INVENTORIES

3 Months Ended

Mar. 31, 2025

Inventories consist of the following as of:


(in thousands)	March 31, 2025		December 31, 2024
Raw materials	$	60,833	$	67,174
Packaging materials	11,117		9,977
Work-in-progress	5,482		1,665
Finished goods	59,976		57,966
Inventories	$	137,408	$	136,782

Vendor Concentration

Raw materials are sourced for products, including active pharmaceutical ingredients (“API”), from both domestic and international suppliers. Generally, only a single source of API is qualified for use in each product due to the cost and time required to validate a second source of supply. As a result, the Company is dependent upon our current vendors to reliably supply the API required for on-going product manufacturing. During the three months ended March 31, 2025, approximately 22%, of our raw material inventory purchases were from one domestic supplier. During the three months ended March 31, 2024, approximately 25%, of our raw material inventory purchases were from one domestic supplier.