realty.  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.  As of September 30, 2014 and June 30, 2014, the effective interest rate was 4.5%.  The mortgage is collateralized by the land and building with a net book value of $1.5 million.
	Long-term debt amounts due for the twelve month periods ending September 30 were as follows:
		Amounts Payable
	(In thousands)	to Institutions
	2015	$	131
	2016	137
	2017	143
	2018	149
	2019	156
	Thereafter	390
	Total	$	1,106

Legal_and_Regulatory_Matters

Legal and Regulatory Matters	3 Months Ended
	Sep. 30, 2014
Legal And Regulatory Matters	'
Legal and Regulatory Matters	'
	Note 12.  Legal and Regulatory Matters
	Richard Asherman
	On April 16, 2013, Richard Asherman (“Asherman”), the former President of and a member in Realty, filed a complaint (“Complaint”) in Wyoming state court against the Company and Cody Labs.  At the same time, he also filed an application for a temporary restraining order to enjoin certain operations at Cody Labs, claiming, among other things, that Cody Labs is in violation of certain zoning laws and that Cody Labs is required to increase the level of its property insurance and to secure performance bonds for work being performed at Cody Labs.  Mr. Asherman claims Cody Labs 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, plus the value of any stock options.  Mr. Asherman also asserts that the Company is in breach of the Realty Operating Agreement and, among other requested remedies, he seeks to have the Company (i) pay him 50% of the value of 1.66 acres of land that Realty previously agreed to donate to an economic development entity associated with the City of Cody, Wyoming, which contemplated transaction has since been avoided and cancelled.  Although Mr. Asherman originally sought to require that Lannett acquire his interest in Realty for an unspecified price and/or to dissolve Realty, those claims were recently dismissed.
	The Company strongly disputes the claims in the Amended Complaint, including that the Company is required to acquire Mr. Asherman’s interest in Realty.  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, if any, 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.
	Connecticut Attorney General Inquiry
	In July 2014, the Company received interrogatories and subpoena from the State of Connecticut Office of the Attorney General concerning its investigation into pricing of digoxin.  According to the subpoena, the Connecticut Attorney General is investigating whether anyone engaged in any activities that resulted in (a) fixing, maintaining or controlling prices of digoxin or (b) allocating and dividing customers or territories relating to the sale of digoxin in violation of Connecticut antitrust law.  The Company maintains that it acted in compliance with all applicable laws and regulations and continues to cooperate with the Connecticut Attorney General’s investigation.
	Federal Investigation into the Generic Pharmaceutical Industry
	On November 3, 2014, the Senior Vice President of Sales and Marketing of the Company was served with a grand jury subpoena relating to a federal investigation of the generic pharmaceutical industry into possible violations of the Sherman Act.  The subpoena requests corporate documents of the Company relating to communications or correspondence with competitors regarding the sale of generic prescription medications, but is not specifically directed to any particular product and is not limited to any particular time period.  The Company maintains that it has acted in compliance with all applicable laws and regulations and intends to cooperate with the federal investigation.
	Class Action - David Schaefer
	On August 27, 2014, David Schaefer, as an alleged class representative, filed a class action complaint in the United States District Court, Eastern District of Pennsylvania (14-cv-05008) against the Company and certain of its officers, alleging violations of federal securities laws arising out of statements about the Company made in its securities filings during the period of September 10, 2013 through July 16, 2014.  The complaint alleges that the statements were false and misleading because the defendants allegedly knew at the time the statements were made that the Company was in violation of Connecticut antitrust laws relating to its sale of digoxin.  Mr. Schaefer’s complaint was voluntarily dismissed in September 2014.
	Patent Infringement (Paragraph IV Certification)
	There is substantial litigation in the pharmaceutical industry with respect to the manufacture, use, and sale of new products which are the subject of conflicting patent and intellectual property claims.  Certain of these claims relate to paragraph IV certifications, which allege that an innovator patent is invalid or would not be infringed upon by the manufacture, use, or sale of the new drug.
	Zomig®
	The Company filed with the Food and Drug Administration an Abbreviated New Drug Application (ANDA) No. 206350, along with a paragraph IV certification, alleging that the two patents associated with the Zomig® nasal spray product (U.S. Patent No. 6,750,237 and U.S. Patent No. 67,220,767) are invalid.  In July 2014, AstraZeneca AB, AstraZeneca UK Limited, and Impax Laboratories, Inc. filed two patent infringement lawsuits in the United States District Court for the District of Delaware, alleging that the Company’s filing of ANDA No. 206350 constitutes an act of patent infringement and seeking a declaration that the two patents at issue are valid and infringed.
	In September 2014, the Company filed a motion to dismiss one patent infringement lawsuit for lack of standing and responded to the second lawsuit by denying that any valid patent claim would be infringed.  Although the ultimate resolution of this matter is unknown, the legal fees associated with this patent challenge may have a significant impact on the Company’s financial position or results of operations in future periods.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	Note 13.  Commitments and Contingencies
	Leases
	The Company leases certain manufacturing and office equipment, in the ordinary course of business, with initial lease terms not greater than 12 months.  These assets are typically renewed annually.  Rental and lease expense was not material for all periods presented.  In addition, the Company owns all of its properties.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	3 Months Ended
	Sep. 30, 2014
Accumulated Other Comprehensive Loss.	'
Accumulated Other Comprehensive Loss	'
	Note 14.  Accumulated Other Comprehensive Loss
	The Company’s Accumulated Other Comprehensive Loss was comprised of the following components as of September 30, 2014 and 2013:
	(In thousands)	September 30,			September 30,
		2014			2013
	Foreign Currency Translation
	Beginning Balance, July 1	$	(54	)	$	(47	)
	Net gain (loss) on foreign currency translation (net of tax of $0 and $0)	—			(1		)
	Reclassifications to net income (net of tax of $0 and $0)	—			—
	Other comprehensive income (loss), net of tax	—			(1		)
	Ending Balance, September 30	(54		)	(48		)
	Total Accumulated Other Comprehensive Loss	$	(54	)	$	(48	)

