Vivus (VVUS) 10-Q 6 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 27, 2015
Document and Entity Information
Entity Registrant Name	VIVUS INC
Entity Central Index Key	881524
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		103,816,199
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$98,888	$83,174
Available-for-sale securities	188,363	216,397
Accounts receivable, net	11,712	11,595
Inventories	35,930	34,447
Prepaid expenses and other assets	12,182	12,824
Total current assets	347,075	358,437
Property and equipment, net	1,189	1,346
Non-current assets	6,464	7,155
Total assets	354,728	366,938
Current liabilities:
Accounts payable	9,357	10,430
Accrued and other liabilities	17,130	17,037
Deferred revenue	18,934	19,445
Current portion of long-term debt	14,058	10,459
Total current liabilities	59,479	57,371
Long-term debt, net of current portion	217,522	217,324
Deferred revenue, net of current portion	8,334	8,876
Non-current accrued and other liabilities	725	849
Total liabilities	286,060	284,420
Commitments and contingencies
Stockholders' equity:
Preferred stock; $1.00 par value; 5,000 shares authorized; no shares issued and outstanding at March 31, 2015 and December 31, 2014
Common stock; $.001 par value; 200,000 shares authorized; 103,812 and 103,729 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	104	104
Additional paid-in capital	827,241	825,691
Accumulated other comprehensive (loss) income	38	-28
Accumulated deficit	-758,715	-743,249
Total stockholders' equity	68,668	82,518
Total liabilities and stockholders' equity	$354,728	$366,938

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$1	$1
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	103,812	103,729
Common stock, shares outstanding	103,812	103,729

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Net product revenue	$12,628	$9,138
License and milestone revenue	11,574	19,363
Supply revenue	8,478	7,370
Royalty revenue	-514	820
Total revenue	32,166	36,691
Operating expenses:
Cost of goods sold	9,896	9,533
Selling, general and administrative	26,400	28,609
Research and development	2,694	4,423
Non-recurring charges	0	2,054
Total operating expenses	38,990	44,619
Loss from operations	-6,824	-7,928
Interest and other expense (income):
Total interest expense and other expense (income), net	8,636	8,058
Loss from continuing operations before income taxes	-15,460	-15,986
Provision for (benefit from) income taxes	6	-436
Net loss	($15,466)	($15,550)
Basic and diluted net loss per share:
Basic and diluted net loss per share (in dollars per share)	($0.15)	($0.15)
Shares used in per share computation:
Basic and diluted (in shares)	103,797	103,289

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	($15,466)	($15,550)
Other comprehensive loss:
Unrealized gain (loss) on securities, net of taxes	66	43
Comprehensive loss	($15,400)	($15,507)

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($15,466)	($15,550)
Adjustments to reconcile net loss to net cash used for operating activities from continuing operations:
Depreciation and amortization	385	213
Amortization of debt issuance costs and discounts	4,180	3,567
Amortization of discount or premium on available-for-sale securities	838	911
Share-based compensation expense	1,550	2,848
Unrealized foreign currency remeasurement gain		-68
Changes in assets and liabilities:
Accounts receivable	-117	-18,865
Inventories	-1,483	1,293
Prepaid expenses and other assets	848	3,300
Accounts payable	-1,073	-3,089
Accrued and other liabilities	-31	-26
Deferred revenue	-1,053	549
Net cash used for operating activities	-11,422	-24,917
Cash flows from investing activities:
Property and equipment purchases	-47	-17
Purchases of available-for-sale securities	-47,488	-51,353
Proceeds from maturities of available-for-sale securities	74,750	64,000
Non-current assets		-2,074
Net cash used for investing activities	27,215	10,556
Cash flows from financing activities:
Payments of notes payable	-79
Net proceeds from exercise of common stock options		758
Net cash (used for) provided by financing activities	-79	758
Net change in cash and cash equivalents	15,714	-13,603
Cash and cash equivalents:
Beginning of period	83,174	103,262
End of period	$98,888	$89,659

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1.BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Management has evaluated all events and transactions that occurred after March 31, 2015, through the date these unaudited condensed consolidated financial statements were filed. There were no events or transactions during this period that require recognition or disclosure in these unaudited condensed consolidated financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP.
	The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed on February 25, 2015 and as amended by the Form 10-K/A filed on April 30, 2015 with the Securities and Exchange Commission, or SEC. The unaudited condensed consolidated financial statements include the accounts of VIVUS, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
	When we refer to “we,” “our,” “us,” the “Company” or “VIVUS” in this document, we mean the Delaware corporation, or VIVUS, Inc., and its California predecessor, as well as all of our consolidated subsidiaries.
	Change in Accounting Estimate
	Beginning in 2014, the Company began earning royalty revenue from its commercialization partners from the sale of STENDRA. These commercialization partners distribute STENDRA to their pharmaceutical network. Product delivered by the Company to these commercialization partners can be returned generally within a month after receipt and only if such product does not meet contractual specifications, and not for any other reason. The Company records royalty revenue related to STENDRA based on reports provided by its commercialization partners.  One of the Company’s commercialization partners, Auxilium Pharmaceuticals, Inc., or Auxilium, was acquired by Endo International, plc., or Endo, in January 2015. In April 2015, the Company was informed by Endo that Endo had revised its accounting estimate for return reserve for STENDRA sold in 2014. Under the terms of the license and commercialization agreement, adjustments to the return reserve can be deducted from the reported net revenue. As a result, in the three months ended March 31, 2015, the Company recorded an adjustment of $1.2 million to reduce its royalty revenue. The reduction in royalty revenue resulted in an increase to net loss of $1.2 million or $0.01 per share for the three months ended March 31, 2015.
	Reclassifications
	Certain prior year amounts in the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation.
	Use of Estimates
	The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including critical accounting policies or estimates related to available-for-sale securities, debt instruments, research and development expenses, income taxes, inventories, revenues, contingencies and litigation and share-based compensation. The Company bases its estimates on historical experience, information received from third parties and on various market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ significantly from those estimates under different assumptions or conditions.
	Significant Accounting Policies
	There have been no changes to the Company’s significant accounting policies since the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance.  As originally issued, the standard would be effective for the Company’s fiscal year beginning January 1, 2017, with early adoption not permitted.  In April 2015, the FASB proposed delaying the effective date of this standard by one year. If the proposal is approved, early adoption would be permitted as of the original effective date. The Company is currently evaluating the method by which it will implement this standard and the impact of the adoption of this standard on the Company’s consolidated financial statements.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
SHARE-BASED COMPENSATION.
SHARE-BASED COMPENSATION	2. SHARE-BASED COMPENSATION
	Total share-based compensation expense for all of the Company’s share-based awards is as follows (in thousands):
		Three Months Ended March 31,
		2015		2014
	Cost of goods sold	$	29	$	34
	Research and development	275		274
	Selling, general and administrative	1,246		2,197
	Non-recurring charges	—		343
	Total share-based compensation expense	$	1,550	$	2,848
	There was $11,000 of share-based compensation cost capitalized as part of the cost of inventory for the three months ended March 31, 2015, as compared to no share-based compensation cost capitalized as part of the cost of inventory for the three months ended March 31, 2014.

