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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

15. SEGMENT REPORTING

Segment Information

Following the adoption of ASU 2023-07, the Company is required to disclose significant segment expenses that are regularly provided to its CODM. The Company’s CODM is periodically provided R&D expenses, selling and marketing expenses, and general and administrative expenses. Other external R&D expenses are composed of general research and development expenses and other external projects. Other internal R&D expenses include allocation expenses, travel expenses, and fees, taxes and dues.

The Company’s significant segment expenses are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

394,185

 

 

$

378,143

 

 

$

1,091,352

 

 

$

1,127,646

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)

 

 

51,591

 

 

 

63,099

 

 

 

150,248

 

 

 

183,215

 

External R&D expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Development programs:

 

 

 

 

 

 

 

 

 

 

 

 

Alixorexton

 

 

25,812

 

 

 

11,873

 

 

 

67,461

 

 

 

34,918

 

LYBALVI

 

 

4,759

 

 

 

5,549

 

 

 

13,661

 

 

 

14,296

 

Other external R&D expenses

 

 

12,648

 

 

 

8,552

 

 

 

34,210

 

 

 

27,358

 

Total external R&D expenses

 

 

43,219

 

 

 

25,974

 

 

 

115,332

 

 

 

76,572

 

Internal R&D expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Employee-related

 

 

30,862

 

 

 

26,844

 

 

 

92,867

 

 

 

87,624

 

Occupancy

 

 

3,241

 

 

 

2,768

 

 

 

9,696

 

 

 

8,538

 

Depreciation

 

 

1,405

 

 

 

1,440

 

 

 

4,346

 

 

 

4,243

 

Other internal R&D expenses

 

 

3,012

 

 

 

2,866

 

 

 

8,685

 

 

 

10,175

 

Total internal R&D expenses

 

 

38,520

 

 

 

33,918

 

 

 

115,594

 

 

 

110,580

 

R&D expenses

 

 

81,739

 

 

 

59,892

 

 

 

230,926

 

 

 

187,152

 

Selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing expense

 

 

115,630

 

 

 

102,043

 

 

 

359,740

 

 

 

347,327

 

General and administrative expense

 

 

56,143

 

 

 

48,339

 

 

 

154,586

 

 

 

150,917

 

Total selling, general and administrative expense

 

 

171,773

 

 

 

150,382

 

 

 

514,326

 

 

 

498,244

 

Other segment income (expenses)(1)

 

 

(6,321

)

 

 

(11,975

)

 

 

(3,529

)

 

 

(32,634

)

NET INCOME FROM CONTINUING OPERATIONS

 

 

82,761

 

 

 

92,795

 

 

 

192,323

 

 

 

226,401

 

LOSS ON DISCONTINUED OPERATIONS, NET OF TAX

 

 

—

 

 

 

(414

)

 

 

—

 

 

 

(5,834

)

NET INCOME

 

$

82,761

 

 

$

92,381

 

 

$

192,323

 

 

$

220,567

 

 

1.
“Other segment income (expenses)” during the three and nine months ended September 30, 2025 and 2024, includes “Amortization of acquired intangible assets”, “Other income, net” and “Income tax provision”.