Earnings_loss_Per_Common_Share

Earnings (loss) Per Common Share	3 Months Ended
	Sep. 30, 2014
Earnings (Loss) Per Common Share	'
Earnings (Loss) Per Common Share	'
	Note 15.  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 is computed using the treasury stock method and includes the effect of potential dilution from the exercise of outstanding stock options and treats unvested restricted stock as if it were vested.  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, 2014
	(In thousands, except share and per share data)	2014		2013
	Net Income (Loss) Attributable to Lannett Company, Inc.	$	34,932	$	(5,995	)
	Basic weighted average common shares outstanding	35,597,931		29,586,237
	Effect of potentially dilutive options and restricted stock awards	1,374,715		—
	Diluted weighted average common shares outstanding	36,972,646		29,586,237
	Earnings (loss) per common share attributable to Lannett Company, Inc.:
	Basic	$	0.98	$	(0.20	)
	Diluted	$	0.94	$	(0.20	)
	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, 2014 and 2013 were 436 thousand and 3.0 million, respectively.

Sharebased_Compensation

Share-based Compensation	3 Months Ended
	Sep. 30, 2014
Share-based Compensation	'
Share-based Compensation	'
	Note 16.  Share-based Compensation
	At September 30, 2014, the Company had four share-based employee compensation plans (the “2003 Plan,” the 2006 Long-term Incentive Plan (“LTIP”), or “2006 LTIP”, the 2011 LTIP and the 2014 LTIP).  Together these plans authorized an aggregate total of 8.1 million shares to be issued.  The plans have a total of 2.5 million shares available 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, 2014, there was $13.2 million of total unrecognized compensation cost related to non-vested share-based compensation awards.  That cost is expected to be recognized over a weighted average period of 2.5 years.
	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, 2014 and 2013 and the estimated annual forfeiture rates used to recognize the associated compensation expense:
		September 30,		September 30,
		2014		2013
	Risk-free interest rate	1.7	%	2.1	%
	Expected volatility	52.1	%	62.9	%
	Expected dividend yield	0.0	%	0.0	%
	Forfeiture rate	6.5	%	7.5	%
	Expected term (in years)	5.5 years		5.9 years
	Weighted average fair value	$		$
		16.82		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 actual forfeiture rate on historical awards.  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 issued, and has no immediate plans to issue, a dividend.
	A summary of stock option award activity as of September 30, 2014 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, 2014	2,205		$	7.84
	Granted	432		$	34.79
	Exercised	(67	)	$	7.59		$	2,120
	Forfeited, expired or repurchased	(1	)	$	16.19
	Outstanding at September 30, 2014	2,569		$	12.38		$	85,565	7.6
	Vested and expected to vest at September 30, 2014	2,451		$	11.93		$	82,704	7.5
	Exercisable at September 30, 2014	1,277		$	6.36		$	50,208	6.1
	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 6.5% for the three months ended September 30, 2014 and 7.5% for the three months ended September 30, 2013.
	A summary of restricted stock awards as of September 30, 2014 and changes during the three months then ended, is presented below:
	(In thousands, except for weighted average price data)	Awards		Weighted			Aggregate
				Average Grant -			Intrinsic Value
				date Fair Value
	Non-vested at July 1, 2014	15		34.66
	Granted	98		36.77
	Vested	(9	)	36.77			$	345
	Forfeited	(1	)	36.77
	Non-vested at September 30, 2014	103		$	36.47
	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, 2014 and 2013, 3 thousand shares and 6 thousand shares were issued under the ESPP, respectively.  As of September 30, 2014, 429 thousand total cumulative shares have been issued under the ESPP.
	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)	2014			2013
	Selling, general and administrative	$	1,359		$	809
	Research and development	120			38
	Cost of sales	168			50
	Total	$	1,647		$	897
	Tax benefit at statutory rate	$	570		$	102

Employee_Benefit_Plan

Employee Benefit Plan	3 Months Ended
	Sep. 30, 2014
Employee Benefit Plan	'
Employee Benefit Plan	'
	Note 17.  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, 2014 and 2013 were approximately $214 thousand and $159 thousand, respectively.

