Lannett (LCINQ) 10-K 25 Aug 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2022	Jul. 31, 2022	Dec. 31, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-31298
Entity Registrant Name	LANNETT COMPANY, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-0787699
Entity Address, Address Line One	1150 Northbrook Drive, Suite 155
Entity Address, City or Town	Trevose
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19053
City Area Code	215
Local Phone Number	333-9000
Title of 12(b) Security	Common Stock
Trading Symbol	LCI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 57,651,567
Entity Common Stock, Shares Outstanding		42,959,959
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Philadelphia, Pennsylvania
Entity Central Index Key	0000057725
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 87,854	$ 93,286
Accounts receivable, net	56,241	98,834
Inventories	95,158	109,545
Income taxes receivable	36,793	35,050
Assets held for sale		2,678
Other current assets	14,070	14,170
Total current assets	290,116	353,563
Property, plant and equipment, net	133,178	166,674
Intangible assets, net	32,179	137,835
Operating lease right-of-use assets	9,646	10,559
Other assets	19,316	15,106
TOTAL ASSETS	484,435	683,737
Current liabilities:
Accounts payable	29,737	29,585
Accrued expenses	23,667	13,077
Accrued payroll and payroll-related expenses	8,342	10,680
Rebates payable	21,568	19,025
Royalties payable	5,677	13,779
Restructuring liability	490	8
Current operating lease liabilities	2,064	2,045
Other current liabilities	13,395	2,270
Total current liabilities	104,940	90,469
Long-term debt, net	614,948	590,683
Long-term operating lease liabilities	9,994	11,047
Other liabilities	5,616	19,009
TOTAL LIABILITIES	735,498	711,208
Commitments and contingencies (Notes 10 and 11)
STOCKHOLDERS' DEFICIT
Common stock ($0.001 par value, 100,000,000 shares authorized; 42,269,137 and 40,913,148 shares issued; 40,704,572 and 39,576,606 shares outstanding at June 30, 2022 and June 30, 2021, respectively)	42	41
Additional paid-in capital	363,957	355,239
Accumulated deficit	(596,386)	(364,766)
Accumulated other comprehensive loss	(411)	(548)
Treasury stock (1,564,565 and 1,336,542 shares at June 30, 2022 and June 30, 2021, respectively)	(18,265)	(17,437)
Total stockholders' deficit	(251,063)	(27,471)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 484,435	$ 683,737

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	42,269,137	40,913,148
Common stock, shares outstanding	40,704,572	39,576,606
Treasury stock, shares	1,564,565	1,336,542

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 340,579	$ 478,778	$ 545,744
Cost of sales	294,482	378,335	348,508
Amortization of intangibles	12,931	24,850	32,016
Gross profit	33,166	75,593	165,220
Operating expenses:
Research and development expenses	22,362	24,173	29,978
Selling, general and administrative expenses	81,023	68,078	79,467
Restructuring expenses	2,777	4,043	1,771
Asset impairment charges	103,277	216,550	34,448
Total operating expenses	209,439	312,844	145,664
Operating income (loss)	(176,273)	(237,251)	19,556
Other income (expense), net:
Loss on extinguishment of debt		(10,341)	(2,145)
Investment income	150	236	1,646
Interest expense	(57,979)	(53,830)	(66,845)
Other	178	(1,664)	(840)
Total other expense, net	(57,651)	(65,599)	(68,184)
Loss before income tax	(233,924)	(302,850)	(48,628)
Income tax expense (benefit)	(2,304)	60,625	(15,262)
Net loss	$ (231,620)	$ (363,475)	$ (33,366)
Loss per common share:
Basic (in dollars per share)	$ (5.74)	$ (9.23)	$ (0.86)
Diluted (in dollars per share)	$ (5.74)	$ (9.23)	$ (0.86)
Weighted average common shares outstanding:
Basic (in shares)	40,350,522	39,391,589	38,592,618
Diluted (in shares)	40,350,522	39,391,589	38,592,618

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (231,620)	$ (363,475)	$ (33,366)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	137	79	(12)
Total other comprehensive income (loss)	137	79	(12)
Comprehensive loss	$ (231,483)	$ (363,396)	$ (33,378)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance, beginning at Jun. 30, 2019	$ 39	$ 317,023	$ 32,075	$ (615)	$ (14,481)	$ 334,041
Balance, beginning (in shares) at Jun. 30, 2019	38,970
Increase (Decrease) in Shareholders' Equity
Shares issued in connection with share-based compensation plans	$ 1	997				998
Shares issued in connection with share-based compensation plans (in shares)	993
Share-based compensation		10,216				10,216
Purchase of treasury stock					(1,909)	(1,909)
Other comprehensive income (loss)				(12)		(12)
Capped call transaction		(7,072)				(7,072)
Net loss			(33,366)			(33,366)
Balance, ending at Jun. 30, 2020	$ 40	321,164	(1,291)	(627)	(16,390)	302,896
Balance, ending (in shares) at Jun. 30, 2020	39,963
Increase (Decrease) in Shareholders' Equity
Shares issued in connection with share-based compensation plans	$ 1	663				664
Shares issued in connection with share-based compensation plans (in shares)	950
Share-based compensation		9,037				9,037
Purchase of treasury stock					(1,047)	(1,047)
Issuance of warrant		24,375				24,375
Other comprehensive income (loss)				79		79
Net loss			(363,475)			(363,475)
Balance, ending at Jun. 30, 2021	$ 41	355,239	(364,766)	(548)	(17,437)	(27,471)
Balance, ending (in shares) at Jun. 30, 2021	40,913
Increase (Decrease) in Shareholders' Equity
Shares issued in connection with share-based compensation plans	$ 1	308				309
Shares issued in connection with share-based compensation plans (in shares)	1,356
Share-based compensation		8,410				8,410
Purchase of treasury stock					(828)	(828)
Other comprehensive income (loss)				137		137
Net loss			(231,620)			(231,620)
Balance, ending at Jun. 30, 2022	$ 42	$ 363,957	$ (596,386)	$ (411)	$ (18,265)	$ (251,063)
Balance, ending (in shares) at Jun. 30, 2022	42,269

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES:
Net loss	$ (231,620)	$ (363,475)	$ (33,366)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	34,267	47,824	56,309
Deferred income tax expense (benefit)		117,890	(8,585)
Share-based compensation	8,410	9,037	10,216
Asset impairment charges	103,277	216,550	34,448
Loss (gain) on sale/disposal of assets	742	171	(159)
Gain on sale of intangible assets	(900)
Loss on extinguishment of debt		10,341	2,145
Accrual of payment-in-kind interest on Second Lien Credit Facility	18,380	3,642
Amortization of debt discount and other debt issuance costs	6,246	10,146	14,336
Provision for inventory write-downs	13,195	24,328	10,341
Accrual of contingent liability	10,946
Other noncash expenses	879	1,021	1,969
Changes in assets and liabilities which provided (used) cash:
Accounts receivable, net	42,593	26,854	39,064
Inventories	1,192	8,994	(9,237)
Income taxes receivable/payable	(1,724)	(20,437)	(14,465)
Other assets	(2,147)	2,509	4,095
Rebates payable	2,543	(19,150)	(8,000)
Royalties payable	(8,102)	(7,084)	4,648
Restructuring liability	482	(19)	(2,288)
Operating lease assets/liabilities	(955)	(194)	(1,464)
Accounts payable	152	(2,950)	19,042
Accrued expenses	(356)	(1,885)	2,213
Accrued payroll and payroll-related expenses	(2,338)	(5,624)	(3,620)
Other liabilities	(2,287)	2,362	(1,628)
Net cash (used in) provided by operating activities	(7,125)	60,851	116,014
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(8,739)	(10,415)	(18,330)
Proceeds from sale of property, plant and equipment	12,564	114	7,380
Advance to VIE			(250)
Purchases of intangible assets	(1,750)	(4,500)	(28,800)
Net cash provided by (used in) investing activities	2,075	(14,801)	(40,000)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		356,225	86,250
Purchase of capped call			(7,072)
Repayments of long-term debt		(437,926)	(146,700)
Proceeds from issuance of stock	309	664	998
Payment of debt issuance costs		(10,088)	(3,489)
Purchase of treasury stock	(828)	(1,047)	(1,909)
Net cash used in financing activities	(519)	(92,172)	(71,922)
Effect on cash and cash equivalents of changes in foreign exchange rates	137	79	(12)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(5,432)	(46,043)	4,080
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	98,286	144,329	140,249
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	92,854	98,286	144,329
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	30,718	34,859	51,928
Income taxes (refunded) paid	(580)	(36,830)	7,787
Purchases of property, plant and equipment included in accounts payable	$ 1,667	1,809	$ 2,295
Issuance of warrant in connection with Second Lien Credit Facility		$ 24,375

The Business and Nature of Oper

The Business and Nature of Operations	12 Months Ended
	Jun. 30, 2022
The Business and Nature of Operations
The Business and Nature of Operations	Note 1. The Business and Nature of Operations Lannett Company, Inc. (a Delaware corporation) and its subsidiaries (collectively, the “Company” or “Lannett”) primarily develop, manufacture, package, market and distribute solid oral and extended release (tablets and capsules), topical, nasal and oral solution finished dosage forms of drugs that address a wide range of therapeutic areas. Certain of these products are manufactured by others and distributed by the Company. The Company operates a pharmaceutical manufacturing plant in Seymour, Indiana. During Fiscal 2022, the Company completed the sale of its Silarx Pharmaceuticals, Inc. (“Silarx”) facility in Carmel, New York. In connection with the sale, the buyer will continue to produce certain products on behalf of the Company at the Carmel facility while the Company completes the transfer of such products to its Seymour, Indiana plant. Refer to Note 3 “Restructuring Charges” for further details of the sale of the Silarx facility. The Company’s customers 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. COVID-19 Update The COVID-19 pandemic continues to have an impact on the global economy and the way companies operate. In light of the economic impacts of COVID-19, the Company reviewed the assets on our Consolidated Balance Sheets as of June 30, 2022 and 2021, including intangible and other long-lived assets. Based on our review, the Company determined that no impairments or other write-downs specifically related to COVID-19 were necessary during Fiscal Year 2022 and Fiscal 2021. Our assessments were based on information currently available and is highly reliant on various assumptions. Changes in market conditions could impact the Company’s future outlook and may lead to impairments in the future. While COVID-19 has thus far not had a material impact on the Company’s operations, we cannot reasonably predict the ultimate impact of COVID-19 on our future results of operations and cash flows due to the continued uncertainty around the duration and severity of the pandemic. NYSE Notices of Failure to Satisfy a Continued Listing Rule or Standard On March 2, 2022, we received notice from the New York Stock Exchange (the “NYSE”) that we were no longer in compliance with the NYSE continued listing standards, set forth in Section 802.01B of the NYSE’s Listed Company Manual, because the Company’s average global market capitalization over a consecutive 30 trading-day period was less than $50.0 million and, at the same time, our shareholders’ equity was less than $50.0 million. If the Company’s average global market capitalization over a consecutive 30 trading-day period drops below $15.0 million, the NYSE will initiate delisting proceedings. As of July 31, 2022, the 30 trading-day average global market capitalization of the Company was approximately $25.4 million, and the Company’s absolute market capitalization was approximately $25.0 million. In accordance with the NYSE listing requirements, we submitted a plan that demonstrates how we expect to return to compliance with Section 802.01B within 18 months. On May 26, 2022, the Company received notice from the NYSE that the plan was accepted. The NYSE will be performing quarterly reviews during the 18 months from the Company’s receipt of the First Notice for compliance with the goals and initiatives as outlined in the Company’s plan. Failure to satisfy the requisite goals or initiatives may result in the Company being subject to NYSE trading suspension at that time. The Company is required to achieve the minimum continued listing standards of either average global market capitalization over a consecutive 30 trading-day period of $50 million or total stockholders' equity of $50 million at the completion of the 18-month 18-month In addition, on March 14, 2022, the Company received notice by the NYSE that it was not in compliance with the continued listing standard set forth in Section 802.01C of the NYSE’s Listed Company Manual because the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period. In order to regain compliance, on the last trading day of any calendar month during the cure period or on the last business day of the six-month cure period, the Company’s shares of common stock must demonstrate (i) a closing price of at least $1.00 per share and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on such date. The Company intends to cure the deficiency within a period permissible under Section 802.01C of the NYSE’s Listed Company Manual. However, there can be no assurances that the Company will meet continued listing standards within the specified cure period. If we are unable to satisfy the NYSE criteria for continued listing, our common stock would be subject to delisting. A delisting of our common stock could negatively impact us by, among other things, reducing the liquidity and market price of our common stock; reducing the number of investors willing to hold or acquire our common stock, which could negatively impact our ability to raise equity financing; decreasing the amount of news and analyst coverage of the Company; limiting our ability to issue additional securities or obtain additional financing in the future; and leading to the acceleration of our debt maturities, which would put additional pressure on our liquidity and ability to continue to operate as a going concern. If the Company ceases to be listed or quoted on any of The NYSE, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors), holders of the outstanding 4.50% Convertible Senior Notes (the “Convertible Notes”) will have the option to require the Company to repurchase for cash all of such holder’s notes at 100% of the principal amount, plus accrued and unpaid interest. In addition, delisting from the NYSE may negatively impact our reputation and, consequently, our business.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP. Principles of consolidation The Consolidated Financial Statements include the accounts of Lannett Company, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. 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 value of inventories and long-lived assets, including intangible assets, income taxes, and contingencies. 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 (deficit) in accumulated other comprehensive income (loss). Gains and losses resulting from transactions denominated in foreign currencies are recognized in the Consolidated Statements of Operations under other income (loss). Amounts recorded due to foreign currency fluctuations are immaterial to the Consolidated Financial Statements. Cash, cash equivalents and restricted cash 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 money market funds. The Company maintains its cash deposits and cash equivalents at well-known, stable financial institutions. Such amounts frequently exceed insured limits. In connection with the Second Lien Secured Loan Facility (“Second Lien Facility”), the Company is required to maintain at least $5 million in a deposit account at all times, subject to control by the Second Lien Collateral Agent. At June 30, 2022 and 2021, the Company classified this balance as restricted cash, which is included in other assets on the Consolidated Balance Sheets. Presented in the table below is a reconciliation of the cash, cash equivalents and restricted cash amounts presented on the Consolidated Balance Sheets to the sum of such amounts presented on the Consolidated Statements of Cash Flows for the periods ended June 30, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ June 30, 2021 ​ June 30, 2020 Cash and cash equivalents ​ $ 87,854 ​ $ 93,286 ​ $ 144,329 Restricted cash, included in other assets ​ ​ 5,000 ​ ​ 5,000 ​ ​ — Cash, cash equivalents and restricted cash as presented on the Consolidated Statements of Cash Flows ​ $ 92,854 ​ $ 98,286 ​ $ 144,329 ​ Allowance for doubtful accounts The Company complies with ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires the Company to recognize an allowance that reflects a current estimate of credit losses expected to be incurred over the life of the financial asset, including trade receivables. 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 obligations to the Company and the expected 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 net realizable value by the first-in, first-out method. Inventories are regularly reviewed and write-downs for excess and obsolete inventory are recorded based primarily on current inventory levels, expiration date 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. Repairs and maintenance costs that do not extend the useful life of the asset are expensed as incurred. Intangible Assets Definite-lived intangible assets are stated at cost less accumulated amortization. Amortization of definite-lived intangible assets is computed on a straight-line basis over the assets’ estimated useful lives, which commence upon shipment of the product. The Company continually evaluates the reasonableness of the useful lives of these assets. Indefinite-lived intangible assets, which includes in-process research and development (“IPR&D”) products, are not amortized, but instead are tested at least annually for impairment. The Company assesses the reclassification of indefinite-lived intangibles to definite-lived intangible assets when the Food and Drug Administration (“FDA”) approves drug applications, and the products are ready for commercialization. Costs to renew or extend the term of a recognized intangible asset are expensed as incurred. Valuation of Long-Lived Assets, including Intangible Assets The Company’s long-lived assets primarily consist of property, plant and equipment and definite and indefinite-lived intangible assets. Property, plant and equipment and definite-lived intangible 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 asset’s carrying value is compared to the future undiscounted cash flows expected to be generated by the asset. If the carrying value exceeds the undiscounted cash flows of the asset, then impairment exists. Indefinite-lived intangible assets are tested for impairment at least annually during the fourth quarter of each fiscal year or more frequently if events or triggering events indicate that the asset might be impaired. 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. Segment Information The Company operates in 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 fiscal years ended June 30, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Fiscal Year Ended June 30, Medical Indication ​ 2022 2021 2020 Analgesic ​ $ 15,737 ​ $ 14,684 ​ $ 8,680 Anti-Psychosis ​ ​ 11,790 ​ ​ 43,720 ​ ​ 104,934 Cardiovascular ​ 45,376 ​ 65,987 ​ 88,576 Central Nervous System ​ ​ 78,325 ​ ​ 95,115 ​ ​ 77,256 Endocrinology ​ ​ 27,491 ​ ​ 27,070 ​ ​ — Gastrointestinal ​ ​ 51,026 ​ ​ 67,540 ​ ​ 73,477 Infectious Disease ​ ​ 28,009 ​ ​ 67,761 ​ ​ 73,237 Migraine ​ 16,321 ​ 25,554 ​ 44,266 Respiratory/Allergy/Cough/Cold ​ ​ 8,961 ​ ​ 9,258 ​ ​ 11,576 Urinary ​ ​ 4,588 ​ ​ 5,786 ​ ​ 4,225 Other ​ 41,285 ​ 35,312 ​ 35,013 Contract manufacturing revenue ​ ​ 11,670 ​ ​ 20,991 ​ ​ 24,504 Total net sales ​ $ 340,579 ​ $ 478,778 ​ $ 545,744 ​ Customer, Supplier and Product Concentration The following table presents the percentage of total net sales, for the fiscal years ended June 30, 2022, 2021 and 2020, 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 total net sales in any of those periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ June 30, ​ ​ 2022 2021 2020 Product 1 6 % 12 % 10 % Product 2 1 % 7 % 18 % ​ The following table presents the percentage of total net sales, for the fiscal years ended June 30, 2022, 2021 and 2020, for certain of the Company’s customers which accounted for at least 10% of total net sales in any of those periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, June 30, ​ ​ 2022 2021 2020 Customer A 24 % 27 % 25 % Customer B 19 % 21 % 23 % Customer C ​ 14 % 12 % 11 % ​ Revenue Recognition Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers Revenue from Contracts with Customers When revenue is recognized, a simultaneous adjustment to gross sales is made for estimated 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. Provisions for chargebacks, rebates, returns and other adjustments require varying degrees of subjectivity. While rebates generally are based on contractual terms and require minimal estimation, chargebacks and returns require management to make more subjective assumptions. Each major category is discussed in detail below: Chargebacks The provision for chargebacks is the most significant and complex estimate used in the recognition of revenue. The Company sells its products directly to wholesale distributors, generic distributors, retail pharmacy chains and mail-order pharmacies. The Company also sells its products indirectly to independent pharmacies, managed care organizations, hospitals, nursing homes and group purchasing organizations, collectively referred to as “indirect customers.” The Company enters into agreements with its indirect customers to establish pricing for certain products. The indirect customers then independently select a wholesaler from which to purchase the products. If the price paid by the indirect customers is lower than the price paid by the wholesaler, the Company will provide a credit, called a chargeback, to the wholesaler for the difference between the contractual price with the indirect customers and the wholesaler purchase price. The provision for chargebacks is based on expected sell-through levels by the Company’s wholesale customers to the indirect customers and estimated wholesaler inventory levels. As sales to the large wholesale customers, such as Cardinal Health, AmerisourceBergen and McKesson increase (decrease), the reserve for chargebacks will also generally increase (decrease). However, the size of the increase (decrease) depends on product mix and the amount of sales made to indirect customers with which the Company has specific chargeback agreements. The Company continually monitors the reserve for chargebacks and makes adjustments when management believes that expected chargebacks may differ from the actual chargeback reserve. Rebates Rebates are offered to the Company’s key chain drug store, distributor and wholesaler customers to promote customer loyalty and increase product sales. These rebate programs provide customers with credits upon attainment of pre-established volumes or attainment of net sales milestones for a specified period. Other promotional programs are incentive programs offered to the customers. Additionally, as a result of the Patient Protection and Affordable Care Act (“PPACA”) enacted in the U.S. in March 2010, the Company participates in a cost-sharing program for certain Medicare Part D beneficiaries designed primarily for the sale of brand drugs and certain generic drugs if their FDA approval was granted under a New Drug Application (“NDA”) or 505(b) NDA versus an Abbreviated New Drug application ("ANDA”). Drugs purchased within the Medicare Part D coverage gap (commonly referred to as the “donut hole”) result in additional rebates. The Company estimates the reserve for rebates and other promotional credit programs based on the specific terms in each agreement when revenue is recognized. The reserve for rebates increases (decreases) as sales to certain wholesale and retail customers increase (decrease). However, since these rebate programs are not identical for all customers, the size of the reserve will depend on the mix of sales to customers that are eligible to receive rebates. Returns Consistent with industry practice, the Company has a product returns policy that allows customers to return product within a specified time period prior to and subsequent to the product’s expiration date in exchange for a credit to be applied to future purchases. The Company’s policy requires that the customer obtain pre-approval from the Company for any qualifying return. The Company estimates its provision for returns based on historical experience, changes to business practices, credit terms and any extenuating circumstances known to management. While historical experience has allowed for reasonable estimations in the past, future returns may or may not follow historical trends. The Company continually monitors the reserve for returns and makes adjustments when management believes that actual product returns may differ from the established reserve. Generally, the reserve for returns increases as net sales increase. Other Adjustments Other adjustments consist primarily of “price adjustments”, also known as “shelf-stock adjustments” and “price protections,” which are both credits issued to reflect increases or decreases in the invoice or contract prices of the Company’s products. In the case of a price decrease, a credit is given for product remaining in customer’s inventories at the time of the price reduction. Contractual price protection results in a similar credit when the invoice or contract prices of the Company’s products increase, effectively allowing customers to purchase products at previous prices for a specified period of time. Amounts recorded for estimated shelf-stock adjustments and price protections are based upon specified terms with direct customers, estimated changes in market prices and estimates of inventory held by customers. The Company regularly monitors these and other factors and evaluates the reserve as additional information becomes available. Other adjustments also include prompt payment discounts and “failure-to-supply” adjustments. If the Company is unable to fulfill certain customer orders, the customer can purchase products from our competitors at their prices and charge the Company for any difference in our contractually agreed upon prices. Leases Under ASC Topic 842, Leases , when the Company enters into a new arrangement, it must determine, at the inception date, whether the arrangement is or contains a lease. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. Once a lease has been identified, the Company must determine the lease term, the present value of lease payments and the classification of the lease as either operating or financing. The lease term is determined to be the non-cancelable period including any lessee renewal options which are considered to be reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The present value of lease payments includes fixed and certain variable payments, less lease incentives, together with amounts probable of being owed by the Company under residual value guarantees and, if reasonably certain of being paid, the cost of certain renewal options and early termination penalties set forth in the lease arrangement. To calculate the present value of lease payments, we use our incremental borrowing rate based on the information available at commencement date, as the rate implicit in the lease is generally not readily available. In making the determination of whether a lease is an operating lease or a finance lease, the Company considers the lease term in relation to the economic life of the leased asset, the present value of lease payments in relation to the fair value of the leased asset and certain other factors. Upon the commencement of the lease, the Company will record a lease liability and right-of-use (“ROU”) asset based on the present value of the future minimum lease payments over the lease term at commencement date. The ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. For operating leases, a single lease cost is generally recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term unless an impairment has been recorded with respect to a leased asset. For finance leases, amortization expense and interest expense are recognized separately in the Consolidated Statements of Operations, with amortization expense generally recorded on a straight-line basis and interest expense recorded using the effective interest method. Variable lease costs not initially included in the lease liability and ROU asset impairment charges are expensed as incurred. Cost of Sales, including Amortization of Intangibles 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. 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 for litigation-related matters are expensed as incurred and included in the Consolidated Statements of Operations under the Selling, general and administrative expenses line item. Restructuring Costs The Company records charges associated with approved restructuring plans to remove duplicative headcount and infrastructure associated with business acquisitions or to simplify business processes. Restructuring charges can include severance costs to eliminate a specified number of employees, infrastructure charges to vacate facilities and consolidate operations and contract cancellation costs. The Company records restructuring charges based on estimated employee terminations, site closure and consolidation plans. The Company accrues severance and other employee separation costs under these actions when it is probable that a liability exists, and the amount is reasonably estimable. Share-Based Compensation Share-based compensation costs are recognized over the requisite service period, typically 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 expected forfeitures. The Company uses the Black-Scholes valuation model to determine the fair value of stock options, the stock price on the grant date to value restricted stock and the Monte-Carlo simulation model to determine the fair value of performance-based shares. The Black-Scholes valuation and Monte-Carlo simulation models include various assumptions, including the expected volatility, the expected life of the award, dividend yield and the risk-free interest rate as well as performance assumptions of peer companies. 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 Consolidated Financial Statements. Self-Insurance The Company self-insures for certain employee medical and prescription benefits. The Company also maintains stop loss coverage with third party insurers to limit its total liability exposure. The liability for self-insured risks is primarily calculated using independent third-party actuarial valuations which take into account actual claims, claims growth and claims incurred but not yet reported. Actual experience, including claim frequency and severity as well as health-care inflation, could result in different liabilities than the amounts currently recorded. The liability for self-insured risks under this plan was $0.5 million and $0.8 million as of June 30, 2022 and 2021, respectively, and is recorded in the accrued payroll and payroll-related expenses caption in the Consolidated Balance Sheets. Income Taxes The Company uses the liability method to account for income taxes as prescribed by ASC 740, Income Taxes Income Taxes 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 accounting standards also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. Earnings (Loss) Per Common Share The presentation of basic and diluted earnings (loss) per common share is required on the face of the Company's Consolidated Statements of Operations as well as a reconciliation of the computation of basic earnings (loss) per common share to diluted earnings (loss) per common share. In accordance with ASC 260, Earnings per share For purposes of determining diluted earnings per share, the Company further adjusts the basic earnings per share to include the effect of potentially dilutive shares outstanding, including options and restricted stock awards, the Convertible Notes, and the Warrants. In this calculation, the Company reallocates net income based on the rights of each potentially dilutive share and will report the most dilutive earnings (loss) per share. The weighted average number of diluted shares is adjusted for the potential dilutive effect of the exercise of stock options, treats unvested restricted stock and performance-based shares as if it were vested, and assumes the conversion of the 4.50% Convertible Senior Notes. The Company uses the “if-converted" method to compute earnings (loss) per share when assuming the conversion of the Convertible Notes, which is calculated by dividing the adjusted "if-converted" net income by the adjusted weighted average number of shares of common stock outstanding during the period. The adjusted "if-converted" net income is adjusted for interest expense and amortization of debt issuance costs, both net of tax, associated with the Convertible Notes. Because the Warrants do not participate in losses, the Company will allocate undistributed earnings when calculating basic and diluted earnings per share in periods of net income only. Anti-dilutive securities are excluded from the calculation. Dilutive shares are also excluded in the calculation in periods of net loss because the effect of including such securities would be anti-dilutive. 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 gains and losses that are included in comprehensive income (loss) but excluded from income (loss) for all amounts are recorded directly as an adjustment to stockholders’ equity. Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity

