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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 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 as 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 20 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 June 30, 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 June 30, 2025
Generics and OtherRare Disease and BrandsCorporate and UnallocatedTotal
Net Revenues$94,213$117,158$— $211,371 
Less:
Cost of sales (excluding depreciation and amortization)43,231 31,384 — 74,615 
Research and development11,414 5,121 — 16,535 
Selling, general, and administrative1,389 51,191 29,191 81,771 
Depreciation and amortization— — 23,281 23,281 
Contingent consideration fair value adjustment— — 1,277 1,277 
Operating (Loss) Income $38,179 $29,462 $(53,749)$13,892 
Unrealized gain on investment in equity securities$— $— $332 $332 
Interest expense, net— — (5,438)(5,438)
Other income, net— — 1,739 1,739 
Income (Loss) Before Income Tax Expense$38,179 $29,462 $(57,116)$10,525 
Three Months Ended June 30, 2024
Generics and OtherRare Disease and BrandsCorporate and UnallocatedTotal
Net Revenues$78,821$59,219$— $138,040 
Less:
Cost of sales (excluding depreciation and amortization)42,014 15,684 — 57,698 
Research and development5,427 1,869 — 7,296 
Selling, general, and administrative1,344 26,349 25,128 52,821 
Depreciation and amortization— — 14,697 14,697 
Contingent consideration fair value adjustment— — 359 359 
Gain on sale of building— — — — 
Operating (Loss) Income$30,036$15,317$(40,184)$5,169
Unrealized loss on investment in equity securities$— $— $(2,712)$(2,712)
Interest expense, net— — (4,656)(4,656)
Other expense, net— — (88)(88)
Income (Loss) Before Income Tax Expense$30,036$15,317$(47,640)$(2,287)
Six Months Ended June 30, 2025
Generics and OtherRare Disease and BrandsCorporate and UnallocatedTotal
Net Revenues$197,253$211,240$— $408,493 
Cost of sales (excluding depreciation and amortization)89,732 57,920 — 147,652 
Research and development18,002 9,097 — 27,099 
Selling, general, and administrative2,797 93,627 61,875 158,299 
Depreciation and amortization— — 46,172 46,172 
Contingent consideration fair value adjustment— — (10,815)(10,815)
Operating (Loss) Income$86,722$50,596$(97,232)$40,086
Unrealized loss on investment in equity securities$— $— $(589)$(589)
Interest expense, net— — (10,922)(10,922)
Other income, net— — 1,937 1,937 
Income (Loss) Before Income Tax Expense$86,722$50,596$(106,806)$30,512 
Six Months Ended June 30, 2024
Generics and OtherRare Disease and BrandsCorporate and UnallocatedTotal
Net Revenues$153,635$121,835$— $275,470 
Cost of sales (excluding depreciation and amortization)78,814 28,041 — 106,855 
Research and development13,446 4,361 — 17,807 
Selling, general, and administrative2,354 51,015 47,473 100,842 
Depreciation and amortization— — 29,383 29,383 
Contingent consideration fair value adjustment— — 449 449 
Gain on sale of building— — (5,347)(5,347)
Operating (Loss) Income$59,021$38,418$(71,958)$25,481
Unrealized gain on investment in equity securities$— $— $6,943 $6,943 
Interest expense, net— — (9,256)(9,256)
Other expense, net— — (120)(120)
Income (Loss) Before Income Tax Expense$59,021$38,418$(74,391)$23,048