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Segment Reporting | 9 Months Ended
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Sep. 30, 2024
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 BAQSIMI®, 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 includes the portion of BAQSIMI® sales by Lilly on the Company’s behalf under the TSA and is accounted for as a component of the finished pharmaceutical product segment. ​ Selected financial information by reporting segment is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​
​ | ​ | (in thousands) | ​
Net revenues: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Finished pharmaceutical products | ​ | $ | 189,752 | ​ | $ | 176,366 | ​ | $ | 538,755 | ​ | $ | 455,242 | ​
API | ​ |  | 1,462 | ​ | ​ | 4,190 | ​ | ​ | 6,689 | ​ | ​ | 11,048 | ​
Total net revenues | ​ |  | 191,214 | ​ |  | 180,556 | ​ |  | 545,444 | ​ |  | 466,290 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finished pharmaceutical products | ​ |  | 105,544 | ​ |  | 109,499 | ​ |  | 302,322 | ​ |  | 262,742 | ​
API | ​ |  | (3,603) | ​ | ​ | (1,096) | ​ | ​ | (15,115) | ​ | ​ | (7,761) | ​
Total gross profit | ​ |  | 101,941 | ​ |  | 108,403 | ​ |  | 287,207 | ​ |  | 254,981 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses | ​ |  | 44,893 | ​ |  | 35,725 | ​ |  | 126,932 | ​ |  | 111,974 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from operations | ​ |  | 57,048 | ​ |  | 72,678 | ​ |  | 160,275 | ​ |  | 143,007 | ​
Non-operating (expenses) income | ​ |  | (9,365) | ​ |  | (9,041) | ​ |  | (14,473) | ​ |  | (12,993) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ | $ | 47,683 | ​ | $ | 63,637 | ​ | $ | 145,802 | ​ | $ | 130,014 | ​
​ 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, | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​
​ | ​ | (in thousands) | ​
Finished pharmaceutical products segment net revenues: |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ | ​ |
BAQSIMI® | ​ | $ | 40,409 | ​ | $ | — | ​ | $ | 85,106 | ​ | $ | — | ​
Glucagon | ​ | ​ | 26,792 | ​ | ​ | 29,514 | ​ | ​ | 82,700 | ​ | ​ | 82,486 | ​
Epinephrine | ​ | ​ | 21,341 | ​ | ​ | 20,199 | ​ | ​ | 75,392 | ​ | ​ | 57,004 | ​
Primatene MIST® | ​ | ​ | 26,055 | ​ | ​ | 24,834 | ​ | ​ | 73,077 | ​ | ​ | 64,837 | ​
Lidocaine | ​ | ​ | 15,884 | ​ | ​ | 15,522 | ​ | ​ | 41,457 | ​ | ​ | 43,174 | ​
Phytonadione | ​ | ​ | 11,721 | ​ | ​ | 7,449 | ​ | ​ | 31,998 | ​ | ​ | 33,017 | ​
Enoxaparin | ​ |  | 5,615 | ​ |  | 7,702 | ​ |  | 17,984 | ​ | ​ | 25,441 | ​
Naloxone | ​ | ​ | 4,037 | ​ | ​ | 4,715 | ​ | ​ | 12,124 | ​ | ​ | 14,774 | ​
Other finished pharmaceutical products | ​ |  | 35,503 | ​ |  | 37,730 | ​ |  | 99,309 | ​ |  | 105,808 | ​
Total finished pharmaceutical products net revenues | ​ | ​ | 187,357 | ​ | ​ | 147,665 | ​ | ​ | 519,147 | ​ | ​ | 426,541 | ​
BAQSIMI® NEB | ​ | ​ | 2,395 | ​ | ​ | 28,701 | ​ | ​ | 19,608 | ​ | ​ | 28,701 | ​
Total finished pharmaceutical products segment net revenues | ​ | $ | 189,752 | ​ | $ | 176,366 | ​ | $ | 538,755 | ​ | $ | 455,242 | ​
​ 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, | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​
​ | ​ | (in thousands) | ​
Depreciation and amortization expense |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Finished pharmaceutical products | ​ | $ | 8,755 | ​ | $ | 8,616 | ​ | $ | 26,086 | ​ | $ | 13,143 | ​
API | ​ |  | 1,038 | ​ |  | 1,003 | ​ |  | 3,045 | ​ | ​ | 2,938 | ​
Total depreciation and amortization expense | ​ | $ | 9,793 | ​ | $ | 9,619 | ​ | $ | 29,131 | ​ | $ | 16,081 | ​
​ Net revenues and carrying values of long-lived assets, which includes property, plant and equipment, as well as finance and operating lease right-of-use assets, by geographic regions, based on where the Company conducts its operations are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Revenues | ​ | Long-Lived Assets
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ | ​ | (in thousands)
United States(1) |  | $ | 186,514 |  | $ | 178,056 |  | $ | 532,591 |  | $ | 459,909 |  | $ | 187,410 |  | $ | 186,083
China | ​ |  | 178 | ​ | ​ | 833 | ​ | ​ | 2,145 | ​ | ​ | 2,142 | ​ |  | 103,009 | ​ |  | 91,913
France | ​ |  | 4,522 | ​ | ​ | 1,667 | ​ | ​ | 10,708 | ​ | ​ | 4,239 | ​ |  | 37,099 | ​ |  | 37,647
Total | ​ | $ | 191,214 | ​ | $ | 180,556 | ​ | $ | 545,444 | ​ | $ | 466,290 | ​ | $ | 327,518 | ​ | $ | 315,643
(1) Includes Other revenues from the sales of BAQSIMI®.

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- Definition The entire disclosure for reporting segments including data and tables. 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