Restructuring Charges

Restructuring Charges	12 Months Ended
	Jun. 30, 2022
Restructuring Charges
Restructuring Charges	Note 3. Restructuring Charges 2021 Restructuring Plan On November 1, 2021, the Board of Directors authorized a restructuring and cost savings plan (the “2021 Restructuring Plan”) to further optimize its operations, improve efficiencies and reduce costs. Under the 2021 Restructuring Plan, the Company is consolidating its manufacturing footprint by transferring certain liquid drug production from its Silarx facility in Carmel, New York to the Company’s main plant in Seymour, Indiana. On March 31, 2022, the Company closed on the sale of the Silarx facility, which included equipment within the facility, certain ANDAs and other assets, to Chartwell Pharmaceuticals, LLC (“Chartwell”) and its subsidiaries for total consideration of $10.5 million. In connection with the sale, Chartwell is producing on behalf of the Company certain products at the Carmel facility for a period of up to 18 months while the Company completes the transfer of such products to its Seymour, Indiana plant. During the transition, the Company will scale back or phase out some small low-margin over-the-counter medicines from Carmel and continue to assess its portfolio, which may include introducing or discontinuing additional products. In addition, the Company has scaled back two low-margin prescription products manufactured by Kremers Urban Pharmaceuticals, Inc. (“KUPI”) at its Seymour, Indiana facility as part of the restructuring program. The Company also scaled back its research and development operations in Philadelphia, PA and eliminated certain administrative positions that primarily supported those operations as well as the Silarx operations. The actions contemplated under the 2021 Restructuring Plan are substantially complete as of June 30, 2022. The transfer of certain products from the Carmel facility to the Company’s main plant in Seymour, Indiana is in process and expected to continue into Fiscal 2023. The plan is expected to generate annual cost savings of approximately $20 million. In connection with the sale of the Silarx facility, Chartwell has retained a majority of the employees at the facility. The Company has completed its reduction in headcount for the 2021 Restructuring Plan, which was approximately 140 positions and included the employees retained by Chartwell. The Company estimates that it will incur approximately $3.5 million to $4.5 million of total costs to implement the 2021 Restructuring Plan, comprised primarily of approximately $2.5 million of severance and employee-related costs and approximately $1.0 million to $2.0 million of tech transfer costs. The Company also expects to incur approximately $2.0 million to $3.0 million in capital expenditures to build out the liquid manufacturing business at the Seymour, Indiana facility. A reconciliation of the charges in restructuring liabilities associated with the 2021 Restructuring Plan from June 30, 2021 through June 30, 2022 is set forth in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee Tech Transfer ​ (In thousands) Separation Costs Costs Total Balance at June 30, 2021 ​ $ — ​ $ — ​ $ — Restructuring charges ​ 2,529 ​ 248 ​ 2,777 Payments ​ (2,039) ​ (248) ​ (2,287) Balance at June 30, 2022 ​ $ 490 ​ — ​ $ 490 ​

Accounts Receivable

Accounts Receivable	12 Months Ended
	Jun. 30, 2022
Accounts Receivable
Accounts Receivable	Note 4. Accounts Receivable Accounts receivable consisted of the following components at June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, (In thousands) 2022 2021 Gross accounts receivable ​ $ 199,242 ​ $ 239,271 Less: Chargebacks reserve ​ (54,501) ​ (69,564) Less: Rebates reserve ​ (26,921) ​ (16,272) Less: Returns reserve ​ (46,478) ​ (38,395) Less: Other deductions ​ (14,117) ​ (15,505) Less: Allowance for doubtful accounts ​ (984) ​ (701) Accounts receivable, net ​ $ 56,241 ​ $ 98,834 ​ For the fiscal year ended June 30, 2022, the Company recorded a provision for chargebacks, rebates, returns and other deductions of $437.7 million, $98.4 million, $33.3 million and $45.2 million, respectively. For the fiscal year ended June 30, 2021, the Company recorded a provision for chargebacks, rebates, returns and other deductions of $650.3 million, $133.9 million, $20.3 million and $68.2 million, respectively. For the fiscal year ended June 30, 2020, the Company recorded a provision for chargebacks, rebates, returns and other deductions of $761.8 million, $223.9 million, $16.9 million and $88.5 million, respectively. The following table identifies the activity and ending balances of each major category of revenue-related reserve for fiscal years 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserve Category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Chargebacks Rebates Returns Other Total Balance at June 30, 2019 ​ $ 89,567 ​ 78,274 ​ 55,554 ​ 18,128 ​ 241,523 Current period provision ​ ​ 761,787 ​ 223,932 ​ 16,863 ​ 88,468 ​ ​ 1,091,050 Credits issued during the period ​ (789,477) ​ (239,495) ​ (31,621) ​ (89,039) ​ (1,149,632) Balance at June 30, 2020 ​ 61,877 ​ 62,711 ​ 40,796 ​ 17,557 ​ 182,941 Current period provision ​ 650,317 ​ ​ 133,898 ​ ​ 20,280 ​ ​ 68,177 ​ 872,672 Credits issued during the period ​ (642,630) ​ ​ (161,312) ​ ​ (22,681) ​ ​ (70,229) ​ (896,852) Balance at June 30, 2021 ​ ​ 69,564 ​ ​ 35,297 ​ ​ 38,395 ​ ​ 15,505 ​ ​ 158,761 Current period provision ​ 437,680 ​ ​ 98,379 ​ ​ 33,258 ​ ​ 45,200 ​ 614,517 Credits issued during the period ​ (452,743) ​ ​ (85,187) ​ ​ (25,175) ​ ​ (46,588) ​ (609,693) Balance at June 30, 2022 ​ $ 54,501 ​ $ 48,489 ​ $ 46,478 ​ $ 14,117 ​ $ 163,585 ​ For the fiscal years ended June 30, 2022, 2021 and 2020, as a percentage of gross sales the provision for chargebacks was 46.4%, 48.9% and 47.2%, respectively, the provision for rebates was 10.4%, 10.1% and 13.9%, respectively, the provision for returns was 3.5%, 1.5% and 1.0%, respectively and the provision for other adjustments was 4.8%, 5.1% and 5.5%, respectively. Overall reserves increased primarily as a result of the timing of rebate payments as well as higher than average returns in recent periods for certain products in the endocrinology medical indication category. The increase was partially offset by lower net sales in the three months ended June 30, 2022 as compared to the three months ended June 30, 2021.

Inventories

Inventories	12 Months Ended
	Jun. 30, 2022
Inventories
Inventories	Note 5. Inventories Inventories at June 30, 2022 and 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, (In thousands) 2022 2021 Raw Materials ​ $ 39,297 ​ $ 45,370 Work-in-process ​ 9,313 ​ 12,685 Finished Goods ​ 46,548 ​ 51,490 Total ​ $ 95,158 ​ $ 109,545 ​ During the fiscal years ended June 30, 2022, 2021 and 2020, the Company recorded write-downs to net realizable value for excess and obsolete inventory of $13.2 million, $24.3 million and $10.3 million, respectively. The significant increase in write-downs for excess and obsolete inventory in Fiscal 2021 compared to Fiscal 2020 was primarily related to the discontinuation of certain product lines during that fiscal year.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment
Property, Plant and Equipment	Note 6. Property, Plant and Equipment Property, plant and equipment at June 30, 2022 and 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, (In thousands) Useful Lives 2022 2021 Land — ​ $ 533 ​ $ 1,783 Building and improvements 10 ​ 93,701 ​ 103,082 Machinery and equipment 5 ​ 158,854 ​ 166,617 Furniture and fixtures 5 ​ 3,367 ​ 3,399 Less accumulated depreciation ​ ​ ​ ​ (136,433) ​ ​ (123,294) ​ ​ ​ ​ ​ 120,022 ​ ​ 151,587 Construction in progress ​ ​ 13,156 ​ 15,087 Property, plant and equipment, net ​ ​ ​ $ 133,178 ​ $ 166,674 ​ As a result of the 2021 Restructuring Plan, the Company performed a fair value analysis of the Silarx facility and certain equipment at the facility, which resulted in an $8.4 million impairment charge in the second quarter of Fiscal 2022. The Company subsequently completed the sale of the Silarx facility in the third quarter of Fiscal 2022. Depreciation expense for the fiscal years ended June 30, 2022, 2021 and 2020 was $21.3 million, $22.9 million and $24.3 million, respectively. Property, plant and equipment, net included amounts held in foreign countries in the amount of $0.7 million at June 30, 2022 and $0.6 million at June 30, 2021.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jun. 30, 2022
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, accounts payable, accrued expenses and debt obligations. The Company’s cash and cash equivalents include bank deposits 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 Company follows the authoritative guidance of ASC Topic 820, Fair Value Measurements and Disclosures 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. Financial Instruments Disclosed, But Not Reported, at Fair Value We estimate the fair value of 7.750% senior secured notes due 2026 (the “Notes”) and the Convertible Notes using market quotations for debt that have quoted prices in active markets (Level 1). Since our Second Lien Facility does not trade on a daily basis in an active market, the fair value estimate is based on market observable inputs based on borrowing rates currently available for debt with similar terms and average maturities (Level 2). The estimated fair value of the Notes was approximately $140 million and $347 million as of June 30, 2022 and 2021, respectively. The estimated fair value of the Second Lien Facility was approximately $76 million and $189 million as of June 30, 2022 and 2021, respectively. The decline in the fair value of the Notes and Second Lien Facility is primarily a reflection of the increased competitive pressures on the Company’s recent financial performance, which, in part, resulted in a downgrade to the Company’s credit rating. The estimated fair value of our 4.50% Convertible Senior Notes was approximately $25 million and $53 million as of June 30, 2022 and 2021, respectively. The fair value as of June 30, 2022 was lower than the carrying value primarily due to the Company’s stock price of $0.58 at June 30, 2022 as compared to the $15.29 conversion price.