Income_Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2014
Income Taxes	'
Income Taxes	'
	Note 18.  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 expense for the three months ended September 30, 2014 was $19.8 million compared to an income tax benefit of $4.2 million for the three months ended September 30, 2013.  The effective tax rates were 36% and 41%, respectively.  The effective tax rate for the three months ended September 30, 2014 was lower compared to the three months ended September 30, 2013 due primarily to a deferred tax benefit, resulting from an increase in statutory tax rate, relative to a pre-tax loss in the first quarter of Fiscal Year 2014.  Additionally, a decrease in disqualifying dispositions of incentive stock awards relative to pre-tax income (loss) and higher tax credits for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 contributed to the lower effective tax rate.
	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, 2014 and June 30, 2014, the Company reported total unrecognized benefits of $428 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, 2014 in the statement of operations and no cumulative interest and penalties have been recorded either in the Company’s statement of financial position as of September 30, 2014 and June 30, 2014.  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, and New Jersey.  The Company’s tax returns for Fiscal Year 2008 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, 2014
Related Party Transactions	'
Related Party Transactions	'
	Note 19.  Related Party Transactions
	The Company had sales of $351 thousand and $510 thousand during the three months ended September 30, 2014 and 2013, 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 $257 thousand and $980 thousand at September 30, 2014 and June 30, 2014, 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, 2014
Material Contracts with Suppliers	'
Material Contracts with Suppliers	'
	Note 20.  Material Contracts with Suppliers
	Jerome Stevens Pharmaceuticals Distribution 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% of the Company’s inventory purchases in the three months ended September 30, 2014 and 2013, 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; 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; 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 through March 2019.  In connection with the amendment, the Company issued 1.5 million shares of the Company’s common stock to JSP and JSP’s 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 renewal term of the agreement, the Company is required to use commercially reasonable efforts to purchase minimum dollar quantities of JSP products.  Specifically, the Company is required to purchase, in the aggregate, $31 million of products from JSP each year.  The Company has met the minimum purchase requirement for the first ten years of the contract, but there is no guarantee that the Company will be able to continue to do so in Fiscal 2015 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, 2014
Cody Expansion Project	'
Cody Expansion Project	'
	Note 21.  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 may, at its discretion, 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.
	In June 2014, the Company amended the Agreement including changing the size of the building, eliminating the requirements to contribute any land, and removing Realty as a party to the agreement.  Additionally, Cody Labs is required to provide a capital contribution to the project in the amount of $565 thousand.  None of the revisions are expected to be material to the Company’s results of operations, financial position, or cashflows.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2014
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.  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.
Use of estimates	'
	Use of estimates
	The preparation of financial statements in conformity with U.S. 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 deductions 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 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 resulting from transactions denominated in foreign currencies are recognized in the Consolidated Statements of Operations under Other income (expense).  Amounts recorded due to foreign currency fluctuations are immaterial to the consolidated financial statements.
Cash and cash equivalents	'
	Cash and cash equivalents
	The Company considers all highly liquid investments with original maturities 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 of publicly traded equity securities and certificates of deposit with original maturities greater than three months 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.
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 the three months ended September 30, 2014 and 2013 was $1.3 million and $1.1 million, respectively.
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.  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 several indefinite-lived intangible assets related to product Abbreviated New Drug Applications (“ANDAs”), valued at $449 thousand.  Amortization on these indefinite-lived intangibles will begin at such time as the Company begins shipping the products 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, 2014 and 2013:
	(In thousands)	Three Months Ended
		September 30,
	Medical Indication	2014			2013
	Antibiotic	$	3,003		$	3,375
	Cardiovascular	18,939			4,524
	Gallstone	11,761			1,366
	Glaucoma	4,691			1,455
	Gout	2,299			2,053
	Migraine	5,795			2,715
	Obesity	915			1,131
	Pain Management	6,655			5,218
	Thyroid Deficiency	33,346			20,027
	Other	5,983			3,965
	Total	$	93,387		$	45,829
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, 2014 and 2013, for certain of the Company’s products, defined as products containing the same active ingredient or combination of ingredients, which accounted for at least 10% of net sales in any of those periods:
		2014		2013
	Product 1	36	%	44	%
	Product 2	19	%	6	%
	Product 3	13	%	3	%
	The following table presents the percentage of total net sales, for the three months ended September 30, 2014 and 2013, for certain of the Company’s customers which accounted for at least 10% of net sales in any of those periods:
		2014		2013
	Customer A	31	%	14	%
	Customer B	9	%	11	%
	Customer C	0	%	16	%
	As shown above, customer concentration was impacted by the strategic partnership between Amerisource Bergen and Walgreens, whereby Amerisource Bergen began product distribution on behalf of Walgreens in third quarter of Fiscal Year 2014.
	At September 30, 2014 and June 30, 2014, four customers accounted for 83% and 67% 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% of the Company’s inventory purchases during the three months ended September 30, 2014 and 2013.  See Note 20 “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.
	Net Sales Adjustments
	When revenue is recognized a simultaneous adjustment to gross sales is made for chargebacks, rebates, returns, promotional 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 of accounts receivable or included as rebates payable, depending on the nature of the reserve.  The reserves, presented as a reduction of accounts receivable, totaled $57.4 million and $51.9 million at September 30, 2014 and June 30, 2014, respectively.  Rebates payable at September 30, 2014 and June 30, 2014 included $6.2 million and $4.6 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
	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 and costs to renew or extend recognized intangible assets, freight charges and other shipping and handling expenses.
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.
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 expense (benefit) 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 attributable to Lannett Company, Inc. 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 attributable to Lannett Company, Inc. 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 the Company’s stockholders.  Other comprehensive income (loss) refers to revenues, expenses, gains and losses that are included in comprehensive income (loss), but excluded from net income as these amounts are recorded directly as an adjustment to stockholders’ equity.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In May 2014, the FASB issued authoritative guidance on revenue recognition.  The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The authoritative guidance is effective for annual reporting periods beginning after December 15, 2016.  Early application is not permitted.  The Company is currently in the process of assessing the impact this guidance will have on the consolidated financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2014
Summary of Significant Accounting Policies	'
Schedule of the Company's net sales by medical indication	'
	(In thousands)	Three Months Ended
		September 30,
	Medical Indication	2014			2013
	Antibiotic	$	3,003		$	3,375
	Cardiovascular	18,939			4,524
	Gallstone	11,761			1,366
	Glaucoma	4,691			1,455
	Gout	2,299			2,053
	Migraine	5,795			2,715
	Obesity	915			1,131
	Pain Management	6,655			5,218
	Thyroid Deficiency	33,346			20,027
	Other	5,983			3,965
	Total	$	93,387		$	45,829
Summary of products which accounted for at least 10% of net sales	'
		2014		2013
	Product 1	36	%	44	%
	Product 2	19	%	6	%
	Product 3	13	%	3	%
Summary of customers which accounted for at least 10% of net sales	'
		2014		2013
	Customer A	31	%	14	%
	Customer B	9	%	11	%
	Customer C	0	%	16	%

