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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 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 available. The CODM for the Company is the Chief Executive Officer. The Company does not aggregate its operating segments for reporting purposes, and therefore, the reportable segments are the same as its operating segments. Following the acquisition of Alimera and during the fourth quarter of 2024, the Company reorganized the segment information that is regularly provided to the chief operating decision maker which caused the identification of significant segment expenses to change. Therefore, the Company recasted prior period segment information to conform to the current-period presentation in accordance with the segment guidance at ASC 280-10-50-34. The Company is now organized into two operating segments a s follows: •Rare Disease and Brands – Consists of two reporting units, Rare Disease and Brands. The Rare Disease unit consists of operations related to the development, manufacturing and marketing of proprietary branded pharmaceutical products, with a strategic focus on products used in the treatment of patients with rare disease conditions and consists of operations related to Cortrophin Gel, and from September 16, 2024, through December 31, 2024, ILUVIEN and YUTIQ. In addition, the Brands reporting unit includes a portfolio of approximately 16 brand products that are principally sold in highly genericized markets. •Generics and Other – Consists of operations related to the development, manufacturing, and marketing of generic pharmaceutical products including those sold through traditional wholesale and retail sales channels, sales of contract manufactured products, royalties on contract manufactured products, product development services, and other. As of December 31, 2024, this reporting segment was comprised of over 100 product families. The CODM evaluates the performance of the Company as two operating segments based on revenues and Operating income (loss), 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, an d information technology expenses, and transaction and integration expenses related to the acquisition of Alimera and other acquisitions. The Company does not manage assets of the Company by operating segment and the 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:
|  | Year Ended December 31, 2024
|  | Generics and Other |  | Rare Disease and Brands |  | Corporate and Unallocated |  | Total
Net Revenues |  | $ | 320,034 |  | $ | 294,342 |  | $ | — |  |  | $ | 614,376 |
Cost of sales (excluding depreciation and amortization) |  | (168,371) |  |  | (81,839) |  |  | — |  |  | (250,210) |
Research and Development |  | (30,519) |  |  | (14,062) |  |  | — |  |  | (44,581) |
Selling, general, and administrative |  | (5,120) |  |  | (125,972) |  |  | (118,544) |  |  | (249,636) |
Depreciation and amortization |  | — |  |  | — |  |  | (67,731) |  |  | (67,731) |
Fair value adjustment |  | — |  |  | — |  |  | 619 |  |  | 619 |
Gain on sale of building |  | — |  |  | — |  |  | 5,347 |  |  | 5,347 |
Intangible asset impairment charge |  | — |  |  | — |  |  | (7,600) |  |  | (7,600) |
Operating Income (Loss) |  | $ | 116,024 |  | $ | 72,469 |  | $ | (187,909) |  |  | $ | 584 |
Unrealized gain on investment in equity securities |  | $ | — |  | $ | — |  | $ | 6,307 |  |  | 6,307 |
Interest expense, net |  | — |  |  | — |  |  | (17,602) |  |  | (17,602) |
Other expense, net |  | — |  |  | — |  |  | (4,033) |  |  | (4,033) |
Loss on extinguishment of debt |  | — |  |  | — |  |  | (7,468) |  |  | (7,468) |
Income (Loss) Before Expense (Benefit) for Income Taxes |  | $ | 116,024 |  | $ | 72,469 |  | $ | (210,705) |  |  | $ | (22,212) |
|  | Year Ended December 31, 2023
|  | Generics and Other |  | Rare Disease and Brands |  | Corporate and Unallocated |  | Total
Net Revenues |  | $ | 289,314 |  | $ | 197,502 |  | $ | — |  |  | $ | 486,816 |
Cost of sales (excluding depreciation and amortization) |  | (152,739) |  |  | (28,774) |  |  | — |  |  | (181,513) |
Research and Development |  | (28,197) |  |  | (6,089) |  |  | — |  |  | (34,286) |
Selling, general, and administrative |  | (2,451) |  |  | (73,466) |  |  | (85,780) |  |  | (161,697) |
Depreciation and amortization |  | — |  |  | — |  |  | (59,791) |  |  | (59,791) |
Fair value adjustment |  | — |  |  | — |  |  | (1,426) |  |  | (1,426) |
Restructuring activities |  | — |  |  | — |  |  | (1,132) |  |  | (1,132) |
Operating Income (Loss) |  | $ | 105,927 |  | $ | 89,173 |  | $ | (148,129) |  |  | $ | 46,971 |
Interest expense, net |  | — |  |  | — |  |  | (26,940) |  |  | (26,940) |
Other expense, net |  | — |  |  | — |  |  | (159) |  |  | (159) |
Income (Loss) Before Expense for Income Taxes |  | $ | 105,927 |  | $ | 89,173 |  | $ | (175,228) |  |  | $ | 19,872 |
|  | Year Ended December 31, 2022
|  | Generics and Other |  | Rare Disease and Brands |  | Corporate and Unallocated |  | Total
Net Revenues |  | $ | 235,237 |  | $ | 81,148 |  | $ | — |  |  | $ | 316,385 |
Cost of sales (excluding depreciation and amortization) |  | (125,835) |  |  | (12,950) |  |  | — |  |  | (138,785) |
Research and Development |  | (19,964) |  |  | (2,354) |  |  | — |  |  | (22,318) |
Selling, general, and administrative |  | (3,963) |  |  | (55,306) |  |  | (64,775) |  |  | (124,044) |
Depreciation and amortization |  | — |  |  | — |  |  | (56,972) |  |  | (56,972) |
Fair value adjustment |  | — |  |  | — |  |  | (3,758) |  |  | (3,758) |
Restructuring activities |  | — |  |  | — |  |  | (5,679) |  |  | (5,679) |
Intangible asset impairment charge |  | — |  | — |  | (112) |  |  | (112) |
Operating Income (Loss) |  | $ | 85,475 |  | $ | 10,538 |  | $ | (131,296) |  | $ | (35,283)
Interest expense, net |  | — |  |  | — |  |  | (28,052) |  |  | (28,052) |
Other income, net |  | — |  |  | — |  |  | 670 |  |  | 670 |
Income (Loss) Before Benefit for Income Taxes |  | $ | 85,475 |  | $ | 10,538 |  | $ | (158,678) |  |  | $ | (62,665) |
Geographic Information The following depicts the Company's total revenue according to geographic location. The Company has ceased operations at the Oakville, Ontario, Canada location as of March 31, 2023. The revenue from the acquisition of Alimera is also included in the year ended December 31, 2024 in the table below. The majority of the assets of the Company are located in the United States. The Company's operations are also located in the United Kingdom, Ireland, India, and Portugal. The following table depicts the Company’s revenue by geographic operations during the following periods:
(in thousands) | Years Ended December 31,
Location of Operations | 2024 |  | 2023 |  | 2022
United States | $ | 604,989 |  | $ | 486,251 |  | $ | 312,427
International | 9,387 |  | 565 |  | 3,958
Total Revenue | $ | 614,376 |  | $ | 486,816 |  | $ | 316,385
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 “Restructuring Canada Operations” to the notes to consolidated financial statements.
(in thousands) | December 31, 2024 |  | December 31, 2023
United States | $ | 54,730 |  | $ | 43,163
International | 2,133 |  | 1,430
Total property and equipment, net | $ | 56,863 |  | $ | 44,593

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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