Intangible Assets

Intangible Assets	12 Months Ended
	Jun. 30, 2022
Intangible Assets
Intangible Assets	Note 8. Intangible Assets Intangible assets, net as of June 30, 2022 and June 30, 2021, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Gross Carrying Amount ​ Accumulated Amortization ​ Intangible Assets, Net ​ Avg. Life June 30, June 30, June 30, June 30, June 30, June 30, (In thousands) (Yrs.) 2022 2021 2022 2021 2022 2021 Definite-lived: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ KUPI product rights ​ — ​ $ — ​ $ 83,955 ​ $ — ​ $ (4,198) ​ $ — ​ $ 79,757 KUPI trade name ​ 2 ​ ​ 2,920 ​ ​ 2,920 ​ ​ (2,920) ​ ​ (2,920) ​ ​ — ​ ​ — KUPI other intangible assets ​ 15 ​ ​ 19,000 ​ ​ 19,000 ​ ​ (8,362) ​ ​ (7,095) ​ ​ 10,638 ​ ​ 11,905 Silarx product rights ​ 15 ​ ​ 20,000 ​ ​ 20,000 ​ ​ (6,222) ​ ​ (4,889) ​ ​ 13,778 ​ ​ 15,111 Other product rights ​ 7 ​ ​ 16,242 ​ ​ 35,918 ​ ​ (8,479) ​ ​ (8,856) ​ ​ 7,763 ​ ​ 27,062 Total definite-lived ​ ​ ​ $ 58,162 ​ $ 161,793 ​ $ (25,983) ​ $ (27,958) ​ $ 32,179 ​ $ 133,835 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indefinite-lived: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ KUPI in-process research and development ​ — ​ $ — ​ $ 4,000 ​ $ — ​ $ — ​ $ — ​ $ 4,000 Total indefinite-lived ​ ​ ​ ​ — ​ ​ 4,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,000 Total intangible assets, net ​ ​ ​ $ 58,162 ​ $ 165,793 ​ $ (25,983) ​ $ (27,958) ​ $ 32,179 ​ $ 137,835 ​ For the fiscal years ended June 30, 2022, 2021 and 2020, the Company recorded amortization expense of $12.9 million, $24.9 million and $32.0 million, respectively. In November 2021, the Company announced the 2021 Restructuring Plan, which includes the phase out of two low-margin prescription products at its KUPI facility in Seymour, Indiana. The Company determined that the decision to discontinue these products along with continued competitive pressures in the market represent a “triggering event” and, therefore, performed an analysis to determine the potential impairment of certain long-lived assets, including its intangible assets. Based on the analysis, the Company recorded an impairment charge of $40.6 million related to the KUPI product rights intangible assets during the second quarter of Fiscal 2022. The impairment charge is primarily a result of the decline in net sales and gross margin of certain product lines acquired in connection with the KUPI acquisition. In the fourth quarter of Fiscal 2022, the Company reviewed recent market trends and, consequently, anticipates additional competitive pressures on various key products within its intangible asset portfolio. Accordingly, the Company adjusted its expectations downward for these products, which represented a triggering event for several of its intangible assets. Prior to performing the impairment analysis, the Company reclassed $4.0 million of KUPI IPR&D assets into KUPI product rights as a result of the FDA approval of the drug application and expected commercialization of the product in Fiscal 2023. As a result of the impairment analysis, the Company recorded a full impairment of its KUPI product rights portfolio, totaling $39.1 million. In addition, the Company recorded impairment charges totaling $16.1 million related to the other product rights category of definite-lived intangible assets, which included the intangible assets associated with the distribution and supply agreement with Cediprof, Inc., the products acquired in Fiscal 2018 from a subsidiary of Endo International plc, the distribution and supply agreement with Sinotherapeutics, Inc., the license agreement with Andor Pharmaceuticals, LLC, and one of the products acquired in Fiscal 2018 from UCB. Future annual amortization expense consists of the following: ​ ​ ​ ​ ​ (In thousands) Amortization Fiscal Year Ending June 30, Expense 2023 ​ $ 4,455 2024 ​ 4,160 2025 ​ 3,966 2026 ​ 3,706 2027 ​ 3,560 Thereafter ​ 12,332 ​ ​ $ 32,179 ​

Long-Term Debt

Long-Term Debt	12 Months Ended
	Jun. 30, 2022
Long-Term Debt
Long-Term Debt	Note 9. Long-Term Debt Long-term debt, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, (In thousands) 2022 2021 7.75% Senior Secured Notes due 2026 ​ $ 350,000 ​ $ 350,000 Unamortized discount and other debt issuance costs ​ ​ (4,599) ​ ​ (5,594) 7.75% Senior Secured Notes due 2026, net ​ ​ 345,401 ​ ​ 344,406 Second Lien Secured Loan Facility due 2026 ($190.0M Principal, $5.7M Exit Fee, and $22.0M and $3.6M accrued PIK interest at June 30, 2022 and June 30, 2021 respectively) ​ ​ 217,721 ​ ​ 199,342 Unamortized discount and other debt issuance costs ​ ​ (32,308) ​ ​ (36,701) Second Lien Secured Loan Facility due 2026, net ​ ​ 185,413 ​ ​ 162,641 4.50% Convertible Senior Notes due 2026 ​ ​ 86,250 ​ ​ 86,250 Unamortized discount and other debt issuance costs ​ ​ (2,116) ​ ​ (2,614) 4.50% Convertible Senior Notes, net ​ ​ 84,134 ​ ​ 83,636 $45.0 million Amended ABL Credit Facility ​ — ​ — Total long-term debt, net $ 614,948 $ 590,683 ​ The weighted average interest rate was 9.0% for Fiscal 2022 and 8.0% for Fiscal 2021. On April 22, 2021, the Company issued $350.0 million aggregate principal amount of the Notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and outside the United States to persons other than U.S. persons in reliance upon Regulation S under the Securities Act. The Notes bear interest semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2021, at a rate of 7.750% per annum in cash. The Notes will mature on April 15, 2026, unless earlier redeemed or repurchased in accordance with their terms. On April 5, 2021, the Company entered into an Exchange Agreement with certain participating lenders to exchange a portion of their existing Term B Loans for Second Lien Loans pursuant to a new $190.0 million Second Lien Facility. On April 22, 2021, in connection with the issuance of the Notes and the entrance into the Amended ABL Credit Facility, which is discussed further below, the exchange between the Company and the participating lenders was consummated. From the Closing Date until the one-year anniversary of the Closing Date, the Second Lien Loans bear 10.0% PIK interest. Thereafter, the Second Lien notes will bear 5.0% cash interest and 5.0% PIK interest until maturity, except to the extent the Company elects to pay all or portion of the PIK interest in cash. To date, the Company has not paid any PIK interest in cash. The Second Lien Loans will mature on July 21, 2026. In connection with the Second Lien Facility, the Company issued to the Participating Lenders Warrants to purchase up to 8,280,000 shares of common stock of the Company at an exercise price of $6.88 per share. Refer to Note 12 “Warrants” for further information on the Warrants issued. In connection with the Second Lien Facility, the Company is required to maintain at least $5.0 million in a deposit account at all times subject to control by the Second Lien Collateral Agent, and a minimum cash balance of $15.0 million as of the last day of each month. At June 30, 2022, the Company classified the $5.0 million required deposit account balance as restricted cash, which is included in other assets caption in the Consolidated Balance Sheet. In addition to the Notes Offering and the Second Lien Facility, on April 22, 2021, the Company entered into an amendment to that certain Credit and Guaranty Agreement, dated as of December 7, 2020 (such agreement as so amended, the “Amended ABL Credit Agreement”), among the Company, certain of its wholly-owned domestic subsidiaries party thereto, as borrowers or as guarantors, Wells Fargo Bank, National Association, as administrative agent and as collateral agent and the other lenders party thereto, for the purpose of, among other things, increasing the aggregate amount of the revolving credit facility from $30.0 million to $45.0 million and extending the maturity thereof to the fifth anniversary of the closing date of Notes Offering (subject to a springing maturity as set forth therein). The Amended ABL Credit Agreement provides for a revolving credit facility (the “Amended ABL Credit Facility”) that includes letter of credit and swing line sub-facilities. Borrowing availability under the Amended ABL Credit Facility is determined by a monthly borrowing base collateral calculation that is based on specified percentages of eligible accounts receivable less certain reserves and subject to certain other adjustments as set forth in the Amended ABL Credit Agreement. Availability is reduced by issuance of letters of credit as well as any borrowings. Loans outstanding under the Amended ABL Credit Agreement bear interest at a floating rate measured by reference to, at the Company’s option, either an adjusted London Inter-Bank Offered Rate (“LIBOR”) (subject to a floor of 0.75%) plus an applicable margin of 2.50% per annum, or an alternate base rate plus an applicable margin of 1.50% per annum. Unused commitments under the Amended ABL Credit Facility are subject to a per annum fee of 0.50% per annum, which fee increases to 0.75% per annum for any quarter during which the company's average usage under the Amended ABL Credit Facility is less than $5.0 million. On September 27, 2019, the Company issued $86.3 million aggregate principal amount of the Convertible Notes in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Convertible Notes are senior unsecured obligations of the Company and bear interest at an annual rate of 4.50% payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2020. The Convertible Notes will mature on October 1, 2026, unless earlier repurchased, redeemed or converted in accordance with their terms. The Convertible Notes are convertible into shares of the Company’s common stock at an initial conversion rate of 65.4022 shares per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of approximately $15.29 per share), subject to adjustments upon the occurrence of certain events (but will not be adjusted for any accrued and unpaid interest). The Company may redeem all or a part of the Convertible Notes on or after October 6, 2023 at a redemption price equal to 100% of the principal amount of the Convertible Notes redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date, subject to certain conditions relating to the Company’s stock price having been met. Following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such corporate event or notice of redemption. The indenture covering the Convertible Notes contains certain other customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee or holders of at least 25% in principal amount of the outstanding Convertible Notes may declare 100% of the principal of, and accrued and unpaid interest on, all the Convertible Notes to be due and payable. In addition, if the Company ceases to be listed or quoted on any of The NYSE, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors), holders of the outstanding Convertible Notes will have the option to require the Company to repurchase for cash all of such holder’s notes at 100% of the principal amount, plus accrued and unpaid interest. See Note 1 “The Business and Nature of Operations” for additional information regarding the out-of-compliance notices received from the NYSE. In connection with the offering of the Convertible Notes, the Company also entered into privately negotiated “capped call” transactions with several counterparties. The capped call transaction will initially cover, subject to customary anti-dilution adjustments, the number of shares of common stock that initially underlie the Convertible Notes. The capped call transactions are expected to generally reduce the potential dilutive effect on the Company’s common stock upon any conversion of the Convertible Notes with such reduction subject to a cap which is initially $19.46 per share. Long-term debt amounts due, for the twelve-month periods ending June 30 were as follows: ​ ​ ​ ​ ​ ​ ​ Amounts Payable (In thousands) to Institutions 2023 ​ $ — 2024 ​ — 2025 ​ — 2026 ​ 350,000 2027 ​ ​ 303,971 Total ​ $ 653,971 ​ The long-term debt amounts due above include accrued PIK interest on the Second Lien Facility as of June 30, 2022. Beginning on April 22, 2022, which is the one-year anniversary of the closing date of the Second Lien Facility, the Company may now elect to pay in cash any interest previously required to be paid in the form of PIK interest. To date, the Company has not paid any PIK interest in cash. The outstanding Notes, Second Lien Facility, and Amended ABL Credit Facility amounts above are guaranteed by all of Lannett’s significant wholly-owned domestic subsidiaries and are collateralized by substantially all present and future assets of the Company.

Legal, Regulatory Matters and C

Legal, Regulatory Matters and Contingencies	12 Months Ended
	Jun. 30, 2022
Legal, Regulatory Matters and Contingencies
Legal, Regulatory Matters and Contingencies	Note 10. Legal, Regulatory Matters and Contingencies Federal Investigation into the Generic Pharmaceutical Industry In November and December 2014, the Company and certain affiliated individuals and customers were served with grand jury subpoenas relating to a federal investigation of the generic pharmaceutical industry into possible violations of the Sherman Act. The subpoenas requested corporate documents of the Company relating to corporate, financial and employee information, communications or correspondence with competitors regarding the sale of generic prescription medications and the marketing, sale, or pricing of certain products, generally for the period of 2005 through the dates of the subpoenas. The Company received a Civil Investigative Demand (“CID”) from the Department of Justice on May 14, 2018. The CID requested information from 2009-present regarding allegations that the generic pharmaceutical industry engaged in market allocation, price fixing, payment of illegal remuneration and submission of false claims. The Company has responded to the CID. Based on internal investigations performed to date, the Company believes that it has acted in compliance with all applicable laws and regulations. Government Pricing On May 22, 2019, following an audit conducted by the Company, the Department of Veterans Affairs issued a Contracting Officer’s Final Decision and Demand for Payment, assessing the sum of $9.4 million for overpayments by the Veteran’s Administration (“VA”) as a result of certain commercial customer prices that were not properly disclosed to the VA for the period of January 1, 2012 through June 30, 2016. In August 2019, the Company remitted payment to the VA and was indemnified from UCB for the portion of that related to the period prior to the acquisition of KUPI (January 1, 2012 to November 24, 2015) totaling $8.1 million. The VA requested additional information for the period of July 1, 2016 through March 2018. The Company is in the process of responding to the information request. State Attorneys General and Private Plaintiffs Antitrust and Consumer Protection Litigation In December 2016, the Connecticut Attorney General and various other State Attorneys General filed a civil complaint alleging that six pharmaceutical companies engaged in anti-competitive behavior. The Company was not named in the action and does not compete on the products that formed the basis of the complaint. The complaint was later transferred for pretrial purposes to the United States District Court for the Eastern District of Pennsylvania as part of a multidistrict litigation captioned In re: Generic Pharmaceuticals Pricing Antitrust Litigation (the “MDL”). On October 31, 2017, the State Attorneys General filed a motion for leave to amend their complaint to add numerous additional defendants, including the Company, and claims relating to 13 additional drugs. The District Court granted that motion on June 5, 2018. The State Attorneys General filed their amended complaint on June 18, 2018. The claim relating to Lannett involves alleged price-fixing for one drug, doxycycline monohydrate, but does not involve the pricing for digoxin. The State Attorneys General also allege that all defendants were part of an overarching, industry-wide conspiracy to allocate markets and fix prices generally. On August 15, 2019, the Court denied the defendants' joint motion to dismiss the overarching conspiracy claims but has yet to decide an individual motion filed by the Company to dismiss the overarching conspiracy claims as to it. On June 7, 2022, the Court granted a joint motion of all defendants to dismiss the federal claim of the State Attorneys General for disgorgement of defendants’ allegedly ill-gotten gains, but denied defendants’ motion to dismiss their parens patriae On May 10, 2019, the State Attorneys General filed a new lawsuit naming the Company and one of its employees as defendants, along with 33 other companies and individuals. The complaint again alleges an overarching conspiracy and contains claims for price-fixing and market allocation under the Sherman Act and related state laws. The complaint focuses on the conduct of another generic pharmaceutical company, and the relationships that company had with other generic companies and their employees. The specific allegations in this complaint against Lannett relate to the Company’s sales of baclofen and levothyroxine. The complaint also names another current employee as a defendant, but the allegations pertain to conduct that occurred prior to their employment by Lannett. In June 2020, the State Attorneys General filed a third overarching conspiracy complaint involving scores of different drugs used primarily to treat dermatological conditions, including alleged price-fixing by the Company for acetazolamide. Both complaints have been added to the MDL. In 2016 and 2017, the Company and certain competitors were named as defendants in a number of lawsuits filed by private plaintiffs alleging that the Company and certain generic pharmaceutical manufacturers have conspired to fix prices of generic digoxin, levothyroxine, ursodiol and baclofen. These cases are part of a larger group of more than 100 lawsuits generally alleging that over 30 generic pharmaceutical manufacturers and distributors conspired to fix prices for multiple different generic drugs in violation of the federal Sherman Act, various state antitrust laws, and various state consumer protection statutes. The United States also has been granted leave to intervene in the cases. On April 6, 2017, these cases were added to the MDL. The various plaintiffs are grouped into three categories - Direct Purchaser Plaintiffs, End Payer Plaintiffs, and Indirect Reseller Purchasers - and filed Consolidated Amended Complaints (“CACs”) against the Company and the other defendants in August 2017. The CACs naming the Company as a defendant involve generic digoxin, levothyroxine, ursodiol and baclofen. Pursuant to a court-ordered schedule grouping the 18 different drug cases into three separate tranches, the Company and other generic pharmaceutical manufacturer defendants in October 2017 filed joint and individual motions to dismiss the CACs involving the six drugs in the first tranche, including digoxin. In October 2018, the Court (with one exception) denied defendants’ motions to dismiss plaintiffs’ Sherman Act claims with respect to the drugs in the first tranche. In March 2019, the Company and other defendants filed answers to the Sherman Act claims. In addition, in February 2019, the Court dismissed certain of the plaintiffs’ state law claims but denied the remainder of defendants’ motions to dismiss and set a deadline of April 1, 2019 for certain plaintiffs to amend their existing complaints. Those plaintiffs amended their complaints, but further motions to dismiss the state-law claims remain pending. Following the lead of the state Attorneys General, the Direct Purchaser Plaintiffs, End Payer Plaintiffs and Indirect Reseller Plaintiffs filed their own complaints in June 2018 alleging an overarching conspiracy relating to 14 generic drugs in the End Payer complaint and 15 generic drugs in the Indirect Reseller complaint. Although the complaints allege an overarching conspiracy with respect to all of the drugs identified, the specific allegations related to drugs the Company manufactures involve acetazolamide and doxycycline monohydrate. In addition, between December 2019 and February 2020, the End Payer Plaintiffs, Indirect Reseller Purchasers, and Direct Purchaser Plaintiffs filed separate complaints alleging overarching, industry-wide price-fixing conspiracies modeled on the second one filed by the state Attorneys General. The new complaint involves 135 new drugs in addition to those named in previous complaints. As to the Company, the new drugs involved are pilocarpine HCL, triamterene HCTZ capsules, amantadine HCL, and oxycodone HCL. None of the defendants, including the Company, has responded yet to these new complaints. Between January 2018 and December 2020, a number of opt-out parties filed individual complaints or otherwise commenced actions against the Company and dozens of other companies and individuals alleging an overarching conspiracy and individual conspiracies to fix the prices and allocate markets on scores of different drug products, including digoxin, doxycycline, levothyroxine, ursodiol and baclofen. The opt-out parties include various retailers, insurers and county governments, which have filed federal suits in Pennsylvania, New York, California, Minnesota and Texas. All of those complaints have been added to the MDL but none of the defendants, including the Company, has responded to any of the complaints. Other groups of insurers have commenced actions in Pennsylvania state court against the Company and other drug companies by filing writs of summons, which are not complaints but can serve to toll the running of statutes of limitations. Those state-court cases have not been added to the MDL, although the parties have agreed to stay those cases pending further developments in the MDL. In June 2020, the Company and a number of other generic pharmaceutical manufacturers were named as defendants in a Statement of Claim in a proposed class proceeding in federal court in Toronto, Ontario, Canada. The case alleges a violation of Canada’s Competition Act. The allegations are similar to those in the MDL alleging an overarching, industry-wide conspiracy to allocate markets and fix the price of generic drugs. That alleged conspiracy reached Canada because these same manufacturers also allegedly sell the majority of generic drugs in Canada. The Statement of Claim alleges that the conspiracy extends to the entire generic pharmaceutical market. The specific drugs identified with respect to the Company are: acetazolamide, baclofen, digoxin, doxycycline monohydrate, levothyroxine, and ursodiol. The Company has not yet responded to the Statement of Claim. On July 13, 2020, the District Court overseeing the MDL selected as “bellwether” cases the second overarching conspiracy case filed by the state Attorneys General in May 2019 as well as individual-conspiracy cases filed by the Direct Purchaser Plaintiffs, End Payer Plaintiffs, and Indirect Reseller Purchasers involving the drugs clobetasol, clomipramine and pravastatin. The Company is a defendant only in the overarching conspiracy case. On February 9, 2021, the District Court vacated the order selecting the bellwether cases. Thereafter, the District Court re-designated the clobetasol and clomipramine cases as individual-conspiracy bellwethers, and on May 7, 2021, selected the third complaint filed by the state Attorneys General in June 2020 as the new overarching conspiracy bellwether case. On September 9, 2021, the state Attorneys General amended their bellwether complaint. To date, none of the bellwether cases have been scheduled for trial. The Company believes that it acted in compliance with all applicable laws and regulations. Accordingly, the Company disputes the allegations set forth in these class actions and plans to vigorously defend itself against these claims. Shareholder Litigation In November 2016, a putative class action lawsuit was filed against the Company and two of its former officers in the federal district court for the Eastern District of Pennsylvania, alleging that the Company and two of its former officers damaged the purported class by making false and misleading statements regarding the Company’s drug pricing methodologies and internal controls. In December 2017, counsel for the putative class filed a second amended complaint. The Company filed a motion to dismiss the second amended complaint in February 2018. In July 2018, the court granted the Company’s motion to dismiss the second amended complaint. In September 2018, counsel for the putative class filed a third amended complaint alleging that the Company and two of its former officers made false and misleading statements regarding the impact of competition on prices and sales of certain of the Company’s products, regarding the potential effects on the Company of regulatory investigations and antitrust litigation, and regarding the defendants’ investigation of purported anticompetitive conduct. The Company filed a motion to dismiss the third amended complaint in November 2018. In May 2019, the court denied the Company’s motion to dismiss the third amended complaint. In July 2019, the Company filed an answer to the third amended complaint. In October 2020, counsel for the putative class filed a motion for class certification. In March 2021, the Company filed a brief in opposition to the motion to certify the putative class. In August 2021, the court granted the motion to certify the proposed class, to appoint class representatives, and to appoint class counsel. In August 2021, the Company filed a petition for permission to appeal the court’s class certification order. In September 2021, counsel for the class filed a response in opposition to the Company’s petition. In November 2021, the United States Court of Appeals for the Third Circuit granted the Company’s petition for permission to appeal the class certification order. In January 2022, the Third Circuit granted the Company’s motion to stay the case pending a decision on the interlocutory appeal. The Company believes it acted in compliance with all applicable laws and continues to vigorously defend itself from these claims. The Company cannot reasonably predict the outcome of the suit at this time. Genus Life Sciences In December 2018, Genus Lifesciences, Inc. (“Genus”) sued the Company, Cody Labs, and others in California federal court, alleging violations of the Lanham Act, Sherman Act, and California false advertising law. Genus received FDA approval for a cocaine hydrochloride product in December 2018, and its claims are premised in part on allegations that the Company falsely advertises its unapproved cocaine hydrochloride solution product. The Company denied that it is falsely advertising its cocaine hydrochloride solution product and continued to market its unapproved product relying on the Guidance for FDA Staff and Industry, Marketed Unapproved Drugs — Compliance Policy Guide, pending approval of its Section 505(b)(2) application (until August 15, 2019, when it agreed to a request by the FDA to cease marketing its unapproved product as a result of the approval of a competitor’s product). In January 2019, the Company filed a motion to dismiss the complaint. On May 3, 2019, the Court issued a written decision granting in part and denying in part the motion to dismiss. On June 6, 2019, Genus filed an Amended Complaint. On June 27, 2019, the Company filed a motion to dismiss the amended complaint. By Order dated September 3, 2019, the Court granted in part and denied in part the Company's motion to dismiss. On November 20, 2019, Genus filed a second amended complaint. On December 17, 2019, the Company filed an answer to the second amended complaint. The Company believes it acted in compliance with all applicable laws and regulations and plans to vigorously defend itself from these claims. On August 16, 2021, the Company and Genus reached an agreement in principle to amicably resolve this case, along with three other cases involving the Company’s approved cocaine hydrochloride product. The parties memorialized the settlement in a series of settlement documents which were signed on October 15, 2021. The terms of the settlement are confidential and include, among other things, a non-exclusive patent license granted by Genus, which allows the Company to continue marketing its approved cocaine hydrochloride product, a payment of $1.5 million by the Company and transfer by the Company of certain ANDAs and an NDA to Genus, and the stipulation that all cases shall be dismissed with prejudice. All cases against the Company have been dismissed with prejudice. Sandoz, Inc. On July 20, 2020, Sandoz, Inc. (“Sandoz”) filed a complaint in federal court in Philadelphia, alleging claims for tortious interference with contract, unfair competition and conversion of confidential information, arising out of Cediprof, Inc.’s (“Cediprof”) termination of Sandoz’s contract to distribute levothyroxine tablets in the United States and certain territories. Along with the complaint, Sandoz filed a motion for a temporary restraining order and preliminary injunction, seeking to enjoin the Company from commencing the distribution of levothyroxine tablets on August 3, 2020. On the same day, Sandoz filed a separate complaint and application for a temporary restraining order and preliminary injunction against Cediprof in federal court in New York, seeking to prevent Cediprof from selling its levothyroxine tablets in the United States and certain of its territories to anyone other than Sandoz. On July 27, 2020, the New York court held a hearing and denied Sandoz’s application for a temporary restraining order, ruling Sandoz had failed to establish irreparable harm. Sandoz subsequently dismissed the complaint and is proceeding against Cediprof in an Arbitration in New York, where the Company has agreed to indemnify Cediprof. On July 28, 2020, the Philadelphia court held a hearing and denied Sandoz’s application for a temporary restraining order, ruling that Sandoz had failed to establish irreparable harm and failed to establish that it is likely to succeed on the merits of its claim against Lannett. On October 5, 2020, the Company filed a motion to dismiss the complaint. On December 28, 2020, the Court granted in part and denied in part the motion, dismissing certain of the claims. The Company has filed a motion to stay the case pending the Arbitration of the Sandoz/Cediprof dispute. On January 11, 2021, the Company filed an answer and counterclaim to the complaint. Upon the conclusion of fact discovery, the Court entered an order on July 16, 2021 staying the remaining deadlines in the case pending the outcome of the Arbitration between Sandoz and Cediprof, which began on January 31, 2022. On August 5, 2022, the Arbitrator issued a final award, finding that Cediprof had breached the Sandoz contract and determining that Sandoz is entitled to lost profits, among other damages. The portion of the award subject to indemnification from the Company amounted to $10.9 million, which the Company has accrued as of June 30, 2022. The Company’s indemnification obligation will only be triggered if and when Cediprof pays the award. Ranitidine Oral Solution, USP On June 1, 2020, a class action complaint was served upon the Company and approximately forty-five (45) other companies asserting claims for personal injury arising from the presence of NDMA in Ranitidine products. The complaint is consolidated in a multidistrict litigation (“MDL”) pending in the United States District Court for the Southern District of Florida. The Company filed a motion to dismiss the complaint filed in the MDL which was granted with leave to amend on December 31, 2020. The plaintiffs filed a First Amended complaint on February 9, 2021, to which the generic manufacturer defendants, including the Company, filed a renewed motion to dismiss all claims. On July 8, 2021, the Court issued an Order granting the motion and dismissing all claims with prejudice based on federal preemption. The Plaintiffs filed an appeal to the Eleventh Circuit Court of Appeals. The appeal is currently pending. The Attorney General of New Mexico filed a complaint asserting claims regarding the presence of NDMA in Ranitidine products. The complaint was conditionally transferred to the MDL, but ultimately remanded back to the state court. The Company, along with other defendants filed a motion to dismiss on preemption grounds. The motion was denied on August 17, 2021. The Company with several other codefendants have filed (i) a motion for reconsideration of the denial on preemption grounds; and (ii) a motion to dismiss on personal jurisdiction grounds. The Company’s motions are pending and discovery is ongoing. The Mayor of Baltimore filed a complaint asserting claims regarding the presence of NDMA in Ranitidine products. The complaint was conditionally transferred to the MDL, but ultimately remanded back to the state court. The Company filed a motion to dismiss on preemption grounds, which was granted on February 1, 2022. The Mayor of Baltimore is proceeding against other defendants. The Company is monitoring the litigation in the event of a final judgment or interlocutory appeal. In 2021, two separate complaints were filed against the Company and others in Philadelphia Court of Common Pleas by parents on behalf of minor children regarding the presence of NDMA in Ranitidine. The Company filed preliminary objections to both of the complaints, seeking dismissal on the basis of preemption and pleading insufficiency grounds. The Philadelphia Court of Common Pleas denied the Company’s preliminary objections in the first filed case. The Company has since filed an answer and new matter. A case management order is currently pending. The Philadelphia Court of Common Pleas granted the Company’s preliminary objections in the second case and, thereafter, the plaintiff filed an amended complaint. The Company renewed its preliminary objections, which are pending. Motions to consolidate these complaints with other ranitidine cases in the same jurisdiction was filed and granted. The Company has placed its insurance carrier on notice of the claims and the carrier has appointed counsel to defend the Company. Other Litigation Matters The Company is also subject to various legal proceedings arising out of the normal course of its business including, but not limited to, product liability, intellectual property, patent infringement claims and antitrust matters. It is not possible to predict the outcome of these various proceedings. An adverse determination in any of these proceedings or in any of the proceedings described above in the future could have a significant impact on the financial position, results of operations and cash flows of the Company.