Accounts_Receivable_Tables

Accounts Receivable (Tables)	3 Months Ended
	Sep. 30, 2014
Accounts Receivable	'
Schedule of accounts receivable	'
	(In thousands)	September 30,			June 30,
		2014			2014
	Gross accounts receivable	$	133,342		$	113,420
	Less Chargebacks reserve	(32,778		)	(30,320		)
	Less Rebates reserve	(10,963		)	(10,532		)
	Less Returns reserve	(11,962		)	(9,341		)
	Less Other deductions	(1,709		)	(1,787		)
	Less Allowance for doubtful accounts	(95		)	(115		)
	Accounts receivable, net	$	75,835		$	61,325

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Sep. 30, 2014
Inventories	'
Schedule of Inventories, net of allowances	'
	(In thousands)	September 30,		June 30,
		2014		2014
	Raw Materials	$	19,039	$	19,767
	Work-in-process	5,852		5,440
	Finished Goods	17,192		17,592
	Packaging Supplies	1,987		2,045
	Total	$	44,070	$	44,844

Property_Plant_and_Equipment_T

Property, Plant and Equipment (Tables)	3 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment	'
Schedule of property, plant and equipment	'
	(In thousands)	Useful Lives	September 30,			June 30,
			2014			2014
	Land	—	$	4,641		$	4,641
	Building and improvements	10 - 39 years	43,362			42,013
	Machinery and equipment	5 - 10 years	39,918			37,678
	Furniture and fixtures	5 - 7 years	1,451			1,416
	Construction in progress	—	16,761			11,454
	Property, plant and equipment, gross		106,133			97,202
	Less accumulated depreciation		(36,397		)	(35,498		)
	Property, plant and equipment, net		$	69,736		$	61,704

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2014
Fair Value Measurements	'
Schedule of financial assets and liabilities measured at fair value on a recurring basis	'
		September 30, 2014
	(In thousands)	Level 1		Level 2		Level 3		Total
	Assets
	Equity securities	$	14,929	$	—	$	—	$	14,929
	Total Investment Securities	$	14,929	$	—	$	—	$	14,929
		June 30, 2014
	(In thousands)	Level 1		Level 2		Level 3		Total
	Assets
	Equity securities	$	15,193	$	—	$	—	$	15,193
	Certificates of Deposit	25,500		—		—		25,500
	Total Investment Securities	$	40,693	$	—	$	—	$	40,693