CASH_CASH_EQUIVALENTS_AND_AVAI

CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE SECURITIES	3 Months Ended
	Mar. 31, 2015
CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE SECURITIES
CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE SECURITIES	3. CASH, CASH EQUIVALENTS, AND AVAILABLE-FOR-SALE SECURITIES
	The fair value and the amortized cost of cash, cash equivalents, and available-for-sale securities by major security type at March 31, 2015 and December 31, 2014, are presented in the tables that follow.
		As of March 31, 2015 (in thousands):
	Cash and cash equivalents and available-for-sale	Amortized			Gross		Gross			Estimated
	securities	Cost			Unrealized		Unrealized			Fair Value
					Gains		Losses
	Cash and money market funds	$	98,888		$	—	$	—		$	98,888
	U.S. Treasury securities	188,325			48		(10		)	188,363
	Total	287,213			48		(10		)	287,251
	Less amounts classified as cash and cash equivalents	(98,888		)	—		—			(98,888		)
	Total available-for-sale securities	$	188,325		$	48	$	(10	)	$	188,363
		As of December 31, 2014 (in thousands):
	Cash and cash equivalents and available-for-sale	Amortized			Gross		Gross			Estimated
	securities	Cost			Unrealized		Unrealized			Fair Value
					Gains		Losses
	Cash and money market funds	$	83,174		$	—	$	—		$	83,174
	U.S. Treasury securities	216,425			35		(63		)	216,397
	Total	299,599			35		(63		)	299,571
	Less amounts classified as cash equivalents	(83,174		)	—		—			(83,174		)
	Total available-for-sale securities	$	216,425		$	35	$	(63	)	$	216,397
	As of March 31, 2015, the Company’s available-for-sale securities have original contractual maturities up to 24 months. However, the Company may or may not hold securities with stated maturities greater than 12 months until maturity. In response to changes in the availability of and the yield on alternative investments as well as liquidity requirements, the Company may sell these securities prior to their stated maturities. As these securities are viewed by the Company as available to support current operations, securities with maturities beyond 12 months are classified as current assets. Due to their short-term maturities, the Company believes that the fair value of its bank deposits, accounts payable and accrued expenses approximate their carrying value.
	Fair Value Measurements
	As of March 31, 2015 and December 31, 2014, all of the Company’s cash and cash equivalents and available-for-sale securities were measured at fair value on a recurring basis, and classified as Level 1 in the fair value hierarchy. There were no assets or liabilities measured on a recurring basis where Level 2 or Level 3 valuation techniques were used.

ACCOUNTS_RECEIVABLE

ACCOUNTS RECEIVABLE	3 Months Ended
	Mar. 31, 2015
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	4. ACCOUNTS RECEIVABLE
	Accounts receivable consist of (in thousands):
		Balance as of
		March 31, 2015			December 31, 2014
	Qsymia	$	8,878		$	6,874
	STENDRA/SPEDRA	3,014			4,871
		11,892			11,745
	Qsymia allowance for cash discounts	(180		)	(150		)
	Net	$	11,712		$	11,595

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2015
INVENTORIES
INVENTORIES	5. INVENTORIES
	Inventories consist of (in thousands):
		Balance as of
		March 31, 2015		December 31, 2014
	Raw materials	$	30,051	$	29,765
	Work in process	2,367		889
	Finished goods	2,071		1,544
	Deferred costs	1,441		2,249
	Total	$	35,930	$	34,447
	Raw materials inventories as of March 31, 2015 consist primarily of the active pharmaceutical ingredients, or API, for Qsymia and STENDRA. Raw materials inventories as of December 31, 2014 consist primarily of API for Qsymia. Deferred costs inventories consist of both Qsymia and STENDRA. The Qsymia deferred costs represents Qsymia product shipped to the Company’s wholesalers and certified retail pharmacies, but not yet dispensed to patients through prescriptions, net of prompt payment discounts, and for which recognition of revenue has been deferred. The STENDRA deferred costs represent certain initial orders of STENDRA product with the right of return or credit, which have not met the required specifications of one of the Company’s partners, and for which recognition of revenue has been deferred.
	Inventories are stated at the lower of cost or market. Cost is determined using the first in, first out method for all inventories, which are valued using a weighted average cost method calculated for each production batch. The Company periodically evaluates the carrying value of inventory on hand for potential excess amount over demand using the same lower of cost or market approach as that used to value the inventory. As a result of this evaluation no charge was recorded in the three months ended March 31, 2015.

PREPAID_EXPENSES_AND_OTHER_ASS

PREPAID EXPENSES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2015
PREPAID EXPENSES AND OTHER ASSETS
PREPAID EXPENSES AND OTHER ASSETS	6. PREPAID EXPENSES AND OTHER ASSETS
	Prepaid expenses and other assets consist of (in thousands):
		Balance as of
		March 31,		December 31,
		2015		2014
	Prepaid sales and marketing expenses	$	3,972	$	4,123
	Debt issuance costs	1,235		1,246
	Prepaid insurance	1,143		1,612
	Other prepaid expenses and assets	5,832		5,843
	Total	$	12,182	$	12,824
	The amounts included in other prepaid expenses and assets consist primarily of prepayments for future services, a receivable from a supplier, and interest income receivable. These amounts represent probable future economic benefits obtained or controlled by the Company as a result of past transactions or events, which meet the definition of an asset under FASB Concept Statement 6. As such, these costs have been deferred as prepaid expenses and other assets on the condensed consolidated balance sheets and will be either (i) charged to expense accordingly when the related prepaid services are rendered to the Company, or (ii) converted to cash when the receivables are collected by the Company.

NONCURRENT_ASSETS

NON-CURRENT ASSETS	3 Months Ended
	Mar. 31, 2015
NON-CURRENT ASSETS
NON-CURRENT ASSETS	7. NON-CURRENT ASSETS
	Non-current assets consist of (in thousands):
		Balance as of
		March 31,		December 31,
		2015		2014
	Debt issuance costs	$	3,071	$	3,375
	Other non-current assets	3,393		3,780
	Total	$	6,464	$	7,155
	In September 2014, the Company paid $5.0 million in connection with the transfer and assignment of certain patents from Janssen Pharmaceuticals, Inc. Of the $5.0 million, approximately $1.9 million was recognized as a non-recurring expense for the year ended December 31, 2014, as it related to a legal settlement. The remaining balance of approximately $3.1 million was recorded as an intangible asset and is being amortized as cost of goods sold over the period in which the Company expects to benefit from the patents through their expiration dates. For the three months ended March 31, 2015, $0.2 million was amortized as cost of goods sold.  As of March 31, 2015, there was $2.6 million included in non-current assets on the unaudited condensed consolidated balance sheet, which will be amortized over an estimated remaining life of approximately 5 years.

ACCRUED_AND_OTHER_LIABILITIES

ACCRUED AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2015
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	8. ACCRUED AND OTHER LIABILITIES
	Accrued and other liabilities consist of (in thousands):
		Balance as of
		March 31,		December 31,
		2015		2014
	Accrued employee compensation and benefits	$	2,940	$	4,230
	Accrued interest on debt	2,871		2,921
	Non-recurring charges (see Note 10)	2,460		3,284
	Other accrued liabilities	8,859		6,602
	Total	$	17,130	$	17,037
	The amounts included in other accrued liabilities consist of obligations primarily related to sales, marketing, research, clinical development, corporate activities and royalties, including a payable to Endo related to the royalty revenue adjustment.

NONCURRENT_ACCRUED_AND_OTHER_L

NON-CURRENT ACCRUED AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2015
NON-CURRENT ACCRUED AND OTHER LIABILITIES
NON-CURRENT ACCRUED AND OTHER LIABILITIES	9. NON-CURRENT ACCRUED AND OTHER LIABILITIES
	Non-current accrued and other liabilities at March 31, 2015 and December 31, 2014 were $0.7 and $0.8 million, respectively, and primarily consisted of costs associated with the exit of certain operating leases and security deposits relating to the sub-lease agreements.

