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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING An operating segment is defined as a component of an entity that engages in business activities from which it may recognize revenues and incur expense, its operating results are regularly reviewed by the entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and its discrete financial information is availabl e. The CODM for the Company is the Chief Executive Officer. The Company is organized into two operating segments a s follows: •Generics, Established Brands, and Other – Consists of operations related to the development, manufacturing, and marketing of generic and established brand pharmaceuticals, including those sold through traditional channels, contract manufactured products, product development services, royalties, and other. •Rare Disease – Consists of operations related to the development, manufacturing and marketing of pharmaceuticals used in the treatment of patients with rare conditions. The rare disease segment currently consists of operations related to Cortrophin Gel. The CODM evaluates the two operating segments based on revenues and earnings before interest, income taxes, depreciation, and amortization (“EBITDA”), exclusive of corporate expenses and other expenses not directly allocated or attributable to an operating segment. These expenses include, but are not limited to, certain management, legal, accounting, human resources, insurance, and information technology expenses. The Company does not manage assets of the Company by operating segment, and our CODM does not review asset information by operating segment. Accordingly, the Company does not present total assets by operating segment. Financial information by reportable segment is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Net Revenues |  |  |  |  |  |  |
Generics, Established Brands, and Other | $ | 88,847 |  |  | $ | 92,243 |  |  | $ | 189,340 |  |  | $ | 182,699 |
Rare Disease | 49,193 |  |  | 24,304 |  |  | 86,130 |  |  | 40,634 |
Total net revenues | $ | 138,040 |  |  | $ | 116,547 |  |  | $ | 275,470 |  |  | $ | 223,333 |
Segment earnings before interest, taxes, depreciation and amortization (“EBITDA”) and reconciliation to income before income taxes |  |  |  |  |  |  |
Generics, Established Brands, and Other | $ | 31,631 |  |  | $ | 39,937 |  |  | $ | 76,937 |  |  | $ | 78,765 |
Rare Disease | 4,344 |  |  | 4,215 |  |  | 4,740 |  |  | 2,964 |
Depreciation and amortization | (14,697) |  |  | (14,690) |  |  | (29,383) |  |  | (29,390) |
Corporate and other unallocated expenses(1) | (16,109) |  |  | (17,060) |  |  | (26,813) |  |  | (30,042) |
Total operating income | 5,169 |  |  | 12,402 |  |  | 25,481 |  |  | 22,297 |
Unrealized (loss) gain on investment in equity securities | (2,712) |  |  | — |  |  | 6,943 |  |  | — |
Interest expense, net | (4,656) |  |  | (7,100) |  |  | (9,256) |  |  | (14,796) |
Other expense, net | (88) |  |  | (53) |  |  | (120) |  |  | (87) |
(Loss) Income Before Income Tax Expense (Benefit) | $ | (2,287) |  |  | $ | 5,249 |  |  | $ | 23,048 |  |  | $ | 7,414 |
______________________________________________ (1)Includes expenses not directly allocated or attributable to a reporting segment, including certain management, legal, accounting, human resources, insurance, and information technology expenses, and are included in selling, general, and administrative expenses in our unaudited interim consolidated statement of operations. This amount also includes the gain on the sale of the Oakville, Ontario site of approximately $5.3 million refer to Note 4 for further information. Geographic Information Operations are currently located in the United States and India. The Company has ceased operations at our Oakville, Ontario, Canada location as of March 31, 2023. The majority of the assets of the Company are located in the United States. The following table depicts the Company’s revenue by geographic operations during the following periods:
(in thousands) | Three Months Ended June 30, |  | Six Months Ended June 30,
Location of Operations | 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 138,040 |  |  | $ | 116,547 |  |  | $ | 275,470 |  |  | $ | 222,768 |
Canada | — |  |  | — |  |  | — |  |  | 565 |
Total Revenue | $ | 138,040 |  |  | $ | 116,547 |  |  | $ | 275,470 |  |  | $ | 223,333 |
The following table depicts the Company’s property, plant and equipment, net according to geographic location, which excludes the land and building at the Company’s Canada facility, which was classified as held for sale as of December 31, 2023. These assets had a carrying value of approximately $8.0 million. The land and building at the Canada facility was sold on March 28, 2024, refer to Note 4. The Company’s property, plant and equipment are as follows:
(in thousands) | June 30, 2024 |  | December 31, 2023
United States | $ | 49,887 |  |  | $ | 43,163 |
India | 1,753 |  |  | 1,430 |
Total property and equipment, net | $ | 51,640 |  |  | $ | 44,593 |

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