Commitments

Commitments	12 Months Ended
	Jun. 30, 2022
Commitments
Commitments	Note 11. Commitments Leases At June 30, 2022 and 2021, the Company has a ROU lease asset of $9.6 million and $10.6 million, respectively, and a ROU liability of $12.1 million and $13.1 million, respectively. The current balance of the ROU liability at June 30, 2022 and 2021 was $2.1 million and $2.0 million, respectively. Components of lease costs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, (In thousands) 2022 2021 Operating lease cost ​ $ 1,822 ​ $ 1,754 Variable lease cost ​ ​ 190 ​ 133 Short-term lease cost (a) ​ ​ 335 ​ 448 Total $ 2,347 ​ $ 2,335 ______________________ (a) Not recorded on the Consolidated Balance Sheet Supplemental cash flow information and non-cash activity related to our operating leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, (In thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 1,970 $ 1,916 Non-cash activity: ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities $ — $ 2,275 ​ Weighted average remaining lease term and discount rate for our operating leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, ​ 2022 ​ 2021 Weighted-average remaining lease term ​ 9 years ​ 10 years Weighted-average discount rate 8.5 % ​ 8.5 % ​ Maturities of lease liabilities by fiscal year for our operating leases are as follows: ​ ​ ​ ​ ​ (In thousands) Amounts Due 2023 ​ $ 2,064 2024 ​ ​ 2,083 2025 ​ 2,103 2026 ​ 2,124 2027 ​ 2,145 Thereafter ​ 6,368 Total lease payments ​ 16,887 Less: Imputed interest ​ 4,829 Present value of lease liabilities $ 12,058 ​ Other Commitments In Fiscal 2020, the Company executed a License and Collaboration Agreement with North South Brother Pharmacy Investment Co., Ltd. and HEC Group PTY, Ltd. (collectively, “HEC”) to develop an insulin glargine product that would be biosimilar to Lantus Solostar. Under the terms of the deal, among other things, the Company shall fund up to the initial $32.0 million of the development costs and split 50/50 50/50 60/40 On February 8, 2021, the Company executed a License and Collaboration Agreement and a Supply Agreement with Sunshine Lake Pharma Co., Ltd. an HEC Group company (“Sunshine”) with respect to the development of a biosimilar insulin aspart product. Under the terms of the deal, among other things, the Company shall fund up to the initial $32.0 million of the development costs, provided that if total development and other costs paid by Lannett are less than $32.0 million then the difference will be paid to Sunshine over the first year of commercialization. As of June 30, 2022, the Company has incurred approximately $1.0 million towards the $32.0 million commitment made by the Company. The parties shall negotiate the sharing of any development costs in excess of $32.0 million. Lannett shall receive an exclusive license to distribute and market the product in the United States upon FDA approval under the 50/50 60/40 In conjunction with the HEC collaboration efforts to develop biosimilar insulin glargine and aspart, the Company also separately entered into two Customization and Supply agreements with Ypsomed AG (“Ypsomed”) in October 2020 and July 2021 to develop, manufacture and supply an injection device to be used with both insulin products. In April 2022, the Company executed an amendment to the Customization and Supply agreements to allow Ypsomed to expand their production capacity to meet the anticipated demand. Under the terms of the deal, the Company is required to pay 14 million Swiss Francs (“CHF”) to Ypsomed over various future milestone dates to fund the capacity expansion in exchange for a predetermined discount on future purchases of the injection device. In April 2022, The Company paid Ypsomed 4.0 million CHF, the equivalent of approximately $4.3 million, which is recorded in the other assets caption of the Consolidated Balance Sheet as of June 30, 2022. The remaining 4.0 million and 6.0 million CHF payments are to be paid in installments in calendar years 2023 and 2024, respectively.

Warrants

Warrants	12 Months Ended
	Jun. 30, 2022
Warrants
Warrants	Note 12. Warrants In connection with the Second Lien Facility, the Company issued to the Participating Lenders Warrants to purchase up to 8,280,000 shares of common stock of the Company at an exercise price of $6.88 per share. The Warrants were issued on April 22, 2021 with an eight-year term. The Participating Lenders received registration rights with respect to the shares of common stock of the Company to be received upon exercise of the Warrants. The Company concluded that the Warrants were indexed to its own stock and, therefore, are classified as an equity instrument. In accordance with ASC 470, Debt , the Company allocated the proceeds of the Second Lien Facility issuance based on the relative fair value of the debt instrument and the Warrants separately at the time of issuance, which was determined using the Black-Scholes valuation model. The relative fair value allocated to the Warrants was $24.4 million at the issuance date. The holders of the Warrants are entitled to receive dividends or distributions of any kind made to the common stockholders to the same extent as if the holder had exercised the Warrant into common stock. Although the Company did not issue or declare dividends during the period, the Warrants are considered participating securities under ASC 260, Earnings per share , for purposes of calculating earnings (loss) per share under the two-class method. Refer to Note 13 “Loss Per Common Share” for further details of the two-class method and the Company’s calculation of earnings (loss) per share.

Loss Per Common Share

Loss Per Common Share	12 Months Ended
	Jun. 30, 2022
Loss Per Common Share
Loss Per Common Share	Note 13. Loss Per Common Share A reconciliation of the Company’s basic and diluted loss per common share was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Year Ended June 30, (In thousands, except share and per share data) 2022 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (231,620) ​ $ (363,475) ​ $ (33,366) Net income allocated to participating securities for the Warrants ​ ​ — ​ ​ — ​ ​ — Interest expenses applicable to the Convertible Notes, net of tax ​ ​ — ​ ​ — ​ ​ — Amortization of debt issuance costs applicable to the Convertible Notes, net of tax ​ ​ — ​ ​ — ​ ​ — Adjusted "if-converted" net loss ​ $ (231,620) ​ $ (363,475) ​ $ (33,366) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 40,350,522 ​ 39,391,589 ​ 38,592,618 Effect of potentially dilutive options and restricted stock awards ​ — ​ — ​ — Effect of conversion of the Convertible Notes ​ ​ — ​ ​ — ​ ​ — Effect of participating securities for the Warrants ​ ​ — ​ ​ — ​ ​ — Diluted weighted average common shares outstanding ​ 40,350,522 ​ 39,391,589 ​ 38,592,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (5.74) ​ $ (9.23) ​ $ (0.86) Diluted ​ $ (5.74) ​ $ (9.23) ​ $ (0.86) ​ In accordance with ASC 260, Earnings per share The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the fiscal years ended June 30, 2022, 2021 and 2020 were 7.9 million, 8.0 million and 6.6 million, respectively. The effect of potentially dilutive shares was excluded from the calculation of diluted loss per share in the fiscal years ended June 30, 2022, 2021 and 2020 because the effect of including such securities would be anti-dilutive.

Share-based Compensation

Share-based Compensation	12 Months Ended
	Jun. 30, 2022
Share-based Compensation
Share-based Compensation	Note 14. Share-based Compensation At June 30, 2022, the Company had two share-based employee compensation plans (the 2014 Long-Term Incentive Plan (“LTIP”) and the 2021 LTIP). Together these plans authorized an aggregate total of 8.0 million shares to be issued. As of June 30, 2022, the plans have a total of 1.5 million shares available for future issuances. Historically, the Company has issued share-based compensation awards with a vesting period ranging up to 3 years and a maximum contractual term of 10 years. As of June 30, 2022, there was $8.3 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 1.6 years. Stock Options The Company measures share-based compensation costs for options using the Black-Scholes option pricing model. There were no stock options granted during the fiscal year ended June 30, 2022. The following table presents the weighted average assumptions used to estimate fair values of the stock options granted, the estimated annual forfeiture rates used to recognize the associated compensation expense and the weighted average fair value of the options granted during the fiscal years ended June 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Risk-free interest rate ​ ​ 0.2 % ​ ​ 1.9 % Expected volatility ​ ​ 82.5 % ​ ​ 73.7 % Expected dividend yield ​ ​ — % ​ ​ — % Forfeiture rate ​ ​ — % ​ ​ — % Expected term ​ ​ 5.0 years ​ ​ 5.1 years Weighted average fair value ​ $ 3.86 ​ ​ $ 4.00 ​ ​ 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 stock option summary as of June 30, 2022, 2021 and 2020 and changes during the years 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 June 30, 2019 572 ​ $ 17.56 ​ $ 273 ​ 5.0 Granted 522 ​ $ 6.57 ​ ​ ​ ​ ​ Exercised (56) ​ $ 5.42 ​ $ 237 ​ ​ Forfeited, expired or repurchased (47) ​ $ 24.73 ​ ​ ​ ​ ​ Outstanding at June 30, 2020 991 ​ $ 12.11 ​ $ 678 ​ 5.6 Granted 309 ​ $ 5.95 ​ ​ ​ ​ ​ Exercised (37) ​ $ 4.12 ​ $ 61 ​ ​ Forfeited, expired or repurchased (217) ​ $ 17.17 ​ ​ ​ ​ ​ Outstanding at June 30, 2021 1,046 ​ $ 9.51 ​ $ 25 ​ 7.2 Exercised (3) ​ $ 3.55 ​ $ 2 ​ ​ Forfeited, expired or repurchased (108) ​ $ 14.63 ​ ​ ​ ​ ​ Outstanding at June 30, 2022 935 ​ $ 8.94 ​ $ — ​ 6.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and expected to vest at June 30, 2022 935 ​ $ 8.94 ​ $ — ​ 6.5 Exercisable at June 30, 2022 530 ​ $ 10.98 ​ $ — ​ 5.6 ​ Restricted Stock The Company measures restricted stock compensation costs based on the stock price at the grant date less an estimate for expected forfeitures. The annual forfeiture rate used to calculate compensation expense was 6.5% for fiscal years ended June 30, 2022, 2021 and 2020. A summary of restricted stock awards as of June 30, 2022, 2021 and 2020 and changes during the fiscal years then ended, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average Grant-date ​ Aggregate (In thousands, except for weighted average price data) Awards Fair Value Intrinsic Value ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested at June 30, 2019 1,288 ​ $ 11.63 ​ ​ ​ Granted 941 ​ 6.45 ​ ​ ​ Vested (773) ​ 10.54 ​ $ 6,401 Forfeited (112) ​ 10.75 ​ ​ ​ Non-vested at June 30, 2020 1,344 ​ $ 8.70 ​ ​ ​ Granted 901 ​ 5.74 ​ ​ ​ Vested (805) ​ 8.60 ​ $ 4,668 Forfeited (90) ​ 9.18 ​ ​ ​ Non-vested at June 30, 2021 1,350 ​ $ 6.75 ​ ​ ​ Granted 1,110 ​ 4.14 ​ ​ ​ Vested (1,002) ​ 5.97 ​ $ 3,789 Forfeited (103) ​ 5.54 ​ ​ ​ Non-vested at June 30, 2022 1,355 ​ $ 5.28 ​ ​ ​ ​ Performance-Based Shares The Company grants performance-based awards to certain key executives. The stock-settled awards will cliff vest based on a three-year performance measurement period. Awards issued prior to July 2021 are based on relative Total Shareholder Return (“TSR”) over a three-year period, which, in accordance with ASC 718, Compensation – Stock Compensation Compensation – Stock Compensation Compensation – Stock Compensation , the Company will assess the probability that the strategic portfolio goals will be met and adjust the cumulative compensation cost recognized accordingly at each reporting period. A summary of performance-based share awards as of June 30, 2022, 2021 and 2020 and changes during the current fiscal years then ended, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Grant-date ​ (In thousands, except for weighted average price and life data) Awards Fair Value ​ ​ Non-vested at June 30, 2019 ​ 72 ​ $ 19.92 ​ Granted ​ 178 ​ ​ 10.71 ​ Vested ​ (46) ​ ​ 15.08 ​ Non-vested at June 30, 2020 204 ​ $ 12.99 Granted 339 ​ ​ 9.22 Performance adjustment (1) ​ (12) ​ ​ 25.58 ​ Non-vested at June 30, 2021 531 ​ $ 10.29 ​ Granted 617 ​ ​ 6.04 ​ Performance adjustment (2) ​ (40) ​ ​ 17.69 ​ Vested (58) ​ ​ 7.72 ​ Non-vested at June 30, 2022 1,050 ​ $ 7.65 ​ ________________________________________ (1) Represents the adjustment based on the performance of the September 2017 awards, which was below the Threshold goal level resulting in no shares vesting at the end of the three-year performance period. (2) Represents the adjustment based on the performance of the July 2018 awards, which was below the Threshold goal level resulting in no shares vesting at the end of the three-year performance period. Employee Stock Purchase Plan In February 2003, the Company’s stockholders approved an Employee Stock Purchase Plan (“2003 ESPP”), under which the Company is authorized to issue 1.1 million shares of the Company’s common stock. The 2003 ESPP was implemented on April 1, 2003 and is qualified under Section 423 of the Internal Revenue Code. In January 2022, the stockholders of the Company approved a new ESPP (“2022 ESPP” and, together with the 2003 ESPP, “ESPPs”). The Company is authorized to issue an additional 1.5 million shares of the Company’s common stock under the 2022 ESPP, which is qualified under Section 423 of the Internal Revenue Code. During the fiscal years ended June 30, 2022, 2021 and 2020, 293 thousand shares, 109 thousand shares and 118 thousand shares were issued under the ESPPs, respectively. As of June 30, 2022, 1.3 million total cumulative shares have been issued under the ESPPs. 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 following table presents the allocation of share-based compensation costs recognized in the Consolidated Statements of Operations by financial statement line item: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Year Ended June 30, (In thousands) ​ 2022 2021 2020 Selling, general and administrative expenses ​ $ 7,536 ​ $ 7,016 ​ $ 7,087 Research and development expenses ​ 181 ​ 538 ​ 801 Cost of sales ​ 693 ​ 1,483 ​ 2,328 Total ​ $ 8,410 ​ $ 9,037 ​ $ 10,216 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax benefit at statutory rate ​ $ 1,892 ​ $ 2,033 ​ $ 2,299 ​