NONRECURRING_CHARGES

NON-RECURRING CHARGES	3 Months Ended
	Mar. 31, 2015
NON-RECURRING CHARGES
NON-RECURRING CHARGES	10. NON-RECURRING CHARGES
	There were no non-recurring charges for the three months ended March 31, 2015. Non-recurring charges for the three months ended March 31, 2014 consist of employee severance and related costs of $1.7 million and share-based compensation of $0.3 million related to the finalization of the cost reduction plan initiated during 2013. This cost reduction plan reduced the Company’s workforce by approximately 20 employees, or 17%, excluding the sales force, for the year ended December 31, 2013.
	The following table sets forth activities for the Company’s cost reduction plan obligations during the three months ended March 31, 2015 (in thousands):
		Severance			Facilities-			Total
		obligations			related
					obligations
	Balance of accrued costs at December 31, 2014	$	3,280		$	572		$	3,852
	Charges	—			—			—
	Payments	(923		)	(25		)	(948		)
	Balance of accrued costs at March 31, 2015	$	2,357		$	547		$	2,904
	Of the total accrued employee severance and facilities-related costs in the Company’s unaudited condensed consolidated balance sheet at March 31, 2015, $2.5 million is included under current liabilities in “Accrued and other liabilities” and $0.4 million is included in “Non-current accrued and other liabilities.”
	The balance of the accrued employee severance and facilities-related costs at March 31, 2015 is anticipated to be paid out as follows (in thousands):
	2015 (remaining nine months)	$	2,434
	2016	102
	2017	341
	2018	11
	2019	16
	Thereafter	—
		$	2,904

DEFERRED_REVENUE

DEFERRED REVENUE	3 Months Ended
	Mar. 31, 2015
DEFERRED REVENUE
DEFERRED REVENUE	11. DEFERRED REVENUE
	Qsymia Deferred Revenue
	At March 31, 2015, the Company had $16.5 million in current deferred revenue, which represents Qsymia product shipped to the Company’s wholesalers and certified retail pharmacies, but not yet dispensed to patients through prescriptions, net of prompt payment discounts.
	STENDRA or SPEDRA Deferred Revenue
	At March 31, 2015, the Company had $2.5 million and $8.3 million in current and non-current deferred revenue, respectively, related to STENDRA or SPEDRA. Of the $2.5 million in current deferred revenue, $1.8 million relates to a prepayment for future royalties on sales of SPEDRA and the remaining current deferred revenue of $0.7 million relates to certain initial orders of SPEDRA, which the Company supplied with a right of return or credit and have not met the required specifications of one of the Company’s commercialization partners. The $8.3 million in non-current deferred revenue relates to a prepayment for future royalties on sales of SPEDRA.

LICENSECOMMERCIALIZATION_AND_S

LICENSE,COMMERCIALIZATION AND SUPPLY AGREEMENTS	3 Months Ended
	Mar. 31, 2015
LICENSE, COMMERCIALIZATION AND SUPPLY AGREEMENTS
LICENSE, COMMERCIALIZATION AND SUPPLY AGREEMENTS	12. LICENSE, COMMERCIALIZATION AND SUPPLY AGREEMENTS
	During 2013, the Company entered into separate license and commercialization agreements and separate commercial supply agreements with the Menarini Group, through its subsidiary Berlin Chemie AG, or Menarini, Auxilium, and Sanofi and its affiliate, or Sanofi, to commercialize and promote STENDRA or SPEDRA in their respective territories. Menarini’s territory is comprised of over 40 European countries, including the EU, plus Australia and New Zealand. Auxilium’s territory is comprised of the United States and Canada and their respective territories. In January 2015, Auxilium was acquired by Endo. Sanofi’s territory is comprised of Africa, the Middle East, Turkey and Eurasia.
	For the three months ended March 31, 2015, the Company recognized $11.6 million in license and milestone revenue attributable to a milestone payment for the approval of the time-to-onset claim in Europe which was approved by the EC in January 2015, allowing SPEDRA to be the first and only erectile dysfunction medication approved in the EU that is indicated to be taken as needed approximately 15 to 30 minutes before sexual activity. For the three months ended March 31, 2014, the Company recognized $19.4 million in license and milestone revenue primarily attributable to milestone revenue related to product launches in certain EU countries and non-contingent consideration allocated to the licenses based on relative estimated selling prices. During the three months ended March 31, 2015 and 2014, the Company recognized $8.5 million and $7.4 million, respectively, in supply revenue relating to STENDRA or SPEDRA delivered under the various commercial supply agreements with Menarini, Endo and Sanofi. Additionally, in the three months ended March 31, 2015 and 2014, the Company recognized $(0.5) million (see Note 1) and $0.8 million, respectively, in net royalty revenue based on net sales reported by Menarini and Endo.

LONG_TERM_DEBT

LONG TERM DEBT	3 Months Ended
	Mar. 31, 2015
LONG TERM DEBT
LONG TERM DEBT	13. LONG-TERM DEBT
	Convertible Senior Notes Due 2020
	In May 2013, the Company closed an offering of $220.0 million in 4.5% Convertible Senior Notes due May 2020, or the Convertible Notes. The Convertible Notes are governed by an indenture, dated as of May 21, 2013 between the Company and Deutsche Bank National Trust Company, as trustee. In May 2013, the Company closed on an additional $30.0 million of Convertible Notes upon exercise of an option by the initial purchasers of the Convertible Notes. Total net proceeds from the Convertible Notes were approximately $241.8 million. The Convertible Notes are convertible at the option of the holders under certain conditions at any time prior to the close of business on the business day immediately preceding November 1, 2019. On or after November 1, 2019, holders may convert all or any portion of their Convertible Notes at any time at their option at the conversion rate then in effect, regardless of these conditions. Subject to certain limitations, the Company will settle conversions of the Convertible Notes by paying or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. For the three months ended March 31, 2015 and 2014, total interest expense related to the Convertible Notes was $6.6 million and $6.1 million, respectively, including amortization of $3.9 million and $3.6 million of the debt discount and $205,000 and $189,000 of deferred financing costs, respectively.
	Senior Secured Notes Due 2018
	In March 2013, the Company entered into the Purchase and Sale Agreement between the Company and BioPharma Secured Investments III Holdings Cayman LP, a Cayman Islands exempted limited partnership, providing for the purchase of a debt-like instrument, or the Senior Secured Notes. Under the agreement, the Company received $50 million, less $500,000 in funding and facility payments, at the initial closing in April 2013. The Company had the option, but elected not to exercise it, to receive an additional $60 million, less $600,000 in a funding payment, at a secondary closing no later than January 15, 2014. For the three months ended March 31, 2015 and 2014, the interest expense related to the Senior Secured Notes was $1.7 million and $1.9 million, respectively, including amortization of deferred financing costs amounting to $109,000 and $119,000, respectively.
	The following table summarizes information on the debt (in thousands):
			March 31,
			2015
	Convertible Senior Notes due 2020:
	Fair value of the liability component at issuance date		$	154,737
	Accumulated accretion of discount		26,922
	Net carrying value		$	181,659
	Senior Secured Notes due 2018:
	Carrying value		$	49,921	-1
	Total Notes:
	Fair value of the liability component at issuance date		$	204,658
	Accumulated accretion of discount		26,922
	Net carrying amount		$	231,580
		-1		Approximately $14.1 million is classified as current portion of long-term debt in the unaudited condensed consolidated balance sheet as of March 31, 2015.