Intangible_Assets_Tables

Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2014
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,
		2014		2014		2014			2014			2014		2014
	Cody Labs Import License	$	582	$	582	$	(241	)	$	(232	)	$	341	$	350
	Morphine Sulfate Oral Solution NDA	202		202		(68		)	(65		)	134		137
	Other ANDA Product Rights	900		600		(168		)	(160		)	732		440
		$	1,684	$	1,384	$	(477	)	$	(457	)	$	1,207	$	927
Summary of future annual amortization expense	'
	(In thousands)	Annual Amortization Expense
	Fiscal Year Ending June 30,
	2015	$	61
	2016	82
	2017	82
	2018	82
	2019	79
	Thereafter	372
		$	758

LongTerm_Debt_Tables

Long-Term Debt (Tables)	3 Months Ended
	Sep. 30, 2014
Long-Term Debt	'
Summary of long-term debt	'
		September 30,		June 30,
	(In thousands)	2014		2014
	First National Bank of Cody mortgage	$	1,106	$	1,138
	Less current portion	131		129
	Long-term debt	$	975	$	1,009
	Current Portion of Long-term Debt:
		September 30,		June 30,
	(In thousands)	2014		2014
	First National Bank of Cody mortgage	$	131	$	129
Summary of long-term debt amounts due	'
		Amounts Payable
	(In thousands)	to Institutions
	2015	$	131
	2016	137
	2017	143
	2018	149
	2019	156
	Thereafter	390
	Total	$	1,106

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Sep. 30, 2014
Accumulated Other Comprehensive Loss.	'
Schedule of Accumulated Other Comprehensive Income (Loss)	'
	(In thousands)	September 30,			September 30,
		2014			2013
	Foreign Currency Translation
	Beginning Balance, July 1	$	(54	)	$	(47	)
	Net gain (loss) on foreign currency translation (net of tax of $0 and $0)	—			(1		)
	Reclassifications to net income (net of tax of $0 and $0)	—			—
	Other comprehensive income (loss), net of tax	—			(1		)
	Ending Balance, September 30	(54		)	(48		)
	Total Accumulated Other Comprehensive Loss	$	(54	)	$	(48	)

Recovered_Sheet1

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Sep. 30, 2014
Earnings (Loss) Per Common Share	'
Summary of reconciliation of the Company's basic and diluted earnings per common share	'
		Three Months Ended
		September 30, 2014
	(In thousands, except share and per share data)	2014		2013
	Net Income (Loss) Attributable to Lannett Company, Inc.	$	34,932	$	(5,995	)
	Basic weighted average common shares outstanding	35,597,931		29,586,237
	Effect of potentially dilutive options and restricted stock awards	1,374,715		—
	Diluted weighted average common shares outstanding	36,972,646		29,586,237
	Earnings (loss) per common share attributable to Lannett Company, Inc.:
	Basic	$	0.98	$	(0.20	)
	Diluted	$	0.94	$	(0.20	)

Sharebased_Compensation_Tables

Share-based Compensation (Tables)	3 Months Ended
	Sep. 30, 2014
Share-based Compensation	'
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	'
		September 30,		September 30,
		2014		2013
	Risk-free interest rate	1.7	%	2.1	%
	Expected volatility	52.1	%	62.9	%
	Expected dividend yield	0.0	%	0.0	%
	Forfeiture rate	6.5	%	7.5	%
	Expected term (in years)	5.5 years		5.9 years
	Weighted average fair value	$		$
		16.82		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, 2014	2,205		$	7.84
	Granted	432		$	34.79
	Exercised	(67	)	$	7.59		$	2,120
	Forfeited, expired or repurchased	(1	)	$	16.19
	Outstanding at September 30, 2014	2,569		$	12.38		$	85,565	7.6
	Vested and expected to vest at September 30, 2014	2,451		$	11.93		$	82,704	7.5
	Exercisable at September 30, 2014	1,277		$	6.36		$	50,208	6.1
Summary of nonvested restricted stock awards	'
	(In thousands, except for weighted average price data)	Awards		Weighted			Aggregate
				Average Grant -			Intrinsic Value
				date Fair Value
	Non-vested at July 1, 2014	15		34.66
	Granted	98		36.77
	Vested	(9	)	36.77			$	345
	Forfeited	(1	)	36.77
	Non-vested at September 30, 2014	103		$	36.47
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)	2014			2013
	Selling, general and administrative	$	1,359		$	809
	Research and development	120			38
	Cost of sales	168			50
	Total	$	1,647		$	897
	Tax benefit at statutory rate	$	570		$	102

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Property, Plant and Equipment	'	'
Depreciation expense	$1.30	$1.10
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, 2014
Other ANDA Product Rights	'
Intangible assets	'
Indefinite-lived intangible asset	449
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, 2014	Sep. 30, 2013
	item
Segment information	'	'
Number of reportable segments	1	'
Medical Indication Information	'	'
Total	$93,387	$45,829
Antibiotic	'	'
Medical Indication Information	'	'
Total	3,003	3,375
Cardiovascular	'	'
Medical Indication Information	'	'
Total	18,939	4,524
Gallstone	'	'
Medical Indication Information	'	'
Total	11,761	1,366
Glaucoma	'	'
Medical Indication Information	'	'
Total	4,691	1,455
Gout	'	'
Medical Indication Information	'	'
Total	2,299	2,053
Migraine	'	'
Medical Indication Information	'	'
Total	5,795	2,715
Obesity	'	'
Medical Indication Information	'	'
Total	915	1,131
Pain Management	'	'
Medical Indication Information	'	'
Total	6,655	5,218
Thyroid Deficiency	'	'
Medical Indication Information	'	'
Total	33,346	20,027
Other	'	'
Medical Indication Information	'	'
Total	$5,983	$3,965