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Jun. 30, 2022
Employee Benefit Plan
Employee Benefit Plan	Note 15. Employee Benefit Plan The Company has a 401(k) 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. Beginning January 1, 2021, the Company reduced the matching contribution to 50% of each employee’s contribution, not to exceed 2% of the employee’s compensation for the Plan year. Contributions to the Plan during the fiscal years ended June 30, 2022, 2021 and 2020 were $1.1 million, $1.6 million and $2.2 million, respectively. In Fiscal 2020, the Company implemented a non-qualified deferred compensation plan for certain senior-level management and executives. The non-qualified deferred compensation plan allows certain eligible employees to defer additional pre-tax earnings for retirement, beyond the IRS limits in place under the Plan. Contributions to the non-qualified deferred compensation plan during Fiscal 2022 were not material.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2022
Income Taxes
Income Taxes	Note 16. Income Taxes The following table summarizes the components of the provision for income taxes for the fiscal years ended June 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ 2022 ​ 2021 ​ 2020 Current Income Tax Expense (Benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (2,398) ​ $ (57,335) ​ $ (7,082) State and Local ​ 94 ​ 70 ​ 405 Total Current Income Tax Expense (Benefit) ​ (2,304) ​ (57,265) ​ (6,677) Deferred Income Tax Expense (Benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ — ​ 112,414 ​ (6,525) State and Local ​ — ​ 5,476 ​ (2,060) Total Deferred Income Tax Expense (Benefit) ​ — ​ 117,890 ​ (8,585) Total Income Tax Expense (Benefit) ​ $ (2,304) ​ $ 60,625 ​ $ (15,262) ​ A reconciliation of the differences between the effective rates and federal statutory rates was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, June 30, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax at statutory rate 21.0 % 21.0 % 21.0 % State and local income tax, net — % (1.4) % 2.7 % Nondeductible expenses (0.1) % (0.1) % (1.1) % Nondeductible drug fee ​ — % (0.1) % (1.6) % Foreign rate differential — % — % (0.1) % Income tax credits 0.1 % 0.2 % 2.5 % Unrecognized tax benefits ​ — % — % (5.0) % Change in tax laws 1.0 % 5.1 % 15.4 % Excess tax benefits on share-based compensation ​ (0.2) % (0.3) % (0.8) % Valuation allowance ​ (20.8) % (44.3) % — % Other — % (0.1) % (1.6) % Effective income tax rate 1.0 % (20.0) % 31.4 % ​ The principal types of differences between assets and liabilities for financial statement and tax return purposes are accruals, reserves, impairment of intangibles, accumulated amortization, accumulated depreciation and share-based compensation expense. A deferred tax asset is recorded for the future benefits created by the timing of accruals and reserves and the application of different amortization lives for financial statement and tax return purposes. The Company’s deferred tax liability is mainly attributable to different depreciation methods for financial statement and tax return purposes. A deferred tax asset valuation allowance is established if it is more likely than not that the Company will be unable to realize certain of the deferred tax assets. As of June 30, 2022 and 2021, temporary differences which give rise to deferred tax assets and liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, (In thousands) ​ 2022 ​ 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ Share-based compensation expense ​ $ 2,567 ​ $ 1,779 Reserves ​ 21,179 ​ 8,213 Inventory ​ 6,249 ​ 6,047 Federal net operating loss ​ 13,688 ​ 273 State net operating loss ​ ​ 6,682 ​ ​ 9,415 Impairment on Cody note receivable ​ 1,150 ​ 1,157 Accumulated amortization on intangible assets ​ 119,764 ​ 112,548 Foreign net operating loss ​ 1,792 ​ 1,792 Interest carryforward ​ ​ 34,117 ​ ​ 21,111 Operating lease ​ ​ 2,563 ​ ​ 2,890 R&D carryforward ​ ​ 1,690 ​ ​ 1,334 Other ​ 1,266 ​ 849 Total deferred tax asset ​ 212,707 ​ 167,408 Valuation allowance ​ (193,478) ​ (153,383) Total deferred tax asset less valuation allowance ​ 19,229 ​ 14,025 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Prepaid expenses ​ 878 ​ 239 Property, plant and equipment ​ 12,872 ​ 11,525 Operating lease ​ ​ 2,048 ​ ​ 2,261 Other ​ 3,431 ​ — Total deferred tax liability ​ 19,229 ​ 14,025 Net deferred tax asset ​ $ — ​ $ — ​ The federal and state and local tax deferred tax assets begin to expire in fiscal years 2026 and 2036, respectively. The General Business Credit generated in fiscal year 2021 will expire in fiscal year 2041. The interest carryforward has an indefinite life. In Fiscal 2021, the Company recorded a full valuation allowance of its net deferred tax assets totaling $153.4 million. In determining whether a valuation allowance was necessary, the Company reviewed all available positive and negative evidence including forecasts of future taxable income, historical results of operations, statutory expirations and available tax planning strategies, among other considerations. In accordance with ASC 740 Income Taxes, the weight given to the evidence reviewed was commensurate with the extent each can be objectively verified. Based on our review, the Company determined that the positive evidence related to longer-term projected profitability, when taking into consideration the inherent uncertainty around the available data, was insufficient to overcome the significant negative evidence attributed to recent historical losses incurred as well as the revised forecasts indicating continued competitive pressures on our near-term outlook. The Company has a valuation allowance of its net deferred tax assets totaling $193.5 million as of June 30, 2022. 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. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) was as follows: ​ ​ ​ ​ ​ (In thousands) Balance Balance at June 30, 2020 ​ $ 4,591 Increases for tax positions of the current year ​ 91 Increases for tax positions of prior years ​ 104 Lapse of statute of limitations ​ (240) Balance at June 30, 2021 ​ $ 4,546 Increases for tax positions of the current year ​ 40 Decreases for tax positions of prior years ​ (250) Balance at June 30, 2022 ​ $ 4,336 ​ The amount of unrecognized tax benefits at June 30, 2022, 2021 and 2020 was $4.6 million, $4.5 million and $4.6 million, respectively, of which $4.5 million, $4.4 million and $4.5 million would impact the Company’s effective tax rate, respectively, if recognized. The Company has not recorded any interest and penalties for the periods ended June 30, 2022, 2021 and 2020 in the statement of operations and no cumulative interest and penalties have been recorded either in the Company’s Consolidated Balance Sheet as of June 30, 2022 and 2021. The Company will recognize interest accrued on unrecognized tax benefits in interest expense and any related penalties in operating expenses. The Company files income tax returns in the United States federal jurisdiction and various states. The Company’s federal tax returns for Fiscal 2014 and prior generally are no longer subject to review as such years are closed. The Company’s Fiscal 2015 through 2017, 2019, 2020 and 2021federal returns are currently under examination by the Internal Revenue Service (“IRS”). As part of a lengthy process, the Company has received various Information Document Requests (“IDRs”) and Notices of Proposed Adjustment (“NOPAs”) with respect to positions taken in certain income tax issues, including an accounting method change related to chargebacks and rebates that the IRS is proposing to disallow. We are in the process of assessing the impact of these notices and preparing a response to the IRS. We believe that it is more likely than not that our positions will ultimately be sustained upon further examination, and, if necessary, will contest any additional tax determined to be owed; however, an adverse outcome could have a material impact to the Company’s Consolidated Statements of Operations and financial position. In October 2018, the Commonwealth of Pennsylvania initiated a routine field audit of the Company’s Fiscal 2016 and Fiscal 2017 corporate tax returns. In November 2021, the Company was notified that the State of Florida will conduct an audit of the Company’s Fiscal 2019 and 2020 corporate tax returns. In March 2022, the Company was notified that the Commonwealth of Pennsylvania and the State of Florida concluded their audits, which did not result in any assessments.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2022
Related Party Transactions
Related Party Transactions	Note 17. Related Party Transactions The Company had sales of $1.3 million, $2.6 million and $3.0 million during the fiscal years ended June 30, 2022, 2021 and 2020, respectively, to a generic distributor, Auburn Pharmaceutical Company (“Auburn”), which is a member of the Premier Buying Group. Jeffrey Farber, a current board member, is the owner of Auburn. Accounts receivable includes amounts due from Auburn of $0.3 million and $0.4 million at June 30, 2022 and 2021, respectively.

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Jun. 30, 2022
Assets Held for Sale
Assets held for Sale	Note 18. Assets Held for Sale Cody API Real Estate In Fiscal 2020, the Company ceased operations at Cody Labs and decided to sell the real estate associated with the business. In November 2021, the Company entered into an agreement for the sale of real estate associated with the Cody API business. The Company adjusted the carrying value to fair value based on the signed agreement and estimated proceeds of the sale, which resulted in a $0.5 million impairment charge in the second quarter of Fiscal 2022. On January 31, 2022, the Company completed the sale of the real estate for total consideration of $2.2 million, after fees and selling costs. Prior to the completion of the sale, the carrying value of the real estate was recorded within the assets held for sale caption in the Consolidated Balance Sheet. Silarx Pharmaceuticals, Inc. Facility in Carmel, New York In November 2021, the Company announced the 2021 Restructuring Plan, which includes consolidating its manufacturing footprint by transferring certain liquid drug production from its Silarx facility in Carmel, New York to the Company’s main plant in Seymour, Indiana. In the second quarter of Fiscal 2022, the Company performed a fair value analysis which resulted in an $8.4 million impairment charge of the Silarx facility and certain equipment at the facility. On March 31, 2022, the Company closed the sale of the Silarx facility, which included equipment within the facility, certain ANDAs and other assets, to Chartwell and its subsidiaries for total consideration of $10.5 million. In connection with the sale, Chartwell will produce on behalf of the Company certain products at the Carmel facility for a period of up to 18 months while the Company completes the transfer of such products to its Seymour, Indiana plant. Prior to the completion of the sale, the carrying value of the real estate was recorded within the assets held for sale caption in the Consolidated Balance Sheet.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Jun. 30, 2022
Schedule II - Valuation and Qualifying Accounts
Schedule II - Valuation and Qualifying Accounts	Lannett Company, Inc. Schedule II - For the years ended June 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged to ​ ​ ​ ​ Balance at Description ​ Beginning of ​ (Reduction of) ​ ​ ​ ​ End of Fiscal (In thousands) Fiscal Year Expense Deductions Year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Doubtful Accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 701 ​ $ 444 ​ $ (161) ​ $ 984 2021 ​ 1,103 ​ ​ 374 ​ ​ (776) ​ ​ 701 2020 ​ 1,223 ​ ​ 386 ​ ​ (506) ​ ​ 1,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax Asset Valuation Allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 153,383 ​ $ 40,095 ​ $ — ​ $ 193,478 2021 ​ 14,622 ​ ​ 138,761 ​ ​ — ​ ​ 153,383 2020 ​ 13,549 ​ ​ 1,073 ​ ​ — ​ ​ 14,622