NET_INCOME_LOSS_PER_SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2015
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE	14. NET INCOME (LOSS) PER SHARE
	The Company computes basic net income (loss) per share applicable to common stockholders based on the weighted average number of common shares outstanding during the applicable period. Diluted net income per share is based on the weighted average number of common and common equivalent shares, which represent shares that may be issued in the future upon the exercise of outstanding stock options or upon a net share settlement of the Company’s Convertible Notes. Common share equivalents are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the price exceeds the average market price over the period have an anti-dilutive effect on net income per share and, accordingly, are excluded from the calculation. The triggering conversion conditions that allow holders of the Convertible Notes to convert have not been met. If such conditions are met and the note holders opt to convert, the Company may choose to pay in cash, common stock, or a combination thereof; however, if this occurs, the Company has the intent and ability to net share settle this debt security; thus the Company uses the treasury stock method for earnings per share purposes. Due to the effect of the capped call instrument purchased in relation to the Convertible Notes, there would be no net shares issued until the market value of the Company’s stock exceeds $20 per share, and thus no impact on diluted net income per share. Further, when there is a net loss, potentially dilutive common equivalent shares are not included in the calculation of net loss per share since their inclusion would be anti-dilutive.
	As the Company recognized a net loss for each of the three months ended March 31, 2015 and 2014, all potential common equivalent shares were excluded for these periods as they were anti-dilutive. For the three months ended March 31, 2015 and 2014, awards and options outstanding of 7,587,000 and 8,552,000, respectively, were not included in the computation of diluted net loss per share for the Company because the effect would be anti-dilutive.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2015
INCOME TAXES
INCOME TAXES	15. INCOME TAXES
	The Company recorded a provision for income tax expense of $6,000 and tax benefit of $436,000 for the three months ended March 31, 2015 and 2014, respectively. The provision for income taxes for the three months ended March 31, 2015 is primarily comprised of state taxes during the period. The tax benefit for the three months ended March 31, 2014 is primarily comprised of tax liabilities in certain states, offset by a tax refund received from the state of New Jersey, as a result of a settlement of an audit and acceptance of a refund claim for the tax year ended December 31, 2007.
	The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets. The Company weighed both positive and negative evidence and determined that there is a continued need for a full valuation allowance on its deferred tax assets in the United States as of March 31, 2015. Should the Company determine that it would be able to realize its remaining deferred tax assets in the foreseeable future, an adjustment to its remaining deferred tax assets would cause a material increase to income in the period such determination is made.
	As of December 31, 2014, the Company did not have any uncertain tax positions.  There were no material changes to our unrecognized tax benefits in the three months ended March 31, 2015, and we do not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year. Because of our history of tax losses, certain tax years remain open to tax audit. The Company’s policy is to recognize interest and penalties related to uncertain tax positions (if any) as a component of the income tax provision.

LEGAL_MATTERS

LEGAL MATTERS	3 Months Ended
	Mar. 31, 2015
LEGAL MATTERS
LEGAL MATTERS	16. LEGAL MATTERS
	Securities Related Class Action and Shareholder Derivative Lawsuits
	The Company, a current officer and a former officer were defendants in a putative class action captioned Kovtun v. VIVUS, Inc., et al., Case No. 4:10-CV-04957-PJH, in the U.S. District Court, Northern District of California. The action, filed in November 2010, alleged violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, based on allegedly false or misleading statements made by the defendants in connection with the Company’s clinical trials and New Drug Application, or NDA, for Qsymia as a treatment for obesity. The Court granted defendants’ motions to dismiss both plaintiff’s Amended Class Action Complaint and Second Amended Class Action Complaint; by order dated September 27, 2012, the latter dismissal was with prejudice and final judgment was entered for defendants the same day. On October 26, 2012, plaintiff filed a Notice of Appeal to the U.S. Court of Appeals for the Ninth Circuit. Following briefing of the appeal, the Court of Appeals held oral argument on January 16, 2015. On January 29, 2015, the Court of Appeals issued a Memorandum decision affirming the District Court’s ruling. On February 12, 2015, plaintiff asked the Court of Appeals’ panel to rehear the case or for the Court to rehear the case en banc. The Ninth Circuit rejected that petition on March 16, 2015.
	Additionally, certain of the Company’s former officers and directors and a current director are defendants in a shareholder derivative lawsuit captioned Turberg v. Logan, et al., Case No. CV-10-05271-PJH, pending in the same federal court. In the plaintiff’s Verified Amended Shareholder Derivative Complaint filed June 3, 2011, the plaintiff largely restated the allegations of the Kovtun action and alleged that the directors breached fiduciary duties to the Company by purportedly permitting the Company to violate certain federal securities laws as alleged in the Kovtun action. The same individuals are also named defendants in consolidated shareholder derivative suits pending in the California Superior Court, Santa Clara County, under the caption In re VIVUS, Inc. Derivative Litigation, Master File No. 11 0 CV188439. The allegations in the state court derivative suits are substantially similar to the other lawsuits. The Company is named as a nominal defendant in these actions, neither of which seeks any recovery from the Company. The parties have agreed to stay the derivative lawsuits pending the outcome of the appeal of the securities class action.
	On July 12, 2013, various current and former officers and directors of the Company were named as defendants in a separate shareholder derivative lawsuit filed in the California Superior Court, Santa Clara County, and captioned Ira J. Gaines IRA, et al. v. Leland F. Wilson, et al., Case No.1-13-CV-249436. The lawsuit generally alleged breaches of the fiduciary duty of care in connection with the launch of Qsymia, breaches of the duty of loyalty and insider trading by some defendants for selling Company stock while purportedly being aware that the Qsymia launch would be less successful than predicted and corporate waste. On March 14, 2014, the Court sustained a demurrer and dismissed the complaint with leave to amend. An order memorializing the Court’s ruling was entered March 21, 2014. On April 21, 2014, derivative plaintiffs filed an Amended Shareholder Derivative Complaint alleging substantially similar breaches of duty. On May 21, 2014, the Company filed a demurrer to the Amended Complaint. With that demurrer pending, derivative plaintiffs asked the Court in July 2014 to dismiss the action with prejudice as to the named plaintiffs and otherwise without prejudice. The Court did so by order entered July 17, 2014, and the matter is now concluded.
	On March 27, 2014, Mary Jane and Thomas Jasin, who purport to be purchasers of VIVUS common stock, filed an Amended Complaint in Santa Clara County Superior Court alleging securities fraud against the Company and three of its former officers and directors. In that complaint, captioned Jasin v. VIVUS, Inc., Case No. 114-cv-261427, plaintiffs asserted claims under California’s securities and consumer protection securities statutes. Plaintiffs alleged generally that defendants misrepresented the prospects for the Company’s success, including with respect to the launch of Qsymia, while purportedly selling VIVUS stock for personal profit. Plaintiffs alleged losses of “at least” $2.8 million, and sought damages and other relief. On June 5, 2014, the Company and the other defendants filed a demurrer to the Amended Complaint seeking its dismissal. With the demurrer pending, on July 18, 2014, the same plaintiffs filed a complaint in the United States District Court for the Northern District of California, in an action captioned Jasin v. VIVUS, Inc., Case No. 5:14-cv-03263. The Jasins’ federal complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, based on facts substantially similar to those alleged in their state court action. On September 15, 2014, pursuant to an agreement between the parties, plaintiffs moved to voluntarily dismiss, with prejudice, the state court action. In the federal action, defendants filed a motion to dismiss on November 12, 2014. On December 3, 2014, plaintiffs filed a First Amended Complaint in the federal action. On January 21, 2015, defendants filed a motion to dismiss the First Amended Complaint. Briefing on that motion is now complete, and oral argument is scheduled for May 28, 2015. The Company maintains directors’ and officers’ liability insurance that it believes affords coverage for much of the anticipated cost of the remaining Jasin action, subject to payment of our self-insured retention and the policies’ terms and conditions.
	The Company and the defendant officers and directors cannot predict the outcome of the various shareholder lawsuits, but they believe the various shareholder lawsuits are without merit and intend to continue vigorously defending them.
	Qsymia ANDA Litigation
	On May 7, 2014, the Company received a Paragraph IV certification notice from Actavis Laboratories FL indicating that it filed an abbreviated new drug application, or ANDA, with the U.S. Food and Drug Administration, or FDA, requesting approval to market a generic version of Qsymia and contending that all six patents listed for Qsymia in the FDA Orange Book at the time the notice was received (U.S. Patents 7,056,890, 7,553,818, 7,659,256, 7,674,776, 8,580,298, and 8,580,299 (collectively “patents-in-suit”)) are invalid, unenforceable and/or will not be infringed by the manufacture, use, sale or offer for sale of a generic form of Qsymia as described in their ANDA. On June 12, 2014, the Company filed a lawsuit in the U.S. District Court for the District of New Jersey against Actavis Laboratories FL, Inc., Actavis, Inc., and Actavis PLC, collectively referred to as Actavis. The lawsuit (Case No. 14-3786 (SRC)(CLW)) was filed on the basis that Actavis’ submission of their ANDA to obtain approval to manufacture, use, sell, or offer for sale generic versions of Qsymia prior to the expiration of the patents-in-suit constitutes infringement of one or more claims of those patents.
	In accordance with the Hatch-Waxman Act, as a result of having filed a timely lawsuit against Actavis, FDA approval of Actavis’ ANDA will be stayed until the earlier of (i) up to 30 months from the Company’s May 7, 2014 receipt of Actavis’ Paragraph IV certification notice (i.e. November 7, 2016) or (ii) a District Court decision finding that the identified patents are invalid, unenforceable or not infringed.
	On January 21, 2015, the Company received a second Paragraph IV certification notice from Actavis contending that two additional patents listed in the Orange Book for Qsymia (U.S. Patents 8,895,057 and 8,895,058) are invalid, unenforceable and/or will not be infringed by the manufacture, use, sale, or offer for sale of a generic form of Qsymia. On March 4, 2015, the Company filed a second lawsuit in the U.S. District Court for the District of New Jersey against Actavis (Case No. 15-1636 (FSH)(MAH)) in response to the second Paragraph IV certification notice on the basis that Actavis’ submission of their ANDA constitutes infringement of one or more claims of the patents-in-suit. The two lawsuits against Actavis have been consolidated into a single suit (Case No. 14-3786 (SRC)(CLW)).
	On March 5, 2015, the Company received a Paragraph IV certification notice from Teva Pharmaceuticals USA, Inc. indicating that it filed an ANDA with the FDA, requesting approval to market a generic version of Qsymia and contending that eight patents listed for Qsymia in the Orange Book at the time of the notice (U.S. Patents 7,056,890, 7,553,818, 7,659,256, 7,674,776, 8,580,298, 8,580,299, 8,895,057 and 8,895,058) (collectively “patents-in-suit”) are invalid, unenforceable and/or will not be infringed by the manufacture, use or sale of a generic form of Qsymia as described in their ANDA. On April 15, 2015, the Company filed a lawsuit in the U.S. District Court for the District of New Jersey against Teva Pharmaceutical USA, Inc. and Teva Pharmaceutical Industries, Ltd., collectively referred to as Teva. The lawsuit (Case No. 15-2693 (SRC)(CLW)) was filed on the basis that Teva’s submission of their ANDA to obtain approval to manufacture, use, sell, or offer for sale generic versions of Qsymia prior to the expiration of the patents-in-suit constitutes infringement of one or more claims of those patents.
	In accordance with the Hatch-Waxman Act, as a result of having filed a timely lawsuit against Teva, FDA approval of Teva’s ANDA will be stayed until the earlier of (i) up to 30 months from our March 5, 2015 receipt of Teva’s Paragraph IV certification notice (i.e. September 5, 2017) or (ii) a District Court decision finding that the identified patents are invalid, unenforceable or not infringed.
	The Company intends to vigorously enforce its intellectual property rights relating to Qsymia, but the Company cannot predict the outcome of these matters.
	The Company is not aware of any other asserted or unasserted claims against it where it believes that an unfavorable resolution would have an adverse material impact on the operations or financial position of the Company.