Summary_of_Significant_Account6

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

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

In Thousands, unless otherwise specified

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 accounts receivable

Net accounts receivable

Inventory purchases

Inventory purchases

Products

Products

Products

Products

Products

Products

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

Four customers

Four customers

JSP

JSP

Concentration risk

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Concentration risk (as a percent)

'

'

36.00%

44.00%

19.00%

6.00%

13.00%

3.00%

31.00%

14.00%

9.00%

11.00%

0.00%

16.00%

83.00%

67.00%

67.00%

67.00%

Concentration risk customers

4

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenue recognition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reserves, net of accounts receivable

$57,400

$51,900

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued expenses for certain rebate programs

$6,152

$4,558

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts_Receivable_Details

Accounts Receivable (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Accounts receivable	'	'	'
Gross accounts receivable	$133,342,000	'	$113,420,000
Less: reserve	-57,400,000	'	-51,900,000
Less: Allowance for doubtful accounts	-95,000	'	-115,000
Accounts receivable, net	75,835,000	'	61,325,000
Chargebacks	'	'	'
Accounts receivable	'	'	'
Less: reserve	-32,778,000	'	-30,320,000
Provision for rebates, chargebacks, returns and other deductions	77,900,000	17,700,000	'
Rebates	'	'	'
Accounts receivable	'	'	'
Less: reserve	-10,963,000	'	-10,532,000
Provision for rebates, chargebacks, returns and other deductions	18,600,000	7,500,000	'
Returns	'	'	'
Accounts receivable	'	'	'
Less: reserve	-11,962,000	'	-9,341,000
Provision for rebates, chargebacks, returns and other deductions	4,100,000	1,200,000	'
Other	'	'	'
Accounts receivable	'	'	'
Less: reserve	-1,709,000	'	-1,787,000
Provision for rebates, chargebacks, returns and other deductions	$9,000,000	$3,900,000	'

Inventories_Details

Inventories (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Inventories, net of reserves	'	'
Raw Materials	$19,039,000	$19,767,000
Work-in-process	5,852,000	5,440,000
Finished Goods	17,192,000	17,592,000
Packaging Supplies	1,987,000	2,045,000
Net inventory	44,070,000	44,844,000
Inventory reserves	$3,500,000	$2,400,000

Property_Plant_and_Equipment_D

Property, Plant and Equipment (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	$106,133,000	'	$97,202,000
Less accumulated depreciation	-36,397,000	'	-35,498,000
Property, plant and equipment, net	69,736,000	'	61,704,000
Impairment charges	0	0	'
Property, plant and equipment, net, held in foreign countries	1,500,000	'	1,100,000
Land	'	'	'
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	4,641,000	'	4,641,000
Building and improvements	'	'	'
Property, Plant and Equipment	'	'	'
Property, plant and equipment, at cost	43,362,000	'	42,013,000
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	39,918,000	'	37,678,000
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	1,451,000	'	1,416,000
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	$16,761,000	'	$11,454,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Recurring, USD $)	Sep. 30, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified
Level 1	'	'
Fair Value Measurements	'	'
Assets	$14,929	$40,693
Level 1 | Equity securities	'	'
Fair Value Measurements	'	'
Assets	14,929	15,193
Level 1 | Certificates of Deposit	'	'
Fair Value Measurements	'	'
Assets	'	25,500
Total	'	'
Fair Value Measurements	'	'
Assets	14,929	40,693
Total | Equity securities	'	'
Fair Value Measurements	'	'
Assets	14,929	15,193
Total | Certificates of Deposit	'	'
Fair Value Measurements	'	'
Assets	'	$25,500

Investment_Securities_Details

Investment Securities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Gain (loss) on investments	'	'
Net gain on investment securities	$15	$463
Unrealized gain (loss) related to securities still held	$81	$367

Intangible_Assets_Details

Intangible Assets (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified
Intangible Assets	'	'
Gross Carrying Amount	$1,684	$1,384
Accumulated Amortization	-477	-457
Intangible Assets, Net	1,207	927
Other ANDA Product Rights	'	'
Intangible Assets	'	'
Gross Carrying Amount	900	600
Accumulated Amortization	-168	-160
Intangible Assets, Net	732	440
Cody Labs Import License	'	'
Intangible Assets	'	'
Gross Carrying Amount	582	582
Accumulated Amortization	-241	-232
Intangible Assets, Net	341	350
Morphine Sulfate Oral Solution NDA	'	'
Intangible Assets	'	'
Gross Carrying Amount	202	202
Accumulated Amortization	-68	-65
Intangible Assets, Net	$134	$137

