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Segment Reporting | 9 Months Ended
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Sep. 30, 2021
Segment Reporting |
Segment Reporting | Note 6. Segment Reporting ​ The Company’s business is the development, manufacture, and marketing of pharmaceutical products. The Company has identified 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
| ● | API
​ The finished pharmaceutical products segment manufactures, markets and distributes Primatene Mist®, glucagon, enoxaparin, naloxone, phytonadione, lidocaine, epinephrine, as well as various other critical and non-critical care drugs. The API segment manufactures and distributes recombinant human insulin API and porcine insulin API for external customers and internal product development. ​ Selected financial information by reporting segment is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 | ​
​ | ​ | (in thousands) | ​
Net revenues: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Finished pharmaceutical products | ​ | $ | 108,990 | ​ | $ | 81,335 | ​ | $ | 301,594 | ​ | $ | 243,568 | ​
API | ​ |  | 3,208 | ​ | ​ | 2,096 | ​ | ​ | 15,287 | ​ | ​ | 10,357 | ​
Total net revenues | ​ |  | 112,198 | ​ |  | 83,431 | ​ |  | 316,881 | ​ |  | 253,925 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finished pharmaceutical products | ​ |  | 54,602 | ​ |  | 39,546 | ​ |  | 149,502 | ​ |  | 113,793 | ​
API | ​ |  | (3,419) | ​ | ​ | (3,038) | ​ | ​ | (5,997) | ​ | ​ | (7,285) | ​
Total gross profit | ​ |  | 51,183 | ​ |  | 36,508 | ​ |  | 143,505 | ​ |  | 106,508 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses | ​ |  | 26,414 | ​ |  | 32,991 | ​ |  | 97,870 | ​ |  | 98,433 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from operations | ​ |  | 24,769 | ​ |  | 3,517 | ​ |  | 45,635 | ​ |  | 8,075 | ​
Non-operating income | ​ |  | 12,877 | ​ |  | 3,561 | ​ |  | 11,342 | ​ |  | 3,304 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ | $ | 37,646 | ​ | $ | 7,078 | ​ | $ | 56,977 | ​ | $ | 11,379 | ​
​ 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. ​ ​ The amount of net revenues in the finished pharmaceutical product segment is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 | ​
​ | ​ | (in thousands) | ​
Finished pharmaceutical products net revenues: |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |  |
Primatene Mist® | ​ | $ | 16,561 | ​ | $ | 12,988 | ​ | $ | 51,624 | ​ | $ | 38,333 | ​
Epinephrine | ​ | ​ | 13,892 | ​ | ​ | 5,370 | ​ | ​ | 38,662 | ​ | ​ | 16,317 | ​
Lidocaine | ​ | ​ | 11,649 | ​ | ​ | 10,657 | ​ | ​ | 32,314 | ​ | ​ | 28,922 | ​
Glucagon | ​ | ​ | 12,189 | ​ | ​ | — | ​ | ​ | 32,304 | ​ | ​ | — | ​
Phytonadione | ​ |  | 11,591 | ​ |  | 10,470 | ​ |  | 31,577 | ​ |  | 32,188 | ​
Enoxaparin | ​ | ​ | 8,034 | ​ | ​ | 11,647 | ​ | ​ | 28,020 | ​ | ​ | 31,033 | ​
Naloxone | ​ | ​ | 8,028 | ​ | ​ | 8,739 | ​ | ​ | 20,994 | ​ | ​ | 26,337 | ​
Other finished pharmaceutical products | ​ |  | 27,046 | ​ |  | 21,464 | ​ |  | 66,099 | ​ |  | 70,438 | ​
Total finished pharmaceutical products net revenues | ​ | $ | 108,990 | ​ | $ | 81,335 | ​ | $ | 301,594 | ​ | $ | 243,568 | ​
​ The amount of depreciation and amortization expense included in cost of revenues, by reporting segments, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 | ​
​ | ​ | (in thousands) | ​
Depreciation and amortization expense |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Finished pharmaceutical products | ​ | $ | 1,534 | ​ | $ | 1,408 | ​ | $ | 4,429 | ​ | $ | 4,325 | ​
API | ​ |  | 970 | ​ |  | 1,048 | ​ |  | 3,197 | ​ | ​ | 2,205 | ​
Total depreciation and amortization expense | ​ | $ | 2,504 | ​ | $ | 2,456 | ​ | $ | 7,626 | ​ | $ | 6,530 | ​
​ Net revenues and carrying values of long-lived assets by geographic regions are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Revenue | ​ | Long-Lived Assets |
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | December 31, | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 |
​ | ​ | (in thousands) |
United States |  | $ | 107,829 |  | $ | 79,407 |  | $ | 302,192 |  | $ | 242,370 |  | $ | 134,684 |  | $ | 129,401 | ​
China | ​ |  | 2,554 | ​ | ​ | 1,959 | ​ | ​ | 4,801 | ​ | ​ | 2,482 | ​ |  | 89,385 | ​ |  | 98,538 | ​
France | ​ |  | 1,815 | ​ | ​ | 2,065 | ​ | ​ | 9,888 | ​ | ​ | 9,073 | ​ |  | 46,946 | ​ |  | 52,770 | ​
Total | ​ | $ | 112,198 | ​ | $ | 83,431 | ​ | $ | 316,881 | ​ | $ | 253,925 | ​ | $ | 271,015 | ​ | $ | 280,709 | ​
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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