SEGMENT_INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2015
SEGMENT INFORMATION
SEGMENT INFORMATION	17. SEGMENT INFORMATION
	The Company operates in one reportable segment—the development and commercialization of novel therapeutic products. The Company has identified its Chief Executive Officer as the Chief Operating Decision Maker, or CODM, who manages the Company’s operations on a consolidated basis for purposes of allocating resources. When evaluating financial performance, the CODM reviews individual customer and product information, while other financial information is reviewed on a consolidated basis. Therefore, results of operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Disclosures about revenues by product and by geographic area are presented below.
	Geographic Information
	Outside the United States, or ROW, the Company sells products through a commercialization licensee principally in the EU. The geographic classification of product sales was based on the location of the customer. The geographic classification of supply, license and milestone revenue was based on the domicile of the entity from which the revenue was earned.
	Net product revenue by geographic region for the three months ended March 31, 2015 and 2014 was as follows (in thousands):
			Three Months Ended March 31,
			2015									2014
			U.S.			ROW			Total			U.S.		ROW			Total
	Qsymia—Net product revenue		$	12,628		$	—		$	12,628		$	9,138	$	—		$	9,138
	STENDRA/SPEDRA—License and milestone revenue		—			11,574			11,574			406		18,957			19,363
	STENDRA/SPEDRA—Supply revenue		5,012			3,466			8,478			4,547		2,823			7,370
	STENDRA/SPEDRA—Royalty revenue		(959		)	445			(514		)	820		—			820
	Total revenue		$	16,681		$	15,485	-1	$	32,166		$	14,911	$	21,780	-2	$	36,691
		-1		$15.4 million of which is attributable to Germany.
		-2		$16.6 million of which is attributable to Germany.

BASIS_OF_PRESENTATIONS_Policie

BASIS OF PRESENTATIONS (Policies)	3 Months Ended
	Mar. 31, 2015
BASIS OF PRESENTATION
Basis of Presentation	BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Management has evaluated all events and transactions that occurred after March 31, 2015, through the date these unaudited condensed consolidated financial statements were filed. There were no events or transactions during this period that require recognition or disclosure in these unaudited condensed consolidated financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP.
	The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed on February 25, 2015 and as amended by the Form 10-K/A filed on April 30, 2015 with the Securities and Exchange Commission, or SEC. The unaudited condensed consolidated financial statements include the accounts of VIVUS, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Change in Accounting Estimate	Change in Accounting Estimate
	Beginning in 2014, the Company began earning royalty revenue from its commercialization partners from the sale of STENDRA. These commercialization partners distribute STENDRA to their pharmaceutical network. Product delivered by the Company to these commercialization partners can be returned generally within a month after receipt and only if such product does not meet contractual specifications, and not for any other reason. The Company records royalty revenue related to STENDRA based on reports provided by its commercialization partners.  One of the Company’s commercialization partners, Auxilium Pharmaceuticals, Inc., or Auxilium, was acquired by Endo International, plc., or Endo, in January 2015. In April 2015, the Company was informed by Endo that Endo had revised its accounting estimate for return reserve for STENDRA sold in 2014. Under the terms of the license and commercialization agreement, adjustments to the return reserve can be deducted from the reported net revenue. As a result, in the three months ended March 31, 2015, the Company recorded an adjustment of $1.2 million to reduce its royalty revenue. The reduction in royalty revenue resulted in an increase to net loss of $1.2 million or $0.01 per share for the three months ended March 31, 2015.
Reclassifications	Reclassifications
	Certain prior year amounts in the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates
	The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including critical accounting policies or estimates related to available-for-sale securities, debt instruments, research and development expenses, income taxes, inventories, revenues, contingencies and litigation and share-based compensation. The Company bases its estimates on historical experience, information received from third parties and on various market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ significantly from those estimates under different assumptions or conditions.
Significant Accounting Policies	Significant Accounting Policies
	There have been no changes to the Company’s significant accounting policies since the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance.  As originally issued, the standard would be effective for the Company’s fiscal year beginning January 1, 2017, with early adoption not permitted.  In April 2015, the FASB proposed delaying the effective date of this standard by one year. If the proposal is approved, early adoption would be permitted as of the original effective date. The Company is currently evaluating the method by which it will implement this standard and the impact of the adoption of this standard on the Company’s consolidated financial statements.
Marketable Securities Available for Sale	As of March 31, 2015, the Company’s available-for-sale securities have original contractual maturities up to 24 months. However, the Company may or may not hold securities with stated maturities greater than 12 months until maturity. In response to changes in the availability of and the yield on alternative investments as well as liquidity requirements, the Company may sell these securities prior to their stated maturities. As these securities are viewed by the Company as available to support current operations, securities with maturities beyond 12 months are classified as current assets. Due to their short-term maturities, the Company believes that the fair value of its bank deposits, accounts payable and accrued expenses approximate their carrying value.
Fair Value Measurements	Fair Value Measurements
	As of March 31, 2015 and December 31, 2014, all of the Company’s cash and cash equivalents and available-for-sale securities were measured at fair value on a recurring basis, and classified as Level 1 in the fair value hierarchy. There were no assets or liabilities measured on a recurring basis where Level 2 or Level 3 valuation techniques were used.
Inventories	Inventories are stated at the lower of cost or market. Cost is determined using the first in, first out method for all inventories, which are valued using a weighted average cost method calculated for each production batch. The Company periodically evaluates the carrying value of inventory on hand for potential excess amount over demand using the same lower of cost or market approach as that used to value the inventory. As a result of this evaluation no charge was recorded in the three months ended March 31, 2015.
Earnings Per Share	The Company computes basic net income (loss) per share applicable to common stockholders based on the weighted average number of common shares outstanding during the applicable period. Diluted net income per share is based on the weighted average number of common and common equivalent shares, which represent shares that may be issued in the future upon the exercise of outstanding stock options or upon a net share settlement of the Company’s Convertible Notes. Common share equivalents are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the price exceeds the average market price over the period have an anti-dilutive effect on net income per share and, accordingly, are excluded from the calculation. The triggering conversion conditions that allow holders of the Convertible Notes to convert have not been met. If such conditions are met and the note holders opt to convert, the Company may choose to pay in cash, common stock, or a combination thereof; however, if this occurs, the Company has the intent and ability to net share settle this debt security; thus the Company uses the treasury stock method for earnings per share purposes. Due to the effect of the capped call instrument purchased in relation to the Convertible Notes, there would be no net shares issued until the market value of the Company’s stock exceeds $20 per share, and thus no impact on diluted net income per share. Further, when there is a net loss, potentially dilutive common equivalent shares are not included in the calculation of net loss per share since their inclusion would be anti-dilutive.
	As the Company recognized a net loss for each of the three months ended March 31, 2015 and 2014, all potential common equivalent shares were excluded for these periods as they were anti-dilutive.
Income Taxes	The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets. The Company weighed both positive and negative evidence and determined that there is a continued need for a full valuation allowance on its deferred tax assets in the United States as of March 31, 2015. Should the Company determine that it would be able to realize its remaining deferred tax assets in the foreseeable future, an adjustment to its remaining deferred tax assets would cause a material increase to income in the period such determination is made.
	The Company’s policy is to recognize interest and penalties related to uncertain tax positions (if any) as a component of the income tax provision.