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP.
Principles of consolidation	Principles of consolidation The Consolidated Financial Statements include the accounts of Lannett Company, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
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 value of inventories and long-lived assets, including intangible assets, income taxes, and contingencies. 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 (deficit) in accumulated other comprehensive income (loss). Gains and losses resulting from transactions denominated in foreign currencies are recognized in the Consolidated Statements of Operations under other income (loss). Amounts recorded due to foreign currency fluctuations are immaterial to the Consolidated Financial Statements.
Cash, cash equivalents and restricted cash	Cash, cash equivalents and restricted cash 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 money market funds. The Company maintains its cash deposits and cash equivalents at well-known, stable financial institutions. Such amounts frequently exceed insured limits. In connection with the Second Lien Secured Loan Facility (“Second Lien Facility”), the Company is required to maintain at least $5 million in a deposit account at all times, subject to control by the Second Lien Collateral Agent. At June 30, 2022 and 2021, the Company classified this balance as restricted cash, which is included in other assets on the Consolidated Balance Sheets. Presented in the table below is a reconciliation of the cash, cash equivalents and restricted cash amounts presented on the Consolidated Balance Sheets to the sum of such amounts presented on the Consolidated Statements of Cash Flows for the periods ended June 30, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ June 30, 2021 ​ June 30, 2020 Cash and cash equivalents ​ $ 87,854 ​ $ 93,286 ​ $ 144,329 Restricted cash, included in other assets ​ ​ 5,000 ​ ​ 5,000 ​ ​ — Cash, cash equivalents and restricted cash as presented on the Consolidated Statements of Cash Flows ​ $ 92,854 ​ $ 98,286 ​ $ 144,329
Allowance for doubtful accounts	Allowance for doubtful accounts The Company complies with ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires the Company to recognize an allowance that reflects a current estimate of credit losses expected to be incurred over the life of the financial asset, including trade receivables. 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 obligations to the Company and the expected 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 net realizable value by the first-in, first-out method. Inventories are regularly reviewed and write-downs for excess and obsolete inventory are recorded based primarily on current inventory levels, expiration date 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. Repairs and maintenance costs that do not extend the useful life of the asset are expensed as incurred.
Intangible Assets	Intangible Assets Definite-lived intangible assets are stated at cost less accumulated amortization. Amortization of definite-lived intangible assets is computed on a straight-line basis over the assets’ estimated useful lives, which commence upon shipment of the product. The Company continually evaluates the reasonableness of the useful lives of these assets. Indefinite-lived intangible assets, which includes in-process research and development (“IPR&D”) products, are not amortized, but instead are tested at least annually for impairment. The Company assesses the reclassification of indefinite-lived intangibles to definite-lived intangible assets when the Food and Drug Administration (“FDA”) approves drug applications, and the products are ready for commercialization. Costs to renew or extend the term of a recognized intangible asset are expensed as incurred.
Valuation of Long-Lived Assets, including Intangible Assets	Valuation of Long-Lived Assets, including Intangible Assets The Company’s long-lived assets primarily consist of property, plant and equipment and definite and indefinite-lived intangible assets. Property, plant and equipment and definite-lived intangible 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 asset’s carrying value is compared to the future undiscounted cash flows expected to be generated by the asset. If the carrying value exceeds the undiscounted cash flows of the asset, then impairment exists. Indefinite-lived intangible assets are tested for impairment at least annually during the fourth quarter of each fiscal year or more frequently if events or triggering events indicate that the asset might be impaired. 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.
Segment Information	Segment Information The Company operates in 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 fiscal years ended June 30, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Fiscal Year Ended June 30, Medical Indication ​ 2022 2021 2020 Analgesic ​ $ 15,737 ​ $ 14,684 ​ $ 8,680 Anti-Psychosis ​ ​ 11,790 ​ ​ 43,720 ​ ​ 104,934 Cardiovascular ​ 45,376 ​ 65,987 ​ 88,576 Central Nervous System ​ ​ 78,325 ​ ​ 95,115 ​ ​ 77,256 Endocrinology ​ ​ 27,491 ​ ​ 27,070 ​ ​ — Gastrointestinal ​ ​ 51,026 ​ ​ 67,540 ​ ​ 73,477 Infectious Disease ​ ​ 28,009 ​ ​ 67,761 ​ ​ 73,237 Migraine ​ 16,321 ​ 25,554 ​ 44,266 Respiratory/Allergy/Cough/Cold ​ ​ 8,961 ​ ​ 9,258 ​ ​ 11,576 Urinary ​ ​ 4,588 ​ ​ 5,786 ​ ​ 4,225 Other ​ 41,285 ​ 35,312 ​ 35,013 Contract manufacturing revenue ​ ​ 11,670 ​ ​ 20,991 ​ ​ 24,504 Total net sales ​ $ 340,579 ​ $ 478,778 ​ $ 545,744
Customer, Supplier and Product Concentration	Customer, Supplier and Product Concentration The following table presents the percentage of total net sales, for the fiscal years ended June 30, 2022, 2021 and 2020, 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 total net sales in any of those periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ June 30, ​ ​ 2022 2021 2020 Product 1 6 % 12 % 10 % Product 2 1 % 7 % 18 % ​ The following table presents the percentage of total net sales, for the fiscal years ended June 30, 2022, 2021 and 2020, for certain of the Company’s customers which accounted for at least 10% of total net sales in any of those periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, June 30, ​ ​ 2022 2021 2020 Customer A 24 % 27 % 25 % Customer B 19 % 21 % 23 % Customer C ​ 14 % 12 % 11 %
Revenue Recognition	Revenue Recognition Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers Revenue from Contracts with Customers When revenue is recognized, a simultaneous adjustment to gross sales is made for estimated 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. Provisions for chargebacks, rebates, returns and other adjustments require varying degrees of subjectivity. While rebates generally are based on contractual terms and require minimal estimation, chargebacks and returns require management to make more subjective assumptions. Each major category is discussed in detail below: Chargebacks The provision for chargebacks is the most significant and complex estimate used in the recognition of revenue. The Company sells its products directly to wholesale distributors, generic distributors, retail pharmacy chains and mail-order pharmacies. The Company also sells its products indirectly to independent pharmacies, managed care organizations, hospitals, nursing homes and group purchasing organizations, collectively referred to as “indirect customers.” The Company enters into agreements with its indirect customers to establish pricing for certain products. The indirect customers then independently select a wholesaler from which to purchase the products. If the price paid by the indirect customers is lower than the price paid by the wholesaler, the Company will provide a credit, called a chargeback, to the wholesaler for the difference between the contractual price with the indirect customers and the wholesaler purchase price. The provision for chargebacks is based on expected sell-through levels by the Company’s wholesale customers to the indirect customers and estimated wholesaler inventory levels. As sales to the large wholesale customers, such as Cardinal Health, AmerisourceBergen and McKesson increase (decrease), the reserve for chargebacks will also generally increase (decrease). However, the size of the increase (decrease) depends on product mix and the amount of sales made to indirect customers with which the Company has specific chargeback agreements. The Company continually monitors the reserve for chargebacks and makes adjustments when management believes that expected chargebacks may differ from the actual chargeback reserve. Rebates Rebates are offered to the Company’s key chain drug store, distributor and wholesaler customers to promote customer loyalty and increase product sales. These rebate programs provide customers with credits upon attainment of pre-established volumes or attainment of net sales milestones for a specified period. Other promotional programs are incentive programs offered to the customers. Additionally, as a result of the Patient Protection and Affordable Care Act (“PPACA”) enacted in the U.S. in March 2010, the Company participates in a cost-sharing program for certain Medicare Part D beneficiaries designed primarily for the sale of brand drugs and certain generic drugs if their FDA approval was granted under a New Drug Application (“NDA”) or 505(b) NDA versus an Abbreviated New Drug application ("ANDA”). Drugs purchased within the Medicare Part D coverage gap (commonly referred to as the “donut hole”) result in additional rebates. The Company estimates the reserve for rebates and other promotional credit programs based on the specific terms in each agreement when revenue is recognized. The reserve for rebates increases (decreases) as sales to certain wholesale and retail customers increase (decrease). However, since these rebate programs are not identical for all customers, the size of the reserve will depend on the mix of sales to customers that are eligible to receive rebates. Returns Consistent with industry practice, the Company has a product returns policy that allows customers to return product within a specified time period prior to and subsequent to the product’s expiration date in exchange for a credit to be applied to future purchases. The Company’s policy requires that the customer obtain pre-approval from the Company for any qualifying return. The Company estimates its provision for returns based on historical experience, changes to business practices, credit terms and any extenuating circumstances known to management. While historical experience has allowed for reasonable estimations in the past, future returns may or may not follow historical trends. The Company continually monitors the reserve for returns and makes adjustments when management believes that actual product returns may differ from the established reserve. Generally, the reserve for returns increases as net sales increase. Other Adjustments Other adjustments consist primarily of “price adjustments”, also known as “shelf-stock adjustments” and “price protections,” which are both credits issued to reflect increases or decreases in the invoice or contract prices of the Company’s products. In the case of a price decrease, a credit is given for product remaining in customer’s inventories at the time of the price reduction. Contractual price protection results in a similar credit when the invoice or contract prices of the Company’s products increase, effectively allowing customers to purchase products at previous prices for a specified period of time. Amounts recorded for estimated shelf-stock adjustments and price protections are based upon specified terms with direct customers, estimated changes in market prices and estimates of inventory held by customers. The Company regularly monitors these and other factors and evaluates the reserve as additional information becomes available. Other adjustments also include prompt payment discounts and “failure-to-supply” adjustments. If the Company is unable to fulfill certain customer orders, the customer can purchase products from our competitors at their prices and charge the Company for any difference in our contractually agreed upon prices.
Leases	Leases Under ASC Topic 842, Leases , when the Company enters into a new arrangement, it must determine, at the inception date, whether the arrangement is or contains a lease. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. Once a lease has been identified, the Company must determine the lease term, the present value of lease payments and the classification of the lease as either operating or financing. The lease term is determined to be the non-cancelable period including any lessee renewal options which are considered to be reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The present value of lease payments includes fixed and certain variable payments, less lease incentives, together with amounts probable of being owed by the Company under residual value guarantees and, if reasonably certain of being paid, the cost of certain renewal options and early termination penalties set forth in the lease arrangement. To calculate the present value of lease payments, we use our incremental borrowing rate based on the information available at commencement date, as the rate implicit in the lease is generally not readily available. In making the determination of whether a lease is an operating lease or a finance lease, the Company considers the lease term in relation to the economic life of the leased asset, the present value of lease payments in relation to the fair value of the leased asset and certain other factors. Upon the commencement of the lease, the Company will record a lease liability and right-of-use (“ROU”) asset based on the present value of the future minimum lease payments over the lease term at commencement date. The ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. For operating leases, a single lease cost is generally recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term unless an impairment has been recorded with respect to a leased asset. For finance leases, amortization expense and interest expense are recognized separately in the Consolidated Statements of Operations, with amortization expense generally recorded on a straight-line basis and interest expense recorded using the effective interest method. Variable lease costs not initially included in the lease liability and ROU asset impairment charges are expensed as incurred.
Cost of Sales, including Amortization of Intangibles	Cost of Sales, including Amortization of Intangibles 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.
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 for litigation-related matters are expensed as incurred and included in the Consolidated Statements of Operations under the Selling, general and administrative expenses line item.
Restructuring Costs	Restructuring Costs The Company records charges associated with approved restructuring plans to remove duplicative headcount and infrastructure associated with business acquisitions or to simplify business processes. Restructuring charges can include severance costs to eliminate a specified number of employees, infrastructure charges to vacate facilities and consolidate operations and contract cancellation costs. The Company records restructuring charges based on estimated employee terminations, site closure and consolidation plans. The Company accrues severance and other employee separation costs under these actions when it is probable that a liability exists, and the amount is reasonably estimable.
Share-based Compensation	Share-Based Compensation Share-based compensation costs are recognized over the requisite service period, typically 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 expected forfeitures. The Company uses the Black-Scholes valuation model to determine the fair value of stock options, the stock price on the grant date to value restricted stock and the Monte-Carlo simulation model to determine the fair value of performance-based shares. The Black-Scholes valuation and Monte-Carlo simulation models include various assumptions, including the expected volatility, the expected life of the award, dividend yield and the risk-free interest rate as well as performance assumptions of peer companies. 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 Consolidated Financial Statements.
Self-Insurance	Self-Insurance The Company self-insures for certain employee medical and prescription benefits. The Company also maintains stop loss coverage with third party insurers to limit its total liability exposure. The liability for self-insured risks is primarily calculated using independent third-party actuarial valuations which take into account actual claims, claims growth and claims incurred but not yet reported. Actual experience, including claim frequency and severity as well as health-care inflation, could result in different liabilities than the amounts currently recorded. The liability for self-insured risks under this plan was $0.5 million and $0.8 million as of June 30, 2022 and 2021, respectively, and is recorded in the accrued payroll and payroll-related expenses caption in the Consolidated Balance Sheets.
Income Taxes	Income Taxes The Company uses the liability method to account for income taxes as prescribed by ASC 740, Income Taxes Income Taxes 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 accounting standards also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
Earnings (Loss) Per Common Share	Earnings (Loss) Per Common Share The presentation of basic and diluted earnings (loss) per common share is required on the face of the Company's Consolidated Statements of Operations as well as a reconciliation of the computation of basic earnings (loss) per common share to diluted earnings (loss) per common share. In accordance with ASC 260, Earnings per share For purposes of determining diluted earnings per share, the Company further adjusts the basic earnings per share to include the effect of potentially dilutive shares outstanding, including options and restricted stock awards, the Convertible Notes, and the Warrants. In this calculation, the Company reallocates net income based on the rights of each potentially dilutive share and will report the most dilutive earnings (loss) per share. The weighted average number of diluted shares is adjusted for the potential dilutive effect of the exercise of stock options, treats unvested restricted stock and performance-based shares as if it were vested, and assumes the conversion of the 4.50% Convertible Senior Notes. The Company uses the “if-converted" method to compute earnings (loss) per share when assuming the conversion of the Convertible Notes, which is calculated by dividing the adjusted "if-converted" net income by the adjusted weighted average number of shares of common stock outstanding during the period. The adjusted "if-converted" net income is adjusted for interest expense and amortization of debt issuance costs, both net of tax, associated with the Convertible Notes. Because the Warrants do not participate in losses, the Company will allocate undistributed earnings when calculating basic and diluted earnings per share in periods of net income only. Anti-dilutive securities are excluded from the calculation. Dilutive shares are also excluded in the calculation in periods of net loss because the effect of including such securities would be anti-dilutive.
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 gains and losses that are included in comprehensive income (loss) but excluded from income (loss) for all amounts are recorded directly as an adjustment to stockholders’ equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Schedule of reconciliation of the cash, cash equivalents and restricted cash amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ June 30, 2021 ​ June 30, 2020 Cash and cash equivalents ​ $ 87,854 ​ $ 93,286 ​ $ 144,329 Restricted cash, included in other assets ​ ​ 5,000 ​ ​ 5,000 ​ ​ — Cash, cash equivalents and restricted cash as presented on the Consolidated Statements of Cash Flows ​ $ 92,854 ​ $ 98,286 ​ $ 144,329
Schedule of the Company's net sales by medical indication	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Fiscal Year Ended June 30, Medical Indication ​ 2022 2021 2020 Analgesic ​ $ 15,737 ​ $ 14,684 ​ $ 8,680 Anti-Psychosis ​ ​ 11,790 ​ ​ 43,720 ​ ​ 104,934 Cardiovascular ​ 45,376 ​ 65,987 ​ 88,576 Central Nervous System ​ ​ 78,325 ​ ​ 95,115 ​ ​ 77,256 Endocrinology ​ ​ 27,491 ​ ​ 27,070 ​ ​ — Gastrointestinal ​ ​ 51,026 ​ ​ 67,540 ​ ​ 73,477 Infectious Disease ​ ​ 28,009 ​ ​ 67,761 ​ ​ 73,237 Migraine ​ 16,321 ​ 25,554 ​ 44,266 Respiratory/Allergy/Cough/Cold ​ ​ 8,961 ​ ​ 9,258 ​ ​ 11,576 Urinary ​ ​ 4,588 ​ ​ 5,786 ​ ​ 4,225 Other ​ 41,285 ​ 35,312 ​ 35,013 Contract manufacturing revenue ​ ​ 11,670 ​ ​ 20,991 ​ ​ 24,504 Total net sales ​ $ 340,579 ​ $ 478,778 ​ $ 545,744
Summary of products which accounted for at least 10% of total net sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ June 30, ​ ​ 2022 2021 2020 Product 1 6 % 12 % 10 % Product 2 1 % 7 % 18 %
Summary of customers which accounted for at least 10% of total net sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, June 30, ​ ​ 2022 2021 2020 Customer A 24 % 27 % 25 % Customer B 19 % 21 % 23 % Customer C ​ 14 % 12 % 11 %

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
	Jun. 30, 2022
Restructuring Charges
Schedule of reconciliation of changes in restructuring liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee Tech Transfer ​ (In thousands) Separation Costs Costs Total Balance at June 30, 2021 ​ $ — ​ $ — ​ $ — Restructuring charges ​ 2,529 ​ 248 ​ 2,777 Payments ​ (2,039) ​ (248) ​ (2,287) Balance at June 30, 2022 ​ $ 490 ​ — ​ $ 490

Accounts Receivable (Tables)

Accounts Receivable (Tables)	12 Months Ended
	Jun. 30, 2022
Accounts Receivable
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, (In thousands) 2022 2021 Gross accounts receivable ​ $ 199,242 ​ $ 239,271 Less: Chargebacks reserve ​ (54,501) ​ (69,564) Less: Rebates reserve ​ (26,921) ​ (16,272) Less: Returns reserve ​ (46,478) ​ (38,395) Less: Other deductions ​ (14,117) ​ (15,505) Less: Allowance for doubtful accounts ​ (984) ​ (701) Accounts receivable, net ​ $ 56,241 ​ $ 98,834
Schedule of major category of revenue-related reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserve Category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Chargebacks Rebates Returns Other Total Balance at June 30, 2019 ​ $ 89,567 ​ 78,274 ​ 55,554 ​ 18,128 ​ 241,523 Current period provision ​ ​ 761,787 ​ 223,932 ​ 16,863 ​ 88,468 ​ ​ 1,091,050 Credits issued during the period ​ (789,477) ​ (239,495) ​ (31,621) ​ (89,039) ​ (1,149,632) Balance at June 30, 2020 ​ 61,877 ​ 62,711 ​ 40,796 ​ 17,557 ​ 182,941 Current period provision ​ 650,317 ​ ​ 133,898 ​ ​ 20,280 ​ ​ 68,177 ​ 872,672 Credits issued during the period ​ (642,630) ​ ​ (161,312) ​ ​ (22,681) ​ ​ (70,229) ​ (896,852) Balance at June 30, 2021 ​ ​ 69,564 ​ ​ 35,297 ​ ​ 38,395 ​ ​ 15,505 ​ ​ 158,761 Current period provision ​ 437,680 ​ ​ 98,379 ​ ​ 33,258 ​ ​ 45,200 ​ 614,517 Credits issued during the period ​ (452,743) ​ ​ (85,187) ​ ​ (25,175) ​ ​ (46,588) ​ (609,693) Balance at June 30, 2022 ​ $ 54,501 ​ $ 48,489 ​ $ 46,478 ​ $ 14,117 ​ $ 163,585

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Jun. 30, 2022
Inventories
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, (In thousands) 2022 2021 Raw Materials ​ $ 39,297 ​ $ 45,370 Work-in-process ​ 9,313 ​ 12,685 Finished Goods ​ 46,548 ​ 51,490 Total ​ $ 95,158 ​ $ 109,545

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment
Schedule of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, (In thousands) Useful Lives 2022 2021 Land — ​ $ 533 ​ $ 1,783 Building and improvements 10 ​ 93,701 ​ 103,082 Machinery and equipment 5 ​ 158,854 ​ 166,617 Furniture and fixtures 5 ​ 3,367 ​ 3,399 Less accumulated depreciation ​ ​ ​ ​ (136,433) ​ ​ (123,294) ​ ​ ​ ​ ​ 120,022 ​ ​ 151,587 Construction in progress ​ ​ 13,156 ​ 15,087 Property, plant and equipment, net ​ ​ ​ $ 133,178 ​ $ 166,674

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Jun. 30, 2022
Intangible Assets
Summary of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Gross Carrying Amount ​ Accumulated Amortization ​ Intangible Assets, Net ​ Avg. Life June 30, June 30, June 30, June 30, June 30, June 30, (In thousands) (Yrs.) 2022 2021 2022 2021 2022 2021 Definite-lived: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ KUPI product rights ​ — ​ $ — ​ $ 83,955 ​ $ — ​ $ (4,198) ​ $ — ​ $ 79,757 KUPI trade name ​ 2 ​ ​ 2,920 ​ ​ 2,920 ​ ​ (2,920) ​ ​ (2,920) ​ ​ — ​ ​ — KUPI other intangible assets ​ 15 ​ ​ 19,000 ​ ​ 19,000 ​ ​ (8,362) ​ ​ (7,095) ​ ​ 10,638 ​ ​ 11,905 Silarx product rights ​ 15 ​ ​ 20,000 ​ ​ 20,000 ​ ​ (6,222) ​ ​ (4,889) ​ ​ 13,778 ​ ​ 15,111 Other product rights ​ 7 ​ ​ 16,242 ​ ​ 35,918 ​ ​ (8,479) ​ ​ (8,856) ​ ​ 7,763 ​ ​ 27,062 Total definite-lived ​ ​ ​ $ 58,162 ​ $ 161,793 ​ $ (25,983) ​ $ (27,958) ​ $ 32,179 ​ $ 133,835 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indefinite-lived: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ KUPI in-process research and development ​ — ​ $ — ​ $ 4,000 ​ $ — ​ $ — ​ $ — ​ $ 4,000 Total indefinite-lived ​ ​ ​ ​ — ​ ​ 4,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,000 Total intangible assets, net ​ ​ ​ $ 58,162 ​ $ 165,793 ​ $ (25,983) ​ $ (27,958) ​ $ 32,179 ​ $ 137,835
Summary of future annual amortization expense	​ ​ ​ ​ ​ (In thousands) Amortization Fiscal Year Ending June 30, Expense 2023 ​ $ 4,455 2024 ​ 4,160 2025 ​ 3,966 2026 ​ 3,706 2027 ​ 3,560 Thereafter ​ 12,332 ​ ​ $ 32,179

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Jun. 30, 2022
Long-Term Debt
Summary of long-term debt, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, (In thousands) 2022 2021 7.75% Senior Secured Notes due 2026 ​ $ 350,000 ​ $ 350,000 Unamortized discount and other debt issuance costs ​ ​ (4,599) ​ ​ (5,594) 7.75% Senior Secured Notes due 2026, net ​ ​ 345,401 ​ ​ 344,406 Second Lien Secured Loan Facility due 2026 ($190.0M Principal, $5.7M Exit Fee, and $22.0M and $3.6M accrued PIK interest at June 30, 2022 and June 30, 2021 respectively) ​ ​ 217,721 ​ ​ 199,342 Unamortized discount and other debt issuance costs ​ ​ (32,308) ​ ​ (36,701) Second Lien Secured Loan Facility due 2026, net ​ ​ 185,413 ​ ​ 162,641 4.50% Convertible Senior Notes due 2026 ​ ​ 86,250 ​ ​ 86,250 Unamortized discount and other debt issuance costs ​ ​ (2,116) ​ ​ (2,614) 4.50% Convertible Senior Notes, net ​ ​ 84,134 ​ ​ 83,636 $45.0 million Amended ABL Credit Facility ​ — ​ — Total long-term debt, net $ 614,948 $ 590,683
Summary of long-term debt amounts due	​ ​ ​ ​ ​ ​ ​ Amounts Payable (In thousands) to Institutions 2023 ​ $ — 2024 ​ — 2025 ​ — 2026 ​ 350,000 2027 ​ ​ 303,971 Total ​ $ 653,971

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Jun. 30, 2022
Commitments
Schedule of components of lease cost and supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, (In thousands) 2022 2021 Operating lease cost ​ $ 1,822 ​ $ 1,754 Variable lease cost ​ ​ 190 ​ 133 Short-term lease cost (a) ​ ​ 335 ​ 448 Total $ 2,347 ​ $ 2,335 ______________________ (a) Not recorded on the Consolidated Balance Sheet
Schedule of supplemental cash flow information and non-cash activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, (In thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 1,970 $ 1,916 Non-cash activity: ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities $ — $ 2,275
Schedule of weighted-average remaining lease term	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ June 30, ​ 2022 ​ 2021 Weighted-average remaining lease term ​ 9 years ​ 10 years Weighted-average discount rate 8.5 % ​ 8.5 %
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ (In thousands) Amounts Due 2023 ​ $ 2,064 2024 ​ ​ 2,083 2025 ​ 2,103 2026 ​ 2,124 2027 ​ 2,145 Thereafter ​ 6,368 Total lease payments ​ 16,887 Less: Imputed interest ​ 4,829 Present value of lease liabilities $ 12,058

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	12 Months Ended
	Jun. 30, 2022
Loss Per Common Share
Summary of reconciliation of the Company's basic and diluted loss per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Year Ended June 30, (In thousands, except share and per share data) 2022 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (231,620) ​ $ (363,475) ​ $ (33,366) Net income allocated to participating securities for the Warrants ​ ​ — ​ ​ — ​ ​ — Interest expenses applicable to the Convertible Notes, net of tax ​ ​ — ​ ​ — ​ ​ — Amortization of debt issuance costs applicable to the Convertible Notes, net of tax ​ ​ — ​ ​ — ​ ​ — Adjusted "if-converted" net loss ​ $ (231,620) ​ $ (363,475) ​ $ (33,366) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 40,350,522 ​ 39,391,589 ​ 38,592,618 Effect of potentially dilutive options and restricted stock awards ​ — ​ — ​ — Effect of conversion of the Convertible Notes ​ ​ — ​ ​ — ​ ​ — Effect of participating securities for the Warrants ​ ​ — ​ ​ — ​ ​ — Diluted weighted average common shares outstanding ​ 40,350,522 ​ 39,391,589 ​ 38,592,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (5.74) ​ $ (9.23) ​ $ (0.86) Diluted ​ $ (5.74) ​ $ (9.23) ​ $ (0.86)

