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Segment Reporting | 9 Months Ended
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Sep. 30, 2023
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
| ● | APIs
​ The finished pharmaceutical products segment manufactures, markets and distributes Primatene MIST®, glucagon, enoxaparin, naloxone, phytonadione, lidocaine, epinephrine, various critical and non-critical care drugs, as well as certain contract manufacturing and contract research revenues. The API segment manufactures and distributes recombinant human insulin API and porcine insulin API for external customers and internal product development. ​ Other revenues from the sale of BAQSIMI® are accounted for as a component of the finished pharmaceutical products segment. ​ Selected financial information by reporting segment is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 | ​
​ | ​ | (in thousands) | ​
Net revenues: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Finished pharmaceutical products | ​ | $ | 176,366 | ​ | $ | 117,120 | ​ | $ | 455,242 | ​ | $ | 353,789 | ​
API | ​ |  | 4,190 | ​ | ​ | 3,009 | ​ | ​ | 11,048 | ​ | ​ | 10,175 | ​
Total net revenues | ​ |  | 180,556 | ​ |  | 120,129 | ​ |  | 466,290 | ​ |  | 363,964 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finished pharmaceutical products | ​ |  | 109,499 | ​ |  | 61,439 | ​ |  | 262,742 | ​ |  | 185,462 | ​
API | ​ |  | (1,096) | ​ | ​ | (2,929) | ​ | ​ | (7,761) | ​ | ​ | (7,770) | ​
Total gross profit | ​ |  | 108,403 | ​ |  | 58,510 | ​ |  | 254,981 | ​ |  | 177,692 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses | ​ |  | 35,725 | ​ |  | 35,282 | ​ |  | 111,974 | ​ |  | 108,027 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from operations | ​ |  | 72,678 | ​ |  | 23,228 | ​ |  | 143,007 | ​ |  | 69,665 | ​
Non-operating income | ​ |  | (9,041) | ​ |  | (632) | ​ |  | (12,993) | ​ |  | 5,115 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ | $ | 63,637 | ​ | $ | 22,596 | ​ | $ | 130,014 | ​ | $ | 74,780 | ​
​ 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, | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 | ​
​ | ​ | (in thousands) | ​
Finished pharmaceutical products segment net revenues: |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ | ​ |
Glucagon | ​ | $ | 29,514 | ​ | $ | 14,224 | ​ | $ | 82,486 | ​ | $ | 37,003 | ​
Primatene MIST® | ​ | ​ | 24,834 | ​ | ​ | 18,359 | ​ | ​ | 64,837 | ​ | ​ | 62,030 | ​
Epinephrine | ​ | ​ | 20,199 | ​ | ​ | 19,502 | ​ | ​ | 57,004 | ​ | ​ | 52,777 | ​
Lidocaine | ​ | ​ | 15,522 | ​ | ​ | 12,621 | ​ | ​ | 43,174 | ​ | ​ | 39,253 | ​
Phytonadione | ​ | ​ | 7,449 | ​ | ​ | 13,978 | ​ | ​ | 33,017 | ​ | ​ | 37,834 | ​
Enoxaparin | ​ |  | 7,702 | ​ |  | 7,983 | ​ |  | 25,441 | ​ | ​ | 27,138 | ​
Naloxone | ​ | ​ | 4,715 | ​ | ​ | 6,818 | ​ | ​ | 14,774 | ​ | ​ | 21,424 | ​
Other finished pharmaceutical products | ​ |  | 37,730 | ​ |  | 23,635 | ​ |  | 105,808 | ​ |  | 76,330 | ​
Total finished pharmaceutical products net revenues | ​ | ​ | 147,665 | ​ | ​ | 117,120 | ​ | ​ | 426,541 | ​ | ​ | 353,789 | ​
BAQSIMI® | ​ | ​ | 28,701 | ​ | ​ | — | ​ | ​ | 28,701 | ​ | ​ | — | ​
Total finished pharmaceutical products segment net revenues | ​ | $ | 176,366 | ​ | $ | 117,120 | ​ | $ | 455,242 | ​ | $ | 353,789 | ​
​ The amount of depreciation and amortization expense included in cost of revenues, by reporting segment, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 | ​
​ | ​ | (in thousands) | ​
Depreciation and amortization expense |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Finished pharmaceutical products | ​ | $ | 8,616 | ​ | $ | 2,517 | ​ | $ | 13,143 | ​ | $ | 6,370 | ​
API | ​ |  | 1,003 | ​ |  | 904 | ​ |  | 2,938 | ​ | ​ | 2,789 | ​
Total depreciation and amortization expense | ​ | $ | 9,619 | ​ | $ | 3,421 | ​ | $ | 16,081 | ​ | $ | 9,159 | ​
​ 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,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
​ | ​ | (in thousands)
United States(1) |  | $ | 178,056 |  | $ | 117,780 |  | $ | 459,909 |  | $ | 355,680 |  | $ | 772,066 |  | $ | 136,328
China | ​ |  | 833 | ​ | ​ | 719 | ​ | ​ | 2,142 | ​ | ​ | 2,418 | ​ |  | 89,737 | ​ |  | 88,647
France | ​ |  | 1,667 | ​ | ​ | 1,630 | ​ | ​ | 4,239 | ​ | ​ | 5,866 | ​ |  | 37,488 | ​ |  | 39,598
Total | ​ | $ | 180,556 | ​ | $ | 120,129 | ​ | $ | 466,290 | ​ | $ | 363,964 | ​ | $ | 899,291 | ​ | $ | 264,573
(1) | Includes revenue from the sales of BAQSIMI®
​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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