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2015
SHARE-BASED COMPENSATION.
Schedule of share-based compensation expense	Total share-based compensation expense for all of the Company’s share-based awards is as follows (in thousands):
		Three Months Ended March 31,
		2015		2014
	Cost of goods sold	$	29	$	34
	Research and development	275		274
	Selling, general and administrative	1,246		2,197
	Non-recurring charges	—		343
	Total share-based compensation expense	$	1,550	$	2,848

CASH_CASH_EQUIVALENTS_AND_AVAI1

CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2015
CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE SECURITIES
Schedule of fair value and amortized cost of cash, cash equivalents, and available-for-sale securities by major security type
		As of March 31, 2015 (in thousands):
	Cash and cash equivalents and available-for-sale	Amortized			Gross		Gross			Estimated
	securities	Cost			Unrealized		Unrealized			Fair Value
					Gains		Losses
	Cash and money market funds	$	98,888		$	—	$	—		$	98,888
	U.S. Treasury securities	188,325			48		(10		)	188,363
	Total	287,213			48		(10		)	287,251
	Less amounts classified as cash and cash equivalents	(98,888		)	—		—			(98,888		)
	Total available-for-sale securities	$	188,325		$	48	$	(10	)	$	188,363
		As of December 31, 2014 (in thousands):
	Cash and cash equivalents and available-for-sale	Amortized			Gross		Gross			Estimated
	securities	Cost			Unrealized		Unrealized			Fair Value
					Gains		Losses
	Cash and money market funds	$	83,174		$	—	$	—		$	83,174
	U.S. Treasury securities	216,425			35		(63		)	216,397
	Total	299,599			35		(63		)	299,571
	Less amounts classified as cash equivalents	(83,174		)	—		—			(83,174		)
	Total available-for-sale securities	$	216,425		$	35	$	(63	)	$	216,397

ACCOUNTS_RECEIVABLE_Tables

ACCOUNTS RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2015
ACCOUNTS RECEIVABLE
Schedule of accounts receivable	Accounts receivable consist of (in thousands):
		Balance as of
		March 31, 2015			December 31, 2014
	Qsymia	$	8,878		$	6,874
	STENDRA/SPEDRA	3,014			4,871
		11,892			11,745
	Qsymia allowance for cash discounts	(180		)	(150		)
	Net	$	11,712		$	11,595

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2015
INVENTORIES
Schedule of inventories	Inventories consist of (in thousands):
		Balance as of
		March 31, 2015		December 31, 2014
	Raw materials	$	30,051	$	29,765
	Work in process	2,367		889
	Finished goods	2,071		1,544
	Deferred costs	1,441		2,249
	Total	$	35,930	$	34,447

PREPAID_EXPENSES_AND_OTHER_ASS1

PREPAID EXPENSES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2015
PREPAID EXPENSES AND OTHER ASSETS
Schedule of prepaid expenses and other assets	Prepaid expenses and other assets consist of (in thousands):
		Balance as of
		March 31,		December 31,
		2015		2014
	Prepaid sales and marketing expenses	$	3,972	$	4,123
	Debt issuance costs	1,235		1,246
	Prepaid insurance	1,143		1,612
	Other prepaid expenses and assets	5,832		5,843
	Total	$	12,182	$	12,824

NONCURRENT_ASSETS_Tables

NON-CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2015
NON-CURRENT ASSETS
Schedule of non-current assets	Non-current assets consist of (in thousands):
		Balance as of
		March 31,		December 31,
		2015		2014
	Debt issuance costs	$	3,071	$	3,375
	Other non-current assets	3,393		3,780
	Total	$	6,464	$	7,155

ACCRUED_AND_OTHER_LIABILITIES_

ACCRUED AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2015
ACCRUED AND OTHER LIABILITIES
Schedule of accrued and other liabilities	Accrued and other liabilities consist of (in thousands):
		Balance as of
		March 31,		December 31,
		2015		2014
	Accrued employee compensation and benefits	$	2,940	$	4,230
	Accrued interest on debt	2,871		2,921
	Non-recurring charges (see Note 10)	2,460		3,284
	Other accrued liabilities	8,859		6,602
	Total	$	17,130	$	17,037

NONRECURRING_CHARGES_Tables

NON-RECURRING CHARGES (Tables)	3 Months Ended
	Mar. 31, 2015
NON-RECURRING CHARGES
Schedule of activity for the cost reduction plan (the restructuring accrual)	The following table sets forth activities for the Company’s cost reduction plan obligations during the three months ended March 31, 2015 (in thousands):
		Severance			Facilities-			Total
		obligations			related
					obligations
	Balance of accrued costs at December 31, 2014	$	3,280		$	572		$	3,852
	Charges	—			—			—
	Payments	(923		)	(25		)	(948		)
	Balance of accrued costs at March 31, 2015	$	2,357		$	547		$	2,904
Schedule of balance of the accrued employee severance and facilities-related costs anticipated to be paid out	The balance of the accrued employee severance and facilities-related costs at March 31, 2015 is anticipated to be paid out as follows (in thousands):
	2015 (remaining nine months)	$	2,434
	2016	102
	2017	341
	2018	11
	2019	16
	Thereafter	—
		$	2,904

LONG_TERM_DEBT_Tables

LONG TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
LONG TERM DEBT
Schedule of debt	The following table summarizes information on the debt (in thousands):
			March 31,
			2015
	Convertible Senior Notes due 2020:
	Fair value of the liability component at issuance date		$	154,737
	Accumulated accretion of discount		26,922
	Net carrying value		$	181,659
	Senior Secured Notes due 2018:
	Carrying value		$	49,921	-1
	Total Notes:
	Fair value of the liability component at issuance date		$	204,658
	Accumulated accretion of discount		26,922
	Net carrying amount		$	231,580
		-1		Approximately $14.1 million is classified as current portion of long-term debt in the unaudited condensed consolidated balance sheet as of March 31, 2015.

