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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment information
The Company manages its business with a focus on three reportable segments. The Commercial Product segment, which includes NARCAN® products and other commercial products that were sold as part of the travel health business in the second quarter of 2023 (see Note 3, “Divestitures” for more information on the sale of the travel health business); the MCM Products segment, which includes the Anthrax - MCM products, Smallpox - MCM products and Other Products; and the Services segment, consisting of the Company’s Bioservices offerings.
The Company's CODM is its President, Chief Executive Officer and Director. The CODM evaluates the performance of the Company's reportable segments based on segment adjusted gross margin. The Company defines segment adjusted gross margin as sales less cost of sales excluding restructuring costs, changes in fair value of financial instruments, settlement charges, net and inventory step-up provision for each reportable segment. The Company does not allocate amortization of intangible assets, research and development expenses, selling, general and administrative costs, interest and other income (expense) or taxes to each reportable segment in the operating results that are regularly reviewed by the CODM. The CODM uses these reported measures to assess segment performance, allocate resources and monitor budget and guidance versus actual results. These metrics are used by the CODM to make key operating decisions, such as decisions about allocating capital and other resources to each segment. The accounting policies for segment reporting are the same as those described in Note 2, "Summary of significant accounting policies". Intersegment revenue, cost of sales, and profit are eliminated in the segment measures regularly reviewed by the CODM as these activities are eliminated in consolidation and thus are not included in management’s evaluation of performance for each segment.
The Company manages its assets on a total company basis, not by segment, as the Company's assets are shared or commingled. Therefore, the Company’s CODM does not regularly review any asset information by segment and, accordingly, the Company does not report asset information by segment. The measure of segment assets is reported on the Consolidated Balance Sheet as "Total assets".
For all tables presented below, the prior period disclosures have been recast to conform to the current period segment presentation.
The following table presents segment information provided to the CODM, along with a reconciliation of segment adjusted gross margin to loss before income taxes as reported in the Consolidated Statement of Operation for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
202420232022
Revenues:
Commercial Product sales
$398.9 $497.3 $386.6 
MCM Product sales
509.8 447.2 579.6 
Services104.9 78.5 109.9 
Reconciliation of revenue:
Contracts and grants revenue30.0 26.3 41.4 
Total consolidated revenues
$1,043.6 $1,049.3 $1,117.5 
Less:
Cost of Commercial Product sales
$185.9 $210.3 $160.3 
Cost of MCM Product sales (1)
205.4 295.9 210.3 
Cost of Services (2)
165.6 181.1 268.5 
Segment adjusted gross margin
Commercial Product
$213.0 $287.0 $226.3 
MCM Products304.4 151.3 369.3 
Services(60.7)(102.6)(158.6)
Total segment adjusted gross margin$456.7 $335.7 $437.0 
Reconciliation to loss before income tax:
Contracts and grants revenue$30.0 $26.3 $41.4 
Amortization of intangible assets(65.1)(65.6)(59.9)
Restructuring costs
(7.4)(14.0)— 
Inventory step-up provision
(6.2)(3.9)(51.4)
Changes in fair value of financial instruments
(0.6)(0.2)(2.6)
Settlement charge, net
(110.2)— — 
Goodwill impairment— (218.2)(6.7)
Impairment of long-lived assets(27.2)(306.7)— 
Research and development(70.7)(111.4)(188.3)
Selling, general and administrative(308.0)(368.4)(339.5)
Interest expense(71.0)(87.9)(37.3)
Gain on sale of business24.3 74.2 — 
Other, net12.5 8.9 (11.7)
Loss before income taxes$(142.9)$(731.2)$(219.0)
(1) Excludes $0.6 million, $0.2 million and $2.6 million of changes in fair value of financial instruments, $7.2 million, $5.6 million, and no restructuring costs, and $6.2 million, $3.9 million and $51.4 million of inventory step-up provision during the years ended December 31, 2024, 2023, and 2022, respectively.
(2) Excludes $0.2 million, $8.4 million, and no restructuring costs during the years ended December 31, 2024, 2023, and 2022, respectively, and $110.2 million settlement charge, net during the year ended December 31, 2024.
The following table includes depreciation expense for each reportable segment:
Year Ended December 31,
202420232022
Depreciation:
Commercial Products$— $0.3 $3.2 
MCM Products20.3 22.8 29.7 
Services9.9 22.5 43.2 
Other13.5 13.9 7.3 
Total$43.7 $59.5 $83.4 
The following table includes revenues by country. Revenues have been attributed based on the location of the customer:
Year Ended December 31,
202420232022
Revenue:
United States$822.6 $607.2 $886.1 
Canada140.4 224.2 148.6 
Other80.6 217.9 82.8 
Total revenues$1,043.6 $1,049.3 $1,117.5 
The following table includes long-lived assets, net by country. Long-lived assets, net includes right-of-use assets and property, plant & equipment, net, excluding software, net:
December 31,
20242023
Long-lived assets, net:
United States$238.0 $352.3 
Canada34.5 37.2 
Other2.7 2.9 
Total Long-lived assets, net$275.2 $392.4