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Segment Reporting
 9 Months Ended
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

​

​