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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Information  
Segment Information

21. Segment Information

The Company’s product portfolio includes Jornay, Belbuca, Xtampza ER, Nucynta IR and Nucynta ER, and Symproic. The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The CODM is the Chief Executive Officer. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment and the measure of segment profit or loss is consolidated net income (loss). The CODM uses net income (loss) to assess actual results and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The financial information regularly provided to the CODM includes consolidated cost of sales information and segment expense categories at a more disaggregated level than the consolidated statement of operations. The significant segment expenses for functional areas exclude stock-based compensation and certain other segment expenses, and are reported for the following functional areas: corporate, medical, technical operations, and commercial. The corporate functional area includes operating expenses related to finance, legal, business development, and other administrative activities, excluding stock-based compensation and other segment expenses (“Corporate Expenses”). The medical functional area includes operating expenses related to medical affairs, regulatory, pharmacovigilance and other medical-related activities, excluding stock-based compensation and other segment expenses (“Medical Expenses”). The technical operations functional area includes non-inventoriable operating expenses related to supply chain, product quality, information technology and other technical activities, excluding stock-based compensation and other segment expenses (“Technical Operations Expenses”). The commercial function includes operating expenses related to sales, marketing, market access, and other commercial activities, excluding stock-based compensation and other segment expenses (“Commercial Expenses”). Stock compensation is a significant segment expense and other segment expenses are included in Other segment items or separately stated in the table below.

The table below provides information about the Company’s segment, including segment expenses, and a reconciliation to net income (loss):

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31,

​

2024

​

2023

​

2022

Product revenues, net

$

631,449

​

$

566,767

​

$

463,933

​

​

​

​

​

​

​

​

​

Cost of product revenues (excluding intangible asset amortization)

​

88,801

​

​

94,838

​

​

118,190

Intangible asset amortization and impairment

​

165,304

​

​

145,760

​

​

136,255

Commercial expenses

​

91,225

​

​

68,513

​

​

68,831

Corporate expenses

​

33,702

​

​

32,322

​

​

33,915

Medical expenses

​

23,905

​

​

20,737

​

​

16,991

Technical operations expenses

​

1,751

​

​

2,000

​

​

2,261

Stock-based compensation expense

​

32,400

​

​

27,136

​

​

22,874

Other segment items (1)

​

24,466

​

​

8,500

​

​

31,297

Interest expense

 

73,974

​

 

83,339

​

 

63,213

Interest income

​

(13,976)

​

​

(15,615)

​

​

(1,047)

Loss on extinguishment of debt

​

11,329

​

​

23,504

​

​

—

Provision for (benefit from) income taxes

​

29,378

​

​

27,578

​

​

(3,845)

Net income (loss)

$

69,190

​

$

48,155

​

$

(25,002)

​

(1) – Other segment expenses are primarily acquisition-related expenses, expenses related to the Company’s CEO transition, litigation settlements, and fair value remeasurement of contingent consideration.

​

Depreciation expense was $3,856, $3,496 and $2,684 in the years ended December 31, 2024, 2023 and 2022, respectively. Intangible asset amortization and impairment expense was $165,304, $145,760 and $136,255 in the years ended December 31, 2024, 2023 and 2022.