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Segment Reporting
 12 Months Ended
Dec. 31, 2015
Segment Reporting  
Segment Reporting

6.  Segment Reporting

 

The Company’s business is the development, manufacture, and marketing of pharmaceutical products. The Company has established two reporting segments that each report to the Chief Operating Decision Maker, or CODM, as defined in ASC 280, Segment Reporting.  The Company’s performance is assessed and resources are allocated by the CODM based on the following two reportable segments:

 

·

Finished pharmaceutical products

·

Active pharmaceutical ingredients, or API

 

The finished pharmaceutical products segment manufactures, markets and distributes enoxaparin, Cortrosyn®, Amphadase®, naloxone, lidocaine jelly, as well as various other critical and non-critical care drugs. The API segment manufactures and distributes recombinant human insulin and porcine insulin for external customers and internal product development.

Selected financial information by reporting segment is presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

 

2015

 

2014

 

2013

 

 

 

(in thousands)

 

Net revenues:

 

 

    

    

 

    

    

 

    

 

Finished pharmaceutical products

 

$
224,941

 

$
198,480

 

$
229,681

 

API

 

 
26,578

 

 
11,981

 

 

 —

 

Total net revenues

 

 
251,519

 

 
210,461

 

 
229,681

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit:

 

 

 

 

 

 

 

 

 

 

Finished pharmaceutical products

 

 
74,146

 

 
52,724

 

 
86,956

 

API

 

 
3,201

 

 
(1,468)

 

 

 —

 

Total gross profit

 

 
77,347

 

 
51,256

 

 
86,956

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 
84,245

 

 
69,239

 

 
69,466

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 
(6,898)

 

 
(17,983)

 

 
17,490

 

Non-operating income (expenses)

 

 
(3,466)

 

 
(165)

 

 
(263)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
(10,364)

 

$
(18,148)

 

$
17,227

 

 

The Company manages its business segments to the gross profit level and manages its operating and other costs on a company-wide basis.  The Company does not identify total assets by segment for internal purposes, as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets.

 

Net revenues and carrying values of long-lived assets of enterprises by geographic regions are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue

 

Long-Lived Assets

 

 

 

Year Ended December 31, 

 

December 31, 

 

 

 

2015

 

2014

 

2013

 

2015

 

2014

 

 

 

(in thousands)

 

U.S.

 

$
243,295

    

$
198,480

    

$
229,681

    

$
100,404

    

$
102,313

 

China

 

 

 —

 

 

 —

 

 

 —

 

 
28,547

 

 
22,170

 

France

 

 
8,224

 

 
11,981

 

 

 —

 

 
13,210

 

 
13,806

 

Total

 

$
251,519

 

$
210,461

 

$
229,681

 

$
142,161

 

$
138,289