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2015
SEGMENT INFORMATION
Schedule of net product revenue by geographic region	Net product revenue by geographic region for the three months ended March 31, 2015 and 2014 was as follows (in thousands):
			Three Months Ended March 31,
			2015									2014
			U.S.			ROW			Total			U.S.		ROW			Total
	Qsymia—Net product revenue		$	12,628		$	—		$	12,628		$	9,138	$	—		$	9,138
	STENDRA/SPEDRA—License and milestone revenue		—			11,574			11,574			406		18,957			19,363
	STENDRA/SPEDRA—Supply revenue		5,012			3,466			8,478			4,547		2,823			7,370
	STENDRA/SPEDRA—Royalty revenue		(959		)	445			(514		)	820		—			820
	Total revenue		$	16,681		$	15,485	-1	$	32,166		$	14,911	$	21,780	-2	$	36,691
		-1		$15.4 million of which is attributable to Germany.
		-2		$16.6 million of which is attributable to Germany.

BASIS_OF_PRESENTATION_Details

BASIS OF PRESENTATION (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Change in Accounting Estimate
Royalty revenue	$514	($820)
Net loss	15,466	15,550
Change in accounting estimate | Qsymia
Change in Accounting Estimate
Royalty revenue	1,200
Net loss	$1,200
Earnings per share	$0.01

SHAREBASED_COMPENSATION_Detail

SHARE-BASED COMPENSATION (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
SHARE-BASED COMPENSATION
Share-based compensation	$1,550,000	$2,848,000
Cost of goods sold
SHARE-BASED COMPENSATION
Share-based compensation	29,000	34,000
Research and development
SHARE-BASED COMPENSATION
Share-based compensation	275,000	274,000
Selling, general and administrative
SHARE-BASED COMPENSATION
Share-based compensation	1,246,000	2,197,000
Non-recurring charges
SHARE-BASED COMPENSATION
Share-based compensation		343,000
Inventory
SHARE-BASED COMPENSATION
Total share-based compensation cost capitalized as part of cost of inventory	$11,000	$0

CASH_CASH_EQUIVALENTS_AND_AVAI2

CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE SECURITIES (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Cash and cash equivalents and available-for-sale securities, Amortized Cost
Cash, Cash Equivalents, and Short-term Investments, Total	$287,213	$299,599
Less amounts classified as cash equivalents, Amortized Cost	-98,888	-83,174	-89,659	-103,262
Available-for-sale securities, Amortized Cost	188,325	216,425
Available-for-sale securities, Gross Unrealized Gains	48	35
Available-for-sale securities, Gross Unrealized Losses	-10	-63
Available-for-sale Securities, Debt Securities, Total	287,251	299,571
Cash and cash equivalents and available-for-sale securities, Estimated Fair Value
Available-for-sale securities including cash and cash equivalents, Estimated Fair Value	287,251	299,571
Less amounts classified as cash equivalents, Estimated Fair Value	-98,888	-83,174
Available-for-sale securities, Estimated Fair Value	188,363	216,397
Maximum original contractual maturities of available for sale securities	24 months
U.S. Treasury securities
Cash and cash equivalents and available-for-sale securities, Amortized Cost
Cash, Cash Equivalents, and Short-term Investments, Total	188,325	216,425
Available-for-sale securities, Gross Unrealized Gains	48	35
Available-for-sale securities, Gross Unrealized Losses	-10	-63
Available-for-sale Securities, Debt Securities, Total	188,363	216,397
Cash and cash equivalents and available-for-sale securities, Estimated Fair Value
Available-for-sale securities including cash and cash equivalents, Estimated Fair Value	188,363	216,397
Cash and money market funds
Cash and cash equivalents and available-for-sale securities, Amortized Cost
Cash, Cash Equivalents, and Short-term Investments, Total	98,888	83,174
Available-for-sale Securities, Debt Securities, Total	98,888	83,174
Cash and cash equivalents and available-for-sale securities, Estimated Fair Value
Available-for-sale securities including cash and cash equivalents, Estimated Fair Value	$98,888	$83,174

CASH_CASH_EQUIVALENTS_AND_AVAI3

CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE SECURITIES (Details 2) (Recurring basis, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Level 2
Fair value measurements
Assets where Level 2 or Level 3 valuation techniques were used	$0	$0
Liabilities where Level 2 or Level 3 valuation techniques were used	0	0
Level 3
Fair value measurements
Assets where Level 2 or Level 3 valuation techniques were used	0	0
Liabilities where Level 2 or Level 3 valuation techniques were used	$0	$0

ACCOUNTS_RECEIVABLE_Details

ACCOUNTS RECEIVABLE (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts Receivable, Gross	$11,892	$11,745
Qsymia allowance for cash discounts	-180	-150
Accounts Receivable, Net, Total	11,712	11,595
Qsymia
Accounts Receivable, Gross	8,878	6,874
STENDRA/SPEDRA
Accounts Receivable, Gross	$3,014	$4,871

INVENTORIES_Details

INVENTORIES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Inventory balances
Raw materials	$30,051	$29,765
Work in process	2,367	889
Finished goods	2,071	1,544
Deferred costs	1,441	2,249
Total	35,930	34,447
Total charge for inventories on hand in excess of demand	$0

PREPAID_EXPENSES_AND_OTHER_ASS2

PREPAID EXPENSES AND OTHER ASSETS (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
PREPAID EXPENSES AND OTHER ASSETS
Prepaid sales and marketing expenses	$3,972	$4,123
Debt issuance costs	1,235	1,246
Prepaid insurance	1,143	1,612
Other prepaid expenses and assets	5,832	5,843
Total	$12,182	$12,824

NONCURRENT_ASSETS_Details

NON-CURRENT ASSETS (Details) (USD $)	3 Months Ended		1 Months Ended	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014	Dec. 31, 2014
Debt issuance costs	$3,071,000			$3,375,000
Other non-current assets	3,393,000			3,780,000
Total	6,464,000			7,155,000
Non-recurring charges	0	2,054,000
Patents
Payments for acquisition			5,000,000
Patents | Nonrecurring transaction
Non-recurring charges				1,900,000
Patents | Nonrecurring transaction | Cost of goods sold
Amount recorded in the cost of goods sold	200,000
Patents | Non-current assets | Nonrecurring transaction
Remaining balance recognized as an intangible asset				3,100,000
Cost recognized	$2,600,000
Estimated amortization period	5 years

ACCRUED_AND_OTHER_LIABILITIES_1

ACCRUED AND OTHER LIABILITIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ACCRUED AND OTHER LIABILITIES
Accrued employee compensation and benefits	$2,940	$4,230
Accrued interest on debt	2,871	2,921
Non-recurring charges (see Note 10)	2,460	3,284
Other accrued liabilities	8,859	6,602
Total	$17,130	$17,037

NONCURRENT_ACCRUED_AND_OTHER_L1

NON-CURRENT ACCRUED AND OTHER LIABILITIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Restructuring charges
Non-current accrued and other liabilities	$0.40
Non-current accrued and other liabilities
Restructuring charges
Non-current accrued and other liabilities	$0.70	$0.80