Share-based Compensation (Table

Share-based Compensation (Tables)	12 Months Ended
	Jun. 30, 2022
Share-based Compensation
Schedule of weighted average assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Risk-free interest rate ​ ​ 0.2 % ​ ​ 1.9 % Expected volatility ​ ​ 82.5 % ​ ​ 73.7 % Expected dividend yield ​ ​ — % ​ ​ — % Forfeiture rate ​ ​ — % ​ ​ — % Expected term ​ ​ 5.0 years ​ ​ 5.1 years Weighted average fair value ​ $ 3.86 ​ ​ $ 4.00 ​
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 June 30, 2019 572 ​ $ 17.56 ​ $ 273 ​ 5.0 Granted 522 ​ $ 6.57 ​ ​ ​ ​ ​ Exercised (56) ​ $ 5.42 ​ $ 237 ​ ​ Forfeited, expired or repurchased (47) ​ $ 24.73 ​ ​ ​ ​ ​ Outstanding at June 30, 2020 991 ​ $ 12.11 ​ $ 678 ​ 5.6 Granted 309 ​ $ 5.95 ​ ​ ​ ​ ​ Exercised (37) ​ $ 4.12 ​ $ 61 ​ ​ Forfeited, expired or repurchased (217) ​ $ 17.17 ​ ​ ​ ​ ​ Outstanding at June 30, 2021 1,046 ​ $ 9.51 ​ $ 25 ​ 7.2 Exercised (3) ​ $ 3.55 ​ $ 2 ​ ​ Forfeited, expired or repurchased (108) ​ $ 14.63 ​ ​ ​ ​ ​ Outstanding at June 30, 2022 935 ​ $ 8.94 ​ $ — ​ 6.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and expected to vest at June 30, 2022 935 ​ $ 8.94 ​ $ — ​ 6.5 Exercisable at June 30, 2022 530 ​ $ 10.98 ​ $ — ​ 5.6
Summary of non-vested restricted stock awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average Grant-date ​ Aggregate (In thousands, except for weighted average price data) Awards Fair Value Intrinsic Value ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested at June 30, 2019 1,288 ​ $ 11.63 ​ ​ ​ Granted 941 ​ 6.45 ​ ​ ​ Vested (773) ​ 10.54 ​ $ 6,401 Forfeited (112) ​ 10.75 ​ ​ ​ Non-vested at June 30, 2020 1,344 ​ $ 8.70 ​ ​ ​ Granted 901 ​ 5.74 ​ ​ ​ Vested (805) ​ 8.60 ​ $ 4,668 Forfeited (90) ​ 9.18 ​ ​ ​ Non-vested at June 30, 2021 1,350 ​ $ 6.75 ​ ​ ​ Granted 1,110 ​ 4.14 ​ ​ ​ Vested (1,002) ​ 5.97 ​ $ 3,789 Forfeited (103) ​ 5.54 ​ ​ ​ Non-vested at June 30, 2022 1,355 ​ $ 5.28 ​ ​ ​
Schedule of non-vested performance-based shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Grant-date ​ (In thousands, except for weighted average price and life data) Awards Fair Value ​ ​ Non-vested at June 30, 2019 ​ 72 ​ $ 19.92 ​ Granted ​ 178 ​ ​ 10.71 ​ Vested ​ (46) ​ ​ 15.08 ​ Non-vested at June 30, 2020 204 ​ $ 12.99 Granted 339 ​ ​ 9.22 Performance adjustment (1) ​ (12) ​ ​ 25.58 ​ Non-vested at June 30, 2021 531 ​ $ 10.29 ​ Granted 617 ​ ​ 6.04 ​ Performance adjustment (2) ​ (40) ​ ​ 17.69 ​ Vested (58) ​ ​ 7.72 ​ Non-vested at June 30, 2022 1,050 ​ $ 7.65 ​ ________________________________________ (1) Represents the adjustment based on the performance of the September 2017 awards, which was below the Threshold goal level resulting in no shares vesting at the end of the three-year performance period. (2) Represents the adjustment based on the performance of the July 2018 awards, which was below the Threshold goal level resulting in no shares vesting at the end of the three-year performance period.
Schedule of allocation of share-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Year Ended June 30, (In thousands) ​ 2022 2021 2020 Selling, general and administrative expenses ​ $ 7,536 ​ $ 7,016 ​ $ 7,087 Research and development expenses ​ 181 ​ 538 ​ 801 Cost of sales ​ 693 ​ 1,483 ​ 2,328 Total ​ $ 8,410 ​ $ 9,037 ​ $ 10,216 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax benefit at statutory rate ​ $ 1,892 ​ $ 2,033 ​ $ 2,299

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2022
Income Taxes
Schedule of provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ 2022 ​ 2021 ​ 2020 Current Income Tax Expense (Benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (2,398) ​ $ (57,335) ​ $ (7,082) State and Local ​ 94 ​ 70 ​ 405 Total Current Income Tax Expense (Benefit) ​ (2,304) ​ (57,265) ​ (6,677) Deferred Income Tax Expense (Benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ — ​ 112,414 ​ (6,525) State and Local ​ — ​ 5,476 ​ (2,060) Total Deferred Income Tax Expense (Benefit) ​ — ​ 117,890 ​ (8,585) Total Income Tax Expense (Benefit) ​ $ (2,304) ​ $ 60,625 ​ $ (15,262)
Schedule of effective rate reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, June 30, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax at statutory rate 21.0 % 21.0 % 21.0 % State and local income tax, net — % (1.4) % 2.7 % Nondeductible expenses (0.1) % (0.1) % (1.1) % Nondeductible drug fee ​ — % (0.1) % (1.6) % Foreign rate differential — % — % (0.1) % Income tax credits 0.1 % 0.2 % 2.5 % Unrecognized tax benefits ​ — % — % (5.0) % Change in tax laws 1.0 % 5.1 % 15.4 % Excess tax benefits on share-based compensation ​ (0.2) % (0.3) % (0.8) % Valuation allowance ​ (20.8) % (44.3) % — % Other — % (0.1) % (1.6) % Effective income tax rate 1.0 % (20.0) % 31.4 %
Schedule of deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, June 30, (In thousands) ​ 2022 ​ 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ Share-based compensation expense ​ $ 2,567 ​ $ 1,779 Reserves ​ 21,179 ​ 8,213 Inventory ​ 6,249 ​ 6,047 Federal net operating loss ​ 13,688 ​ 273 State net operating loss ​ ​ 6,682 ​ ​ 9,415 Impairment on Cody note receivable ​ 1,150 ​ 1,157 Accumulated amortization on intangible assets ​ 119,764 ​ 112,548 Foreign net operating loss ​ 1,792 ​ 1,792 Interest carryforward ​ ​ 34,117 ​ ​ 21,111 Operating lease ​ ​ 2,563 ​ ​ 2,890 R&D carryforward ​ ​ 1,690 ​ ​ 1,334 Other ​ 1,266 ​ 849 Total deferred tax asset ​ 212,707 ​ 167,408 Valuation allowance ​ (193,478) ​ (153,383) Total deferred tax asset less valuation allowance ​ 19,229 ​ 14,025 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Prepaid expenses ​ 878 ​ 239 Property, plant and equipment ​ 12,872 ​ 11,525 Operating lease ​ ​ 2,048 ​ ​ 2,261 Other ​ 3,431 ​ — Total deferred tax liability ​ 19,229 ​ 14,025 Net deferred tax asset ​ $ — ​ $ —
Schedule of unrecognized tax benefits	​ ​ ​ ​ ​ (In thousands) Balance Balance at June 30, 2020 ​ $ 4,591 Increases for tax positions of the current year ​ 91 Increases for tax positions of prior years ​ 104 Lapse of statute of limitations ​ (240) Balance at June 30, 2021 ​ $ 4,546 Increases for tax positions of the current year ​ 40 Decreases for tax positions of prior years ​ (250) Balance at June 30, 2022 ​ $ 4,336

The Business and Nature of Op_2

The Business and Nature of Operations (Details) $ / shares in Units, $ in Millions					12 Months Ended
	May 26, 2022 USD ($) D	Mar. 14, 2022 D $ / shares	Mar. 02, 2022 USD ($) D	Jul. 31, 2021 USD ($) D	Jun. 30, 2022
4.50% Convertible Senior Notes due 2026
Legal, Regulatory Matters and Contingencies
Interest rate (as a percent)					4.50%
Convertible notes redemption (as a percent)					100%
NYSE Notices of Failure to Satisfy a Continued Listing Rule or Standard
Legal, Regulatory Matters and Contingencies
Threshold period of specified consecutive trading days | D	30		30	30
Threshold of minimum shareholders equity	$ 50		$ 50
Threshold of minimum global market capitalization			50
Threshold of minimum global market capitalization for initiation of delisting proceedings			$ 15
Global market capitalization				$ 25.4
Absolute market capitalization				$ 25
Cure period					18 months
Threshold minimum closing price of common stock | $ / shares		$ 1
Cure period relating to closing price of common stock		6 months
Period of specified consecutive trading days | D		30
Closing price of common stock | $ / shares		$ 1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Summary of Significant Accounting Policies
Deposit account as restricted cash in other assets	$ 5,000
Cash and cash equivalents	87,854	$ 93,286	$ 144,329
Restricted cash, included in other assets	5,000	5,000
Cash, cash equivalents and restricted cash as presented on the Consolidated Statements of Cash Flows	$ 92,854	$ 98,286	$ 144,329	$ 140,249

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Segments (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Medical Indication Information
Number of reportable segments | segment	1
Total net sales	$ 340,579	$ 478,778	$ 545,744
Analgesic
Medical Indication Information
Total net sales	15,737	14,684	8,680
Anti-Psychosis
Medical Indication Information
Total net sales	11,790	43,720	104,934
Cardiovascular
Medical Indication Information
Total net sales	45,376	65,987	88,576
Central Nervous System
Medical Indication Information
Total net sales	78,325	95,115	77,256
Endocrinology
Medical Indication Information
Total net sales	27,491	27,070
Gastrointestinal
Medical Indication Information
Total net sales	51,026	67,540	73,477
Infectious Disease
Medical Indication Information
Total net sales	28,009	67,761	73,237
Migraine
Medical Indication Information
Total net sales	16,321	25,554	44,266
Respiratory/Allergy/Cough/Cold
Medical Indication Information
Total net sales	8,961	9,258	11,576
Urinary
Medical Indication Information
Total net sales	4,588	5,786	4,225
Other
Medical Indication Information
Total net sales	41,285	35,312	35,013
Contract manufacturing revenue
Medical Indication Information
Total net sales	$ 11,670	$ 20,991	$ 24,504

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Concentrations (Details) - Net sales	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Products | Product 1
Concentration risk
Concentration risk (as a percent)	6%	12%	10%
Products | Product 2
Concentration risk
Concentration risk (as a percent)	1%	7%	18%
Customers | Customer A
Concentration risk
Concentration risk (as a percent)	24%	27%	25%
Customers | Customer B
Concentration risk
Concentration risk (as a percent)	19%	21%	23%
Customers | Customer C
Concentration risk
Concentration risk (as a percent)	14%	12%	11%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Self Insurance (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Summary of Significant Accounting Policies
Self-insured risks	$ 0.5	$ 0.8

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Loss per Share (Details)	Jun. 30, 2022
4.50% Convertible Senior Notes due 2026
Interest rate (as a percent)	4.50%

Restructuring Charges (Details)

Restructuring Charges (Details) $ in Thousands			12 Months Ended
	Mar. 31, 2022 USD ($)	Nov. 01, 2021 USD ($) position	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Restructuring Charges
Proceeds from sale of property, plant and equipment			$ 12,564	$ 114	$ 7,380
2021 Restructuring Plan
Restructuring Charges
Proceeds from sale of property, plant and equipment	$ 10,500
Production period continued	18 months
Positions eliminated estimate | position		140
Expected cost savings		$ 20,000
2021 Restructuring Plan | Minimum
Restructuring Charges
Aggregate expected restructuring charges		3,500
Commitment estimate		2,000
2021 Restructuring Plan | Maximum
Restructuring Charges
Aggregate expected restructuring charges		4,500
Commitment estimate		3,000
2021 Restructuring Plan | Employee separation costs
Restructuring Charges
Aggregate expected restructuring charges		2,500
2021 Restructuring Plan | Tech transfer costs | Minimum
Restructuring Charges
Aggregate expected restructuring charges		1,000
2021 Restructuring Plan | Tech transfer costs | Maximum
Restructuring Charges
Aggregate expected restructuring charges		$ 2,000

Restructuring Charges - Change

Restructuring Charges - Change (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Reconciliation of the changes in restructuring liabilities
Restructuring charges	$ 2,777	$ 4,043	$ 1,771
Asset impairment charges	103,277	$ 216,550	$ 34,448
2021 Restructuring Plan
Reconciliation of the changes in restructuring liabilities
Restructuring charges	2,777
Payments	(2,287)
Ending balance for the period	490
2021 Restructuring Plan | Employee separation costs
Reconciliation of the changes in restructuring liabilities
Restructuring charges	2,529
Payments	(2,039)
Ending balance for the period	490
2021 Restructuring Plan | Tech transfer costs
Reconciliation of the changes in restructuring liabilities
Restructuring charges	248
Payments	$ (248)

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Accounts receivable, net
Gross accounts receivable	$ 199,242	$ 239,271
Less: Allowance for doubtful accounts	(984)	(701)
Accounts receivable, net	56,241	98,834
Chargebacks
Accounts receivable, net
Less: reserve	(54,501)	(69,564)
Rebates.
Accounts receivable, net
Less: reserve	(26,921)	(16,272)
Returns
Accounts receivable, net
Less: reserve	(46,478)	(38,395)
Other.
Accounts receivable, net
Less: reserve	$ (14,117)	$ (15,505)

Accounts Receivable - Revenue r

Accounts Receivable - Revenue reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Accounts receivable, net
Balance at the beginning of the period	$ 158,761	$ 182,941	$ 241,523
Current period provision	614,517	872,672	1,091,050
Credits issued during the period	(609,693)	(896,852)	(1,149,632)
Balance at the end of the period	163,585	158,761	182,941
Chargebacks
Accounts receivable, net
Balance at the beginning of the period	69,564	61,877	89,567
Current period provision	437,680	650,317	761,787
Credits issued during the period	(452,743)	(642,630)	(789,477)
Balance at the end of the period	54,501	69,564	61,877
Rebates
Accounts receivable, net
Balance at the beginning of the period	35,297	62,711	78,274
Current period provision	98,379	133,898	223,932
Credits issued during the period	(85,187)	(161,312)	(239,495)
Balance at the end of the period	48,489	35,297	62,711
Returns
Accounts receivable, net
Balance at the beginning of the period	38,395	40,796	55,554
Current period provision	33,258	20,280	16,863
Credits issued during the period	(25,175)	(22,681)	(31,621)
Balance at the end of the period	46,478	38,395	40,796
Other.
Accounts receivable, net
Balance at the beginning of the period	15,505	17,557	18,128
Current period provision	45,200	68,177	88,468
Credits issued during the period	(46,588)	(70,229)	(89,039)
Balance at the end of the period	14,117	15,505	17,557
Rebates.
Accounts receivable, net
Current period provision	$ 98,400	$ 133,900	$ 223,900

Accounts Receivable - Revenue_2

Accounts Receivable - Revenue reserve information (Details)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Chargebacks
Accounts receivable, net
Percentage of provision for rebates, chargebacks, returns and other adjustments on gross sales	46.40%	48.90%	47.20%
Rebates
Accounts receivable, net
Percentage of provision for rebates, chargebacks, returns and other adjustments on gross sales	10.40%	10.10%	13.90%
Returns
Accounts receivable, net
Percentage of provision for rebates, chargebacks, returns and other adjustments on gross sales	3.50%	1.50%	1%
Other.
Accounts receivable, net
Percentage of provision for rebates, chargebacks, returns and other adjustments on gross sales	4.80%	5.10%	5.50%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Inventories:
Raw Materials	$ 39,297	$ 45,370
Work-in-process	9,313	12,685
Finished Goods	46,548	51,490
Net inventory	$ 95,158	$ 109,545

Inventories - Additional inform

Inventories - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Inventories:
Provision for inventory write-downs	$ 13,195	$ 24,328	$ 10,341

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment, net
Less: accumulated depreciation		$ (136,433)	$ (123,294)
Property, plant and equipment, net before construction in progress		120,022	151,587
Property, plant and equipment, net		133,178	166,674
Depreciation expense		21,300	22,900	$ 24,300
Assets held for sale			2,678
2021 Restructuring Plan
Property, Plant and Equipment, net
Impairment of long-lived assets	$ 8,400
Held in foreign countries
Property, Plant and Equipment, net
Property, plant and equipment, net		700	600
Land
Property, Plant and Equipment, net
Property, plant and equipment, gross		533	1,783
Building and improvements
Property, Plant and Equipment, net
Property, plant and equipment, gross		93,701	103,082
Machinery and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross		158,854	166,617
Furniture and fixtures
Property, Plant and Equipment, net
Property, plant and equipment, gross		3,367	3,399
Construction in progress
Property, Plant and Equipment, net
Property, plant and equipment, net		$ 13,156	$ 15,087

Property, Plant and Equipment -

Property, Plant and Equipment - Useful Lives (Details)	12 Months Ended
	Jun. 30, 2022
Building and improvements | Minimum
Property, Plant and Equipment, net
Useful Lives	10 years
Building and improvements | Maximum
Property, Plant and Equipment, net
Useful Lives	39 years
Machinery and equipment | Minimum
Property, Plant and Equipment, net
Useful Lives	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment, net
Useful Lives	10 years
Furniture and fixtures | Minimum
Property, Plant and Equipment, net
Useful Lives	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment, net
Useful Lives	7 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Apr. 22, 2021
7.750% Senior Secured Notes due 2026
Debt Instrument [Line Items]
Interest rate (as a percent)	7.75%		7.75%
Estimated fair value of loan	$ 140	$ 347
4.50% Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate (as a percent)	4.50%
Estimated fair value of loan	$ 25	53
Initial conversion price (in dollars per share)	$ 15.29
Stock price (in dollars per share)	$ 0.58
Second Lien Facility
Debt Instrument [Line Items]
Estimated fair value of loan	$ 76	$ 189

