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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2025
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, 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 March 31, 2025, 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, 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:
|  | Three Months Ended March 31, 2025
|  | Generics and Other |  | Rare Disease and Brands |  | Corporate and Unallocated |  | Total
Net Revenues |  | $ | 103,040 |  | $ | 94,082 |  | $ | — |  |  | $ | 197,122 |
Less: |  |  |  |  |  |  |  |
Cost of sales (excluding depreciation and amortization) |  | 46,501 |  |  | 26,536 |  |  | — |  |  | 73,037 |
Research and development |  | 6,588 |  |  | 3,976 |  |  | — |  |  | 10,564 |
Selling, general, and administrative |  | 1,408 |  |  | 42,436 |  |  | 32,684 |  |  | 76,528 |
Depreciation and amortization |  | — |  |  | — |  |  | 22,891 |  |  | 22,891 |
Contingent consideration fair value adjustment |  | — |  |  | — |  |  | (12,092) |  |  | (12,092) |
Operating (Loss) Income |  | $ | 48,543 |  | $ | 21,134 |  | $ | (43,483) |  | $ | 26,194
Unrealized loss on investment in equity securities |  | $ | — |  |  | $ | — |  |  | $ | (921) |  |  | $ | (921) |
Interest expense, net |  | — |  |  | — |  |  | (5,484) |  |  | (5,484) |
Other income, net |  | — |  |  | — |  |  | 198 |  |  | 198 |
Income (Loss) Before Income Tax Expense |  | $ | 48,543 |  | $ | 21,134 |  | $ | (49,690) |  |  | $ | 19,987 |
|  | Three Months Ended March 31, 2024
|  | Generics and Other |  | Rare Disease and Brands |  | Corporate and Unallocated |  | Total
Net Revenues |  | $ | 74,814 |  | $ | 62,616 |  | $ | — |  |  | $ | 137,430 |
Less: |  |  |  |  |  |  |  |
Cost of sales (excluding depreciation and amortization) |  | 36,800 |  |  | 12,357 |  |  | — |  |  | 49,157 |
Research and development |  | 8,019 |  |  | 2,492 |  |  | — |  |  | 10,511 |
Selling, general, and administrative |  | 1,010 |  |  | 24,666 |  |  | 22,345 |  |  | 48,021 |
Depreciation and amortization |  | — |  |  | — |  |  | 14,686 |  |  | 14,686 |
Contingent consideration fair value adjustment |  | — |  |  | — |  |  | 90 |  |  | 90 |
Gain on sale of building |  | — |  |  | — |  |  | (5,347) |  |  | (5,347) |
Operating (Loss) Income |  | $ | 28,985 |  | $ | 23,101 |  | $ | (31,774) |  | $ | 20,312
Unrealized gain on investment in equity securities |  | $ | — |  |  | $ | — |  |  | $ | 9,655 |  |  | $ | 9,655 |
Interest expense, net |  | — |  |  | — |  |  | (4,600) |  |  | (4,600) |
Other expense, net |  | — |  |  | — |  |  | (32) |  |  | (32) |
Income (Loss) Before Income Tax Expense |  | $ | 28,985 |  | $ | 23,101 |  | $ | (26,751) |  |  | $ | 25,335 |

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