NONRECURRING_CHARGES_Details

NON-RECURRING CHARGES (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
			item
Non-Recurring Charges
Nonrecurring Expense	$0	$2,054,000
Employee severance and related costs		1,700,000
Share-based compensation		300,000
Activity for the Company's cost reduction plan obligations
Balance of accrued costs at the end of the period	3,852,000
Payments	-948,000
Balance of accrued costs at the end of the period	2,904,000
Additional disclosures
Accrued severance and facilities-related costs, Current	2,460,000			3,284,000
Accrued severance and facilities-related costs, Non-current	400,000
Restructuring accrual anticipated to be paid out
2015 (remaining nine months)	2,434,000
2016	102,000
2017	341,000
2018	11,000
2019	16,000
Total	2,904,000
Employee severance costs
Non-Recurring Charges
Number of employees reduced			20
Number of employees reduced (as a percent)			17.00%
Activity for the Company's cost reduction plan obligations
Balance of accrued costs at the end of the period	3,280,000
Payments	-923,000
Balance of accrued costs at the end of the period	2,357,000
Restructuring accrual anticipated to be paid out
Total	2,357,000
Facilities-related costs
Activity for the Company's cost reduction plan obligations
Balance of accrued costs at the end of the period	572,000
Payments	-25,000
Balance of accrued costs at the end of the period	547,000
Restructuring accrual anticipated to be paid out
Total	$547,000

DEFERRED_REVENUE_Details

DEFERRED REVENUE (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	item
DEFERRED REVENUE
Current deferred revenue	$18,934	$19,445
Non-Current deferred revenue	8,334	8,876
Upfront payments | Qsymia
DEFERRED REVENUE
Current deferred revenue	16,500
Upfront payments | SPEDRA
DEFERRED REVENUE
Current deferred revenue	700
Royalties | SPEDRA
DEFERRED REVENUE
Current deferred revenue	1,800
Royalties | STENDRA/SPEDRA
DEFERRED REVENUE
Non-Current deferred revenue	8,300
Number of partners with unrequired specifications	1
Royalties | STENDRA/SPEDRA | Menarini Group
DEFERRED REVENUE
Current deferred revenue	2,500
Non-Current deferred revenue	$8,300

LICENSECOMMERCIALIZATION_AND_S1

LICENSE,COMMERCIALIZATION AND SUPPLY AGREEMENTS (Detail) (USD $)	3 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Jul. 05, 2013	Dec. 31, 2014
			item
License, Commercialization, and Development Agreements with Third Parties
Deferred revenue	$18,934			$19,445
License and milestone revenue	11,574	19,363
Supply revenue	8,478	7,370
Net royalty revenue	-514	820
STENDRA/SPEDRA
License, Commercialization, and Development Agreements with Third Parties
License and milestone revenue	11,574	19,363
Supply revenue	8,478	7,370
Net royalty revenue	-514	820
License and commercialization agreement | SPEDRA | Menarini Group
License, Commercialization, and Development Agreements with Third Parties
License and milestone revenue	11,600	19,400
License and commercialization agreement | SPEDRA | Menarini Group | Minimum
License, Commercialization, and Development Agreements with Third Parties
Number of European countries covered under the license agreement			40
License and commercialization agreement | STENDRA/SPEDRA | Menarini Group and Endo
License, Commercialization, and Development Agreements with Third Parties
Net royalty revenue	-500	800
Supply agreement | STENDRA/SPEDRA | Menarini Group and Endo and Sanofi
License, Commercialization, and Development Agreements with Third Parties
Supply revenue	$8,500	$7,400

LONG_TERM_Debt_Details

LONG TERM Debt (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended
	29-May-13	Mar. 31, 2015	Mar. 31, 2014	Apr. 09, 2013	21-May-13
Long-term debt
Initial fair value of the liability component		$204,658,000
Convertible Senior Notes Due 2020
Long-term debt
Offering amount					220,000,000
Interest rate (as a percent)					4.50%
Additional aggregate principal amount	30,000,000
Net proceeds from offering	241,800,000
Initial fair value of the liability component		154,737,000
Total interest expense recognized		6,600,000	6,100,000
Amortization of debt discount		3,900,000	3,600,000
Amortization of deferred financing costs		205,000	189,000
Senior Secured Notes Due 2018
Long-term debt
Total interest expense recognized		1,700,000	1,900,000
Amortization of deferred financing costs		109,000	119,000
Senior Secured Notes Due 2018 | Purchase of a debt-like instrument from BioPharma | Initial closing
Long-term debt
Amount received				50,000,000
Amount received in funding and facility payments				500,000
Senior Secured Notes Due 2018 | Purchase of a debt-like instrument from BioPharma | Secondary closing
Long-term debt
Additional discretionary amount receivable				60,000,000
Additional discretionary amount receivable in funding and facility payments				$600,000

LONG_TERM_DEBT_Details_2

LONG TERM DEBT (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Long-term debt
Fair value of the liability component at issuance date	$204,658
Accumulated accretion of discount	26,922
Net carrying value	231,580
Short term portion of long term debt	14,058	10,459
Convertible Senior Notes Due 2020
Long-term debt
Fair value of the liability component at issuance date	154,737
Accumulated accretion of discount	26,922
Net carrying value	181,659
Senior Secured Notes Due 2018
Long-term debt
Net carrying value	$49,921

NET_INCOME_LOSS_PER_SHARE_Deta

NET INCOME (LOSS) PER SHARE (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
NET INCOME (LOSS) PER SHARE
Equivalent shares of options excluded from computation of diluted net income (loss) per share because anti-dilutive effect	7,587,000	8,552,000
Convertible Senior Notes Due 2020
Net income (loss) per share.
Net shares issued	0
Minimum stock price to trigger conversion of debt (in dollars per share)	20
Convertible Senior Notes Due 2020 | Convertible Common Stock
Net income (loss) per share.
Dilutive Securities impact on diluted net income (in dollars per share)	0

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
INCOME TAXES
Income Tax Expense (Benefit)	$6,000	($436,000)
Changes to unrecognized tax benefits	0
Unrecognized uncertain tax positions			$0

LEGAL_MATTERS_Details

LEGAL MATTERS (Details) (USD $)	0 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Mar. 27, 2014	Mar. 31, 2015
		item
Securities fraud lawsuit
LEGAL MATTERS
Number of former officers and directors against whom complaint is filed	3
Securities fraud lawsuit | Minimum
LEGAL MATTERS
Amount of damages sought	$2.80
Qsymia ANDA Litigation | Actavis | Qsymia
LEGAL MATTERS
Number of additional patents infringed upon		2
Qsymia ANDA Litigation | Actavis | Maximum | Qsymia
LEGAL MATTERS
Period from receipt of certification notice until which FDA approval of ANDA will be stayed		30 months
Qsymia ANDA Litigation | Actavis Laboratories FL | Qsymia
LEGAL MATTERS
Number of patents-in-suit		6
Qsymia ANDA Litigation | Teva | Maximum | Qsymia
LEGAL MATTERS
Period from receipt of certification notice until which FDA approval of ANDA will be stayed		30 months
Qsymia ANDA Litigation | Teva Pharmaceuticals USA | Qsymia
LEGAL MATTERS
Number of patents-in-suit		8

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	segment
Segment Information and Concentration of Customers and Suppliers
Number of Operating Segments	1
Geographic Information
Net product revenue	$12,628	$9,138
License and milestone revenue	11,574	19,363
Supply revenue	8,478	7,370
Royalty revenue	-514	820
Total revenue	32,166	36,691
U.S.
Geographic Information
Total revenue	16,681	14,911
ROW
Geographic Information
Total revenue	15,485	21,780
Qsymia
Geographic Information
Net product revenue	12,628	9,138
Qsymia | U.S.
Geographic Information
Net product revenue	12,628	9,138
STENDRA/SPEDRA
Geographic Information
License and milestone revenue	11,574	19,363
Supply revenue	8,478	7,370
Royalty revenue	-514	820
STENDRA/SPEDRA | U.S.
Geographic Information
License and milestone revenue		406
Supply revenue	5,012	4,547
Royalty revenue	-959	820
STENDRA/SPEDRA | ROW
Geographic Information
License and milestone revenue	11,574	18,957
Supply revenue	3,466	2,823
Royalty revenue	445
STENDRA/SPEDRA | Germany
Geographic Information
Total revenue	$15,400	$16,600