INVENTORIES

12 Months Ended

Dec. 31, 2020

INVENTORIES

INVENTORIES

5. INVENTORIES

Inventories consist of the following as of December 31:

	December 31,		December 31,
(in thousands)	2020		2019
Raw materials	$	41,591	$	34,881
Packaging materials		3,194		2,902
Work-in-progress		886		361
Finished goods		20,363		16,750
		66,034		54,894
Reserve for excess/obsolete inventories		(5,231)		(6,731)
Inventories, net	$	60,803	$	48,163

During the fourth quarter 2019, we recognized a $4.6 million inventory reserve charge, primarily related to our exit from the market of Methylphenidate Extended Release.