Intangible_Assets_Details_2

Intangible Assets (Details 2) (USD $)	3 Months Ended		1 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Aug. 31, 2009
			Other ANDA Product Rights	Other ANDA Product Rights
Intangible Assets	'	'	'	'
Amortization	$20	$470	'	'
Impairments	0	0	'	'
Purchases of intangible assets	300	'	300	149
Annual Amortization Expense	'	'	'	'
2015	61	'	'	'
2016	82	'	'	'
2017	82	'	'	'
2018	82	'	'	'
2019	79	'	'	'
Thereafter	372	'	'	'
Intangible assets, net	$758	'	'	'

Bank_Line_of_Credit_Details

Bank Line of Credit (Details) (Line of credit, USD $)	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Millions, unless otherwise specified				Minimum	Maximum
Bank Line of Credit	'	'	'	'	'
Line of credit from Citibank, N.A.	'	'	$50	'	'
Commitment fee on the unused balance of the line of credit (as a percent)	'	'	'	0.20%	0.30%
Availability under line of credit	$50	$50	'	'	'

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Jun. 30, 2014
Long-Term Debt.	'	'
Total debt	$1,106,000	'
Less current portion	131,000	129,000
Long term debt	975,000	1,009,000
Current Portion of Long Term Debt	'	'
Current Portion of Long Term Debt	131,000	129,000
Debt Additional Information	'	'
Net book value of land and building collateralized	1,500,000	'
Long-term debt maturities	'	'
2015	131,000	'
2016	137,000	'
2017	143,000	'
2018	149,000	'
2019	156,000	'
Thereafter	390,000	'
Total debt	1,106,000	'
First National Bank of Cody mortgage	'	'
Long-Term Debt.	'	'
Total debt	1,106,000	1,138,000
Less current portion	131,000	129,000
Current Portion of Long Term Debt	'	'
Current Portion of Long Term Debt	131,000	129,000
Long-term debt maturities	'	'
Total debt	1,106,000	1,138,000
Cody LCI Realty LLC ("Realty") | First National Bank of Cody mortgage	'	'
Debt Additional Information	'	'
Effective interest rate (as a percent)	4.50%	4.50%
Monthly principal and interest payments	$15,000	'

Legal_and_Regulatory_Matters_D

Legal and Regulatory Matters (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

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Minimum)	3 Months Ended
	Sep. 30, 2014
Minimum	'
Leases	'
Initial lease terms	'12 months

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Foreign Currency Translation	'	'	'
Beginning Balance	($54)	($47)	'
Net gain (loss) on foreign currency translation	'	-1	'
Gain (loss) on foreign currency translation, tax	0	0	'
Reclassifications to net income, tax	0	0	'
Other comprehensive income (loss), net of tax	'	-1	'
Ending Balance	-54	-48	'
Total Accumulated Other Comprehensive Loss	($54)	($48)	($54)

Earnings_Loss_Per_Common_Share1

Earnings (Loss) Per Common Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Earnings (Loss) Per Common Share	'	'
Net Income (Loss) Attributable to Lannett Company, Inc	$34,932	($5,995)
Basic weighted average common shares outstanding	35,597,931	29,586,237
Effect of potentially dilutive options and restricted stock awards (in shares)	1,374,715	'
Diluted weighted average common shares outstanding	36,972,646	29,586,237
Earnings (loss) per common share attributable to Lannett Company, Inc.:	'	'
Basic (in dollars per share)	$0.98	($0.20)
Diluted (in dollars per share)	$0.94	($0.20)
Anti-dilutive shares excluded in the computation of diluted earnings per share	436,000	3,000,000

Sharebased_Compensation_Detail

Share-based Compensation (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
Stock-based Compensation	'
Number of share-based employee compensation plans	4
Aggregate number of shares authorized for issuance	8.1
Shares for future issuances	2.5
Maximum	'
Other disclosures	'
Share-based compensation awards vesting period	'3 years
Share-based compensation awards maximum contractual term	'10 years
Restricted stock	'
Other disclosures	'
Total unrecognized compensation cost related to non-vested share-based compensation awards granted under the Plans	13.2
Weighted average period during which the cost is expected to be recognized	'2 years 6 months