Intangible Assets - Definite-li

Intangible Assets - Definite-lived (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 58,162		$ 58,162	$ 161,793
Accumulated Amortization	(25,983)		(25,983)	(27,958)
Intangible Assets, Net	32,179		32,179	133,835
Amortization expense			$ 12,900	24,900	$ 32,000
Product rights
Finite-Lived Intangible Assets
Definite-lived intangible assets impairment	39,100	$ 40,600
Definite-lived intangible assets increase (decrease)	4,000
Product rights | KUPI
Finite-Lived Intangible Assets
Gross Carrying Amount				83,955
Accumulated Amortization				(4,198)
Intangible Assets, Net				79,757
Product rights | Silarx
Finite-Lived Intangible Assets
Weighted Avg. Life			15 years
Gross Carrying Amount	20,000		$ 20,000	20,000
Accumulated Amortization	(6,222)		(6,222)	(4,889)
Intangible Assets, Net	13,778		$ 13,778	15,111
Trade name | KUPI
Finite-Lived Intangible Assets
Weighted Avg. Life			2 years
Gross Carrying Amount	2,920		$ 2,920	2,920
Accumulated Amortization	(2,920)		$ (2,920)	(2,920)
Other Intangible Assets | KUPI
Finite-Lived Intangible Assets
Weighted Avg. Life			15 years
Gross Carrying Amount	19,000		$ 19,000	19,000
Accumulated Amortization	(8,362)		(8,362)	(7,095)
Intangible Assets, Net	10,638		$ 10,638	11,905
Other product rights
Finite-Lived Intangible Assets
Weighted Avg. Life			7 years
Gross Carrying Amount	16,242		$ 16,242	35,918
Accumulated Amortization	(8,479)		(8,479)	(8,856)
Intangible Assets, Net	7,763		$ 7,763	$ 27,062
Definite-lived intangible assets impairment	$ 16,100

Intangible Assets - Indefinite

Intangible Assets - Indefinite lived (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Indefinite-lived
Indefinite-lived assets, net		$ 4,000
Total intangible assets - Gross Carrying Amount	$ 58,162	165,793
Accumulated Amortization	(25,983)	(27,958)
Total intangible assets, Net	32,179	137,835
Intangible Assets, Net	32,179	133,835
Gross Carrying Amount	$ 58,162	161,793
In-process research and development | KUPI
Indefinite-lived
Intangible Assets, Net		4,000
Gross Carrying Amount		$ 4,000

Intangible Assets - Future Amor

Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Future annual amortization expense:
2023	$ 4,455
2024	4,160
2025	3,966
2026	3,706
2027	3,560
Thereafter	12,332
Intangible Assets, Net	$ 32,179	$ 133,835

Long-Term Debt - Summary (Detai

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Apr. 22, 2021	Apr. 05, 2021	Dec. 07, 2019	Dec. 06, 2019	Sep. 27, 2019
Long-term debt
Debt, gross	$ 653,971
Long-term debt, net	614,948	$ 590,683
Accrual of payment-in-kind interest on Second Lien Credit Facility	$ 18,380	$ 3,642
Weighted average interest rate (as a percent)	9%	8%
7.750% Senior Secured Notes due 2026
Long-term debt
Debt, gross	$ 350,000	$ 350,000
Unamortized discount and other debt issuance costs	(4,599)	(5,594)
Total debt, net	$ 345,401	344,406
Interest rate (as a percent)	7.75%		7.75%
Principal Amount			$ 350,000
Second Lien Facility
Long-term debt
Debt, gross	$ 217,721	199,342
Unamortized discount and other debt issuance costs	(32,308)	(36,701)
Total debt, net	185,413	162,641
Principal Amount	190,000	190,000		$ 190,000
Exit fee	5,700	5,700
Accrual of payment-in-kind interest on Second Lien Credit Facility	22,000	3,600
4.50% Convertible Senior Notes due 2026
Long-term debt
Debt, gross	86,250	86,250
Unamortized discount and other debt issuance costs	(2,116)	(2,614)
Total debt, net	$ 84,134	$ 83,636
Interest rate (as a percent)	4.50%
Principal Amount							$ 86,300
ABL Credit Facility
Long-term debt
Maximum borrowing capacity	$ 45,000				$ 45,000	$ 30,000

Long-Term Debt - Details (Detai

Long-Term Debt - Details (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Apr. 22, 2021	Jun. 30, 2022	Jun. 30, 2021	Apr. 05, 2021	Dec. 07, 2019	Dec. 06, 2019	Sep. 27, 2019
Debt Instrument [Line Items]
Deposit account as restricted cash in other assets		$ 5
7.750% Senior Secured Notes due 2026
Debt Instrument [Line Items]
Principal Amount	$ 350
Interest rate (as a percent)	7.75%	7.75%
Second Lien Facility
Debt Instrument [Line Items]
Principal Amount		$ 190	$ 190	$ 190
Common stock under the warrant (in shares)	8,280,000
Warrants exercise price (in dollars per share)	$ 6.88
Minimum amount to be maintained in deposit account	$ 5
Minimum liquidity to be maintained	$ 15
Deposit account as restricted cash in other assets		5
Second Lien Facility | Interest rate, first year
Debt Instrument [Line Items]
Paid-in-kind interest rate (as a percent)				10%
Second Lien Facility | Interest rate, after first year
Debt Instrument [Line Items]
Paid-in-kind interest rate (as a percent)				5%
Cash interest rate (as a percent)				5%
ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 45			$ 45	$ 30
Unused capacity commitment fee (as a percent)	0.50%
Unused capacity, threshold balance, commitment fee (as a percent)	0.75%
Threshold outstanding principal amount	$ 5
ABL Credit Facility | LIBOR
Debt Instrument [Line Items]
Minimum applicable margin rate (as a percent)	0.75%
Variable interest rate (as a percent)	2.50%
ABL Credit Facility | Alternate base
Debt Instrument [Line Items]
Variable interest rate (as a percent)	1.50%
4.50% Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Principal Amount							$ 86.3
Interest rate (as a percent)		4.50%
Initial conversion rate		0.0654022
Initial conversion price (in dollars per share)		$ 15.29
Convertible notes redemption (as a percent)		100%
Percentage of principal amount of notes outstanding		25%
Percentage of principal accrued and unpaid interest due		100%
Convertible notes cap price		$ 19.46

Long-Term Debt - Maturity (Deta

Long-Term Debt - Maturity (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Long-term Debt, Rolling Maturity
2026	$ 350,000
2027	303,971
Total	$ 653,971

Legal, Regulatory Matters and_2

Legal, Regulatory Matters and Contingencies (Details) $ in Millions			1 Months Ended		12 Months Ended
	Oct. 15, 2021 USD ($)	May 22, 2019 USD ($)	Aug. 31, 2019 USD ($)	Nov. 30, 2016 item	Jun. 30, 2022 USD ($)
Government Pricing
Legal, Regulatory Matters and Contingencies
Damages sought, value		$ 9.4
Settlement payment			$ 8.1
Shareholder Litigation
Legal, Regulatory Matters and Contingencies
Number of officers | item				2
Genus Life Sciences
Legal, Regulatory Matters and Contingencies
Litigation settlement payable to other party	$ 1.5
Sandoz, Inc
Legal, Regulatory Matters and Contingencies
Litigation settlement payable to other party					$ 10.9

Commitments - Leases (Details)

Commitments - Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Commitments
Right-of-use asset	$ 9,646	$ 10,559
Operating lease liability	12,058	13,100
Operating lease liability, current	$ 2,064	$ 2,045

Commitments - Lease cost (Detai

Commitments - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commitments
Operating lease cost	$ 1,822	$ 1,754
Variable lease cost	190	133
Short-term lease cost	335	448
Total lease cost	$ 2,347	$ 2,335

Commitments - Cash flow (Detail

Commitments - Cash flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Lease cash flow
Operating cash flows from operating leases	$ 1,970	$ 1,916
ROU assets obtained in exchange for new operating lease liabilities		$ 2,275
Weighted-average
Weighted-average remaining lease term	9 years	10 years
Weighted-average discount rate	8.50%	8.50%

Commitments - Maturity (Details

Commitments - Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Maturities of lease liabilities
2023	$ 2,064
2024	2,083
2025	2,103
2026	2,124
2027	2,145
Thereafter	6,368
Total lease payments	16,887
Less: Imputed interest	4,829
Present value of lease liabilities	$ 12,058	$ 13,100

Commitments - Other (Details)

Commitments - Other (Details) SFr in Millions, $ in Millions		1 Months Ended		12 Months Ended
	Feb. 08, 2021 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 CHF (SFr)	Jun. 30, 2022 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2022 CHF (SFr)
HEC Agreement
Commitments
Commitment amount					$ 32
Development costs				$ 8.2
Excess development cost split ratio					1
HEC Agreement | First ten years
Commitments
Profit split ratio					1
Profit split period					10 years
HEC Agreement | Next five years
Commitments
Profit split ratio					1.5
Profit split period					5 years
Sunshine Agreement
Commitments
Commitment amount	$ 32
Development costs				$ 1
Sunshine Agreement | First ten years
Commitments
Profit split ratio	1
Profit split period	10 years
Sunshine Agreement | Next five years
Commitments
Profit split ratio	1.5
Profit split period	5 years
Ypsomed Agreement
Commitments
Commitment amount | SFr			SFr 14
Development costs		$ 4.3	SFr 4
2023 | SFr						SFr 4
2024 | SFr						SFr 6

Warrants (Details)

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 22, 2021	Jun. 30, 2021
Class of Warrant or Right
Issuance of warrant		$ 24,375
Second Lien Facility
Class of Warrant or Right
Common stock under the warrant (in shares)	8,280,000
Warrants exercise price (in dollars per share)	$ 6.88
Warrants term	8 years
Issuance of warrant	$ 24,400

Loss Per Common Share (Details)

Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (231,620)	$ (363,475)	$ (33,366)
Adjusted "if-converted" net loss	$ (231,620)	$ (363,475)	$ (33,366)
Denominator:
Basic weighted average common shares outstanding	40,350,522	39,391,589	38,592,618
Diluted weighted average common shares outstanding	40,350,522	39,391,589	38,592,618
Loss per common share:
Basic (in dollars per share)	$ (5.74)	$ (9.23)	$ (0.86)
Diluted (in dollars per share)	$ (5.74)	$ (9.23)	$ (0.86)
Anti-dilutive shares excluded in the computation of diluted earnings per share	7,900,000	8,000,000	6,600,000

Share-based Compensation - Comp

Share-based Compensation - Compensation Plans (Details) shares in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($) shares
Share-based Compensation
Aggregate number of shares authorized for issuance	8
Shares for future issuances	1.5
Share-based compensation awards vesting period	3 years
Share-based compensation awards maximum contractual term	10 years
Total unrecognized compensation cost | $	$ 8.3
Weighted average period cost is expected to be recognized	1 year 7 months 6 days

Share-based Compensation - Opti

Share-based Compensation - Options Valuation (Details) - Stock options - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Assumptions used to estimate fair values
Risk-free interest rate (as a percent)		0.20%	1.90%
Expected volatility (as a percent)		82.50%	73.70%
Expected dividend yield (as a percent)	0%
Expected term (in years)		5 years	5 years 1 month 6 days
Weighted average fair value (in dollars per share)		$ 3.86	$ 4
Granted (in shares)	0

Share-based Compensation - Op_2

Share-based Compensation - Options Rollforward (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Awards
Outstanding at the beginning of the period (in shares)	1,046	991	572
Granted (in shares)		309	522
Exercised (in shares)	(3)	(37)	(56)
Forfeited, expired or repurchased (in shares)	(108)	(217)	(47)
Outstanding at the end of the period (in shares)	935	1,046	991	572
Vested and expected to vest, Awards (in shares)	935
Exercisable at the end of the period (in shares)	530
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 9.51	$ 12.11	$ 17.56
Granted (in dollars per share)		5.95	6.57
Exercised (in dollars per share)	3.55	4.12	5.42
Forfeited, expired or repurchased (in dollars per share)	14.63	17.17	24.73
Outstanding at the end of the period (in dollars per share)	8.94	$ 9.51	$ 12.11	$ 17.56
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per share)	8.94
Exercisable at the end of the period (in dollars per share)	$ 10.98
Aggregate Intrinsic Value
Outstanding at the beginning of the period (in dollars)	$ 25	$ 678	$ 273
Exercised (in dollars)	$ 2	61	237
Outstanding at the end of the period (in dollars)		$ 25	$ 678	$ 273
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life (yrs.)	6 years 6 months	7 years 2 months 12 days	5 years 7 months 6 days	5 years
Vested and expected to vest	6 years 6 months
Exercisable at the end of the period	5 years 7 months 6 days

Share-based Compensation - Rest

Share-based Compensation - Restricted Stock (Details) - Restricted stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Stock-based Compensation
Annual forfeiture rate used to calculate compensation expense (as a percent)	6.50%	6.50%	6.50%
Awards
Non-vested at the beginning of the period (in shares)	1,350	1,344	1,288
Granted (in shares)	1,110	901	941
Vested (in shares)	(1,002)	(805)	(773)
Forfeited (in shares)	(103)	(90)	(112)
Non-vested at the end of the period (in shares)	1,355	1,350	1,344
Weighted Average Grant-date Fair Value
Non-vested at the beginning of the period (in dollars per share)	$ 6.75	$ 8.70	$ 11.63
Granted (in shares)	4.14	5.74	6.45
Vested (in dollars per share)	5.97	8.60	10.54
Forfeited (in dollars per share)	5.54	9.18	10.75
Non-vested at the end of the period (in dollars per share)	$ 5.28	$ 6.75	$ 8.70
Aggregate Intrinsic Value
Vested	$ 3,789	$ 4,668	$ 6,401

Share-based Compensation - Perf

Share-based Compensation - Performance-Based (Details) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Stock-based Compensation
Share-based compensation awards vesting period	3 years
Performance-Based Shares
Stock-based Compensation
Share-based compensation awards vesting period	3 years
Awards
Non-vested at the beginning of the period (in shares)	531,000	204,000	72,000
Granted (in shares)	617,000	339,000	178,000
Performance adjustment (in shares)	(40,000)	(12,000)
Vested (in shares)	(58,000)		(46,000)
Non-vested at the end of the period (in shares)	1,050,000	531,000	204,000
Weighted Average Grant-date Fair Value
Non-vested at the beginning of the period (in dollars per share)	$ 10.29	$ 12.99	$ 19.92
Granted (in shares)	6.04	9.22	10.71
Performance adjustment (in dollars per share)	17.69	25.58
Vested (in dollars per share)	7.72		15.08
Non-vested at the end of the period (in dollars per share)	$ 7.65	$ 10.29	$ 12.99
September 2017 Awards Performance Shares
Awards
Vested (in shares)	0
July 2018 Awards Performance Shares
Awards
Vested (in shares)	0

Share-based Compensation - Stoc

Share-based Compensation - Stock Purchase Plan (Details) - shares shares in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Feb. 28, 2003
Stock-based Compensation
Shares authorized for issuance (in shares)		8,000
Employee stock purchase plan
Stock-based Compensation
Shares authorized for issuance (in shares)					1,100
Additional shares for future issuances	1,500
Shares issued (in shares)		293	109	118
Cumulative shares issued (in shares)		1,300
Purchase price of stock based on market (as a percent)		85%
Maximum compensation withheld for stock purchase (as a percent)		10%

Share-based Compensation - Cost

Share-based Compensation - Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-based compensation costs
Total	$ 8,410	$ 9,037	$ 10,216
Tax benefit at statutory rate	1,892	2,033	2,299
Selling, general and administrative
Share-based compensation costs
Total	7,536	7,016	7,087
Research and development
Share-based compensation costs
Total	181	538	801
Cost of sales
Share-based compensation costs
Total	$ 693	$ 1,483	$ 2,328

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions			12 Months Ended
	Jan. 01, 2021	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Employee Benefit Plan
Company matching contributions (as a percent)	50%	50%
Maximum company contribution (as a percent)	2%	4%
Contributions to the plan			$ 1.1	$ 1.6	$ 2.2

Income Taxes - Expense (Details

Income Taxes - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Current Income Tax Expense (Benefit)
Federal	$ (2,398)	$ (57,335)	$ (7,082)
State and Local	94	70	405
Total Current Income Tax Expense (Benefit)	(2,304)	(57,265)	(6,677)
Deferred Income Tax Expense (Benefit)
Federal		112,414	(6,525)
State and Local		5,476	(2,060)
Total Deferred Income Tax Expense (Benefit)		117,890	(8,585)
Total Income Tax Expense (Benefit)	$ (2,304)	$ 60,625	$ (15,262)
Reconciliation of federal statutory rate to effective rate
Federal income tax at statutory rate (as a percent)	21%	21%	21%
State and local income tax, net (as a percent)		(1.40%)	2.70%
Nondeductible expenses (as a percent)	(0.10%)	(0.10%)	(1.10%)
Nondeductible drug fee (as a percent)		(0.10%)	(1.60%)
Foreign rate differential (as a percent)			(0.10%)
Income tax credits (as a percent)	0.10%	0.20%	2.50%
Unrecognized tax benefits (as a percent)			(5.00%)
Change in tax laws (as a percent)	1%	5.10%	15.40%
Excess tax benefits on share-based compensation (as a percent)	(0.20%)	(0.30%)	(0.80%)
Valuation allowance (as a percent)	(20.80%)	(44.30%)
Other (as a percent)		(0.10%)	(1.60%)
Effective income tax rate (as a percent)	1%	(20.00%)	31.40%

Income Taxes - Deferred (Detail

Income Taxes - Deferred (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2022
Deferred tax assets:
Share-based compensation expense	$ 1,779	$ 2,567
Reserve for returns	8,213	21,179
Inventory	6,047	6,249
Federal net operating loss	273	13,688
State net operating loss	9,415	6,682
Impairment on Cody note receivable	1,157	1,150
Accumulated amortization on intangible assets	112,548	119,764
Foreign net operating loss	1,792	1,792
Interest carryforward	21,111	34,117
Operating lease	2,890	2,563
R&D carryforward	1,334	1,690
Other	849	1,266
Total deferred tax asset	167,408	212,707
Valuation allowance	(153,383)	(193,478)
Total deferred tax asset less valuation allowance	14,025	19,229
Deferred tax liabilities:
Prepaid expenses	239	878
Property, plant and equipment	11,525	12,872
Operating lease	2,261	2,048
Other		3,431
Total deferred tax liability	14,025	$ 19,229
Valuation allowance increase (decrease)	$ 153,400

Income Taxes - Unrecognized Ben

Income Taxes - Unrecognized Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Balance at the beginning of the period	$ 4,546	$ 4,591
Increases for tax positions of the current year	40	91
Increases for tax positions of prior years		104
Lapse of statute of limitations		(240)
Decreases for tax positions of prior years	(250)
Balance at the end of the period	4,336	4,546
Unrecognized tax benefits, net interest and penalties	4,600
Unrecognized tax benefits that would impact rate	4,500	4,400	$ 4,500
Unrecognized tax benefits interest and penalties	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - Auburn - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Related Party Transactions
Sales to related party	$ 1.3	$ 2.6	$ 3
Accounts receivable related party	$ 0.3	$ 0.4

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Mar. 31, 2022	Jan. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Assets Held for Sale
Proceeds from sale of property, plant and equipment				$ 12,564	$ 114	$ 7,380
Cody API Restructuring Plan
Assets Held for Sale
Impairment of long-lived assets			$ 500
Proceeds from sale of property, plant and equipment		$ 2,200
2021 Restructuring Plan
Assets Held for Sale
Impairment of long-lived assets			$ 8,400
Proceeds from sale of property, plant and equipment	$ 10,500
Production period continued	18 months

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation Allowances and Reserves, Balance, Beginning Balance	$ 701	$ 1,103	$ 1,223
Charged to (Reduction of) Expense	444	374	386
Deductions	(161)	(776)	(506)
Valuation Allowances and Reserves, Balance, Ending Balance	984	701	1,103
Valuation Allowance of Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation Allowances and Reserves, Balance, Beginning Balance	153,383	14,622	13,549
Charged to (Reduction of) Expense	40,095	138,761	1,073
Valuation Allowances and Reserves, Balance, Ending Balance	$ 193,478	$ 153,383	$ 14,622