Sharebased_Compensation_Detail1

Share-based Compensation (Details 2) (Stock options, USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
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)	1.70%	2.10%
Expected volatility (as a percent)	52.10%	62.90%
Expected dividend yield (as a percent)	0.00%	0.00%
Forfeiture rate (as a percent)	6.50%	7.50%
Expected term	'5 years 6 months	'5 years 10 months 24 days
Weighted average fair value (in dollars per share)	$16.82	$8.09
Awards	'	'
Outstanding at the beginning of the period (in shares)	2,205	'
Granted (in shares)	432	'
Exercised (in shares)	-67	'
Forfeited, expired or repurchased (in shares)	-1	'
Outstanding at the end of the period (in shares)	2,569	'
Vested and expected to vest, Awards (in shares)	2,451	'
Exercisable at end of year (in shares)	1,277	'
Stock options, Weighted-Average Exercise Price	'	'
Outstanding at the beginning of the period (in dollars per share)	$7.84	'
Granted (in dollars per share)	$34.79	'
Exercised (in dollars per share)	$7.59	'
Forfeited, expired or repurchased (in dollars per share)	$16.19	'
Outstanding at the end of the period (in dollars per share)	$12.38	'
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per share)	$11.93	'
Exercisable at the end of the period (in dollars per share)	$6.36	'
Aggregate Intrinsic Value	'	'
Exercised (in dollars)	$2,120	'
Outstanding at the end of the period (in dollars)	85,565	'
Vested and expected to vest, Aggregate Intrinsic Value	82,704	'
Exercisable at the end of the period (in dollars)	$50,208	'
Weighted Average Remaining Contractual Life (yrs.)	'	'
Outstanding at the end of the period (in years)	'7 years 7 months 6 days	'
Vested and expected to vest, Weighted Average Remaining Contractual Life	'7 years 6 months	'
Exercisable at the end of the period (in years)	'6 years 1 month 6 days	'

Sharebased_Compensation_Detail2

Share-based Compensation (Details 3) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Employee Stock Purchase Plan	'	'
Company's common stock authorized for issuance under the ESPP (in shares)	8,100,000	'
Restricted stock	'	'
Stock Options and Restricted Stock	'	'
Annual forfeiture rate used to calculate compensation expense (as a percent)	6.50%	7.50%
Awards	'	'
Nonvested at the beginning of the period (in shares)	15,000	'
Granted (in shares)	98,000	'
Vested (in shares)	-9,000	'
Forfeited (in shares)	-1,000	'
Nonvested at the end of the period (in shares)	103,000	'
Weighted Average Grant-date Fair Value	'	'
Nonvested at the beginning of the period (in dollars per share)	$34.66	'
Granted (in dollars per share)	$36.77	'
Vested (in dollars per share)	$36.77	'
Forfeited (in dollars per share)	$36.77	'
Nonvested at the end of the period (in dollars per share)	$36.47	'
Aggregate Intrinsic Value	'	'
Vested	$345	'
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%	'
Company's common stock authorized for issuance under the ESPP (in shares)	1,100,000	'
Shares issued under the ESPP (in shares)	3,000	6,000
Cumulative shares issued under the ESPP (in shares)	429,000	'

Sharebased_Compensation_Detail3

Share-based Compensation (Details 4) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Share-based compensation costs recognized in the entity's Consolidated Statements of Operations	'	'
Share based compensation	$1,647	$897
Tax benefit at statutory rate	570	102
Selling, general and administrative	'	'
Share-based compensation costs recognized in the entity's Consolidated Statements of Operations	'	'
Share based compensation	1,359	809
Research and development	'	'
Share-based compensation costs recognized in the entity's Consolidated Statements of Operations	'	'
Share based compensation	120	38
Cost of sales	'	'
Share-based compensation costs recognized in the entity's Consolidated Statements of Operations	'	'
Share based compensation	$168	$50

Employee_Benefit_Plan_Details

Employee Benefit Plan (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
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	$214	$159

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Income Taxes	'	'	'
Income tax provision	$19,800	($4,242)	'
Effective income tax rate (as a percent)	36.00%	41.00%	'
Unrecognized tax benefits	428	'	428
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, 2014	Sep. 30, 2013	Jun. 30, 2014
Auburn	'	'	'
Related Party Transactions	'	'	'
Sales to a generic distributor	$351	$510	'
Amounts due from the related party	$257	'	$980

Material_Contracts_with_Suppli1

Material Contracts with Suppliers (Details) (USD $)	3 Months Ended	0 Months Ended	1 Months Ended	3 Months Ended
Share data in Millions, unless otherwise specified	Sep. 30, 2013	Aug. 19, 2013	Mar. 31, 2004	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
		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%	67.00%
Number of shares of common stock issued in exchange for exclusive distribution rights	'	1.5	4	'	'	'
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	$20,100,000	$20,100,000	'	'	'	'
Second extension term of the agreement	'	'5 years	'	'	'	'
Number of shares of common stock issued in exchange for extension of exclusive distribution rights agreement	'	1.5	'	'	'	'
Period from notice within which if breach is not cured, non-breaching party has right to terminate contract	'	'	'	'30 days	'	'
Minimum purchase quantity required in each year	'	'	'	$31,000,000	'	'
Minimum purchase requirement met by the company	'	'	'	'10 years	'	'

Cody_Expansion_Project_Details

Cody Expansion Project (Details) (USD $)	Dec. 20, 2012	Dec. 20, 2012	Dec. 31, 2013	Jun. 30, 2011	Jun. 30, 2014
	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	'	'
Requirement to provide capital contribution to the project	'	'	'	'	$565,000